Advisory Research | Commentary

Select Dividend Q2 2025 Investor Letter

by Adam Steffanus, CFA on July 08, 2025

Running from one side of the ship to the other Heading into 2025, investors were fairly blasé about President Donald Trump’s tariff threats assuming they were largely a negotiating ploy. We took the president at his word and assumed tariffs would be higher than what most investors exp …

Strategies: Select Dividend

Select Dividend Q1 2025 Investor Letter

by Adam Steffanus, CFA on April 21, 2025

Strategies: Select Dividend

Select Dividend Q4 2024 Investor Letter

by Adam Steffanus, CFA on February 19, 2025

Tariffs are a Tax Tariffs are not inflationary, rather a one-off shift in price level. Tariffs are in fact a tax hike1, which are not inflationary but anti-growth. Investors seem to think that Trump’s tariffs are largely a negotiating ploy. We believe President Trump will do what he s …

Strategies: Select Dividend

A Global Strategy Suitable for Replacing Your Underperforming U.S. Dividend Manager

by Michael Valentinas on December 12, 2024

Global dividend strategies can compete with, and outperform, U.S. only strategies. Click below to find out how our Global Select Dividend strategy has stacked up against some of its largest U.S. peers.

Strategies: Select Dividend

Ahead of the Curve?

by Adam Steffanus, CFA on December 05, 2024

Markets have delivered mixed performance over the 12 months following the first Fed rate cut during past cycles. Click below to hear Advisory Research Global Select Dividend portfolio manager Adam Steffanus discuss how he thinks markets will respond this time.

Strategies: Select Dividend

Select Dividend Q3 2024 Investor Letter

by Adam Steffanus, CFA on October 28, 2024

Fade the Chattering Class Hard landing, recessions, elections, geopolitics… the Chattering Class always has a reason to be bearish. Risk sentiment is surprisingly neutral at best. Investors are positioned defensively and margin debt – a key ingredient for any bubble - remains low. We …

Strategies: Select Dividend

What Does the First Rate Cut Mean for Stocks?

by Adam Steffanus, CFA on September 10, 2024

A Recession is Process not an Event Recessions are a reflexive process defined by the labor market, the timing of which is dependent on when people start losing jobs. Confidence and spending then decline which ultimately feed into corporate earnings – the main driver for stock prices.

Strategies: Select Dividend

Why We Strike a Value/Growth Balance in the Select Dividend Strategy

by Michael Valentinas on September 05, 2024

A Benefit of Dividend Growth: Balanced performance across market styles Dividend growth is a good indicator of management confidence, and it is something that we emphasize in our investment process. By focusing on dividend growth, rather than just high dividend yield, we are less cons …

Strategies: Select Dividend

Select Dividend Q2 2024 Investor Letter

by Advisory Research on August 13, 2024

A Late Summer Storm Just as European bankers sat down for their Aperol Spritz in St Tropez, the markets decided to interrupt the idyllic August summer holidays. The catalyst was likely technical in nature – the unwinding of a crowded Yen carry trade combined with one bad macro print. …

Strategies: Select Dividend

Investment Philosophy

by Advisory Research on June 26, 2024

JUNE 2024 - Select Dividend In the following clip, Select Dividend Portfolio Manager Michael Valentinas provides a high-level description of the investment team’s philosophy and their implementation of objectivity.

Strategies: Select Dividend

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Select Dividend Q2 2025 Investor Letter

Select Dividend Q1 2025 Investor Letter

Select Dividend Q4 2024 Investor Letter

A Global Strategy Suitable for Replacing Your Underperforming U.S. Dividend Manager

Ahead of the Curve?

Select Dividend Q3 2024 Investor Letter

What Does the First Rate Cut Mean for Stocks?

Why We Strike a Value/Growth Balance in the Select Dividend Strategy

Select Dividend Q2 2024 Investor Letter

Investment Philosophy

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Commentary

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About Advisory Research

Matthew Swaim, CFA

Chris Harvey, CFA

Adam Steffanus, CFA

Michael Valentinas

Bruce Zessar, JD, CFA

William Florida, CFA

Justin Lamb

Connor Prassas

Chris D. Crawshaw, CFA

Lisa N. Clarke, CFP®

Kevin Cialdella

Andrew Cupps

Sean Harmon

Jack Tracy