Commentary

Could Policy Deregulation and Tariffs Rewire the U.S. Debt Path?

by Adam Steffanus, CFA on July 23, 2025

Could Policy Deregulation and Tariffs Rewire the U.S. Debt Path?

Regulations mostly decreased under Republican presidents in the modern era. History suggests that Republican administrations often pursue deregulation, and this can influence productivity over time. For example, the Reagan administration implemented broad deregulation across multiple …

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Strategies: Select Dividend

Deficit Spending Helped Juice U.S. Equities. Will it Continue?

by Adam Steffanus, CFA on July 23, 2025

Deficit Spending Helped Juice U.S. Equities. Will it Continue?

Federal deficit spending was a likely catalyst for U.S. equity markets. We think federal deficit spending has played a significant role in supporting U.S. equities over the past 15 years. Prior to the Global Financial Crisis (GFC), federal deficits typically averaged around 2.3% of GD …

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Strategies: Select Dividend

Select Dividend Q2 2025 Investor Letter

by Adam Steffanus, CFA on July 08, 2025

Select Dividend Q2 2025 Investor Letter

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 …

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Strategies: Select Dividend

Select Dividend Q1 2025 Investor Letter

by Adam Steffanus, CFA on April 21, 2025

Select Dividend Q1 2025 Investor Letter

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 in line with his previous statement …

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Strategies: Select Dividend

Select Dividend Q4 2024 Investor Letter

by Adam Steffanus, CFA on February 19, 2025

Select Dividend Q4 2024 Investor Letter

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 …

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Strategies: Select Dividend

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

by Michael Valentinas on December 12, 2024

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

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.

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Strategies: Select Dividend

Ahead of the Curve?

by Adam Steffanus, CFA on December 05, 2024

Ahead of the Curve?

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.

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Strategies: Select Dividend

Select Dividend Q3 2024 Investor Letter

by Adam Steffanus, CFA on October 28, 2024

Select Dividend Q3 2024 Investor Letter

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 …

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Strategies: Select Dividend

What Does the First Rate Cut Mean for Stocks?

by Adam Steffanus, CFA on September 10, 2024

What Does the First Rate Cut Mean for Stocks?

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.

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Strategies: Select Dividend

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

by Michael Valentinas on September 05, 2024

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

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 …

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Strategies: Select Dividend
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