Adam Steffanus, CFA

- 25 years of investment experience, MBA from University of Chicago - Co-Lead Portfolio Manager – ARI Global Select since 2011 - Former head of US Investment Strategy at Credit Suisse

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

by Adam Steffanus, CFA on July 23, 2025

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 …

Strategies: Select Dividend

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

by Adam Steffanus, CFA on July 23, 2025

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 …

Strategies: Select Dividend

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

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 Money Market Liquidity Might be a 2025 Story

by Adam Steffanus, CFA on February 08, 2024

JANUARY 2024 Equities benefit when rates fall, and liquidity exits the money market On a calendar year basis, the S&P 500 performed well during years after the end of a Federal Reserve tightening cycle when money market (“MM”) flows were negative by at least 7%. Considering 2023 s …

Strategies: Select Dividend

Simplify your Allocation

by Adam Steffanus, CFA on December 14, 2023

September 2023 A single global equity portfolio may be all the exposure you need 30 years ago, equities were a complicated asset class, but today, there is a much wider opportunity set of more complex and illiquid alternatives. In that case, simplifying your equity allocation to a sin …

Strategies: Select Dividend

Adam Steffanus, CFA

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

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

Select Dividend Q2 2025 Investor Letter

Select Dividend Q1 2025 Investor Letter

Select Dividend Q4 2024 Investor Letter

Ahead of the Curve?

Select Dividend Q3 2024 Investor Letter

What Does the First Rate Cut Mean for Stocks?

Why Money Market Liquidity Might be a 2025 Story

Simplify your Allocation

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About Advisory Research

Adam Steffanus, CFA

Posts by Adam Steffanus, CFA

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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

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