Cabana’s seven portfolios range from “Conservative” to “Aggressive” and include an income strategy and an “Accumulator” portfolio. Performance below is as of market close on July 23, 2018 and is presented net of maximum advisory fees and commissions (2%).
The Cabana Portfolios were mixed for the week. Higher beta assets are beginning to outperform, despite fits and starts. This is a good sign. Earnings season is well underway and strong earnings continue to outweigh everything else. The flat yield curve remains a cause for concern and has been well documented. I am hopeful that the bounce in the ten-year yield that occurred over the past week will serve to steepen the curve. As I have stated previously, a steep curve is positive for banks and the economy as a whole. The strong U.S. dollar should also act to put a cap on commodity prices, which may cause the Federal Reserve to pause in its journey to normalize short-term interest rates. This would give the back end of the curve an opportunity to catch up. This all may be wishful thinking, but those are my thoughts at this point. Finally, developed and emerging foreign markets had a strong day on Tuesday, after weeks of selling pressure. China is up more than three percent. Whether this is an oversold dead-cat bounce or the first sign of renewed global participation in this old bull market remains to be seen. We remain moderately bullish.
Year-to-date net-of-fees performance:
ALPHA INCOME: +0.59%
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