Highlights from the Fourth Quarter Edition
A resource for both advisors and investors, the Ivy Quarterly gives perspective on the portfolios, investment philosophy and holdings in a comprehensive format. The Ivy Team discusses world markets and where they are finding value today.
Entering 2018, we remain focused on what's in the best long-term interest of our clients rather than chase returns during the bull market. While 2017 was a rough year for Ivy in terms of performance, we are constantly careful with our clients' capital regardless of the market environment. Our cash weighting and underweight positions in certain sectors affected overall performance.
US markets had a strong 2017. We participated broadly as expected given our underweight to the US market and the nature of the market move. The market appears to have evolved from one being stubbornly pushed higher by central bank efforts to one that is self-sustaining and accelerating in its upward momentum. Animal spirits have awoken.
In this Ivy Quarterly Review, we examine issues related to prudent investing well into in the second longest bull market in history. Are we approaching the end of the bull, or could it run farther?