The “Trump Rally” continued through the first quarter with most asset classes, both domestic and international, generating strong, risk-adjusted returns. The rally’s underlying support is in part due to investors “pricing-in” near certain approval of Trump’s stated policy initiatives (healthcare, tax, foreign profits, infrastructure and military). But the rally also appears to be supported by favorable underlying fundamentals, both here in the U.S. and abroad, that provide investors the confidence to remain allocated to risk assets. Market volatility measures such as the CBOE Volatility Index remained low throughout the quarter, further evidence of investors’ confident outlook. 

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