Author: Pete Malone

Crestwood ESG Model Presentation

Good Morning,

I have attached the approved vehicle slides for our ESG Model.

Slides 3-4 show example holdings from specified funds with a rationale for their selection. Slide 5 provides an overview of Calvert’s dedication to ESG/Impact investing and gives an understanding of what it means to invest in “green bonds”.

If anybody has specific questions please let me know.

Thank You,

Pete

ESG Slides_RDT

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

JP Morgan Guide to Retirement

This actually looks great. I am looking forward to sifting through it.

Thanks for forwarding.

Aaron

Aaron M. Beltrami, CFP®

Partner

Wealth Manager

Direct: 617.226.0035

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

From: Peter Malone
Sent: Wednesday, March 13, 2019 8:27 AM
To: Relationship_Managers <rm@crestwoodadvisors.com>; Portfolio_Managers <pm@crestwoodadvisors.com>
Cc: ” <>
Subject: JP Morgan Guide to Retirement

Good Morning,

Attached is the updated JP Morgan Guide to Retirements piece. There is a lot of good information in here so worth a look.

Thank You,

Pete

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

DBLTX – Q4 2018 Commentary

DBLTX – Q4 2018 Commentary

As volatility spiked in 2018, investors moved away from risk assets and the Barclays Agg was flat for the year. The DoubleLine Total Return Bond Fund outperformed its benchmark during the fourth quarter and added 174 bps of outperformance for the full year. Given the current state of local and global fixed income markets, DoubleLine favors actively managed products that are well diversified and biased toward quality holdings.

Continue reading “DBLTX – Q4 2018 Commentary”

TORIX – Q4 2018 Commentary

TORIX – Q4 2018 Commentary

The broad energy sector was down nearly 24% during the fourth quarter and midstream pipelines were down almost 14%. The Tortoise MLP & Pipeline Fund ended the year down 15% due to decreasing oil prices, uncertainty around OPEC meetings, and unknown short term implications of getting rid of IDRs. As we have seen to start the year, MLPs have started to come back as oil prices have crept higher and investors see the space as a yield play with strong fundamentals over the long term.

Continue reading “TORIX – Q4 2018 Commentary”

TCPNX – Q4 2018 Commentary

TCPNX – Q4 2018 Commentary

The Touchstone Impact Bond Fund fell short of its benchmark in the fourth quarter but outperformed for the year as a whole. Touchstone maintains a quality diversified portfolio that remains agnostic to the yield curve. The team believes that its current positioning in Treasuries and MBS should benefit from the divergent Fed monetary policy and global trade disputes as demand from foreign investors has decreased.

Continue reading “TCPNX – Q4 2018 Commentary”

Investor Movement Index

Below is a graphic from TD Ameritrade that looks at retail client allocation changes within the S&P 500. What the green line shows is that individual investors sold out of the S&P 500, choosing to buy on less risky asset classes like core bonds.

This is just another reminder that attempting to time the market is very difficult. As we discussed this morning, tempering client fears makes it easier to keep individuals invested in the market. The turnaround between December and January is an example where one could have recouped much of their loss in a relatively short timeframe.

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

Staying Invested

As a firm, we do our best to keep our clients invested over time. It is extremely difficult to time the markets, and very often some of the worst days, weeks, or months, are followed by the best return periods (or vice versa).

While I wouldn’t necessarily lead with this to clients, especially after the unease of a choppy year end, I want to point out that we just experienced a type of “bounce back” event. After experiencing the largest one month selloff since February 2009 (-9.0%) in December, the S&P 500 followed up with its highest returning January (+8.2%) since before I was born (30+ years).

That is not to say we expect markets to continue with this momentum. More to the point, it is a reminder that, by selling during periods of volatility, it is possible that investors can miss out on returns that are not easy to get back.

Another little side note, if we were to “extend” the 2018 calendar year one extra month (12/31/17 – 1/31/19), the S&P 500 is up 3.3%. I understand this isn’t the total return we have become accustomed to with U.S. equities, but it gives a sense that, if you didn’t react at all to the volatility of the last 13 months, your investment in the S&P has provided you with a positive total return.

Below is a chart of January Monthly Returns dating back to 1988:

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com