Dear Stonegate clients and friends, 

As you are aware, we are witnessing a rapidly changing social, and economic, environment.  As ordered by governments, we are going home for now. We are fully operational from our home offices. 

If you would like to discuss your portfolio, the markets, our perspective, or have any questions at all, please let us know (by email, text or phone).

Global markets are in turmoil. Frankly, at times like this, markets should close for a few days and let the world settle. Markets really don’t appreciate uncertainty, and especially not uncertainty of this magnitude.  While we have been anticipating a (normal) market correction for some time, Covid-19’s dramatic global impact could not have been foreseen.  However, don’t underestimate the ongoing work that our strong team of portfolio managers are doing. They are working making decisions to shelter assets from the storm.  We will be examining the rebalancing of portfolios as markets evolve.

As we’ve written for years, “don’t try to fix your roof during a hurricane”.  We’ve reviewed portfolios and for now, we don’t recommend any further changes.  We recently reduced your Enhanced Income position, portfolio managers have been raising cash, and the U$ hedge has been lowered.  Our deliberately overweight “value” positions have also been of help.

Please be calm. 

What we’ve learned so far about the situation: 

  1. Stay home
  2. Wash your hands … it cuts transmission by ~ 50%
  3. Don’t go to the hospital to be tested if you are healthy
  4. Risk of infection and death are low
  5. Stay the course …

We are here for you if we can help in any way,

Rob & Mike

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