After years of low interest rates, low volatility and rising stock markets, we saw little change in each of these areas in 2019 — despite the late stage of the economic cycle and an abrupt turn in interest rate policy by the Federal Reserve. Our Outlook, titled “The Song Remains the Same,” provides our views on the markets and how to position investment portfolios going forward.
As we bid farewell to 2019 and head into 2020, I am pleased to provide you with an update on developments at Commonfund as well as our perspective on the markets and investing. Our roots as a not-for-profit organization dedicated to advancing the financial interests of institutional investors provides us with a close relationship with our clients. That mission, combined with our ongoing conversations with you, has shaped our priorities for 2020 and beyond:
- Client focus
- Investment stewardship