CURRENT MARKET COMMENTARY
Winter 2012

Newgate Emerging Markets Portfolio:
Emerging Market equities rebounded in the fourth quarter (up 4.5%), though they were still down 18.2% for the year. This was the first year since 2008 that emerging markets underperformed the developed world. Newgate’s Emerging Markets Portfolio gained 4.8% during the quarter, compared to 4.5% for the MSCI Emerging Markets Index. (Read more)

Newgate Global Resources Portfolio:
Commodity related investments had a strong rebound in the fourth quarter following the selloff in August and September. Newgate’s Global Resources Portfolio returned 10.6% in the quarter, compared to a 0.4% gain for the Dow Jones-UBS Commodity Index. (Read more)

Newgate Total Return Income Portfolio:
Newgate’s Total Return Income Portfolio gained 4.0% in the fourth quarter, compared to a 1.1% gain for the Barclays Aggregate Bond Index. Continued intervention in the credit markets by central banks has resulted in artificially low government bond yields. Newgate’s Portfolio focuses primarily on worldwide opportunities across all income oriented investments that can have higher yields than government or agency debt.
(Read more)

Newgate Municipal Income Portfolio:
Investors continue to regard municipal bonds as one of the few areas where income and more importantly real, post-tax returns can be earned with an acceptable level of risk. Newgate’s Municipal Income Portfolio gained 5.0% in the fourth quarter and 15.7% for the year, compared to 2.2% and 11.0% for the Lipper Municipal Income Index, respectively.
(Read more)