CURRENT MARKET REVIEWS
1st Quarter 2013
Newgate Emerging Markets Portfolio:
Emerging market equities declined 1.6% in the first quarter, as investors took some profits after a strong 2012. Most major markets in the asset class had much steeper losses; gains in smaller markets like the Philippines and Thailand masked declines in larger countries. (Read more)
Newgate Global Resources Portfolio:
Despite a broad equity market rally, commodity futures and related equities declined in the first quarter. Investors have been more aggressive in buying what are often called “later stage cyclical” stocks and largely ignoring commodities. (Read more)
Newgate Total Return Income Portfolio:
The first quarter of 2013 was unusual for fixed income markets. The two primary components, corporate and government debt, went in opposite directions. US government debt declined while US corporate debt rallied. (Read more)
Newgate Municipal Income Portfolio:
The municipal bond market was surprisingly quiet during the first quarter. Global macroeconomic issues like Cyprus, the Euro and China didn’t impact supply and demand for taxexempt bonds. Newgate’s Municipal Income Portfolio gained 0.12%, compared to 0.34% for the S&P National AMT-Free Muni Bond Index. (Read more) |
