1Q 2017 Market Letter

Recent months have seen investors swept up by the seemingly unstoppable force of an unprecedented surge in sentiment that has now come to collide with the immovable object of government’s apparent inability to come together around highly-anticipated pro-growth policies.

The extremely noisy framework that such conditions tend to create in the short-run have had limited sway on the outlook of Pacific Portfolio’s Investment Committee, however, which remains reasonably constructive, albeit within the framework of the globally-diversified asset allocation approach at the heart of our work, as well as the context of the nearer-term expectations our Committee currently holds, which remain somewhat modest by historical standards with regard to both the economy and markets.

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