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Manager Commentary
The Avatar Advisor -April, 2011For over 35 years, Avatar has published a monthly market commentary that seeks to capture economic and investment themes in the marketplace, as well as reflect some of our current research thinking. We hope you find value in its content and approach.
The
fourth quarter was challenging on a relative basis (versus other target
date funds) as we tend to have higher fixed income allocations and our
equity allocations are more global-oriented. Still, our underlying
managers added +239 bps over the benchmark on average in 2010 and our
3-year and since-inception peer rankings continue to be excellent.
Meritage Portfolio Management Investment Update -October, 2010
In this brief summary, Meritage comments on the popular notion that "It's different this time" when considering the value of history as a guide to the future. Mark Twain once said “History doesn’t repeat itself, but it does rhyme.” Something to keep in mind when it gets too easy to accept that this time, it really is different.
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