Our firm's Second Quarter 2013 Investor Letter provides a review for the first half of the year. In our Letter we discuss our current investment position, as well as recent changes to our client portfolios. Our recent investment biases have served our clients well. Strategically we have favored U.S. equities and shorter maturity bonds while at the same time avoiding gold (broad commodities for that matter), preferred stocks and long-term bonds. The table below details the returns for various asset classes as of June 30, 2013.
Our contention for some time has been U.S. equities looked favorable relative to other equity investments due to valuation, strong balance sheets and the largest stimulus program in U.S. history. Our overweight bias in U.S. equities and underweight in foreign equity has been rewarded with significant outperformance of U.S. stocks over multiple time periods as illustrated above.
The complete Letter can be accessed directly from our website at this link: 2nd Quarter Investor Letter.
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| From The Blog of HORAN Capital Advisors |
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