Tag Archives: Quarterly Review


Cumberland Advisors Market Commentary – International Equity ETF Q3 Overview and Outlook

Author: William Witherell, Ph.D., Post Date: October 5, 2020
Market Commentary - Cumberland Advisors - William 'Bill' Witherell - International Equity ETF Q3 Overview and Outlook

The global economy is expected to have registered a stronger than anticipated rebound in the third quarter with record-breaking growth rates after output collapsed in the first half of the because of the COVID-19 pandemic. The reopening of businesses and the easing of lockdowns and other restrictions in many countries allowed the rapid pickup in […]

Cumberland Advisors Market Commentary – Taxable Total Return 3rd Quarter Review

Author: Daniel Himelberger, Post Date: October 1, 2020
Cumberland Advisors Market Commentary - Taxable Total Return 3rd Quarter Review

Markets experienced volatility in the third quarter of 2020 as COVID-19 and the looming election continued to drive uncertainty regarding an economic rebound. The net result of the volatility left the Treasury market little changed on the quarter, while spreads on investment-grade corporates and taxable municipals continued to grind lower from the peaks set at […]

Cumberland Advisors Market Commentary – CIO Overview & Outlook

Author: David R. Kotok, Post Date: September 28, 2020
David R. Kotok

The second quarter of 2020 saw the worst quarterly decline in economic terms since the Great Depression of the 1930s. The US economy literally fell off the COVID cliff. This downdraft side of a very sharp “V” has already made an economic bottom. (It was foretold by the March 23 low in the stock market.) […]

Cumberland Advisors Market Commentary – Market Volatility/Leveraged Volatility/Sector Alpha Portfolios – 2020Q1 Review

Author: Leo Chen, Ph.D., Post Date: March 19, 2020
Cumberland Advisors - Quarterly Review - Market Volatility - Leveraged Volatility - Sector Alpha Portfolios

Following the S&P 500’s outstanding performance in 2019, the continual all-time highs in the first quarter of 2020 were short-lived. Just days after the Dow soared to within 500 points of 30,000, the coronavirus outbreak brought the US equity market down by 30%, precipitating the fastest bear market in history in terms of number of […]

4Q 2019 Review: Total Return Tax-Free Municipal Bond

Author: John R. Mousseau, CFA, Post Date: January 3, 2020
John R. Mousseau, CFA

The municipal bond market saw interest rates back up very slightly in sympathy with the Treasury market during the fourth quarter of 2019. Ten- and thirty-year AAA tax-free yields started the quarter at 1.42% and 2.01% respectively. As the curtain dropped on 2019 they closed at 1.44% and 2.09%. However the ratio to Treasury yields […]

4Q2019 Review: International ETF

Author: Matthew McAleer, Post Date:
Matthew C. McAleer - Executive Vice President & Director of Equity Strategies

As noted in our Q3 review, the foreign equity markets showed strong resilience in the face of constant headline news throughout 2019. As noted in our Q3 review, the foreign equity markets showed strong resilience in the face of constant headline news throughout 2019. Both developed and emerging markets rallied sharply through December as both […]

4Q2019 Review: Puerto Rico

Author: Shaun Burgess, Post Date:
Market Commentary Puerto Rico

As we reflect on a tumultuous fourth quarter for the Commonwealth of Puerto Rico, early progress in 2019 in the island’s bankruptcy brought optimism, however that optimism has since turned to frustration as headway has slowed, uncertainty has increased, and questions remain unanswered. October saw the release of a plan of adjustment to restructure the […]

4Q2019 Review – US Equity ETF

Author: David R. Kotok, Post Date:
Cumberland Advisors - Quarterly Review - US ETF

In 4Q 2019 markets continued to react to the buffeting news flow as an array of headlines besieged investors. Brexit, the Trump Trade War, energy sector write-offs (Chevron), political attacks in the healthcare sector, Fed policy debate and proposed wealth taxation were among the many worrisome topics. Meanwhile, US stock markets reached all-time highs, and […]

4Q 2019 Review: International Equity Markets

Author: William Witherell, Ph.D., Post Date: January 2, 2020
Cumberland Advisors Market Commentary by William "Bill" Witherell, Ph.D.

International equity markets – that is, stock markets outside the US – finished the year robustly, with the iShares MSCI All Country ex US ETF, ACWX, gaining 7% in the 4th quarter on a total return basis. For the year as a whole, ACWX gained 16.5%. While this was less than the US market’s 28.3% […]