Core Strategy
| JULY 2025 | 1ST QTR | YTD | 1-YR | 3-YR | 5-YR | 10-YR | 15-YR | 20-YR | 25-YR | SINCE INCEP 06/01/87 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GROSS OF FEES | -0.33% | 7.60% | 7.02% | 6.41% | 9.80% | 8.86% | 7.38% | 7.88% | 7.26% | 8.35% | 9.66% |
| NET OF FEES | -0.38% | 7.45% | 6.67% | 5.81% | 9.17% | 8.23% | 6.74% | 7.20% | 6.58% | 7.61% | 8.87% |
| S&P 500 | 2.24% | 10.94% | 8.59% | 16.33% | 17.10% | 15.88% | 13.66% | 14.52% | 10.65% | 8.14% | 10.74% |
| 50% S&P 500/50% GLOBAL AGG. | 0.37% | 8.00% | 7.54% | 10.78% | 9.43% | 6.93% | 7.63% | 8.06% | 6.96% | 6.30% | NA |
| BLOOMBERG GLOBAL AGGREGATE | -1.49% | 4.52% | 5.67% | 4.40% | 1.52% | -2.07% | 1.00% | 1.14% | 2.31% | 3.39% | NA |
The Core strategy was down 0.3% in July as both long equities and shorts were lower for the month. The strategy is up 7.0% on a year-to-date basis.
The Major Trend Index improved to High Neutral in early July and remained there with the most recent reading. Market action continues to support the MTI via the Technicals category, overriding weakness throughout the rest of the composite. At some point we expect bubble-like valuations, speculative market activity, and a weakening employment picture to provide resistance, but for now the path of least resistance remains higher. Net equity exposure currently sits at 55-56%.
.png?w=2000&q=25)
.png?w=2000&q=25)
Select Industries Strategy
| JULY 2025 | 1ST QTR | YTD | 1-YR | 3-YR | 5-YR | 10-YR | 15-YR | 20-YR | 25-YR | SINCE INCEP 01/01/96 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GROSS OF FEES | 0.22% | 14.05% | 10.87% | 10.89% | 16.10% | 16.25% | 12.06% | 13.77% | 10.78% | 10.94% | 14.31% |
| NET OF FEES | 0.11% | 13.83% | 10.35% | 9.91% | 14.98% | 15.11% | 10.96% | 12.72% | 9.84% | 9.97% | 13.30% |
| S&P 500 | 2.24% | 10.94% | 8.59% | 16.33% | 17.10% | 15.88% | 13.66% | 14.52% | 10.65% | 8.14% | 10.20% |
| S&P 400 MIDCAP INDEX | 1.62% | 6.71% | 1.82% | 3.28% | 9.60% | 12.79% | 9.41% | 11.66% | 9.31% | 9.30% | 11.02% |
| LIPPER MULTI-CAP CORE | 2.07% | 10.22% | 7.39% | 13.20% | 15.04% | 14.17% | 11.74% | 12.68% | 9.52% | 7.63% | 9.34% |
The Select Industries strategy was up 0.2% in July as the market continued to rotate out of industries that have held up well to tariff and economic concerns during the first half of the year. Education Services, Health Care, and Movies & Entertainment all lagged during the month, while more cyclical group holdings such as Travel & Leisure, Banks, and Electronic Manufacturing Services performed well.
Construction & Engineering was upgraded to Attractive in the Group Selection (GS) Scores and a small position was established. That group has been one of the best performing areas within the Industrials sector, as huge growth in AI datacenters have outweighed concerns in materials sourcing/pricing and a general “wait and see” mentality on undertaking large projects due to trade policy. It places in the top decile for EPS growth and the top quartile for sales growth. Additions were also made to our Education Services position.
The portfolio is overweight Communication Services, Financials, Materials, and Utilities. It is underweight Information Technology, and there is no exposure to Consumer Staples, Energy, or Real Estate.
Grizzly Short Strategy
| JULY 2025 | 1ST QTR | YTD | 1-YR | 3-YR | 5-YR | 10-YR | 15-YR | 20-YR | 25-YR | SINCE INCEP 11/01/90 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GROSS OF FEES | -1.07% | -6.05% | -1.87% | -5.38% | -6.58% | -10.33% | -12.82% | -13.47% | -10.84% | -7.99% | -7.71% |
| NET OF FEES | -1.18% | -6.35% | -2.59% | -6.57% | -7.76% | -11.45% | -13.88% | -14.46% | -11.95% | -9.12% | -8.77% |
| S&P 500 | 2.24% | 10.94% | 8.59% | 16.33% | 17.10% | 15.88% | 13.66% | 14.52% | 10.65% | 8.14% | 11.16% |
| S&P 400 MIDCAP INDEX | 1.62% | 6.71% | 1.82% | 3.28% | 9.60% | 12.79% | 9.41% | 11.66% | 9.31% | 9.30% | NA |
| LIPPER DEDICATED SHORT BIAS | -2.15% | -16.31% | -10.45% | -17.19% | -17.04% | -19.53% | -19.83% | -20.74% | -16.98% | NA | NA |
The Grizzly strategy was down 1.1% in July, holding up well during a strong month for equities. The large underweight in Info Tech helped relative performance, while selection within Restaurants was also positive. Grizzly targets an all-cap universe, which is beneficial as mega-caps continue to outperform. The strategy is down 1.9% year-to-date.
The strategy is overweight Consumer Discretionary, Industrials, Materials, and Real Estate. The strategy is underweight Information Technology and Communication Services. Semiconductors, Industrial Machinery, Asset Management, and Aerospace & Defense are the largest industry exposures.
Subscribe to Advisor Newsletter