CI Outlook - Archives

January 2010

January 8, 2010

Last month’s letter containing our outlook for 2010 focused on three main areas, investor sentiment, market levels, and inflation.  We still believe sentiment will be subdued, higher earnings will lift the market, and inflation, though delayed by weak employment and slow economic growth, is inevitable.  Given this background we think the market will remain volatile, but the year’s trend s higher.  While we are finding more opportunities to invest, we are honing our approach to suit the evolving financial conditions of the new year.  Therefore, we are further diversifying your core ETF holdings, and putting more money into specific stocks.

As you know our ETF investment philosophy is primarily based on macro-economic themes.  In anticipation of current dollar strength we added the S&P Mid Cap fund.  And while we continue to believe the BRIC story we have diversified beyond those countries into other emerging markets even adding a small investment in the “frontier” markets.

We have continued to search out companies that will benefit from the global recovery.  In that spirit we recently purchased CPFL Energia SA, a Brazilian electric utility.  This is a well managed hydroelectric company, with a good dividend, and the chance to participate in the ongoing infrastructure development in Brazil. 

Here in the US we have are looking for small capitalization value priced growth stocks in the technology and energy area.  Pursuing that theme we have purchased Enernoc, a smart grid energy management company, and Bottomline Technologies a company dealing with institutional money transfers.  We think both companies are in growth areas and that potential is not fully reflected in the current stock prices. 

These apparently unconnected ideas all have one common theme.  That is to capture this year’s potential economic recovery, while diversifying your portfolio to protect it against expected extraordinary market volatility.  As you know we construct each portfolio to conform to your individual risk profile.  Therefore, while we consider many securities for potential investment, in your account we only purchase those we consider suitable for you.  We are looking forward to another good year and hope to talk to all of you concerning any questions or concerns regarding your portfolio.  If you would like to, please call Jeremy and set up an appointment to visit with us.  We would enjoy the opportunity to review your investment portfolio and your investment objectives.

As always, we thank you for your investment business and look forward to seeing you soon.


CJ Brott                      Karen Burns


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