Quarterly Webinar Replay | Q4 2023

April 02, 2024

Enjoy the Vineyard Global Advisors Quarterly Webinar Replay!

4th Quarter-2023

“Can the Santa-Claus Rally Continue Through 2024.”

The Story of 2023

Last year was quite a rollercoaster in the markets. The S&P 500 surged by 26%, but here's the catch: the average stock in the index only saw a 13.8% gain. This disparity was largely due to a regional banking crisis and the market's keen interest in tech stocks, especially those advancing in artificial intelligence. Interest rates also had their moment, spiking in the fall over concerns about funding large deficits. Yet, despite these challenges, the market bounced back from the 2022 bear market as we closed the year.

What's Ahead in 2024

VGA is looking at 2024 with optimism, anticipating further gains in the market and expecting more inclusive growth across various sectors and styles. The Federal Reserve is likely to reduce interest rates, and the inflation and unemployment numbers are playing nice, setting a hopeful stage for the year ahead.




Tom Samuelson, CFA, CMT, Chief Investment Officer, Vineyard Global Advisors

Kendall Dilley, CFA, CMT Portfolio Manager, Vineyard Global Advisors

Sam Caylor, Investment Analyst & Senior Trader, Vineyard Global Advisors

Original Broadcast: Wednesday, January 24, 2024 


Investment Strategies and the Bigger Picture

We have historically bounced back from bear markets, often within a year or more, with positive returns being a common theme. Specifically, the Russell 3000 enhanced dividend strategy is noted for its resilience in both bull and bear markets. Dividend stocks didn't have the best time last year, but with the expected easing of interest rates, there's hope for improvement.

And then in the core of our strategies, our screening methodology is twofold. We either look for growth at reasonable price or value at reasonable growth. And those make up the core of our stock strategies. They always have. They always will. - Tom Samuelson

A Mixed Bag of Market Dynamics in 2024

There's much to look forward to in 2024, but it's not without challenges. On the bright side, we're seeing the end of the Fed's tightening cycle, inflation inching closer to optimal levels, and a strong labor market. AI-driven productivity improvements also add to the positives. However, concerns about a potential recession, the impact of higher interest rates, and geopolitical risks can't be ignored.

Sector-Specific Deep Dive

In the tech space, stocks might seem pricey, but if we zoom out to the entire S&P 500, the picture looks more balanced. Highlighted are the dynamics within the financial system, particularly the shift from quantitative tightening to easing, which might stir up some volatility.

Vineyard's Portfolio: Standing Strong

Vineyard's equity portfolios and strategies consistently outperform well-known benchmarks like the S&P 500 and Nasdaq, especially in turbulent times. With a fixed-income investment strategy focusing on both short-term and longer-term corporate bonds, VGA is poised well, given the expected interest rate dynamics.

With a balanced approach to investment and a keen eye on market trends, Vineyard is gearing up for what could be another eventful year in the financial world.

*All data sourced through Bloomberg.

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Contact Us Today

Investment advisory services are provided through Integrated Advisors Network, LLC (“Integrated”) a registered investment advisor. Registration does not imply a certain level of skill or training. Vineyard Global Advisors, LLC is a practice group of Integrated.

The opinions expressed herein are those of Vineyard Global Advisors and are subject to change without notice. This material is not financial advice or an offer to sell any product. Forward-looking statements cannot be guaranteed. This document may contain certain information that constitutes “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may,” “expect,” “will,” “hope,” “forecast,” “intend,” “target,” “believe,” and/or comparable terminology. No assurance, representation, or warranty is made by any person that any of Vineyard’s assumptions, expectations, objectives, and/or goals will be achieved. Nothing contained in this document may be relied upon as a guarantee, promise, assurance, or representation as to the future. Vineyard Global Advisors is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investment advisory services offered through Integrated Advisors Network, LLC (“Integrated), a registered investment advisor. Vineyard Global Advisors is a DBA of Integrated.

Investors cannot invest directly in an index.

There is no guarantee that the investment objectives will be achieved. Moreover, past performance is not a guarantee or indicator of future results. Does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations.

Integrated is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Business is only transacted in states in which it is property registered or is excluded or exempted from registration. A copy of Integrated's and VGA's current written disclosure brochure filed with the SEC which discusses among other things, business practices, services and fees, is available through the SEC's website at:

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