NEWS & MEDIA

Sierra CIO on MarketWatch: More Stocks Taking the S&P Stage But Big Tech is Still Big Dog

"A growing number of stocks are joining the market’s rally — even as Big Tech still gets the most attention"

A rally in Big Tech stocks received most of the credit for driving global markets higher this week. But in the U.S., they couldn’t have done it without a little help from their friends.

As the S&P 500 SPX booked its best weekly advance since early January, one detail set this week apart: All 11 of the large-cap index’s sectors managed to finish in the green for the first time since November, according to Dow Jones Market Data. The S&P 500 managed to clinch its 13th record close of 2024 on Friday, even as information-technology stocks and other sectors associated with Big Tech finished the session in the red, according to FactSet data.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 2/23/2024, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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Sierra CIO Tells MarketWatch What May Happen When Fed Loosens Quantitative Tightening

"Here are 3 things investors need to know about how the Fed might roll back quantitative tightening"

The notion that the Federal Reserve will soon slow, or perhaps even end, its program of quantitative tightening is increasingly being talked about on Wall Street like a foregone conclusion.

But while investors wait to hear more on the subject from Fed Chair Jerome Powell during next week's post-meeting press conference, they could be forgiven for asking themselves some questions.

What might an imminent taper of the Fed's balance-sheet runoff look like? Why has it suddenly become so urgent? What might it mean for the six or so interest-rate cuts investors are expecting from the Fed this year, as well as for markets more broadly?

The thoughts and opinions expressed in the article are solely those of the person speaking as of 1/24/2024, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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James St. Aubin Shares Important Investing Lessons on Excess Returns Podcast

"100+ Great Investors Share Their Most Important Investing Lesson "

The hosts of Excess returns have now conducted over 100 interviews on their podcast. At the end of all of them, they have asked the same closing question:

Based on your experience in markets and your research, if you could teach one lesson to the average investor, what would it be?

In this episode, the hosts of Excess Returns bring all of those answers together into one episode and share the insights of all their guests, including Guy Spier, Rob Arnott, Michael Mauboussin, Steve Romick, Joel Tillinghast, Cem Karsan, Bob Ellott, Jerry Parker, Andy Constan and many more.

The thoughts and opinions expressed in the segment are solely those of the person speaking as of 12/28/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this video is made on a general basis and is not to be relied upon by the listener as advice. The listener must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this segment, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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In Wake of Nasdaq Losing Streak, Sierra CIO Tells MarketWatch Investors Should Be Patient

"The Nasdaq kicked off 2024 with its longest losing streak in over a year. This is what is driving it lower."

The highflying technology stocks that drove much of the U.S. stock market's advance in 2023 are struggling so far in 2024, with the Nasdaq capping off its longest losing streak since late 2022 on Thursday.

Meanwhile, health-care stocks, utilities and energy stocks, which all finished 2023 in the red, have taken the lead this week, according to FactSet data.

But portfolio managers and investment strategists who spoke with MarketWatch said investors should not be worried about the Magnificent Seven, or the information technology, consumer discretionary and communications services sectors more broadly. At least not yet.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 1/5/2024, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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James St. Aubin Tells MarketWatch His Take on the "January Effect"

"So much for ‘the January effect’: Here are five things that could interrupt the U.S. stock-market rally in early 2024"

U.S. stocks capped off a wild 2023 with a two-month sprint that has carried the Dow to record highs and the S&P 500 index to within a whisker of a similar milestone.

But after such a powerful advance, some portfolio managers and strategists are concerned that the market could suffer its own post-New Year's Eve hangover once the calendar turns to January 2024.

Instead of providing a tailwind for the market, several who spoke with MarketWatch worried that the "January effect" might work in reverse as investors scramble to lock in gains after the S&P 500 rose 24% in 2023, according to FactSet data.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 12/31/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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“Corporate Debt Markets Face the Most Acute Threat This Year,” Says Sierra CIO to Wall Street Journal

"Five Investors on How to Navigate the Bond Market in 2024"

Access to this article may require a subscription

A resilient U.S. economy and cooling inflation fueled an intense year-end bond rally. Now, some suspect investors are too sanguine about the months ahead.

The rally marked the latest in a series of swings that sent the yield on the 10-year U.S. Treasury, which falls when bond prices rise, leaping and diving throughout the past 12 months. Fears of a prolonged stretch of higher interest rates repeatedly drove the yield to decade-plus highs, only for stress on the banking system and a Federal Reserve pivot to drag it down again.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 12/1/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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Schwab Network Interview With St. Aubin: "The Unknowns Need to Be Respected"

"Avoid Getting Complacent About Downside Risk In The Bond Market"

Historically, the end of monetary policy tightening cycles have been an attractive time to own bonds, notes James St. Aubin. He discusses the outlook for rate cuts in 2024. He talks about how investors should avoid getting too complacent about downside risk in the bond market. He then goes over how many possible rate cuts we can expect next year. Tune in to find out more about the stock market today.

The thoughts and opinions expressed in the segment are solely those of the person speaking as of 12/4/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this video is made on a general basis and is not to be relied upon by the listener as advice. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this segment, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Charles Schwab & Co., Inc. is not affiliated with Northern Lights Distributors, LLC.

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Reuters and Sierra Mutual Funds CIO, St. Aubin on Powell's 'Balanced' Outlook

"Bullish investors take heart in Powell's 'balanced' outlook"

Investors seeking justification for rallies in stocks and bonds are finding hope in the words of Federal Reserve Chair Jerome Powell, even as the central bank insists the fight against inflation has a long way to go.

Signs of easing inflation have ignited bets that the Fed will begin loosening its restrictive monetary policy earlier than expected, driving the S&P 500 (.SPX) to its biggest monthly gain for more than a year in November. Yields on the U.S. benchmark 10-year Treasury , which move inversely to prices, saw their steepest decline in more than a decade.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 12/1/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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Sierra CIO James St. Aubin Talks Tightening Financial Conditions With Wall Street Journal

"Fed Pause Helps Treasury Yields Retreat and Stocks Climb"

Access to this article may require a subscription.

Many investors on Wednesday looked to the Federal Reserve for hints about whether this autumn's unusual ascent in Treasury yields would help finish America's inflation fight. The central bank's message: maybe.

In the tug of war between low-risk government debt and higher-risk equities, that was enough of a signal to push stocks higher Wednesday. The Dow Jones Industrial Average rose 0.7%, or 222 points, while the tech-heavy Nasdaq Composite added 1.6%. The S&P 500 increased 1.1%, led by the information-technology and communication services sectors.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 11/1/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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ThinkAdvisor Interview with Sierra Mutual Funds CEO, Skip Schweiss

"Q&A: Skip Schweiss: RIAs Can't Afford to Ignore These Big Trends"

A fast-evolving set of risks and opportunities is challenging late-career workers, retirees and the financial advisors who serve them, and those who fail to respond to shifting conditions could see hard-earned nest eggs battered by unforgiving market forces.

At the same time, financial services firms that manufacture investment funds and outsourced portfolio models are facing their own evolving set of pressures and prospects, leading to a fast pace of product development across the spectrum of mutual funds, managed accounts, exchange-traded funds and other investment vehicles.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 11/2/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

St. Aubin Talks Risky Borrowers & Rising Loan Costs on the Wall Street Journal

"Rising Loan Costs Are Hurting Riskier Companies"

Access to this article may require a subscription.

Excluding a 2020 spike, the default rate for the past 12 months is the highest since 2014.

The strains come at a time when leveraged-loan funds have put up outsize performances. Investors had feared that rising rates would hurt risky borrowers, particularly if they spark a recession. Instead, a strong economy has helped issuers withstand rising interest costs while bonds with low fixed rates have tumbled, amplifying the advantage of floating-rate debt.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 9/28/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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MMI/Barron's Names Sierra Mutual Funds as 2023 Industry Awards Finalists

Asset Manager Of The Year - AUM Of Less Than $25 Billion

The annual MMI/Barron's Industry Awards recognize innovation and leadership in the investment advisory solutions industry. Now in their 15th year, the Awards celebrate outstanding achievement and honor firms that have raised the bar by delivering superior solutions for financial advisors and investors over the past year.

An impressive number of nominations were received this year which is indicative of all the great work being done in the advisory solutions space.

Winners will be determined by an online vote of designated contacts at each MMI member firm. This process ensures that all member firms are equally represented in the final voting process.

Congratulations to the finalists and all the firms that were nominated!

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Sierra Mutual Funds. This and other information about the Fund is contained in the prospectus and should be read carefully before investing. The prospectus can be obtained on our website sierramutualfunds.com or by calling toll free 1-866-738-4363 (1-866-RETIFND). The Sierra Mutual Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.

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Bloomberg and St. Aubin: China's Expanding iPhone Bans Could Spell Adversity for Apple

"Carpe Clichés! This Time Really Was Different"

Access to this article may require a subscription.

In a span of two days, Apple Inc. has seen roughly $200 billion (about the size of the whole of McDonald's Corp.) of its market value wiped out. And it looks like the blame rests with China, which announced plans to expand a ban on the use of iPhones to government-backed agencies and state companies. Several agencies have begun instructing staff not to bring their iPhones to work, the Wall Street Journal reported, which Bloomberg then confirmed. What's more, Beijing plans to extend that restriction far more broadly to other state-owned enterprises and other government-controlled organizations.

If authorities follow through, such a ban risks eroding Apple's position in a market that yields about a fifth of its revenue, and from where it makes the majority of the world's iPhones through sprawling factories that employ hundreds of thousands of people. Apple, after all, considers China its biggest foreign market and global production base.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 9/8/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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Money Life Podcast With CIO St. Aubin: A Mild Recession on the Rise?

"Sierra's St. Aubin: What's uncertain is the depth of the coming recession"

James St. Aubin, chief investment officer at the Sierra Mutual Funds, says that while conventional thinking has moved away from a recession being imminent, more difficult conditions for consumers in the fourth quarter will create an economic slowdown that is likely to become a mild recession early in 2024. St. Aubin says stocks might tolerate the downturn well, in part because of the bear market of 2022, and in part because the economic downturn is unlikely to last more than two quarters. Azish Filabi of the American College of Financial Services talks about a survey showing the factors that help consumers develop, establish and maintain trust in working with financial advisers. Plus, forensic accountant Tracy Coenen discusses 'gray divorces' and the challenges that break-ups at older ages create for a fair split of assets, and Chuck answers a listener's question about pre-nups, trusts or both for providing financial security.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 09/05/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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"U.S. Stocks are really in a difficult position" Says St. Aubin to Wall Street Journal

"Rising Long-Term Rates Loom Over Autumn on Wall Street"

Access to this article may require a subscription.

Jerome Powell’s much-anticipated speech Friday did little to resolve the conflict gripping markets late this summer: whether a rapid climb in interest rates spells doom for the surprising 2023 stock-market rally.

The Federal Reserve chair said inflation remains too high and officials are open to raising rates again, if needed, in his address at the Kansas City Fed’s annual symposium. He suggested that interest rates could stay high for the foreseeable future, keeping borrowing costs elevated and, in turn, pressuring stocks as investors more deeply discount the value of future corporate earnings.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 8/27/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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U.S. Stocks Advance in Wake of Upbeat Inflation Data; Sierra CIO Remains Cautious

S&P 500 finishes above 4,500 level for first time in 15 months as U.S. stocks advance for 4th day on upbeat inflation data

U.S. stock indexes ended higher and recorded their fourth straight day of gains on Thursday, with the S&P 500 clearing the 4,500 mark for the first time since April 2022, led by technology stocks, after data showed June producer-price inflation fell further, bolstering the chances that the Federal Reserve is near the end of its campaign of interest-rate hikes.

However, James St. Aubin, chief investment officer at Sierra Mutual Funds, said if investors are being “myopic” about inflation and not considering the job market, they are “probably missing the Fed’s data-dependent spectrum.”

“They [the Fed] don’t feel like the inflation fire is going to be completely extinguished if the job market continues to be strong,” St. Aubin told MarketWatch on Wednesday. “In that regard, I think they’re going to be focused on [the Job Openings and Labor Turnover Survey] — so they’re going to see job openings come down significantly before they’re completely comfortable with standing down.”

The thoughts and opinions expressed in the article are solely those of the person speaking as of 7/13/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.​

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Corporate Earnings Growth Predictions Could Cause Stock Prices to Continue Climbing

Markets U.S. stocks are expensive by almost any measure. Here's why they could keep rising anyway.

It’s become a common refrain among those who believe the 2023 stock-market rally seems too good to last: by almost any measure one chooses, equity valuations in the U.S. are looking stretched.

While this point is generally conceded by equity analysts, it glosses over another debate of potentially greater import. What impact, if any, do so-called fundamental factors like valuation have on stock-market performance, and could we really see them put the breaks on a momentum-driven rally?

At least for now, the answer may be that valuation is taking a back seat to hopes tied to artificial-intelligence and the strength of the U.S. economy fuel optimism that could continue to push the market higher.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 8/4/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.​

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Sierra CIO St. Aubin on the Future of U.S. Stocks’ Current Hot Streak

Stocks are on a seemingly unstoppable hot streak, but this bond-market 'tipping point' could see it end in a hurry

The S&P 500 index is on the verge of a fifth straight monthly gain in July. It’s a reality that few on Wall Street expected just eight months ago.

As a result, it seems that one by one, equity analysts at the big banks are issuing mea culpas or tweaking their S&P 500 targets.

With so many reconsidering their assumptions about markets and the economy, one analyst who has been bullish for months sees an opportunity to reflect on what Wall Street got wrong in 2023 — and by doing so, pinpoint potential existential threats to the rally that may lie ahead.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 7/30/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.​

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Forbes & Sierra Mutual Funds CIO on the Implications of Recent U.S. Bond Rating Downgrade

U.S. Loses Second Triple-A Bond Rating But Retains Its 'License To Be Irresponsible'

Treasury-bond yields were stable on Wednesday but edged up on Thursday, with the 10-year benchmark rising to 4.19% from 4.05% before the downgrade. Long-term U.S. yields are almost a percentage point below those of instruments with maturities of one year or less -- the so-called inverted yield curve -- a possible sign of an impending recession but certainly not an indicator of bond-market panic.

"When you're talking about the difference between triple-A and double-A, they're basically the same thing," says James St. Aubin, chief investment officer of $5.6 billion Sierra Mutual Funds. Fixed-income professionals feel they do a better job of predicting default risk by determining market interest rates than companies like Fitch can achieve with credit ratings.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 8/4/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.​

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Sierra CIO, James St. Aubin Remains on Guard

Investors on guard for market stress as Fed signals more hikes ahead

The S&P 500 edged up 0.1% on Wednesday after shuffling between gains and losses. Bond yields, which move inversely to prices, inched higher. The S&P 500 is up 15% this year, while the Nasdaq (.IXIC) has gained 30%.

James St. Aubin, chief investment officer at Sierra Investment Management, has been adding to equity positions during the rally but plans to reverse that stance if the trend starts to change. He remains on guard for further stresses in the banking system, which he believes can be exacerbated by higher for longer rates and an inverted yield curve, making lending less profitable for banks.

“The longer the rate curve stays inverted the more pressure it puts on the banking system because it’s a very unprofitable place to be,” he said.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 6/14/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.​

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St. Aubin on Money Life Podcast: "The Market Could Go in Any Direction" (Podcast Segment, 4/19/23)

Sierra's CIO: 'I don't think you can rule out a significant downturn'

James St. Aubin, chief investment officer at Sierra Investment Management, says that we are looking at 'unusually uncertain times given what the market is trying to process right now,' specifically how the increased cost of credit and the decreased availability of credit will work its way through the economy. St. Aubin – who uses a quantitative, tactical approach – says the market could go in any direction from here, but he notes that there is more downside risk here even though the economy appears to be only facing a mild recession. He says that equity markets look vulnerable now, which should make investors consider risk management to ride things out.

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The thoughts and opinions expressed in the segment are solely those of the person speaking as of 4/19/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this video is made on a general basis and is not to be relied upon by the listener as advice. The listener must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this segment, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Forbes: James St. Aubin on the Benefits of Bond Laddering

Different ways you can prevent an SVB portfolio nightmare with Bond Laddering

"If I have a 10-year window where I know that I'm completely safe from having to sell anything if the markets don't go in the right direction, that's a great place to be," says James St. Aubin, chief investment officer of Sierra Mutual Funds and Ocean Park Asset Management, in Santa Monica, California.

This strategy can work well for somebody approaching, or in, retirement who wants to maintain a separate investment portfolio for growth, which may also include bonds or bond funds. That's a reasonable way to look at it because while you can probably do a fairly good job of estimating your expenses for 5-10 years, you may have only the fuzziest idea of how long you need your overall savings to last.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 4/8/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

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St. Aubin on Morningstar Markets Brief: “Tectonic shifts in forecasting Fed policy” (Article 3/31/2023)

Even as the Fed looks to pause rate hikes, reasons for caution abound.

Tech stocks benefited as investors flooded into the beaten-up group, expecting it to benefit from a Fed pause and move to cut interest rates. Also, mega-cap techs are seen as having fortress-like balance sheets able to withstand a serious downturn.

But the first quarter was anything but an easy ride.

“It was a quarter that saw tectonic shifts in forecasting Fed policy,” says James St. Aubin, chief investment officer at Sierra Investment Management in Santa Monica, California, calling the first-quarter action a “roller-coaster ride” in which investor expectations around inflation and how the Fed would respond to it changed multiple times from start to finish.

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 3/31/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Sierra’s CIO, James St. Aubin, Talks Rising Inflation on the Wall Street Journal (Article 3/9/2023)

Investors are looking for clarity after recent data surprises.

Families are flush with cash, so higher interest rates have done less to deter them from spending than if they had been funding their purchases with credit-card debt, said James St. Aubin, chief financial officer at Sierra Mutual Funds.

“That slows down the impact of raising the cost of money,” Mr. St. Aubin said. “It could take 12 to 18 months for the full effect of a given Fed rate increase to hit the economy.”

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 3/9/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Sierra’s CIO, James St. Aubin on Barron’s: Lessons Learned From Retail Earnings Season (Article 3/8/2023)

St. Aubin touches on some of the 4 Things Learned From Retail Earnings Season

“The consumer just hasn’t puckered up,” said James St. Aubin, chief investment officer at Sierra Investment Management. Consumers’ resilience has confounded economists and retailers alike, and has been attributed to a host of factors, from the lingering effects of the pandemic-era stimulus checks to the strength of the labor market.

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 3/8/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Sierra’s CIO James St. Aubin Discusses the War in Ukraine, European Stocks on Morningstar Markets Brief (Article 2/17/2023)

Resilient economies are helping European stocks outperform the U.S. market.

The strength in global markets demonstrates what many investment strategists noted a year ago when the war started: Geopolitical events might trigger emotional responses that jolt markets temporarily, but they don’t ultimately change the economic fundamentals on which investment decisions are made, instead, create buying opportunities.

“Knee-jerk reactions can be fraught with error,” says James St. Aubin, chief investment strategist at Sierra Investment Management. “The reaction can be an overreaction, and the results can be counterintuitive” as has proved true in Europe, where investors were initially spooked by the prospect of a calamitous energy shortage that never materialized, helped by a mild winter.

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 2/17/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Sierra’s CIO James St. Aubin on Bloomberg Markets (Article 2/6/2023)

James St. Aubin sticks with PIMCO CIO, Daniel Ivascyn, given the fund’s consistency over the years.

Ivascyn, 53, gets the angst that’s brewing out there but exudes confidence in his strategy. He’s been waiting, he says, for a big-score kind of moment like the one he found back in the late aughts and says he’s finally on the cusp of delivering it to investors.

James St. Aubin, chief investment officer at Sierra Investment Management, is among Income Fund investors sticking with Ivascyn, given the fund’s consistency over the years.

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 2/6/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

ThinkAdvisor Interview With Skip Schweiss: “2023 Is the Year of the TAMP” (Article 1/27/2023)

Schweiss and others in the TAMP space say their offerings free up advisors to provide high-touch service.

Experts from a diverse set of firms have emphasized the point in recent discussions with ThinkAdvisor, including Skip Schweiss, the current CEO of Sierra Investment Management and former president of TD Ameritrade Trust Co.

According to Schweiss and others, today’s wealth management professional is expected by clients to be many things — a financial planner, a guidance counselor, a confidant and more. In a marked change from decades past, the investment management part of the client service equation is often placed behind these other roles, in no small part because today’s clients expect to get top-notch investment support from any professional they choose to work with.

These dynamics make it critical for wealth management teams to find ways to offload lower-value investment management tasks without adding manual labor or having to spend the time implementing and maintaining proprietary technology. Enter the turnkey asset management program.

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 1/27/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this segment, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Sierra CEO Skip Schweiss on ‘IN the Office’ with Gregg Greenberg (Video Segment 2/6/2023)

Sierra CEO Skip Schweiss discusses sell disciplines, rules-based methodologies and more with InvestmentNews anchor Gregg Greenberg..

Sierra Investment Management CEO Skip Schweiss sits down with InvestmentNews anchor Gregg Greenberg to discuss the importance of having a ‘sell discipline,’ as well as why Sierra utilizes a rules-based methodology for managing money.

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The thoughts and opinions expressed in the segment are solely those of the person speaking as of 2/6/2023. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The viewer must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this segment, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

Sierra's CIO James St. Aubin on Money Life Podcast (Podcast Segment, 9/26/22)

Sierra's St. Aubin: Cash is king, especially for waiting out the storm

James St. Aubin, Chief Investment Officer for the Sierra Mutual Funds, believes that investors can win by not losing, and while holding cash won't keep pace with high inflation, he says being on the sidelines waiting for the market "to show some productive trends" is a sound strategy for current conditions. St. Aubin says that while the Federal Reserve's clear mission is to tame inflation even if it means triggering a recession, the stock market will continue to respond badly until it has a more clear direction. Also on the show, Mike Dowdall, chief investment officer at Alternative Fund Advisors, discusses the private credit market as an alternative to ordinary stocks and bonds in this market, David Botset of Schwab Asset Management discusses the firm's 11th annual study of ETF investors and their changing habits, and David Trainer of New Constructs puts a popular pandemic stock in "The Danger Zone," marking it as his latest "zombie stock," walking dead as it burns through cash with no sign of profits in sight.

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The thoughts and opinions expressed in the segment are solely those of the person speaking as of 9/26/2022.

Business Insider (article 5/16/22)

“We’re in the early phases of the deepest bear market of my life.” - David C Wright on the markets

Sierra Co-Founder, David Wright, talked with Business Insider about the current state of the markets, what strategies he’s using to help minimize losses in a downturn, and his thoughts on the possibility of an extended bear market.

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The thoughts and opinions expressed in the article are solely those of the person speaking as of 5/16/2022. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussions designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio.

Excess Returns (Video Segment, 12/28/21)

Sierra's David Wright on Our Rules-Based Investment Disciplines

Sierra Co-Founder, David Wright, joins the Excess Returns show to discuss the current markets and our truly tactical rules-based investment disciplines.

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The thoughts and opinions expressed in the segment are solely those of the person speaking as of 12/28/2021. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussions designed to provide a viewer with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio.

TD Ameritrade Network: Buying the Dip with Fed Support (Video Segment: 12/07/21)

Buying the Dip with Fed Support

Sierra EVP of Investment Management, Doug Loeffler, joins TD Ameritrade Network to discuss three key current risks to the markets and buying the dip with Fed Support.

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Money Life with Chuck Jaffe (Podcast Segment 11/23/2021)

Sierra’s Wright: Trouble seems likely, use stops to protect gains

David Wright, lead portfolio manager at Sierra, says that the market is currently so overvalued that it has a lot more downside room to run than upside. While Wright remains fully invested right now -- and isn't calling for a major reversal in the immediate future -- he cautioned that investors should be looking to protect gains from heightened market volatility ahead by using stop-loss orders on their biggest and most risky positions.

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The thoughts and opinions expressed in the podcast are solely those of the person speaking as of 11/23/2021. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussions designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio.

TD Ameritrade Network

The Frequent Shift Between Growth and Value Stocks (Video: 9/16/21)

"Investors are struggling to decide whether the economy and earnings are improving as seen in the frequent shift between growth and value stocks," says Sierra EVP of Investment Management, Doug Loeffler. He weighs in on the markets being satisfied with the inflation report, while consumers are expecting higher inflation. He believes that there is currently a record high gap between the demand for labor and supply.

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TD Ameritrade Network

Rising Risks That Investors Should Keep An Eye On

Doug Loeffler breaks down a number of rising risks that investors should be keeping their eye on. One being that markets aren't cheap, and that 10-year treasury yields are much lower than recent inflation which is very unusual. Plus, equity P/Es are similar to the tech bubble, and markets have grown dependent to the Federal Reserve stimulus.

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Investor's Business Daily 11/09/20

Biden’s Win Should Boost These IRS, 401(k) Investments

CIO Terri Spath gives her thoughts on potential allocations an investor may want to consider after a Biden election win.

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Bloomberg Markets: The Close (Video, 10/6/20)

CIO Terri Spath discusses COVID risks to the markets with Bloomberg Markets: The Close

Sierra CIO Terri Spath joins Caroline Hyde, Romaine Bostick & Taylor Riggs to bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street, including the latest on COVID and its impact on the markets.

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Bloomberg Daybreak: Australia (Video, 10/6/20)

Terri Spath talks to Bloomberg Daybreak: Australia about the news of the day

Haidi Stroud-Watts in Sydney and Shery Ahn in New York drive to the Asia, Australia and New Zealand market opens while speaking with Sierra CIO Terri Spath and wrapping the biggest stories of the previous day on Wall Street.

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Yahoo! Finance Video 11/12/20

Sierra Mutual Funds CIO on why she's turning to municipal bonds amid market uncertainty

Terri Spath, CIO of Sierra Mutual Funds, joined Yahoo Finance Live to discuss her outlook for the market and the sectors of the market she's turning to for safety amid market uncertainty.

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CNBC: The Exchange (11/13/20)

Why investors are buying municipal bonds as defaults are on the rise

CNBC’s Kelly Evans breaks down why some municipal bonds are seeing more investors, and how the Covid pandemic’s risk of a second lockdown impacts the market, with Terri Spath of Sierra Mutual Funds.

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Bloomberg: The Close (Video) 9/15/20

Sierra Mutual Funds CIO Terri Spath on Bloomberg: The Close 9/15/20

Caroline Hyde, Romaine Bostick & Taylor Riggs bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street and tackle the new Brexit bill, Apple's launch event and ViacomCBS's streaming fight with Sierra Mutual Funds CIO Terri Spath.

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Bloomberg: Where to Invest $10k Right Now (7/16/20)

Terri Spath gives her throughs on Where to Invest $10k Right Now

Sierra Mutual Funds CIO Terri Spath gives her thoughts on where to invest $10,000 right now to Bloomberg.

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Bloomberg Daybreak: Asia (Video)

Sierra CIO Terri Spath on the Markets

Sierra Mutual Funds CIO Terri Spath joins Haidi Stroud-Watts in Sydney and Shery Ahn to discuss the Asia, Australia and New Zealand market opens while wrapping the biggest stories of the previous day on Wall Street.

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Bloomberg Daybreak Asia: Terri Spath on the Markets (Podcast)

Terri Spath, CIO at Sierra Mutual Funds, discusses the latest on the markets with Bryan Curtis and Paul Allen on Bloomberg Daybreak Asia.

Terri Spath, CIO at Sierra Mutual Funds, discusses the latest on the markets with Bryan Curtis and Paul Allen on Bloomberg Daybreak Asia.

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Barron's

Yes, There Are Alternatives to Stocks Out There. Lots of Them.

Sierra Mutual Funds CIO Terri Spath discusses alternatives to stocks in a volatile market.

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TD Ameritrade: Fast Market (Video) 5/19/20

Sierra Mutual Funds CIO Terri Spath talking investing strategies to consider during market volatility.

Sierra Mutual Funds CIO Terri Spath talking investing strategies to consider during market volatility.

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CNBC: The Exchange

Health-care and tech sectors rise as stocks erase early loses

CNBC’s Kelly Evans discusses the day’s market actions with Jason Brady, CEO of Thornburg Investment Management, and Terri Spath of Sierra Mutual Funds and Tom Porcelli of RBC Capital Markets.

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Money Life with Chuck Jaffe

Sierra's Terri Spath: 'Lows are in for the year, but volatility isn't going away'

Sierra CIO Terri Spath joined Chuck Jaffe's podcast to discuss her ideas on how to mitigate risk and seek the upside in volatile markets.

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Barron's

In Volatile Markets, Cash Can Be Friend or Foe for Mutual Funds

Two legendary investors, Warren Buffett and Seth Klarman, famously like to hold cash. The typical mutual fund? Not so much.

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Bloomberg

Where to invest $10,000 right now

Five experts share best ideas on investing in an uncertain era.

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Yahoo Finance

It's a good time to have 'some assets in the muni bond market': Sierra Mutual Funds CIO

Sierra Mutual Funds CIO Terri Spath says, "A good place to have some assets is the muni bond market" amid COVID-19. She joins Yahoo Finance’s On The Move panel to discuss.

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Yahoo Finance

How 2020 headwinds may cause a recession in the U.S.

As fears continue to grow regarding the Coronavirus and ongoing trade disputes, investors are unsure if these headwinds mean the market is heading towards a downturn.

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CNBC: The Exchange

Coronavirus will create market softness: Destination Wealth’s Yoshikami

Michael Yoshikami, Destination Wealth Management, and David Wright, Sierra Mutual Funds portfolio manager, join ‘The Exchange’ to discuss the state of the market and where they see opportunities.

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Bloomberg

Where to invest $10,000 right now

The question on many investor’s minds is simple: Is it time to take some money off the table?

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Bloomberg

Emerging-Market Debt, Stocks 'Great Area' to Look at

Terri Spath, chief investment officer at Sierra Mutual Funds, talks about emerging-market stocks and debt. She also discusses interest rates and the implications for financial markets with Shery Ahn and Paul Allen on "Bloomberg Daybreak: Australia."

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Bloomberg

The Close

Scarlet Fu and Romaine Bostick bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street. Today's show tackles the USMCA, impeachment and the Bloomberg 50. Guests Today: Terri Spath of Sierra Mutual Funds, Iain Begg of London School of Economics, Kipp Deveer of Ares Capital, Burns McKinney of Allianz Global Investors, Avinash Mehrotra of Goldman Sachs, Stephanie Kelton of Stony Brook University, George Pearkes of Bespoke Investment Group.

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CNBC

Dow and S&P 500 snap 3-day losing streaks

Barbara Doran of BD8 Capital Partners and Terri Spath, chief investment officer at Sierra Investment Management, talk about markets after the bell on CNBC’s “Closing Bell.”

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Yahoo Finance

Are bonds the best investment right now?

Yahoo Finance's Julie Hyman, Adam Shapiro, Brian Sozzi and Terri Spath - Sierra Mutual Funds CIO discuss.

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Bloomberg Television

Risk Off Story Is More Stealth Than Investors Thought, Says Sierra Mutual Funds' CIO

Terri Spath, chief investment officer at Sierra Mutual Funds, discusses the U.S. equities, risks to the market and her outlook for markets and the U.S. economy.

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Bloomberg Television

Emerging Markets Favored Over U.S. Large Stocks, Sierra Mutual Says

Terri Spath, chief investment officer of Sierra Mutual Funds, talks about the U.S. economy, why she favors emerging markets, and Federal Reserve policy. 

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Bloomberg

Ask Any Stock Market Pro: Buying Is Easy, Selling is Hard

Professional managers don’t seem to give as much attention to selling as they do to buying and could have a bias to holding on to winning picks for too long.

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CNBC

Stocks are surging on trade optimism – five experts weigh in

Stocks rocketed higher Thursday, fueled by renewed optimism over trade talks between the U.S. and China.

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Reuters

Wall St. week ahead: Another recent inversion could provide support for stocks

A decline in interest rates on long-term U.S. government bonds below the average stock dividend yield has received less attention than an inverted Treasury yield curve, but it could be a reason stocks find support after a bruising August.

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CNBC Closing Bell

Fed doesn't have data to cut rates at this point, says CIO

Keith Bliss of Cuttone and Co. and Terri Spath of Sierra Mutual Funds discuss markets and what investors should watch with CNBC’s “Closing Bell” team.

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Bloomberg

Where to Invest $10,000 Right Now

Six veteran investing experts share their best ideas. Spath: "U.S. stock and bond markets are in a state of confusion."

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Forbes

Four Indicators That A Recession Isn't On The Horizon

Wallace Forbes recently spoke with Terri Spath, CIO to discuss today's economy and her approach to investing.

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Bloomberg

Small-Caps Push Stocks Higher as Turkey Fears Wane

U.S. stocks halted their longest slide since March and the dollar reached a 14-month high as investors brushed off Monday’s Turkey-induced turmoil.

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Seeking Alpha

There is no Bond Bear Market

I see it all across financial media; people talking about the bond bear market. Writers strike fear into the hearts of their loyal readers with dramatic language, and the fear that you stand to lose a considerable amount from your safe investments. What should you do?

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Barron's

Investors Stuck Between Rock and Hard Place

Interest rate hikes and unfavorable trade policies hint at tough times ahead, leaving many investors looking to take cover—with potentially nowhere to go.

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Advisor Persepectives

The Keys to Successful Tactical Management

Chief Investment Officer, Terri Spath, interviewed about the keys to successful tactical asset management.

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Barron's

Where the Best Bond Opportunities Are Now

Interest rates are generally higher since the end of last year—and the nearly decade-long economic recovery can’t last forever. Both are putting pressure on individual portfolios.

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Time Money

This One Indicator Has Predicted Every Recession Since 1960—and It's Flashing a Warning

Uh-oh. The government reported on Friday that the number of home construction projects that broke ground last month fell 7% versus the prior month.

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Barron's

Shaking Up the Market for Municipal Bonds

All politics are local, according to the famous dictum of Reagan-era House Speaker Tip O’Neill. But the municipal bond market has rarely been as roiled by national politics as it has been by the drama in Washington over tax reform.

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The Wall Street Journal

Transport Stocks Fall, But Market Shrugs Off Broader Concerns

Shares of planes, trains and automobiles are skidding, and that often spells trouble for the rest of the market. But some analysts and investors aren’t heeding the century-old warning sign this time around.

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Reuters

Clouds over Trump tax plan may curb appetite for U.S. stocks

Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump's stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months.

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USA Today

Here's what ended the Dow's flirtation with 20,000

This is not a kiss and tell story: The fact is the on-again, off-again romance between the Dow and the 20,000 milestone is officially on hold.

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CNN Money

Tech stocks soar as growth trumps Trump fears

So much for fears of Donald Trump's presidency hurting tech stocks.

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Reuters

With Fed rate rise more likely, U.S. dollar again weighs on earnings

A healthier U.S. economy which leads the Federal Reserve to raise interest rates again soon may dampen spirits at companies which are just starting to see some relief from the strong dollar of the past two years.

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Reuters

Seeing rally as fragile, some funds back away as U.S. stocks near record

The rally that has sent the benchmark S&P 500 up more than 15 percent from its February low is prompting U.S. diversified funds to sell shares as the market nears its record high.

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Barron's

Stocks Rally 2%, Spurred by Good News From Banks

Good earnings lifted financials, helping shares rise broadly; in a bullish sign, market breadth hit an all-time high; and, American Express looks cheap.

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The Wall Street Journal

Record for Stocks: So Close but Hard to Reach

The momentum of the recent stock rally could carry U.S. indexes to fresh records, but they have been close before without success.

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Barron's

Best Yield Now: Emerging Markets Top MLPs?

Sierra Investment Management says its best income ideas today are among emerging market bonds.

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Barron's

Junk Bonds Look Attractive

With market turmoil easing, income investors should begin to think about getting into high-yield junk.

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Barron's

Buying Munis & High-Grade Corporate Bonds 'With Both Hands'

Dimitra DeFotis of Barron's talks with Sierra's Portfolio Manager, David Wright.

Reuters Insider

Wealth Strategies: Time to gradually move back into bonds

Rhonda Schaffler, Reuters Insider, with Sierra Fund's Portfolio Manager, David Wright.

CNBC.com

Closing Bell Exchange

Discussing current equity and bond market conditions, with Quincy Krosby, Prudential Financial; Anthony Chan, Chase; Michael Robinson, Money Map Press; and David Wright, Sierra Funds.

CNBC.com

Closing Bell Exchange: US not running like it should

Discussing the impact of today's jobs report on the economy...

Boston Globe

Sierra Group Named to Financial Times' List of 300 Top RIAs

The Sierra group of companies today announced that it has been named to the Financial Times' FT 300 Top Registered Investment Advisers in the US, based on data gathered by The Financial Times from over 2,000 RIA firms that manage over $300 million.

"We are deeply gratified to be included on this list," said David Wright, Managing Director of Sierra. "Since our inception...

CNBC.com

Closing Bell Exchange: Fed appropriate?

After Fed Chair Janet Yellen commented on social media and biotech stocks being overpriced, Michael Block, Rhino Trading Partners; Kelly Connelly, JHS Capital Advisors; David Wright...