2022 Q4 Quarterly Update Letter (Financial Advisors)

This quarterly letter covers what happened during the fourth quarter of 2022, how our investment disciplines responded, and provides an outlook for the coming months.

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CIO Insights - January 2023

Recorded on January 10, 2023, CIO James St. Aubin looks back on 2022 and touches on what he expects 2023 to bring.

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Commentary: Breaking the Tape

Rallies in both the stock and bond markets during the fourth quarter of 2022 were a welcome means of closing out a year that offered little else for investors to celebrate.

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The Case for Tactical Asset Management

This hypothetical piece depicts how Tactical Asset Management can be so beneficial to investors.

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What Investors Can Learn From a Terrible Year

Painful lessons from the markets to take into 2023 and beyond. Investors can’t say goodbye to 2022 fast enough. War. Severe supply shortages. Inflation at the highest levels in 40 years. Interest rates rising at a speed and by a size that was unprecedented. A bear market in stocks. A historic selloff in bonds. The tanking of Big Tech. The collapse of cryptocurrencies. The worst market for raising capital through initial public offerings in 30 years. A still lingering pandemic. The expression “cash is king” made a comeback. That was the year that was.

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10-Year Treasury Yields to Break Even

2022 was the worst year in history for core fixed income and many investors are wondering how far yields need to fall, in order to get back to break even.

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'Win... By Not Losing'

CIO James St. Aubin reveals his insights on investment strategies, risk management and emotional steadfastness during this thought-provoking podcast interview on the Stansberry Investment Hour.

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Municipal Bonds are Anything but Boring: 2022 Opportunities

Municipal bonds are supposed to be boring, but they’ve been anything but boring in 2022. The environment has created an opportunity for tax harvesting and for evaluating how you allocate to municipal bonds.

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What it Will Take for the Agg to Break Even?

There are approximately $1.5 trillion in AUM in the Morningstar Intermediate Core Bond and Intermediate Core-Plus Bond categories. Mutual funds and ETFs in these categories have seen significant declines, and many are wondering what it will take to make back the losses. Using the Bloomberg US Aggregate Bond Index (the Agg) as a proxy for yield-sensitive core fixed income, we’ve provided the charts below as a reference tool.

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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.

LISTEN HERE

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


Commentary: Markets and Economies Are Giving Mixed Signals

Our latest commentary covers a second half that begins on an optimistic note, the 10-year Treasury note continuing to fall in July, signs that suggested inflation may soon come off the boil, the Fed raising rates for a second consecutive time, debate over whether or not the U.S. is in a recession, a fall in unemployment, and buy signals emerging across all asset classes throughout July as uptrends gained momentum.

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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.

VIEW HERE

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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.


Commentary: The Fed Lifts Rates, but Are They Behind the Curve?

Our latest commentary covers the Fed's decision on raising rates, the impact of conflict in Ukraine, and how our investment disciplines are poised to handle continued volatility.

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Commentary: Floating Rate Notes - A Diversifier for Rising Rates

Our latest commentary looks at how Floating Rate Notes can serve as a good diversifier within fixed income portfolios.

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2021 Market and Economic Review (client approved)

This Market and Economic review of 2021 looks back at the key forces that helped shape the year, risks that had impact on markets including COVID, and an outlook for the first quarter of 2022.

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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.

LISTEN HERE

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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.


Commentary: The Fed Makes a Move, but Is It Too Late?

Our latest commentary cover the Federal Reserve's decision to begin tapering purchases over the coming months, inflations concerns, and other economic risks that may impact the markets.

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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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Commentary: Markets Have Been Generous to Investors So Far in 2021

Our latest commentary covers pandemic economic recovery, current risks in the markets investors should be aware of, including continued supply chain disruptions, rising COVID cases, and inflation concerns, and why we believe having a repeatable investment process is so important.

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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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Sierra Mutual Funds Introduces Sierra Tactical Risk Spectrum 50 Fund

New Fund Applies Sierra’s Conservative, Tactical Approach to a Portfolio with 30-50% Equity Exposure

Santa Monica, CA (June 2021) – Sierra Mutual Funds, a leader in tactical management and conservative investing, today announced the launch of the Sierra Tactical Risk Spectrum 50 Fund (SRFJX).

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Commentary: The Good, the Bad, and the Ugly of the COVID-19 Recovery

Economic shutdowns due to the spread of COVID-19 last year led to significant drops in equity and other risk assets’ prices. Our latest commentary covers signs of economic and market improvement, but also some signs that are bad and even ugly for the post-COVID recovery.

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Commentary: Municipal Bonds Are In Investors' Sweet Spot

Municipal Bonds had a sell off in March of 2020, but since then have come roaring back, outperforming Treasurys in 11 of the past 12 months. This chart and commentary give insight into why muni bonds are in investors' sweet spot.

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Commentary: Risk-on and Risk-off Visualization

This chart visualizes how Long-Term Treasury Rates and High Yield Corporate Bond Spreads often move in opposite directions, as investors move into Treasuries in periods of market stress and tend to move out of High Yield Corporate Bonds during the same periods.

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2020 Q4 Update: Risk Matters. Defense Matters. Discipline Matters.

Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the fourth quarter of 2020, including the impact of COVID-19 on global markets.

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Commentary: Three Reasons to Own Bonds in 2021

CIO Terri Spath discusses the current state of the fixed income market and offers three reasons why we like bonds in 2021.

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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.

WATCH HERE

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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.

WATCH HERE

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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.

WATCH HERE

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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.

WATCH HERE

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Commentary: The Elections and the Broken 40% Bond Allocation

Chief Investment Officer Terri Spath provides four takeaways from the recent Presidential election and what it might mean for the future of the markets, as well as offering a potential alternative solution to a traditional, passive 40% bond allocation.

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Commentary: Three Ways to Invest for the Rest of 2020

Chief Investment Officer Terri Spath gives an outlook for the rest of 2020, and three potential way to invest during these turbulent times.

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2020 Q3 Update: Risk Matters. Defense Matters. Discipline Matters.

Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the third quarter of 2020, including the impact of COVID-19 on global markets.

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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.

WATCH HERE

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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.

READ HERE

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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.

WATCH HERE

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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.

LISTEN HERE

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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.

WATCH HERE

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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.

WATCH HERE

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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.

WATCH HERE

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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.

LISTEN HERE

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Commentary: Three Investment Ideas in Front of the Election

CIO Terri Spath covers the current state of the markets, and gives three possible ways to participate in investment returns while keeping a close eye on risk.

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2020 Q2 Update: Risk Matters. Defense Matters. Discipline Matters.

Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the second quarter of 2020, including the impact of COVID-19 on global markets.

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Commentary: The Answer to a Widespread Question: FAAANM

Chief Investment Officer Terri Spath discusses how the stock market continues to rise despite economic struggles, the current state of the bond market, and how our rules-based investment disciplines are navigating these unprecedented times.

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COMMENTARY: Discipline Matters in Zombie Markets

Chief Investment Officer Terri Spath discusses the current state of the economy, what changes you might expect in the coming months, and some recommendations for navigating the ever changing market environment to help mitigate risk while seeking productive returns.

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2020 Q1 UPDATE: RISK MATTERS. DEFENSE MATTERS. DISCIPLINE MATTERS.

Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the first quarter of 2020, including the impact of COVID-19 on global 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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Commentary: When It Comes Time to Buy, Will You Do It?

CIO Terri Spath's latest market commentary discusses when might be a good time to buy, and the importance of using a time-tested process, like the one used at Sierra.

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Special Edition Market Minute: Got the moving market on your mind...

The markets have been unruly this week. In a matter of days, we've seen months of market gains eliminated right before our eyes. It is times like these that we rely on our truly-tactical rules-based investment process and quantitative trailing stops under each holding. Terri shares her perspectives in this Special Edition of the Market Minute.

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Market Minute: Diversifying with Preferred Stocks

Preferred stocks offer investors the characteristics of both equities and bonds. Though less volatile than their common stock counterpart, they still need to be managed tactically. CIO Terri Spath shares her insights in this week's Market Minute.

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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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Commentary: Puzzled by Fixed Income? A Tactical Resolution for 2020

Reviewing bond holdings doesn’t make most people’s list of New Year resolutions, but it should. Why? Investors often tell us that fixed-income is confusing and that they have heard now is not a good time to buy bonds. The truth is a bond allocation is critical to your financial health, and a truly tactical approach to the asset class can address a lot of the confusion and misgivings about bonds that investors typically have.

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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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Market Minute: Risk Measures: Maximum Drawdown

Happy New Year to you all. It's 2020, and we want we want to share some thoughts with you about Maximum Drawdown. This risk measure looks at the largest observed loss from peak to trough. Terri shares her insights into the importance of Maximum Drawdown in this week's Market Minute.

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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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Market Minute: Interest rates and the yield curve

The yield curve inverts when consumers are able to borrow money at a lower interest rate for a longer period of time. It's unusual when it occurs, and it has investors a bit nervous. What affect does it have on the way we manage money for our clients? Terri provides her perspectives.

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Market Minute: Understanding emerging markets investments

When considering investments in emerging markets for your clients, the opportunity for growth is tremendous; but if you are seeking to increase diversification, you may want to look deeper into emerging markets debt. Terri shares her perspective in this week's Market Minute.

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Market Minute: Three popular methods for managing municipal bond

Municipal bonds, often a staple component of the fixed income sleeve of a client's portfolio, aren't exempt from periods of extreme volatility. We've found that financial advisors prefer one of three different methods for managing them. This week, Terri breaks down the features and benefits of each, and shares her personal preference.

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Market Minute: How we manage the interest rate environment

2019's theme seems to be interest rates. They've been up, they've been down, and each move has been at a different velocity. With so much fluctuation, we're often asked how we are able to manage through the challenging environment. Terri explains in this week's Market Minute.

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Market Minute: Sequence of returns risk

Unlike other investing risks, sequence of returns risk isn't a statistical figure that can be found or screened out in Morningstar. It's a risk that is unique to each individual investors experience. Terri explains how we're able to mitigate this overlooked risk in this week's Market Minute.

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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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Commentary: Airbags for Your Investments

Investment Commentary: Chief Investment Office Terri Spath discusses some potential hidden risks in the current markets, and how to seek to mitigate those risks.

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Market Minute: A look at global stock valuations

With stocks reaching record highs, we continue to be asked about global opportunities and the risks associated with them. Valuation metrics are a great way of measuring value. Terri discusses the subject in this week's Market Minute.

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Market Minute: The impact of global negative interest rates

Bond market investing has been made more difficult than ever thanks to global negative interest rate debt. It's putting a crimp on investors who are looking to create income. Our tactical, rule-based process follows a myriad of asset classes, and it helps us identify areas of the market they may provide positive outcomes. Terri discusses in this week's Market Minute.

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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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Commentary: Plug Your Portfolio

Investment Commentary: Chief Investment Officer Terri Spath talks about potential ways to guard against drawdowns and market risk in the current environment.

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Sierra Mutual Funds Introduces Tactical Bond Fund

New Fund Applies Sierra’s 32 Years of Experience and Distinctive Disciplines to Contrasting Bond Categories

Santa Monica, CA (October 15, 2019) – Sierra Mutual Funds, an emerging manager and a pioneer in tactical, low volatility, conservative investing, today announced the launch of the Sierra Tactical Bond Fund, a new bond mutual fund that will utilize Sierra’s distinctive tactical investment approach to pursue total return and limiting downside risk.

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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.

WATCH VIDEO

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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. 

WATCH VIDEO

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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.

READ THIS ARTICLE

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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.

READ THIS ARTICLE

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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.

READ THIS ARTICLE

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Market Minute: Distancing investing from gambling

Have you ever spent a day at the horse races? Choosing one horse before the race has begun and hoping for the best result is gambling. The same mentality can creep into investing. Terri Spath shares her investing insights in this week's Market Minute.

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Commentary: Winning at the Horse Races

For most people the end of summer means one last dash to the beach, back-to-school shopping, and some final wagering at the horse track. At least this has been the case for me. The last bet on the last race at the Del Mar Racetrack in Southern California comes at Labor Day. Betting on a horse means putting money on a hopeful winner before the announcer shouts “go” and either picking up a gain or losing it all several minutes later.

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Market Minute: Using actively managed funds to tap into munis

Actively managed mutual funds are great vehicles to tap into unusual bond markets. We prefer using mutual funds to tap into the municipal bond market for many reasons. In this week's Market Minute, Terri shares three reasons why it makes sense.

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Market Minute: A new year with new risks

The new year brings with it new risks. CIO Terri Spath shares her perspectives.

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Market Minute: How well do you know your fixed income benchmark?

How are bond benchmarks constructed? The largest issuers of bonds will generally make up the most significant portions of a benchmark, which may expose your clients to some unintentional risks.

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Market Minute: Using investment rules to create favorable outcomes

Ever hear of the "Santa Clause Rally" or "Sell in May then Go Away?" These are commonly understood rules that seem quirky and subjective, but have some historic proof behind them. Terri shares her perspectives in this week's Market Minute.

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Commentary: State of Confusion

Financial markets don’t know if they are coming or going, telegraphing that investors are in a state of confusion. The U.S. stock market is tapping out historic highs, but as we write this, the reality is that the S&P 500 is a scant 2% higher than levels established 9 months ago. Along the way to that meager gain, buy and hold investors endured an agonizing and unrelenting free-fall at the end of 2018 and a sharp 7% loss in value in May.

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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.

WATCH VIDEO

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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."

READ THIS ARTICLE

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Investment News: Market volatility is top of mind for your clients

Investment News| 3.7.2019

How will markets move in 2019? Terri Spath of Sierra Investments sits down with Matt Ackermann to examine the movement more closely.

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Market Minute: The truths about left tail risk

Volatility is unpredictable and is a component of the capital markets that must be accounted for. Left tail risk is low probability events that can dramatically affect a client's portfolio.

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Market Minute: Three D's to enhance your clients' portfolio

We seek to provide your client's the Diversification and Defense they seek in the accumulation phase to set them up for future success when they enter the Distribution phase.

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Commentary: The Stealth Bull Market in Bonds of the Past Year

For many, summer means days at the beach and, ideally, nights at the ice cream parlor. Picking a flavor of ice cream is never an easy decision. The same can be said for bonds. Like ice cream, bonds come in 31 flavors (or so). U.S. government bonds are really different flavors of vanilla, from just plain vanilla to French to New York. Interest rates are the driver of the prices of government bonds; a rise in rates pressures prices down and vice-versa. A risk of default is virtually nil so credit risk does not influence the price.

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Commentary: A Tactical Strategy for Current Volatility

From basketball to tennis or chess to tic-tac-toe, winning a game involves strategic decisions, probability analysis and math. The best teams and players are not passive, generating the same moves over and over, but tactically adjusting to make the next best move. Investing is much the same.

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Commentary: True Diversification is a Process, Not a Set of Assumptions

A simple definition of investment diversification is conveyed in the overused statement, “don’t put all your eggs in one basket.” The basic buy-and-hold, set-it-and-forget-it style of investing is often premised in a 60% global stock and 40% bond allocation (known as “60/40”) and sold as enough diversification to handle whatever market turmoil might come your way over the long-term.

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Commentary: After Last Quarter's Bloodbath, We've Had a Nice Rally. Is it Time to Pop the Corks?

So far in 2019, and really since Christmas Eve, we have seen a nice risk-on rally. Equities (as measured by the S&P 500® Index) were up about 8% in the month of January despite the U.S. government shutdown and international turmoil. While it is nice to have a breather from the march downward, it may be too early to pop the champagne corks and celebrate for the rest of the year. 2019 has only just begun, and (stop me if you've heard this) investing in a marathon, not a sprint!

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Commentary: A Portfolio Manager's Resolution for Investors: Trailing Stops

A new year brings with it the elation of a renewed start. We proclaim resolutions about how we will make this year better than the one that just concluded. After the volatile close to 2018, investors should now be doing the same. Fortunately, there is the trailing-stop.

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Sierra Mutual Funds Introduces Sierra Tactical Municipal Fund

Income-Oriented Fund to Provide Benefits to High-Income Investors

Santa Monica, CA (January 2, 2019) – Sierra Mutual Funds, Inc., an emerging manager and a pioneer in tactical, low volatility, conservative investing, today announced the launch of the Sierra Tactical Municipal Fund.

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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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6851-NLD-9/7/2018


CNBC: There are 'four horsemen of the apocalypse' that could kill this market...

CNBC Squawk Box| 8.30.2018

Terri Spath, Sierra Investment Management chief investment officer, and Gabriela Santos, J.P. Morgan Funds global market strategist, discuss their market outlooks right here.

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Sierra Group's Dave Wright Named to Barron's List of Top 1200 Financial Advisors

The Managing Director has been recognized again

Santa Monica, CA (February 26, 2015 -- The Sierra group of companies today announced that Barron's named Dave Wright to its 2015 Top 1,200 Advisors list, which appeared in the February 23, 2015 issue.

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Barron's Ranks Sierra's Dave Wright among 2015 "America's Top 100 Independent Financial Advisors"

The Managing Director and Co-founder recognized for the second time

Santa Monica, CA (September 14, 2015) -- David C. Wright, Managing Director of Sierra Investment Management, Inc., was named to Barron's list of the "Top 100 Independent Financial Advisors" in its August 24, 2015 issue. This was the financial magazine's ninth annual ranking of top independent advisors. Mr. Wright also appeared on the magazine's 2013 list.

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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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7395-NLD-08/16/2018


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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6657-NLD-7/11/2018


Sierra Tactical Core Income Fund (SSIRX) Renamed

The Fund Has Been Renamed to Denote it's Mandate and Approach

Santa Monica, CA (May 14, 2018) -- The Sierra Group of Companies has renamed its Strategic Income Fund to better reflect the fund’s tactical approach to conservative investing. Now known as the Sierra Tactical Core Income Fund (SSIRX), the fund will continue to be managed as it has been since its inception.

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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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6448-NLD-5/4/2018


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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6428-NLD-5/2/2018


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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6261-NLD-3/29/2018


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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6257-NLD-3/27/2018


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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6257-NLD-3/27/2018


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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6257-NLD-3/27/2018


Sierra Group of Companies Reaches over $3 Billion in Assets

The firm has experienced rapid growth over the last two years

Santa Monica, CA (February 13, 2018) -- The Sierra Group of Companies ("Sierra") is proud to announce that as of 12/31/17, the firm has reached over three billion dollars in combined assets under management and assets under advisement.

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The Re-Named Sierra Tactical All Asset Fund (SIRRX) Marks 10-year Anniversary

The Fund has a Track Record of Demonstrated Risk Management and Upside Participation

Santa Monica, CA (January 29, 2018) -- The Sierra Group of Companies is proud to announce that Sierra Tactical All Asset Fund (SIRRX), formerly known as Sierra Core Retirement Fund, celebrated its 10th anniversary on December 24th, 2017.

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Barron's Names David Wright of The Sierra Group to 2017 "Top 100 Independent Financial Advisors" Rankings

The Managing Director and Co-founder lands on list for third consecutive year

Santa Monica, CA (September 20, 2017) -- The Sierra Group of Companies today announced that managing director and co-founder David Wright has been named to Barron's Top 100 Independent Financial Advisors for the third consecutive year. Mr. Wright and Sierra are ranked 23rd out of 100, up from 42nd in 2016 and 56th in 2015. The Barron's rankings formula is based on three general categories: assets. revenue, and quality of practice as of June 30, 2017.

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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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6421-NLD-3/30/2017


Wright: For 10% Bond Returns, Look to Munis

Barron's| 3.28.2017

It's time to take profits in high-yield corporate bonds and buy high-yield municipals, says Sierra Strategic Income Fund co-manager David Wright.

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Junk bonds, emerging markets corporate debt and municipals looking attractive

CNBC Closing Bell| 3.27.2017

David Wright appeared this afternoon on CNBC's 'Closing Bell' program in a segment with anchor Kelly Evans and on-air editor Rick Santelli, and ETF Trends founder Tom Lydon.

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Investors should be paying attention to rising rate environment

CNBC Closing Bell| 3.6.2017

Terri Spath appeared this afternoon on CNBC's 'Closing Bell' program in a segment with anchors Kelly Evans and Bill Griffeth, and JK Investment Group chief investment officer Chris Johnson.

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Sierra Investment Management Appoints Colin Barber Senior Key Accounts Director

Mr. Barber will oversee home office relationships for all the firm’s third-party broker/dealer focused businesses

Santa Monica, CA, March 7, 2017 -- Sierra Investment Management today announced that industry veteran Colin T. Barber has been appointed as Senior Key Accounts Director for the firm’s third-party broker/dealer focused businesses, Sierra Mutual Funds and Ocean Park Asset Management, Inc.

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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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6132-NLD-1/20/2017


Barron's Names David Wright of The Sierra Group to 2016 "Top 100 Independent Financial Advisors" Rankings

The Managing Director and Co-founder lands on list for second consecutive year

Santa Monica, CA (August 29, 2016) -- The Sierra Group of Companies today announced that managing director and co-founder David Wright has been named to Barron’s Top 100 Independent Financial Advisors for the second consecutive year. Mr. Wright and Sierra are ranked 42nd out of 100, up from 56th in 2015. The Barron's rankings reflect the volume of assets under management, revenues, and quality of the advisors’ practices as of June 30, 2016.

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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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6113-NLD-1/19/2017


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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7369-NLD-5/20/2016 


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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2152-NLD-4/19/2016


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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2152-NLD-4/19/2016


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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 2152-NLD-4/19/2016


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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7164-NLD-4/1/2016


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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7068-NLD-3/1/2016 


Barron's

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

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

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Reuters Insider

Wealth Strategies: Time to gradually move back into bonds

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

 

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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.

 

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CNBC.com

Closing Bell Exchange: US not running like it should

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

 

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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...

 

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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...

 

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Munis Offer Value, Stocks Scary

TheStreet| 6.4.2015

Gregg Greenberg interviews Sierra's David Wright on a segment of TheStreet.

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High Yield Munis Better Than Stocks as Economy Slows

TheStreet| 4.19.2016

The Dow Jones Industrial Average may be back above 18,000, but the bell weather equity index does not reflect the true problems underlying the economy, said David Wright, portfolio manager for the Sierra Strategic Income Fund (SSIIX) .

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Sierra Strategic Income Fund Marks Fifth Anniversary

Since inception, the fund has outperformed its Morningstar category

Santa Monica, CA (February 3, 2017) -- Sierra Investment Management today announced that the Sierra Strategic Income Fund has reached its fifth anniversary. The fund is managed with two goals: to limit downside risk (or drawdowns) of the overall portfolio, and to provide satisfying risk-adjusted returns for clients.

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Sierra Strategic Income Fund Reclassified by Morningstar

We think the new category better represents the fund's absolutely flexible investment approach and philosophy.

Santa Monica, CA (January 4, 2016) - Sierra Investment Management today announced that Sierra Strategic Income Fund has been reclassified by Morningstar, Inc., the mutual fund rating service, in the "Nontraditional Bond" category. It had previously been classified in the "Multisector Bond" category.

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