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Portfolio construction

Listen to our experts explain the framework

March 15, 2023 - 12 min read

Portfolio consultants Mark Cintolo and Sean Kaukas introduce a new framework for understanding equity market performance based on inflation and the economic growth cycle.

  • The framework uses the two dimensions of inflation and cyclicality to describe four economic regimes.
  • The four quadrants each align with industry sectors that tend to do well in that scenario.
  • The framework uses the historical risk-adjusted returns for all S&P 1500® industries during unexpectedly high and low inflation regimes and unexpectedly high and low growth regimes to assign an inflation and a growth score to each industry.
  • The consultants review these regimes and a range of charts to provide insight related to equity positioning for an evolving inflationary environment and various landing scenarios.

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All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed-income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted. Actual results may vary. The views and opinions expressed may change based on market and other conditions.