Commentary and Research Papers
2025
2025
Stocks broadly advanced in the fourth quarter, but not without extreme volatility across the market cap spectrum month to month. After a slightly down October for equities overall, small and mid-capitalization stocks surged in November after Trump’s election victory, on expectations that deregulation and tax cuts would favor domestically focused companies, while tariffs would harm larger multinationals. Russell small cap indexes jumped low double-digit percentages for the month while the S&P 500 was up about half that, +5.9%. December, however, saw an abrupt reversal of this relative performance.
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2025
2025
After a strong November, the small capitalization indices gave back their quarterly gains in December. The Pinnacle SCV Portfolio thrived during the month, on a relative basis. Our positions held up well and were bolstered by a slightly higher-than-normal cash balance and a company buyout (Cross Country Healthcare).
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2025
2025
Stocks staggered to the finish line in 2024, with December seeing negative returns in an otherwise strong year for equity market investors. December started off positively, in the midst of a month-long market ral- ly spurred by the re-election of the more business-friendly Donald Trump to the US Presidency. But stocks soon trailed off, possibly in a ‘reversion to the mean’ trade. The selloff also came as concerns grew about the potentially inflationary effects of Trump’s proposed trade and immigration policies, and more importantly, due to the Federal Reserve’s unexpectedly hawkish comments at their December meeting, in which they projected higher inflation and a possible slowing of interest rate cuts in 2025.
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2024
2024
Throughout the summer, the market focused on the outlook for lower in- terest rates which lifted our real estate and financial sector holdings. Investor focus has shifted to data centers and the energy demand required for the build out of that sector. Our portfolio has several positions that fit this theme (Solaris Oilfield Infrastructure, Argan, BWX Technologies, and Vicor), and these stocks have become more popular.
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2024
2024
Stocks continued to roll on in November, posting another strong month in an already impressive 2024. All of the major stock market indexes – the Standard & Poors’ 500, the Dow Jones Industrials, the NASDAQ Composite, as well as the mid cap and small cap indexes – ran to record highs during the month, in response to continued resilient economic data and moderate inflation, an accommodative monetary stance by the Federal Reserve, and of course, the Trump victory and Republican sweep.
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2024
2024
Our Portfolio Manager, Ryan Byrne, delves into the growing appeal of sports investments in Chief Investment Officer’s latest feature, Beyond the Game. From owning a stake in professional teams to exploring new avenues for growth, this article highlights why sports investing continues to gain traction.
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Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm focused on transparency and putting clients first. We provide advice to individuals and families, institutional investors and other financial institutions.
