Commentary and Research Papers
August 19, 2025
2025
The energy sector offers investors an array of choices. Pinnacle Associates Portfolio Manager Jack Bocock weighs in on his outlook for the sector and specific themes that Pinnacle’s Small Cap Value team likes including natural gas-fired power for surging IT power demand and offshore projects as onshore U.S. production struggles to grow.
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August 19, 2025
2025
Markets faced a sharp reversal in tone during the first quarter of 2025. After a strong finish to 2024, the S&P 500 fell 4.6%, marking its worst quarterly performance since Q3 of 2022. The NASDAQ declined 10.4%, and the small-cap Russell 2000 dropped 9.8%, weighed down by renewed concerns about economic growth, trade policy uncertainty, and the sustainability of the AI-fueled rally that dominated headlines last year.
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August 19, 2025
2025
We have to admit we are disappointed to have been caught offsides by the tariff chaos at the end of the quarter. We had used some of the volatility throughout the month to add to our retail (ShoeCarnival) and industrial (Allient, Helios Technologies) positions, but these did not hold up in the weakness near quarter-end. Fears about tariffs, economic contraction, and sweeping changes in the Federal Government rocked all but the most conservative holdings.
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Commentary and Research Papers
August 19, 2025
2025
Pinnacle Associates’ Portfolio Manager, Jack Bocock, is featured in @U.S. News & World Report's recent article on top nuclear energy stocks and ETFs. He shared his insights on the sector's evolving landscape, which is marked by continued innovation.
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August 19, 2025
2025
It was a bruising quarter for stocks, which posted their worst quarter since 2022. As investors assessed the potential US economic impact of new tariffs on some of our largest trading partners, many economists lowered their global growth estimates, citing spillover effects from US trade policies. Also, as inflation measures remained stubbornly above the Fed’s 2% target, investor concerns increased about potential stagflation, an environment characterized by stagnant economic growth and rising inflation.
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August 19, 2025
2025
We have to admit we are disappointed to have been caught offsides by the tariff chaos at the end of the quarter. We had used some of the volatility throughout the month to add to our retail (Shoe Carnival) and industrial (Allient, Helios Technologies) positions, but these did not hold up in the weakness near quarter-end. Fears about tariffs, economic contraction, and sweeping changes in the Federal Government rocked all but the most conservative holdings. We like the overall composition of the portfolio, but the Administration’s by zantine tariff proposals are forcing all equity investors to extend our investment horizon.
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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.
