ATH Asset Management – ATH Asset Management Inc.

2026 Q1 Newsletter

ATH Asset Management — Tue, 07 Apr 2026 18:37:57 +0000

Looking Back and Looking Forward 2026 started well for investors. Major global equity markets moved higher in the first two months of the year, generally speaking; however, when the United States and Israel began launching strikes on Iran in late February, markets began a leg down. By quarter-end, the S&P 500 was down 4.6%. In …

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2025 Q4 Newsletter

ATH Asset Management — Fri, 09 Jan 2026 15:38:22 +0000

Looking Back and Looking Forward Most every major asset class rose in 2025 – a surprise to many given some of the unsettling events that have occurred over the past year. Major global equity markets posted double-digit gains. Major fixed income categories turned in comparatively modest (but positive) returns. Nothing, however, matched the unprecedented rise …

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2025 Q3 Newsletter

ATH Asset Management — Wed, 08 Oct 2025 16:47:21 +0000

Looking Back and Looking Forward Across the globe, it was a solid Q3 for equities. While the U.S. continues to lag other major markets on a year-to-date basis, it saw a revival in Q3 on the prospect of Fed rate cuts in the context of a still-acceptable, albeit weakening, U.S. economy. The main driver of …

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2025 Q2 Newsletter

ATH Asset Management — Tue, 08 Jul 2025 14:56:14 +0000

Looking Back and Looking Forward If you had spent the last three months on a desert island and returned at the end of Q2, you would have thought nothing much had happened since you left. In fact, nothing could be further from the truth, as markets were extremely volatile in Q2. After a precipitous fall …

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2025 Q1 Newsletter

ATH Asset Management — Thu, 17 Apr 2025 13:17:54 +0000

Looking Back and Looking Forward We thought it best to delay our quarterly newsletter by a couple weeks to see how events might unfold post the April 2 U.S. tariff announcement. We’re glad we did. It’s been a bit of a rollercoaster since, but things have become slightly more clear in recent days (slightly being …

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2024 Q4 Newsletter

ATH Asset Management — Wed, 08 Jan 2025 23:09:31 +0000

Looking Back and Looking Forward With central banks around the world initiating rate-cutting cycles in 2024, it’s difficult to find a stock market that didn’t produce double-digit returns on the year. Despite this rate-cutting, North American bond markets were flat to slightly down on a price basis, but of course bonds now pay substantially more …

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2024 Q3 Newsletter

ATH Asset Management — Fri, 04 Oct 2024 15:21:28 +0000

Looking Back and Looking Forward Q3 saw a rising tide lift (almost) all boats. As interest rates moved lower, bond prices rose. Major equity markets across the globe moved higher, with many finishing the quarter at or near peak levels. Money market rates of return were one of the few things that fell in the …

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2024 Q2 Newsletter

ATH Asset Management — Mon, 08 Jul 2024 17:54:50 +0000

Looking Back and Looking Forward The first half of 2024 is firmly in the books. Investment-grade bonds on both sides of the border are down year-to-date by about 2% on a price basis, though it’s notable that today they are paying a respectable level of interest and hold the potential for material capital gains once …

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2024 Q1 Newsletter

ATH Asset Management — Wed, 10 Apr 2024 17:45:29 +0000

Looking Back and Looking Forward Q1 was stellar for equites. The S&P/TSX Composite Index, for example, was up 6.6% in Q1, while the S&P 500 was up an even better 10.6% – moves that would be fine for a full year, let alone a single quarter. However, results were not so stellar for bonds in …

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2023 Q4 Newsletter

ATH Asset Management — Fri, 12 Jan 2024 14:15:08 +0000

Looking Back and Looking Forward Glass half full or glass half empty? Glass half full = despite a large, rapid increase in interest rates, rampant inflation, wars in Europe and the Middle East and everything else, the market indices aren’t much off where they were two years ago. Glass half empty = we’ve made essentially …

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