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August 2005
- Capstone Connection
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Value-added
services?
 Whether
you are back to school or still enjoying family vacation time, Capstone
wants to remind you that even if you have been away from the details of
your investments, we have been closely taking care of your managed
accounts. The markets have moved up and down as usual, interest rates
are still a topic of debate ~ all of this movement requires a plan that
includes risk management, personal service and value added ideas.
Capstone is here to do just that.
Our Core Equity Large Cap Growth strategy continues to take a
conservative, risk-controlling approach to large cap growth and is
outperforming both the S&P 500 Index and the Russell 1000 Growth Index
year-to-date. Style favoritism is trending away from value and back to
growth as growth outperformed value companies during the previous month.
Our Fixed Income strategy continues to take less risk than the market
with anticipation of rate increases. We are positioning accounts to
insulate them from further interest rate hikes as much as possible while
remaining fully invested. Cash positions created by internal flows and
maturities are being re-invested in agency issues that have call and/or
step-up provisions as opposed to corporate notes that may become subject
to yield spread widening to U.S. Treasuries.... read more
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