Monthly Commentary - August 2011

Capstone’s Tactical Asset Allocation Portfolio is designed to forecast and react to changes in the investment landscape. It is an opportunistic all cap equity strategy. The portfolio may include, over time, ETFs of equity style boxes, cap-sizes and industry sectors. Defensive allocations into non-equity positions may occur when we believe equities will provide low or inadequate returns. Asset allocation is determined by our strategic decisions and investment selection is determined by our tactical decisions.

Equities are stuck in range-bound trade. The ebb and flow of the stock market has been “risk on” and “risk off” for quite a while now. Heading into month-end, it’s risk off.

Monthly Commentary Archives - 2011
	Fixed Income Commentary - July 2011
	Large Cap Commentary - Aug. 2011
	Large Cap Commentary - July 2011
	Municipal Fixed Income - Aug. 2011
	Municipal Fixed Income - July 2011
	TAAP Commentary - Aug. 2011
	TAAP Commentary - July 2011