The Wealth Enterprise Briefing

China, the world’s second-largest economy, is facing a severe economic slowdown with growing concerns in the real estate sector. While the slowdown first looked to be an opportunity in a market with great promise, the mounting issues have some investors feeling wary.In this episode of The Wealth Enterprise Briefing, WE Family Offices' Managing Partner Michael Zeuner and Director of Macro Strategy Sam Sudame, CFA, CAIA, CFP, aim to sift through all the financial media noise surrounding China to paint an accurate picture of what investors need to know about its ever-evolving economic conundrum and its potential implications on portfolios.  Some of the specific topics addressed during this episode include:An overview of China’s housing struggles and the renewed fears about financial stress in the real estate sectorHow China’s government policies are impacting sectors and markets worldwide, creating both opportunities and challengesHow China is shifting its economic model, from an economy driven by exports and property to one of greater domestic consumptionHow western investors can take advantage of emerging opportunities, while mitigating material risks in ChinaThe potential impacts of the growing tension between the U.S. and China on portfoliosThroughout their conversation, Zeuner and Sudame emphasize that, while China’s problems may have already reached their peak, it is still an extremely volatile environment for investors. As a result, investors should invest cautiously and tactically, utilizing well-researched strategies. If you have any questions about how China may impact your unique portfolio, please do not hesitate to contact us.

In a recent installment of The Wealth Enterprise Briefing, we discuss the fundamentals of hedge funds and the role this private asset class can play in portfolios. Continuing our special hedge fund series, WE Family Offices' managing partner, Michael Zeuner, and senior investment manager, Matt Farrell, CAIA, explore how rate hike policies of worldwide central banks, as well as the current macroeconomic landscape, have influenced the hedge fund realm.Some of the specific topics addressed during this episode include:The evolution of the interest rate environment over the last decade and its affect on hedge funds.How the post-pandemic world has generated fresh opportunities within the hedge fund arena.Hedge fund classifications that have significantly enhanced portfolio value in the last 18 months, potentially achieving this accomplishment for the first time.Overall, as central banks across the globe increased interest rates at an unprecedented pace and markets have grappled with persistent volatility over the past 18 months, hedge funds experienced a prolonged, profound shift. However, when changes occur, new opportunities emerge of which family offices should be aware. Fortunately, that is where WE Family Offices comes in. If you have any questions about emerging hedge fund prospects, please do not hesitate to contact us.

In a recent installment of The Wealth Enterprise Briefing, we explored the new window of opportunity that has opened within fixed income. Now, for this special podcast episode, WE Family Offices' managing partner, Michael Zeuner, and director of macro strategy, Sam Sudame, CFA, CAIA, CFP, return to delve even deeper into the promising areas within the sector to offer actionable steps for family offices to take within the fixed income investment realm.Some of the specific topics addressed during this episode include:The areas in the fixed income market that are most attractive for further allocationsCurrent sources of credit risks within the sector of which investors should be cautiousThe reasoning behind the current fixed income marketAn overview of core fixed income and how it differs from treasury billsThe “four arrows” that investors should utilize together to meet their fixed income targetsThe concept of duration, what it represents and how investors should utilize it within portfoliosIf you have any questions about the current state of the fixed income market or how to take advantage of the opportunities within the sector, please do not hesitate to contact us.

2023 has been a challenging year for venture capital, not only for companies trying to raise capital, but also for their investors. During this installment of The Wealth Enterprise Briefing podcast, WE Family Offices' Managing Partner Michael Zeuner and Senior Investment Manager Matt Farrell, CAIA, sit down for a discussion about what family offices need to understand about the venture capital space's past, present and potential future.Some of the specific topics addressed during this episode include:How peak valuations created difficulties within the venture capital sectorLessons learned for investors, reflecting on the massive reset that has occurred over the past yearThe importance of selecting the right manager when investing in the private markets and the characteristics to search forBest practices to utilize when making venture capital investments moving forwardOverall, despite the recent setbacks faced by venture capital due to peak valuations last year, WE believes that investors should listen to lessons learned and continue making commitments every vintage year without trying to time the market. If you have any questions about venture capital or how to effectively utilize this space in your portfolio, please do not hesitate to contact us.Important Information:References to general market performance is not reflective of any specific private funds or clients. Past performance is not indicative of future results.  

Within the equity market, green shoots are emerging that indicate the door may be opening to expand portfolio allocation toward this asset class – but not yet. Instead, statistics, macroeconomic factors and recent actions and comments from the Federal Reserve are indicating that now is finally the time to focus on fixed income.During this installment of The Wealth Enterprise Briefing podcast, WE Family Offices' Managing Partner Michael Zeuner, along with Director of Macro Strategy Sam Sudame, CFA, CAIA, CFP, provide an inside look at why we believe recent tailwinds within the fixed income have subsided to open the door for new opportunities.Some of the specific topics addressed during this episode include:The context behind our evolving view on the fixed income marketWhy the Fed’s aggressive rate hike policy may have reached its peakHow to balance opportunity and risk when allocating toward fixed incomeIf you have any questions about the current state of the fixed income market or your portfolio allocations, please do not hesitate to contact us. Additionally, we invite you to stay tuned for our upcoming podcast episode, where we will delve deeper into specific actionable steps to be taken within the fixed income investment realm.

In the latest episode of The Wealth Enterprise Briefing, WE Family Offices' Managing Partner, Michael Zeuner, and Senior Investment Manager, Matt Farrell, CAIA, explore the role hedge funds can play in portfolios and how they differ from traditional funds.Specifically, this podcast episode addresses the following questions:What is the role of hedge funds in a family's portfolio?How do hedge funds differ from traditional funds?How should the allocation to hedge funds be determined?What are the considerations for sizing hedge funds in a portfolio?What is the relationship between market cycles and hedge fund positioning?How does liquidity factor into hedge fund investments?What are the categories of hedge funds?Overall, this podcast episode offers valuable insights into how hedge funds can reduce volatility and offer differentiated, risk-adjusted returns by investing in securities not easily accessible in the public markets.If you are interested in investing in hedge funds, the allocation strategy should fit current market conditions and long-term goals. If you have any questions about incorporating hedge funds into your portfolio, please do not hesitate to contact us.

In this episode of The Wealth Enterprise Briefing podcast, WE Family Offices Managing Partner Michael Zeuner sat down with Director of Macro Investment Strategy Sam Sudame, CFA, CAIA, CFP, to evaluate the current state of the capital markets as the future direction of interest rates, inflation levels and the probability of a U.S. recession all get called into question.Some of the topics Zeuner and Sudame specifically offer insight on the following:Where is the direction of the overall economy likely headed?Are we headed toward a recession? Why has one not already occurred?What factors will determine inflation levels moving forward?How does inflation impact the likelihood of future Fed rates?Are equity markets at the beginning of a bull market?How can investors take advantage of cash holdings in our current rate environment?What role can investment-grade fixed income play in portfolios?Throughout their conversation, Zeuner and Sudame explain that investors are currently experiencing a tale of two markets, which is creating a tug-of-war over whether or not the U.S. economy will experience a recession. In light of this environment, family offices should expect significant, continued volatility and allocate their portfolios appropriately.If you have any questions about which direction the markets and economy may be headed or how to properly prepare your portfolio, please do not hesitate to contact us.

WE Family Offices Managing Partner Michael Zeuner recently sat down with Senior Investment Manager Matt Farrell, CAIA, to call upon the latter’s extensive knowledge in private markets for a special conversation on the alternative asset class’s venture capital arm and why it has experienced challenges in the current post-Covid world.Some of the topics Zeuner and Farrell specifically address include:The present state of the venture capital market and the factors behind itWE’s current outlook of the venture capital landscapeWhen venture capital valuations may recoverExisting venture capital opportunities in 2023 and beyond Overall, Zeuner and Farrell emphasize that while the venture capital space has faced some struggles recently that may continue in the short-term, family offices can still gain valuable returns with the right strategy and opportunity. As always, if you have any questions about investing in venture capital or anything else discussed during this podcast, please do not hesitate to contact us.Important Information:This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your tax advisor regarding any taxation implications of the information presented in this presentation. Private market and certain fixed income investments are very risky and should only be incorporated in a portfolio after a careful assessment of the private investment’s offering materials and other information in consultation with your investment, tax, and legal advisors. Private market and certain fixed income investments are often less liquid than traditional investments and among the primary risks are long term illiquidity, lack of transparency, lack of control of the investment vehicle and investment decisions, and in the worst case, the total loss of your investment.Certain statements contained herein may constitute “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variation thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions.

Last year was an excellent year for investing in natural resources and commodities. However, now after a challenging start to 2023 with a potential looming recession, we question whether the time has passed to reap the benefit of commodities.WE Family Offices Managing Partner Michael Zeuner sat down with Director of Macro Investment Strategy Sam Sudame, CFA, CAIA, CFP, to offer a contrarian perspective into why our family office still sees opportunities to achieve returns by investing in commodities and natural resources.Some of the topics Zeuner and Sudame specifically address include:The key tenets that guide WE’s long-term optimism in the commodities and natural resources space.Why commodities and natural resources have faced short-term headwinds in 2023 and how they will likely overcome them.The importance of utilizing a long-term investor mentality rather than a trading mentality with this asset class.Two ways to invest in commodities and natural resources, and the pros and cons to each method.Throughout their conversation, Zeuner and Sudame emphasize that now may be an ideal time to take advantage of commodities’ short-term weakness to establish core positions in your portfolio.If you have any questions about commodities, natural resources or how to implement them into your portfolio, please do not hesitate to contact us.This episode was originally recorded in May 2023.

WE Family Offices Managing Partner Michael Zeuner recently sat down with Senior Investment Manager Matt Farrell, CAIA, to call upon the latter’s in-depth expertise in private and alternative markets for a special conversation exploring past, present and potential future private market activities, and how family offices can take advantage of the current environment.Some of the topics Zeuner and Farrell specifically address include:How rising interest rates have impacted the private markets from multiple perspectivesPrivate market sectors that have reaped the benefits of a higher rate environmentWhether a portfolio’s exposure to different private market vintage years should change moving forwardSpaces within private markets that seem more interesting from a 2023 vintage year perspectiveAn overview of secondary markets in private investing and why it is an opportune time to utilize this asset classHow to combine secondaries and venture capital to take advantage of current opportunitiesCurrent outlook for cash flows within the private markets and whether it is sector specificRegardless of what may lay ahead, when investing in private markets, it is crucial to stay on course with your strategic program, invest consistently across vintage years and maintain proper diversification. As always, if you have any questions about the debt ceiling or anything else discussed during this podcast, please do not hesitate to contact us.This episode was originally recorded in May 2023.Important Information:This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your tax advisor regarding any taxation implications of the information presented in this presentation. Private market and certain fixed income investments are very risky and should only be incorporated in a portfolio after a careful assessment of the private investment’s offering materials and other information in consultation with your investment, tax, and legal advisors. Private market and certain fixed income investments are often less liquid than traditional investments and among the primary risks are long term illiquidity, lack of transparency, lack of control of the investment vehicle and investment decisions, and in the worst case, the total loss of your investment.Certain statements contained herein may constitute “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variation thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions.