Commentary

Maxam Diversified Strategies Fund – Q3 2012

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Equities moved broadly higher during the third quarter as the European Central Bank and the US Federal Reserve drew figurative lines in the sand with renewed, and in the Fed’s case open-ended, rounds of quantitative easing. Bernanke has essentially told the market that he will continue on this easing path until unemployment declines and the economy recovers.

In general, the economic data remains grim,

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Maxam Diversified Strategies Fund – Q2 2012

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It’s a bull market… in doom and gloom headlines.

There’s no doubt the economic statistics are pretty grim: unemployment levels remain stubbornly high, Europe’s balance sheet is a mess and global growth is slowing. Following a strong first quarter during which investors focused on solid company results, the second quarter saw weak economic data dominate the headlines leading to poor market performance,

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Maxam Diversified Strategies Fund – Q1 2012

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The Maxam Diversified Strategies Fund gained 5.4% during the first quarter of 2012.

January and February were strong months for global capital markets as investor confidence was bolstered by the European Central Bank’s liquidity injection through the Long Term Refinancing Operation (LTRO) and improving US employment figures. The market then gave back some of its gains during March as concerns about China’s slowing growth and the fragile state of Europe’s economies made their way back into the headlines.

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