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Sierra Investment Management CIO, James St. Aubin Remains on Guard

The S&P 500 edged up 0.1% on Wednesday after shuffling between gains and losses. Bond yields, which move inversely to prices, inched higher. The S&P 500 is up 15% this year, while the Nasdaq (.IXIC) has gained 30%.

James St. Aubin, chief investment officer at Sierra Investment Management, has been adding to equity positions during the rally but plans to reverse that stance if the trend starts to change. He remains on guard for further stresses in the banking system, which he believes can be exacerbated by higher for longer rates and an inverted yield curve, making lending less profitable for banks.

“The longer the rate curve stays inverted the more pressure it puts on the banking system because it’s a very unprofitable place to be,” he said.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 6/14/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

0196-SI00XLAP 06152023

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The Sierra Mutual Funds are managed by Ocean Park Asset Management, LLC, an affiliate of Sierra Investment Management, Inc.