MAY 2020

Investing When There’s No Playbook: 5 Questions to Assess the COVID-19 Market Environment

As the repercussions of COVID-19 evolve, many investors have come to terms with the fact that there is simply no normal playbook for a market defined by a pandemic. With that in mind, Doug Cohen, managing director, portfolio management, delves into the broad parameters of five questions that are particularly pertinent, including the timeline for a medical breakthrough, emergence of a new paradigm, and the market and Fed’s place in economic recovery.

APRIL 2020

CARES Act: Congress Approves Economic Relief Program for Individuals and Families

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. In the wake of the coronavirus public health crisis and associated economic fallout, this federal government support is designed to provide support to both individuals and businesses, including changes to tax and retirement account policies.

APRIL 2020

The Road to Recovery From Alphabet City

With so much being written and said about the rapidly changing market environment, we will not attempt to break any new ground on the key issue—the magnitude and duration of the COVID-19 outbreak. We’ll leave that to the infectious disease experts who, not surprisingly, remain sharply divided on the likely trajectory. While we are surely still in the early stages of a recession, there will just as surely be a recovery.



Choosing the Right Asset Mix: Guidance for Individuals with New Wealth Who Have Access to Private Illiquid Investments

Using an Athena-constructed Monte Carlo simulation model, the paper reviews financial outcomes for different asset mixes over a 40-year investment period. While a strategy with some allocation to private investments can produce more favorable results, the allocation should be balanced with a complementary portfolio of liquid investments, as well as life insurance, in order to ensure sufficient liquidity both during lifetime and at death.


Investing in Gender Equality

A practitioner’s perspective on gender lens investing and the construction of gender inclusive investment portfolios

JUNE 2017

Alice's Adventures in Volatility-land

Managing portfolios according to Modern Portfolio Theory directs us to find investment portfolios with the highest level of return for a given level of risk. In this paper we examine the nuances of volatility and risk measurement to better inform decision-making in investment portfolios.


MAY 2020

Interim Market Update - 2Q20

Our country is still in the early stages of thinking through what the economy restart may look like. As long-term investors we believe it is important to find balance between reacting to the high level of present uncertainty and maintaining discipline toward long-term goals. We also recognize that amidst this dislocation, unique risks as well as opportunities may present themselves. While we are skeptical of the market's strong rally from the lows versus the lingering levels of uncertainty, we are in the early stages of thinking through what the economy restart may look like.

APRIL 2020

Market Update - 1Q20

In the midst of the COVID-19 crisis, we reflect on the importance of finding balance between reacting to the high levels of uncertainty and maintaining discipline toward long-term goals. This quarter's outlook provides macro and micro analysis of the financial markets and guidance on positioning portfolios amid the volatility. We are now balanced between forces unique to this crisis: optimism for the future given the tremendous amount of government stimulus and pessimism from the high unemployment numbers and real damage to the economy. We will no doubt see more volatility in the months ahead.

MARCH 2020

Interim Market Update - 1Q20

The spread of the novel coronavirus beyond China has driven a wide-ranging reassessment of the global economic outlook based on the trajectory of COVID-19. We recognize the uncertainty of COVID-19 and share our analysis from a place of humility given the complexity and fluidity of the situation. We are not public health experts and are not looking to opine on the health outlook beyond our heartfelt concern for people’s well-being. As it pertains to client portfolios, we believe it is important to provide perspective and to remember that Athena constructs diversified client portfolios that are intended to preserve and grow wealth under various scenarios and over a long-term horizon.



Coronavirus Update

As the coronavirus situation evolves rapidly, it is important to be vigilant. In the last few days there has been a profound shift in the development of COVID-19. We are entering a new phase in which the window of opportunity to contain the virus globally is narrowing. As a result, we now believe that a V-shaped recovery is an upside case and our base case is more of a U-shaped scenario. This base case factors in a potentially longer market impact from containment efforts known as social distancing, which includes business and factory closures and travel restrictions that would result in supply chain disruptions.


Diversity and Inclusion Framework

Over the past several years, Athena Capital has dug deep into the research focused on gender lens investing. As a woman-led firm inspired by our clients’ integration of social values into their investment portfolios, our firm has developed policy statements, model portfolios, and published thought pieces dedicated to this topic. As our research unfolds, it has led us to focus on the broader subject and intersectionality of diversity, equity, and inclusion. In this report, we explore correlations between diverse workforces and financial performance, and also share best practices and applications within our own firm.


Investing in Climate Change Mitigation

This landscape review by Athena’s impact investing team presents the opportunity to examine the effects of climate change and considers options for investing in ways that may effect positive change. It focuses on opportunities to reduce greenhouse gas emissions from sources in the United States, one of the leading contributors to rising concentrations of such gases in the atmosphere. It is also largely about carbon dioxide since that gas accounts for the greatest share of the country’s total emissions.