MainStay Marketfield Fund Monthly Commentary

The past month has been characterized by a widespread series of transitions during which poor relative performances have devolved into meaningful absolute losses. One of the side effects of the abundance of central bank manufactured liquidity we have observed is that problems are illuminated initially via relative underperformance among a broad array of asset classes and equity sectors, which heretofore have been costly mostly in terms of lost opportunity. Now, lost opportunity is becoming actual capital loss.

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