Latest news with #BobDoll
Yahoo
18 hours ago
- Business
- Yahoo
Faith-Based Firm Led by Bob Doll Adds First ETFs
Bob Doll's latest mark on the religious-values firm Crossmark Global Investments is the introduction of two ETFs, the first such products that firm has offered in the wrapper. Last week, the company launched its Crossmark Large Cap Growth and Large Cap Value ETFs, both of which are copies of strategies in separately managed accounts that Doll, the CEO, added to the company when he started there four years ago. The funds invest in Russell 1000 companies, excluding those involved in alcohol, tobacco, abortions, stem-cell research, adult entertainment or cannabis. The corresponding SMAs have beaten their benchmarks and have pulled in new money, reaching a combined total of about $700 million. But, as Doll said he told his company, 'we can be a firm if we don't have ETFs — but if we really want to thrive we need ETFs.' READ ALSO: What Coca-Cola's New Sugar-Cane Coke Means for a Sugar ETF and Why the SEC Keeps Putting Off Diversified Crypto ETFs Spreading the Gospel About two-thirds of Crossmark's assets are in portfolios with religious values screens, Doll said. 'We're very broad-based. Our goal is to avoid products that are designed to maim or kill people,' he told ETF Upside. The firm could eventually have six to eight ETFs in its lineup, he noted. While there are more than 40 US ETFs with Christian or Sharia-compliant investment strategies, financial advisors said there is room for more products: Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA 'The number of religious-specific ETFs is still rather low, resulting in ETFs that are built for a broader client base,' said Omen Quelvog, founder of Formynder Wealth Management. 'The difficulty there is the number of holdings that could still cause a conflict.' 'Some are solid, but many are too generic and often don't show clearly what's inside them. That lack of clarity doesn't work for values-based families who want more intention behind their investments,' said Daniel Goodman, founder of Good Better Best Financial Planning. 'That's why I often use direct indexing.' Branches and Denominations: Crossmark and others provide a range of strategies to reflect nuances in faith, though it can be difficult to offer something for everyone. 'As a Catholic myself, I appreciate the attempt to create religious ETFs,' said Alvin Carlos, managing partner of District Capital Management. 'But I am skeptical about whether one can truly reflect one's religious beliefs. There are so many angles to consider.' This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Legendary Wall Street forecaster Bob Doll is having his best year
Legendary Wall Street forecaster Bob Doll is having his best year originally appeared on TheStreet. Stock market prognosticators are wrong so frequently that observers can rightly wonder if they're making forecasts using the oldest soothsaying methods, drawing pebbles from a pile, dropping hot wax into water, using random dots on paper or, of course, trying to find something magical in numbers. Yet at the start of every year – and again at the midpoint – countless market watchers take their crack at divining the future, mixing educated conjecture, informed hunches and the occasional WAG (wild-ass guess).Measured just about any way possible, most of those projections are wrong. CXO Advisory Group analyzed more than 6,500 forecasts—using methodologies ranging from fundamental to technical analysis—made by 68 experts on the U.S. stock market from 2005 through 2012. The investigation found that the accuracy of the forecasts was below 47% on average. That loses to a coin flip. From Black Monday star to today's afterthought Bad calls tend to be forgotten quickly, as soon as a forecast is updated based on new information. Winning picks are lionized and celebrated, even though the expert may have less staying power than a bull market rally. Wall Streeters sometimes call the tendency to place too much trust in a guru who made the most recent good call the 'Elaine Garzarelli Effect.' Garzarelli made her reputation as a Lehman Brothers investment strategist by urging clients to get out of the stock market the week before the Black Monday crash in 1987. That call made her one of the most widely quoted strategists on the Street, but it was also the pinnacle of her success. Whether it was brilliant prescience or dumb luck may be argued forever, but she never really duplicated that success. Garzarelli failed to generate much interest when she tried running mutual funds and a call on stocks being 25% undervalued late in 2007 as the global financial crisis was looming, further dimmed her star. While old-timers remember her name – she runs Garzarelli Research and her newsletter suggests that she is currently bullish on small- and mid-caps plus transportation stocks – she is like many one-time stars, known more for one right call than for being right consistently over years or decades. Bob Doll's forecast record beats coin flips, by a lot One Wall Street analyst who hasn't shied away from forecasts -- and has a stellar track record -- is Bob Doll, chief executive and investment officer at Crossmark Global Investors. In a 40-plus-year career, Doll has also been the top equity strategist at Blackrock, Nuveen, Merrill Lynch, and Oppenheimer Funds; at each of those stops, Doll—a regular guest on CNBC, Fox Business, and seemingly all financial media outlets—has started each year with 10 forecasts for the coming 12 holds his picks up to a grader each year and historically has been right 72% of the time. That's roughly where he stood with his 2024 prognostications. He has said that his best years ever put him at just above 80%. Entering 2025, Doll was expecting 'fewer tailwinds, but more tail risks.' His picks reflected that, calling for 'some bumps in the road, but some good news and probably more volatility,' in an interview on Money Life with Chuck Jaffe that aired in January. Now, seven months later, Doll is getting the results he expected. Eight of Doll's 10 picks tend to be tied to the economy and stock market, with one tied to politics and a wildcard. This is what Doll was calling for entering 2025, and how it's turning out: Slower economic growth as unemployment rises past 4.5%. The jury is out on this one, but if unemployment hits Doll's target – it's currently just north of 4% -- mark this as a win. Sticky inflation that stays above Fed's 2% target, causing the central bank to cut rates less than expected. Barring a Fed surprise, this one's on track.10-year Treasury yields primarily between 4% and 5% with wider credit spreads. The 10-year Treasury has spent the year in that range; credit spreads were up around the tariff tantrum but have narrowed since. But if there's an economic slowdown, they will widen and this one will be a winner. Earnings fail to achieve the market's consensus 14% expectation entering the year, and yet every sector has up earnings. This forecast is virtually a lock at this point, even with Doll expecting a second-half slowdown that could hurt some sectors. Equity volatility rises, with the VIX average approaching 20. The VIX averaged 18.5 in the first quarter and 24.4 in the second, so this call –and the VIX has only been this high in two of the last 13 calendar years – might have seemed like a longshot but now looks like a sure shot. Stocks experience a 10% correction and price/earnings ratios contract. The correction went on the books in April, and P/E ratios are down and appear likely to stay that way. This can be marked in the win column. Equal-weighted portfolios beat cap-weighted portfolios and value beats growth. Both of these conditions are true at the moment; the question is whether that will hold up through December. Financials, energy and consumer staples outperform healthcare, technology and industrials. This looked like a sure thing into June, when the margin of outperformance shrank. If financials weaken, it could put this one in jeopardy; barring that, it looks like another win. 'Congress passes the Trump tax cut extension, reduces regulation, but tariffs and deportation are less than expected.' The tariff forecast here is the one thing where Doll looks like he's wrong and won't recover; by year's end, this one is likely to look half-right, making it the one clear blemish that's efforts make progress but fall far short of $2 trillion in annualized savings. Even Doll acknowledges that this was a softball. In a July 22 interview on Money Life with Chuck Jaffe, Doll acknowledged that he now expects to be right at least 70 percent of the time, 'but I wish coming into the year we knew which seven we were going to get right. We could make a lot of money. The problem is you don't know which ones you're going to get right and wrong.' What Bob Doll think happens for the rest of 2025 As for the rest of 2025, Doll gave three quick assessments for where things stand now: "One, the economy is slowing. We just don't know how much it's going to slow. Two, we're beginning to see tariffs show up in the inflation numbers. We don't know how much. And number three we have this tailwind called [artificial intelligence] which is real and is keeping things moving." Further, Doll said he expects the AI play to broaden out. The tailwind called AI has also been particularly strong at the high end of the market. We all were expecting some measure of breadth this year. Are we going to see the breadth show up at some point? Yeah. Well, it obviously occurred in the first quarter, and then it went away in the second quarter. While Doll noted that tariffs seem to be showing up in slight increases in the Consumer Price Index, or CPI, he did not think they would cause a spike in inflation over the rest of the year. "I don't think [the impact of tariffs on inflation] it's going to be horrible," he said. "It's just going to be there. Remember, only 15% approximately of our GDP is from outside the United States. The other 85 is pretty domestic. So it's limited by how much of the economy it really affects. "Now, having said that, remember the Fed saying 'We've got to get inflation down to 2% and they're struggling at 3% and we're not going to get to 2%. And that means all these people who want the Fed to lower rates are going to have to wait a little bit longer."Legendary Wall Street forecaster Bob Doll is having his best year first appeared on TheStreet on Jul 27, 2025 This story was originally reported by TheStreet on Jul 27, 2025, where it first appeared.


Associated Press
7 days ago
- Business
- Associated Press
Crossmark Global Investments Launches Two Active Values-Based ETFs, Managed by Industry Veteran Bob Doll
HOUSTON, July 23, 2025 /PRNewswire/ -- Crossmark Global Investments, a faith-based investment management firm offering values-based strategies, has launched two actively managed exchanged-traded funds (ETFs): Crossmark Large Cap Growth ETF (ticker: CLCG) and Crossmark Large Cap Value ETF (ticker: CLCV). These products mark the firm's debut in the ETF space, driven by investor demand for actively managed funds with Crossmark's exclusionary and inclusionary values-based screening process, in a transparent ETF wrapper. They will be managed by Bob Doll, CFA, Portfolio Manager, CIO, and CEO of Crossmark, and co-managed by Ryan Caylor, CFA, Portfolio Manager and Crossmark's Head of Research. The funds will mimic the investment strategies of the firm's separately managed accounts managed by the team, and portfolio managers will work to identify high-conviction securities through a combination of fundamental and quantitative factors, values-based criteria, prudent portfolio constraints, and risk management tools, with the goal to seek long-term capital appreciation. Crossmark Large Cap Growth ETF seeks to outperform the Russell 1000 Growth Index through investments in the large cap growth segment of the U.S. equity universe, and Crossmark Large Cap Value ETF aims to outperform its benchmark, the Russell 1000 Value Index, by identifying resilient value securities. 'We have always strongly believed that investors do not need to compromise on personal values in order to invest in outperforming strategies,' said Bob Doll, CFA, Portfolio Manager, CEO, and CIO at Crossmark. 'Not only does our screening process exclude companies that have negative business practices or corporate governance concerns, but we also have the ability to actively include companies that work to reduce risk and build long-term resilience through responsible business practices.' 'Moving into the ETF space was a natural next step in our firm's progression,' said Heather Lindsey, Head of Distribution at Crossmark. 'These ETFs offer investors an accessible tool for actively managed investment solutions while satisfying demand for values-based investment options.' About Crossmark Global Investments Crossmark Global Investments is a faith-based investment management firm that creates and manages values-based investment strategies with a goal of providing performance excellence for financial intermediaries and their clients. Founded in 1987, the firm specializes in developing tailored solutions and has a rich history of inspiring and equipping its clients to align their investments with their values. Crossmark is indirectly owned by a non-profit organization, and our net income supports multiple ministry programs. We believe in the power of giving back and making a positive impact on the world we live in. To learn more, visit Crossmark's website, or LinkedIn page. An investor should consider the investment objectives, risks, charges, and expenses of the funds carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the funds. You may obtain a prospectus and, if available, a summary prospectus by downloading from or calling Crossmark toll-free at 888-845-6910. Please read the prospectus or summary prospectus carefully before investing. The funds may not achieve their objectives if the managers' expectations regarding particular securities or markets are not met. Equity investments generally involve two principal risks – market risk and selection risk. The value of equity securities will rise and fall in response to general market and/or economic conditions (equity market risk). The funds' values-based screening policies exclude certain securities from the universe of otherwise available investments. As a result, the funds may not achieve the same performance they otherwise may have in the absence of the screening process. If the funds have invested in a company that is later discovered to be in violation of one or more screening criteria and liquidation of an investment in that company is required, selling the securities at issue could result in a loss for the funds. Further, the funds' values-based screening policies may prevent the funds from participating in an otherwise suitable investment opportunity. The funds' investment adviser considers positive value characteristics when making investment decisions. There is a risk that the funds may forgo otherwise attractive investment opportunities or increase or decrease exposure to certain types of issuers and, therefore, may underperform strategies that do not consider the same or any positive value characteristics. A company's positive value characteristics are determined based on data and rankings generated by one or more third-party providers unaffiliated with the adviser, and such information may be unavailable or unreliable. Additionally, investors can differ in their views of what constitutes positive value characteristics. As a result, the funds may invest in issuers that do not reflect or support, or that act contrary to, the values of any particular investor. The funds are subject to management risk because they are actively managed investment portfolios. The adviser will apply investment techniques and risk analyses in making investment decisions for the funds, but there can be no guarantee that these will produce the desired results. There can be no assurance that the quantitative models used in managing the funds will perform as anticipated or enable the funds to achieve their objectives. The funds are classified as non-diversified under the Investment Company Act of 1940, as amended. This means that the funds may invest in securities of relatively few issuers. Investments in large cap companies and in growth stocks are subject to the risks of equity securities. An investment in the funds involves risk, including possible loss of principal. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the funds. These risks also include value stocks risk, market disruption and geopolitical risk, inflation risk, issuer risk, small- and mid-cap companies risk, other investment companies or real estate investment trust risk, focus risk, concentration policy risk, market price risk, small fund risk, and authorized participant concentration risk. For a complete description of the funds' principal investment risks, please refer to the prospectus. Past performance does not guarantee future results. The Russell 1000® Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher I/B/ E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000® Value Index measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium-term (two-year) growth, and lower sales per share historical growth (five years). Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. PINE Distributors LLC is the distributor for the Crossmark ETFs (the 'funds'). Crossmark Global Investments Inc. (Crossmark) serves as the investment adviser of the Crossmark ETFs. PINE Distributors LLC is not affiliated with Crossmark Global Investments Inc. CRSMK-4654419-07/25 View original content: SOURCE crossmark global investments


CNBC
22-07-2025
- Business
- CNBC
Crossmark's Bob Doll talks launch of two new large cap ETFs
Crossmark's Bob Doll joins 'Closing Bell Overtime' to talk the launch of Crossmark's new ETF's with focus on large cap growth and value.
Yahoo
19-05-2025
- Business
- Yahoo
How investors can defensively position for whatever comes next
Markets (^GSPC, ^IXIC, ^DJI) are climbing, but some investors are shifting to a more defensive stance. Crossmark Global Investments CEO and CIO Bob Doll joins Wealth host Brad Smith to explain why he's favoring high cash flow and profitable names like Visa (V), Mastercard (MA), and Goldman Sachs (GS). To watch more expert insights and analysis on the latest market action, check out more Wealth here. You say you're continuing to position defensively. How is that kind of defensive positioning playing out in specific names and walk us through how you're doing? Sure. Uh, S&P 500 is up 1,000 points in the last month plus. And so we think it makes sense to be a little more defensive again. Uh, we are focused maniacally on cash flow. Uh, therefore, what's the multiple of a stock to cash flow? And we want profitability. So return on equity. We combined those two things, we think that's a defensive positioning. Generally leads us to more quality companies, for example. Uh, our favorite sector has been and remains financials. Uh, this sector is cheap relative to the market. Uh, a lot of the lending this cycle took place outside the banking system and private areas. And so we think that's going to mean we're in pretty good shape from a balance sheet standpoint for many of the financials. And the biggest beneficiaries of the deregulation environment in which we find ourselves. Uh, so that's a bit of a highlight. The kinds of names we're buying, um, I would highlight the financial service companies, Visa and Mastercard. Now these are not exactly cheap financials as many of the others are like many of the banks, but these companies are machines. Um, they uh, they crank it out, um, their their growth and transaction volume continues to defy gravity almost. Um, uh, these companies are gaining market share especially outside the US. So further geographic penetration, and that gives us double-digit growth. Uh, again to repeat, I wish they were cheaper from a multiple standpoint, um, but, uh, we, we think they will remain defensive stocks. If you want a more quote traditional financial Brad, I'd take you to a Goldman Sachs as an example. Um, this company is executing technology advancements, including AI. Um, they're, they're watching their costs carefully, expanding into new businesses and restructuring as they go along. We think this is a good one in that mix. Yeah, that's really interesting because you're talking about in Goldman Sachs, wealth management and investment banking business. Uh, but then on the other side with Visa and Mastercard, talking about a little bit more of the everyday transactions that consumers might continue to make. What are you making of the health of the consumer? And where else in the portfolio that health of the consumer could pose, uh, risk? And then on the other side of perhaps a relief of economic uncertainty not panning out as bad as, I guess we had anticipated it might on the early onset of some of the tariff announcements, what we could see in that relief from consumers as well. Yeah, I think that, uh, we expect the consumer, which has already slowed some to slow more. As you've been reporting, the soft data, uh, consumer surveys, business surveys have really struggled, fallen off a cliff as it were. And that's often a presaging what's going to happen to the hard data. We've not seen much deterioration there. Our guess is there's more of that to come as the consumer weakens, as the job market weakens some. Um, you're coming on, on Walmart and what they had to say behind the numbers. Uh, so we think we're going to see more weakness in the, in the consumer. And that's therefore means the overall economy probably slows. Sign in to access your portfolio