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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Resilient Asset Management 2024 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Resilient Asset Management)

Primary Source Intelligence • Q1 2024 Letter Analysis

Resilient Asset Management Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Resilient Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"Manager advocates maintaining diversified US/international equity allocation despite recent US outperformance, citing stretched domestic valuations and historical precedent for international leadership. Firm practices what it preaches with equal-weighted capital account."

Executive Summary

Resilient Asset Management's Q1 2024 letter advocates maintaining diversified portfolios despite strong US equity performance. The manager highlights that while the S&P 500 delivered 229.93% returns over the past decade versus 58.03% for international value funds, the prior decade (2004-2014) showed the opposite pattern with international outperforming. The core thesis emphasizes that past performance doesn't predict future results and current US equity valuations appear stretched relative to earnings power, while foreign counterparts appear less stretched. The firm maintains equal weighting between international and domestic equities in its own capital account, eating its own cooking. Key risks include elevated domestic equity valuations and potential for valuation distortions reminiscent of the dot-com bubble. The manager recommends against performance chasing and maintaining recommended allocations unless clients have specific reasons to avoid foreign equities. Additional focus on cybersecurity basics and optimizing cash yields through higher-paying accounts reflects practical client service priorities.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

65%

CautiousHigh

Moderate (65%)

Manager shows moderate conviction through specific allocation recommendations, firm's own equal-weighted positioning, and clear stance against performance chasing. However, acknowledges uncertainty about future direction and presents multiple scenarios without strong directional bias.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager expresses optimism about the future and acknowledges 2024's great quarter, but also notes uncertainty about future direction and concerns about stretched US valuations. Mixed positive and cautious elements.

Risk Appetite

10%

DefensiveAggressive

Defensive (10%)

Portfolio remains diversified with equal weighting between domestic and international equities. No indication of increasing or decreasing risk appetite, maintaining steady allocation approach.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No indication of cash level changes or deployment activity. Manager recommends maintaining current allocations and describes portfolio as stable with equal weighting maintained.

Forward Guidance

0%

CautiousExpansionary

Cautious (0%)

Manager explicitly states no predictions about future performance and recommends maintaining current allocations. No clear directional bias for deployment or changes.

Language Signal

15%

BearishBullish

Bearish (15%)

Language includes positive terms like 'intense optimism' and 'great quarter' but balanced with risk language about 'stretched' valuations and 'distorted' markets. Slightly more positive than negative overall.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Manager identifies specific risks including stretched US valuations and potential for valuation distortions like the dot-com bubble, but doesn't express systemic alarm. Moderate risk acknowledgment with historical context.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

Manager sees selective opportunities in international markets which appear less stretched than domestic, but doesn't characterize the environment as rich with opportunities. Selective optimism about foreign equities.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Manager emphasizes long-term perspective with historical decade-long performance comparisons and recommends staying invested as the wisest strategy. Focus on long-term diversification benefits rather than near-term catalysts.