Corporate Bond Ladders
Equity Investing
We seek to buy growing, profitable, and well-capitalized businesses at reasonable prices. The habit of relating quality to value is central to the WCA equity investing process.
Asset Allocation
A comprehensive suite of asset allocation portfolios focused on matching investment objectives with risk tolerance. Both passive and active strategies are offered.
Fixed Income
This portfolio seeks to generate a stream of income from a portfolio of 30 investment-grade corporate bonds. The portfolio is constructed as a “ladder” with maturities spanning 10 years.
Recent Commentary
Conquest Portfolios Q4 2026 Quarterly Update and Tactical Positioning
Stocks beat bonds again last quarter as a $1 trillion-a-year capital spending boom in artificial intelligence pushed earnings forecasts to a record. We acknowledge that profit margins have climbed well above what we once thought likely, and we believe they sit above what the long run will support. But the cycle shows little sign of turning at the moment. Meanwhile, the end of cheap credit may start to bite: long-term Treasury yields near 5.7%, mortgage rates above 7%, and sharply higher borrowing costs for weaker companies and deficit-running governments could eventually pose challenges to valuations.
The Earnings Boom’s $5 Trillion Test
The S&P 500’s rise is supported by sharply higher earnings forecasts. But cash generation is not keeping pace, and the trillions being invested in AI must earn enough to justify the capital committed over time. That major test is still in front of us. Profits, Cash, and the AI Boom This year the S&P 500 is up 12%, but investors are now paying less for a dollar of earnings (EPS) than at the start of the year. At December 31, the S&P 500 stood at 6,845, and now it sits near 7,686, for a 12% gain year to date. But…
Quarterly Update (2026Q3)
Confidence returned in the second quarter, reflected in stronger data tied to AI capital investment. While the conflict with Iran remains active, markets are no longer pricing in the most severe outcome. Instead, markets resumed the hunt for AI beneficiaries in the second quarter. Tactical repositioning includes a closing of an overweight position in developed markets, a refocusing on domestic growth, and a tilt toward mortgages as rates remain steady. Portfolios maintain a modest tilt toward stocks over bonds, aligning with the forecast path for our WCA Barometer.