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PPG is a global producer of coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The company has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on its coatings and specialty products and expansion into emerging regions, as exemplified by the Comex acquisition.

Rapidly rising inflation in 2022 knocked stocks into a bear market. While growth strategies suffered the most, value strategies also declined. Even bond prices were lower that year. Stocks have recovered and a new bull market has started, but gains have been largely driven by only a handful of high-tech companies. Inflation remains an issue and the Federal Reserve has yet to lower rates. Is a recession in the offing? With all the uncertainty, what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

Rapidly rising inflation in 2022 knocked stocks into a bear market. While growth strategies suffered the most, value strategies also declined. Even bond prices were lower that year. Stocks have recovered and a new bull market has started, but gains have been largely driven by only a handful of high-tech companies. Inflation remains an issue and the Federal Reserve has yet to lower rates. Is a recession in the offing? With all the uncertainty, what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

Demand from all corners of the globe for the safety and security of U.S. Treasury debt has acted to keep a lid on long-term interest rates, even as the Federal Reserve has raised short-term rates aggressively for more than two years and inflation has remained stubbornly high. Total public debt owed by the U.S. federal government was $34.6 trillion at the end of 1Q24, according to the U.S. Department of the Treasury. Outside of U.S. investors, the two largest holders of U.S. public debt are the nations of Japan, which owns 3.3% of the debt, and China, which owns 2.3%. The other nations among the top 10 holders have 8% of the debt, so the top 10 holders collectively own about 14%. The grand total of U.S. debt owned by foreign holders is $8.0 trillion, or about 23% of the total. This total holdings level has been steady over the past six months. Japan has been a leader here, as the nation's holdings have increased by 5%, or $50 billion in the past six months. China, meanwhile, has been selling, in part for political reasons. China's current Treasury holdings are lower by about $50 billion this year. Over in Europe, countries such as Belgium, France, and Luxembourg have been buyers. We think this type of global demand for U.S. Treasuries should help keep long-term rates from spiking much higher in 2024-2025.