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# Appomattox

Customizing Multi-Asset Portfolios

## Sitemaps

- [XML Sitemap](https://appomattox.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Market Commentary: Third Quarter 2025](https://appomattox.com/market-commentary-third-quarter-2025/) - November 2025 Executive Summary The third quarter of 2025 was an excellent quarter as markets continued to
- [Market Commentary: July - August 2025](https://appomattox.com/market-commentary-july-august-2025/) - Executive Summary US financial markets demonstrated remarkable resilience in July 2025 despite underlying economic fragility, with equity markets posting solid gains while July payrolls revealed significant labor market weakness. The passage of transformative fiscal legislation and historic Federal Reserve dissent signals a pivotal policy inflection point, as recession probabilities decline to 25% to 30% at
- [Market Commentary: Second Quarter 2025](https://appomattox.com/market-commentary-second-quarter-2025/) - July 2025 Market Commentary: Second Quarter 2025 Executive Summary The second quarter of 2025 exemplified the market's remarkable capacity to ascend amid profound policy uncertainty, with equity markets demonstrating resilience that would have seemed improbable just months earlier. The post-"Liberation Day" rally that commenced in May maintained its momentum through June, albeit with
- [Market Commentary: April–May 2025](https://appomattox.com/4121-2/) - Market Commentary: April–May 2025 Markets experienced extraordinary volatility during April and May, driven by the global “Liberation Day” tariff announcement, which proved significantly more severe than anticipated. The S&P 500 declined 12.1% over four days—its steepest drop since 1950. However, a swift response from the Trump administration, including a pause and targeted exceptions, catalyzed a
- [Q4 Market Commentary and 2025 Market Outlook](https://appomattox.com/q4-market-commentary-and-2025-market-outlook/) - December 2024 Q4 Market Commentary and 2025 Market Outlook The global economy stands at an inflection point as we enter 2025, shaped by forces that are fundamentally transforming rather than merely cycling through traditional patterns of expansion and contraction. We find ourselves in the midst of a profound economic transformation, driven
- [February 2024 Commentary: The Power of Momentum](https://appomattox.com/february-2024-commentary-the-power-of-momentum/) - February 2024 Commentary: The Power of Momentum In physics, Momentum describes the tendency of an object to keep moving in its current direction unless acted upon by an external force. When we speak about Momentum in the context of financial markets, we refer to the tendency of winning stocks to continue performing well in
- [Active vs. Passive Management, Nasdaq's CIO Quarterly](https://appomattox.com/active-vs-passive-management-nasdaqs-cio-quarterly/) - Published by Nasdaq (March 2024), this edition of CIO Quarterly covers 'Active vs. Passive Management' insights, featuring commentary from Appomattox's Susan Webb (go to pp. 6-7) including detailed interview responses on trends, risks/challenges and opportunities. Read the full report here. More from Nasdaq here.
- [New York Alternative Investment Roundtable's 2024 Women's Forum](https://appomattox.com/new-york-alternative-investment-roundtables-2024-womens-forum/) - March 14, 2024 - New York Alternative Investment Roundtable is hosting its Seventh Annual Women's Forum, featuring Susan Webb as speaker and panel moderator. In celebration of International Women's Day, Susan will lead the discussion about what to expect from markets and the alternative investment industry in the coming months and years ahead. Read more
- [IVYFON Miami Family Office Conference 2023, Susan Webb, Speaker](https://appomattox.com/ivyfon-miami-family-office-conference-2023-susan-webb-speaker/) - December 4-5, 2023 IVYFON Miami Family Office Outlook Forum features Appomattox's Susan Webb as a speaker at the 'Emerging Managers 2024' panel. Conference agenda: https://ivyfon.com/dec4-5forum/agenda.html. Panel recording - watch YouTube video here.
- [2023 Year-End Market Commentary](https://appomattox.com/2023-year-end-market-commentary/) - “Times and conditions change so rapidly that we must keep our aim constantly focused on the future.” — Walt Disney 2023 unfolded with an array of surprises. The enduring strength of the US economy was underpinned by robust employment, steadfast corporate margins, substantial cash reserves, and abundant market liquidity. Remarkably, this resilience persisted despite the
- [Monthly Discourse on Debt – December 2023](https://appomattox.com/monthly-discourse-on-debt-december-2023/) - Inflation, rising rates, the US presidential election in less than a year, war in the Middle East and Ukraine are geopolitical realities that are likely to adversely impact the bond market or at least increase the volatility in those markets. Over the past 2 years as the Fed has pushed short term rates up, longer
- [AIF Institute Sustainable Investing Symposium - Drianne Benner, Speaker](https://appomattox.com/aif-institute-sustainable-investing-symposium-drianne-benner-speaker/) - December 14, 2023 Sustainable Investing Symposium organized by AIF Institute features Drianne Benner, Appomattox Managing Director, as Panel Moderator for "Public Policy Discussion: How Government Actions are Helping to Create Opportunities for Sustainable Investments." Program agenda here.
- [Global FundWomen Week - Drianne Benner, Speaker](https://appomattox.com/global-fundwomen-week-drianne-benner-speaker/) - December 4-8 virtual, December 7 in person (New York City): 100 Women in Finance's Global FundWomen Week - Drianne Benner (Appomattox Managing Director), Speaker and Committee Member.
- [Appomattox Media Coverage: 5/15/23 Grange Johnson Announcement](https://appomattox.com/appomattox-media-coverage-5-15-23-grange-johnson-announcement/) - The Appomattox press release covering the appointment of Grange Johnson as Deputy CIO received media coverage in multiple industry news publications, including: Pensions & Investments, CityWire, Hedgeweek, Alternatives Watch, NonProfit News and With.Intelligence.
- [Monthly Discourse on Debt - November 2023](https://appomattox.com/monthly-discourse-on-debt-november-2023/) - Welcome to our ‘Discourse on Debt’ second monthly bond market commentary from Appomattox. Debt investing is largely a negative art. Don’t lose money as your upside is capped. There is a lot of truth to that saying, but it is not the whole story when it comes to active stressed and distressed investing. Here, large
- [Video: Nasdaq interview with Susan Webb](https://appomattox.com/video-nasdaq-interview-with-susan-webb/) - Nasdaq's "Asset Owner Insight Series" features Appomattox Advisory's Susan Webb, CEO & CIO, for a video conversation about how she is leveraging technology in portfolio construction as an OCIO for her clients. Watch here. This discussion does not constitute or form part of any offer or solicitation of asset management products or services in any
- [Monthly Discourse on Debt - October 2023](https://appomattox.com/monthly-discourse-on-debt-october-2023/) - Introduction Welcome to our ‘Discourse on Debt’ first edition of a monthly bond market commentary from Appomattox. Given the steep rise in interest rates and the absolute levels of government debt in the US and around the world relative to GDP over the past few years, the opportunities and risks of debt market investing appear
- [100 Women in Finance - Impact Investing Symposium, Drianne Benner - Speaker](https://appomattox.com/100-women-in-finance-impact-investing-symposium-drianne-benner-speaker/) - October 10, 2023 Impact Investing Symposium, organized by 100 Women in Finance, features Appomattox's Drianne Benner as a speaker, opening and closing multiple panels and discussions.
- [August 2023 Market Commentary](https://appomattox.com/august-2023-market-commentary-2/) - In the month of August, the red-hot equity markets finally took a pause, retracing some of the gains accumulated over the past few months. It was a period marked by notable shifts and mixed economic indicators that raised eyebrows across the financial landscape. The S&P experienced a dip of -1.59% during August, despite the fact
- [AIF - Women Investors' Forum, Susan Webb - Speaker](https://appomattox.com/aif-women-investors-forum-susan-webb-speaker/) - September 27, 2023 Luncheon Leadership Panel features Appomattox's Susan Webb during the 2023 Women Investors' Forum organized by AIF
- [July 2023 Market Commentary](https://appomattox.com/august-2023-market-commentary/) - Looking back on July and the Q2 data prints we’ve seen since the end of June, volatility seems to be rising in markets as the rally of the second quarter appears to be on hold for now. The continued global economic expansion and growing disinflationary trends of the second quarter have left a cloudy outlook,
- [Sourcing alpha: evaluating smaller and emerging managers](https://appomattox.com/sourcing-alpha-evaluating-smaller-and-emerging-managers/) - Published by Crain Currency (August 15, 2023): Smaller and emerging managers can be a significant but overlooked source of alpha. Often hungrier and full of well-researched, actionable investment ideas, many first-time fund managers outperform established managers, who can become complacent while wedded to outdated positions. At Appomattox, we have spent two decades evaluating and allocating
- [Q2 2023 Market Commentary](https://appomattox.com/q2-2023-market-commentary/) - As we head into Q3, the market seems ready to leave some key issues of the last 12-18 months in the rearview. Aside from 25 bp hike in July, the Federal Reserve appears to be signaling the end of its hiking cycle. This shift in strategy comes as recent prints suggest that while inflation remains
- [Outsourced Chief Investment Officer approaches: One size doesn’t fit all](https://appomattox.com/outsourced-chief-investment-officer-approaches-one-size-doesnt-fit-all/) - Alternatives Watch (July 6, 2023): Institutional investors are increasingly outsourcing their investment management functions due to the rising complexity of managing those portfolios. Many turn to Outsourced Chief Investment Officers (OCIOs) who serve as investment managers and fiduciaries for institutional investors of various sizes and investment objectives, including endowments, foundations, pension plans and family offices.
- [April 2023 Market Commentary](https://appomattox.com/april-2023-market-commentary/) - The first quarter of 2023 showed a rebound across equity and bond markets. Looking ahead at the remainder of the year, our investment focus will revolve around three key assumptions: (1) that market excesses have been largely “wrung out”; (2) that consumer and business balance sheets are generally strong and more capable of weathering a
- [May 2023 Market Commentary](https://appomattox.com/may-2023-market-commentary/) - Through May and in early June, the latest economic data has demonstrated the remarkable resilience of the global economy, even as interest rates in developed markets continue to rise. Notably, energy prices and food commodities have contributed to a decline in headline inflation, while in the US, used car prices, which were a significant cause
- [Mary Ruth & Susan Webb, Speakers at OCIO East Summit](https://appomattox.com/mary-ruth-susan-webb-speakers-at-ocio-east-summit/) - Mary Ruth, Appomattox's Head of Manager Research, and Susan Webb, President/CIO, are featured speakers during the June 29, 2023 OCIO East Summit in New York.
- [OCIO Appomattox Appoints Grange Johnson Deputy Chief Investment Officer](https://appomattox.com/ocio-appomattox-appoints-grange-johnson-deputy-chief-investment-officer/) - New York, NY – May 15, 2023 – Appomattox Advisory, Inc. (“Appomattox”), a New York based Outsourced Chief Investment Officer (“OCIO”) firm founded in 2005, announced the appointment of Grange Johnson as Deputy CIO, focusing on portfolio construction, manager research and business development. Grange has over 30 years of financial industry experience, particularly in event
- [Alternative Asset Managers: Custodial Advantages (May 2023)](https://appomattox.com/alternative-asset-managers-custodial-advantages-may-2023/) - In light of the recent bank failures, Appomattox is proud to highlight for our clients some examples of the significant structural advantage of investing in alternative assets classes focused around gaining access to systematically important financial institutions (“SIFIs”) such as custodians and prime brokers. Most large alternative asset managers use at least two and often
- [Women in Funds Podcast Features Susan Webb](https://appomattox.com/women-in-funds-podcast-features-susan-webb/) - Podcast episode: '2023 Market Outlook: Managing Risk and Finding Opportunities' features Appomattox CEO/CIO Susan Webb (interviewed by Nancy Vailakis), discussing recent market events, investment outlook, comments on the banking crisis, risk management, governance, portfolio construction and alternative investment opportunities. Listen to this podcast through any of these platforms: Apple: https://lnkd.in/esFeRBYT Audible: https://lnkd.in/eHGtVTk9 Stitcher: https://lnkd.in/e6-7Zerj Spotify: https://lnkd.in/eV-sFPu4
- [Kristin Melino, Chief Operating Officer & Chief Financial Officer](https://appomattox.com/announcement-kristin-melino-chief-operating-officer-chief-financial-officer/) - We are delighted to announce the appointment of Kristin Melino, Chief Operating Officer (COO) and Chief Financial Officer (CFO) for Appomattox. Kristin has over 25 years of financial services operations and compliance experience that includes both overseeing investment manager operations as well as evaluating the operations and compliance of hundreds of alternative investment managers. Kristin
- [March 2023 Market Commentary](https://appomattox.com/march-2023-market-commentary/) - Looking back on the start of this year, financial markets demonstrated promising performance in January, as several technology stocks witnessed a sharp rebound. There were indications of inflation easing, and the Federal Reserve appeared to be following a less aggressive stance regarding rate hikes. However, February brought a setback for the markets, as inflation data
- [Special Commentary on Silicon Valley Bank (March 2023)](https://appomattox.com/special-commentary-on-silicon-valley-bank-march-2023/) - While the collapse of Silicon Valley Bank (“SVB”, Ticker: SIVB) may not suggest major solvency concerns in the US or wider global financial system, it does illustrate the extent to which other vulnerabilities may be lurking in the financial sector and strengthens the case for central banks to exercise caution as the knock-on effects of
- [February 2023 Market Commentary](https://appomattox.com/february-2023-market-commentary/) - As we transition into the final month of Q1, it’s clear the strong paradigm shift that began last year is becoming fully entrenched in global markets. The higher rates set in 2022 to combat inflation are widely expected to remain the norm in developed markets. Going forward, consensus views anticipate a terminal rate of around
- [January 2023 Market Commentary](https://appomattox.com/2023-january-market-commentary/) - With the first month of 2023 behind us, we believe signs are now pointing more clearly to a new economic status quo marked by higher rates, the return of price discovery, and central bank policies focused on issues beyond inflation. The turbulence and volatility of 2022—which brought negative returns for both bonds and equity—left investors
- [Appomattox’s Webb on a modern bespoke investment alts approach](https://www.alternativeswatch.com/2023/03/01/appomattox-cio-susan-webb-bespoke-alternative-investment-approach/#new_tab)
- [2022 Year-End Commentary](https://appomattox.com/2022-year-end-commentary/) - 2022 was a year marked by tumult, uncertainty, and fundamental shifts in the geopolitical, social, and investing landscape. Amid the fallout of the pandemic, the world continues working to establish a new status quo. Investors, consumers, businesses, and the international community have had to continually rethink the way they engage with one another. The world
- [President and CIO Susan Webb moderated “Wall Street Women 2022” Forum](https://ny-alt.org/events/wall-street-women-2022-insights-perspectives/#new_tab)

## Pages

- [Home](https://appomattox.com/) - Appomattox is an Outsourced Chief Investment Officer that specializes in multi-asset resilient portfolio solutions and alternative investments.
- [Privacy Notice](https://appomattox.com/privacy-notice/)
- [Who We Are](https://appomattox.com/about/) - Learn about our investment firm differentiated by multi-asset solutions, alternative investment strategy, resilient portfolios, and ESG investments.
- [What We Do](https://appomattox.com/services/) - Our OCIO services are differentiated by building and managing customized alternate investment portfolios across diverse managers and private capital strategies
- [Contact](https://appomattox.com/contact/) - CareersPlease contact info@appomattox.com to explore open positions at Appomattox and applicable requirements. Appomattox Advisory, Inc.551 Fifth Avenue, Suite 2600 New York, NY 10176 Find us on Google Maps Connect with usHow can we meet your objectives? Firstname *Lastname *Company *Email *Your messageSubmitSubmitThank you for your message. It has been sent.×There was an error trying to
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- [News+Insights](https://appomattox.com/news-insights/) - AllIn the NewsInsightsPress ReleasesSpeaking Engagements Market Commentary: Third Quarter 2025Insights November 12, 2025 [...]Read Now Market Commentary: July – August 2025Insights August 27, 2025 Executive Summary US financial markets demonstrated remarkable
- [Disclaimer](https://appomattox.com/disclaimer/) - Disclaimer Nothing contained in the site constitutes investment, legal or tax advice. Neither the information, nor any opinion contained in the site constitutes a solicitation or offer by Appomattox, any of its affiliates or any fund or other entity managed directly or indirectly by any of the foregoing, to buy or sell any partnership interest,
- [Projects](https://appomattox.com/projects/) - Project #6Finance Project #5Finance Project #4Finance Project #3Finance Project #2Finance Project #1Finance

## Portfolio

- [Project #6](https://appomattox.com/project-items/project-6/) - Quisque velit nisi, pretium ut lacinia inDuis mollis turpis ac diam scelerisque volutpat. Sed neque orci, auctor in convallis id, dictum sodales massa. Aenean nisl sapien, congue nec fringilla et, tincidunt nec sem. Proin faucibus, dolor vel auctor feugiat, ligula sapien venenatis augue, eget ullamcorper tellus justo nec felis. Aenean vel justo orci. Maecenas tempor
- [Project #5](https://appomattox.com/project-items/project-5/) - Quisque velit nisi, pretium ut lacinia inDuis mollis turpis ac diam scelerisque volutpat. Sed neque orci, auctor in convallis id, dictum sodales massa. Aenean nisl sapien, congue nec fringilla et, tincidunt nec sem. Proin faucibus, dolor vel auctor feugiat, ligula sapien venenatis augue, eget ullamcorper tellus justo nec felis. Aenean vel justo orci. Maecenas tempor
- [Project #4](https://appomattox.com/project-items/project-4/) - Quisque velit nisi, pretium ut lacinia inDuis mollis turpis ac diam scelerisque volutpat. Sed neque orci, auctor in convallis id, dictum sodales massa. Aenean nisl sapien, congue nec fringilla et, tincidunt nec sem. Proin faucibus, dolor vel auctor feugiat, ligula sapien venenatis augue, eget ullamcorper tellus justo nec felis. Aenean vel justo orci. Maecenas tempor
- [Project #3](https://appomattox.com/project-items/project-3/) - Quisque velit nisi, pretium ut lacinia inDuis mollis turpis ac diam scelerisque volutpat. Sed neque orci, auctor in convallis id, dictum sodales massa. Aenean nisl sapien, congue nec fringilla et, tincidunt nec sem. Proin faucibus, dolor vel auctor feugiat, ligula sapien venenatis augue, eget ullamcorper tellus justo nec felis. Aenean vel justo orci. Maecenas tempor
- [Project #2](https://appomattox.com/project-items/project-2/) - Quisque velit nisi, pretium ut lacinia inDuis mollis turpis ac diam scelerisque volutpat. Sed neque orci, auctor in convallis id, dictum sodales massa. Aenean nisl sapien, congue nec fringilla et, tincidunt nec sem. Proin faucibus, dolor vel auctor feugiat, ligula sapien venenatis augue, eget ullamcorper tellus justo nec felis. Aenean vel justo orci. Maecenas tempor
- [Project #1](https://appomattox.com/project-items/project-1/) - Quisque velit nisi, pretium ut lacinia inDuis mollis turpis ac diam scelerisque volutpat. Sed neque orci, auctor in convallis id, dictum sodales massa. Aenean nisl sapien, congue nec fringilla et, tincidunt nec sem. Proin faucibus, dolor vel auctor feugiat, ligula sapien venenatis augue, eget ullamcorper tellus justo nec felis. Aenean vel justo orci. Maecenas tempor

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## Categories

- [Insights](https://appomattox.com/category/insights/)
- [Press Releases](https://appomattox.com/category/press-releases/)
- [In the News](https://appomattox.com/category/in-the-news/)
- [Speaking Engagements](https://appomattox.com/category/speaking-engagements/)

## Tags

- [New York Alternative Investment Roundtable](https://appomattox.com/tag/nyair/)
- [Alternatives Watch](https://appomattox.com/tag/alternatives-watch/)
- [Susan Webb](https://appomattox.com/tag/susan-webb/)
- [Drianne Benner](https://appomattox.com/tag/drianne-benner/)
- [OCIO](https://appomattox.com/tag/ocio/)
- [Portfolio Management](https://appomattox.com/tag/portfolio-management/)
- [Appomattox](https://appomattox.com/tag/appomattox/)
- [Women Leaders](https://appomattox.com/tag/women-leaders/)
- [Diversity](https://appomattox.com/tag/diversity/)
- [podcast](https://appomattox.com/tag/podcast/)
- [Emerging managers](https://appomattox.com/tag/emerging-managers/)
- [Impact investing](https://appomattox.com/tag/impact-investing/)
- [bondmarket](https://appomattox.com/tag/bondmarket/)
- [100 Women in Finance](https://appomattox.com/tag/100-women-in-finance/)
- [Sustainable investing](https://appomattox.com/tag/sustainable-investing/)

## Portfolio Categories

- [Finance](https://appomattox.com/portfolio_category/finance/)