by Patrick Fearon-Hernandez, CFA, and Bill O’Grady | PDF
September has been full of dramatic developments in Russia’s war against Ukraine and in the broader geopolitics of the region. Indeed, now that we’re into autumn and Russia and Ukraine are both trying to improve their positions ahead of winter, it may be a good time to update the recent developments in the war and how they’re playing out more broadly. Renewed fighting between Armenia and Azerbaijan in mid-September offers a good example of the broader implications of the war, so we especially want to touch on that. As always, we wrap up this report with a discussion of the implications for investors.
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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.