Alpine Saxon Woods – Market & Portfolio Update
March 24, 2026
In our latest conference call, we shared our perspective on what drives today’s markets, how we are evaluating risk, and where we are seeing potential opportunities. The discussion, led by Head of Sales, Patrick Coyne and CEO and Portfolio Manager, Mark Spellman, reflects how we are navigating an increasingly complex environment while remaining grounded in a disciplined investment approach.
Key Takeaways
What two or three factors are driving returns year to date?
So far this year, markets have been led by lower-volatility,lower beta, income-oriented stocks, rather than high-valuation growth names. Dividend-paying companies have been the primary drivers of returns,reflecting investor preference for stability amid uncertainty.
How is AI reshaping industries?
While AI remains a powerful long-term theme, its impact isbecoming more nuanced. Some companies—particularly in software—face increasing disruption risk, while others stand to benefit.
Alpine Saxon Woods is focused on investing in businesses that:
- Benefit from AI, rather than face a threat to their business models from it
- In what we would call “The New Moat” –businesses that are relatively immune from any threat of damage or obsolescence– real or perceived – from AI.
What key characteristics do the Alpine Saxon Woods strategies focus on?
Across portfolios, the emphasis remains on high-quality companies with strong, consistent free cash flow. We believe these businesses are generally better positioned to:
- Withstand inflationary pressures
- Navigate economic uncertainty
- Continue returning capital to shareholders
How is the potential for higher inflation altering youroutlook?
Inflation—particularly driven by energy prices—remains a key concern. Higher oil prices can impact costs across the economy, from manufacturing to transportation.
In this environment, Alpine Saxon Woods currently favors:
- Large-cap companies, which tend to have greater pricing power and flexibility over their smaller cap peers
- Dividend and capital return strategies, which provide income and potential inflation protection
What are a few highlights of your investment strategies?
Alpine Saxon Woods Dividend Strategy
- Focused on large, stable and cash generative companies
- Designed to provide consistent income with lower volatility
- Emphasizes income sustainability over highest yields
Alpine Saxon Woods Capital Return Strategy
- Invests in companies returning capital through dividends and share buybacks
- Aims to deliver growning income over time, helping offset inflation
- Appropriate for investors seeking a balance of income and growth
Do you see any opportunities emerging?
- Consumer Staples: Attractive valuations are beginning to emerge, though near-term pressures remain
- Gold-related equities: Viewed as a potential hedge against inflation
- Continued focus on companies with durable earnings and disciplined capital allocation
What risks are on the horizon?
Key risks being monitored include:
- Persistent inflation driven by elevated energy prices
- AI-driven disruption in certain industries
- Potential stress in less transparent areas of the credit markets that could seep into other areas of the financial sector
What is the Alpine Saxon Woods Investment Approach?
Alpine Saxon Woods remains committed to a disciplined,long-term investment process centered on:
- Fundamental research
- Risk management
- Tax efficiency
- Consisitent client outcomes
The firm continues to prioritize high-quality portfoliosand personalized service, rather than broad asset gathering.
Do you have any new strategies in development?
A new Small Cap Dividend Strategy has been introduced, expanding ASW’s capabilities and providing additional diversification opportunities for client portfolios.
In closing
Here at Alpine Saxon Woods,we focus on just two things. Competitive portfolio results and top customer service. Building valuable relationships based on these two things is what we strive for.
Investing involves risks, including the possible loss of the principal amount invested. Consider the investment objectives, risks, charges, and expenses carefully before investing. The information presented is for informational purposes only and should not be construed as financial, investment, legal, or tax advice. Investors should consult with a qualifiedfinancial professional before making any investment decisions.
