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Our investment professionals are often quoted in the financial press. Browse the posts below to see their perspectives.

  • Bloomberg “Taking Stock”: Frost’s Stringfellow: Consumer Sectors Still Attractive (Audio)
    In a guest appearance on Bloomberg Radio’s “Taking Stock,” president and chief investment officer Tom Stringfellow of Frost Investment Advisors discusses the market outlook and investment strategy therein. The radio segment ran on Bloomberg “Taking Stock”, Sept. 27, 2016.
    Excerpted from Bloomberg “Taking Stock”, September 27, 2016. To view full article, click here
  • San Antonio Express-News: June jobs report looms large
    Jeffery Elswick, director of fixed income and portfolio manager at Frost Investment Advisors, discusses his predictions for the June jobs report after May’s results were unexpectedly weak. • “The sentiment is that Friday’s report has an extra level of importance after May’s poor result,” Elswick said. • Economists are expecting the U.S. to report it added between 170,000 and 180,000 net new jobs in June, Elswick said. “Some on the fixed-income side say June is going to be even better than that, and that May will be revised up.” • “The market believes May was a one-off fluke,” Elswick said. “If there is another weak jobs report, the market will think maybe there is something here we have to worry about for the U.S. economy.” If Friday’s June job report comes in less than a 140,000 net gain, “that would surprise me,” Elswick said. • Elswick predicted that a lower-than-expected job gain would spark a one- or two-day stock sell-off. “The markets would say, ‘OK, the Fed is out of the box for hiking rates for an extended period,’” Elswick said.
    Excerpted from San Antonio Express-News, July 07, 2016. To view full article, click here
  • SNL Financial: Fed rate timing, Brexit inject uncertainty into markets, investment officers say
    In a feature, Q&A article with SNL Financial, Tom Stringfellow and Brad Thompson discuss their market outlook amid the Federal Reserve’s low interest rate regime and the ramifications of Brexit.
    Excerpted from SNL Financial, June 30, 2016. To view full article, click here
  • San Antonio Express-News: San Antonio executives brace for uncertainty in the wake of ‘Brexit’ vote
    Jeffery Elswick, director of fixed income and portfolio manager at Frost Investment Advisors, discusses the impact of Britain’s vote to exit the European Union and its effect on markets across the globe. • “It will take a little while as investors rebalance their positions in bonds and equities,” Elswick said. “A lot of people are squaring their positions, which is adding to the volatility. In the next few days, the markets will be deciding what this means long term.”
    Excerpted from San Antonio Express-News, June 24, 2016. To view full article, click here
  • San Antonio Express-News: Negative interest rates unlikely for U.S.
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses his outlook on why the U.S. economy and its central bank are not headed toward negative interest rates. • The idea is force people to spend money instead of saving it, thus stimulating economic activity, Stringfellow said. Stringfellow calls negative interest rates a tool of last resort. • He said negative interest rates also have not yet proven they can accomplish their purpose — stimulating economies. “It doesn’t boost lending,” Stringfellow said. The countries that have negative interest rates “are still trying to jump start their economies,” Stringfellow said. “We’re not at that stage.” Those countries should have turned to their government’s fiscal policies for stimulus, such as lower taxes and reduced spending, instead of negative interest rates, Stringfellow said. • As for the U.S., labor, housing and consumer markets all are healthy. Corporate earnings are stable. The U.S. dollar exchange rate has retreated from its recent strength to help U.S. exporters sell more. Core inflation increases are small but are still there, Stringfellow pointed out. But demand for loans is weak, which is damaging the financial sector and slowing economic growth, Stringfellow said. • The cause of low loan demand in the United States is election-year political platforms that cause companies to hesitate on borrowing to buy more equipment and hire more workers. “The nasty rhetoric has dampened investment,” Stringfellow said. “The political parties need to do a better job of explaining how their policies would help economic growth, to make companies want to invest in people, equipment and new products.” • If the next recession starts with short-term interest rates still low, the Federal Reserve would not have sufficient room to reduce interest rates to stimulate the economy, the Fed’s normal course of action, because rates already are near zero. Stringfellow, however, does not believe a recession is near. “A cycle doesn’t end because it’s old,” Stringfellow said. “It ends because of a significant spike somewhere,” such as the 2008 financial industry crisis. • With the United Kingdom voting to leave the European Union, Stringfellow said the Federal Reserve could look at its options to ease monetary policy, including the possibility of another round of quantitative easing, but not a move into negative interest rates.
    Excerpted from San Antonio Express-News, June 24, 2016. To view full article, click here
  • San Antonio Express-News: Oil prices fall, gold rises as San Antonio watches fallout from U.K. exit
    Jeffery Elswick, director of fixed income and portfolio manager at Frost Investment Advisors, discusses the potential long-term effects of Britain’s vote to exit the European Union. • The uncertainties created in Europe, the largest trade partner for the United States, means the Federal Reserve will not try to push interest rates higher in the short term and likely not for the rest of the year, said Jeffery Elswick. • The U.K. decision calls into question whether the slow global expansion can continue, Elswick said. • “The European Union is fundamentally flawed,” Elswick said. “Is the U.K. first? With national elections coming up in Germany and France, the populist vote that has happened in the U.K. jeopardizes the ongoing of the EU. That increases risk at some point. Does the EU make sense? It could jeopardize global growth, including the United States.” • “But it’s a little dangerous to draw conclusions, Elswick said. “It will take a little while as investors rebalance their positions in bonds and equities. A lot of people are squaring their positions, which is adding to the volatility. In the next few days, the markets will be deciding what this means long term.”
    Excerpted from San Antonio Express-News, June 24, 2016. To view full article, click here
  • Financial Advisor Magazine: Brexit or Bremain, U.K.'s Vote Could Have Lasting Consequences
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, addresses the possible long-term implications from the Brexit vote. • Whether voters choose to leave, or “Brexit,” the EU or remain, there will be lasting implications that may take years to realize, Stringfellow says. “Although the results of the vote are yet to be realized, the ongoing debates point to fairly serious economic, regulatory, political and nationalist consequences,” Stringfellow said. “One of the more significant risks that could be unleashed is the threat of a further unraveling from the peripheral nations of the EU, such as Italy, Spain or Greece.” • Stringfellow cites analysis by the U.K. Treasury that estimates that a Brexit would lower the country’s GDP by 3.6 percent after two years and raise unemployment by 520,000, while launching a massive overhaul of regulations, contracts and laws.
    Excerpted from Financial Advisor Magazine, June 23, 2016. To view full article, click here
  • Institutional Investor: Daily Agenda: Markets Calm as Investors Await Brexit Vote
    President and chief investment officer Tom Stringfellow’s comments from the News & Views were included in a story on the upcoming “Brexit” vote and its impact on the global markets. • “This coming week may well end with either a European relief rally or a ratcheting up in global volatility,” Stringfellow said. “Either way, voters in the U.K. will set the stage at the polls tomorrow, deciding the future economic and political course for the European Union through the next crisis.”
    Excerpted from Institutional Investor, June 22, 2016. To view full article, click here
  • Financial Advisor Magazine: The Brexit Countdown Begins
    President and chief investment officer Tom Stringfellow’s comments from the News & Views were included in a story on the upcoming “Brexit” vote and its impact on the global markets. • “This coming week may well end with either a European relief rally or a ratcheting up in global volatility,” Stringfellow said. “Either way, voters in the U.K. will set the stage at the polls tomorrow, deciding the future economic and political course for the European Union through the next crisis.”
    Excerpted from Financial Advisor Magazine, June 21, 2016. To view full article, click here
  • TheStreet.com: Are Negative Interest Rates Possible in 2016?
    Tom Stringfellow comments on the speculation around the Fed possibly moving toward negative interest rates amid a U.S. market environment of stock selloffs, increasing unemployment and declining oil prices. "The economy is percolating along," said Tom Stringfellow, president and chief investment officer at Frost Investment Advisors. "Negative rates would imply we do not have an economy that's gaining any kind of traction and I don't believe we're in that situation.” "You'd have to see a complete reversal of what stabilized the economy over the past four years," said Stringfellow.
    Excerpted from TheStreet.com, June 03, 2016. To view full article, click here
  • Investor’s Business Daily: This Is Why Biotech Stocks May Explode Again
    Senior portfolio manager Bob Bambace provides his outlook on biotechs by discussing recent M&A activity and citing a pipeline of therapeutics that has the potential to lift the sector again. Tax inversions have become a popular way for drugmakers to boost their bottom lines and get access to cash. “We think that with the tax regulation — I call this the ‘inversion bottom’ — and the bad press associated with the health care industry, that created a bottom in our minds,” said Robert Bambace, senior portfolio manager at Frost Investment Advisors. “A lot of the bad news has already been baked into these companies.” Bambace says that [Medivation’s reluctance to be acquired by Sanofi] might be for show. “I think that’s just a bargaining chip,” he said. “The reality is that most of these companies will have to partner up anyway. … The larger pharma and biotech names … will reach a point where their pipelines are so dry, it will force their hands.” Bambace sees lots of exciting biotechnology science going on to fill out those pipelines. As he put it, we’re “going from the Model T stage to the space shuttle stage.” Though he declined to name specific companies, he pointed to work in biomarkers — which include PD-1 inhibitors such as Bristol-Myers Squibb‘s (BMY) Opdivo and Merck‘s (MRK) Keytruda. He also cited work in genetic mutations, the focus of many rare-disease firms such as BioMarin and Bluebird Bio (BLUE).
    Excerpted from Investor’s Business Daily, May 07, 2016. To view full article, click here
  • Institutional Investor: Daily Agenda: Trump, Clinton Power for the General Election
    Institutional Investor picked up Tom Stringfellow’s comments from the News & Views regarding his attendance at an economic and political conference. "This past week I attended an economic and political conference in Washington, and had the opportunity to hear a number of congressional leaders share their outlooks for the upcoming year. Noticeably absent were presidential candidate predictions – unless pressed – although each speaker unreservedly toed the party line. Just a few of the speakers at the gathering included Arizona Senator John McCain, Oklahoma’s James Lankford and Rhode Island’s Sheldon Whitehouse. While there were a number of glaring differences depending on political perspectives, there were a number of common threads across both parties. Commonly held topics that they seemed to agree on included fixing the tax structure – making it more understandable and fair – boosting anemic economic growth and improving homeland security. Quite a few speakers also discussed burgeoning debt levels, primarily driven by entitlements, with many noting how unsustainable mandatory spending levels would become over the next few years. A few also commented on the political suicide potential for any party trying to tackle possible solutions head-on. Of course, the speakers were also some distance apart on how to fix these problems, where and how they started and which party was more capable of offering the best solution. This might explain a nervous market, antsy investors and a disgruntled electorate.”
    Excerpted from Institutional Investor , April 27, 2016. To view full article, click here
  • USA Today: CEO profit guidance: What Wall Street wants to know
    President and Chief Investment Officer Tom Stringfellow’s comments from the News & Views were included in a story on first-quarter earnings and CEOs’ outlook for their firms and the global economy. “Of specific interest will be the comments from management as (it relates to) the potential for an uptick in earnings,” Tom Stringfellow said.
    Excerpted from USA Today, April 12, 2016. To view full article, click here
  • USA Today: Yellen’s task: Soothe market’s frayed nerves
    President and Chief Investment Officer Tom Stringfellow’s comments from the News & Views were included in a story on the Fed’s outlook on the U.S. economy amid the flux in global financial markets. “Hopefully, (Yellen) will provide some assurances ... while potentially mollifying a few investor fears,” Tom Stringfellow, chief investment officer at Frost Investment Advisors, wrote in a report.
    Excerpted from USA Today , February 10, 2016. To view full article, click here
  • Institutional Investor: Daily Agenda: China Ratchets Down Expectations
    In a “Daily Agenda” column for Institutional Investor, President and Chief Investment Officer Tom Stringfellow provides his market outlook and abates speculation of a possible bear market.
    Excerpted from Institutional Investor , February 03, 2016. To view full article, click here
  • USA Today: Dow down 296; oil off 5.5% and back below $30
    President and Chief Investment Officer Tom Stringfellow’s comments from the News & Views were included in a daily markets story covering economic woes in China, volatile oil prices and the strong USD. It won't be easy for the market to break out of its doldrums until the persistent headwinds abate, such as economic problems in China, volatile oil prices and a too strong dollar, argues Tom Stringfellow, chief investment officer at Frost Investment Advisors. "Unfortunately, until there is some stabilization in oil prices, China resolves its 'monetary flight', the dollar solves its 'dollar-might', and investors back off their recession fears, the drivers for any market bounce are fairly limited and emotionally based," Stringfellow noted via e-mail.
    Excerpted from USA Today , February 02, 2016. To view full article, click here
  • San Antonio Express News: San Antonio money managers do not expect a bear market
    Tom Stringfellow provides his market outlook on equities amid prolonged declining prices. “We’re comfortably in a correction, but I am not overly concerned there will be a bear market and extended declining prices,” Stringfellow said. “If we get there, it will be an emotional sell-off” unrelated to economic conditions. A strong domestic economy does not translate into a strong market. A strengthening of the economy should be a safety net under the market,” he said. “If we’re flat for the year (about 2,060 points), I’d be happy,” Stringfellow said. “If you strip out the energy industry, the market doesn’t look that bad,” he said.
    Excerpted from San Antonio Express News , October 02, 2015. To view full article, click here
  • CNNMoney: 'Dazed and confused': Dow falls 180 on uncertainty
    CNNMoney picked up Tom Stringfellow’s comments from the News & Views in describing investors as “dazed and confused” after the Dow’s 180 point decline in September. "Dazed and confused" is the overriding sentiment in markets, according to Tom Stringfellow, chief investment officer at Frost Investment Advisors.
    Excerpted from CNNMoney, September 22, 2015. To view full article, click here
  • Reuters: US STOCKS-Wall St slumps amid fall in commodity prices
    Tom Stringfellow discusses market reaction to the possibility of the Fed deciding to leave interest rates unchanged. "The potential that the Fed may delay rate hikes until next year will provide even more angst for the markets... the longer the delay, the greater the potential for an accelerating rate hike schedule," said Stringfellow.
    Excerpted from Reuters , September 22, 2015. To view full article, click here
  • Institutional Investor: In U.S. Mortgages, Government Inc. Calls the Shots
    Director of Fixed Income Jeffery Elswick commented on the firm’s vetting process of nonbank originators of mortgages, amid a steady mortgage market due to the low interest-rate environment. “Because of the size of the market, the CFPB hasn’t looked at all the originators,” says Jeffery Elswick, director of fixed income at Frost Investment Advisors in San Antonio. “If it’s a small company that’s not public, you have to talk to the company. You have to ask.”
    Excerpted from Institutional Investor , September 15, 2015. To view full article, click here
  • CNNMoney: Bulls on parade: Stocks bounce back ... for good?
    President and Chief Investment Officer Tom Stringfellow commented on the market stabilization after the stocks selloff. "The markets have found some sort of footing. There is money out there still looking for a home," said Tom Stringfellow, president and chief investment officer of Frost Investment Advisors. "We haven't had too many frantic client calls about stocks. That's much different than previous corrections. People are testing the waters," Stringfellow said. "Diehard investors are staying in the markets."
    Excerpted from CNNMoney , September 08, 2015. To view full article, click here
  • CNBC.com: Dow, S&P 500 close below 50-day moving average ahead of jobs report
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, suggested that the IMF should look to consumer spending rather than wage and inflation to predict the Fed rate hike. "Maybe the IMF should look at some of the other data coming out because consumer (spending is picking up)," said Tom Stringfellow, president and chief investment officer at Frost Investment Advisors of Frost Investment Advisors.
    Excerpted from CNBC.com, June 04, 2015. To view full article, click here
  • InstitutionalInvestor.com: Daily Agenda: Analysts See Dollar Set to Resume Rise
    In a “Portfolio Perspective” column for Institutional Investor, Brad Thompson, director of strategy and equity research for Frost Investment Advisors, discussed the Fed’s concern for productivity in the labor market as a benchmark for raising interest rates.
    Excerpted from InstitutionalInvestor.com , May 28, 2015. To view full article, click here
  • Barrons.com: Dow Stalls in Slow Pre-Holiday Trading
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses investor reaction after Fed Chair Janet Yellen said in a speech that as long as the economy improves, the central bank will likely raise rates. “Investors are a fickle bunch,” says Thomas Stringfellow, president and chief investment officer at Frost Investment Advisors, “and they breathed a collective sigh of relief when Yellen reaffirmed the market’s expectations of a fall hike.”
    Excerpted from Barrons.com , May 23, 2015. To view full article, click here (subscription required)
  • Institutional Investor: Daily Agenda: Tight Race in U.K. Elections
    In a “Portfolio Perspective” column for Institutional Investor, Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, offers his thoughts on Europe’s labor market and trends therein.
    Excerpted from Institutional Investor, May 07, 2015. To view full article, click here (subscription required)
  • CNBC: Dow Falls 100 Points Again as Bulls Try Holding Market Milestones
    Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses the market’s anticipation for the Fed’s interest rate raise. “At this point the market has begun to be fairly confident that the Fed is going to raise rates in the next three to five meetings,” said Jeffery Elswick, director of fixed income at Frost Investment Advisors. “At some point, yields need to reprice somewhat higher. The bottom line is the market has become accustomed to pretty poor first quarter growth numbers. As we head into the second quarter, I think the market is confident enough in that the Fed can raise rates.”
    Excerpted from CNBC, May 05, 2015. To view full article, click here
  • Investor’s Business Daily: Fed Fallout: Winner Stocks In Chaotic Market Week
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, expects some niches in the tech stock to bounce back. He also commented on what people are doing with their fuel savings and the state of health care stocks. Health care stocks, especially in the biotech space, also did well this week. So did some financials, especially regional banks, which can benefit from improved lending to small businesses, he says.
    Excerpted from Investor’s Business Daily, March 12, 2015. To view full article, click here
  • The Wall Street Journal: U.S. Stocks Slip But Post Monthly Gains
    Tom Stringfellow, chief investment officer of Frost Investment Advisors, commented on the consumer discretionary sector, which was the best performing sector in the S&P 500 for the month of February. Investors put money in this group because they think the segment benefits from lower oil prices. “We’re a believer that cheaper gas puts more money into peoples’ pockets, and people have a tendency to spend what’s in their pockets,” he said.
    Excerpted from The Wall Street Journal, February 27, 2015. To view full article, click here (subscription required)
  • Seeking Alpha: Demand Worries Gain, Though Still Dismissed Outside Of Actual Trading
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, offers his insight on the cause of faltering commodity prices. “People are starting to get very nervous as commodity prices are faltering and we know it's because the global growth rate has been brought down,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “The U.S. alone can't support the world and the retail sales are a warning shot across the bow. One month isn't a trend but it does put people on alert.”
    Excerpted from Seeking Alpha, January 15, 2015. To view full article, click here
  • Bloomberg: U.S. Stocks Fall on Growth Concerns as Retail Sales Drop
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the drop in commodity prices and retail sales, how both are affecting the U.S. economy, amid the decline in U.S. stocks. • “People are starting to get very nervous as commodity prices are faltering and we know it’s because the global growth rate has been brought down,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “The U.S. alone can’t support the world and the retail sales are a warning shot across the bow.”
    Excerpted from Bloomberg, January 14, 2015. To view full article, click here
  • Bloomberg: U.S. Stocks Slide, Global Bonds Rally Amid Growth Concern
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the drop in commodity prices and retail sales, and how both are affecting the U.S. economy, amid a rally in global bonds. • “People are starting to get very nervous as commodity prices are faltering and we know it’s because the global growth rate has been brought down,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “The U.S. alone can’t support the world and the retail sales are a warning shot across the bow.”
    ​Excerpted from Bloomberg, January 14, 2015. To view full article, click here
  • CNNMoney: Stocks should fall further. Here's why.
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on his investment strategy amid the market’s beginning-of-the-year drop that put some stocks at attractive valuations for long-term investors. • "There are some good buying opportunities right now. We are using cash to find bargains," said Tom Stringfellow, chief investment officer with Frost Investment Advisors. "But we are looking mostly at larger, more well-known conservative companies."
    Excerpted from CNNMoney, January 06, 2015. To view full article, click here
  • CNNMoney: Dow hits 18,000 for first time ever
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the yearly trend known as the "Santa Claus rally” whereby institutional fund managers load up on winning stocks in an attempt to show investors that they hold the year's top performers in their portfolio. • "It's beginning to look a lot like Christmas," says Tom Stringfellow, president of Frost Investment Advisors.
    Excerpted from CNNMoney, December 23, 2014. To view full article, click here
  • Institutional Investor: The Daily Agenda: Cheap Oil, Cuba and Hopes for a Santa Claus Rally
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, offers his perspective on the drop in oil price as the “Grinch that stole Christmas” in 2014 and the yearly anticipated Santa Claus rally.
    Excerpted from Institutional Investor, December 18, 2014. To view full article, click here
  • Barron’s: Markets Plunge as Oil Panic Spreads
    Tom Stringfellow, president and chief investment officer, offered his investment position amid U.S. equity markets suffering their largest point declines in more than three years. “These kinds of markets test the mettle of investors,” says Tom Stringfellow, president of Frost Investment Advisors. “You have to step away from the monitor so you don’t do anything stupid, like hit a sell button.”
    Excerpted from Barron’s, December 13, 2014. To view full article, click here (subscription required)
  • The Wall Street Journal: U.S. Stocks Inch Higher to Records
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the U.S. economy and his firm’s strategy for home-improvement retailers. “There’s demand out there,” said Tom Stringfellow, chief investment officer of Frost Investment Advisors, which manages $10 billion, referring to the U.S. economy. “That continues to underpin [gains in] the market.”
    Excerpted from The Wall Street Journal, November 20, 2014. To view full article, click here (subscription required)
  • Institutional Investor: Daily Agenda: Has the Euro Zone's Economy Hit Bottom
    In a “Portfolio Perspective” column for Institutional Investor, Ted Harper, fund manager at Frost Investment Advisors, offers his perspective on the U.S.’s pro-development, pro-growth stance on energy.
    Excerpted from Institutional Investor, November 14, 2014. To view full article, click here (subscription required)
  • Barron’s: Jeffery Elswick: Cracking the Code of Fixed-Income Investing
    Jeffery Elswick, director of fixed income at Frost Investment Advisors, was featured in a Barron’s profile.
    Excerpted from Barron’s , November 08, 2014. To view full article, click here
  • Bloomberg: Oil Stocks Lure Most Bearish Bets Since 2007: Options
    Ted Harper, fund manager at Frost Investment Advisors, discusses investors’ recent sale of oil and gas shares, which have left some companies at attractive valuations. “It was certainly the baby getting thrown out with the bathwater,” said Harper, who helps manage more than $10 billion from Houston. “When you have higher quality, consistent growers getting marked down to the extent that they’ve been, that creates opportunities.”
    Excerpted from Bloomberg , October 29, 2014. To view full article, click here
  • Institutional Investor: Daily Agenda: Oil Prices and the U.S. Recovery
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, discusses his outlook on the oil & energy sector. “Looking out on a one-, two- or three-year frame may not be the correct way to assess risk for the sector,” he says. “The oil market has proven itself time overtime of being capable of turning on a dime,” said Stringfellow.
    Excerpted from Institutional Investor , October 29, 2014. To view full article, click here (subscription required)
  • Money News: Commodity Prices Sink to 5-Year Low Led by Copper, Hogs
    Ted Harper, fund manager at Frost Investment Advisors, discusses the decrease in commodity prices, which reached a five-year low. “You’ve had a continuation of the stronger dollar trend,” said Ted Harper, senior fund manager who helps manage more than $10 billion for Frost Investment Advisors LLC in Houston. “We also have growing concerns about slowing growth, at the margins domestically, but also in Asia and Europe.”
    Excerpted from Money News, October 15, 2014. To view full article, click here
  • Institutional Investor: Daily Agenda: Alcoa Earning Sing of Industrial Health
    Ted Harper, fund manager at Frost Investment Advisors, offers his perspective on the stabilization of the oil market.
    Excerpted from Institutional Investor, October 08, 2014. To view full article, click here (subscription required)
  • CNN Money: Are stocks a trick or treat?
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, provided his outlook on economic recovery. "We are at the stage of the recovery where organic earnings matter. Financial engineering, not so much," wrote Stringfellow in a report.
    Excerpted from Institutional Investor, October 08, 2014. To view full article, click here
  • Bloomberg: Record S&P 500 Masks 47% of Nasdaq Mired in Bear Market
    Brad Thompson, director of research at Frost Investment Advisors, discusses how some stocks perform under certain market conditions and possible market scenarios when the Fed begins to raise rates. Stocks with weak or no earnings and fewer shares to trade fare worse during market turmoil, said Brad Thompson, director of research at Frost Investment Advisors LLC in San Antonio, Texas. More than 20 percent of companies in the Nasdaq Composite and Russell 2000 will be unprofitable this quarter, according to data compiled by Bloomberg of companies with analysts’ forecasts. Only 15 companies in the S&P 500 reported a loss for the past year. “There is a sense of ‘Well, we’ve had a lot of liquidity, we’ve had low rates,” and “once the punch bowl is taken away, the market is going to fall,’” Thompson, who helps oversee $10 billion at Frost Investment, said in a phone interview on Sept. 10. “I’m not in that camp, but that’s one narrative that’s been played out.”
    Excerpted from Bloomberg, September 15, 2014. To view full article, click here
  • The Bond Buyer: Muni Snub from HQLA Creates Buzz Among Buy-side Analysts
    Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses municipal credits. "I do believe, on margin, this will increase the required risk premium on municipal bonds over U.S. government bonds as some banks will likely cut back their allocation to the sector," Elwick wrote in an email. "But, this does not mean banks are not going to invest in any municipal bonds going forward; it's a change on the margin in my opinion. "Certainly relative yields may increase marginally higher as banks are some of the larger buyers of some - not all -- municipal bonds. But the largest investors in the sector continue to be money managers and retail investors, and this ruling doesn't really color this sector from these two sets of investors," he added.
    Excerpted from The Bond Buyer, September 11, 2014. To view full article, click here (subscription required)
  • ThinkAdvisor: What Could Keep S&P Above 2,000?
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, comments on the S&P 500’s rise above 2,000 on August 26, 2014. “Most of the measures of prospective [economic] growth showed improvement” last week, according to Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, in an outlook report released on Tuesday. Stringfellow adds that the Future General Activity Index just hit its highest level since June 1992. “This upturn in optimism was also reflected in the New York Fed's Business Leaders Survey, with one component of the index rising to a four-year high,” he explained.
    Excerpted from ThinkAdvisor, August 26, 2014. To view full article, click here
  • Associated Press: Why Global Turmoil Hasn’t Sunk U.S. Markets. Yet.
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, says the tit-for-tat sanctions between the West and Russia over Ukraine could push the eurozone over the edge. "Unless that is resolved quickly, you could see another recession," he says.
    Excerpted from Associated Press, August 15, 2014. To view full article, click here
  • Financial Times: Wall Street bulls climb wall of worry
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, explains what is needed to incite equity growth. “For equity market growth over the ensuing 12 months, we need to see more earnings driven by organic revenue growth,” says Tom Stringfellow, president of Frost Investment Advisors.
    Excerpted from Financial Times, August 15, 2014. To view full article, click here
  • MarketWatch: Small-cap stocks will likely feel the most pain
    Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, offers insight on rising interest rates. “It’s our view that Fed tightening is bullish for equities,” Tom Stringfellow, president of Frost Investment Advisors, wrote in a recent note to clients. For longer-term investors, an analysis on Tuesday by Frost Investment Advisors of market data from 1986 through 2006 shows “stocks rising on average 18% from trough to normalized rates.” Stringfellow clarified that rising rates are good news, as long as the Federal Reserve’s policy decisions are based on economic improvement.
    Excerpted from MarketWatch, August 13, 2014. To view full article, click here
  • Live Mint: US stocks climb on economy; Europe bonds rise on ECB, Ukraine
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the decrease in jobless claims. “You’ve got labour reports coming in positive and a gap in wages starting to fill in, which makes for a more robust consumer,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “A more robust economy means an improving earnings picture.”
    Excerpted from Live Mint, August 07, 2014. To view full article, click here
  • Bloomberg News: U.S. Stocks Decline From Records Amid Rate Speculation
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the possibility of the Federal Reserve raising interest rates. “Rates are going to go up before people expect,” Tom Stringfellow, president and chief investment officer of Frost Investment Advisors LLC, said in a phone interview. “And when rates do go up, I expect some sort of a knee-jerk reaction. But I don’t believe for a moment that the Fed’s going to raise rates at a speed that derails this stable environment.”
    Excerpted from Bloomberg News, July 07, 2014. To view full article, click here
  • The Wall Street Journal: Oil Futures Post Weekly Losses
    Ted Harper, fund manager at Frost Investment Advisors, comments on the energy industry after the U.S. ruling to allow exports of a form of ultralight oil. "More of a slight modification versus a wholesale change," said Ted Harper, fund manager at Frost Investment Advisors. "I'm not sensing a big sea change in terms of attitudes around the energy industry."
    Excerpted from The Wall Street Journal, June 27, 2014. To view full article, click here (subscription required)
  • The Wall Street Journal: U.S. Stocks Close Mostly Higher
    Tom Stringfellow, chief investment officer of Frost Investment Advisors, speaks on Fed Chairwoman Janet Yellen's comments regarding the U.S. economy. "Nothing was said in terms of expectations that surprised us," he said. "There's nothing to say that [the Fed] is going to change anytime soon."
    Excerpted from The Wall Street Journal, June 19, 2014. To view full article, click here (subscription required)
  • Bloomberg News: Energy Bears Retreat as Stocks Post S&P 500’s Best Rally
    Ted Harper, fund manager at Frost Investment Advisors, weighs in on energy producers as stocks become more favorable after three difficult years in the S&P 500. “Energy was universally despised and loathed by investors in spite of the fact that valuations were very compelling,” Ted Harper, who helps manage more than $10 billion for Frost Investment Advisors LLC in Houston, said by phone on May 22. “Consistent performance by the companies will eventually erode some of the skepticism. Energy continues to look attractive.”
    Excerpted from Bloomberg News, May 27, 2014. To view full article, click here
  • The Wall Street Journal: Risk Appetite Leaves Gold in the Cold
    Ted Harper, fund manager at Frost Investment Advisors, offers insight to investors on the gold market. "Unless you're interested in gold coins or jewelry, there really is not much reason to buy gold right now," said Ted Harper, who helps manage around $10 billion at Frost Investment Advisors LLC in Houston. "There is still room on the downside before prices turn higher."
    Excerpted from The Wall Street Journal, May 19, 2014. To view full article, click here (subscription required)
  • Bloomberg News: Treasuries Irresistible to America's Banks Awash in Cash
    Jeffery Elswick, director of fixed-income at Frost Investment Advisors, provides insight on the economy as Treasuries continue to rise from losses. “The economic situation is still not fully bared out and they have to do something with their cash,” he says. “Banks have been big buyers of Treasuries. They need safe assets.”
    Excerpted from Bloomberg News, April 28, 2014. To view full article, click here.
    *Jeffery’s quote was picked up by MoneyNews.com, May 7, 2014. To view full article, click here.
  • Bloomberg News: Nasdaq Leads U.S. Stocks Lower After Amazon Results
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the markets amid Russia’s involvement in Ukraine. “The great earnings surprises from some of the big tech stocks haven’t quite been enough to bring down the wall of worry,” he says. “Russian troops are massing up at the Ukrainian border, which is enough to make people nervous about anybody with business activities in Europe. We’ve become sensitive to having too many days of gains, and eventually there has to be a move down.”
    Excerpted from Bloomberg News, April 25, 2014. To view full article, click here
  • The Wall Street Journal: U.S. Stocks End Lower
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, speaks on the importance of owning shares of companies that have growing profits and sales. "Domestic markets are attractive," Mr. Stringfellow said. "The tenor hasn't changed, and more and more people are buying into the idea that the economy is grinding up that hill."
    Excerpted from The Wall Street Journal, April 03, 2014. To view full article, click here. (subscription required)
    *Tom’s quote was also picked up by Moneynews.com, April 4, 2014. To view full article, click here.
  • MarketWatch: Investors begin bracing stock and bond portfolios for first rate hikes
    Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses his strategy for the coporate bond market. “Almost the entire sector of the corporate bond market has higher correlations,” to Treasurys, said Jeffery Elswick, fixed income manager at Frost Investment Advisors. So instead of making plays on the entire sector, Elswick said he is, “spending more time with individual idea names.”
    Excerpted from MarketWatch, March 27, 2014. To view full article, click here
  • The Bond Buyer: Fund Managers Eye Economy as They Set 2nd Quarter Strategy
    Jeffery Elswick, director of fixed income at Frost Investment Advisors, comments on the macro-economy as a guide in allocation strategy. "Our expectation is that the macro-economy will pick up some momentum heading into the spring," Elswick said. "To the extent we begin to see more tangible improvements in the U.S. economy validating that the recent pull back in economic growth has had more to do with poor weather and less to do with some other type of underlying problems, we would look to lower our average maturity closer to the six to seven-year range." Elswick added."If on the other hand, we unexpectedly see the macro-environment in the U.S. not improve even as the spring rolls around, then we would look to maintain, or even increase somewhat, our current eight-year maturity profile," he said.
    Excerpted from The Bond Buyer, March 24, 2014. To view full article, click here
  • Bloomberg News: Hedge Funds Defy Goldman as Gold Bears Thank Yellen
    Ted Harper, fund manager and senior research analyst at Frost Investment Advisors, comments on the bullion market after Federal Reserve Chair Yellen hints on the rise of interest rates in 2015 “The sentiment probably had gotten a little ahead of itself,” said Ted Harper, who helps manage more than $9 billion at Frost Investment Advisors LLC in Houston. “Gold is going to be somewhat problematic from an investment standpoint over the next six to 12 months. We’re probably looking to a relatively higher and quicker increase on rates, which is a headwind for precious metals.”
    Excerpted from Bloomberg News, March 24, 2014. To view full article, click here
  • Bloomberg News: Bond Allocation Probe Seen Symptomatic of Race for Yield
    Jeffery Elswick, director of fixed income at Frost Investment Advisors, speaks on the federal investigation into how banks allocate corporate-bond offerings. “Investors aren’t being treated equally,” said Jeffery Elswick, director of fixed-income at San Antonio-based Frost Investment Advisors, which oversees about $5 billion in fixed-income securities. “We’ve had a broker-dealer tell us there’s nothing we can do. We’ve had another say that unless we did much more volume with them in the secondary market, there was very little we could do.”
    Excerpted from Bloomberg News, March 04, 2014. To view full article, click here
  • Bloomberg News: S&P 500 Rebounds to Record as Putin Comments Ease Tension
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, provides insight on the rise of U.S. stocks as tension ease in the Ukraine. “The drop yesterday and the bounce today are indicative of a lot of nervous investors who are trying to rationalize their long positions,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said by phone. “Our investment process thesis long-term has not changed. I am still an optimist that GDP growth will be higher than what downward revisions are. There are underpinnings in the economy that are churning along.”
    Excerpted from Bloomberg News, March 04, 2014. To view full article, click here
  • Wall Street Journal: S&P 500 Marches Higher to Record Finish
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the holding pattern among investors, amid the market rally end-of-February. "We're probably going to have to see a few quarters of positive banners [on the economy] for investors sitting on the sidelines to come back into the market," said Tom Stringfellow, chief investment officer at Frost Investment Advisors, with $9.9 billion in assets under management. "We have stocks to buy, if we get cash coming in," Mr. Stringfellow added. "But I have not seen any type of wholesale movement out of cash into the market at this time."
    Excerpted from Wall Street Journal, February 27, 2014. To view full article, click here (subscription required)
  • The Wall Street Journal: Stocks Sink as Investors Retreat from Risk
    Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, weighs in on the stability of emerging markets after interest rates increased in Turkey and South Africa. “It's certainly one of those unsettling events,” said Tom Stringfellow, chief investment officer of Frost Investment Advisors, which manages $10 billion. The fund has a small allocation to emerging markets, and he said the firm hasn't decided if it will cut back.
    Excerpted from The Wall Street Journal, January 29, 2014. To view full article, click here (subscription required)
  • Barron's: Markets Trot to Eighth-Straight Weekly Gain
    "The other factors that normally influence stock prices, like inflation, profit growth, economic expansion, and housing, appear to be in decent shape," says Tom Stringfellow, president of Frost Investment Advisors."I don't see a lot of negatives out there besides that the market is at an all-time high."
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  • Bloomberg Businessweek: U.S. Stocks Drop on Default Concern Amid Budget Deadlock
    "The economy is too fragile if they push to the limit" on the debt ceiling, said Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors. "I suspect the central bank will continue with the channels and volume they’ve been going through for the last several years."
    Excerpted from Bloomberg Businessweek, October 07, 2013. To view full article, click here
  • CNNMoney: Stocks Break Five-Day Losing Streak
    Despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal. "Expectations are that a stop gap budget will once again be proposed and approved," said Tom Stringfellow, chief investment officer at Frost Investment Advisors.
    Excerpted from CNNMoney, September 26, 2013. To view full article, click here
  • The Wall Street Journal: Stocks Are Seen Braced for a Fed ‘Taper’ – But Vulnerable to Surprises
    "My guess is that they don't say that they're methodically going to withdraw from the support of the financial markets," said Tom Stringfellow, president of Frost Investment Advisors, which oversees $9.5 billion in San Antonio, Texas. "You put a program in place, and you give yourself an exit in case there are signs of a slowdown."
    Excerpted from The Wall Street Journal, September 17, 2013. To view full article, click here (subscription required)
  • MarketWatch: Treasury Yields Cap Longest Climb in Two Years
    "It's pretty transparent that ETFs, certainly in the rates market, have had to sell securities," said Jeffery Elswick, director of fixed income at Frost Investment Advisors. "When we’ve seen some of the ETFs or mutual funds sell, it translates into lower prices pretty quickly."
    Excerpted from MarketWatch, August 30, 2013. To view full article, click here
  • Barron's: Another Week, Another Record for Dow, S&P
    Ted Harper, fund manager at Frost Investment Advisors, provides his insight on stocks with increasing dividends.
    Barron's, July 13, 2013. To view full article, click here (subscription required)