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In this issue of Stable Value Analyst Insights, we provide a summary of the key amendments adopted by the U.S. Securities and Exchange Commission (SEC) to the money market fund rules.
Founding Managing Partner, Karl Tourville discusses how stable value has a proven track record of providing attractive, consistent performance over a variety of market cycles and economic conditions—even in a rising rate environment.
In this issue of
Fixed Income Perspectives:
Galliard’s Chief Investment Strategist, Richard Merriam, and Taxable Municipal specialists, Brandon Kanz and Will Moeller, discuss Galliard’s perspective and differentiators in the municipal space.
More than 230 institutional investors rely on Galliard for the successful management of their fixed income and stable value investments. Over the years, our clients recognize that Galliard has consistently adhered to a proven investment philosophy and has delivered expected results.
Learn more about Fixed Income and Stable Value at Galliard.



  • Assets under
    Over $90.2 billion
  • Over 239 institutional clients nationwide


  • GDP growth improved to a +1.4% pace in Q2; a drawdown in business inventories held back an otherwise strong quarter.
  • In Q3, the pace of hiring picked up and the global economic outlook improved somewhat.
  • We continue to view it as likely that the Fed will raise rates at its December meeting.


  • Decent economic data out of the U.K. and China calmed fears that the Brexit vote would destabilize the global economy; stocks and commodities staged a relief rally.
  • U.S. Treasuries and other safe-haven government bonds saw yields rise (prices fall) as investor demand shifted to higher-yielding assets, including corporates and Agency MBS.

Stable Value Masterclass Video on Asset TV, October 2016

Karl Tourville, Founding Managing Partner of Galliard Capital Management, along with three other industry experts, Warren Howe of MetLife, Karen Chong-Wulff of ICMA Retirement Corporation, and Jim King of Prudential, participated in an Asset TV Masterclass panel discussing stable value. Watch the video to learn more about the stable value asset class, how stable value performs with respect to rising interest rates, and what plan sponsors can expect from stable value in the current market environment.


Money Market Reform Spurs Renewed Interest in Stable Value

Money Market Reform coverMONEY MARKET FUND REFORM has altered the capital preservation landscape and has led to a renewed interest in stable value from defined contribution plan sponsors who utilize money market mutual funds (or “money market funds”). In this issue of Stable Value Analyst Insights, we provide a summary of the key amendments adopted by the U.S. Securities and Exchange Commission (SEC) to the money market fund rules. We also highlight key differences between money market funds and stable value funds. Lastly, we revisit the compelling case for stable value as a defined contribution capital preservation option. The SEC amendments to the money market fund rules did not directly impact stable value. However, we believe the impact of reform on money market funds further strengthens the case for stable value as an optimal principal preservation choice compared to money market funds.

Read Money Market Reform and Stable Value

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