August Monthly Commentary
Major asset classes mostly gained in August as volatility that crept into the marketplace in late July receded amid light late-summer trading. Global bond yields inched lower on the month, highlighted by German Bund 10-year yields hitting record lows at 0.88%. US Treasury yields followed suit despite modestly positive economic news, providing a further tailwind […]
July Market Commentary
Most asset classes finished in the red in July as volatility crept up at the end of the month to levels last seen in April. Global equities tumbled as escalating conflict around the globe overshadowed strong economic data in the US. Investors were rattled by heightened tensions in Ukraine fueled by the shooting down of […]
June Market Commentary
As we cross the half way mark for 2014, global equity markets are seemingly telling a familiar story. The MSCI World Index has clocked 15.7% in average annual returns over the past five years, placing 2014’s year-to-date gains of 6.2% just under that pace. Despite this familiar pattern, markets have taken an unorthodox path so […]
May Market Commentary [PDF]
Global equities continued their steady march upward in May amid tame economic growth, subdued inflation, and historically low volatility among asset classes. Emerging market stocks led the way, with the MSCI EM Index up 3.5%. Domestic small cap stocks partially reversed the selloff in April with the Russell 2000 gaining 0.8%. Following the trend in […]
September Market Commentary
Global stock markets posted strong gains in September as the Federal Reserve delayed plans to taper its accommodative monetary policy, tensions eased in the Middle East, and several emerging markets showed signs of stability. The S&P 500 climbed toward a return of 20% for the year-to-date period while smaller company shares have advanced even further […]
August Market Commentary
Global equity markets were pulled lower in August by concerns around an impending “tapering” of accommodative monetary policy in the US, and fears of escalating conflict in Syria affecting global energy supplies. Led downward by the shares of smaller companies, US stocks underperformed non-US equity, reversing a trend that held for most of the year […]
September Monthly Commentary
Over the course of this year we have noted that divergent global central banking policies will likely have a dramatic effect on the near term investment landscape. This notion was on display in September as the Federal Reserve appeared steadfast in its plan to wind down quantitative easing while the European Central Bank announced partial […]