May Monthly Commentary
It appears markets were ready to take off for the summer as the “sell in May and go away” adage took effect. Equities declined across the board amid renewed concerns around US trade policy. The S&P 500 Index came off its record high, losing 6.4% in May; emerging market equities lost even more, falling 7.3%, […]
April Monthly Commentary
Coming off a strong first quarter, stocks continued their run in April amid the Federal Reserve’s more dovish stance. The US led the way, with the S&P 500 Index increasing 4% during the month – pushing year-to-date returns to 18.2%. International equities were up 2.8%, according to the MSCI EAFE Index, while emerging market stocks […]
March Monthly Commentary
Following the market rout at the end of 2018, equities made a strong comeback in the first quarter. Risk assets pushed higher as the Fed signaled no additional rate hikes in 2019. The US led the way, with the S&P 500 Index increasing 1.9% in March; international and emerging market equities were also in the […]
February Monthly Commentary
Global equities continued their winning streak in February as concerns surrounding US economic growth faded and the outlook for a US-China trade deal improved. As a result, the S&P 500 Index increased 3.2% during the month. Chinese stocks returned 3.5%, according to the MSCI China Index, relative to broad emerging markets which rose a modest […]
January Monthly Commentary
A more dovish tone from the Federal Reserve and improving trade rhetoric between the United States and China helped stocks bounce back in January after their widespread selloff a month earlier. The S&P 500 Index gained 8.0% and small-cap US equities, as measured by the Russell 2000, returned 11.2%. Internationally, the MSCI EAFE Index rose […]
December Monthly Commentary
Global equities went out with a whimper in a year marked by volatility as ongoing trade tensions, a rising rate environment, and weaker economic data weighed on all major global equity indices. The S&P 500 Index fell 9.0% in December – logging its heftiest monthly decline since February 2001. While international and emerging markets were […]
November Monthly Commentary
Equities came up for air in November after a widespread selloff a month earlier. Emerging market stocks led the way, with the MSCI Emerging Markets Index gaining 4.1% last month as currencies broadly appreciated relative to the US dollar. In the US, value outperformed growth as technology stocks lagged. Despite the drag on performance from […]
October Monthly Commentary
Volatility made a comeback in October as a wave of risk aversion washed over markets amid rising rates in the United States, growing concerns over slowing economic growth in China, and ongoing geopolitical tensions. Equities declined with international and emerging economies faring worse than US markets. The S&P 500 Index fell 6.8% even as the […]
September Monthly Commentary
Strong economic data and positive sentiment pushed US stocks higher with the S&P 500 Index gaining 0.6% in September, bringing quarterly returns to 7.7%. Outside the US, Japan led the way with gains of 3% last month on the back of the country’s strongest job market in decades. In Europe, concerns around the United Kingdom […]
August Monthly Commentary
Non-US equities declined in August amid escalating trade tensions between the US and its major trading partners, a currency crisis in Turkey, and uncertainty in Italy. A spate of positive macroeconomic data was unable to lift the MSCI Europe Index, which fell 2.8% last month. Emerging market equities also ended lower, losing 2.7%, according to […]