May Monthly Commentary
The adage, “Sell in May and go away,” did not hold in 2025 as global equities posted strong returns on the back of a broad de-escalation in tariff rhetoric following news of a 90-day tariff truce between the U.S. and China, an agreement with the U.K. to cut tariffs, and delayed implementation of a 50% […]
April Monthly Commentary
Global equities moved sharply lower at the beginning of April on the heels of stiff tariffs announced by the U.S. administration. On April 2, President Trump declared a 10% baseline tariff rate on imported goods from all countries and higher reciprocal tariffs on around 60 countries and regions with which the U.S. has significant trade […]
March Monthly Commentary
Equities retreated in March amid a flurry of headlines around tariffs, and weakening sentiment among households, consumers and small businesses. The heightening concern around growth and inflation is in contrast to an otherwise solid showing by the U.S. economy: headline consumer price inflation for February rose a modest 0.2% reflecting a 2.8% increase over the […]
February Monthly Commentary
In another noisy month for markets, a flurry of headlines around potential policy changes from the Trump Administration fueled widespread uncertainty, weighing down sentiment and reigniting concerns around economic growth. As a result, U.S. equities underperformed their global counterparts and value equities outperformed growth stocks. Notably, the S&P 500 Index fell 1.3% in February, with […]
Investment Guidelines of the Common Endowment Fund
On our February 25 Quarterly Investor Call, we received several questions from Congregations regarding the investment guidelines of the Common Endowment Fund (CEF’s)– notably around weapons, human rights and energy. As mentioned on the call, we promised a follow-up post to UUCEF.org summarizing the relevant guidelines, with the entire list available in the posted Investment […]
January Monthly Commentary
Markets began the year on a rocky note but ended the month in the black across most major indexes. During this period, U.S. equities were up 2.8% with value stocks leading the way. Growth and AI-related stocks stumbled on the news that DeepSeek’s AI model could potentially produce results similar to its peers at significantly […]
December Monthly Commentary
Markets ended the year with a whimper in December as post-election euphoria waned in the United States. Domestic equities finished the month down 2.4% with value stocks bearing the brunt of the losses with declines of 6.8%; meanwhile, growth stocks eked out gains of 0.9%. Small-cap equities continue to lag, falling 7.5% in December. Global […]
November Monthly Commentary
Following the U.S. elections, markets were quick to digest a mix of higher growth but potentially inflationary policies around tariffs, taxes, immigration and deregulation. In response, U.S. equities significantly outperformed in November with small-cap stocks leading the charge in anticipation of a more favorable regulatory and tax environment; the Russell 2000 Index was up 11% […]
October Monthly Commentary
Global markets were spooked in October as nearly all major stock and bond indexes ended the month in the red. During this period, the S&P 500 was down 0.9% with smaller-cap equities underperforming amid declines of 1.4% in the Russell 2000 Index. Non-U.S. stocks took a deeper dive with a strong U.S. dollar. The MSCI […]
June Monthly Commentary
Markets surged in June, setting new records, amid fading concerns around tariffs, and the passing of Trump’s so-called Big Beautiful Bill. During this period, the S&P 500 gained 5.1%, hitting a new high. Small-cap equities led the way with the Russell 2000 up 5.4%; growth outperformed value with the Russell 1000 Growth returning 6.4% compared […]