Market Commentary

First Quarter Commentary 2023

Despite turmoil in the banking industry in the early weeks of March, global equity markets rallied in Q1 with the S&P 500 and MSCI ACWI up 7.5% and 7.3%, respectively. The end point is a bit perplexing since markets had to digest the 2nd largest bank failure in U.S. history and the shotgun marriage of Credit Suisse and UBS.

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Fourth Quarter 2022 Commentary

Despite the lack of a Santa Claus market rally, equity and fixed income markets found some relief during the 4th quarter. U.S. equities were up 7.6% and fixed income increased 1.9% to cap an otherwise horrid year for investors in public equity and fixed income markets.

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Third Quarter 2022 Commentary

Financial markets in the third quarter of 2022 were unsettled and volatile. While the Federal Reserve marched rates higher at a steep clip, trends for both equity and credit markets changed multiple times intra-quarter as investors reacted to data and repositioned portfolios.

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Second Quarter 2022 Commentary

The second quarter of 2022 was marked by a rapid increase in interest rates in response to elevated inflation readings and a steep fall in market multiples. These market dynamics led to a number of “historic” data points to the chagrin of both equity and credit investors. 

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First Quarter 2022 Commentary

There was no shortage of macro themes to dominate the headlines in the first quarter of 2022 with inflation rising to 40-year highs, the Federal Reserve’s first interest rate increase since December 2018, and the brutal invasion of Ukraine by Russia.

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Fourth Quarter 2021 Commentary

Strong returns in U.S. equity markets reigned throughout the year outpacing international markets.

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Third Quarter 2021 Commentary

Global equity markets treaded water over the third quarter, rising in July and August only to give it all back — and more — in September.

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Second Quarter 2021 Commentary

Interest rate gyrations and inflation worries drove market trends in the first half of the year.

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