Month in Review: September 2016

September closed out the third quarter on a relatively positive note with global equities posting respectable gains. Small caps continued to outperform large caps in September, maintaining the technical leadership they began to assert back in July. From a sector standpoint, technology and energy maintained the market leadership they displayed throughout the third quarter, highlighting the rotation out of first half 2016 winning sectors of utilities and telecoms into some more aggressive sectors of the market. ...

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Month in Review: August 2016

Global equity markets in August managed to post marginally positive returns with emerging markets (+2.5%) again outpacing developed markets (+0.3%). After a double digit loss to begin the year, emerging markets have rallied strongly, posting year to date gains of over 16% which is 7% higher than the average returns for developed markets. U.S. equity markets in August managed to hold onto small gains as the back half of the month gave back nearly all of ...

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Month in Review: July 2016

July was a boon for market bulls, a very solid month for equities across both developed and emerging markets. Interestingly, there were no significant central bank accommodations announced during the month to drive market rallies, but expectations and indications of policy support in England and Europe certainly provided market participants a push of confidence. The ECB, BoJ, BoE, and Federal Reserve all held steady on rates in July. Active QE programs in Japan and Europe continued ...

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Month in Review: June 2016

June was anything but sleepy. Last month may well be the month that will stand out, looking back 10 years from now, as the beginning of the new or the end of the old European Union. It was also a notable month from the perspective of the Fed. Overall, it was a market that was very favorable for fixed income and mixed for equities, depending on currency and geographic region.

The June ...

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Month in Review: May 2016

May continued the trend of the past couple of months, posting positive results in general. The U.S. led the way in the global equity markets while global interest rates continued their decent toward all-time record low yields. International equity markets meaningfully lagged the U.S. as various external forces again made U.S. capital markets more attractive on a relative basis. As the month drew to a close, much of the market narrative began to focus on the ...

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Month in Review: April 2016

With April in the rearview mirror, 2016 is officially one-third completed, and what a four months it has been. Volatility in January and February was followed by a recovery in March and continued recovery in April. April kicked off the second quarter with relatively encouraging returns across global equities, high yield debt, and commodities despite an uptick in volatility during the last week of the month.

The month was not friendly to ...

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Month in Review: January 31st, 2016

Gold, long duration U.S. Treasuries and the U.S. dollar were all strong performers in a month where a continued oil price collapse and concerns surrounding slowing Chinese growth weighed on market psychology. Were it not for a furious rally in the final week of January, the already ‘red’ numbers engulfing risk assets would have been all the more uninspiring. Market drivers on the month were essentially a higher pitched version of the same narrative that closed out the year – ...

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Month in Review: December 31, 2015

December saw markets limp to the finish line to close out a relatively challenging year for investors as concerns surrounding monetary policy, Chinese fundamentals, and commodity/currency volatility dominated the conversation. As has been the case for several years, central bank policy maneuvers grabbed headlines and drove markets.

Overall, U.S. equities fell 1.5%-5.05% with smaller stocks underperforming larger blue chip cap names. Non-U.S. markets fell in a similar fashion but were penalized more ...

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Month in Review: September 30th, 2015

Global markets limped into September with the swift August correction still freshly in the rearview mirror. The first half of the month saw a short lived relief rally give way to worries over global trade, resulting in a weak finish to wrap up the worst quarter for U.S. equities in the past four years.

The primary focus of the month was the lead-up to and digest of the September 17th FOMC announcement ...

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