Market Insights

    Q3 2021 Market Commentary

    After rising relatively uninterrupted since last November, US equities took an overdue breather in the third quarter. As shown in the table below, the S&P 500 was up a meager 0.6% in the quarter, with the Russell Midcap Index falling by 0.9% and the small-cap Russell 2000 Index faring worse with a negative 4.4% return. Commodities continued to do well this year, gaining 6.6% in the quarter, adding to its stellar year-to-date (YTD) return of 29.1% (as per the Bloomberg Commodity Index). In fact, the best performing asset classes YTD have been those that historically benefit from an inflationary environment, namely equities, real estate (REITs) and commodities. However, non-US equities remain laggards, in large part due to the buoyant US dollar and brewing concerns about China’s economic growth.

    Everything Rally

    Q4 2020: Everything Rally

    The “Everything Rally” continued during the fourth quarter of 2020 – well, almost everything as...