Steve Bruno, CFA

    Q1 2021: Market Commentary

    The broad US Bond market was down over 3.3% for the quarter, with Treasury prices sinking the most since 1980. The long end of the Treasury yield curve (20+ years) was down 13.5% for the quarter. Other areas of the fixed income markets such as Preferreds, High Yields and International bonds were +/- less than 1.0%, thus avoiding the carnage which occurred in the US Treasury market. Despite rising bond yields, the S & P 500 was up over 6.0% for the quarter, though the NASDAQ Composite was up a more modest 3.0%. Size continued to play a major role as small caps again outperformed large caps with the Russell 2000 up 13.0%. Value outperformed Growth again this quarter with cyclically sensitive stocks such as Industrials, (+12%), Basic Materials (+10%) and Energy (+30%) continuing to outperform the early Pandemic favorites such as Technology(+3%) and Consumer Staples (+3%). Commodities continued to outperform, appreciating another 14.0% during the quarter, as the inflation concerns we talked about last year have become a major area of focus among investors.

    Everything Rally

    Q4 2020: Everything Rally

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