Commentary and Research Papers
2024
2024
According to our preliminary results, the Small Capitalization Portfolio Composite was up 12.12%, net of fees, for the quarter, slightly behind the 14.03% gain for the Russell 2000 Index and the 15.26% gain of the Russell 2000 Value Index1. For the year, the Portfolio Composite was up 12.53%, net of fees, versus up 16.93% for the Russell 2000 Index and up 14.65% for the Russell 2000 Value Index.
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2024
2024
Stocks posted their second consecutive month of robust gains, as a powerful two month rally off of the late October lows pushed the quarterly and annual returns solidly into positive territory. The reason for December’s rally was similar to that for the previous month’s rally: another favorable inflation reading that led observers to see disinflation in the data, with the Fed following up with increasingly dovish comments.
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2024
2024
After nearly a decade of underperformance, is the tide finally shifting in favor of small cap stocks? For a host of reasons (primarily, rising interest rates and exogenous economic concerns), investors have been hesitant to scale down the market cap ladder, leaving many high-quality small cap stocks under-owned and undervalued.
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2023
2023
Stocks rebounded in November, posting robust returns across the board after three consecutive weak months. November was not only the best month for the market since July 2022, but it was the second-best November since 1980. The main driver of such strong gains during the month was a meaningful decline in yields.
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2023
2023
It was another difficult month for stocks in October, with unsettling developments on the macroeconomic, political and geopolitical front taking a toll on investor sentiment. In early October, the world was shocked by events in the Middle East, namely Hamas’ brutal attack on Israeli citizens. The subsequent furious response by Israel’s military led to fears of a wider war involving other Arab countries, with negative implications for oil prices and overall global economic growth. This conflict comes on top of already-existing tensions with China and the continued destructive implications from the Russia-Ukraine war.
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2023
2023
Central banks are determined to slow the economy in an ongoing effort to control inflation. Despite this, conditions have remained resilient with +3% growth expected in the third quarter. This is both the bear case and the bull case for the stock market. Both statements are true, and the conflict was evident throughout the quarter.
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