Category: Commentaries

Historical commentaries are available upon request, please e-mail marketing@kennedycapital.com

SMID Cap Growth – Q3 2022 Commentary

October 27th, 2022
Quarter Summary: It was another difficult (and volatile) quarter for U.S. equity market returns, driven by macro factors as the peak and duration of higher interest rates continued to be debated and absorbed into both valuations and future earnings expectations. Broad inflation measures (CPI/PPI) continued to come in hot and the Federal Reserve aggressively increased…

Small Cap Select – Q3 2022 Commentary

October 27th, 2022
The Market: US equity markets experienced a volatile third quarter.  Small cap stocks were up over 18% in early August only to end the quarter down more than 2%.  The volatility was driven by investors’ hope that inflation had peaked, followed by the realization that prices continue to climb.  Core inflation, a measure of prices…

Micro Cap – Q3 2022 Commentary

October 27th, 2022
Market Review The Russell Microcap® Index declined 0.48% in the third quarter of 2022, as US Federal Reserve rate increases and concerns regarding an impending recession remained top-of-mind for many investors.  The distribution of returns by sector was significant in the quarter (a 26-percentage point spread between the best and worst), with six sectors declining by…

Small Cap Value – Q3 2022 Commentary

October 21st, 2022
US equity market performance was mixed in the third quarter of 2022, with most major market indices down low single digits on a percentage basis over the three-month period.  The Russell 2000® Value (R2V) Index declined 4.61%, the Russell 2000® Growth Index was up +0.24%, and the S&P® 500 Index fell 4.88%.  The quarter was a…

Extended Small Cap – Q3 2022 Commentary

October 21st, 2022
Summer quarters in the equity markets often present unique challenges, especially for small cap stocks.  Over the years, we’ve observed the summertime effects of market participants looking for economic or policy direction, investors being on vacation, and lighter volumes overall which can lead to exaggerated moves in share prices.  Even in relatively normal years, these…

SMID Cap Value – Q3 2022 Commentary

October 21st, 2022
US equity market performance was mixed in the third quarter of 2022, with most major market indices down low single digits on a percentage basis over the three-month period.  The Russell 2500™ Value (R25V) Index declined 4.50%, the Russell 2500™ Growth Index was down 0.12%, and the S&P® 500 Index fell 4.88%.  The quarter was…

Mid Cap Value – Q3 2022 Commentary

October 21st, 2022
US equity market performance was mixed in the third quarter of 2022, with most major market indices down low single digits on a percentage basis over the three-month period.  The Russell Midcap® Value (RMV) Index declined -4.93%, and the S&P® 500 Index fell -4.88%.  The quarter was a tale of two halves: From June 30th…

Small Cap Core – Q3 2022 Commentary

October 21st, 2022
The Market  This quarter has been a downbeat one for small cap stocks and other asset classes.  Small cap stocks, as measured by the Russell 2000®, have lost about 25% of their value this year.  The Federal Reserve has endeavored to quell inflation after a challenging stretch.  Yet, month after month in 2022, the CPI…

Small Cap Select SRI – Q3 2022 Commentary

October 21st, 2022
The Market In General: US equity markets experienced a volatile third quarter.  Small cap stocks were up over 18% in early August only to end the quarter down more than 2%.  The volatility was driven by investors’ hope that inflation had peaked, followed by the realization that prices continue to climb.  Core inflation, a measure…

ESG SMID Cap – Q3 2022 Commentary

October 21st, 2022
The Russell 2500™ index declined nearly 2.8% in the third quarter of 2022, as a market rally early in the quarter was reversed by ongoing concerns regarding interest rate increases and the possibility of a recession in 2023.  Companies with meaningful exposure to European economic conditions are beginning to experience notable demand pressure, while the bulk…

Small Cap Growth – Q3 2022 Commentary

October 21st, 2022
Quarter Summary: It was another difficult (and volatile) quarter for U.S. equity market returns, driven by macro factors as the peak and duration of higher interest rates continue to be debated and absorbed into both valuations and future earnings expectations. Broad inflation measures (CPI/PPI) continued to come in hot and the Federal Reserve aggressively increased…