Category: Mid Cap Value Commentaries

The Russell Midcap® Value Index (RMV) delivered strong returns in the second quarter of 2026, largely driven by optimism regarding a resolution to the hostilities in the Middle East and remarkably robust absolute performance in the Information Technology sector (up 58.7% in the quarter).  While Tech represented just 15% of the RMV Q2, the sector was…

Equity markets delivered mixed returns in the first quarter of 2026, with the S&P 500® declining >4%, the Russell 2000® index up modestly and the Russell Midcap Value (RMV) Index up 3.68%.  Solid absolute returns in January and February were somewhat offset by a sell-off in March associated with the effects of the conflict in the…

Equity markets generated positive returns in the 4th quarter of 2025, with the Russell Midcap® Value (RMV) Index up 1.42%.  On a full year 2025 basis, the index returned 11.05%.  The Kennedy Capital Mid Cap Value (MCV) composite declined 1.07% (net of fees) during the quarter, trailing the RMV by 248 bps.  Additional performance information is…

Equity markets rose sharply during the 3rd quarter of 2025, with the Russell Midcap® Value (RMV) Index up 6.18%.  Small cap equities significantly outperformed large caps during the quarter, with the Russell 2000® rising 12.39% compared to the Russell 1000® Index return of 7.99%.  The Kennedy Capital Mid Cap Value (MCV) composite returned 2.67% (net of fees)…

Equity markets were sharply higher during the 2nd quarter of 2025.  Large caps outperformed small caps over the three-month period, with the Russell 1000® Index up 11.11%, compared to the Russell 2000® Index up 8.50%.  The Kennedy Mid Cap Value (MCV) composite returned 2.12% (gross of fees) 1.98% (net of fees) during the quarter, trailing the…

Equity markets were weaker during the 1st quarter of 2025.  The Russell Midcap® Value (RMV) Index fell 2.11%.  Large caps outperformed small caps over the three-month period, with the Russell 1000® Index down 4.49%, compared to the Russell 2000® Index down 9.48%.  The Kennedy Capital Mid Cap Value (MCV) composite returned -3.95% (gross of fees) and…

Equity market performance was mixed in the 4th quarter of 2024.  The Russell Midcap® Value (RMV) Index declined 1.7%, while the S&P 500® Index (S&P) rose 2.4%.  Performance was robust in November (RMV +7.4%) following Donald Trump’s victory in the 2024 Presidential election.  Potential for less regulation, increased M&A activity, and faster economic growth under a…

Equity market performance was robust during the 3rd quarter of 2024.  For the quarter, the Russell Midcap® Value (RMV) Index increased 10.1%.  Small caps notably outperformed large caps, with the Russell 2000 up +9.3% versus the Russell 1000 return of +6.1%.  Markets were lifted by the Federal Reserve’s decision to reduce the Federal Funds rate by…

The Kennedy Capital Mid Cap Value (MCV) composite declined 9.05% (net of fees) during the quarter, versus a decline of 3.40% for the Russell Midcap® Value Index (RMV).  For the rolling 12-month period, the MCV composite returned 10.95% (net of fees), compared to the RMV’s return of 11.98%. Additional performance information included in the table…

Equity markets posted positive returns during the 1st quarter of 2024.  The spread between large cap and small cap returns continued to widen, with the Russell 1000® Index (large) returning +10.3%, compared to the Russell 2000® (small) up +5.2%.  Not surprisingly, mid cap returns were in between, with the Russell Midcap® Value Index (RMV) posting a…

Equity markets rose sharply during the 4th quarter of 2023.  The Russell Midcap® Value (RMV) index was up 12.1%, and all indices posted strong gains.  Markets reacted positively to the Federal Reserve’s decision to hold its policy rate in the 5.25 – 5.50% range, as well as commentary from Fed Chair Jerome Powell suggesting we have…

All major U.S. equity market indices posted negative returns during the 3rd quarter of 2023.  The spread between large cap and small cap returns remains historically wide.  Year-to-date, the Russell 1000® Index (large) is up +13.0%, compared to the Russell 2000 (small) up +2.5%.  The Kennedy Mid Cap Value (MCV) composite declined -4.19% (net of fees)…

Equity markets saw broad-based strength during the second quarter of 2023. For the quarter, the Russell Midcap® Value (RMV) Index increased 3.86%, the Russell 2000® Index was up 5.21%, and the S&P 500® Index increased 8.74%.  The Kennedy Capital Mid Cap Value (MCV) composite rose 7.48% (gross of fees) and 7.31% (net of fees) during the…

Equity market performance was volatile throughout the first quarter of 2023, but the Russell Midcap® Value (RMV) Index ended up with a positive result, increasing 1.3%.  The Kennedy Capital Mid Cap Value (MCV) composite rose 5.8% (net of fees) during the quarter, outperforming the RMV by 446 basis points.  For the rolling 12-month period, the MCV…

Fourth quarter 2022 equity market performance was a lone bright spot in what was a challenging year for returns across all major asset classes.  For the quarter, the Russell Midcap® Value (RMV) Index rose 10.5%, and the S&P® 500 Index (S&P) increased 7.6%.  In contrast, for the year, the RMV declined -12.0%, and the S&P declined…

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…