Category: Q1 2020

SMID Cap Growth – Q1 2020 Commentary

May 6th, 2020
There is no sugar coating it: it was a terrible start to the year for equity markets. We entered 2020 looking forward to stable, low interest rates, a tight U.S. labor market, and an improving global economic environment. A good backdrop for our holdings that are investing in expanding opportunities such as the digitalization of…

Small Cap Growth – Q1 2020 Commentary

May 6th, 2020
There is no sugar coating it: it was a terrible start to the year for equity markets. We entered 2020 looking forward to stable, low interest rates, a tight U.S. labor market, and an improving global economic environment. A good backdrop for our holdings that are investing in expanding opportunities such as the digitalization of…

ESG SMID Cap – Q1 2020 Commentary

May 6th, 2020
The global COVID-19 pandemic and associated derivative impacts weighed heavily on the SMID cap equity markets in the first quarter of 2020, with the Russell 2500™ declining -29.72%. Defensive sectors outperformed in the quarter, led by Health Care and Utilities. Energy and Consumer Discretionary were the biggest laggards. Growth stocks significantly outperformed value equities in…

Small Cap Select SRI – Q1 2020 Commentary

May 6th, 2020
The Market in General The U.S. equity markets were down significantly in the first quarter. This is clearly a time of great uncertainty and, therefore, a time of much volatility in the financial markets. The U.S. monetary and fiscal authorities have deployed meaningful aid to help consumers, businesses and financial markets weather the economic shutdown…

Small Cap Select – Q1 2020 Commentary

May 6th, 2020
The Market in General The U.S. equity markets were down significantly in the first quarter. This is clearly a time of great uncertainty and, therefore, a time of much volatility in the financial markets. The U.S. monetary and fiscal authorities have deployed meaningful aid to help consumers, businesses and financial markets weather the economic shutdown…

Small Cap Core – Q1 2020 Commentary

May 6th, 2020
While this is intended to be an update on the Small Cap Core composite, it is important to start with a brief firm update:  Kennedy Capital remains in a strong financial position.  We have net cash on our balance sheet, ownership of our office building, and no requirements to upstream cash to a parent or larger…

Micro Cap – Q1 2020 Commentary

May 6th, 2020
Market Review The Russell Microcap® Index declined 31.99% in the first quarter of 2020, as the impact of the global COVID-19 pandemic created an unprecedented backdrop of uncertainty in the equity markets.    While every sector in the benchmark declined during Q1, the Consumer Discretionary and Energy Sectors each came under considerable pressure.  While down, sectors driven…

Mid Cap Value – Q1 2020 Commentary

May 6th, 2020
The first quarter ended with the US and much of the rest of the world in the grips of the Coronavirus pandemic. The resulting turmoil has been and continues to be unlike anything ever experienced with large swaths of the US economy brought to a sudden standstill. While the initial government response to the virus…

SMID Cap Value – Q1 2020 Commentary

May 6th, 2020
The first quarter ended with the US and much of the rest of the world in the grips of the Coronavirus pandemic. The resulting turmoil has been and continues to be unlike anything ever experienced with large swaths of the US economy brought to a sudden standstill. While the initial government response to the virus…

Extended Small Cap – Q1 2020 Commentary

May 6th, 2020
When we wrote last quarter about the Stoic teaching to expect the unexpected and to be prepared to make the best of it, the events that transpired as we rolled through the first calendar quarter, and especially the month of March, were most definitely not what we had in mind.  After entering 2020 with the…

Small Cap Value – Q1 2020 Commentary

May 6th, 2020
The first quarter ended with the US and much of the rest of the world in the grips of the Coronavirus pandemic. The resulting turmoil has been and continues to be unlike anything ever experienced with large swaths of the US economy brought to a sudden standstill. While the initial government response to the virus…