Category: Q1 2022

SMID Cap Value – Q1 2022 Commentary

May 10th, 2022
During the first quarter, equities collectively finished lower as measured by most major equity indices. After a robust fourth quarter and full year in 2021, investors reacted to the prospects of higher inflation, a reduction in fiscal stimulus, an increasingly hawkish Fed position, and a new level of geopolitical risk from Russia’s invasion of Ukraine.…

SMID Cap Growth – Q1 2022 Commentary

May 10th, 2022
Don’t fight the Fed.  Small capitalization growth stocks experienced a rough start to 2022 as market participants internalized higher discount rates and slowing economic growth as it became clear that the Federal Reserve would begin to move more aggressively to combat the continued evidence of persistent inflation. Credit markets saw a rapid move upward in…

Small Cap Value – Q1 2022 Commentary

May 10th, 2022
During the first quarter, equities collectively finished lower as measured by most major equity indices. After a robust fourth quarter and full year in 2021, investors reacted to the prospects of higher inflation, a reduction in fiscal stimulus, an increasingly hawkish Fed position, and a new level of geopolitical risk from Russia’s invasion of Ukraine.…

Small Cap Select SRI – Q1 2022 Commentary

May 10th, 2022
The Market In General: The market experienced a volatile first quarter of 2022.  Investors contended with inflation data that continued to come in ahead of expectations and a US Federal Reserve that finally began to intervene by raising interest rates.  Unfortunately, the Russian invasion of Ukraine has thrown another piece into the economic puzzle.  The…

Small Cap Select – Q1 2022 Commentary

May 10th, 2022
The Market In General: The market experienced a volatile first quarter of 2022.  Investors contended with inflation data that continued to come in ahead of expectations and a US Federal Reserve that finally began to intervene by raising interest rates.  Unfortunately, the Russian invasion of Ukraine has thrown another piece into the economic puzzle.  The…

Small Cap Growth – Q1 2022 Commentary

May 10th, 2022
Don’t fight the Fed.  Small capitalization growth stocks experienced a rough start to 2022 as market participants internalized higher discount rates and slowing economic growth as it became clear that the Federal Reserve would begin to move more aggressively to combat the continued evidence of persistent inflation. Credit markets saw a rapid move upward in…

Small Cap Core – Q1 2022 Commentary

May 10th, 2022
The Market  While we generally expected the economy to bounce back as the pandemic eased, there have been a few surprises.  Housing and other consumer-driven spending have been resilient in our view.  Consumer debt/credit transactions have risen 31% from the same period in 2019, which we view as a remarkable statistic reflecting the unabashed loosening…

Mid Cap Value – Q1 2022 Commentary

May 10th, 2022
During the first quarter, equities collectively finished lower as measured by most major equity indices. After a robust fourth quarter and full year in 2021, investors reacted to the prospects of higher inflation, a reduction in fiscal stimulus, an increasingly hawkish Fed position, and a new level of geopolitical risk from Russia’s invasion of Ukraine.…

Micro Cap – Q1 2022 Commentary

May 10th, 2022
Market Review The Russell Microcap® Index declined 7.60% in the first quarter of 2022, in line with small cap’s (Russell 2000®) decline of 7.53% and lagging the S&P500®’s decline of 4.60%. For the Russell Microcap® Index, the strength in commodity prices resulted in Energy and Materials being the strongest sectors. Within Energy, the impact from the…

Extended Small Cap – Q1 2022 Commentary

May 10th, 2022
The transition from Q421 to Q122 carried with it some elements of déjà vu from last year’s turn of the year.  After strong returns to close out 2021, the first quarter of 2022 saw a return to macro-driven forces and a volatile market, much like the start of 2021.  Likewise, we witnessed a return of…

ESG SMID Cap – Q1 2022 Commentary

May 10th, 2022
The Russell 2500™ index declined 5.82% in the first quarter of 2022, as the uncertainty caused by Russia’s invasion of Ukraine and heightened expectations of a more restrictive U.S. monetary policy weighed on investor sentiment.  Companies continue to grapple with supply chain challenges and labor availability constraints, though the latter appear to be improving as we…