Category: Q1 2023

As anticipated entering the year, macro-economic news continues to dominate the headlines and is driving a high level of equity market volatility. The year started off strong, extending the rebound that started in Q4 . . . until the strains from the record pace of interest rate increases finally caused something to “break”: two regional…

As anticipated entering the year, macro-economic news continues to dominate the headlines and is driving a high level of equity market volatility. The year started off strong, extending the rebound that started in Q4 . . . until the strains from the record pace of interest rate increases finally caused something to “break”: two regional…

The Russell 2500™ index returned 3.5% in the first quarter of 2023, as strong performance in technology, industrial, and consumer stocks more than offset the impact of disruptions experienced in the banking sector.  The failure of Silicon Valley Bank – the nation’s 16th largest at the time – is likely to create reverberations through the financial…

The Market In General: The market continued to experience increased volatility during the first quarter of 2023.  At the outset of the year, the primary macroeconomic factors affecting the market were inflation concerns and the US Federal Reserve’s commitment to raising interest rates.  As expected, the Fed implemented rate hikes, but attention soon shifted to…

The Market In General: The market continued to experience increased volatility during the first quarter of 2023.  At the outset of the year, the primary macroeconomic factors affecting the market were inflation concerns and the US Federal Reserve’s commitment to raising interest rates.  As expected, the Fed implemented rate hikes, but attention soon shifted to…

The Market  While the markets were focused on how the Federal Reserve might modulate economic growth in 2023, an attack came from the blindside.  An abrupt bank crisis developed, helping the Fed cool the economy without slamming on its own brakes.  As we and others have described and discussed this crisis in various forums already,…

Market Review The Russell Microcap® Index declined 2.83% in the first quarter of 2023 as liquidity concerns in the regional and community bank industry drove equity valuations lower, particularly in the month of March.  Microcap regional banks declined nearly 18% during March as the disruption in the industry took center stage.  Seven of the 11 Russell…

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…

Equity market performance was mixed during the first quarter of 2023.  For the quarter, the Russell 2500™ Value (R25V) Index increased 1.40%, the Russell 2500™ Growth (R25G) Index was up 6.54%, and the S&P 500® Index (S&P) increased 7.46%. The Kennedy Capital Smid Cap Value (SMCV) composite rose 1.56% (net of fees) during the quarter, outperforming…

With seeming parallels to last year’s first quarter, the opening stanza of 2023 again heavily featured macro-driven forces resulting in a fairly volatile market, punctuated by reversals in sentiment outweighing company fundamentals.  There was even a ‘surprise’ market shock partway through the quarter – the deposit pressure-led bank ‘crisis’ that hit in early March –…

Equity market performance was mixed during the first quarter of 2023.  For the quarter, the Russell 2000® Value (R2V) Index declined 0.66%, the Russell 2000® Growth (R2G) Index was up +6.07%, and the S&P® 500 Index (S&P) increased 7.46%.  The Kennedy Capital Small Cap Value (SCV) composite rose 0.09% (net of fees) during the quarter, outperforming…