Category: Q1 2024

SMID Cap Growth – Q1 2024 Commentary

April 23rd, 2024
Equity market returns in Q1 started the year off strongly, with large capitalization stocks continuing to outperform (Russell 1000® Index +10.3% vs. Russell 2000® Index +5.2%) and growth outperforming value (Russell 2000® Growth +7.6% vs. Russell 2000® Value +2.9%). U.S. employment levels remained robust, and monthly GDP growth continued to beat expectations. With the rate of…

Small Cap Growth – Q1 2024 Commentary

April 23rd, 2024
Equity market returns in Q1 started the year off strongly, with large capitalization stocks continuing to out-perform (Russell 1000® Index +10.3% vs. Russell 2000® Index +5.2%) and growth outperforming value (Russell 2000® Growth +7.6% vs. Russell 2000® Value +2.9%). U.S. employment levels remained robust, and monthly GDP growth continued to beat expectations. With the rate of…

Micro Cap Opportunities – Q1 2024 Commentary

April 23rd, 2024
Market Review The Russell Microcap® Index increased 4.68% in the first quarter of 2024, as stable economic conditions in the U.S. and a shift in sentiment toward Health Care companies drove the index higher.  After a challenging 2023, the Health Care sector led the way in the Russell Microcap® index during the quarter, returning 14.56%. …

Small Cap Select SRI – Q1 2024 Commentary

April 23rd, 2024
The Market: Entering the year, financial markets anticipated more interest rate cuts in 2024 than what the US Federal Reserve projected during their December meeting. However, throughout the quarter, strong economic growth and employment metrics persisted, while inflation levels remained stubbornly high. The combination of robust employment data and stagnant disinflation led expectations for rate…

Small/Mid Cap Core – Q1 2024 Commentary

April 23rd, 2024
The Russell 2500™ index returned 6.92% in the first quarter of 2024, with the Industrials (+11.76%) and Energy (+11.09%) sectors leading the way.  Strength in small and midcap equities was rather broad-based, with 9 out of 11 sectors delivering positive returns (Communications Services and Real Estate were the only sectors that declined in the quarter). While…

Small Cap Value – Q1 2024 Commentary

April 23rd, 2024
Equity markets posted positive returns during the 1st quarter of 2024.  For the quarter, the Russell 2000® Value (R2V) Index increased +2.90%, and the Russell 2000® Growth (R2G) Index was up 7.58%.  The spread between large cap and small cap returns continued to widen, with the Russell 1000® Index (large) returning +10.30%, compared to the…

Small Cap Select – Q1 2024 Commentary

April 23rd, 2024
The Market: Entering the year, financial markets anticipated more interest rate cuts in 2024 than what the US Federal Reserve projected during their December meeting. However, throughout the quarter, strong economic growth and employment metrics persisted, while inflation levels remained stubbornly high. The combination of robust employment data and stagnant disinflation led expectations for rate…

Small Cap Core – Q1 2024 Commentary

April 23rd, 2024
The Market  The US Federal Reserve steered market sentiment during the first quarter of 2024. Investor focus centered on the potential for a soft economic landing, the timing of interest rate adjustments, and the health of the labor market. These factors, all intertwined, significantly influenced US equity market performance. Inflationary pressures remained a constant concern.…

Mid Cap Value – Q1 2024 Commentary

April 23rd, 2024
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…

Micro Cap – Q1 2024 Commentary

April 23rd, 2024
Market Review The Russell Microcap® Index increased 4.68% in the first quarter of 2024, as stable economic conditions in the U.S. and a shift in sentiment toward Health Care companies drove the index higher.  After a challenging 2023, the Health Care sector led the way in the Russell Microcap® index during the quarter, returning 14.54%.  Within…

Extended Small Cap – Q1 2024 Commentary

April 23rd, 2024
The annual turn of the calendar, while artificial, can sometimes provide a waypoint for a change in the market’s sentiment.  Though we observed fairly significant changes as the calendar turned into 2022 and 2023, it felt much more subtle into 2024.  In our view, although the first quarter of 2024 featured a broadening out of…

ESG SMID Cap – Q1 2024 Commentary

April 23rd, 2024
The Russell 2500™ index returned 6.92% in the first quarter of 2024, with the Industrials (+11.76%) and Energy (+11.09%) sectors leading the way.  Strength in small and midcap equities was rather broad-based, with 9 out of 11 sectors delivering positive returns (Communications Services and Real Estate were the only sectors that declined in the quarter). While…

Bank Sector – Q1 2024 Commentary

April 23rd, 2024
For 1Q, the Bank Sector Strategy returned -2.38% (gross of fees) and -2.63% (net of fees) vs. the Russell 2000® Value Bank Subsector benchmark of -6.20%.  The portfolio outperformed as some of the late 2023 interest-rate-cut optimism came out of the banking sector to begin the year.  Additional performance information is included in the table below.…

SMID Cap Value – Q1 2024 Commentary

April 22nd, 2024
Equity markets posted positive returns during the 1st quarter of 2024.  For the quarter, the Russell 2500™ Value (R25V) Index increased +6.07% and the Russell 2500™ Growth (R25G) Index was up 8.51%.  The spread between large cap and small cap returns continued to widen, with the Russell 1000® Index (large) returning +10.30%, compared to the…