Category: Q2 2021

SMID Cap Growth – Q2 2021 Commentary

July 31st, 2021
The spring of 2021 in the United States was filled with hope and excitement as both consumers and the markets began to plan for a life beyond COVID-19.  Vaccination rates ramped quickly in urban areas & among the most vulnerable populations, while a second round of stimulus money further shored up consumer balance sheets and…

ESG SMID Cap – Q2 2021 Commentary

July 31st, 2021
The Russell 2500™ returned 5.4% in the second quarter of 2021 and is up 17.0% year-to-date.  Growth stocks moderately outperformed their value counterparts in the quarter, as investors seemed to embrace the premise that inflationary conditions in the near term are unlikely to drive interest rates materially higher.  The impact of government stimulus payments in…

Small Cap Select SRI – Q2 2021 Commentary

July 31st, 2021
The Market In General: US small cap stocks continued their move higher in the second quarter.  This was based on persistent positive macro trends and strong corporate earnings results.  Increasing vaccination rates continued to hasten the economic reopening around the US and additional stimulus checks sustained consumer demand.  While there is evidence of increasing input…

Small Cap Select – Q2 2021 Commentary

July 30th, 2021
The Market In General: US small cap stocks continued their move higher in the second quarter.  This was based on persistent positive macro trends and strong corporate earnings results.  Increasing vaccination rates continued to hasten the economic reopening around the US and additional stimulus checks sustained consumer demand.  While there is evidence of increasing input…

Small Cap Core – Q2 2021 Commentary

July 30th, 2021
The Market  Small cap stocks took a bit of a breather during the second quarter but maintained their year-to-date advantage over the S&P 500®.  Russell 2000® stocks have now risen for 9 consecutive months – a feat unequalled since 1983. This appears to be an evolving recognition that the pandemic impact on earnings, particularly for more…

Micro Cap – Q2 2021 Commentary

July 30th, 2021
Market Review The Russell Microcap® Index returned 4.14% in the second quarter of 2021 and has appreciated 29.02% during the first half of 2021.  Microcap has been the best performing US public equity market index thus far in 2021, outperforming the Russell 2000® and the S&P 500®. The companies we follow frequently highlight increases in…

All Cap Value – Q2 2021 Commentary

July 30th, 2021
Equity markets have come a long way back since the dramatic 34% drop in the S&P500® from mid-February 2020 thru late-March 2020. The sharp 34% decline stemmed from worries around the COVID-19 global pandemic and its negative impacts on the global economy. The S&P500® bottomed on 3/23/2020 at 2,237.40 and has since appreciated more than 92%…

Mid Cap Value – Q2 2021 Commentary

July 30th, 2021
Equities continued to move higher during the second quarter, although the pace moderated from the strong gains experienced during the beginning of the year. The KCM Mid Cap Value (MCV) composite generated a quarterly return of 4.9% (gross of fees) and 4.7% (net of fees) compared to the Russell Mid Cap® Value (RMV) index return of…

SMID Cap Value – Q2 2021 Commentary

July 30th, 2021
Equities continued to move higher during the second quarter, although the pace moderated from the strong gains experienced during the beginning of the year. The KCM Smid Cap Value (SMIDV) composite generated a quarterly return of 5.3% (gross of fees) and 5.1% (net of fees), compared to the Russell 2500™ Value (R25V) index return of…

Extended Small Cap – Q2 2021 Commentary

July 30th, 2021
The second quarter of 2021, much like the first, featured a number of sentiment shifts and what felt like largely macro-driven market movements.  We observed what we believed to be an acceleration in earnings revisions and business fundamentals, alongside a market calibrating the rate of overall economic recovery.  As a result, while there were areas…

Small Cap Growth – Q2 2021 Commentary

July 30th, 2021
The spring of 2021 in the United States was filled with hope and excitement as both consumers and the markets began to plan for a life beyond COVID-19.  Vaccination rates ramped quickly in urban areas & among the most vulnerable populations, while a second round of stimulus money further shored up consumer balance sheets and…

Small Cap Value – Q2 2021 Commentary

July 30th, 2021
Equities continued to move higher during the second quarter, although the pace moderated from the strong gains experienced during the beginning of the year. The KCM Small Cap Value (SCV) composite generated a quarterly return of 5.35% (gross of fees) and 5.12% (net of fees), compared to the Russell 2000® Value (R2V) index return of 4.56%.…