Category: Q2 2022

SMID Cap Growth – Q2 2022 Commentary

August 2nd, 2022
Quarter Summary: Equity markets experienced significant declines in the second quarter of 2022.  The dynamics driving this were largely a continuation of the shocks that began in the 1st quarter. The invasion of Ukraine by Russia stretches into its 5th month and is a major source of commodity inflation worldwide (particularly grain and energy feedstocks).…

Small Cap Growth – Q2 2022 Commentary

August 2nd, 2022
Quarter Summary: Equity markets experienced significant declines in the second quarter of 2022.  The dynamics driving this were largely a continuation of the shocks that began in the 1st quarter. The invasion of Ukraine by Russia stretches into its 5th month and is a major source of commodity inflation worldwide (particularly grain and energy feedstocks).…

ESG SMID Cap – Q2 2022 Commentary

August 2nd, 2022
The Russell 2500™ index declined nearly 17% in the second quarter of 2022, as inflation worries, higher interest rates, and investor anticipation of a pending recession all weighed on equity prices.  Our intra-quarter conversations with portfolio companies and prospective holdings indicate that the primary area of demand weakness resides only in certain consumer-oriented industries at this…

Small Cap Select SRI – Q2 2022 Commentary

August 2nd, 2022
The Market In General: The dynamics in the 2nd quarter of 2022 were largely a continuation of the themes that began early this year.  Commodity price fluctuations, supply chain troubles, and sporadic Covid-19 spikes remained economic headwinds.  Unfortunately, these events exacerbate the greatest economic concern:  inflation.  Over the last several months the inflationary data continued…

Small Cap Select – Q2 2022 Commentary

August 2nd, 2022
The Market In General: The dynamics in the 2nd quarter of 2022 were largely a continuation of the themes that began early this year.  Commodity price fluctuations, supply chain troubles, and sporadic Covid-19 spikes remained economic headwinds.  Unfortunately, these events exacerbate the greatest economic concern:  inflation.  Over the last several months the inflationary data continued…

Small Cap Core – Q2 2022 Commentary

August 2nd, 2022
The Market  We expect that this quarter will resound with investors for many years to come.  The word “inflation” seems to have replaced “pandemic” as the media go-to and for water-cooler conversations — a relief in some respects, but it brings along its own heavy weights.  What is inflation, and why does it matter to…

Micro Cap – Q2 2022 Commentary

August 2nd, 2022
Market Review The Russell Microcap® Index declined 18.96% in the second quarter of 2022, with broad-based inflation and recession fears dominating equity investors’ thought processes.  A flight to safety resulted in Utilities being the only Russell Microcap® sector with a positive return in the quarter (up 2.65%), as even the “safe haven” of Consumer Staples dropped…

All Cap Value – Q2 2022 Commentary

August 2nd, 2022
The first half of 2022 experienced some of the worst inflation in decades, resulting in a sharp increase in interest rates along with a sharp decline in stock and bond valuations. The acceleration in inflation stemmed from both demand-pull inflation and cost-push inflation. The demand-pull inflation came from excessive fiscal and monetary stimulus which helped…

Mid Cap Value – Q2 2022 Commentary

August 2nd, 2022
US equity markets sold off sharply during the second quarter of 2022, with all major US equity indices declining double digits.  The Russell Midcap Value (RMV) Index fell 14.68%, outperforming the S&P 500® Index, which declined 16.10%.  The Kennedy Capital Mid Cap Value (MCV) composite declined 14.03% (Gross) and declined 14.18% (Net) during the quarter,…

SMID Cap Value – Q2 2022 Commentary

August 2nd, 2022
US equity markets sold off sharply during the second quarter of 2022, with all major US equity indices declining double digits.  The Russell 2500™ Value (R25V) Index fell 15.39%, outperforming the Russell 2500™ Growth and S&P® 500 indices, which declined 19.55% and 16.10%, respectively.  The Kennedy Capital SMID Cap Value (SMCV) composite declined 14.63% (Gross)…

Extended Small Cap – Q2 2022 Commentary

August 2nd, 2022
Following a macro-driven environment in the first quarter of 2022, which included exogenous impacts like the invasion of Ukraine, we had anticipated the potential for somewhat better visibility into the economic path looking forward in the second quarter.  We instead experienced a quarter that featured rapid shifts in the assessment of inflationary pressures, Fed policy,…

Small Cap Value – Q2 2022 Commentary

August 2nd, 2022
US equity markets sold off sharply during the second quarter of 2022, with all major US equity indices declining double digits.  The Russell 2000 Value (R2V) Index fell 15.28%, outperforming the Russell 2000® Growth and S&P 500® indices, which declined 19.25% and 16.10%, respectively.  The Kennedy Capital Small Cap Value (SCV) composite declined 13.51% (Gross)…