Category: Q3 2020

ESG SMID Cap – Q3 2020 Commentary

October 30th, 2020
Accommodating monetary policy and signs of progress in combatting the COVID-19 pandemic resulted in small and mid-cap investor optimism in Q3 2020, with the Russell 2500™ appreciating 5.88%.  Growth stocks have dominated 2020 thus far, with the Russell 2500™ Growth index up  11.58% year-to-date while the Russell 2500™ Value index has declined 18.38% over this time…

Small Cap Core – Q3 2020 Commentary

October 30th, 2020
The Market  This was an unusual quarter for small cap stocks.  Loss-making, highly levered, low ROIC stocks led the market.  The Russell 2000® Growth rose 7.2% in the third quarter, while the S&P 500® outpaced it again, jumping nearly 9%.  It is eye-opening to see that – in this pandemic-impacted world – the Russell 1000® Growth…

Micro Cap – Q3 2020 Commentary

October 30th, 2020
Market Review The Russell Microcap® Index returned 3.7% in the third quarter of 2020, reflecting a balance of ongoing economic and political uncertainty with optimism regarding a potential resolution to the COVID-19 pandemic. The US Federal Reserve’s commitment to a sustained accommodative monetary policy has also served to buoy equity valuations.  The Russell Microcap® has…

Extended Small Cap – Q3 2020 Commentary

October 30th, 2020
As the year grinds ahead, we find ourselves adding layers of market-perceived risks to our analysis of the economy, market, and individual stocks – on top of the fiscal and economic response to the coronavirus and the progression of the pandemic itself.  Our market calculus continues to return projections with nonlinear outcomes, but also significant…

SMID Cap Growth – Q3 2020 Commentary

October 30th, 2020
While the path remains volatile, the market continued its march toward recovery in the quarter.  And the same dynamics again won out in the end: growth beat value, large beat small.  However, when you peel back the covers you can see that some of the constituents behind the strength varied this time around.  With Consumer…

Small Cap Growth – Q3 2020 Commentary

October 30th, 2020
While the path remains volatile, the market continued its march toward recovery in the quarter.  And the same dynamics again won out in the end: growth beat value, large beat small.  However, when you peel back the covers you can see that some of the constituents behind the strength varied this time around.  With Consumer…

SMID Cap Value – Q3 2020 Commentary

October 27th, 2020
Equity markets continued to generate gains during the third quarter with all major equity indices higher. During the quarter, the SMid Cap Value (SMIDV) Composite increased 5.1% (gross of fees) and 4.9% (net of fees), while the Russell 2500™ Value (R25V) Index increased 3.5%. Year to date, the SMIDV composite has declined -14.4% (gross of…

Small Cap Select SRI – Q3 2020 Commentary

October 27th, 2020
The Market in General: The equity markets continued their upward rebound in the third quarter.  At a high level, these moves were driven by a positive outlook regarding the recovery of the economy.  Industrial and services demand indicators turned positive and states continued to ease COVID-19 related restrictions.  Along with this, the market looked to…

Small Cap Value – Q3 2020 Commentary

October 27th, 2020
Equity markets continued to generate gains during the third quarter with all major equity indices higher. During the quarter, the Small Cap Value (SCV) Composite increased 2.24% (gross of fees) and 2.01% (net of fees), while the Russell 2000® Value (R2V) Index increased 2.56%. Year to date, the SCV composite has declined 19.14% (gross of fees)…

Small Cap Select – Q3 2020 Commentary

October 27th, 2020
The Market in General: The equity markets continued their upward rebound in the third quarter.  At a high level, these moves were driven by a positive outlook regarding the recovery of the economy.  Industrial and services demand indicators turned positive and states continued to ease COVID-19 related restrictions.  Along with this, the market looked to…

Mid Cap Value – Q3 2020 Commentary

October 27th, 2020
Equity markets continued to generate gains during the third quarter with all major equity indices higher. During the quarter, the Mid Cap Value (MCV) Composite increased 6.6% (gross of fees) and 6.5% (net of fees), while the Russell Midcap® Value (RMV) Index increased 6.4%. Year to date, the MCV composite has declined -10.5% (gross of fees)…