Category: Q3 2021

SMID Cap Growth – Q3 2021 Commentary

November 1st, 2021
The third quarter saw equity markets grow increasingly cautious with a shift toward “quality” and away from unprofitable and/or consumer discretionary exposure.  Small capitalization Health Care was the worst performing sector, largely due to the high percentage of non-profitable companies in this area.  This development is not wholly unexpected at this stage of the recovery…

SMID Cap Value – Q3 2021 Commentary

November 1st, 2021
For the three months ended September 2021, the KCM SMID Cap Value Composite experienced a return of -0.73% (gross of fees) and -0.92% (net of fees) as compared to Russell 2500™ Value, which returned -2.07%. For the year-to-date period ended September 2021, the KCM SMID Cap Value Composite experienced a return of 25.79% (gross of…

Small Cap Value – Q3 2021 Commentary

November 1st, 2021
For the three months ended September 2021, the KCM Small Cap Value Composite experienced a return of -0.98% (gross of fees) and -1.20% (net of fees) as compared to Russell 2000® Value, which returned -2.98%. For the year-to-date period ended September 2021, the KCM Small Cap Value Composite experienced a return of 27.97% (gross of…

Small Cap Growth – Q3 2021 Commentary

November 1st, 2021
The third quarter saw equity markets grow increasingly cautious with a shift toward “quality” and away from unprofitable and/or consumer discretionary exposure.  Small capitalization Health Care was the worst performing sector, largely due to the high percentage of non-profitable companies in this area.  This development is not wholly unexpected at this stage of the recovery…

Small Cap Core – Q3 2021 Commentary

November 1st, 2021
The Market  While small cap stocks did come under some pressure during the third quarter, the Russell 2000® has risen 12.41% this year.  Investors are still learning new lessons about the pandemic’s reach this year.  Few had contemplated the logistical complexities that could result as demand for goods and services tilted higher.  We – and the…

Small Cap Select SRI – Q3 2021 Commentary

November 1st, 2021
The Market In General: US small cap stocks declined in the three months ending September 30th, slightly giving back some of the strong performance they posted over the previous five quarters.  This move happened as these past summer months saw an uptick in the Covid-19 Delta variant, mounting pressures on global supply chains, and a…

Small Cap Select – Q3 2021 Commentary

November 1st, 2021
The Market In General: US small cap stocks declined in the three months ending September 30th, slightly giving back some of the strong performance they posted over the previous five quarters.  This move happened as these past summer months saw an uptick in the Covid-19 Delta variant, mounting pressures on global supply chains, and a…

Mid Cap Value – Q3 2021 Commentary

November 1st, 2021
For the three months ended September 2021, the KCM Mid Cap Value Composite experienced a return of 0.42% (gross of fees) and 0.24% (net of fees) as compared to Russell Midcap® Value, which returned -1.01%.  For the year to date ended September 2021, the KCM Mid Cap Value Composite experienced a return of 21.51% (gross…

Micro Cap – Q3 2021 Commentary

November 1st, 2021
Market Review The Russell Microcap® Index returned -4.98% in the third quarter of 2021 and has appreciated 22.59% thus far in 2021.  Microcap continues to be one of the best performing US public equity market indices in 2021, outperforming the Russell 2000® by over 1,000 basis points and the S&P 500® by 700 basis points. The…

Extended Small Cap – Q3 2021 Commentary

October 29th, 2021
We’ve written previously about the unique challenges often present for summer quarters in the equity markets, especially for small cap stocks.  Historically, we’ve observed this primarily due to the market looking for economic or policy direction, many investors being on vacation, and volumes tending to be lighter, which can lead to conflicting or exaggerated signals…

ESG SMID Cap – Q3 2021 Commentary

October 29th, 2021
The Russell 2500™ index declined 2.68% in the third quarter of 2021 and has appreciated 13.83% year-to-date.  Demand remains robust across most sectors of the economy, as the ongoing benefits of government stimulus and the relaxation of COVID-19 restrictions have underpinned growth.  While the absolute performance of small and mid-cap equities has been solidly positive…