Category: Q4 2020

SMID Cap Growth – Q4 2020 Commentary

January 26th, 2021
By any measure, 2020 was an extraordinary year.  In fact, it felt like three years – or at least three distinct market phases – in one.  First there was the COVID-19 shock induced recession (market decline), quickly followed by massive monetary and fiscal stimulus enacted as a bridge to re-opening (steady market repair), and finally…

Small Cap Select SRI – Q4 2020 Commentary

January 26th, 2021
The Market In General: US small cap equities surged in the fourth quarter of 2020 which allowed them to finish the year meaningfully higher.  While COVID-19 has caused economic hardship around the country, the markets have benefited from government stimulus spending, lower interest rates from a very accommodative Federal Reserve, and gradually improving commercial activity. …

Small Cap Select – Q4 2020 Commentary

January 26th, 2021
The Market In General: US small cap equities surged in the fourth quarter of 2020 which allowed them to finish the year meaningfully higher.  While COVID-19 has caused economic hardship around the country, the markets have benefited from government stimulus spending, lower interest rates from a very accommodative Federal Reserve, and gradually improving commercial activity. …

Small Cap Value – Q4 2020 Commentary

January 26th, 2021
After a remarkably strong fourth quarter, all major equity indices finished up for the year. The Kennedy Small Cap Value (SCV) composite returned 5.62% (gross of fees) and 4.69% (net of fees) for the full year compared to the Russell 2000® Value (R2V) Index which returned 4.63%. During the fourth quarter, the SCV composite increased…

Micro Cap – Q4 2020 Commentary

January 26th, 2021
Market Review The Russell Microcap® Index returned 31.39% in the fourth quarter of 2020, reflecting the significant progress with COVID-19 vaccine development and initial roll outs, low interest rates, and optimism regarding additional economic stimulus.   For the full year 2020, the Russell Microcap® has returned 20.96%.  The resurgence experienced in smaller market cap equities in…

Small Cap Core – Q4 2020 Commentary

January 26th, 2021
The Market  This was yet another unusual quarter in an unusual year for small cap stocks.  Vaccine progress, election clarity, and low interest rates all fueled remarkable returns for the equities of smaller companies.  Investors flooded into the small caps that had lagged the pandemic recovery rally, enabling the returns of the Russell 2000® to…

Mid Cap Value – Q4 2020 Commentary

January 26th, 2021
After a remarkably strong fourth quarter, all major equity indices finished up for the year. The Kennedy Mid Cap Value (MCV) composite returned 9.2% (gross of fees) and 8.4% (net of fees) for the full year compared to the Russell Midcap® Value (RMV) Index which returned 5.0%. During the fourth quarter, the MCV composite increased…

Extended Small Cap – Q4 2020 Commentary

January 26th, 2021
“But neither a bull nor a noble-spirited man comes to be what he is all at once.  He must undertake a hard winter training, and prepare himself…” – Epictetus, Stoic Philosopher In past letters, we’ve discussed the essential virtue of persistence and the notion of the investment market being a stage not of our design. …

Small Cap Growth – Q4 2020 Commentary

January 26th, 2021
By any measure, 2020 was an extraordinary year.  In fact, it felt like three years – or at least three distinct market phases – in one.  First there was the COVID-19 shock induced recession (market decline), quickly followed by massive monetary and fiscal stimulus enacted as a bridge to re-opening (steady market repair), and finally…

SMID Cap Value – Q4 2020 Commentary

January 26th, 2021
After a remarkably strong fourth quarter, all major equity indices finished up for the year. The Kennedy Smid Cap Value (SMIDV) composite returned 7.8% (gross of fees) and 7.0% (net of fees) for the full year compared to the Russell 2500™ Value (R25V) Index which returned 4.9%. During the fourth quarter, the SMIDV composite increased…

ESG SMID Cap – Q4 2020 Commentary

January 26th, 2021
SMID cap stocks capped a tremendously volatile year with robust absolute performance in the fourth quarter of 2020, with the Russell 2500™ returning 27.41%.  Value stocks outperformed growth modestly in the quarter, but lagged appreciably for the full year.  The Russell 2500™ Growth gained 40.47% in 2020 vs. just a 4.88% return for the Russell…

All Cap Value – Q4 2020 Commentary

January 26th, 2021
After a very volatile and bearish first half of the year, stocks recovered sharply during the second half of the year and pushed indices to record levels by the end of 2020. The first half of 2020 was characterized by the onset of COVID-19 which subsequently resulted in economic shut downs and significant hits to…