Category: Q4 2021

All Cap Value – Q4 2021 Commentary

January 26th, 2022
During the second half of 2021, equity markets continued to move higher at a steady pace allowing the S&P 500® to finish the year up 26.9%.  Equity market appreciation for 2021 fought through numerous headwinds including supply chain disruptions, increasing inflation and disruption from the new COVID-19 pandemic variants of Delta and Omicron. Support for…

Extended Small Cap – Q4 2021 Commentary

January 26th, 2022
We turn most years with a combination review of the past 12 months receding in the mirror and an assessment of the economy and markets as we enter the year ahead, most often with a healthy dose of humility thrown in.  We try to remind ourselves (and our readers!) about the importance of listening to…

Micro Cap – Q4 2021 Commentary

January 26th, 2022
Market Review The Russell Microcap® Index declined 2.66% in the fourth quarter of 2021, resulting in a full year return of +19.34%.  Microcap stocks outperformed their small cap counterparts modestly in 2021 but lagged the S&P 500® for the full year.   The solid absolute performance from US equities in 2021 was achieved in spite of unique…

Mid Cap Value – Q4 2021 Commentary

January 26th, 2022
Equity markets closed out 2021 with generally positive returns for the fourth quarter. For the fourth quarter, the Kennedy Capital Mid Cap Value (MCV) composite returned 8.8% (gross of fees) and 8.6% (net of fees) compared to the Russell Midcap® Value (RMV) Index which returned 8.5%. For the full year, the MCV composite increased 32.2% (gross…

Small Cap Select – Q4 2021 Commentary

January 26th, 2022
The Market In General: US small cap stocks rose slightly in the fourth quarter.  While corporate earnings were generally strong, rising inflation received the bulk of investor attention.  In the face of stronger inflation data, the US Federal Reserve announced an acceleration to the end of their bond buying and forecasted a more aggressive interest…

Small Cap Select SRI – Q4 2021 Commentary

January 26th, 2022
The Market In General: US small cap stocks rose slightly in the fourth quarter.  While corporate earnings were generally strong, rising inflation received the bulk of investor attention.  In the face of stronger inflation data, the US Federal Reserve announced an acceleration to the end of their bond buying and forecasted a more aggressive interest…

Small Cap Core – Q4 2021 Commentary

January 26th, 2022
The Market  Small Cap stocks rose in the quarter, with the Russell 2000® ending the year 14.82% higher than it began.  We certainly view this as a respectable result for small cap stocks, although large caps generally outperformed as evidenced by the 26.5% rise in the Russell 1000®.  A similar dynamic took place in the…

Small Cap Growth – Q4 2021 Commentary

January 26th, 2022
Persistent, not transitory.  In Q4, that descriptor could be applied to several key areas: COVID-19 (and its variants), logistical bottlenecks, lower labor participation . . . and as a result, it also applied to one of the most important variables the market has been monitoring, inflation.  While inflation can, and has been, allowed to run…

Small Cap Value – Q4 2021 Commentary

January 26th, 2022
Equity markets closed out 2021 with generally positive returns for the fourth quarter. For the fourth quarter, the Kennedy Capital Small Cap Value (SCV) composite returned 11.36% (gross of fees) and 11.12% (net of fees) compared to the Russell 2000® Value (R2V) Index which returned 4.36%. For the full year, the SCV composite increased 42.51%…

SMID Cap Value – Q4 2021 Commentary

January 26th, 2022
Equity markets closed out 2021 with generally positive returns for the fourth quarter. For the fourth quarter, the Kennedy SMid Cap Value (SMidV) composite returned 11.8% (gross of fees) and 11.5% (net of fees) compared to the Russell 2500™ Value (R25V) Index which returned 6.4%. For the full year, the SMidV composite increased 40.6% (gross…

SMID Cap Growth – Q4 2021 Commentary

January 26th, 2022
Persistent, not transitory.  In Q4, that descriptor could be applied to several key areas: COVID-19 (and its variants), logistical bottlenecks, lower labor participation . . . and as a result it also applied to one of the most important variables the market has been monitoring, inflation.  While inflation can, and has been, allowed to run…

ESG SMID Cap – Q4 2021 Commentary

January 26th, 2022
The Russell 2500™ index returned 3.82% in the fourth quarter of 2021 and appreciated a robust 18.18% in 2021.  The similar refrains of input cost inflation, parts shortages, logistics challenges, and labor constraints were present throughout the quarter.  Logistics issues were the most frustrating for many management teams, as the disruptions associated with a lack of…