Category: Small Cap Value Commentaries

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)…

During the first quarter, equities collectively finished lower as measured by most major equity indices. After a robust fourth quarter and full year in 2021, investors reacted to the prospects of higher inflation, a reduction in fiscal stimulus, an increasingly hawkish Fed position, and a new level of geopolitical risk from Russia’s invasion of Ukraine.…

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%…

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…

Equities continued to move higher during the second quarter, although the pace moderated from the strong gains experienced during the beginning of the year. The KCM Small Cap Value (SCV) composite generated a quarterly return of 5.35% (gross of fees) and 5.12% (net of fees), compared to the Russell 2000® Value (R2V) index return of 4.56%.…

Equities continued their strong performance during the first quarter of 2021, as investors continued their enthusiasm for companies expected to benefit from a stimulus driven reopening of the US economy. The KCM Small Cap Value composite generated a return of 22.66% (gross of fees) and 22.39% (net of fees) compared to the Russell 2000® Value…

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…

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)…

The second quarter saw a sharp recovery in equities from the lows experienced near the end of the first quarter. All major equity indices posted double-digit returns with large-cap growth stocks and the technology weighted NASDAQ leading the way with returns greater than 30%. For the quarter, the KCM Small Cap Value (SCV) Composite returned…

The first quarter ended with the US and much of the rest of the world in the grips of the Coronavirus pandemic. The resulting turmoil has been and continues to be unlike anything ever experienced with large swaths of the US economy brought to a sudden standstill. While the initial government response to the virus…

The fourth quarter saw positive returns for US equities to close out 2019 with a strong year for equity performance with most major equity indices up at least 20%. During the quarter, the Small Cap Value (SCV) Composite increased 7.70% (gross of fees) and 7.46% (net of fees) compared to the Russell 2000® Value (R2V) index…

Much like the second quarter, the third quarter saw muted returns for equities overall, but not without increasing volatility. For the third quarter, the Small Cap Value (SCV) composite increased 0.28% (gross of fees) and 0.05% (net of fees) compared to the Russell 2000® Value (R2V) index which declined 0.57%. Year to date, the SCV…

The second quarter saw modest but positive returns for US equities due to solid performance in June. The Small Cap Value (SCV) composite increased 3.01% (gross of fees) and 2.79% (net of fees) for the quarter compared to 1.37% for the Russell 2000® Value (R2V) index. Year-to-date, the SCV composite has increased 17.37% (gross of…

Equity markets began 2019 with a strong recovery from the sharp selloff experienced at the end of last year. In reaction to signs of a slowing global economy, the Federal Reserve along with most global central banks have reversed course from the rate increases and quantitative tightening path they had been following. While economic uncertainties…

The fourth quarter saw all equity indices sharply lower, as investors had multiple concerns to digest. The Federal Reserve has continued on the path of raising its target for short-term interest rates based upon the strength of the labor markets and the return of 2% inflation. Most Central banks, including the Fed, have curtailed bond…

Equity markets continued to produce gains during the 3rd quarter with all major US equity indices generating positive returns. During the 3rd quarter, the Small Cap Value composite increased 0.53% (gross of fees) and 0.31% (net of fees) while the Russell 2000® Value Index increased 1.60%. Year-to-date, the Small Cap Value composite has increased 2.45%…

The first quarter of 2018 brought a return of volatility to equity markets, and delivered negative returns for the Russell 2000® Value Index for only the second time in the past 10 quarters. For the quarter, the KCM Small Cap Value Composite generated a return of -2.87% (gross of fees) and -3.08% (net of fees)…

Equity markets remained volatile during the second quarter as tariffs and trade wars have increased global uncertainty. The increased volatility witnessed so far in the first half of 2018 stands in sharp contrast to the relatively non-volatile markets experienced in 2017. For the second quarter, the Small Cap Value Composite increased 4.92% (gross of fees)…