Category: Small Cap Value Commentaries

Equity markets were robust during the 2nd quarter of 2026.  The Russell 2000® Value (R2V) Index increased 17.19% and the Russell 2000® Growth (R2G) Index increased 25.71%.  Small caps outperformed large caps, with the Russell 2000® Index up 22.49%, compared to the Russell 1000® Index up 10.33%.  Q2 Small cap market performance was narrow, with index…

Equity market performance was mixed during the 1st quarter of 2026.  The Russell 2000® Value (R2V) Index rose 4.96% while the Russell 2000® Growth (R2G) Index declined 2.81%.  Small caps outperformed large caps over the three-month period, with the Russell 2000® Index up 0.89%, compared to the Russell 1000® Index down 4.18%.  The Kennedy Capital Small…

Equity markets generated positive returns in the 4th quarter of 2025.  The Russell 2000® Value (R2V) Index rose 3.26%, the Russell 2000® Growth (R2G) Index was up 1.22%, and the S&P 500® Index (S&P) rose 2.66%.  Small cap equities generated steady performance in Q4 despite concerns around the impact of the government shutdown and softening labor…

Equity markets rose sharply during the 3rd quarter of 2025.  The Russell 2000® Value (R2V) Index rose 12.60%, and the Russell 2000® Growth (R2G) Index rose 12.19%.  Small cap equities significantly outperformed large caps during the quarter, with the Russell 2000® rising 12.39% compared to the Russell 1000® Index return of 7.99%.  The Kennedy Capital Small…

Equity markets were sharply higher during the 2nd quarter of 2025.  The Russell 2000® Value (R2V) Index rose 4.97%, and the Russell 2000® Growth (R2G) Index rose 11.97%.  Large caps outperformed small caps over the three-month period, with the Russell 1000® Index up 11.11%, compared to the Russell 2000® Index up 8.50%.    The Kennedy Capital Small…

Equity markets were weaker during the 1st quarter of 2025.  The Russell 2000® Value (R2V) Index fell 7.74%, and the Russell 2000® Growth (R2G) Index declined 11.12%.  Large caps outperformed small caps over the three-month period, with the Russell 1000® Index down 4.49%, compared to the Russell 2000® Index down 9.48%.  The Kennedy Capital Small Cap…

Equity market performance was mixed in the 4th quarter of 2024.  The Russell 2000® Value (R2V) Index declined 1.06%, the Russell 2000® Growth (R2G) Index was up 1.70%, and the S&P 500® Index (S&P) rose 2.41%.  Small cap performance was robust in November (R2V +9.6%) following Donald Trump’s victory in the 2024 Presidential election.  Potential for…

Equity market performance was robust during the 3rd quarter of 2024.  For the quarter, the Russell 2000® Value (R2V) Index increased 10.15%.  Small caps notably outperformed large caps, with the Russell 2000® up 9.27% versus the Russell 1000® return of 6.08%.  Markets were lifted by the Federal Reserve’s decision to reduce the Federal Funds rate by…

Equity market performance was mixed during the 2nd quarter of 2024.  For the quarter, the Russell 2000® Value (R2V) Index declined 3.64%, and the Russell 2000® Growth (R2G) Index declined 2.92%.  Large cap performance outpaced small caps, with the Russell 1000® up 3.57% over the period.  The Kennedy Capital Small Cap Value (SCV) composite returned -2.85% net…

Equity markets posted positive returns during the 1st quarter of 2024.  For the quarter, the Russell 2000® Value (R2V) Index increased +2.90%, and the Russell 2000® Growth (R2G) Index was up 7.58%.  The spread between large cap and small cap returns continued to widen, with the Russell 1000® Index (large) returning +10.30%, compared to the…

Equity markets rose sharply during the 4th quarter of 2023.  The Russell 2000® Value (R2V) Index increased 15.26%, the Russell 2000® Growth (R2G) Index was up 12.75%, and the S&P 500® Index (S&P) rose 11.69%.  Markets reacted positively to the Federal Reserve’s decision to hold its policy rate in the 5.25-5.50% range, as well as commentary…

Equity markets posted negative returns during the 3rd quarter of 2023.  For the quarter, the Russell 2000® Value (R2V) Index declined 2.96%, the Russell 2000® Growth (R2G) Index was down 7.32%, and the S&P 500® Index (S&P) fell 3.27%.  The spread between large cap and small cap returns remains historically wide.  Year to date, the…

Equity markets saw broad-based strength during the second quarter of 2023. For the quarter, the Russell 2000® Value (R2V) Index increased 3.18%, the Russell 2000® Growth (R2G) Index was up +7.05%, and the S&P® 500 Index (S&P) increased 8.74%.  The Kennedy Capital Small Cap Value (SCV) composite rose 4.95% (gross of fees) and 4.73% (net of…

Equity market performance was mixed during the first quarter of 2023.  For the quarter, the Russell 2000® Value (R2V) Index declined 0.66%, the Russell 2000® Growth (R2G) Index was up +6.07%, and the S&P® 500 Index (S&P) increased 7.46%.  The Kennedy Capital Small Cap Value (SCV) composite rose 0.09% (net of fees) during the quarter, outperforming…

Fourth quarter 2022 equity market performance was a lone bright spot in what was a challenging year for returns across all major asset classes.  For the quarter, the Russell 2000® Value (R2V) Index rose 8.42%, the Russell 2000® Growth (R2G) Index was up 4.13%, and the S&P® 500 Index (S&P) increased 7.56%.  In contrast, for the year,…

US equity market performance was mixed in the third quarter of 2022, with most major market indices down low single digits on a percentage basis over the three-month period.  The Russell 2000® Value (R2V) Index declined 4.61%, the Russell 2000® Growth Index was up +0.24%, and the S&P® 500 Index fell 4.88%.  The quarter was a…