Category: SMID Cap Growth Commentaries

Historical commentaries are available upon request, please e-mail marketing@kennedycapital.com

SMID Cap Growth – Q1 2024 Commentary

April 23rd, 2024
Equity market returns in Q1 started the year off strongly, with large capitalization stocks continuing to outperform (Russell 1000® Index +10.3% vs. Russell 2000® Index +5.2%) and growth outperforming value (Russell 2000® Growth +7.6% vs. Russell 2000® Value +2.9%). U.S. employment levels remained robust, and monthly GDP growth continued to beat expectations. With the rate of…

SMID Cap Growth – Q4 2023 Commentary

January 22nd, 2024
Equity markets returns in 2023 were ultimately quite constructive, but the path was very volatile and dominated by expectations for interest rates. All year long, market participants were hyper-focused on every nuanced bit of news that might indicate the future path of the Fed Funds Rate, a key macro factor that will impact the depth…

SMID Cap Growth – Q3 2023 Commentary

October 23rd, 2023
Macroeconomics and interest rate levels specifically continue to dominate the factors driving equity performance. While pockets of the economy have experienced significant corrections due to normalizing consumer behavior and supply chains, overall U.S. employment levels and consumption have remained relatively steady and better than original estimates entering the year. Additionally, while the rate of inflation…

SMID Cap Growth – Q2 2023 Commentary

July 24th, 2023
U.S. equity markets shook off the brief “banking crisis” and a lackluster earnings reporting period to continue their march toward recovery, ending the half closing in on early 2022 highs with growth stocks outperforming in both large and small caps. This positive development unfolded as each subsequent month’s macro-economic data reports showed the rate of…

SMID Cap Growth – Q1 2023 Commentary

April 25th, 2023
As anticipated entering the year, macro-economic news continues to dominate the headlines and is driving a high level of equity market volatility. The year started off strong, extending the rebound that started in Q4 . . . until the strains from the record pace of interest rate increases finally caused something to “break”: two regional…

SMID Cap Growth – Q4 2022 Commentary

January 27th, 2023
While Q4 provided a welcome reprieve and possibly the first indication that we can begin to look forward to a market backdrop that is more constructive for individual stock-selection, as a whole 2022 was a disappointing year for investors, particularly those investing in growth-oriented strategies.  Excessive inflation was the main culprit – a result of…

SMID Cap Growth – Q3 2022 Commentary

October 27th, 2022
Quarter Summary: It was another difficult (and volatile) quarter for U.S. equity market returns, driven by macro factors as the peak and duration of higher interest rates continued to be debated and absorbed into both valuations and future earnings expectations. Broad inflation measures (CPI/PPI) continued to come in hot and the Federal Reserve aggressively increased…