2015 3rd Quarter Commentary

2015 3rd Quarter Commentary

During the quarter, equity markets experienced the first significant correction since 2011. After a swift 12% decline, the S&P 500 rebounded, ending the period down 6.4%. Recent growth in the U.S. economy has surprised to the upside. Global growth and markets, specifically China, were the source of concern. The Federal Reserve delayed its first interest rate increase, citing concerns that international and financial developments could hurt the U.S. economy. The expectation is that rates will be increased later this year. For now, the markets are wrestling with uncertainty surrounding the Fed and global growth, and healing from this correction will likely take a while. We expect volatility to remain elevated for the remainder of the year, and we have liquidated or reduced a number of investments that we have less confidence in. For now, we view this correction as an opportunity to add to our most compelling names, although we are watching for signs of deteriorating fundamentals.


Download the 2015 3rd Quarter Commentary