2023 Q3 Quarterly Investment Report

Excerpt from our 2023 Q3 Quarterly Investment Report: 

Global equity markets tumbled in the third quarter, eroding the large gains of the first half of the year. Nevertheless, with the exception of China, most equity markets remain solidly positive for the year. The Chinese market has been weighed down by a sluggish post-Covid rebound, depressed consumer demand, and continued distress in the property market and financial sector. Global bond markets also sold off in the third quarter, as long-term yields rose. U.S. Treasury securities with maturities of 10 or more years were among the worst performing assets of the third quarter. U.S. investment grade corporate bond prices also declined in the quarter, while high yield bonds managed a small gain. Oil prices jumped in the third quarter in the wake of OPEC+ production cuts and lower U.S. stockpiles, adding to already strong gains. The U.S. dollar rose against most major currencies.