2023 Q4 Quarterly Investment Report

An excerpt from our 2024 Q3 Quarterly Investment Report:

Solid corporate earnings, resilient economic growth, moderating price pressures, and the Fed’s initiation of rate cuts have combined to propel the U.S. equity market ever higher this year. Despite lofty valuations, the S&P 500 closed the quarter at a record on expectations for a continued favorable economic and earnings backdrop. Non-U.S. equities have also enjoyed strong gains, despite weakening growth. Following the announcement of a massive stimulus package, Chinese equities, which had been lagging other markets, spiked, making China the best performing equity market so far this year. Moderating inflation supported advances across sovereign bond markets in the third quarter. Credit markets also benefited from the falling yield environment. Oil prices plunged during the quarter, despite an increasingly volatile Middle East. Gold prices jumped to another record high, reflecting geopolitical concerns and central bank purchases.