Large Cap Equity Fund Market Commentary

  • November 15, 2021

    3rd Quarter 2021 Large Cap Equity Fund Commentary

    U.S. equities continued their strong momentum into Q3, with the S&P 500 Index setting new record highs 15 times in the quarter’s first 32 trading days. On August 16, the S&P 500 closed more than double the March 23, 2020 close (2237.40), the fastest doubling of the index since WWII. On September 2, the S&P 500 Index closed at a new record high for the 54th time in 2021.

  • July 20, 2021

    2nd Quarter 2021 Large Cap Equity Fund Commentary

    Beginning the quarter with strong momentum, the market set 8 new record highs for the S&P 500 Index in the first 11 trading days. Q1 earnings for the S&P 500 Index came in at the highest level ever, with the majority of companies reporting positive surprises on both EPS and revenue.

  • April 23, 2021

    1st Quarter 2021 Large Cap Equity Fund Commentary

    The S&P 500 Index began 2021 at a historical high. Stocks continued to move broadly higher in January, with the S&P 500 Index notching five record highs before a week of R&R (Reddit and Robinhood) at month end erased those gains and left the S&P 500 negative for the opening month of 2021.

  • February 12, 2021

    4th Quarter 2020 Large Cap Equity Fund Commentary

    Pressured by COVID-19 stress and pre-election uncertainty, U.S. equities retreated in the last three weeks of October. Following the election in early November, equities moved higher and were further bolstered by encouraging vaccine news from both Pfizer and Moderna. The market then broadened, and value indices outperformed growth indices for the first full quarter since 2018.

  • June 30, 2020

    2nd Quarter 2020 Large Cap Equity Fund Commentary

    Fiscal and monetary largesse overcame declining income and revenue estimates and pushed equity markets higher in April, starting with an 11.3% gain for the S&P 500 Index for the week ending 4/8/20. This was the highest weekly gain for the Index since 1974. The market continued a gentle rise to month end, even as earnings disappointments were more frequent than usual.

  • March 31, 2020

    1st Quarter 2020 Large Cap Equity Fund Commentary

    Investors got a lesson in viral economics during the first quarter of 2020. A novel coronavirus (COVID-19) went unnoticed by most of the world as we celebrated the western new year. But as the Chinese (lunar) new year approached, disruptions in supply chains in China started to affect some stocks. Still, U.S. equities continued to rise, with the price for the S&P 500 Index peaking at a record high close of 3386.15 on February 19, a healthy +4.8% increase from the end of 2019.

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