Large Cap Equity Fund Market Commentary

  • January 23, 2019

    4th Quarter 2018 Large Cap Equity Fund Commentary

    After impressively powering through a wall of worry in Q3, equity markets abruptly began Q4 by falling sharply in October. The S&P 500 Index then oscillated to a slight gain in November, while December ushered in yet another round of sharp losses. Not only did a Santa Claus Rally fail to materialize, the S&P 500 Index produced its weakest Christmas Eve ever. However, the day after Christmas was far merrier for investors, with the S&P 500 Index generating its largest one-day gain since March 2009 and the Dow Jones Industrial Average posting its first ever 1,000 point up day.

  • September 30, 2018

    3rd Quarter 2018 Large Cap Equity Fund Commentary

    Trade disputes, political drama, and rising interest rates could not hold back U.S. stocks during Q3. The S&P 500 Index posted a Q3 return of +7.71%, its best quarterly return since 2013. Growth outperformed value by wide margins across all market cap ranges. Indeed, the Russell 1000 Growth Index generated a total return 347 bps higher than the Russell 1000 Value Index in Q3, bringing the year-to-date growth over value gap to over 1300 bps.

  • June 30, 2018

    2nd Quarter 2018 Large Cap Equity Fund Commentary

    Stocks moved higher in Q2, though changes in investor concerns caused the movement to come in waves. The S&P 500 Index posted positive returns in all three months to finish the quarter with a +3.43% total return. The earnings season was strong, with almost 83% of companies beating or meeting consensus estimates, as the positive impact of the corporate tax rate reduction helped drive S&P 500 Index operating earnings 26% above the same quarter last year.

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