Posts by Ed Raffenetti

INVESTMENT COMMITTEE COMMENTARY JULY 2021 Asset class performance in July was generally positive. An exception to this trend was emerging markets, largely driven by volatility in Chinese equities. Overcoming a mid-July dip, the S&P 500 rose 2.4% as corporate earnings largely met or exceeded expectations. Notably, real estate also had strong July performance with residential,…

INVESTMENT COMMITTEE COMMENTARY JUNE 2021 Risk assets had mixed performance in June as U.S. equities rose while foreign and emerging market equities were flat or down modestly. As we end the first half of 2021, global economies are on a solid recovery path as vaccinations continue in the U.S. and in other developed countries, particularly…

INVESTMENT COMMITTEE COMMENTARY MAY 2021 While increasing inflation concerns persist, improving global economic data fueled positive equity returns in May. Foreign developed markets were up 3.3% and outperformed their U.S. and emerging markets counterparts. Stronger economic and corporate earnings growth was already priced in U.S. equities, ahead of foreign stocks. The European economic turnaround is…

INVESTMENT COMMITTEE COMMENTARY APRIL 2021 Investment performance was positive in April as the U.S. economy continued to rebound. Central bank accommodation, consumer confidence and decreasing weekly jobless claims supported equity markets. Major stock indexes reached all-time highs during the month and closed April near those highs. Corporate earnings are one factor fueling the strong markets.…

INVESTMENT COMMITTEE COMMENTARY MARCH 2021 Performance was generally positive in March except for emerging market equities and U.S. bonds. Stocks were favored by investors as COVID-19 vaccines became available to many more people. Equity markets also looked toward easing COVID restrictions, continued accommodation by central banks, and fiscal stimulus measures supporting the economy in the…

INVESTMENT COMMITTEE COMMENTARY FEBRUARY 2021 In spite of a sell-off in the final week, equity indexes reported positive performance in February. For the month, the S&P 500 gained 2.8% while U.S. mid-cap stocks had strong performance, up 5.6%. Foreign developed equities advanced 2.3%, and emerging market equities gained 0.8%. For February, U.S. and foreign REITs…

INVESTMENT COMMITTEE COMMENTARY JANUARY 2021 After a strong fourth quarter, market performance was more muted in January. Most broad equity market indexes were down slightly. For the month, the S&P 500 dropped 1.0% while U.S. mid-cap stocks fell 0.3%. Foreign developed equities declined 1.1% while emerging market equities gained 3.1%. U.S. and foreign REITs were…

INVESTMENT COMMITTEE COMMENTARY DECEMBER 2020 2020 in Review A year ago, the outlook for 2020 was promising.  Global economic conditions were normalizing, consumer sentiment was relatively strong, and inflation was subdued.  U.S. unemployment was at a multi-decade low.  Internationally, a China trade deal was negotiated, and economic recovery was expected in the United Kingdom with…