Quarterly Updates

Consensus Builds, Resilience Assumed The quarter saw an improvement in market breadth, with more names participating in gains than in prior periods. AI-related equities remained a key driver of returns, particularly among large-cap companies, though volatility increased across several stocks toward quarter-end. These moves highlight the concentration risk within the theme, ...

Reading Signals Amid Shifting Themes Markets entered the final quarter of the year with a current of mixed signals. On the surface, equities pushed toward record highs, supported by persistent enthusiasm around artificial intelligence and a widely expected September rate cut from the Federal Reserve. But beneath the strength, critical questions ...

From Repricing to Reassessment April’s sharp market drawdown prompted a reset in expectations. Rather than causing a retreat, it encouraged a more deliberate reassessment of fundamentals. In the weeks that followed, both equity and credit markets regained ground, with several major indices reaching new highs by the end of the quarter. ...

Overview As we enter April, recent developments have meaningfully reshaped market sentiment. The bold tariff decision announced on April 2nd, combined with weakening consumer data and persistent inflationary pressures, has prompted a broad repricing of risk. While valuations were already elevated at the start of the year, these factors have ...

Overview Heightened volatility in August couldn’t derail stocks, and the S&P 500 closed the quarter at an all-time high. In the bond market, the three-month Treasury bill yield remained stable for much of the past year but began to decline ahead of the September Fed meeting, as expectations for a 50 ...

Overview Heightened volatility in August couldn’t derail stocks, and the S&P 500 closed the quarter at an all-time high. In the bond market, the three-month Treasury bill yield remained stable for much of the past year but began to decline ahead of the September Fed meeting, as expectations for a 50 ...