Quarterly Commentary

2012

Q1 2012 • March 31, 2012 | PDF

While the economic news from foreign shores continues to invite concern, domestic economic releases have been mostly positive. Most notably, after consistently disappointing expectations since the onset of the financial crisis in 2008, employment data from the Bureau of Labor Statistics has beaten expectations ....

2011

Q4 2011 • December 31, 2011 | PDF

The market volatility experienced during the summer months carried through to the fall, with equities seeing numerous days of declines and advances greater than 1%. Despite the spike in volatility, U.S. markets performed reasonably well in the quarter....

Q3 2011 • September 30, 2011 | PDF

The equity market rallied strongly into the end of the second quarter of 2011, and this trend initially continued into the current quarter. The S&P 500 quickly posted a 2.5% gain, going from 1,320 to 1,353, and then remained in a relatively calm and tight trading range...

Q2 2011 • June 30, 2011 | PDF

Following the run-up in equity prices in the first quarter, equity markets suffered as investors weighed the impact of a spate of natural disasters (the Japanese earthquake/tsunami, flooding in Australia, etc.), the turmoil of the Arab Spring, the anticipation of the end of the Federal Reserve's long-term asset purchases...

Q1 2011 • March 31, 2011 | PDF

For the three months ended March 31, 2011, the equity markets continued their upward progress with the S&P 500 Index providing investors with a total return of 5.92%. Whether investors were influenced by Federal Reserve policy or other factors can be debated...

2010

Q4 2010 • December 31, 2010 | PDF

In 2010 we saw a close race between Growth and Value, with Value out ahead in the first half of the year, and Growth coming back in the second half. During the fourth quarter, the Russell 1000 Growth Index continued its modest momentum, outperforming the Russell 1000 Value Index...

Q3 2010 • September 30, 2010 | PDF

Growth dominated Value in the third quarter as markets shook off the Q2 2010 downturn and concerns over sovereign debt risks in Europe and at home to post positive results in the last month of the quarter. While the S&P 500 Index provided investors with...

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