Led by the ‘price momentum’ factor which had its best quarterly performance in 20 years, the S&P 500 exited March posting its 50th consecutive day at least one standard deviation above its 50-day moving average for only the 12th time during the past 100 years. For all the talk of tightened monetary policy, liquidity remains abundant and appears to be a key driver for stocks. The +10.16% YTD price return for the S&P500 can be split between the M7 (37% or 3.76% of the gain from this 29% share of the market) and the S&P 493 (63% or +6.4% from the remaining 71% of the S&P’s total market cap). This more recently balanced return profile is evident from the far right side of the relative strength graph below of the equal weighted SPX to the market weighted SPX. After reviewing the performance of our funds, this note will touch on inflation and the upcoming Presidential election.
Alternative asset manager offering investment solutions that find a balance between asset protection and capital enhancement.
Alternative asset manager offering investment solutions that find a balance between asset protection and capital enhancement.