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Funds Commentary

Limited Partnership Funds

 
 
April 2023 Commentary

A mere gently slowing economy and ‘sticky’ inflation combined to cause late April, Q1 S&P 500 (SPX) earnings to print better than recently lowered estimates. This ‘beat’, combined with investor positioning focused on not wanting to miss the traditional ‘Fed is done’ rally, catalyzed the +2.87% surge in stocks during the last two trading days of the month, enabling the SPX to print a 2nd consecutive positive month.

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March 2023 Commentary

A confluence of factors continues to catalyze choppy, rangebound markets as investors strive to determine whether the Fed will be able to bring inflation under control prior to the U.S. economy falling into a recession. The convergence of the two lines inside the yellow oval on the far right of the 60+ year graph below speaks to this dilemma facing fundamental investors. On the one hand, the Fed’s main inflation metric surprised last month (white line, right axis) to the upside, while last week’s ISM Manufacturing Index (red line, left axis) screamed recession.

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February 2023 Commentary

The first two trading days of February for the S&P 500 exhibited the same fear of missing out (FOMO) activity that played a significant role in fuelling the big move higher in stocks during January. Thereafter, slowing inflation (bullish), but not at a fast enough pace (bearish), provided fodder for both the bulls and the bears, keeping equities range-bound until mid-month when a stream of divergent data caused equities to ultimately succumb, giving back roughly half of their January gains.

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January 2023 Commentary

January kicked off 2023 with equity markets continuing to exhibit the same ‘chop’ that characterized 2022. However, unlike many months last year, likely only dedicated short sellers or investors sitting mostly in cash complained at last month’s action. The price of stocks and bonds surged for three reasons.

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