Think of the quarter not as the beginning of a new year, but as the end of an extraordinary 12-month period. Learn where our Thematic research is leading us as we look forward.

After a year full of surprises, including remarkable stock market performance around the globe, we are positioning portfolios somewhat defensively. Learn where our thematic research is leading us in 2021.

Despite the pandemic-related fall-off in February and March, the S&P 500 recently hit an all-time high. With a difficult-to-predict economic outlook, what’s next for equity markets? Read our investment update for our perspective.

After a first-quarter plunge, equity markets rebounded in the second quarter.

We are in the midst of a healthcare crisis and a financial crisis. The combination of a rapidly spreading novel coronavirus and dramatic swings in global financial markets creates unprecedented challenges.

2019 was a good year for almost all asset classes. The S&P 500 total return of 31.5% was the second best in the last 20 years.
Important Disclosures

Despite strong returns this year, U.S. equity markets remain stuck in a relatively narrow 20% trading range that has prevailed for almost two years. Volatility has increased, but the long running tug-of-war between bulls and bears has yet to be resolved. Important Disclosures

Some have called this the most hated bull market in history. The S&P 500 Index finished the first half of 2019 at 2,942, only slightly lower than its all-time closing high of 2,954 reached on June, 20, 2019. S&P 500 six-month return, inclusive of dividends, is an impressive 18.5%, the best first half since 1996. Important Disclosures

The market has been on a wild ride. December 2018 was the worst December for the S&P 500 since 1931. Then, the first quarter of 2019 was the best first quarter in over 20 years. From sentiment to markets to economic data, there are a plethora of opposing extremes.

Just as investors were settling in for a modestly positive year, U.S. equity markets sold off sharply in the fourth quarter. The sell-off rattled market participants. In this environment, keeping our heads about us and trusting ourselves is critical to achieving long-term investment success, particularly with doubters all around us.

The S&P 500 Index generated a total return of 7.71% for the third quarter, bringing the nine month return to 10.56%.

The S&P 500 Index began 2018 with an initial surge from 2,674 to a high of 2,873 on January 26th.

The S&P 500 Index began 2018 at 2,674. It ended the first quarter at 2,641. After accounting for dividends, the S&P generated a relatively small negative return of -0.76%.

2017 was an extraordinary year for stocks. The S&P 500 generated a total return of 21.8%, and rose every single month of the year.

U.S. equity markets continued a steady climb during the third quarter of 2017.

Global equity markets rose during the first half of 2017. In fact, annualized returns are on pace for the fifth best showing in 30 years. The MSCI All Country World Index (ACWI) generated a total return of 4.45% during the second quarter of 2017, bringing its year-to-date return to 11.82%.

During the first quarter of 2017, the S&P 500 Index generated a total return of 6.07%. Almost all of the gain, 5.36%, occurred between early February and early March. Since the election, the S&P has returned slightly over 10%.

2016 was a good year for equity markets.

There has been no shortage of newsworthy events this year. We’ve endured terrorist attacks on multiple continents and a widespread epidemic, Zika.