Insights & Commentary
Fitch Downgrades US Treasury Debt to AA+, 10yr Reaches Highest Yield Since 2007 on Resilient Economic Data
Yields Rose and the Inversion Lessened in August
Fed Hikes in July, US GDP Strength Lifts Long Treasury Yields
Yields Were Steady in July, Curve Inversion Persists
While the portfolio underperformed its benchmark in Q2, stock indices and the portfolio rose in the second quarter and capped off a solid first half of the year.
Growth stocks underperformed value style stocks in both international developed and emerging markets, but significantly outperformed value in the U.S. market. The Funds underperformed their benchmarks during the quarter.
Curve Inversion Persists as Rates Rise in Q2
Treasury Yields Rise and Curve Inversion Deepens as Fed Skips June Hike but Maintains Hawkish Stance
Tax-exempt Yields Rise and the Curve Flattens in May
Treasury Yields Climb on Resilient Economic Data, Fading Regional Bank Concerns and Debt Ceiling Uncertainty
Treasury Yields Stabilize Despite Sticky Inflation Data and Looming Debt Ceiling Uncertainty
Municipal Yields Rise as the Curve Inverts Further in April
The portfolio outperformed the Russell 2500 Growth Index in Q1 2023. Our strategy is off to a nice start in 2023, driven by numerous stocks across several sectors
The portfolio outperformed the Russell MidCap® Growth Index in Q1, where strength was fairly broad-based and relatively consistent during the risk-on/risk-off trading behavior of the overall market.
Our Funds outperformed their benchmarks in Q1; a rotation back to growth stocks led equity markets with stock selection driving the funds’ strong performance.
An era of low inflation and low interest rates has ended. Inflation is running at its fastest pace in decades in many places, and a range of central banks are pushing rates quickly higher.
Municipal Yields Decline in Q1 Led by Sharply Lower Rates in March
Large Market Swings as Fed Forced to Balance Inflation Fight with Financial Stability Concerns
Treasury Yields Rose in February on Stronger than Expected Growth and Inflation Data
Tax-exempt Rates Rose in February, Reversing the January Decline
Solid Start to 2023 as Pace of Fed Rate Hikes Slow and Flows Turn Positive
Favorable Supply/Demand Backdrop Provides Strong Start for Municipals in 2023
The portfolio underperformed the Russell 2500 Growth Index in Q4 2022, where relative gains in some sectors were offset by relative declines in several others.
The portfolio underperformed the Russell MidCap® Growth Index in Q4, where the collective drag of several challenged sectors offset outperformance in other areas.
2022 Taxable Bond Market Review
Chautauqua's growth funds ended the year with a strong fourth quarter. Health care stocks led the way as our funds delivered solid Q4 returns.
2022 Municipal Market Review
Worldwide investing offers an expanded opportunity set.
Impressive Decline in Tax-exempt Rates in November
Bond Market Rallies Sharply on Additional Signs of Cooling Inflation
The portfolio underperformed the Russell 2000 Index fractionally during the quarter but has meaningfully outperformed the benchmark year-to-date.
Treasury Yields Climb Further as the Prospect for Additional Tightening Remains Intact
Rates March Higher with a Steepening Bias
The portfolio slightly underperformed in Q3 mostly due to its style positioning versus the benchmark, the Russell 2500 Growth Index.
The portfolio outperformed the Russell MidCap® Growth Index in Q3, where the benchmark started positive but ended negative after rising rates and murky economic outlook news.
As global stocks continued to suffer from inflation and supply chain disruptions during the period, Chautauqua's International and Global Growth Funds outperformed their benchmarks.
Treasury Yields Reach New 2022 Highs in September Capping a Difficult Quarter for Bonds
Rates Higher and Curve Flatter in Q3 on Committed Fed
Bond Yields Rise on Strong Data and Hawkish Fed Messaging
Municipal Rates Rise Led by Short-term Maturities, Flattening the Curve
Real GDP Declines in Back-to-Back Quarters, Fixed Income Rallies Sharply
Rates Fall Across Curve, Strong State Credits – Case in Point: Florida
Higher Rate Trend Continues in Q2, Municipal Curve Steepens
Upside Inflation Surprise Emboldens Hawkish Fed, Odds of Recession Rise
Investment Grade Bond Prices Rise as Fed Tightening Cools Economic Data
Mid-Month Pivot in Municipal Yields and Industry Fund Flows
Higher yields a bright spot for bond investors
Bond Yields Climb as a More Hawkish Fed Signals Steepest Hiking Cycle Since Mid-1990s
Inflation and Outflows Cause Parallel Shift Higher in Municipal Curve
Fed Rate Hikes Officially Begin, Treasury Yields Surge in March Capping a Difficult Quarter
Sharp Rate Rise, Curve Flattening Significantly Improves Tax-exempt Income and Valuations
Russian Invasion of Ukraine Moves Markets, Credit Spreads Wider in February, Returns Negative
Rates Rise and Curve Flattens on Fed and Geopolitical Uncertainty, Municipal Credit Strength Limits Spread Widening, Negative Returns in February on Rising Rates; Lower-Quality Underperforms
After years of consistent outperformance, Growth stocks have lagged Value stocks since November 2020. Will this rotation to Value represents a secular change in market leadership?
Fed Articulates Faster Path of Policy Tightening to Fight Inflation; Yields Climb Sharply, Credit Spreads Widen; Agency RMBS Model Changes, January Returns Negative Across the Board
Liquidity Fades on Selling Pressure Driving Municipal Yields Sharply Higher, Puerto Rico Exits Bankruptcy, Sharply Negative Returns to Start 2022
Baird Advisors reflects on the economy and fixed income markets in their latest outlook.
The Advantages of Higher Interest Rates for Fixed Income Investors