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 sees a more complex and challenging municipal market environment ahead that will require a multi-faceted strategy—more like chess than checkers—to successfully navigate.
Key Municipal Events of 2021, Solid Q4 Adds to Strong Municipal Returns in 2021, 2022 Outlook and Opportunities