2023

Baird Advisors Shares Timely Insights for Bond Investors

Treasury Yields Decline Sharply on Market Hopes for 2024 Rate Cuts and Economic Soft Landing

Massive Rally in November; Municipals Outperform Treasuries

Trend of Rising Yields Continues as Inflation Remains Above Target and Term Premium Rises

Yields Trend Higher and Curve Steepens Led by Rise in Long-term Rates

Equity markets took a step down in the quarter, giving back a portion of first half gains.

The portfolio underperformed the Russell 2000 Index during the quarter. Market performance remained narrow and again heavily favored larger capitalization stocks.

Equity markets took a step down in the quarter, giving back a portion of first half gains. A notable run-up in interest rates reflecting still above trend inflation, a healthy labor market with rising wage rates, and a growing concern about the domestic fiscal situation was too much for stocks to handle.

Fixed income team provides insights on bond market and outlook for investors.

Third quarter ended much differently than it started as growing acceptance of globally higher rates for longer resulted in markets finishing negative. In this environment, the Funds underperformed their benchmarks.

Chautauqua addresses China-specific risks and how we select companies in our international and global portfolios.

Yields Rise Sharply in September and Q3; Steepening Trend Reduces Curve Inversion

Yields Rise Sharply as Fed Reinforces Higher for Longer Messaging on Stronger Than Expected Growth and Sticky Inflation

Yields Rose and the Inversion Lessened in August

Fitch Downgrades US Treasury Debt to AA+, 10yr Reaches Highest Yield Since 2007 on Resilient Economic Data

Yields Were Steady in July, Curve Inversion Persists

Fed Hikes in July, US GDP Strength Lifts Long Treasury Yields

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.

The portfolio underperformed the Russell 2000 Index during the quarter. However, the Fund remains modestly ahead of the index YTD, and continues to demonstrate a strong, longer-term track record.

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 2000 Index in Q1 2023. Equity markets were resilient despite increased volatility in the small-cap arena.

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.

Large Market Swings as Fed Forced to Balance Inflation Fight with Financial Stability Concerns

Municipal Yields Decline in Q1 Led by Sharply Lower Rates in March

Tax-exempt Rates Rose in February, Reversing the January Decline

Treasury Yields Rose in February on Stronger than Expected Growth and Inflation Data

Favorable Supply/Demand Backdrop Provides Strong Start for Municipals in 2023

Solid Start to 2023 as Pace of Fed Rate Hikes Slow and Flows Turn Positive

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.

The portfolio outperformed the Russell 2000 Index during the quarter, while equities sank in 2022 as persistent inflation forced interest rates higher and valuations lower.

2022 Taxable Bond Market Review

2022 Municipal 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.