2023

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