July 2023

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