October 2023

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