Equities struggled in the first quarter as the Trump administration proposed significant, broad-based tariffs as the cornerstone of its economic policy.
Municipal Yields Rise - Extreme Intra-Month Volatility in April
Treasury Curve Steepens Amid Elevated Volatility Following Significant Tariff Announcements
Underperformance was concentrated in the first half of the quarter as the portfolio lagged during the sharp market advance.
Other than modest underperformance in technology and financials, all other major sectors drove positive relative returns in the first quarter.
Volatility disrupted global markets in the quarter amidst U.S. tariff policies and geopolitical tensions.
Treasury Yields Decline in Q1 Amid Policy Uncertainty and Lower Economic Growth Forecasts
Municipal Yields Rise in Q1 Amid Heavy Supply
Chautauqua Capital shares insights on how DeepSeek has disrupted the AI market.
Treasury Yields Fall on Softer Economic Data and Policy Uncertainty
Tax-exempt Yields Fall and Supply Remains Robust
Treasury Yields Decline, Fed Holds Policy Rate Steady as Attention Turns to the Trump Administration’s Policy Agenda
Curve Steepens and Tax-exempt Yields Fall Despite Strong January Supply
The market moved through three distinct phases in the fourth quarter, defined almost exactly by the monthly turn of the calendar.
Equities in 2024 were buoyed by strength in the U.S. economy and the start of a Federal Reserve easing cycle. The Fund delivered a net return of +14.2% in Q4, compared to a +0.3% return for the benchmark.
U.S. equities outperformed international equities amid a backdrop of monetary policy easing and U.S. election hype.
2024 Bond Market Review
2024 Municipal Market Review
