Quarterly Commentary

  • Q1 2022

    It’s spring 2022, after two years and 500 million COVID-19 cases, a vaccine miracle permitted most countries to break free of massive pestilence not seen since 1919.  The war in Ukraine highlights unpreparedness, and Europe’s systems of finance, energy, and food totter.  Fewer than half the world’s population was alive in 1981, when inflation was last at today’s increasing levels. 

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  • Q4 2021

    Whether it was inflation, supply chain disruptions, the removal of government stimulus, the prospect of central bank monetary policies — whatever spooked investors leading to the September sell-off evaporated at the start of October, and once again, markets rose. Investors shrugged off doubt and pushed the S&P 500 to new highs in the final week of the year.

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  • Q3 2021

    Markets across the globe were muted in the third quarter, with the S&P 500 posting a modest 0.58% return and the MSCI ACWI Index falling -0.95%. Emerging markets presented a dark spot, with the MSCI Emerging Markets Index falling -8.09% during the quarter.

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  • Q2 2021

    Last quarter we posited that accelerated vaccine distribution would spur reopenings and increased economic activity. Our crystal ball need not have been polished to a high sheen to proffer these prognostications, and they have indeed come to pass.

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  • Q1 2021

    Just over a year ago the World Health Organization declared the coronavirus a global pandemic. Few would have predicted the returns experienced in global equity markets over the following 12 months. With widespread economic disruption, any company demonstrating growth — regardless of profitability — became a rare commodity, and investors bid prices higher.

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  • Q4 2020

    At Saturna, we entered 2020 with cautious optimism.  Geopolitical uncertainties, rich corporate valuations, and stretched monetary policies kept us vigilant, while generally strong business and economic fundamentals supported optimism.  What we didn’t foresee was the looming pandemic, widespread economic shutdowns, and rapid government intervention.

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  • Q3 2020

    The markets charted an aggressive course through the third quarter. Following the abrupt sell-off late in the first quarter, the S&P 500 Index quickly recovered in the second quarter and accelerated its ascent through the end of August, then dipped dramatically in early September, rebounding again in the last week of the third quarter.

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These reports should not be considered as providing investment advice or services, or any service offered by Saturna. Saturna may not have taken any steps to ensure that the securities referred to in these reports are suitable for any particular investor. Saturna will not treat recipients as its customers by virtue of their reading or receiving the reports.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Standardized returns current to the most recent month-end can be obtained by visiting Month-end Performance.