Quarterly Commentary
In the realms of economic performance, stock market returns, and currency strength, American exceptionalism has been on display, driven by the country’s considerable lead in technological innovation and the commercialization of breakthroughs.
Continue reading . . .Saturna Capital’s portfolio managers discuss fund performance and provide analysis for the third quarter ended September 30, 2024.
Continue reading . . .With generative AI driving stock prices, index returns, and capital expenditures, it makes sense to take a step back and try to come to a view about what’s really happening. What are the opportunities for monetization, and do they justify the vast sums being invested? As long-term investors, we need to balance near-term business and price momentum with long-term prospects.
Continue reading . . .Despite the delayed rate cuts, the good news is that performance broadened as economic resilience boosted sentiment across a variety of sectors. Of course, over the long run, interest rate stability engendered by a steadily growing economy beats rate cut catnip.
Continue reading . . .Following a summer lull, the market received a booster shot from rapidly falling inflation despite the economy and employment remaining strong. Futures markets started anticipating 2024 rate cuts, and the heretofore mythical “soft landing” became conventional wisdom.
Continue reading . . .In the third quarter of 2023, investor attention was primarily focused on the interest rate environment (ignoring political issues, such as Congressional battling over budgets, funding, and the Speaker of the House). While Federal Reserve rate increases moderated, the target rate was raised 25 basis points (bps) at the July meeting, and the current outlook envisages one additional hike.
Continue reading . . .In our 2022 year-end commentary we noted the remarkably consistent track record of stock market gains in every year that followed a midterm election dating back to World War II. We also noted the rare instances of the US stock market declining over two consecutive years.
Continue reading . . .The New Year kicked off with an ebullient rush back into assets as equities, corporate debt, and Treasurys all caught a bid. In many ways, it looked like the S&P 500 rally that began in mid-October was set to continue after a brief pause for tax-loss selling in December. Buoying the narrative were a series of positive data points that suggested that the Federal Reserve was winning its war on inflation.
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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.