Quarterly Commentary | Page 2 | Saturna Capital

Following Principles of Islamic Finance

2017

  • Amana Mutual Funds Quarterly Commentary Q1 2017

    Major US market indices wrapped up the first quarter with gains that could be considered respectable for an entire year.  The appreciation was remarkable considering the context in which it was accomplished.  The three-month period featured the inauguration of a new president who quickly embarked on a series of rookie mistakes...

     

2016

  • Amana Mutual Funds Trust Quarterly Commentary Q4 2016

    What a year! The S&P 500 market kicked off 2016 with a brutal sell-off, dropping nearly 11% in the first six weeks, before staging an unprecedented rally that recovered all the loss and more by the end of March. The rally continued through summer, apart from a brief sell-off in the wake of the UK's Brexit vote...

     
  • Q3 2016 Amana Quarterly Commentary Cover

    Stock markets continued their upward march in the third quarter, although there were some shifts in  leadership. Over the second quarter value stocks were the clear winners, while growth lagged. That reversed in Q3 with the Russell 1000 Growth Index staging a solid rebound, while the Russell Value Index trailed...

     
  • Amana Mutual Funds Trust Q2 2016 Quarterly Commentary

    Second quarter comments from the galaxy of investment managers will likely focus on Brexit (the United Kingdom's vote by referendum to leave the European Union) and the economic outlook for the UK and the EU now that the former has voted to depart the latter. The word "uncertainty" will be in heavy rotation...

     
  • Amana Mutual Funds Quarterly Commentary

    The first quarter of 2016 was remarkable, beginning with a woeful January and ending with an exceptional March. The conservative nature of the Amana Funds' investment process helped the Income, Growth, and Developing World Funds perform well this quarter during a volatile and uncertain market environment. The Dow Jones Industrial Average Index had its worst 10-day start to a year on record...

     

2015

  • Amana Mutual Funds Trust Quarterly Commentary

    After three years of largely uninterrupted appreciation, global stock markets, with a few exceptions, hit a wall in 2015 as the S&P 500 Index squeaked out a paltry 1.38% rise, and the Dow Jones Industrial Average Index added only 0.21%. The Nasdaq, led by the F.A.N.G. highflyers, provided some relief and rose a respectable 7.11%. While the non-tech oriented broad indices failed to register significant gains...

     
  • Amana Mutual Funds Quarterly Commentary

    At the end of last quarter, we suggested global equity markets faced two potential risks: a Greek exit from the eurozone and the US Federal Reserve's first rate hike. Neither came to pass, yet stock markets around the world took a battering. Investors believed that a possible Fed rate hike would wreak havoc on countries engaged in excessive overseas borrowing, which hit emerging markets especially hard. The slowdown in China...

     
  • Amana Mutual Funds Trust Quarterly Commentary

    The market environment in the US was subdued in the second quarter with the S&P 500 rising a mere 0.28% and the Dow Jones Index dropping -0.29%. The Russell Value and Growth Indices gained 0.11% and 0.12%, respectively. Only the NASDAQ Index registered a meaningful change, gaining 2.06%. The same was true in Europe with the MSCI EAFE Index rising less than 1%. The continued weakening of the Japanese yen...

     
  • Amana Mutual Funds Trust Quarterly Commentary

    Stock market performance in the first quarter was essentially unchanged for commonly cited US indices such as the S&P 500 or the Dow Jones Industrials. But the tech-heavy Nasdaq Index gained 3.86%, and the Russell 2000 Index rose 4.32%. The broadly accepted rationale for the disparity is that larger companies represented in the S&P 500 have significant overseas exposure, while those in the Nasdaq and Russell indices are generally...