Quarterly Commentary | Page 2 | Saturna Capital

 

 

Navigating Today's Volatile Markets

 

2016

  • Sextant Mutual Funds 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...

     
  • Sextant Mutual Funds Quarterly Commentary 2016 Q3

    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. International developed markets were weak performers...

     
  • Sextant Mutual Funds Quarterly Commentary

    If John Lennon were alive today, he would be 76 years old and likely not very worried about the future returns on his investment portfolio. For the rest of us, conditions in global capital markets are more concerning and truly unprecedented, particularly within fixed income. The bull market in US Treasurys that began in late 1981 has continued into 2016, driving rates to the lowest levels since the Civil War...

     

2015

  • Sextant Quarterly Commentary 2015 Q4

    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...

     
  • Sextant Mutual Funds Quarterly Commentary 2015 Q3

    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 exacerbated fear...

     
  • Sextant Mutual Funds Quarterly Commentary 2015 Q2

    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...

     
  • Sextant Mutual Funds Quarterly Commentary 2015 Q1

    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...