Quarterly Commentary | Page 2 | Saturna Capital

2017

  • Saturna Sustainable Funds Quarterly Commentary Q1 2017 Cover

    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

  • Saturna Sustainable 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...

     
  • Saturna Sustainable Funds Quarterly Commentary 2016 Q3

    The third quarter extended the rally that began in the second quarter, yet we remain concerned that valuations are disconnecting from growth and this quarter highlighted just that. A strong rally in Technology stocks dragged markets upward, though the gains largely resulted from an increase in valuations...

     
  • Saturna Sustainable Funds Quarterly Commentary 2016 Q2

    The June 23 Brexit vote highlighted what has been a volatile second quarter for the equity markets. The S&P 500 Index notched a 1.90% price gain between March 31 and June 30, but in between, it saw a high of 2119 on June 8th and a Brexit low of 2001 on June 27 — a swing of 5.57%. The United Kingdom's vote to sever...

     
  • Saturna Sustainable Funds Quarterly Commentary 2016 Q1

    The first quarter of 2016 was remarkable, beginning with a woeful January and ending with an exceptional March. Crashing oil prices, rising concern over Europe's future, and panic over China's prospects, sent the Dow Jones Industrial Average Index plunging to its worst 10-day start to a year on record going back to 1897. By the end of January, the S&P 500 Index was down nearly 5%. Conditions improved in February, although...

     

2015

  • Saturna Sustainable Funds 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 (Facebook, Amazon, Netflix, and Google), provided some relief and rose respectable 7.11%. While the non-tech oriented broad indices failed to register...

     
  • Saturna Sustainable 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...

     
  • Saturna Sustainable Funds Quarterly Commentary 2015 Q2

    We are delighted to have this opportunity to issue the Saturna Sustainable Funds' inaugural quarterly investment commentary for the period ending June 30, 2015. Saturna Capital's strategic investment practice centers on serving your financial objectives in a responsible, values-based investment manner. We welcome these scheduled reports as ongoing communication about our sustainable investment research process, developments in the capital markets, and our portfolio construction process.