The 10-year peaked near the beginning of the quarter at 5.886, and hit its low on December 18th at 5.170. The yield curve started the quarter inverted and finished positively sloped as the market grew to expect that Fed easing would yield positive results. Higher quality corporates and Agencies outperformed Treasuries for the period and continue to look attractive to us. In particular, corporate bonds continue to trade at the wide end of historic ranges. We therefore remain overweighted in corporate securities, though we have emphasized quality to mitigate the risks of a more difficult economic environment.
Past performance is no guarantee of future results.
All material is compiled from sources deemed to be reliable but accuracy and completeness cannot be guaranteed. The data presented is taken from publicly available information and is based on advisor's best efforts to present factual information. Given the inherent volatility of the securities markets, it should not be assumed that future investors will experience returns, if any, comparable to those discussed herein. Small company investing involves greater opportunity for growth, but may also involve greater risks, including more limited earnings histories and product lines, and greater price volatility. Investment return and principal value of an investment will fluctuate, so that an investors' shares, when redeemed, may be worth more or less than their original cost.