Accretive July 2020 Market Recap

August 9, 2020

Markets continued their recovery in July, as equity markets rose globally.  While the S&P 500 gained 5.64%, emerging markets were the standout, rising nearly 9%.  US Small Caps and Developed International stocks were the laggards with more modest gains.  In the fixed income markets, bond prices rose as rates continued their grind lower and credit spreads continued to tighten.    

The recovery takes place against a backdrop of mixed public health data and mindbogglingly bad economic data.  Pushing strongly against the headwinds are tailwinds of liquidity.  Long story short, we think this is just more of the same.  We continue to believe the headwinds will fade but the tailwinds will linger.  

This has been a recovery few seem to really like, as the fund flows have been pretty steady out of equities.  We have said in multiple communications that the hardest part of participating in this recovery will be doing nothing and letting it happen.  In our view there is no reason to change that approach at this time.

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