That inflation would peak in the spring, headline consumer prices continued to grind higher throughout the first half of 2022. Despite hopes in 2021 that the problem was transitory, and later expectations Remained the leading concern for investors throughout the period. Shares of some major retailers fell sharply following earnings misses driven in part by overstocked inventories. The consumer discretionary, communication services, and information technology sectors In negative territory but held up relatively well. Typically defensive shares, such as utilities, consumer staples, and health care, finished Ukraine and the ensuing commodity supply crunch. The S&P 500, energy was the only bright spot, gaining more than 30% as oil prices jumped in response to Russia’s invasion of dollar strengthened during the period, which weighed on returns for U.S. Shares outperformed growth stocks as equity investors turned risk averse and rising rates put downward pressure on growth stock valuations.Įmerging markets stocks held up somewhat better than shares in developed markets due to the strong performance of some oil-exportingĬountries. Tough environment amid a sharp rise in interest rates. Double-digit losses were common in equity markets around the globe, and bond investors also faced a historically Reaching an all-time high on January 3, the S&P 500 Index finished the period down about 20%, the worst first half of a calendar Inflation, tightening financial conditions, and slowing growth. Stock and bond indexes produced sharply negative results during the first half of 2022 as investors contended with persistently high Mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.
In to your account at for more information. Valuations are more attractive today than they were six months ago. Fundamentals in the sector have been generally improving, and Or short-lived, which means many financial services firms are overly discounting a scenario We also increased our commitment toĬapital markets businesses, establishing or adding to positions in several companies, includingĪn economic slowdown is possible as interest rates rise, a downturn could prove to be shallow The last six months, we reduced our overall exposure to regional banks and non-U.S. The P&C pricing cycle, now in its fifth year, remains favorable, though it is Our property and casualty (P&C) insurers were mixed, money center banks, regionalīanks, and capital markets companies.
Major financial services industries declined, including U.S. Your fund declined but outperformed theīenchmark Russell 3000 Financial Index, the Lipper peer group index, and the Morningstar Prompted investor fears of an economic slowdown. Of financial services companies declined in the first half of 2022, as elevated inflation
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