Commentary

December 2017 - ADIFO Global Market Review
January 16, 2018  |  Kevin Burrows

December 2017 - ADIFO Global Market Review

Global stock markets sprinted through the end of December in a near perfect year for risk assets. The S&P500 was positive on a total-return basis for all 12 months in 2017, gaining 21.8% including dividends. Fixed income performance was also positive across most sectors in December with outsized gains in emerging markets local currency bonds making up previously loss-es earlier in Q4. Commodities came back to life in 2017 buoyed by strong demand and robust global growth. With signs of inflation on the horizon, there is room for this asset class to continue to perform well going into 2018. The US dollar was mixed against major currencies in December, with losses against the Euro (-1.6%) and Chinese Renminbi (-0.9%) offset by muted gains against the Yen and Pound Sterling ( both +0.1%). 

November 2017 - ADIFO Global Market Review
December 11, 2017  |  Kevin Burrows

November 2017 - ADIFO Global Market Review

Read our global market review for the month of November 2017.

Special Report - US Market Sector Outlook
November 23, 2017  |  Kevin Burrows

Special Report - US Market Sector Outlook

Read our November 2017 update on the US Market.

October 2017 - ADIFO Global Market Review
November 16, 2017  |  Kevin Burrows

October 2017 - ADIFO Global Market Review

Global stock markets were again positive in October, with emerging markets and UK equities rebounding from September losses. Japanese stocks, in which we have recommended a somewhat contrarian overweight position, had a great month, soaring by 8.1%. Bonds fell almost across the board, with only high yield and inflation-protected bonds managing modest gains. The broad JP Morgan Global Aggregate index fell -0.3% but remains up 5.7% for 2017. Within commodities, copper reversed September’s losses and jumped 6%, bringing its YTD performance to 23.4% and up over 40% over the past 12 months. 

Q3 2017 - International Market Review & Outlook
November 04, 2017  |  Kevin Burrows

Q3 2017 - International Market Review & Outlook

Read the international market review and outlook from our CIO for the third quarter of 2017 including a global economic overview, our asset allocation recommendations as well as our view on all asset classes.

September 2017 - ADIFO Global Market Review
October 11, 2017  |  Kevin Burrows

September 2017 - ADIFO Global Market Review

Global stock markets were mostly positive in September, with modest losses in emerging markets and UK equities. Bonds fell almost across the board, with only high yield and mortgage-backed bonds bucking the trend. Commodities were divided for the month in a reversal of August’s performance and the US dollar rebounded from recent losses, gaining against most major currencies except the British pound.