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2014 Commentary

January 14, 2015
By Matt L. Peden, CFA, Chief Investment Officer

Fourth Quarter 2014 Financial Market Review

As we reflect on 2014, the measurable differences in returns across geographic regions, asset classes and sectors served as a great reminder that a well-diversi...
January 14, 2015
By Jay H. Edmondson, Manager of Investment Research

Fourth Quarter 2014 Equity Market Review

U.S. equity markets ended the year in positive territory as primary stock indices posted strong fourth quarter and calendar year returns. Equity markets experie...
January 14, 2015
By Pat Feller, Client Portfolio Manager

Fourth Quarter 2014 Fixed Income Market Review

At the beginning of calendar year 2014, expectations by many pundits were for U.S. Treasury yields to end the calendar year at higher levels due to projections ...
October 14, 2014
By Jay H. Edmondson, Manager of Investment Research

Third Quarter 2014 Equity Market Review

During the third quarter of 2014, global equity markets registered mixed results as investors weighed positive indications of strength in the U.S. economy again...
October 14, 2014
By Tim R. Bray, CFA, CAIA, Senior Portfolio Manager

Third Quarter 2014 Financial Market Review

The U.S. economy solidified its dominance within the world’s developed economies as the primary engine for global growth in the third quarter. After a we...
October 14, 2014
By Matt L. Peden, CFA, Chief Investment Officer

Third Quarter 2014 Fixed Income Market Review

The overall "risk-on" sentiment of the second quarter transitioned to a more cautious tone in the third quarter as volatility in the capital markets began to in...
July 14, 2014
By Rodric E. Cummins, CFA, Senior Vice President and Chief Investment Officer

Second Quarter 2014 Financial Market Review

In the second quarter, the U.S. economy rebounded from the weather-related slowdown that began the year, and in doing so, boosted investment returns throughout ...
July 14, 2014
By Jay H. Edmondson, Manager of Investment Research

Second Quarter 2014 Equity Market Review

During the second quarter of 2014, global equity markets registered strong gains, supported by accelerating mergers-and-acquisitions activity and signs of furth...
July 14, 2014
By Matt L. Peden, CFA, Chief Investment Officer

Second Quarter 2014 Fixed Income Market Review

The U.S. is roughly six years removed from the great recession of 2008. Since that time, the Federal Reserve (“Fed”) has utilized aggressive monetary policy, in...
April 14, 2014
By Rodric E. Cummins, CFA, Senior Vice President and Chief Investment Officer

First Quarter 2014 Financial Market Review

Capital markets advanced across all major assets classes in the first quarter but with a noticeably more cautious tone when compared to 2013. For higher risk ...
April 14, 2014
By Matt L. Peden, CFA, Chief Investment Officer

First Quarter 2014 Equity Market Review

Following a strong year in 2013, global equity markets registered modest gains during the first quarter of 2014 as investors continued to have concerns regardin...
April 14, 2014
By Matt L. Peden, CFA, Chief Investment Officer

First Quarter 2014 Fixed Income Market Review

The year 2014 began with optimism given the robustness of the U.S. equity markets and continued improvements in the U.S. economy that have been buoyed by the...