Q4 2021 Passionate Investor
Q4 2021 Market Review and Commentary
- Equity markets generally outperformed fixed-income markets with the S&P 500 rising 11.03% (including dividends; +28.71% YTD) and the Barclay’s Capital U.S. Aggregate Bond index rising 0.01% (-1.54% YTD).
- Small caps underperformed large cap stocks (S&P 500) as the Russell 2000 small cap stock index returned +2.14% (+14.82% YTD).
- Value underperformed Growth during the quarter (as determined by the S&P 1500 broad market index which includes large, mid, and small capitalization stocks).
- International or developed, non-U.S. equity markets underperformed U.S. markets in both U.S. dollars (MSCI EAFE**: +2.74%; +11.78% YTD) and in local currency terms (+3.96%; +19.25% YTD).
- The MSCI Emerging Markets Index underperformed developed, non-U.S. equity markets (international) in both U.S. dollar (-1.247%; -2.22% YTD) and local currency terms (-0.84%; +0.14% YTD).
- U.S. market sectors were mostly positive during the quarter. Information technology (+16.69%; +34.53% YTD) and materials (+15.20%; +27.28% YTD) stocks were most distinguishable given their strength. Communications services stocks were notable given their weakness (-0.01%; +21.57% YTD). Energy stocks led all other sectors over the full year (+7.97%; +54.64% YTD).
- High yield bonds fell 0.71% during the quarter (+0.99% YTD). The U.S. corporate bond sector decreased 0.17% during the quarter (-1.93% YTD). 10-Year U.S. Treasury yields climbed slightly from 1.46% at the beginning of the quarter (0.87% at the beginning of the year) to 1.44% currently.
- The U.S. dollar rose versus the Japanese Yen (+3.21%; +11.54% YTD) and the Euro (+1.88%; +7.06% YTD) but fell relative to the British Pound (-0.45%; +0.91% YTD).
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The commentary presented herein contains the opinions of Bel/eras Capital Management, a OBA of Partnership Wealth Management, LLC. Partnership Wealth Management, LLC is a registered investment advisor. This information should not be relied upon for tax purposes and is based upon sources believed to be reliable. No guarantee is made to the completeness or accuracy of this information.
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