Perspectives Newsletter: Q1, 2016
If investors simply looked at market levels on December 31st and March 31st, they might conclude that the first three months of 2016 were relatively mundane. In reality, an 11% decline in the S&P500 over the first five weeks, accompanied by near-daily headlines trumpeting the historically poor start, gave way to a furious 13% rally beginning February 12th. After a multi-year run of underperformance not seen since the height of the Tech Bubble, value stocks outpaced their growth counterparts. Internationally, emerging markets bucked the trend of the last three years to outperform developed markets, (including the US) as Japan and many European indices posted negative returns.
