Author: David I. Templeton, CFA, Principal and Portfolio Manager

Without a doubt 2022 was a tough year for investment returns with 105 out of 112 asset classes generating a negative return, according to Morningstar data. However, many asset classes rebounded and finished with positive returns in the fourth quarter. This favorable trend carried over into the first quarter of this year. According to the research firm Fundstrat, “The S&P 500 has now posted two consecutive quarters of gains a pattern not seen in any bear market over the past 50 years. [This] solidifies our view that 10/12/22 was the bear market low and we are 6 months into a bull [market].”

More of our thoughts on the quarter and expectations are discussed in more detail in our Spring 2023 Investor Letter.

HORAN Capital Advisors, LLC is an SEC registered investment advisor. The information herein has been obtained from sources believed to be reliable but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HCA and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.