Spring 2024 Investor Letter: Back-to-Back Double Digit Quarterly Returns

Insights | Spring 2024 Investor Letter: Back-to-Back Double Digit Quarterly Returns
Spring 2024 investor LEtter

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

The fourth quarter of 2023 and the first quarter of 2024 each saw the S&P 500 Index generate a double-digit return. Since 1945 this marks only the eighth time the S&P 500 Index has achieved back-to-back double digit quarterly gains. A table in our 2024 Spring Investor Letter shows the average one-year return following two strong quarters is 12.27%. As has been the case for the last year and a half, investors and the market have had a great deal of conflicting data to digest in an effort to gain insight into the future direction of the market and the economy. One data point confounding some strategist is the Federal Reserve's thinking around interest rate cuts. As this year has progressed fewer Fed Funds interest rate cuts seem likely this year and this is not a surprise to us as we have noted in earlier commentary. In fact. might it be no cuts or just one?

More detail and our thoughts on the mixed data is found in our 2024 Spring 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.