Summer 2024 Investor Letter: More of the Same, a Higher Market

Insights | Summer 2024 Investor Letter: More of the Same, a Higher Market

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

With the first half of the year in the books, the 6-month index returns achieved so far this year would satisfy most investors if the returns were 12-month results. Through June 30 the S&P 500 Index is up 15.29%, yet the S&P 500 Equal Weight Index is up just 5.08% and the Dow Jones Industrial Average is up only 3.79%. These performance results are indicative of a market where the returns are generated from just a handful of stocks. The fact the S&P 500 Equal Weighted Index return is a low single digit percentage confirms that smaller stocks in the S&P 500 Index have not kept pace with the return for larger cap stocks. Economic date is providing mixed signals as well.

Our Summer 2024 Investor Letter provides further thoughts on the market and its narrow return characteristic as well as thoughts on this mixed economic picture.


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