Winter 2021 Investor Letter

Insights | Winter 2021 Investor Letter

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

The U.S. large cap equity market, as measured by the S&P 500 Index, showed its resilience in the fourth quarter by returning 11.0%. This marked the seventh consecutive positive quarter for the index since the pandemic lows. For all of 2021 the S&P 500 Index total return equaled 28.7% and this follows a 18.4% return in 2020 and 31.5% return in 2019. This strength carried over to the first trading day of 2022 and the S&P 500 Index closed at a high of 4,769. The balance of January to date has seen the S&P Index fall 6.54% from the January 3 high. Our Winter 2021 Investor Letter provides additional insight on our viewpoint for the year ahead.


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.