Quarterly Writings

ACM Commentary 3Q 2017

The S&P 500 was up 4.5% in the 3rd quarter, its 8th quarter in a row of gains. The index was up 14% through the third quarter, and has not posted a negative annual return since 2008. In that time, it has now provided a cumulative return including dividends of almost 200%!

ACM Commentary 2Q 2017

The first six months of this year have led to repeated new highs for the US stock market and in many other parts of the world. The S&P500 is up roughly 9.3% through the end of June, primarily led by a few well-known names with large weightings in the index.

ACM Commentary 1Q 2017

The election of Donald Trump as the next US President led to a furious market rally in the 4th quarter. The S&P500 was up almost 6% in the last 2 months of the year, roughly half of the full year’s gain of 12%.

ACM Commentary 4Q 2016

The election of Donald Trump as the next US President led to a furious market rally in the 4th quarter. The S&P500 was up almost 6% in the last 2 months of the year, roughly half of the full year’s gain of 12%.

ACM Commentary 3Q 2016

The S&P 500 achieved a 3.9% return in the quarter, with virtually all the gains coming in the month of July, as both August and September were basically flat. On the whole, the S&P has provided investors a 7.8% return on the year.

ACM Commentary 2Q 2016

A lot has happened since our last update, however, the US equity market is stuck in the doldrums, as we expected. Given the upcoming election season, we will cover some of the fundamental economic issues facing the next President and our views on the latest external shock – Brexit.