Quarterly Investment Report
For the first quarter, global equity market indices were sharply negative while fixed income indices were not as much as a safe haven as one might often expect. Credit sold off sharply during the February and March decline, while Treasuries outperformed—though also not without volatility.
For many participants in global markets, early 2020 was shaping up to be another solid year—global financial markets had come off one of their best years in the cycle, earnings growth was projected to grow at a meaningful pace (~10% according to FactSet), and despite signs of global growth moderating, very few were predicting a recession in 2020. Then the coronavirus (COVID-19 for short) really started to the markets in late January and the chaos began—the proverbial punch to the mouth landed cleanly.
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