Summary
- The S&P 500® Index’s fifth biggest two-day decline since WWII arrived on April 4 and 5, and the index declined -10.5%.
- The Bloomberg U.S. Aggregate Bond Index generated a +1.21% total return, bringing the year-to-date tally to +4.02%.
- The Fund’s positive absolute return of 1.10% slightly trailed the Index return of 1.21% for the quarter.
- We still believe current valuations in the investment grade corporate sector remain rich, and therefore maintained the Fund’s underweight.
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Market Review
Preparing last quarter’s review, after tariffs were announced, made the set-up for 2Q look exceptionally dire. Many feared a global recession not seen since the global financial crisis (GFC), when the S&P 500® Index’s fifth biggest two-day decline since
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