Quarterly Commentary

Quarterly Commentary is a quarterly view of the equities, fixed income and hedge fund markets from our Family Management specialists.

Q3 | 2019

Alternative Investment Commentary

Hedge Funds declined during the third quarter as the HFRI Fund-of-Funds Composite Index decreased by 1.1%. The sector underperformed during the quarter as global stocks experienced an uptick in volatility amid negative headlines in August regarding the U.S.-China trade war

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Fixed Income Commentary

Interest rates fell precipitously in the third quarter across all developed markets. The US 10- year treasury yield fell from 2.00% at the end of Q2 to a low of 1.45% in early September before closing the quarter at 1.66%. With equity markets largely stable,

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Equity Commentary

The return on risk assets was mixed during the third quarter of 2019. The S&P 500 rose 1.70% with dividends while the Nasdaq rose 0.18%. Non-US equities had a tougher time with the MSCI World ex-US falling 0.84% and the MSCI emerging markets index falling 4.16%.

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This material contains the current opinions of Family Management Corporation and its affiliates (collectively, "FMC"), which may change without notice. This material is distributed for information al purposes only. It is not a recommendation or offer of any investment or strategy. Nothing herein shall be considered a solicitation to buy or sell, or an offer to buy or sell, to or from any persons in any jurisdiction where such solicitation, offer, purchase, or sale would be unlawful. Information contained herein has been obtained from sources believed to be reliable, but are not guaranteed. FMC provides no guarantees regarding the performance of any investment or strategy. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future performance and individual client results will vary. No part of this material may be reproduced in any form, or referred to in any publication, without the express written permission of FMC.

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