First Quarter 2024 Investment Perspective

April 2024
Quarterly Updates

CIO Commentary

This year’s strong start is on the heels of last year’s robust finish.  At the end of the day, performance is driven by earnings and valuation.  Portfolio earnings have been advancing steadily, aided in part by a resilient U.S. economy.

A recovery in price/earnings ratios since October 2023’s lows is what has boosted gains.  A drop in the U.S. 10-year Treasury bond towards the end of last year was the fuel that got it started.  And though the 10-year Treasury bond yield has moved higher in 2024, multiples have advanced further for your portfolio and the market at large.

To read more, download the full First Quarter 2024 Investment Perspective.