Despite a resilient fourth quarter, we dropped about 5% this year and ended up slightly lagging the S&P 500® Index and to a greater degree, the Russell 1000® Growth Index. This comes on the heels of a robust 2017 both on an absolute and relative basis, the latter especially so versus the S&P 500® Index.
The recent pullback was a long time in coming. The bull market started almost ten years ago in March of 2009, valuation lows were hit more than 7 years ago in September of 2011, and prior to the 4Q of 2018, the Russell 1000® Growth Index had experienced only one down quarter over the past 23 (the S&P 500® Index had two).
To read more, download the full HSMP Year End 2018 Investment Perspective.