During the second quarter, markets continued a strong recovery that began in the first quarter; with the S&P 500 up almost 17% compared to last year at this time when the index was down by 20%. Bonds are up by a little over 2%, as compared to last year at this time when they were down by over 10%. Client portfolios have benefited from the rise in the overall market, but not as much as we would expect in a broad-based recovery following a down-year like 2022. As we look ahead to the second half of the year, we discuss why client portfolios have not kept pace with benchmarks like the Nasdaq-100 this year, and the rationale behind current portfolio positioning.
