HYLS - Income Monitor: Q3 2020

• Broad US equities continued their momentum from Q2 following the dramatic COVID-19-driven decline earlier in the year. The S&P 500 rose 9% in Q3 after a 20% rise in Q2.
• Value-oriented stocks underperformed the broader market on concerns about economic fragility, the expiration of government stimulus measures, and additional COVID-19 outbreaks.
• The markets rewarded stay-at-home economy names in Q3, as the tech-heavy but dividend-light Nasdaq 100 outperformed both the S&P 500 & the Russell 2000 this quarter by 3.69% and 7.69%, respectively.
• Volatility metrics remained elevated following the Q1 market rout, with the Cboe Volatility Index (VIX) reading 26% to end September versus the 12% low from January this year.

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