2024-07-26 07:05:00 ET
Summary
- The U.S. equity market achieved record highs, as the S&P 500 Index rose 4.28% during the period.
- Data released during the period showed that U.S. economic growth slowed to an annual rate of 1.4% in the first quarter from 3.4% in the last quarter of 2023, as consumer spending, exports and government spending decelerated.
- For the second quarter of 2024, Aristotle Atlantic’s Core Equity Composite posted a total return of 5.61% gross of fees (5.51% net of fees), outperforming the S&P 500 Index, which recorded a total return of 4.28%.
Markets Review
The U.S. equity market achieved record highs, as the S&P 500 Index rose 4.28% during the period. Gains were once again driven by the "Magnificent 7." This narrow group of stocks was responsible for the majority of the S&P 500's return during the quarter. Concurrently, the Bloomberg U.S. Aggregate Bond Index returned 0.07% for the quarter. In terms of style, the Russell 1000 Value Index underperformed its growth counterpart by 10.50%....
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Aristotle Core Equity Q2 2024 Commentary