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Domestic equity indices finished the quarter higher, while international markets ended mixed. The UK’s exit from the European Union dominated headlines throughout the last part of the quarter. Strong equity markets leading into the vote suggested the ‘remain’ faction would prevail, however, once votes were tallied, investors fled to safe haven assets, subsequently pushing fixed income yields across the globe lower and certain commodities higher.

For the quarter, the S&P 500 Index gained 2.5%, while the Russell 2000 Index of smaller companies increased 3.8%. The energy, healthcare, industrial, telecom and utilities sectors were the top performers, while the information technology and consumer sectors were weaker. Across market capitalizations, small-cap securities generally outperformed their large- and mid-cap counterparts. Across styles, value outperformed growth across large-, mid- and small-caps.

U.S. fixed income markets were positive across all asset classes. Long-maturity Treasuries handily outperformed shorter-dated issues as the yield curve flattened. Investment-grade corporate securities were positive as financial-, utility-, and industrial-related issuers were in the black for the quarter. Lower quality, higher yielding corporate securities experienced gains as well. Other sectors, including mortgage-backed securities (MBS), asset-backed securities (ABS) and municipal bonds all ended higher.

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