Quarterly Attribution Commentaries
During the first quarter, investor concern regarding inflation, the uncertainty created by the war in Ukraine and China’s ongoing battle with COVID-19 scared consumers and disrupted stock markets worldwide. Domestically, the United States is experiencing the highest inflation in 40 years. To temper inflationary pressure, the Fed initiated the first of what appears to be a long series of interest rate hikes. In Europe, the Russian invasion of Ukraine triggered a swift rise in the price of food and energy and destabilized economies. Further exogenous shocks have the potential to cause a recession in Europe. In Asia, China’s ongoing battle with COVID-19 is causing a significant economic slowdown.
Throughout the quarter, Argent selectively upgraded its portfolios by purchasing companies that exhibited strong cash flows, sturdy balance sheets and above-average returns on capital. Please see our attribution commentaries below for more detail.
Mid Cap Attribution
Dividend Select Attribution
SMID Cap Attribution
Small Cap Core Attribution
Large Cap Growth Attribution
