Quarterly Attribution Commentaries – 2Q24
At the halfway point of 2024, the 15% gain in the S&P 500 is one of the better starts in the last 35 years. More recently, only 2013 and 2019 were better. It is the second-best election year start since 1944. Despite expectations for significant macro-related volatility, the opposite has occurred. The dollar, crude oil, and yields have all remained relatively stable over the last year. Geopolitical impact has been minimal.
It is similarly fair to characterize the U.S. economic environment as more stable than the market expected. Six interest rate cuts were priced in when the year started. That is now down to one because inflation has proven more stubborn, and the labor market and economy have been more resilient in the face of tighter financial conditions.
The Argent Large Cap, Mid Cap, and SMID Cap strategies trailed their benchmarks while Argent’s Dividend Select and Focused Small Cap outperformed their benchmarks net of fees in the second quarter.
Large Cap Attribution
Dividend Select Attribution
Mid Cap Attribution
SMID Cap Attribution
Focused Small Cap Attribution