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News & Our Thinking

News & Our Thinking
Quarterly Investment Commentary

Quarterly Attribution Commentaries – 2Q24

25 July 2024

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

S&P 500

Russell 1000 Growth

Dividend Select Attribution

Russell 1000 Value

Mid Cap Attribution

Russell Midcap

SMID Cap Attribution

Russell 2500

Focused Small Cap Attribution

Russell 2000

Disclaimers
Views expressed herein represent the opinion of the portfolio manager as of the date above and are subject to change. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. You should not assume that investments in any securities within these sectors were or will be profitable. A list of stocks recommended by Argent in the past year is available upon request.
 
Performance returns cited represent past performance, which does not guarantee future results. Returns assume reinvestment of dividend and interest but returns do not reflect the effect of taxes and/or fees that an investment would incur. Please click on the individual attribution report for additional performance details and disclaimers.