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Market Commentary - 2Q 2018

During the second quarter, US stocks rallied on better than expected reports of corporate earnings and economic activity. However, gains were muted by concerns regarding the potential impact of escalating trade tensions on future earnings and economic output.

Select Equity benefited from strong stock selection, but it was not enough to overcome the general performance drag of stable stocks in a rising market. Quant portfolios were held back by trade tensions and the strong performance of the Energy sector. Trade tensions impacted results during the second half of June. The strong performance of the Energy sector, which was underweighted in quant portfolios, weighed on results for the entire quarter.