This month defied the historical “September Effect.” Markets were buoyed by better-than-expected economic resilience, a more dovish Fed, and ongoing tech optimism — all of which outweighed seasonal weakness.
Discussing the market’s reactions to economic data, AI and tech leadership, and improved global risk sentiment, our Directors of Equity and Fixed income emphasize our positioning on staying focused on long-term fundamentals with careful selection and risk management.
Key Takeaways:
- Market Concentration & Leadership Rotation: Expectation for broader participation across the S&P 500, beyond the mega-cap names.
- From Buzzword to Business Reality: AI is in a new phase of growth.
- Munis Making Headlines: Delivering standout returns, outperformed both Treasuries and corporate bonds.
- Valuation Caution: Yields compressed and risks premiums low.
