Finding Resilient Returns As Global Equities Rally

Finding Resilient Returns As Global Equities Rally

Global equities advanced in the third quarter, as steady macroeconomic growth supported solid earnings reports. In the evolving market environment, we believe that individual company performance will make a bigger difference to stock returns.


Equity investors have had plenty of reasons to cheer this year. The MSCI World Index advanced by 3.9% in the third quarter (Display, left), to return 12.5% this year, in local-currency terms. Escalating geopolitical tensions between the US and North Korea hardly dented the positive sentiment toward stocks.

Bonhoeffer Fund July 2022 Performance Update

Screenshot 27Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%.   Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More

Resources stocks outperformed as oil prices rebounded (Display above, right). Emerging-market (EM) stocks outpaced developed-market equities. European market gains lagged in July and August after a strong first half, as investors became concerned that the appreciating euro would hurt exporters even as it signaled confidence in the region’s political stability. But stocks in the region rebounded in September as the US dollar strengthened.

US large-caps did well, fueled by Facebook, Netflix, and other so-called