US Large Cap Equity
Low / High Valuation Spread Dominated During March
- Low vs. high valuation spread dominated the month of March.
- Bank failures and tightening lending standards during the month increased the probability of a recession. Losers were bank stocks and the winners were long-duration growth as long-term interest rates ticked down.
- As the odds of recession increased, investors once again pulled out the safety playbook.
- International Small Cap bucked the trend of the domestic markets for the full quarter.
- Low valuation underperformed high for March but outperformed for the full quarter
- Strength in traditionally low valuation areas of the international market (industrials, basic materials and consumer discretionary) helped
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