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Education & Insights


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June 2020 Monthly Review - Fed Fueled Second Quarter, while Virus Resurgence Dims the Start to Summer

The second quarter of 2020 will be remembered for one of the biggest quarterly rebounds on record, and the best risk market performance in over a decade (the S&P 500 Index was +18%). Challenges will continue to unfold as the economy continues to battle the impacts of the ongoing health pandemic and as the market begins to interpret Q2 earnings. As we move closer and closer to the US election in November, we continue to believe that diversification in fixed income is important to have in the face of so much uncertainty.

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May 2020 Monthly Review - Liquidity Roars Back in May as the US Economy Tests Re-Opening

Investors will remember May 2020 for the vast amounts of liquidity that poured into global markets as both equity and debt markets (especially the municipal bond market) experienced swift rebounds in spite of the continuation of the pandemic led economic shutdown across much of the United States. Piton’s investment team continues to focus on constructing quality fixed income portfolios intended to perform over the long-term with a lower standard deviation than many other fixed income oriented mutual funds, ETF’s and other “alternative” fixed income strategies.

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April 2020 Monthly Review

April 2020 experienced a strong re-emergence of liquidity and strength in many risk markets while the economic and social shutdown continued in the era of “Covid-19”. The positive market tone was primarily a continuation of late March’s rebound, due to broad support from the US Government and the Federal Reserve. In addition to fiscal and monetary stimulus, optimism was driven by the virus curve beginning to flatten in hard-hit areas, promises of realistic viral treatments emerging, and parts of the US economy beginning to lay out plans for “re-opening”. While these green-shoots continue, risks still remain in the social and economic landscape around the world, which was made very apparent in the oil market collapse during the month of April.

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March 2020 Monthly Review

March 2020 will be remembered as one of the most historic months in US history for the global pandemic, and the impact it had on global markets as the United States has become the new epicenter for COVID-19. Last month and the first quarter of 2020, many investors were reminded of the pitfalls of “chasing yield” and not owning fixed income assets outright. Even the safest bond sectors can experience long periods of volatility.

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February 2020 Monthly Review

Coming into 2020, most investors believed the upcoming US election would prove to be the main market-moving catalyst, however due to the coronavirus outbreak (COVID-19) and its global reach, February 2020 will be recorded as a historic month for global markets ending in an unprecedented multi-day panic in risk markets.

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