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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Markets carried strong momentum into Q3 with the S&P 500, Nasdaq, and small-cap stocks hitting new highs despite soft labor market data. Framing it as risk management to keep economic expansion on track and signaling two more cuts by year-end."
Markets carried strong momentum into Q3 with the S&P 500, Nasdaq, and small-cap stocks hitting new highs despite soft labor market data. The Federal Reserve delivered a 0.25% rate cut in September after a 9-month pause, framing it as risk management to keep economic expansion on track and signaling two more cuts by year-end. Artificial intelligence continued as a dominant theme with technology-related investment growing 14% year-over-year, the fastest pace since the late 1990s, driven by billions in spending on chips, cloud architecture, and data centers. Small-cap stocks rallied sharply on rate cut expectations, with the Russell 2000 posting its biggest quarter of outperformance since Q1 2021. However, risks remain as corporate credit spreads are at historically tight levels with less margin of safety, and AI company valuations are expensive with questions about whether spending justifies returns. The outlook for Q4 is constructive with markets viewing a soft landing as the base case, though the path may be uneven with Federal Reserve policy likely dominating headlines.
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