Every quarter, Canterbury's Outsourced CIO committee shares their observations of the market that impact the management of our discretionary portfolios in the Canterbury Outsourced CIO Commentary.
First quarter investment results were defined by markets’ reactions to the global virus-fighting lockdowns and closures of the developed world, resulting in a decline in the U.S. equity markets (Russell 3000 Index) of -20.9%, the non-U.S. equity markets (MSCI ACWI-ex U.S. Index) of -23.4%, U.S. high yield bond markets (Bmbg Barclays U.S. HY Index) of -12.7% and commodities (Bloomberg Commodity Index) of -23.3% in the first quarter of 2020.
With services comprising over 75% of the U.S. economy, the decline in these indices highlight the extent of the shock to the nation's output as retailers, restaurants, and other service providers shut down in an effort to contain the outbreak. Nations across the developed and developing world took similar measures. The economic stoppage and social distancing are also impeding global manufacturing and display the potential to generate a larger impact on the global economy if the situation is prolonged.
Ms. Parekh is a member of the Board of Directors, a shareholder of Canterbury, and directs the Canterbury Outsourced CIO platform, which caters to institutions and private clients who wish to outsource day-to-day management of their portfolios to Canterbury. In that role, Ms. Parekh is the chair of the Canterbury Outsourced CIO Committee and a member of each of the firm’s five Manager Research Committees. She joined Canterbury in 1996 as the manager of analytics with responsibility for directing the firm’s account analysts and client services group. In that role, Ms. Parekh secured many of the asset allocation modeling and research software tools we use today. In 2001, she became the director of manager research, responsible for oversight of all manager, fund, and product research; maintenance of Canterbury’s proprietary research database; and chairing the Investment Manager Research Committee. Ms. Parekh graduated from the University of Hong Kong with a Bachelor of Arts in economics. She completed her Master of Business Administration at Shenandoah University.