Every quarter, Canterbury's Outsourced CIO committee shares their observations of the market that impact the management of our discretionary portfolios in the Canterbury OCIO Review.
As one of the longest economic expansions in U.S. history persists, the news of the third quarter of 2019 focused on the financial impact of continuing trade wars, a potential global slowdown, geopolitical unrest, an inverted yield curve, central bank monetary policies, currency depreciation, market volatility, risk of a recession, and the potential impeachment of the U.S. President.
In spite of all the daily market swings that occurred during this past quarter, there was a relatively small change in the overall market for the full period. The simple balanced index — made up of 60% global equities (MSCI ACWI Index) and 40% global bonds (Barclays Global Aggregate Bond Index) — was up 0.3% for the full quarter. Most gains in the portfolio came from earlier in the year from both across most segments of the portfolio.