Smart Money

Our regular summary of the capital markets. Check back each month for new updates.

Smart Money

July 17, 2020

GAVIN Equity Pool

Quarterly Update

Despite the modest movement, June was another volatile month for equities. What began as a rotation into more cyclical value stocks quickly turned into a dash for defensive and growth oriented securities as coronavirus cases in the United States accelerated. Our picks trailed the benchmark for a second straight month, finishing the quarter over 400 basis points behind the benchmark. The general risk-on sentiment combined with a lower US dollar meant that momentum names reigned while select commodity and emerging markets advanced.

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Tale of the Tape, June 2020