July 17, 2020
GAVIN Equity Pool
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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