Small Cap Value Strategy Fact Sheet
July 17, 2024
Small capitalization stocks were volatile, again, during the quarter. In April, the Portfolio declined, along with the Russell 2000 and Russell 2000 Value indices. Concerns about incremental increases in inflation and the Federal Reserve keeping interest rates “higher for longer” weighed on small capitalization stocks. May saw a rebound; small-capitalization stocks performed well but continued to lag large capitalization companies for the quarter. Money flow into the largest Artificial Intelligence companies (NVDA, AAPL, MSFT, and GOOGL) increased, contributing more than half of the S&P 500 Index’ monthly gain. The broad market continues to build record levels of concentration in the largest technology companies. According to Raymond James, the average stock was down about 3% during the quarter while the S&P 500 Index, dominated by a handful of leaders, was up 3.9%.
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