The Dow Jones Industrial Average and the S&P500 recorded their worst first quarter performance in history with a return of -22.7% and -19.6%, respectively, followed by the Nasdaq Composite declining -13.9%. All eleven sectors in the S&P 500 posted negative returns during the period with Energy, Industrials and Materials posting the largest declines with returns of -50.5%, -27.1%, and -26.1%, respectively. Large-cap stocks outperformed mid-cap stocks, which beat small-cap names but all were negative for the quarter. Specifically, the Russell 1000 Index’s 20.2% decline did better than the Russell Mid-Cap Index and the Russell 2000 Index which posted losses of 27.1% and 30.6%, respectively for the quarter. Growth stocks continued to beat their value counterparts, as the Russell 1000 Growth Index fell 14.1% compared to the 26.7% decline of the Russell 1000 Value Index over the same period. Bonds beat all equity markets with long-dated US Treasuries soaring with a return of 21.9%. US corporates did not fare as well but was still in positive territory with the Barclays Aggregate returning 3.15%. The US Dollar Index gained 2.8% for the quarter while gold gained 4.0%. Oil and Commodities took a hit with declines of 66.5% and 23.5%, respectively. Bitcoin followed equities lower declining 9.5% over the period.
Bill Miller's 1Q 2020 Market Letter
1Q 2020 Market Infographic
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