The Nasdaq Composite hit a new high on June 23rd returning 30.95% for the quarter. This was followed by the S&P500 and the Dow Jones Industrial Average returning 20.54% and 18.51%, respectively. All eleven sectors in the S&P 500 posted positive returns during the period with Consumer Discretionary, Information Technology and Energy posting the largest increases with returns of 32.86%, 30.53%, and 30.51%, respectively. Small-cap stocks outperformed mid-cap stocks, which beat large-cap names but all were positive for the quarter. Specifically, the Russell 2000 Index’s 25.42% rise did better than the Russell Mid-Cap Index and the Russell 1000 Index which posted gains of 24.61% and 21.82%, respectively for the quarter. Growth stocks continued to beat their value counterparts, as the Russell 1000 Growth Index gained 27.84% compared to the 14.29% rise of the Russell 1000 Value Index over the same period. Bonds trailed behind all equity markets with long-dated US Treasuries returning 0.12% while US corporates did better with the Barclays Aggregate returning 2.90%. The US Dollar Index declined -1.67% for the quarter while gold gained 12.77% and oil gained 91.75%. Bitcoin followed equities higher returning 41.13% over the period.
Bill Miller's 2Q 2020 Market Letter
2Q 2020 Market Infographic
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