The Nasdaq Composite returned 9.68%, ahead of the S&P500’s return of 8.55% and the Dow Jones Industrial Average’s gain of 5.08%. Ten out of the eleven sectors posted positive returns during the period with Real Estate, Information Technology, and Energy posting the largest increases with returns of 13.09%, 11.56% and 11.29%, respectively. Large-cap stocks outperformed mid-cap stocks, which beat small-cap names. Specifically, the Russell 1000 Index rose 8.54% compared to the Russell Mid-Cap Index, which returned 7.50%, and the Russell 2000 Index, which gained 4.29% for the quarter. Growth recaptured its lead over value in the quarter, as the Russell 1000 Growth Index gained 11.93% compared to the 5.21% return of the Russell 1000 Value Index over the same period. Bond returns were positive over the period with the long-dated US Treasuries returning 6.80%, beating US corporates with the Barclays Aggregate returning 1.83%. The US Dollar Index declined -0.85% for the quarter while gold gained 3.15% and oil gained 24.19%.
Bill Miller's 2Q21 Market Letter
Infographic: 2Q21 Market Data
The views expressed in this commentary reflect those of Miller Value Partners analyst(s) as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results.
©2021 Miller Value Partners, LLC