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Read this post for our investment research partners’ perspective on the first three months of 2022.
Clearly, the changes in the world are outside our scope. Russia’s invasion of Ukraine beginning February 24, 2022 changes a lot of things. Our focus in this Periscope is to discuss the investment threats and opportunities we faced, and are presented with, in a new world order.
Financial markets had a rough first quarter across the board—stocks, bonds, U.S., international and emerging markets—hurt by rising interest rates, inflation and the war in Ukraine.
Global stocks (MSCI ACWI Index) fell 5.4% for the quarter. Among major global markets, the S&P 500 was a relative outperformer, dropping 4.6%, compared to developed international markets (MSCI EAFE Index) down 5.9% and Emerging Market (EM) stocks down 7.0%.
The relatively mild declines for the full quarter masked the intra-quarter volatility. At its low point on March 8, the S&P 500 was down 13% from its high on January 3. The developed international and EM stock indexes had drawdowns in the 16-17% range during the quarter, before rebounding roughly 10% by quarter-end.
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