DM – Q1 Portfolio Commentary

Market Review – After many months of virtually unprecedented tranquility in equity markets, the serene backdrop that investors had been enjoying came to a jarring halt in the opening quarter of 2018. Though attempting to assign specific causes to interim market moves is ordinarily a dubious endeavour, in this case the catalysts for flux were fairly identifiable.
The quarter’s first significant stock price decline began at the start of February, when 10-year Treasury yields in the US made their way up toward 3% and investors began to consider the bond/equity tradeoff for the first time in many months.

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