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Past performance is not indicative of future results. NorthCoast Asset Management is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Equities continued higher amidst little change in data and rising geopolitical risk.
In a month filled with continued geopolitical tumult alongside multiple devastating hurricanes, U.S. equity markets experienced one of the least volatile Septembers in half a century. Historically the most volatile month of the year, this September saw an average daily move of only 0.4% in the S&P 500 Index. The measure of volatility (VIX) in the index slid under 10 after seeing highs above 15 in August. U.S. equities were up 2.0% for the month, bringing the quarterly returns to 4.3% and the YTD to 13.7%. A lack of negative domestic economic news, continued positive international data and sustained high levels of sentiment led the bull market onward.
Across the globe, the MSCI-Emerging Markets Index was down -0.4% as a result of strengthening U.S. yields enticing investors away from the volatile regions and some domestic headwinds, particularly in Turkey and the Middle East. However, emerging market equities continued to be a leader among other assets with YTD performance at 27.8%. The All Country World Index ex-U.S. (ACWI ex-U.S.) ended the month up 1.9%, and 21.1% YTD.