Q1 Gone

David B. Armstrong, CFA Weekly Market Commentary

Share this post!

By now most people know that the first quarter (Q1) of 2018 was a rough one. As you may have seen, the S&P 500 posted its first down quarter since Q4 of 2015, finishing in the red at -0.76%. 

However, the fact that there were multiple broad-based sell-offs in equities during the quarter does not mean that performance dispersion disappeared.  

What does that mean?  Well, it means that even though the “market was down”, some stuff was up.  SO, there was dispersion between the stuff that was up and the stuff that was down.   

Let’s look at a few indices.   

One of the best performers for the quarter was the MSCI Brazil 25-50 Index, up 10.56%.  Not bad especially against the S&P 500 index.  Meanwhile, the Alerian MLP Infrastructure Index was among the worst performers at -11.52%. 

This is a performance dispersion (best minus worst) of 22.08%. 

Riskier assets were among the relative leaders for the quarter – Emerging Markets, Biotech, Technology, Defense, and Growth each ranked in the top 10 performers for the quarter. 

Interestingly, Oil (I’ll use the S&P GSCI Crude Oil Index) made its way into the top 10 posting a gain of 8.99%.  

Large Value, Consumer Staples, Real Estate, and Energy were among the relative laggards for Q1 2018. 

There are always things to invest in. There will always be dispersion. Diversification helps make sure you are always participating. 

Keep looking forward, 



Important Disclosure Information

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Monument Wealth Management), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. All indexes referenced are unmanaged and cannot be invested into directly. The economic forecasts set forth may not develop as predicted. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Monument Wealth Management. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Monument Wealth Management is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Monument Wealth Management’s current written disclosure statement discussing our advisory services and fees is available for review upon request.

About the Author
David B. Armstrong, CFA

David B. Armstrong, CFA

David B. Armstrong, CFA, is a President and Co-Founder of Monument Wealth Management. Along with his role as the firm’s chief investment strategist and portfolio manager, Armstrong is viewed as an industry leader in several areas including innovative practice management, discretionary asset management, digital marketing and social media. Dave is the writer of Monument Wealth Management's weekly "Off the Wall" Financial Blog and Market Commentary, and is frequently sought after by journalists and event coordinators. Visit his full biography here.

Share this post!