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Global Equities Stage Second-Quarter Rally Despite Continued Risks

Global equity markets rallied in the second quarter, aided by better-than-feared growth and a pause in interest rate hikes in the U.S. and expectations of possible monetary easing amid gradually moderating inflation. Leadership within the MSCI All Country World Index (ACWI) was quite narrow with expected artificial intelligence (AI) beneficiaries in the information technology sector outperforming by a wide margin, followed by consumer discretionary and communications services. Developed markets outperformed amid strong returns in the U.S., while emerging markets were dragged down by China underperforming.

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The commentary is the opinion of SGA. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Past performance is not indicative of future results.

All investments carry a certain degree of risk, including possible loss of principal.

Index definitions: MSCI USA Index measures the performance of the large and mid cap segments of the U.S. market. MSCI AC Asia Pacific measures large and mid-cap equity performance of developed and emerging markets countries in the Asia Pacific region. MSCI All Country World (ACWI) measures equity performance of developed and emerging markets. MSCI EAFE® measures developed foreign market equity performance, excluding the U.S. and Canada. MSCI AC World ex U.S. measures equity performance of developed and emerging markets, excluding the U.S. MSCI Emerging Markets measures equity market performance in global emerging markets. MSCI Europe measures equity market performance of Europe’s developed markets. MSCI Emerging Markets Latin America measures equity performance of Latin America’s emerging market countries. Indexes are free float-adjusted market cap-weighted and calculated on a total return basis with dividends reinvested.