Individual Investors


Q1 2015


At more than six years in length, we are in the midst of the third longest bull market in modern history.1 But investor experience isn’t just about gains and losses. It’s also about how they are achieved. Volatility (or lack thereof) is a critical element for not only how investors experience the market but how they make portfolio decisions.

Days with +/- Changes Greater than 1% in the S&P 500®

As measured by large daily market moves (+/- 1%), the market has been especially quiet in recent years. Compared to the years around the financial crisis, the last three calendar years (2012-2014) witnessed few big moves. Are we now on the cusp of a change in volatility? In the first quarter of 2015, we have already seen a major upturn in daily volatility.

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Past performance is not a guarantee of future results.

Virtus Investment Partners provides this communication as a matter of general information. The opinions stated herein are those of the author and not necessarily the opinions of Virtus, its affiliates or its subadvisers. Portfolio managers at Virtus make investment decisions in accordance with specific client guidelines and restrictions. As a result, client accounts may differ in strategy and composition from the information presented herein. Any facts and statistics quoted are from sources believed to be reliable, but they may be incomplete or condensed and we do not guarantee their accuracy. This communication is not an offer or solicitation to purchase or sell any security, and it is not a research report. Individuals should consult with a qualified financial professional before making any investment decisions.