Summary
We wish all our clients and friends a safe and more peaceful autumn. Below we provide our investment outlook and a review of markets in the 3rd quarter of 2023.
+13% equity returns year-to-date for U.S. large caps were driven by improving earnings prospects for the highly profitable technology sector, which constitutes over 27% of the stock market’s capitalization. The highest bond yields in over 15 years bode well for future fixed income total returns, with investment grade municipal bonds paying out 8% to 10% taxable equivalent yields. Forward earnings estimates have stopped falling and are now rising, with +11% and +12% EPS growth forecasted for 2024 and 2025
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