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From A Collaborative Point of View

Insights Video Draft

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APW Investment Committee Q2 2022 Commentary Thumbnail

APW Investment Committee Q2 2022 Commentary

Q1 2022 Review The first quarter of 2022 saw a decline in every major asset class except commodities (up 33%). It was the worst first quarter for US bonds in 40 years and global bonds did slightly worse. Inflation continued to soar unabated as the headline CPI rate spiraled upward recording a reading of 7.48% in January, 7.87 % in February, and 8.54% in March.

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APW Investment Committee - February 24th, 2022 Thumbnail

APW Investment Committee - February 24th, 2022

Market Update Current headlines along with recent stock declines are definitely spooking investors. The Russian aggression in Ukraine, the Federal Reserve signaling rate hikes, and already multi-decade high inflation readings are certainly reasons for concern. With that said, we believe that valuations are approaching healthier levels in the US and are attractive in international markets. The Russian invasion of Ukraine is a terrible tragedy, but unfortunately, we have been through many, many of these kinds of global crises before. Despite conflict and pandemic, and terrible political decisions, and a litany of other challenges, the human spirit of innovation and resilience marches on, and as a consequence, the financial markets continue to grow. As long term investors we must keep our eyes on the opportunities that lower prices represent, regardless of the short term reasons.

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APW Investment Committee Q3 2021 Commentary  Thumbnail

APW Investment Committee Q3 2021 Commentary

Q2 2021 Review Global equity markets continued to appreciate in the second quarter of 2021 with a rotation back into the big global technology leaders out of the highest growth companies whose valuations had been stretched to extreme levels in Q1. US small caps also lagged in the quarter. The continued spread and acceleration in some parts of the world of COVID-19 along with a focus in China on potential regulatory actions put headwinds on many international financial markets.

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APW Investment Committee Q2 2021 Commentary Thumbnail

APW Investment Committee Q2 2021 Commentary

Q1 2021 Review The strong US equity market rally continued into the first quarter of 2021. Small cap stocks continued to lead all equity returns and value stocks staged a rally that has them outperforming growth stocks for the first time in years. The key driver of the strong performance was a realization of significant progress against COVID-19 with U.S. cases dropping from a peak 7-day average of over 256,000 on January 11th to as low as 55,000 in mid-March. The massive improvement along with the rollout of vaccines (now at over 3 million doses per day) convinced market participants that the end is in sight. Economic results supported the strong stock market expectations. The first quarter 2021 real GDP came out this week at a very robust 6.4% annual rate.

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