The stock market was up modestly in the second quarter. After being flat into late May, equities rallied into mid-June following a weak jobs report which caused the Fed to pause once more on raising rates. Prices fell again near month end on the surprise vote of the United Kingdom (“UK”) referendum to leave the European Union (“EU”), only to rally in the last week as investors came to realize that their first impulse was an overreaction. International stocks didn’t rally as much, because the vote introduces more uncertainty for non-U.S. economies, helping to extend their weak performance over the last several years. And that uncertainty pushed investors back to the perceived safety of bonds around the world helping lift their returns yet again. The outcome of the UK referendum was both surprising and concerning. No one expected the “Leave” side to win. And what does the vote mean for the future of the EU. The timing and details of any separation agreement remain uncertain, subject to a great deal of political maneuvering, and the greatest effects will be long-term in nature. Nevertheless, near-term concerns are still on the table. Will this force the UK into a recession? Does the EU, already growing at a subpar rate, slow even more? And how will that affect the U.S.? In any event, odds have risen significantly that central banks will provide additional monetary stimulus to offset any negative effects. Our stance is that this vote will most definitely affect the UK, which exports nearly 45% of its…
Mitchell Capital, an investment manager located in Leawood, KS, has brought on Brandon Reed as an Equity Analyst. Brandon will work with our Equity team and support our All-Cap Growth, International Growth and All-Cap Value products. Prior to joining Mitchell, Brandon graduated from Saint Louis University and spent 2 years with Zemenick & Walker, an investment advisory firm located in St. Louis, Missouri. Brandon also recently sat for the Level III Chartered Financial Analyst examination in June, and this education and prior experience will bring a broad set of analytical skill sets that will be instrumental in the care of our client’s assets. About Mitchell Capital Mitchell Capital is an investment manager that creates equity and fixed income portfolios. Mitchell Capital’s expertise in building tailored equity and fixed income portfolios for its individual and institutional clients and their specific goals helps them steward their assets responsibly and securely.