SM (the “Index”) finished an up-and-down January slightly negative for the month but ahead of S&P 500
® Index by more than 40 basis points (-0.58% vs. -1.01%, respectively). The tech, health care and energy sectors all contributed positively to Index returns, offsetting much of the negative returns from industrials, financials and consumer staples. In addition to January performance highlights, this month I’ll also touch on something that had been relegated to the backburner for quite some time but may now be coming to the forefront: inflation.
It’s all Relative for Moat Stocks to Start 2021
As speculation in a small number of stocks drove market headlines toward the end of the month, the Index quietly saw a reversal of the trends that led to 2020 underperformance. Several information technology companies in the Index posted encouraging returns in January, following a disappointing 2020, and others from vulnerable sectors also bounced back. Though negative as of the end