David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141
www.Bristlecone-VP.com


2nd Quarter Review: The Brexit Blip

July 25th, 2016

With the benefit of a month’s hindsight, market fallout from the Brexit campaign appears surprisingly short-lived, particularly in the U.S.  Following a brief selloff in the few days following the June 23rd vote, the S&P 500 rallied over 8% in the next few weeks, hitting a fresh all-time high by early July.  European equities, while still modestly negative for the year, also regained much of the ground lost after the Brexit vote.  Neither a terrorist attack in Nice nor an attempted coup in Turkey did much to slow the rebound.

In fact, aside from a few funds with significant exposure to European stocks, every other asset class in our client portfolios appreciated during the second quarter.  The best performing funds were in the commodities and natural resources sectors, which benefitted from a strong rebound in energy prices.  Oil prices increased 30% during the quarter, while natural gas rallied 48%.  These two commodities were key drivers in the performance of the Bloomberg Commodity Index, which advanced 12.8% in Q2 and finished the first half of the year up 13.3%. Read the rest of this entry »

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