Hamlin equity accounts increased 3.74% during the third quarter while the S&P 500 Index gained 8.12%. Strong corporate earnings and a widely anticipated Federal Reserve interest rate cut trumped employment and equity valuation concerns. Hamlin bond accounts and the broader municipal bond market increased in value, anticipating the central bank’s September Federal Funds rate reduction.
Hamlin equity accounts increased 2.91% during the second quarter, lagging the S&P 500 Index’s 10.94% gain. Stocks rebounded from the early April lows, driven by remarkably resilient first quarter earnings reports and a de-escalation of America’s trade war. Hamlin bond accounts returned -0.26% during the quarter. The Bloomberg-Barclays High Yield Municipal Bond Index returned -1.14%.
Hamlin’s equity composite increased 0.61% over the first three months of 2025, outperforming the S&P 500 Index’s 4.27% decline. Tariff implementation, frenetic Federal job cut announcements, and weaker economic data rattled investor and executive confidence. Hamlin bond accounts increased 0.48% as Treasury yields declined, and the Bloomberg-Barclays High Yield Municipal Bond Index increased 0.82% over the quarter.
Hamlin’s equity composite advanced 0.59% over the last three months of 2024, trailing the S&P 500 Index’s 2.41% gain. An uncontested and pro-business presidential election result eclipsed the Federal Reserve’s less accommodating mid-December interest rate outlook. The Hamlin bond composite decreased 0.20% during the quarter, outperforming the Bloomberg High Yield Muni Index’s 1.08% decline amid an increase in both Treasury and Municipal benchmark yields.