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Third Quarter 2018 Update
October 2018

Hamlin’s equity accounts increased in value over the last three months. The S&P 500 Index returned 7.7% during the third quarter, shrugging off trade war concerns and tightening Federal Reserve monetary policy. Stocks set new records as strong domestic economic activity drove another double digit advance for corporate earnings. Although 10-year Treasury yields increased 20 basis points during the quarter,  Hamlin’s high-yield tax exempt bond account values advanced modestly.

Second Quarter 2018 Update
July 2018

Hamlin equity accounts advanced over the last three months. The S&P 500 gained 3.43% during the second quarter, defying skeptics. Stocks celebrated strong Q1 corporate earnings performance, digesting another Federal Reserve rate hike and trade policy uncertainty. We are returning to a “question and answer” format for the summer -time newsletter. We have tried to answer the questions posed most frequently by our clients and business partners over the last few months.

First Quarter 2018 Update
April 2018

Hamlin equity accounts decreased modestly in value over the last three months as value and income stocks underperformed the broader market for a fifth consecutive quarter. The S&P 500 Index swung from a 7.5% gain in late January to a 10% correction from the highs as inflation, global trade and technology stock jitters overwhelmed steady increases in earnings expectations.

Fourth Quarter 2017 Update
January 2018

Hamlin equity accounts increased in value over the last three months as the S&P 500 jumped 6.6% in the fourth quarter, celebrating the eventual lowering of corporate tax rates and improving global growth. Treasury yields backed up modestly as bond investors discounted pending fiscal stimulus and a well telegraphed December Federal Funds rate increase. Hamlin high-yield tax exempt municipal portfolios increased in value over the final quarter of 2018.

Third Quarter 2017 Update
September 2017
Hamlin’s equity accounts increased in value over the last three months. The S&P 500 Index jumped 4.5% during the third quarter, shrugging off North Korea’s nuclear antagonism, the wrath of hurricanes Harvey and Irma, and tightening Federal Reserve monetary policy. Stocks set new records in the wake of another double digit advance for corporate earnings, a painless increase in the national debt ceiling and, especially, the prospect of tax reform. Although 10-year Treasury yields increased during the quarter, Hamlin’s high-yield tax exempt bond accounts advanced modestly during the quarter.
Second Quarter 2017 Update
June 2017
Hamlin equity accounts advanced over the last three months. The S&P 500 gained 3.1% during the second quarter, defying skeptics. Stocks celebrated strong Q1 corporate earnings performance, shrugging off uneven economic data, obstruction of justice charges, and another delay in healthcare reform. Hamlin bond accounts also increased in value over the last three months. Our absolute yields and wider spreads delivered commendable relative performance as rated municipal and treasury yields declined modestly.  
First Quarter 2017 Update
March 2017
Hamlin equity accounts increased in value over the last three months as the S&P 500 Index confounded Trump sceptics with a meaningful first quarter gain. Better-than-expected global economic data and accelerating U.S. earnings growth overwhelmed allegations of Russian election tampering, controversy surrounding the Muslim immigration ban, and the embarrassing failure to repeal ObamaCare.
Fourth Quarter 2016 Update
December 31, 2016
Hamlin equity accounts increased in value over the last three months as the S&P 500 jumped 3.8% in the fourth quarter, celebrating both Donald Trump’s unexpected presidential election victory and a GOP congressional majority. Expectations for lower taxes, lighter regulation, and increased infrastructure spending kindled animal spirits. Hamlin high yield tax-exempt portfolios outperformed a weak bond market. Treasury, municipal and corporate bond yields rose as the central bank delivered a well-telegraphed December Federal Funds rate hike and investors bet that Trump’s policies could increase inflation.
Second Quarter 2016 Update
June 30, 2016
Hamlin equity accounts advanced over the last three months. The S&P 500 gained 2.46% during the second quarter, proving remarkably resilient in the face of shrinking corporate earnings, a very weak May jobs report, and Brexit concerns. Hamlin bond accounts also increased in value over the last three months. Our high absolute yields and wide spreads delivered commendable relative performance as municipal and treasury yields tested multi-year lows.
Third Quarter 2016 Update
September 30, 2016
Hamlin’s equity accounts increased in value over the last three months. The S&P 500 Index jumped 3.85% during the third quarter, shrugging off a slew of negative developments. Most would have predicted lower stock prices in the face of sharply downward revisions to GDP growth, a fifth consecutive year-over-year decline in quarterly corporate earnings, pending Federal Reserve interest rate hikes, presidential election jitters, and terrorist attacks in New York and New Jersey. Extremely low interest rates here in America and negative rates in Europe and Japan continue to render U.S. stocks relatively attractive even as valuations creep above long-term averages.