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Second Quarter 2022 Update
July 2022

Hamlin equity accounts declined approximately 11.23% during the second quarter while the S&P 500 Index lost 16.10% over the same period. Recession fears intensified as the Federal Reserve reacted to an elevated Consumer Price Index report with strong words and action. Hamlin bond accounts declined 1.33%. The Barclays High Yield Municipal Bond Index lost 5.61% as spreads widened modestly and interest rates increased over the quarter.

First Quarter 2022 Update
April 2022

Hamlin equity accounts declined approximately 0.96% during the first quarter while the S&P 500 Index declined 4.60% over the same period. Elevated inflation, the removal of Federal Reserve accommodation, and war in Ukraine combined to drive the S&P 500 Index down about 15%* from the highs at its worst in February. Hamlin bond accounts declined 1.66%. The Barclays High Yield Municipal Bond Index was down 5.43% as interest rates increased sharply over the quarter (*The S&P 500 was down 14.61% from its intraday high on 1/4/22 to its intraday low on 2/24/22).  

Fourth Quarter 2021 Update
January 2022

Hamlin equity accounts advanced approximately 10.90% over the last three months while the S&P 500 Index increased 11.03% over the same period. Strong corporate earnings outlooks and pervasive signs of economic strength trumped Omicron and monetary policy concerns. Hamlin bond accounts increased 1.59% as Bloomberg-Barclays High Yield Municipal Bond Index returned 1.16% over the quarter.

Third Quarter 2021 Update
October 2021

Hamlin equity accounts decreased approximately 75 basis points over the last three months while the S&P 500 Index increased 0.58% over the same period. Favorable reactions to a strong second quarter earnings season offset concern about the Delta variant, China’s Evergrande crisis and fewer Federal Reserve bond purchases. Hamlin bond accounts delivered a positive total return despite a 44 basis point drop for the broader municipal bond market.