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Canterbury Outsourced CIO: First Quarter 2020 Commentary
April 14, 2020

Every quarter, Canterbury's Outsourced CIO committee shares their observations of the market that impact the management of our discretionary portfolios in the Canterbury Outsourced CIO Commentary.

First quarter investment results were defined by markets’ reactions to the global virus-fighting lockdowns and closures of the developed world, resulting in a decline in the U.S. equity markets (Russell 3000 Index) of -20.9%, the non-U.S. equity markets (MSCI ACWI-ex U.S. Index) of -23.4%, U.S. high yield bond markets (Bmbg Barclays U.S. HY Index) of -12.7% and commodities (Bloomberg Commodity Index) of -23.3% in the first quarter of 2020.

With services comprising over 75% of the U.S. economy, the decline in these indices highlight the extent of the shock to the nation's output as retailers, restaurants, and other service providers shut down in an effort to contain the outbreak. Nations across the developed and developing world took similar measures. The economic stoppage and social distancing are also impeding global manufacturing and display the potential to generate a larger impact on the global economy if the situation is prolonged.

Access the Canterbury OCIO: First Quarter 2020 Commentary