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Asset Class Reports
Canterbury Review: Second Quarter 2015

Market volatility increases as the world watches Greece

  • During the first half of 2015, growth outperformed value as investors continued to anticipate rising U.S. interest rates. Globally, market volatility spiked due to concerns over a Greek Eurozone exit as well as Chinese stock market fluctuations.
  • The 10-year Treasury rate experienced the first quarterly rise since 2013 (41 basis points) during the second quarter. Moreover, 10-year sovereign rates rose across the board as inflation expectations increased primarily from the rebound in oil prices. From a currency perspective, a marginally weak U.S. Dollar provided a tailwind for non-U.S. bonds.
  • Oil prices increased during the second quarter as demand expectations were higher than expected. Commodities were strong in general, however inflationary real assets such as TIPS were negative due to the move in interest rates.


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