Trillium's Q2 2012 Market Commentary

In hindsight it seems our outlook three months ago was too sanguine about both US job growth and the ever-simmering troubles in Europe. Both overtook the headlines during the second quarter and at one point pulled down the S&P 500 a full 10% from its early April peak—thus qualifying as an official market “correction.” As valid as investor concerns may have been, it’s also worth recalling that the S&P was up 30% from October of last year to the April high of this year. Some digestive backing and filling was in order.

Despite those concerns, the market rallied off its early June lows and managed to close the quarter with only a 2.75% decline. This left the market up 9.49% for the first half of the year, a return we will more than gladly take. The question before us now, as it was three months ago, is whether 2012 will repeat the deep summer swoons we suffered in 2010 and 2011. While the second quarter correction certainly got our attention, we continue to believe economic conditions are significantly better this year than they were the past two years…

Read the full Q2 2012 market commentary here.