Download Q1 2015 Market Commentary

The U.S. economy continues to expand. Employment levels are rising; inflation is contained, the value of the dollar is rising; consumer confidence remains high, and the U.S. stock market hit new all-time highs during the quarter. Interest rates are historically low, with rates on two-year government notes below zero in multiple countries. We continue to believe that stocks, on balance, provide a higher expected risk-adjusted return than bonds, and that dollar-denominated assets remain attractive relative to other currencies. However, potential risks are increasing, leading us to emphasize, where possible, smaller and mid-sized companies, domestic sales, and low-leverage companies. We anticipate increasing day to day volatility in both stock prices and bond yields…
You can download Trillium’s Q1 2015 market commentary here: