July was a month of new highs for stocks, as the S&P 500, Dow Jones Industrial Average, Russell 1000 and Russell 3000 all posted record highs during the month. The S&P 500 increased by 3.69% for the month. Small cap stocks, as measured by the Russell 2000, increased by 5.97%. Growth and value stocks increased, with growth leading for the month. International markets rallied during July, with developed international markets increasing by 4.95% and emerging markets increasing by 4.55%.

The U.S. fixed income markets once again provided positive returns. The yield curve flattened during the month, with rates for shorter maturities increasing and rates for longer maturities decreasing. The 10-year Treasury constant maturity hit an all-time low of 1.37% during the month, and intraday the on-the-run 10-year Treasury hit 1.34%. In line with the strength in equities, credit outperformed duration during the month. The Barclays Aggregate Bond Index increased by 0.63% for the month. The Barclays U.S. Corporate High Yield Index increased by 2.70%, the Barclays Investment Grade Corporate Index increased by 1.46%, and the Barclays U.S. Treasury Index increased by 0.41%.

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Past performance is not indicative of future results. This is not financial advice or an offer to sell any product. Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. Clark Capital Management Group, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Clark Capital’s advisory services can be found in its Form ADV which is available upon request.

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