The old adage “sell in May and go away” has failed for three straight years now. The U.S. equity market resumed its positive trend with the S&P 500 hitting another all-time high during the month (S&P 50 +1.29%). U.S. small caps (Russell 2000 +2.28) outperformed U.S. large caps.

The international markets (MSCI -0.51%) were generally negative with the resurgence of the U.S. dollar. Emerging markets (MSCI EM -4.16%) got hammered, led by Latin America weakness.

The high yield sector (Barclays U.S. Corp HY +0.30%) was seen to lead the fixed income markets (Barclays U.S. Aggregate -0.24%), as talk of future Fed rate increases heated up again.

Mark your calendars for Wednesday, July 22nd at 4 PM EDT. Sean Clark will be providing a mid-year Market Outlook.

The opinions expressed are those of Clark Capital Management Group Investment Team. The opinions referenced are as of the date and publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy or strategies.

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.

CCM-652

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