Equity markets rallied late in May to post the third consecutive month of positive returns. The S&P 500 ended 1.80% ahead for the month. Risk was rewarded as small caps outpaced large caps. Growth stocks nosed out value stocks. Developed international markets eeked out a gain, but emerging markets dropped by 3.90%.

The U.S. fixed income markets were mixed. The yield curve flattened as the odds of a Fed rate hike increased. We saw bonds with longer maturities increase in value while bonds with shorter maturities declined in value. For example, the U.S. Treasury 20+ Year Index increased 0.86%, while the Intermediate Index declined 0.11%. The Barclays U.S. Corporate High Yield Index continued its strength, increasing by 0.62%, outpacing both Treasuries and investment grade corporates.

Click here to read Glenn Dorsey’s Monthly Recap

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

downloadPDF