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Investing Specialists

Ultimate Stock-Pickers’ Top 10 High-Conviction and New-Money Purchases

Big moves were scarcer in the second quarter among these top money managers.

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By Greggory Warren, CFA | Senior Stock Analyst

Despite reaching an all-time high midway through the second quarter of 2015, the U.S. equity markets (as represented by the S&P 500 TR index) have risen less than 3% since the start of the year. The prospect of lower oil and gas revenue, as well as reduced capital expenditures by energy companies, weighed heavily on energy stocks and the industrial companies that serve them during the first quarter of 2015. However, solid earnings results across most other sectors combined with expectations of continued accommodation on the part of the Federal Reserve, as well as more positive views on Europe, to lift the markets 0.95% during the period. Performance for U.S. stocks was far less robust during the second quarter of 2015, as concerns about the Greek debt crisis and slowing growth in China increased volatility in both the credit and equity markets, with the S&P 500 TR index increasing just 0.28% during the period (having declined 1.94% in June). The markets did, however, bounce back in July, rising 2.10% despite ongoing concerns about the Chinese economy and the prospect of rising interest rates in the near term (with the Federal Reserve signaling an increase in rates as early as September), as investors seemingly put the Greek debt crisis behind them.

The Morningstar Ultimate Stock-Pickers Team does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.