Monthly Commentary - April 2013

After soaring 10.6% in the first quarter, the S&P 500 continued the rally in April, posting another 1.93% in total return in April. The Russell 1000 Growth Index (our benchmark) followed suit, adding another 2.12% for the month. Large Cap Growth lagged these indexes for the month, rising 1.41% for the period.* Large Cap Growth had excellent momentum for the first three weeks of April but that all changed in the final seven trading days when the market went into “risk on” mode as weak economic numbers assured investors that the Federal Reserve would continue its easy money policy (bad news is good news in this Fed-driven market). The change in the market at month’s end took us from a positive to a negative spread for the month versus our benchmark as pharmaceuticals and consumer staples, strong performers for us, were hit hard.

Top portfolio contributors for the month were an eclectic group including Disney, GNC Holdings, Merck, Verizon and Intel. Our best performing stock for the month was Microsoft but we are somewhat underweight the stock, so it subtracted about 10.5 basis points versus the Russell 1000 Growth Index. Other stocks hurting our relative performance included Yum! Brands where problems in China continue to dog the company, Freeport-McMoRan (falling copper prices), Dover, and EMC Corp.)... [read more Large Cap Growth Equity]

Monthly Commentary Archives - 2012/2013
Fixed Income
	Fixed Income Commentary - April. 2013
	Fixed Income Commentary - Feb. 2013
	Fixed Income Commentary - Jan. 2013
	Fixed Income Commentary - Nov. 2012
	Fixed Income Commentary - Oct. 2012
	Fixed Income Commentary - May 2012
	Fixed Income Commentary - April 2012
	Fixed Income Commentary - Feb. 2012
	Fixed Income Commentary - Jan. 2012
Large Cap Core Growth Equity
	Large Cap Core Growth Equity Commentary - April. 2013
	Large Cap Core Growth Equity Commentary - Feb. 2013
	Large Cap Core Growth Equity Commentary - Jan. 2013
	Large Cap Core Growth Equity Commentary - Nov. 2012
	Large Cap Core Growth Equity Commentary - Oct. 2012
	Large Cap Core Growth Equity Commentary - Mary 2012
	Large Cap Core Growth Equity Commentary - April 2012
	Large Cap Core Growth Equity Commentary - Feb. 2012
	Large Cap Core Growth Equity Commentary - Jan. 2012
Municipal Fixed Income Commentary
	Municipal Fixed Income Commentary - April. 2013
	Municipal Fixed Income Commentary - Feb. 2013
	Municipal Fixed Income Commentary - Jan. 2013
	Municipal Fixed Income Commentary - Nov. 2012
	Municipal Fixed Income Commentary - Oct. 2012
	Municipal Fixed Income Commentary - May 2012
	Municipal Fixed Income Commentary - April 2012
	Municipal Fixed Income Commentary - Feb. 2012
	Municipal Fixed Income Commentary - Jan. 2012
TAAP
	TAAP Commentary - April. 2013
	TAAP Commentary - Feb. 2013
	TAAP Commentary - Jan. 2013
	TAAP Commentary - Nov. 2012
	TAAP Commentary - Oct. 2012
	TAAP Commentary - May 2012
	TAAP Commentary - April 2012
	TAAP Commentary - Feb. 2012
	TAAP Commentary - Jan. 12, 2012