September 2021

Our team has received a number of inquiries, regarding the negative news surrounding Chinese real estate developer, China Evergrande Group (Evergrande). More specifically, our clients and advisor partners have inquired about the degree of Evergrande exposure (if any) that exists across our investment portfolios.

Another month, another all-time high for the S&P 500, an achievement that has become common place for the index for much of 2021. The benchmark index ended August with a gain of 3.04%. It is now higher by more than 21.5% on the year and trades at 37 times 10-year earnings, more than twice its historical average. Non-U.S. equities also turned in a good showing for August, with the MSCI EAFE index gaining 1.76%, while the MSCI Emerging Markets index advanced by 2.62%, all despite the dollar hitting its intra-year high mid-month.