The second quarter echoed the first quarter of the year as investors were generally rewarded for risk-taking. U.S. equities, as measured by the S&P 500 Index, increasing 3.59% in June, adding to their strong start to the year and finishing the quarter up 4.28%. For the sixth consecutive quarter, growth names outperformed their value counterparts, with the Russell 1000 Growth Index returning 8.33% and the Russell 1000 Value Index declining 2.17%. Meanwhile, bond returns were mixed over the quarter as below-investment-grade bonds generally outperformed their higher-credit-quality peers. In addition, bonds with less interest-rate sensitivity outperformed on the quarter as the two-year U.S. Treasury yield rose 13 basis points, the five-year rose 16 bps, the 10-year rose 20 bps, and the 30-year rose 22 bps.
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