The fourth quarter saw poor equity market performance globally, with December contributing significantly to the downturn. U.S. markets experienced turbulence not seen since the Great Recession, including record losses for the Dow Jones Industrial Average, S&P 500, and Nasdaq in December.

May marked the worst monthly market performance since December, driven by trade war concerns, including fears of a China trade war and Mexico tariffs. The company’s return for May was -7.13%, compared to the broader market’s -6.35%.

The third quarter ended with extreme volatility tied to trade war negotiations, as uncertainty from mid-October China meetings risked slowing the global economy. The investment team reduced international exposure during the quarter.

Chicago Equity Advisors avoids high-risk strategies like leveraged bets or speculative trades. Since 2011, the firm has maintained a distinct investment approach.