Vestor Capital Quarterly Commentary

Equity indexes posted strong returns in 2023. Leading the way were U.S. large technology stocks that posted extraordinary gains as evidenced by the NASDAQ Composite and S&P 500’s returns of 44% and 26% respectively. U.S. small‐cap stocks posted robust gains in the fourth quarter, as long‐term interest rates declined, pushing stocks up 15% for the year. The MSCI EAFE large‐cap developed international index posted a solid gain of 18% despite a lower weighting to technology stocks vs. the U.S. Emerging market stocks lagged, with returns of only 10%, due largely to weakness in Chinese equities, caused by investor concerns over increasing government control of business and slowing growth.

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