During the past year, the best performing asset classes were REITs (real estate) and U.S. large stocks. International stocks were all down between -1% and -7%. The following chart shows the 1-year, 5-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P 500 Index: Market Returns for the period ending December 31, 2014 DFA Fund […]
Quarterly Letters
Client Letter – Q3 2014
The third quarter of 2014 was a tale of two markets—large U.S. stocks and everything else. A handful of big stocks pushed up the Standard & Poor’s 500 Index by about 1 percent over the late summer and early fall. Meanwhile, just about every other asset class that we invest in declined, from small U.S. stocks to real estate and […]
Client Letter – Q2 2014
During the past quarter, REITs performed exceptionally well, with emerging markets stocks coming in with respectable returns also. The U.S. and international markets delivered positive returns in all asset classes. The following chart shows the 3-month, 5-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P 500 Index: Market Returns for the period ending […]
Client Letter – Q1 2014
In December 2012, we launched the Sparrow Wealth Management online vault, which provides a secure location for all of your financial, tax, and estate documents. So far, roughly 90% of our clients have logged into the vault using the username and password that we sent via email. For those of you who haven’t logged in yet, please do so soon! […]
Client Letter – Q4 2013
What an amazing year!! U.S. small and value asset classes earned over 40% returns, with large U.S. growth stocks and international stocks not far behind in the 20% and 30% percent range. The following chart shows the 1-year, 5-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P 500 Index: Market Returns for the […]
Client Letter – Q3 2013
During the past quarter, the international markets performed the best, with modest returns in the U.S. markets. The chart below shows the 3-month, 1-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P 500 Index: Market Returns for the period ending September 30, 2013 DFA Fund / Index 3 Month Return 1 Year Return 10 […]
Client Letter – Q2 2013
A quick period of readjustment over the last six weeks depressed portfolio returns in the second quarter, but we think the markets are now more realistically priced and may be poised to resume their upward momentum later this year. The following chart shows the 3-month, 5-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the […]
Client Letter – Q1 2013
In December 2012, we launched the Sparrow Wealth Management online vault, which provides a secure location for all of your financial, tax, and estate documents. So far, about 60% of our clients have logged into the vault using the username and password that we sent via email. For those of you who haven’t logged in yet, please do so soon! […]
Client Letter – Q4 2012
Wow…what an amazing end to an interesting year! Despite a steady diet of bad news, most markets around the world climbed the proverbial “wall of worry” to log strong returns. Major markets around the globe delivered double-digit total returns, and as a group, the non-US developed and emerging markets outperformed the US equity market. The following chart shows the 1-year, […]
Client Letter – Q3 2012
During the past quarter, the world-wide equity markets performed fairly well, helping our 1-year returns look very strong. The chart below shows the 3-month, 1-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P 500 Index: Market Returns for the period ending September 30, 2012 DFA Fund / Index 3 Month Return 1 Year Return […]
