On August 4, 2022, UMF investment advisor Jim Lumberg of SouthCol Advisors, LLC, presented the second quarter market review, “Climbing the Wall of Worry.”
Read the Q2 2022 Investor Letter here.
| Segment Time | Segment Content |
| 00:00 – 00:08 | Introduction |
| 00:08 – 02:15 | Global Equity Markets Year to Date 2022-08-01 |
| 02:15 – 02:40 | S&P 500 Index: Trailing 180 days |
| 02:40 – 03:17 | S&P 500 Sector Performance |
| 03:17 – 03:54 | Domestic vs. International Equities |
| 03:54 – 04:31 | Bonds: 10-year Treasury Yield – Trailing 180 Days |
| 04:31 – 05:44 | Climbing the Wall of Worry |
| 05:44 – 06:30 | Inflation | Changes in US CPI since 1965 |
| 06:30 – 07:55 | Historically Spikes in Inflation are Transitory |
| 07:55 – 08:39 | Federal Funds Rate |
| 08:39 – 09:18 | Consumer Confidence Index |
| 09:18 – 10:34 | U.S. Gross Domestic Product |
| 10:34 – 11:33 | Quarterly U.S. Corporate Profits & 2023 Estimates |
| 11:33 – 12:14 | S&P 500 Price/Earnings Ratio |
| 12:14 – 13:10 | Copper – Spot Rates |
| 13:10 – 13:52 | Crude Oil – Spot Rates |
| 13:52 – 15:12 | Bonds: 10-Year Treasury Yield Curve – Trailing 180 Days |
| 15:12 – 15:55 | S&P 500 Performance in Fed Rate-Hike Cycles |
| 15:55 – 17:25 | S&P 500 Max Drowdowns and Calendar Year Returns (%) |
| 17:25 – 18:38 | Stay focused on what we can control |
| 18:38 – 20:32 | Pastoral reflection on Jesus’s “Do not worry” |
| 20:32 – 22:04 | UMFNIC Model Allocations |
| 22:04 – 23:34 | Fund Performance as of June 30, 2022 |
| 23:34 – 25:00 | Fund Performance as of August 3, 2022 |