2023 was a year of resilience in the face of economic and market challenges. Despite a banking crisis, inflationary pressures, Fed tightening, weakening economic data, and stagnant corporate earnings, the Russell 3000 Index finished the year up 26%, with the MSCI ACWI-Ex-U.S. (International markets) Index up 15.6%. The bond market also ended the year in positive territory, with the Barclays Intermediate Gov/Corp Index up 5.2%. This marked the first positive year for fixed income since 2020.

Welcome to the Fall 2023 edition of the Towneley newsletter. In this edition, you will hear from our investment team in a frequently asked questions format.

On the morning of Saturday, October 7, Hamas launched a surprise attack on Israel killing hundreds and plunging the region into further conflict. Israel immediately declared war on Hamas, responded with air strikes, and called up 300,000 army reservists. The U.S. and many U.N. Security Council members have condemned the attacks by Hamas, which is designated a terrorist organization by many major countries, and are providing assistance to Israel including the positioning of a U.S. aircraft carrier in the Eastern Mediterranean. The situation is evolving and we all hope for a return to stability in the region, and especially for the continued safety of civilians and any friends and family that might be impacted.