Dear Investor,
November was an unpredictable month. Initial doubts and profit-taking at the beginning of the month gave way to renewed optimism in the last week of November, mainly driven by expectations surrounding the Federal Reserve's (Fed) interest rate policy. The Russell 2000 closed the month with a gain of 1.02%. ES Small Cap performed slightly better, with a gain of 3.59%. For 2025, the gain is 20.98%.
ACM Research was the biggest loser last month. Delek US Holdings was the biggest winner.
The Fed will also be keeping a close eye on employment figures and inflation for the month of December. As things stand at present, the Fed is likely to cut interest rates by a quarter of a point.
I would like to wish everyone a very happy holiday season.
Sincerely,
Henry van Ginkel