Report Summary
Welcome to the second quarter of the year. Here is our first quarter’s recap on the stock, real estate, and fixed-income markets:

US equity indexes notched all-time highs in this past quarter, with the S&P 500 registering its five-month historic consecutive gains since 1950. The US stock market continued its upward momentum from last year’s rally. This bullish trend in the equities market is largely due to the expectation that the US Federal Reserves will begin to cut rates later this year. 

Markets began the year expecting roughly seven rate cuts for 2024. Throughout the quarter, that pendulum swung back to three cuts amidst a backdrop of improving economic growth and a slowing rate of disinflation.

Stock prices increased in March despite diminished expectations for Fed rate cuts in 2024. Gains were led by technology stocks, especially the companies believed to most likely benefit from the artificial intelligence boom, such as Nvidia, Microsoft, Meta, Super Micro Computer, and ARM Holdings. In March, the S&P 500 was up by 3.10%, the NASDAQ 100 was up by 1.2%, and the Dow Jones Industrial Average (DJIA) was up by 2.2%.

In the Real Estate market, signs of life have begun to spring up in the housing market as we head into peak home-buying season. Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many. Mortgage rates averaged 7.37% in March 2024, underscoring the shortage of housing supply, with inventories in the US persistently tight due to raised costs of input materials and financing.

In the fixed-income market, the U.S. bond market remained fairly in line with what it started the month of March with. As February ended, yields had taken a nosedive, which continued in early March (to as low as 4.09% – March 7) with expectations of Fed-Rate cuts in coming months. However, yields rose later in March following hawkish takeaways on rate cuts, leading to a broad repricing of Fed rate-cut expectations. As of the end of March, the yield on the benchmark U.S. 10-year Treasury was 4.20%, slightly up from 4.19% at the start of the month.  

Asset Classes Overview


The S&P 500 was up 3.10% in March 2024 and up 10.2% in the year’s first quarter. Our Rise Equity portfolio outperformed the market, closing the month of March up by 3.47% and the quarter up by 15.84%. Our Rise Equity portfolio soared last month, buoyed by a strong rally in tech and communications stocks in our portfolio.

We retain our bullish sentiment towards the equity market throughout the remainder of the year. Our base case scenario indicates that the equity market will sustain its Q1 2024 rally into Q2 2024, propelled by blockbuster Q1 earnings across tech, communication, and energy sectors.

In our analysis, the equity market remains a prime avenue for wealth generation in 2024. Our approach continues to revolve around allocating capital to firms with robust fundamentals and financials, capitalizing on the upward trajectory.

Real Estate

Our real estate portfolio returned 1.18% in March, and 3.09% in the year’s first quarter. Monthly returns on our real estate holdings are dependent on the collective performance of our real estate properties. Given our ongoing pursuit of reliable and consistent returns, we are pleased to report a return to our historical performance, with March’s yield aligning with our customary benchmarks.

Moving forward, we project that our real estate portfolio will continue to provide attractive returns for our investors. This forecast is based on the convergence of elevated mortgage rates and limited inventory across the US market, which we expect to keep the demands for AirBnBs and rental properties high. Real estate investment retains its allure for investors, and our real estate asset class is poised to furnish steady and reliable cash flow. 

Fixed Income

At Rise, our fixed-income investments generated a return of 0.83% for March 2024 and 2.49% in the year’s first quarter.. This performance underscores the resilience and stability of our fixed-income strategy.

The U.S. bond market performed fairly in March, as yields moved sideways following hawkish takeaways from the March FOMC meeting. The yield on the benchmark U.S. 10-year Treasury was at 4.20% by the end of March.

Through diversification and a keen eye for opportunities, we expect our fixed income portfolio to continue to provide better and steady returns to our investors. 

As always, Rise is committed to helping you achieve your financial goals through thorough analysis and careful selection of investment opportunities. So remember to stay invested or click here to begin investing.