Quarterly Letter-Q3 2022: A Tightening Grip
October 21, 2022
The summer began with a strong rally in US markets. By quarter’s end, that bounce was but a distant memory.
Since our founding in 2003, we have cultivated relationships with diverse companies, investors, and teams that are on the cutting edge, not only of new opportunities, but of understanding the world.
At RockCreek, we have investments with an unparalleled brain trust of over 70 diverse investment teams. We have invested more than $8.3 billion with diverse teams since the firm’s inception, including nearly $2.8 billion in women-owned firms, nearly $1.5 billion in Latino-owned firms, and more than $990 million in Black-owned firms.
We include emerging managers in our portfolios, irrespective of mandate, because we believe they often produce returns that are uncorrelated to the overall market. Emerging managers often focus on themes and opportunities overlooked by larger managers. That thesis is backed by academic research and correlates to our experience spanning nearly two decades.
July 22, 2022
The second quarter of 2022 was when reality sank in. Might we be headed back to the future, when inflation – and the fight to curb it – dominated the macro background? A slowdown is inevitably coming. Can the Fed, against the odds, succeed in cooling the economy sufficiently to bring down inflation without a sharp rise in unemployment?