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September 2024

Market Update

(all values as of 11.28.2025)

Stock Indices:

Dow Jones	47,716
S&P 500	6,849
Nasdaq	23,365

Bond Sector Yields:

2 Yr Treasury	3.47%
10 Yr Treasury	4.02%
10 Yr Municipal	2.74%
High Yield	6.58%

YTD Market Returns:

Dow Jones	12.16%
S&P 500	16.45%
Nasdaq	21.00%
MSCI-EAFE	24.26%
MSCI-Europe	27.07%
MSCI-Emg Asia	26.34%
MSCI-Emg Mkt	27.10%

US Agg Bond	7.46%
US Corp Bond	7.99%
US Gov’t Bond	7.17%

Commodity Prices:

Gold	4,253
Silver	57.20
Oil (WTI)	59.53

Currencies:

Dollar / Euro	1.15
Dollar / Pound	1.32
Yen / Dollar	156.21
Canadian /Dollar	0.71

Portfolio Overview

Equities continued to rebound in September. Ocean Park Investors Fund rose 1.60%*, while the S&P 500 rose 2.02% and the NASDAQ Composite rose 2.68%. The fund’s tech stocks once again led the way, paced by Advance Micro Devices which gained 10%.

During the month, we increased positions in the financial services sector and the technology sector while reducing positions in the consumer staples sector. We sold several underperforming positions including Cadence Design Systems, Electronic Arts, and Shoe Carnival. In addition, we initiated new investments in Asteria Labs, Blackline, Robinhood Markets, and Reddit, based on rising earnings estimates and the potential for better-than-expected performance going forward. We finished the month at about 98% net long, down from about 100% in August.

Daily updates on our activity are available on our Results Line, at 310-281-8577, and current information is also maintained on our website at www.oceanparkcapital.com. To gain access to the site enter password opcap.

*These results are pro forma. Actual results for most investors will vary. See additional disclosures on page 4. Past performance does not guarantee future results.

Equity Overview

Equity Overview

Eight of eleven sectors in the S&P 500 gained in September, with consumer discretionary the big winner and energy the worst loser. Growth outperformed value. Volatility was moderate, as the S&P 500 moved more than 1% on 5 of 20 trading days.

The 2% September gain in the S&P 500 was the index’s best September performance since 2013. This was especially noteworthy because historically, September has been a negative month for stocks with an average return on the S&P 500 of -1.16% since 1926.

Macro Overview

Macro Overview

With one major exception, economic headlines in September were uninspiring. Employment was soft as payrolls grew by 141,000, less than expectations. Housing and manufacturing were weak. Consumer sentiment was unclear as the University of Michigan index rose while the Conference Board index fell.

The major exception was the news on interest rates, as the Fed finally pulled the trigger in mid-month and cut rates by 50 basis points. This was higher than its typical cut of 25 basis points and was viewed as a measure of the Fed’s confidence in its battle with inflation. The Fed also signaled that there would be two more cuts of 25 basis points each later this year. That prospect improved later in the month when the Fed’s preferred inflation measure—the core Personal Consumption Expenditures (PCE) Index—registered a 2.7% year-over-year gain, in line with expectations.

Additional Disclosures

Additional Disclosures

Performance data for OPI reflect the reinvestment of dividends and other earnings on the fund’s assets. Performance data for the major indices reflect only changes in the value of those indices, and would be higher if dividends were included. However, the index data do not reflect fees that would be paid to index fund managers and transaction costs that would be incurred when their component stocks are bought or sold, while OPI’s data do reflect quarterly fees and expenses incurred by the fund. The information provided is believed to be reliable, but its accuracy or completeness is not warranted. This material is not intended as an offer or solicitation for the purchase or sale of any stock, bond, mutual fund, or any other financial instrument. The views and strategies discussed herein may not be appropriate and/or suitable for all investors. This material is meant solely for informational purposes, and is not intended to suffice as any type of accounting, legal, tax, or estate planning advice. Any and all forecasts mentioned are for illustrative purposes only and should not be interpreted as investment recommendations.