Dear friends of Arcus Capital Partners,
We hope this letter finds you well and that you are having a nice fall. The third quarter produced lackluster returns across asset classes as the delta variant forced renewed lockdown measures and wreaked havoc on global supply chains. Nevertheless, the backdrop for the rest of the year remains positive and should support risk assets. Global equities finished the quarter with mixed results and saw domestic shares outperform their international peers. Interest rates were volatile but ended the quarter close to where they started. From here, rates appear poised to move higher as global economic data points improve. Lastly, commodities rallied and were led higher by energy and base metals even as the US dollar strengthened. Our outlook for the rest of 2021 remains constructive, and we believe the tailwinds needed for additional upside are still in place.