News

The “Harry Kizirian Award” was given to Meals on Wheels of RI

In recognition of Meals on Wheels of RI determination, as was Harry Kizirians dream, to address and provide nutritional food and other special needs of older adults, so that all seniors maintain their independence and dignity.

Market Review – 2021

EQUITY:  After ten consecutive quarters of positive returns, the Bloomberg/Barclays US Aggregate Bond Index faced considerable pressure as interest rates rose sharply, with the US 10-year Treasury yield increasing from 0.91% to 1.74%. The benchmark’s decline of -3.37% registers as the weakest quarter dating back to 1981 and coincides with the Treasury market also notching its worst showing since the early 1980s as well. This weakness does not come as a surprise – we wrote about the challenges of low rates in the face of an improving economy in our last quarterly review – however, as is generally the case in the capital markets, the magnitude of rapidity caught many investors offsides. Mortgaged-backed securities, a large component of the index, dampened losses, as these assets tend to carry lower sensitivity to changes in interest rates, while corporate bonds also impacted returns negatively for the index.

FIXED INCOME:  Bond markets experienced dramatic moves throughout the quarter with no segment immune from severe price volatility and dislocation. As we have noted over the years, insatiable demand for fixed income and yield led to considerable inflows into all forms of fixed income securities. This phenomenon continued unabated during the months of January and February and reversed course considerably throughout March as COVID-19 hit US shores and the global economy began to shut down. As investors across the globe deleveraged and all headed for the exits at the same time, no asset class was spared from a wave of outflows.

The “Harry Kizirian Award” was given to The Steel Yard

In recognition of the Steel Yards determination, as was Harry Kizirians dream, to provide opportunity to all Rhode Islanders, to better their lives through skill training such as welding and jewelry design to mention a few.

The “Roger Schonning Award” was given to Jonnycake Center of Westerly

In recognition of their goal to provide food and social services to the residences of Washington County.

The “Helen A. Marandola” was given to Saint Elizabeth Manor

In recognition for their dedication to provide comprehensive programs and care to those living at Saint Elizabeth Manor.

The “Edward Ricci” was given to Star Kids

In recognition of their tireless work through tutoring and extra curricular activities to children enrolled in their programs.

Market Review – 2021

EQUITY:  After ten consecutive quarters of positive returns, the Bloomberg/Barclays US Aggregate Bond Index faced considerable pressure as interest rates rose sharply, with the US 10-year Treasury yield increasing from 0.91% to 1.74%. The benchmark’s decline of -3.37% registers as the weakest quarter dating back to 1981 and coincides with the Treasury market also notching its worst showing since the early 1980s as well. This weakness does not come as a surprise – we wrote about the challenges of low rates in the face of an improving economy in our last quarterly review – however, as is generally the case in the capital markets, the magnitude of rapidity caught many investors offsides. Mortgaged-backed securities, a large component of the index, dampened losses, as these assets tend to carry lower sensitivity to changes in interest rates, while corporate bonds also impacted returns negatively for the index.

FIXED INCOME:  Bond markets experienced dramatic moves throughout the quarter with no segment immune from severe price volatility and dislocation. As we have noted over the years, insatiable demand for fixed income and yield led to considerable inflows into all forms of fixed income securities. This phenomenon continued unabated during the months of January and February and reversed course considerably throughout March as COVID-19 hit US shores and the global economy began to shut down. As investors across the globe deleveraged and all headed for the exits at the same time, no asset class was spared from a wave of outflows.

OSCT has committed $50,000 to assist Boys and Girls Clubs across Rhode Island respond to the virus pandemic by helping them provide virtual learning to all its members during this time of crisis.  The announcement was made by Chairman John J. Partridge, Esq.

The Trust is dedicated to supporting charitable purposes that promote social welfare in the state by assisting citizens in the area of housing, health, education and welfare. “We are well acquainted with the good work done by the Boys and Girls Clubs across Rhode Island,” said Trustee Scott Avedisian. 

Echoing this statement, Trustees Amy Vitale, Esq., Jonathan K. Farnum and Mark Russell stated that “children served by the Clubs in our state will now have the ability to access more information through virtual learning.”