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Financial Planning Minneapolis
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Published by Brad Horn on December 2, 2021
Categories
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Tags
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Performance

Major Asset Classes

November 2021

Performance Comparison

Introduction

Red ink swept across the monthly results for most asset classes in November, highlighting the need for active risk management and strategies for capital preservation. Technology stocks performed well, as did U.S. investment grade bonds and inflation-indexed bonds. Finally, commodities continued to lead all asset groups with lumber, coffee and rice posting impressive gains.

The following analysis provides a detailed visual record of returns across and within the major asset classes, facilitating investor portfolio comparisons and performance benchmarking.

US Equities

The S&P 500 index was up 0.6% in November with year-to-date (YTD) returns of 25.5%. Technology sector stocks (+4.6%), the NASDAQ-100 index (+2.7%) and consumer discretionary stocks (+1.9%) proved to be safe havens given the recent volatility. Growth stocks (+2.6%)  significantly outperformed value stocks (-1.7%).

US Equities Return by Index Monthly from 2021-11 | Saffron Capital

Developed Market Equities

Elsewhere, losses held sway as global equities lagged the US market. Israel (-1.7%), Switzerland (-2.0%) and Hong Kong (-3.0%) top the monthly performance chart. Meanwhile, the average YTD performance across the developed countries is roughly half that of U.S. performance benchmarks.

Total return by index – monthly for 2022-03 chart
DM Equities Return by Index YTD for 2021-11| Saffron Capital

Emerging Market Equities

Emerging market economies that supply critical services and commodities beat U.S. market performance in November. For example, oil logistics, semiconductors and grains supported equity markets in the UAE (+6.3%), Taiwan (+2.3%), Chile (+2.2%), and Brazil (+2.2%). Meanwhile, natural resource and high growth economies top YTD performance.


Government Bonds

U.S. Government bonds also outperformed U.S. equities in November. Top performance was in maturities of 20 years or more (+1.52%), 10 to 20 years (+0.79), plus inflation-indexed bonds (+0.77%). On the downside, emerging market bonds (-1.72%) were hard hit by inflation and covid concerns. Finally, inflation-indexed bonds continue to lead YTD results.

Government Bonds Total Return by Index Monthly for 2021-11| Saffron Capital
Government Bonds Total Return by Index YTD for 2021-11| Saffron Capital

Corporate & Infrastructure Bonds

US infrastructure bonds (0.14%) and REITS (0.0%) barely avoided losses in November.  However, their YTD performance is still significantly higher than US equities. Developed market corporate bonds (-2.19%) gave back nearly a quarter of their YTD performance this month given higher inflation and new covid risks.

Corporate Bonds Total Return by Index Monthly for 2021-11| Saffron Capital
Corporate Bonds Total Return by Index YTD for 2021-11| Saffron Capital

Commodities

Commodities, again, led the broad asset classes in November, cementing their leadership role on a YTD basis. Lumber (+37.1%) surged, as did coffee (+12.4%), rice (+9.8%), and wheat (7.0%). Oil declined 16.6%, dropping 10% in just one day, pulling down gasoline (-15.2%) and heating oil (-14.2%) with it.

Commodities Total Return by Index YTD for 2021-11| Saffron Capital

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