Major Asset Classes September 2023 Performance Comparison Introduction September 2023 returns were negative across many asset groups. U.S. equities declined two months in a row for their first quarterly decline since Q3 2022. In addition, rates on long bonds posted their biggest quarterly advance since 2009.  In response, the US […]

Major Asset Classes August 2023 Performance Comparison Introduction August 2023 returns were negative, ending a 5 month stock market rally.  At one point, the S&P 500 index was down -5.5%, but ended the month down -1.8%. The primary driver of returns was higher borrowing costs , which weighed on the […]

Major Asset Classes July 2023 Performance Comparison Introduction July 2023 returns added to gains seen in June, logging the 5th straight month of gains.  The S&P 500 index was up +3.1% in July and the NASDAQ 100 index up +3.9%, buoyed by resilient GDP growth and a drop in developed […]

Major Asset Classes June 2023 Performance Comparison Introduction June 2023 returns came in strong with the S&P 500 index up +6.5% for the month and the NASDAQ 100 index +6.3%.  In a sign of strong market internals, the small cap S&P 600 Index broke away from the larger market and […]

Major Asset Classes May 2023 Performance Comparison Introduction May 2023 returns were influenced by a high degree of outlook uncertainty.  As a result, returns were lackluster or negative for many assets.  For example, a small number of megacaps helped the S&P 500 Index (+0.2%).  Across the sectors, Information Technology (+8.9%) […]

Major Asset Classes April 2023 Performance Comparison Introduction April 2023 market returns were favorable for large cap stocks, but were less rewarding for many other asset classes. For example, total returns for the S&P 500 Index (+1.5%) and international large cap stocks (+2.8%) beat the NASDAQ-100 index (-0.1%) and emerging […]

Major Asset Classes March 2023 Performance Comparison Introduction March 2023 returns capped a quarter of broad gains, but with considerable volatility along the way.  Total returns for the S&P 500 Index (3.5%) lagged behind the NASDAQ index (+9.5%), which had its best March since 2010.  Thanks to the melt-up in […]

Major Asset Classes February 2023 Performance Comparison Introduction February 2023 returns reversed the momentum seen in January with losses across equities, credit, sovereign bonds, and commodities.  The S&P 500 Index (-2.3%) lagged behind the NASDAQ index (-0.7%), but managed to outperform international developed markets (-3.35).  European equities (–2.5%) proved more […]

Major Asset Classes January 2023 Performance Comparison Introduction January 2023 returns will be remembered by investors.  The S&P 500 Index was up +6.2% ,while the NASDAQ 100 index was up +10.6%.  Meanwhile, international markets clearly outperformed the US.  16 of 22 developed markets had stock market returns higher the S&P […]

Major Asset Classes December 2022 Performance Comparison Introduction December 2022 returns were negative across all asset classes.  The S&P 500 Index ended the year down -19.4%, yielding the 6th largest drawdown since 1930.  Meanwhile, the 30-year T-Bond fared much worse, losing -31.2%.  The large-cap energy sector (+64.3%) has been the […]