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Major Asset Classes | November 2016 | Performance Review

Global markets continued to slide in November, with three main exceptions: US equities, US high-yield bonds, and broadly defined commodities.

 

By James Picerno

Otherwise, varying shades of red dominated last month’s return column for the major asset classes.

The US stock market bucked the downside trend, posting a strong 4.5% total return in November, based on the Russell 3000 Index. Meantime, November’s big loser: emerging market government bonds, which tumbled 7.4% (Citi ESBI-C Index).

The top performer for the year so far among the major asset classes: US high-yield bonds (iBoxx High Yield Index), which is ahead by a strong 14.2% in total-return terms. The biggest year-to-date loser at the moment: foreign developed market stocks. MSCI EAFE is in the hole so far in 2016 by 2.3%, as of last month’s close.

gmi-01dec2016

The downside bias in November pinched the Global Market Index (GMI), an unmanaged benchmark that holds all the major asset classes in market-value weights. GMI dipped 0.1% last month, although the benchmark remains firmly in the black on a year-to-date basis with a 5.0% total return through November 30.

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