2Q, 2023 Asset Class Return Quilts

July 25, 20232Q, 2023 Asset Class Return Quilts

  • U.S. stocks continued to push higher during the quarter. The S&P 500 ended the first half of the year up 16.9% and is now up 24.4% since it’s October lows.
  • U.S. small cap stocks ended the quarter up 5.2%. International developed markets underperformed U.S. equities, ending the quarter up 3.2%. Emerging and frontier market stocks continued to lag developed markets, ending the quarter up only 1.0%.
  • The quarter produced mixed results for fixed income. U.S. intermediate-term bonds ended the quarter up 3.0%. International developed market bonds ended the quarter down 0.8%, while U.S. bank loans ended the quarter up 3.1%. Developed market bonds were hit the hardest, ending the quarter down 2.1%.
  • Midstream energy returned 4.0% over the quarter, while gold fared worst out of all asset classes, ending the quarter down 3.8%.
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