United States

Emerging markets returns buoyed by China and Mexico

MONTHLY MARKET COMMENTARY  | 

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Fixed income markets were flat to modestly lower as an increase in yields led to a mild negative response in bond prices. The yield on the 10-year U.S. Treasury rose 10 basis points during the month of June, increasing sharply toward the end of the month. Year-to-date, lower quality bonds and those exposed to a weakening U.S. dollar have outperformed.

Small cap companies outperformed their larger cap counterparts domestically while emerging markets fared slightly better than international developed. Within developed international markets, the Pacific and Far East regions outperformed while Europe was lower. Emerging markets returns were buoyed by China and Mexico. Domestically, the financial and health care sectors led all others.

Real assets were mixed as sharply declining oil prices late in the month had a small negative effect on master limited partnerships. Real estate investment trusts (REITs) finished in positive territory. Commodities were pushed lower by falling oil prices, which declined 4.8 percent for the month. Agriculture, notably wheat, rose sharply. The domestic REIT market outperformed its international counterpart which continues to maintain an advantage year-to-date.

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