Fixed income markets extend gains in April
MONTHLY MARKET COMMENTARY |
Fixed income markets extended year-to-date gains during April. Both international and domestic markets performed well. The yield on the 10-Year U.S. Treasury fell 11 basis points during the month of April as global demand for U.S. government securities remained strong. Emerging markets debt continues to outpace other fixed income assets year-to-date.
Global equities gained with international markets outpacing domestic markets. Across styles, growth outperformed value. Within developed international markets, Europe generally outperformed developed Asia and Latin America. Domestically, the consumer services and materials sectors led the market while the energy sector generally lagged.
Real assets were mixed as real estate investment trusts (REITs) finished in positive territory while commodity and master listed partnership indices fell. Within commodities, precious and industrial metals performed well, but a fall in energy resulted in negative aggregate returns. Within REITs, international markets generally outperformed domestic as investors likely weighed the prospect of rising rates.