United States

Global equities gained with international markets outpacing domestic


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Fixed income markets extended year-to-date gains during May. International markets generally outpaced domestic. The yield on the 10-year U.S. Treasury fell 8 basis points during the month of May continuing the trend seen thus far in 2017 of global demand for U.S. government securities. 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 the Pacific and Far East regions. Domestically, small cap stocks trailed large caps, posting negative returns for the month.

Real assets were mostly lower with only international real estate finishing higher during the month. Mastered limited partnerships (MLPs) fared the worst. Declines in both oil and natural gas weighed on returns in the commodities index and were also felt in the MLP space. Asian and European real estate investment trust markets both outpaced their North American counterparts. Continued easy money policies and recovering economies are key contributors to the divergence.

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