United States

Investors continue to focus on policy and central bank action


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Domestic and developed international fixed income changed little as investors continued to focus on policy and central bank action. The yield on the 10-year U.S. Treasury remained flat in March despite an increase in the federal funds rate. Shrugging off a stronger dollar, emerging markets debt was still the best performing fixed income asset class.

Domestic equities were flat for the month with growth slightly outperforming value across all market capitalizations. Within developed international markets, Europe generally outperformed developed Asia and Latin America. Emerging markets continued to move higher as performance was driven significantly by Mexico, India and South Korea.

Both domestic and global real estate investment trusts fell as the office and retail sectors declined while the industrial sector held steady. Commodities were pressured, pulling year-to-date returns into negative territory due to an increase in U.S. shale production. Master limited partnerships maintained the strongest start to the year among real assets despite negative returns during the month of March.

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