United States

July experiences gains in fixed income markets


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Fixed income markets made gains during the month with high yield outpacing investment grade bonds domestically. International developed and emerging markets debt both showed strong performance, outpacing domestic fixed income broadly, and extending their year-to-date advantage. The 10-year U.S. Treasury was largely unchanged during the month.

Large cap companies broadly outperformed their mid- and small-cap counterparts. Across styles, growth saw modest outperformance relative to value. Emerging markets continued to outpace developed equity returns, continuing their impressive year-to-date performance. International developed markets outperformed domestic equities. Domestically, the technology and telecom sectors led the market.

Real assets were positive for the month with all asset classes experiencing modest gains. Commodities were positive as energy and industrial metals were most additive to overall performance. These gains were partially offset by losses in natural gas and livestock. Global real estate investment trusts (REITs) continued to outpace domestic REITs year-to-date. Master limited partnerships finished positive, offsetting a portion of their year-to-date losses.

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