Major Asset Classes: March 2019 Performance Review

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James Picerno
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Summary

  • Foreign real estate securities led the rally last month, closely followed by US-listed property linked stocks.
  • The only slices of global markets that retreated: foreign high-yield bonds, bonds issued by emerging markets and a broad definition of commodities.
  • For the trailing 1-year period, US stocks and bonds (along with the Global Market Index) continue to post gains, courtesy of this year’s broad-based rebound in markets after the sharp correction in late 2018.

Property shares dominated the broad-based performance gains for the major asset classes in March. Foreign real estate securities led the rally last month, closely followed by US-listed property linked stocks. The only slices of global markets that retreated: foreign high-yield bonds, bonds issued by emerging markets and a broad definition of commodities. Otherwise, the 2019 rebound in assets rolled on in March.

The strongest gain last month was posted by S&P Global Ex-US Property Index, which increased 4.6%. US-based real estate investment trusts (REITs) were a strong second-place winner in March via the MSCI REIT Index, which gained 3.3%. Note, too, that US REITs are currently posting the strongest year-to-date gain for the major asset classes with a stellar 16.3% surge.

The deepest loss in the major asset classes in March was in foreign high-yield bonds. Markit Global ex-US High Yield Bond Index dipped a modest 0.4%, the first monthly setback for the benchmark since November.

The Global Market Index (GMI) rose 1.3% in March, marking its third straight monthly gain. This unmanaged benchmark, which holds all the major asset classes (except cash) in market value weights, is currently up a solid 9.3% year to date.

For the trailing 1-year period, US stocks and bonds (along with GMI) continue to post gains, courtesy of this year’s broad-based rebound in markets after the sharp correction in late 2018.

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

This article was written by

James Picerno profile picture
5.62K Followers
James Picerno is a financial journalist who has been writing about finance and investment theory for more than twenty years. He writes for trade magazines read by financial professionals and financial advisers. Over the years, he’s written for the Wall Street Journal, Barron’s, Bloomberg Markets, Mutual Funds, Modern Maturity, Investment Advisor, Reuters, and his popular finance blog, The CapitalSpectator. Visit: The Capital Spectator (www.capitalspectator.com)
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