.png)
Small stocks were the big winners in July
July 2024 Asset Class Returns Based on Broad ETFs
Major Asset Class Returns for the month ending July 31, 2024
Seven of eight major asset classes were positive.
Small Cap equities had the highest return, while Commodities were the lone asset class with a negative return.
Fixed Income was positive as yields declined (see below). Real Estate was also a beneficiary of lower interest rates.
The table below shows the same information as the above chart but shows the ETF securities used to represent each asset class.
Major Asset Class Returns for 12 Months Ending July 31, 2024
US Large Cap continues to lead over the last 12 months.
Small Cap stocks have been the second-best performing asset class over the last twelve months.
Commodities have a negative trailing 12-month return.
U.S. Index Returns with Growth & Value Styles
Small Cap stocks outperformed Mid Cap stocks, which outperformed Large Cap stocks.
Value styles outperformed Growth across the capitalization spectrum.
Large Growth was the only style that had a negative return. Small Value was the best performing style.
Interest Rates
U.S. Treasury Yield Curves
Interest rates shifted lower across the majority of the yield curve compared to June.
The longest dated maturities (10Y to 30Y) are higher now than compared to last year.
The 1M Treasury Yield remained steady at 5.5%, barely changed from last month or last year.
Spread Between 10Y & 2Y U.S. Treasury Yield
The spread between the 2Y & 10Y yield became less negative as the yield curve normalized somewhat with the 2Y yield declining and the 10Y yield increasing.
The negative 2/10 spread is much narrower than it was at the end of last July when the 10Y yield was below 4.0% and the 2Y was almost 5.0%.
Disclaimer - this is not to be construed as investment advice or a recommendation to buy or sell any security. This is not meant to be indicative of any specific portfolio returns. Please see full disclosure on main blog page.
Comentários