Monthly Market Data - August 2024

Real Estate gains while Commodities decline

August 2024 Asset Class Returns Based on Broad ETFs

Major Asset Class Returns for the month ending August 31, 2024

• Public Real Estate was the best performing sector in August, among the several major asset classes we track. Real Estate was buoyed by lower interest rates (see below).

• Commodities fared the worst during August. A broad range of major commodities declined 2.19%, on average.

• Small Cap U.S. stocks were negative while Mid and Large Cap stocks had positive returns. International Developed markets outperformed domestic equities.

• Fixed Income also benefitted from declining interest rates and had a positive month.

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 the 12 Months Ending August 31, 2024

• Large Cap U.S. equities continues to be the leading asset class over the past twelve months.

• Public Real Estate (+22.1%) and U.S. Mid Cap (+19.9%) were the second and third best performing classes.

• Commodities have a negative trailing twelve month return.

1 Month U.S. Index Returns with Growth & Value Styles

• Small Cap stocks produced negative returns for the Core, Value, and Growth styles.

• Growth and Value leadership was mixed across the capitalization spectrum. Value outperformed Growth in the large cap universe and Growth outperformed Value among Mid Caps. Growth was less negative in the Small Cap Universe.

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Interest Rates

U.S. Treasury Yield Curves

• The yield curve shifted downward at all maturities from the end of July.

• The 10YR U.S. Treasury Yield ended the month at 3.91%. It dropped below 4% for the first time since the end of January and is at the lowest month-end of the year.

• The curve remains inverted at the short-end.

Spread Between 10Y & 2Y U.S. Treasury Yield

• The 2/10 spread is now at zero as both the 2YR and 10YR Treasury yields ended August at 3.91%.

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.