Monthly Market Data - November 2024

Asset Classes were mixed; Domestic Equities Produced Strong Gains

Asset Class Returns

Major Asset Class Returns for the 1 Month Ending November 30, 2024

• Major asset classes were mixed during November. Domestic equities were positive, along with Real Estate and Fixed Income. Non-US equity markets declined, as did Commodities.

• Small Cap stocks led in the US with a double-digit monthly gain, followed by Mid Cap, then Large Cap. Emerging market equities had the worst performance in November.

• Real Estate had a positive month, helped by an easing interest rate environment (se below).

  
  

The table below depicts the same information as above and shows which representative security is used for each asset class.

Source: Jackson Creek Investment Advisors; S&P Global

Major Asset Class Returns for the Year Ending November 30, 2024

• With strong November returns, Small Cap stocks now have the best trailing twelve-month performance. Small Caps are up 35.8% in the last year.

• Large Cap stocks are up 33.4% and Mid Cap stocks are up 32.9%.

• Despite the negative November return, Commodities still have a positive twelve-month return.

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

• Growth outperformed Value within each capitalization range. This was most pronounced in the Mid Cap universe where the Russell MidCap Growth gained 13.3% versus the Russell MidCap Value that gained 7.4%.

• There was very little differentiation between styles in the large cap indices.

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Interest Rates

• The yield curve shifted lower at the longer end of the maturity spectrum.

• The 10YR yield ended the month ten basis points lower than the end of October.

• The 2Y/10Y spread narrowed from last month as the curve shifted downward for maturities of five years or longer.

• The 2Y/10Y spread was .05% as of November 30th, compared to 0.12% as of the end of October and -0.36% a year ago.

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.