Equity markets extended January gains in February, with new all-time highs in the US, as the S&P 500 rose by +5.22%. Internationally, developed markets progressed +3.03% on balance. While Bonds renewed their march higher in rates, losing -1.36% as rates creeped higher on fears the eventual easing by the Fed may be pushed off a bit longer.
Elsewhere, it was rather muted among commodities, advancing +0.86%, and Managed Futures +0.55%. Although, look for wide dispersion in managed futures performance when Feb numbers come out due to Cocoa and Cotton continuing their strong rallies. Those posting big numbers for Feb likely had meaningful exposure to those markets. Hedge funds delivered a lower vol stock-like return of +1.56%, while Real Estate recovered with a +2.13% gain from its significant dip last month. Cash holdings held steady at +0.45%.
Past performance is not indicative of future results.
Past performance is not indicative of future results.
Sources: Managed Futures = SocGen CTA Index,
Cash = US T-Bill 13-week coupon equivalent annual rate/12, with YTD the sum of each month’s value,
Bonds = Vanguard Total Bond Market ETF (BND),
Hedge Funds = IQ Hedge Multi-Strategy Tracker ETF (QAI)
Commodities = iShares S&P GSCI Commodity-Indexed Trust ETF (GSG);
Real Estate = iShares U.S. Real Estate ETF (IYR);
World Stocks = iShares MSCI ACWI ex-U.S. ETF (ACWX);
US Stocks = SPDR S&P 500 ETF (SPY)
All ETF performance data from YCharts
Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor’s disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor’s track record.
Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.
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