– Q3 ends with US REITs leading all major asset classes, followed by US equities broadly.
– Value stocks outperformed in Q3. Tech retains the title of best performing ytd sector, but Utilities & Staples won the qtr, up more than 9% and 6% respectively.
– International equities declined in Q3, with emerging markets declining more than 4%, driven lower by China and Latin America.
– Duration bets are beating credit bets, with the 10 and 20 Yr Treasuries climbing more than 7% in Q3 and more than 19% ytd.
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Market Risk Index
Market Risk Index scales from 0 to 100%. Higher readings correspond with higher risk markets. Scores below 25% are bullish. Scores between 25-75% are neutral, and scores above 75% are markets vulnerable to major drawdowns.
Model Category Readings (Percentiles)
- Psychology 99.7%
- Monetary 87.2%
- Valuation 99.3%
- Market Trend 9.8%