– 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.