– After one of their longest stretches of secular underperformance, commodities are off to their strongest year since 2008, leading all asset classes.
– Value stocks continue to hold a strong performance advantage at the end of the first half of 2021.
– Developed markets hold a slight edge over emerging. China, up less than 2% ytd, has weighed on emerging market performance.
– In a matter of weeks, lumber has gone from the best performing commodity to one of the worst. Lumber closed the quarter down 55% from its May all-time-high.