- Q1 closes with Real Estate leading all asset classes. Equity strength was historic, much of it a rebound after the worst December for stocks in a generation.
- Early in the quarter, small stocks & value stocks led but the last few weeks have seen big growth stocks (think FAANG) reassert their pre-correction dominance.
- Emerging markets started the year strongest, but leadership shifted in the last few weeks to see developed markets lead at quarter’s end.
- US High yield leads all fixed income sectors. For Treasuries, long maturities outperformed, pushing 10Yr yields below T-bill yields for the first time since 2007.
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