Asset Class Scoreboard: May 2024

In May, most asset classes rebounded after April’s pullback:

U.S. stocks led the way, with the S&P 500 gaining an impressive +5.06% as corporate earnings showed resilience. Real estate also recovered, with the IYR index climbing +4.93% as lower mortgage rates renewed demand. International shares participated in the rally, rising +3.95%.

Bonds stabilized, with the Barclays Aggregate index gaining +1.68% as yields pulled back from recent highs. Hedge funds captured the upside with more directional positioning as the QAI index advanced +1.35%.

On the other hand, commodities suffered from weaker manufacturing data, with the GSG index retreating -1.44%. Managed futures strategies gave back some gains, with the index declining -1.99% as trend reversals in interest rates and commodities created headwinds.

Year-to-date, most asset classes are in positive territory, with U.S. stocks leading the way at +11.30%. Commodities have also posted substantial gains of +9.42% in aggregate, while international shares are up +6.10%.

Real estate and bonds remain in negative territory for the year, at -4.83% and -1.45%, respectively, as higher rates pressure valuations. Managed futures have navigated the volatility well, gaining +5.33% by tactically shifting between long and short exposures.

As we head into June, it’s important to be aware of the mixed backdrop. On one hand, the strong rebound in stocks and real estate in May could indicate that the worst of the interest rate adjustment is behind us. However, uncertainty remains elevated, with bond markets pricing in more rate hikes in the months ahead. This could potentially pressure valuations for interest-rate sensitive assets, and hedge funds may shift to more defensive positioning after a strong month.

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 (NYSEARCA:BND),
Hedge Funds = IQ Hedge Multi-Strategy Tracker ETF (NYSEARCA:QAI)
Commodities = iShares S&P GSCI Commodity-Indexed Trust ETF (NYSEARCA:GSG);
Real Estate = iShares U.S. Real Estate ETF (NYSEARCA:IYR);
World Stocks = iShares MSCI ACWI ex-U.S. ETF (NASDAQ:ACWX);

All ETF performance data from Y Charts

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.

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