International developed markets led equity returns during the quarter. Major indices posted positive returns, with the exception of the US real estate market.

The US market led equity returns. Emerging markets strongly underperformed across all asset classes, and fixed income markets experienced a significant increase in volatility as interest rates rose off of historically low levels.

The US market led equity returns vs. developed ex US and emerging markets after strong performances in both January and February. The US yield curve steepened and remained upwardly sloped.

Throughout 2012, nervous investors did not have to look hard for reasons to avoid the financial markets. The daily headlines provided abundant gloom to feed their doubts, but investors who acted on impulse could have missed a potential opportunity to … Continue reading →

Global equity markets followed a strong third quarter with positive returns in the fourth quarter, as most major global indices ended the year with gains. Developed markets outside the US led equity returns, followed by global REITs.