Q3-2018 Market Results
In the third quarter of 2018 the U.S., as represented by the S&P 500 index, had another impressive showing of +7.71%. This builds on generally decent Q1 and Q2 returns for a YTD return of 10.56%. Global ex-U.S. investments didn’t fare as well at +0.70% for the quarter and -3.09% for the year. Breaking down further, developed international markets were up +1.35% for the quarter and -1.43% YTD. Emerging markets were disappointing at -1.10% for the quarter and -7.68% YTD. The U.S. bond market was up very slightly at +0.02% but down -1.60% YTD. Short-term treasuries were once again up at +0.49% for the quarter and +1.28% YTD.
All portfolios had gains in the third quarter, due to strong gains from the U.S. and mild gains in International. Tactical portfolios maintained an underweight to International given the challenges that region has been experiencing. Emerging markets