WPA Family Office & Private Wealth LLC reposted this
https://lnkd.in/gxQHmNeW Equities: Broadly, large cap and growth outperformed small cap and value during the month. Artificial Intelligence hype continued to benefit mega cap names in the U.S., while other developed markets lagged on diverging central bank policies and mixed economic results. “Risk-on” sentiment also benefitted emerging markets broadly. Positive economic data helped fuel the “Risk-on” sentiment in June and the S&P 500 closed the month at a record high. Concentration outperformed at the top of the index with the “magnificent seven” comprising over 30% of the index. Cyclicals lagged amid the growth rally. (+) U.S. markets were mixed in June. Concentrated leadership and hype around artificial intelligence benefitted large cap while small cap declined. (-) International developed markets were negative on increased volatility from divergent central bank policies and election-related risks. (+) Emerging markets increased on positive returns in India due to expected rate cuts and optimism around economic growth. Fixed Income: Interest rates fell across the U.S. yield curve during June. Markets continue to grapple with Federal Reserve language around the direction of rates amid disinflationary progress. Corporate spread areas outperformed similar duration Treasuries in the period. A resilient economic backdrop and strong consumer have provided support for non-government sectors. Currency return had a negative impact on non-U.S. debt in June (+) Despite continued volatility, fixed income markets posted positive returns as rates fell slightly during the month. (+) High yield corporate bonds had a positive return on the back of tightening credit spreads. (+) Non-U.S. debt had a modestly positive return amid mixed rate environments and a strengthening U.S. Dollar. Real Asset/Alternatives: Energy rose in June on rising oil demand and subsequently increasing prices. Other commodity sectors fell during June. Agriculture was impacted by negative pressure in the grains and cocoa markets, while industrial metals fell on declining demand for copper. REITs posted a gain in June with nearly all sectors posting positive results. Residential and self-storage increased on growing rents while the lodging/resorts sector declined slightly on expected decreases in business and leisure travel. (+) REITs were positive during the month on expectations of declining rates. (-) Commodity markets were broadly negative in June, with weakness across various underlying sub-components outside of energy. (+) Real assets modestly declined as falling commodity prices were offset by increasing real estate returns. #wealthpartnersalliance David A. McBee, Jr. AIF® Brittany Smith, AIF® John Saalfield Rick Lima Rodd Newhouse, EJD, AWMA®, SE-AWMA® Garry Scheufler John Garcia David Silva Brandon L. Glasscock Mandy Haskell, CFP®, CDFA® Xavier Hawley Mike Peschel Concurrent