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U.S. Small cap remains the top long-term performer on the heels of two strong years, followed closely by U.S. large cap stocks.
Higher short-term interest rates have helped cash move from the second worst performer over the last 10 years to one of the top performers for the year-to-date.
Despite a great 2016 and spectacular 2017, recent weakness and poorer longer-term returns have resulted in emerging market stocks delivering just 2.3% p.a. for the last 10 years.
Commodities were able to deliver back-to-back annual gains in 2016 and 2017, but consistent losses from 2011 to 2015 have kept them in last place for the trailing 10 years.
If history is a guide, the strong relative performance of U.S. stocks for the last decade - and especially since 2013 - suggests a rotation to leadership from another asset class should be expected in the next year.
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