Q1, 2019 Asset Class Return Quilts

April 8, 2019

The complete quilt deck can be downloaded here.


Some highlights:

  • Risky assets bounced back from disappointing returns in 2018, led by energy partnerships (MLPs), U.S. REITs and U.S. small cap stocks.

  • Top performers in 2018 (cash, muni bonds and U.S. taxable bonds) were three of the bottom four asset classes in Q1.

  • A strong quarter for U.S. REITs helped punctuate a decade-long period of extraordinary returns 

  • Long-term trailing returns for risk assets will be delusively high for several quarters given the historically low starting prices (and valuations) present at the trough of the Financial Crisis ten years ago.

  • Commodities remain in last place over the last ten years despite a generally positive backdrop since 2016.

  • If history is a guide, the strong relative performance of U.S. stocks for the last decade suggests a rotation to leadership from another asset class shouldn't be ruled out.




SpringTide Partners, LLC is a Registered Investment Advisor with the state of Illinois and other states jurisdictions where required. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. All information contained herein is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. All investing carries risk including risk of principal loss. All statements made on this website are opinions of SpringTide Partners, LLC and are subject to change. SpringTide Partners, LLC assumes no responsibility towards the accuracy of the data included. Statements made on website shall not constitute investment advice.




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The information contained in SpringTide Partner's website is of a general nature and for informational purposes only and does not constitute financial, investment, tax or legal advice. These materials reflect the opinion of SpringTide Partners as of the date produced and are subject to change at any time without notice due to a variety of factors, including changing market conditions or tax laws.  Where data or analysis is presented that is prepared by third parties, such information will be cited. These sources have been deemed to be reliable by SpringTide but no guarantee can be made as to their accuracy.  Any links to third party websites are offered for use entirely at your own discretion. SpringTide Partners is separate and unaffiliated from any third parties listed herein and is not responsible for their products, services, policies or the content of their websites. All investments are subject to varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product referenced directly or indirectly in this website will be profitable, perform equally to any corresponding indicated historical performance levels, or be suitable for your portfolio. Past performance is not an indicator of future results.

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