The complete quilt deck can be downloaded here.
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.
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