March 2021 Monthly Index Returns

Good morning!  It's April so spring is here.  Also, let us know of any good April Fool's jokes today.

In equities:

  • Value stocks led the way in March with both large and small value earning the highest monthly returns (5.9% and 5.2%)
  • Small cap growth (-3.1%) and EM (-1.5%) were the only two equity benchmarks with negative monthly returns
  • Global REITS had a fairly good month (3.7%) and last three months (7.7%)
  • Small cap value has the highest returns YTD (21.2%) and over the last year (97.1%)

In fixed income:

  • As indications of a strengthening economy continue, Treasuries were sold, meaning their prices went down and yields continued to go up. This was more evident in the intermediate and long term portions of the yield curve, as we started to see a steeper yield curve as a result, as the Fed held short term rates near zero.
  • The last three months of Treasury returns, stemming from rising yields, have been the key drivers behind their negative one-year returns
  • Munis, non-US FI hedged to USD, ST TIPS, and high yield were the only FI benchmarks to earn a positive return in March

Please contact if you have any questions.


As an additional note, please keep in mind that these reflect historical performance of the current models, not necessarily how accounts were invested in the past


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