May 2022 Monthly Index Returns

Welcome to June and the unofficial start of summer.  We hope everyone has some fun plans scheduled during the summer months.

In equities:

  • Even with the Fed raising rates again in May, high inflation globally, and the war in Ukraine still ongoing, global equities as represented by the MSCI ACWI managed to eke out a positive 0.1% return for May, though the benchmark is still down -12.8% YTD.
  • Value has outperformed growth in the US for the month, YTD and the last 1 year, both in large and small caps.  In fact, the 0.9% return of large cap value over the last 1 year is one of the only positive equity returns for that time period.
  • International large cap returned 0.7% in May, outperforming their US large cap counterparts, with Emerging Markets also generating a slight but positive return of 0.4%.
  • US REITS were the worst performing benchmark for the month, falling -6.9%, but still maintain the highest equity benchmark return for the last 1 year, gaining 3.8%.

In fixed income:

  • During the month, the Treasury curve saw rates rise in the 1-6 month part of the curve, fall in the 1-10 yr portion, but rise again in the 20-30 year.  This is just one example of how parts of the yield curve may behave differently at times, which is why we have to be careful when talking about the average duration of fixed income portfolios.
  • Most fixed income benchmarks earned positive returns during May, with the exception of long-dated Treasuries (-1.8%), non-US bonds hedged to USD (-0.7%) and global bonds (-0.1%).
  • Munis outperformed Treasuries and Corporate bonds across the various segments of the yield curve during May.
  • ST TIPS gained 0.3% for the month, extending its 1 yr return to 2.2%, by far the highest returning fixed income benchmark over that time period.

As always, please let us know if you have any questions as we continue to move through these volatile and unpredictable market movements.

Please let us know if you have any questions by emailing 

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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