August 2023 Monthly Index Returns

Happy September.  We hope everyone is able to enjoy a long Labor Day weekend.

In stocks (equities):

  • Global equities fell with the MSCI ACWI dropping -2.8% during August, though it still has a YTD return of 14.8%.
  • The R1000G had the best monthly return (-0.9%) while the MSCI EM (-6.2%) fell the most.
  • US large cap stocks (-1.7%) outperformed their international developed counterparts (-3.9%) but it was the opposite in small caps (-3.4% vs. -5.0%).
  • Economic concerns in China drove emerging market returns (-6.2%) as the iShares MSCI China ETF (which we will use as a China-proxy) dropped -9.6% for the month, and we know China is roughly 1/3 of the EM index weight.
  • Over the last 1 yr period, all equity benchmarks shown, with the exception of global REITs, are positive.

In bonds (fixed income):

  • Based on the strength of the US economy, rates raise across much of the yield curve and in particular over the long-end.  30 yr Treasuries started the month at 4.02%, rose as high as 4.45% but eventually settled at 4.2% at month end.
  • Not surprisingly, 10+ Year Treasuries suffered the lowest monthly return (-2.6%) among the fixed income indexes we track.
  • On the short end, 1-5 Yr Treasuries and Corporates were positive (0.3% and 0.2% respectively) but munis fell slightly (-0.1%)
  • Outside of high yield (7.1%), Global Agg ex-US (hedged USD) is the next best performing FI benchmark (4.0%) on a YTD basis.

Click on the image to view the index return data!

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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