September 2023 Monthly Index Returns

Welcome to October.

In stocks (equities):

• September has often been a difficult month for stock markets, and this September was no exception with the MSCI ACWI declining -4.1% for the month and -3.4% for the quarter.  Domestically, the S&P lost -4.8%.
• Keep in mind, though, the MSCI ACWI has still gained a positive 10.1% on a YTD basis and all stock benchmarks have a positive 1 yr return.
• US REITS lost the most in September falling -7%, and was the driver of Global REITs declining -6.6%.  US Growth stocks also didn't fare as well with US Small Growth and US Large Growth dropping -6.6% and -5.4% respectively.
• Non-US stocks outperformed their US counterparts, in both large and small caps during September, even after accounting for the rising USD, which negatively impacts non-US equity returns.

In bonds (fixed income):

• Yields rose for the month across the vast majority of the US Treasury curve.  1-5 yr Treasuries declined -0.3% while 10+ yr Treasuries dropped -7.1%.
• The 3 month Tbill was the only positive performing bond benchmark for the month (+0.5%).
• For the quarter, corporates outperformed Treasuries in each of the 1-5, 5-10, and 10+ yr maturity buckets.
• On a YTD basis, non-US Fixed Income (hedged USD), gaining 2.8%, has outperformed all other bond benchmarks with the exception of the 3 month Tbill and high yield.

Click on the image to view the index return data!

Please let us know if you have any questions by emailing Support@xyinvestmentsolutions.com

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.