November 2023 Monthly Index Returns

In stocks (equities):

• All stock indexes had quite a strong month with the the 7.1% return in Frontier Markets being the lowest.  Large growth was the highest (10.9%) with Global REITS (10.8%) following close behind.
• Intl large cap stocks (9.4%) slightly outpaced the S&P 500 (9.1%).  The same could be said for Intl Small Cap (9.7%) over US Small Cap (9.1%).
• YTD, all equity indexes with the exception of non-US REITS have a positive return.
• In fact, after the strong return in November, the MSCI ACWI now has a YTD return of 16.6%.

In bonds (fixed income):

• Like in stocks, all bond returns were positive during November.
• Longer-dated bonds outperformed intermediate and short bonds as rates fell across the Treasury curve.
• YTD, only 10+ Yr Treasuries have a negative return (-4.9%) with all others being positive.
• The Bloomberg Global Agg ex-US (5.4%) has outperformed the Bloomberg US Agg (1.6%) YTD.

As always, please let us know if you have any questions.

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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.