December 2023 Monthly Index Returns

Happy New Year!

In stocks (equities):

  • For the month of December:
    • All equity indexes shown were positive with US Small Cap Value (+12.4%) leading the way
    • Earning +3.0%, Frontier Markets trailed for the month of December
    • Value beat growth in both US large and small cap but it was the opposite in Intl Developed markets
    • Global REITS gained 9.8% 
  • For one year and longer time periods:
    • All equity indexes have positive returns over 1, 5, 10, 15 and 20 yr periods; only a handful of equity indexes have negative returns over the last 3 years.  This highlights that even when there are downturns, equities are expected to have positive returns over longer periods of time.
    • For 2023, global equities as represented by the MSCI ACWI were up 22.2%!  The lowest returning asset classes for 2023 were non-US REITS (+5.1%) and emerging markets, which were still up 9.8%.  In other words, it was a strong year for stocks.  
    • US Small Cap Value (+14.6%) and Intl Developed Small Cap Value (+14.7%) had strong returns in 2023.

In fixed income (bonds):

  • For the month of December:
    • All bond returns were positive with the lowest return coming from the US 3 month Tbill (+0.5%) and the highest coming from US 10+ Yr Treasuries (+8.1%).
    • Munis lagged their Treasury and Corporate counterparts.
    • Global Agg ex-US (hedged USD) was up a solid 2.7%.
  • For one year and longer time periods:
    • All bond indexes have positive returns over 1,10, 15 and 20 yr periods; only a handful of bond indexes have negative returns over the last 3 and 5 years.
    • US High Yield led the way in 2023, gaining +13.4% followed by 10+ yr Corporates at +10.7%.  Global Agg ex-US (hedged) had a strong 2023 with a return of +8.3%, beating most US bond indexes.
    • Even with a strong December, US 10+ Yr Treasuries had the lowest bond return in 2023 but were still positive at 2.8%

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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