May 2024 Index Returns

In stocks (equities):

• After a rough April, May saw positive returns across all stock indexes we track. These same stock indexes are all positive for the last 1 yr period too.
• US large growth continued to lead the way in May, returning 6% for the month.
• REITs are the only category of stock indexes with negative YTD returns.
• While we know growth has outperformed value in US large cap over the last 1 and 3 years, for example, the opposite is true in US small cap, Intl developed large cap, and Intl developed small cap over those same time periods.

In fixed income (bonds):

• US Treasuries fell about 10-20 bps from the 2 yr part of the curve through the 30 yr part, boosting Treasury-related bond indexes for the month.
• Corporate bond indexes slightly outpaced their Treasury counterparts over the month.
• Unlike US Treasuries, muni yields generally rose across the curve for the month, with muni returns being relatively flat to slightly negative during May.
• Over the last 1 yr, all bond indexes we track are positive with the exception of IT Treasuries (-0.9%) and LT Treasuries (-6.7%)

Please note that this month we replaced the MSCI Frontier Markets Index with the MSCI World ex-USA Value NR USD Index.

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

• As always, 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.