August 3, 2023

Performance Insights – August 2023

Monthly Report

Risk rally gains traction in July as global growth worries ebb

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Resilient economic data (especially in the US), softening central bank hawkishness and a weaker US dollar fuelled further advances in global equity and corporate bond markets in July. Early-rally laggards, notably small-cap and emerging-market stocks, topped the charts. Financials, real estate and commodity-driven sectors outpaced defensive peers. 

Key highlights:

  • Global Asset Classes – Bullish sentiment rules the day
  • Global Equities – US small caps and EM back in the game
  • Industry returns – Leadership takes strong cyclical turn
  • Alternative Indices – REITs rebound; Environmental Opportunities rally falters
  • Factor performance – (Small) Size comes out of the doldrums
  • Foreign Exchange – US dollar in broad pullback

This report provides actionable insights on global performance across asset classes, regions, currencies, industries and styles, using proprietary month-end data from our flagship index families.

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