September 5, 2023

Performance Insights – September 2023

Monthly Report

Stock and credit rallies fade in August as ‘higher-for-longer’ rate worries return

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Good economic news (especially in the US) became bad news for global stocks and bonds, as investors recalibrated expectations for ‘higher-for-longer’ interest rates. Last month’s rally winners, notably small-cap and emerging-market stocks, were the biggest laggards. Energy, health care and telecoms held up best in most markets, while real estate and other defensives suffered most.

Key highlights:

  • Global Asset Classes – Sentiment sours in August
  • Global Equities – US and Japan fare best; US small caps and EM rallies falter
  • Industry returns – Energy stocks buck the trend
  • Alternative Indices – Broad underperformance
  • Factor performance – Low Volatility protects
  • Foreign Exchange – US dollar regains footing

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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