Major Asset Classes November 2022 Performance Review
By James Picerno of Capital Spectator
Thursday, December 1, 2022 9:03 AM EST
The rebound in global markets strengthened and broadened in November, building on October's rebound. Only commodities lost ground last month. Otherwise, all the major asset classes posted gains, based on a set of proxy ETFs.
Stocks in emerging markets led November's winners. Vanguard Emerging Markets Stock Index Fund (VWO) surged 14.3% last month, the ETF's first monthly gain since May. Despite an unusually strong rally in November, VWO remains deep in the red for the year to date via a loss of 16.1%.
Several other markets also posted strong returns last month, including foreign real estate (VNQI) and developed-markets stocks ex-US (VEA). Both funds enjoyed double-digit gains in November.
US stocks (VTI) and bonds (BND) also rose, although the rallies were relatively modest.
The only loser in November was commodities (GSG), which eased by 1.2%.
The Global Market Index recovered and continued to rebound, posting a second monthly gain. This unmanaged benchmark (maintained by CapitalSpectator.com), which holds all the major asset classes (except cash) in market-value weights, increased by a strong 6.8%–the benchmark's biggest monthly advance in two years. For the year to date, however, GMI is still nursing a steep loss of 14.5%.
Comparing GMI's performance to US stocks (VTI) and bonds (BND) over the past year shows that multi-asset-class portfolios continue to rally in line with the recent gains for equities and fixed-income securities.
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Disclosures: None.
James Picerno
Editor at The ETF Asset Class Performance Review
James Picerno is a veteran financial journalist and has been writing about portfolio strategies, investment products, and macroeconomics since the early 1990s at Bloomberg, Dow Jones and other ... more
James Picerno is a veteran financial journalist and has been writing about portfolio strategies, investment products, and macroeconomics since the early 1990s at Bloomberg, Dow Jones and other media groups before becoming an independent writer/analyst/consultant in 2008. He's currently working on a book about the linkage between the business cycle and asset pricing.
Picerno is the author of Dynamic Asset Allocation: Modern Portfolio Theory Updated for the Smart Investor (Bloomberg Press, 2010). His articles on finance and economics have appeared in a variety of publications and news outlets, including The Atlantic, Financial Advisor, BankRate.com, and HorsesMouth.com.
Picerno owns and edits The Capital Spectator (CapitalSpectator.com), a finance/investment/economics blog. The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. In late-2009, the Eastern Economics Journal named Picerno as one of the nation's "top economics bloggers" and he's regularly polled by the Kauffman Foundation for its "Quarterly Survey Of Leading Economics Bloggers."
The Capital Spectator
In this article: BND, VEA, VNQI, GSG, VTI, VWO
BND $72.76
VEA $43.41
VNQI $42.30
GSG $21.59
VTI $204.06
VWO $40.52
Others who follow these stocks All BND VEA VNQI GSG VTI VWO