Global Market Breakdown | September 2016

Global equity markets advanced in August with a 0.32% aggregate return. Emerging markets (+2.02%) outperformed US markets (+0.24%) and Developed (ex US) markets (‐0.05%).

In the US, small cap (+1.52%) outperformed mid cap (+0.18%) and large cap (+0.08%). Among price‐to‐book asset classes, value (+1.68%) beat neutral (‐0.05%) and growth (‐1.02%). Financials (+5.66%) posted the largest return and made the largest contribution. Utilities (‐5.61%) fell the most and Health Care (‐3.20%) was the largest detractor for the month.

In Developed (ex US) markets, mid cap (+0.04%) outperformed large cap (‐0.07%) and small cap (‐0.09%) while value (+2.49%) beat neutral (‐0.53%) and growth (‐2.23%). Financials (+3.06%) gained the most and was the top contributor. Health Care (‐5.49%) declined the most and was the largest detractor. Among the twenty‐two Developed (ex US) countries, Ireland (+5.68%) experienced the largest gain while Germany (+1.81%) made the largest contribution. Denmark (‐4.71%) had the lowest return, and Australia (‐2.47%) was the largest detractor.

In Emerging markets, large cap (+2.48%) outperformed small cap (+1.19%) and mid cap (+0.76%). Among price‐to‐book asset classes, value (+2.96%) beat growth (+1.94%) and neutral (+1.30%). Of the eleven industry sectors, Financials (+4.29%) posted the largest gain and contributed the most. REITs (‐4.57%) had the lowest return and Telecommunication Services (‐1.62%) was the largest detractor. Across Emerging market countries, Colombia (+9.86%) provided the largest return while China (+6.56%) contributed the most. Czech Republic (‐8.78%) declined the most and South Africa (‐7.45%) was the largest detractor.