The asset class, sector, emerging, and international market quilts are up-to-date through the third quarter of 2024. A few unexpected things stand out.
Interactive versions of each table can find at these links:
You can also download copies here or grab the images below.
The biggest benefit to visualizing returns in a table format is seeing the power of diversification over time and how difficult it is to predict the best-performing asset classes, sectors, and markets in any given year. So far this year’s been a great example.
Did anyone predict utilities would be the best-performing sector year to date? Yet it tops the list, outpacing big tech through September.
Utilities were one of several asset classes, sectors, and markets that rallied in the third quarter. Small caps, REITs, Emerging Markets, and International Markets saw double-digit gains at the asset class level over the last three months.
Utilities, Real Estate, Financials, and Industrials were the best-performing sectors from July through September. Every sector was higher in the third quarter except for Energy but it was the non-big tech sectors that drove the S&P 500’s continued rise. The Tech and Communications sectors were mostly flat over the last three months.
Emerging markets were the other notable standout at 17.2% year to date. Several emerging markets helped power a double-digit gain in Q3 (China, Malaysia, South Africa, and Greece were top performers in Q3).
I’ll dive deeper into 2024’s returns through three-quarters next week. This year has been another great example of how the market always keeps you guessing.
