The first half of this presidential election year is gone and despite high rates, higher than desired inflation and market concentration in the U.S., it’s been a good year for equities. The chart below shows the total return for major asset classes for the first half of the year. Silver has been the top performer, alongside other commodities such as gold, Copper or Oil, while the Brazilian Bovespa has been the worst. In fixed Income, the first half has been muted for US bonds, and pretty bad for European ones. For Emerging markets equities, the performance has been more than decent, after years of underperformance, and perhaps its showing the beggining of a positive trend. Finally, for crypto, not shown below, it has been a very good first half, with 47% gains for Bitcoin. As we get into the summer, typically a volatile period, we’ll await the FOMC decision on rates on the back of inflation and employment reports.
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