Monthly Market Data - August 2025

Most asset classes were positive; Treasury yields moved lower

Asset Class Returns

Major Asset Class Returns for the Month Ending August 31, 2025

• Most major asset classes posted gains in August. Commodities were the lone asset class with a negative return. Domestic and Non-U.S. Equities, Fixed Income, and Real Estate were positive.

• Small cap stocks led among Domestic Equities. International Developed outperformed Emerging Market Equities.

• Fixed Income was positive as interest rates moved lower (see below).

The table below depicts the same information as above and shows which representative security is used for each asset class.

Source: Jackson Creek Investment Advisors; S&P Global

Major Asset Class Returns for the Twelve Months Ending August 31, 2025

• Seven of the eight asset classes have a positive trailing twelve month return. Of those seven, four have returns over 10%.

• Emerging Market Equities are the leading asset class over the past year. EM has returned 18.0%. U.S. Large Cap is second with a 15.9% return.

• International Developed (+13.7%) and U.S. Mid Cap (+12.5%) make up the third and fourth best trailing twelve month returns. Non-U.S. Equities performed better than U.S. Small and U.S. Mid cap stocks in the last twelve months.

• Real Estate has a negative trailing twelve month return (-0.5%).

  
  

1 Month U.S. Index Returns with Growth & Value Styles

• Core, Value, and Growth styles were all positive across the capitalization spectrum.

• Value outperformed Growth in each capitalization range. Small Value was the best performing style.

• Each Small Cap style outperformed all other styles. The lowest return in the small cap universe (Growth - 5.9%) was over 2.5 percentage points higher than the next best style (Large Growth - 3.2%).

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Interest Rates

• The yield curve shifted lower along every maturity except at the very long end. The 30YR yield increased by seven basis points from the end of July.

• The yield curve "smile" became more pronounced as medium-term maturities declined further than shorter and longer dated maturities.

• The lowest yielding term is the 3YR at 3.58%. The 30YR is the highest at 4.92%.

• The 2Y/10Y spread expanded to 64 basis points, as a result of the 2YR yield declining more than the 10YR yield.

• The 2Y/10Y spread was flat one year ago.

  
  

Disclaimer - this is not to be construed as investment advice or a recommendation to buy or sell any security. This is not meant to be indicative of any specific portfolio returns. Please see full disclosure on main blog page.