Monthly Market Data - October 2024

Most asset classes declined; Commodities provided some diversification

Asset Class Returns

Major Asset Class Returns for the 1 Month Ending October 31, 2024

• Most major asset classes were negative in October. Commodities were the lone positive asset class. A basket of broad commodities rose 1.43%.

• Non-U.S. equity markets fared the worst. International Developed countries declined the most (-5.27%) followed by Emerging Markets (-3.07%). Domestic stocks were negative across the capitalization spectrum. Mid Cap stocks had the smallest decline.

• Fixed Income securities declined with the increase in interest rates (see below). Real Estate also pulled back after some recent positive momentum.

  
  

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 Year Ending October 31, 2024

• Large Cap U.S. equity continues to be the leading asset class over the past twelve months. The Large Cap SPY ETF that tracks the S&P 500 Index is up 37.4% over the past year.

• Public Real Estate (+35.5%), U.S. Mid Cap (+34.6%), and U.S. Small Cap (+33.6%) were all close behind.

• Despite the positive return during October, commodities have a negative trailing twelve-month return (-1.5%).

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

• The Russell MidCap Growth Index was the single domestic equity style to post a gain during October.

• Small Cap Value fared the worst as the Russell 2000 Value Index declined by 1.6%.

• Growth outperformed Value across the capitalization spectrum.

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Interest Rates

• The yield curve flattened with rates moving up for maturities of 6M and longer. The yield curve is lower along each maturity compared to the end of last October.

• The short-dated 1M U.S. Treasury Yield ended the month at 4.76% compared to 4.93% at the end of September. The long-dated 30Y ended at 4.47% compared to 4.14% at the end of September.

• The 2Y/10Y spread is still positive, but lower than last month. The 2Y rate ended the month at 4.16% and the 10Y ended at 4.28%.

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.