The US Stock Market posted a positive return, outperforming both non-US Developed and Emerging Markets in the second quarter. The Large Cap value premium was negative for the quarter but the size premium was positive because Small Caps outperformed Large Caps. Small Cap value outperformed all sectors, except for domestic REITs, where the value premium was also at play. Both Developed and Emerging Markets largely remained negative for the quarter.
Bonds generally saw interests rates rise and shorter term bonds persisted to rise faster than longer dated maturities, seeing some slight continued flattening of the yield curve . However bonds remained largely positive for the quarter with currency having some impact on unhedged international bonds.