There is always more to the markets than what is seen on television and blasted from the headlines. Careful consideration of all aspects of an investment – political, demographic, economic, and relative value, to name a few – must be made when considering the broader implications of that investment on the portfolio.
Equities led the way with Emerging Markets stocks returning 11.5%, International Developed stocks returning 6.8% and U.S. stocks returning 5.7% for the period. U.S bonds, global bonds and real estate reversed their retreat from last quarter and commodities registered the only negative return for the quarter.
Every year has its fair share of surprises. Many are welcome, some are not, and most don’t make sense without days, months, or even years of hindsight. We are pleased to report that 2016 was a good year for the capital markets, particularly in light of its five biggest surprises (to be detailed in our downloadable pdf report below).