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May 11, 2017 Article 5 min read
April was another positive month for domestic equities across the spectrum, with small caps leading the pack. Year to date, large caps are holding onto solid gains, followed by mid caps and small caps, respectively.

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Executive Summary

  • April was another positive month for domestic equities across the spectrum, with small caps leading the pack. Year to date, large caps are holding onto solid gains, followed by mid caps and small caps, respectively.
  • International equities outperformed their U.S. counterparts last month, achieving strong gains in local currency terms while also getting a tailwind from a softening dollar. Year to date, returns for both emerging market and developed market international equities are ahead of domestic stocks.
  • All major fixed income benchmarks enjoyed a positive month as well. The more risk-correlated assets – global credit and high yield bonds – led the way, while bonds returned more modest gains. Since the beginning of 2017, municipal bonds are outperforming taxables.
  • The initial estimate of first quarter economic performance came in softer than expected, with the GDP growing at a modest 0.7% pace. Weak consumer spending and declining inventories offset an uptick in business investment.

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