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Global equities in developed markets ex-US continued to lead the major asset classes in August, based on a set of ETFs. Last month’s rally strengthened the year-to-date leadership for these stocks, which continue to outperform the rest of the field by a wide margin.
Vanguard FTSE Developed Markets ETF (VEA) rallied 4.4% last month, the fund’s best monthly advance since January. A strong second-place performer in August: foreign property securities (VNQI), with a 4.2% increase. VEA and VNQI are also 2025’s first- and second-place return leaders, respectively, for the major asset classes through last month’s close.
A broad measure of commodities (GSG) was the only loser for the major assert classes last month via slight loss. Meanwhile, US small-cap shares (IJR) continue to struggle this year while gold (GLD) extended a sizzling year-to-year rally.
The Global Market Index (GMI) extended its strong run so far this year with a 2.6% rally in August. The monthly advance marks the fifth straight monthly advance. Year to date, GMI is up 12.4%, reflecting a robust rally for this multi-asset-class benchmark.
GMI is an unmanaged benchmark (maintained by CapitalSpectator.com) that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for globally diversified multi-asset-class portfolio strategies.
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