US real estate investment trusts (REITs) rebounded in June, taking the top spot for performance among the major asset classes. MSCI REIT Index gained 2.1%, the strongest monthly gain in four months. For the first half of the year, however, MSCI REIT’s 2.7% advance is relatively weak vs. the rest of the field.
Last month’s biggest loser: inflation-indexed Treasuries. Bloomberg Barclays Treasury TIPS Index fell 1.0% in June, the benchmark’s biggest monthly setback since last November. Year to date, the TIPS index is up fractionally, rising a thin 0.9%.
The overall trend for global markets was positive in June, from a market-cap perspective. The Global Market Index (GMI), an unmanaged benchmark that holds all the major asset classes in market-value weights, edged up 0.4% — the seventh consecutive monthly gain. For the year so far through June, GMI is sitting on a solid 8.5% total return.
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