12
The markets started off well in May but were spooked
by the Federal Reserve’s plan to reduce the stimulus
and reports of contracting Chinese growth. The S&P
500
rose more than
4%
by May’s third week but
dropped a little afterward, ending May with a
2
.
34%
total gain. The Russell
2000
followed a similar tra-
jectory but did slightly better at
4
.
00%
by month-end.
Financial-services stocks sparkled as the financials
category gained
3
.
57%
.
Davis Financial
RPFGX
lagged its category average with
2
.
34%
return. Finan-
cials exposure (or lack thereof) was not a sure path to
great or awful performance, however. While some
funds that loaded up on financials did wallop their
peers for the month—like
Clipper
CFIMX
, which held
almost
60%
in financials and gained
3
.
96%
—others,
like
Royce Special Equity Multi-Cap
RSEMX
and
Weitz Value
WVALX
, posted very respectable
returns for the month with less financials exposure
than their category averages.
Foreign markets finished lower. The
MSCI
EAFE
Index
dropped
2
.
31%
by month-end. Emerging markets
fared slightly worse with a
2
.
52%
loss. This month’s
drab showing for international indexes owed much
to Latin American and Japanese markets’ reactions to
reports of slowing Chinese growth. The Japan-stock
fund category dropped
7
.
81%
, while the Latin America
stock fund index lost
7
.
16%
. In contrast, Europe stocks
funds did better. The Europe-stock fund category
gained
0
.
67%
.
Mutual European
TEMIX
did excep-
tionally well with a
3
.
36%
climb.
Muni bonds outperformed taxable bonds this month,
though both were in the red. The intermediate-term
muni-bond category dropped
1
.
65%
by month-end,
compared with a
1
.
32%
fall for taxable intermediate-
term bonds.
PIMCO Total Return
PTTRX
landed
near the bottom of its category with a
2
.
15%
loss.
Long government was the worst-performing bond-
fund category with a
6
.
80%
fall.
œ
Total Return
%
Through
A N N U A L I Z E D
05-31-13
1Mo YTD 3Yr
5Yr
10Yr
Benchmark Performance
U.S. Stocks Move Higher
Market Overview
|
Kailin Liu
Large Growth
2.6 13.1 14.6 4.0 6.5
Large Blend
2.3 14.9 14.9 4.2 6.8
Large Value
2.4 16.1 15.0 4.1 6.9
Mid-Cap Growth
3.0 14.5 15.0 4.5 8.4
Mid-Cap Blend
3.1 16.4 15.3 5.7 9.1
Mid-Cap Value
2.9 17.0 15.5 6.2 9.4
Small Growth
4.6 15.9 15.5 6.0 8.6
Small Blend
3.9 16.1 15.2 6.4 9.5
Small Value
4.1 16.1 14.7 7.2 9.8
Aggressive Allocation
0.7 9.3 11.5 3.3 6.7
Conservative Allocation
-1.0 3.6 7.9 4.4 4.8
Moderate Allocation
0.4 7.6 10.4 4.0 6.0
Communications
-3.4 7.0 12.9 1.7 8.0
Financials
3.6 17.2 11.4 1.1 3.5
Global Real Estate
-7.3 3.3 14.7 1.4 9.8
Health
2.2 23.1 21.8 11.8 9.8
Natural Resources
0.3 0.2 5.0 -6.6 9.9
Precious Metals
-3.8 -34.6 -14.2 -7.4 8.4
Real Estate
-5.5 7.0 15.7 4.7 10.4
Technology
4.6 11.4 12.4 5.3 7.8
Utilities
-5.8 9.7 14.8 2.0 9.8
S&P 500
2.3 15.4 16.9 5.4 7.6
S&P MidCap 400
2.3 16.7 17.5 7.7 11.1
Russell 2000
4.0 16.5 15.7 7.2 9.8
Diversified Asia/Pac. Stock
-4.4 6.0 9.0 -0.3 10.3
Diversified Emerg. Mkts.
-2.3 -1.3 5.7 -2.2 13.7
Europe Stock
0.7 6.9 11.0 -2.5 8.3
Foreign Large Blend
-2.0 5.6 10.1 -2.2 7.6
Foreign Large Growth
-1.3 5.3 10.9 -1.1 8.2
Foreign Large Value
-2.0 6.2 9.3 -2.3 7.7
Foreign Small/Mid Growth
-1.3 10.1 14.4 1.8 12.4
Foreign Small/Mid Value
-1.6 7.8 11.4 0.2 9.7
World Stock
0.4 9.9 12.1 1.3 8.1
MSCI EAFE
-2.4 7.9 11.0 -1.6 8.3
MSCI World
0.0 11.2 13.3 1.5 7.7
MSCI Emerging Markets
-2.9 -4.4 2.9 -3.6 12.3
MSCI Europe
0.2 7.4 12.1 -2.2 8.1
MSCI Latin America
-7.2 -7.7 -2.4 -7.4 16.2
MSCI Pacific
-7.0 9.1 9.4 -0.2 9.0
High-Yield Bond
-0.5 4.0 10.8 8.2 7.6
Inflation-Protected Bond
0.0 0.0 0.0 0.0 0.0
Intermediate-Term Bond
-3.9 -3.6 5.4 4.4 4.4
Muni National Long
-1.3 0.1 5.8 5.4 4.1
World Bond
-3.0 -2.5 5.2 4.6 4.8
BarCap US Agg Bond TR USD -1.8 -0.9 4.6 5.5 4.7
BofAML US HY Master II TR -0.5 4.3 11.9 10.6 9.3
BarCap Municipal TR USD -1.2 0.2 5.5 5.7 4.7
Contact Kailin Liu at
