Spruce Index Returns May 2018
In spite of a plethora of fears and negative headlines equities powered ahead with gains in May led by technology +6.78%, small caps +6.07%, and MLPs +5.05%. Globally stocks gained 1.37% and U.S. bonds rose 0.71%. Other notable returns include Bitcoin -18.62%, Brazil -16.53%, Emerging Markets -3.54%, and Europe -3.15%. Ten year yields declined from 3.11% to 2.95%, and the 10-year and 30-year yield curves continued to flatten. Commodities gained 1.12% led by natural gas +5.48%. Of further note, economic surprises in the U.S. continue to decline from their November highs and financial conditions saw modest reductions. In contrast, Emerging Markets continue to see a marked decline in both financial conditions and economic surprises.