The major benchmarks we track produced mixed total returns for the second quarter of 2024.

• The MS World Equity Index increased 2.81%.
• The S&P 500 Composite Index increased 4.28%.
• The S&P 500 Equal Weighted Index decreased 3.09%.
• The Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 1.72%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 1.76%.

With the composite US Treasury yield curve holding at 4.8% and coupon yields at their historical norms, we believe that fixed income securities will produce positive normalized returns for the next 12 months. As such, we will be favoring intermediate-term investment grade bonds. We’re projecting equities will produce normalized positive returns, and we will continue to prioritize domestic large capitalization stocks over developed markets international stocks.

You can review our current outlook and policy by going to the Client Info page.