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by Karl C. Mergenthaler, CFA, William Pometto and Kinal Patel
karl.c.mergenthaler@jpmorgan.com, william.x.pometto@jpmorgan.com, kinal.patel@jpmorgan.com
AS OF DECEMBER 2012
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| Index |
Monthly Return |
Trailing 3 Months |
Year to Date |
1
Year |
2
Year |
3
Year |
5
Year |
10
Year |
| Russell 3000 (Gross) |
1.23 |
0.25 |
16.42 |
16.42 |
8.45 |
11.20 |
2.04 |
7.68 |
| MSCI EAFE (Net) |
3.20 |
6.57 |
17.32 |
17.32 |
1.53 |
3.56 |
(3.69) |
8.21 |
| MSCI Emerging Markets (Net) |
4.89 |
5.58 |
18.22 |
18.22 |
(1.80) |
4.66 |
(0.92) |
16.52 |
| Barclays U.S. Aggregate Bond Index |
(0.14) |
0.21 |
4.21 |
4.21 |
6.01 |
5.95 |
5.95 |
5.18 |
| Merrill High Yield Index |
1.57 |
3.15 |
15.44 |
15.44 |
9.83 |
11.61 |
9.93 |
10.21 |
| J.P. Morgan GBI Emerging Markets Bond Index |
2.26 |
3.73 |
19.93 |
19.93 |
5.98 |
8.29 |
4.77 |
9.11 |
| NAREIT Index |
3.65 |
3.11 |
19.70 |
19.70 |
13.85 |
18.37 |
5.74 |
11.78 |
| Goldman Sachs Commodity Index (Gross) |
(0.65) |
(3.28) |
0.08 |
0.08 |
(0.55) |
2.54 |
(8.12) |
2.69 |
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graphic
U.S. EQUITY
- U.S. equities generated strong annual returns despite the volatility in 2012. The Russell 3000 Index was up 16.42% for the year.
- In the U.S., domestic value stocks out-performed growth stocks in 2012.
- In the 10-year period, the Russell 3000 Index generated solid annual returns of 7.68%.
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FIXED INCOME
- The Barclays U.S. Aggregate Index had a 4.21% return over the past year. In the fourth quarter, it only gained 0.21%, a smaller gain for the index compared to the prior quarter.
- The Merrill High Yield Index closed out the year up 15.44%. This index also had double digit growth over the past 10 years.
- The J.P. Morgan Government Bond Index-Emerging Markets ended the year strongly, up 19.93%, despite losses in the second quarter. In the fourth quarter it gained 3.73%.
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INTERNATIONAL EQUITY
- The MSCI EAFE Index posted a 17.32% return for the year despite the ongoing European sovereign debt crisis. The MSCI EAFE posted an 8.20% annual return over the past 10 years.
- The MSCI Emerging Market Index finished with an 18.22% annual return in 2012. The 10-year annual return figure for the MSCI EM Index is an impressive 16.52%.
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REAL ESTATE AND OTHER
- The NAREIT Index was up 3.11% % in the fourth quarter and an impressive 19.7% for 2012.
- The S&P GSCI Index was down 3.28% in the fourth quarter. This index was essentially flat in the fourth quarter.
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