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February 2015 archive

February 2015

For most investors 2014 was a tale of two markets. The U.S. performed strongly, with the S&P 500 rising by over 13%, though the Dow was up a more modest 10% and the small cap index (Russell 2000) gained only 5%. While the rest of the world was essentially flat, with the MSCI All Countries Index up 2.1%, EAFE down 5%, Europe and Japan both down by approximately 6%, and emerging markets down by 2.2%, all in dollar terms.

On the fixed income side, the story was similar, as U.S. bond markets out performed foreign markets, with the Barclays Aggregate Index gaining 6%, while the Citi World Bond Index fell by 0.5%. Of course, much of the weakness in non-U.S. markets can be attributed to the strength of the dollar in foreign exchange markets, where it appreciated by an average of 12% against its main trading partners.

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