Value Outperforms YTD But Growth Is Catching Up

Picking stocks has been a tough job for the past few years, and the situation hasn’t gotten easier in 2016. The S&P 500 posted its fifth straight month of positive returns in July, taking year-to-date returns to 8% at the end of the month. However, despite these relatively impressive gains equities have still underperformed gold, Treasuries, and credit this year. Year-to-date gold has gained 27%, long-term Treasuries are up 18%, investment-grade credit has added 9%, and emerging market stocks are up 8% in local currency or 12% when converted back into dollars. Time To Buy Value…….Again? Equity gains are not limited…