U.S. equity performance through the first nine months of 2014 has been a tale of two market caps – the large-cap Russell 1000 index gained 7.95%, while the small-cap Russell 2000 was down 4.4%. The Russell 3000 was up 6.94%.
Municipal bonds continue to lead fixed-income strategies; the Barclays Municipal Bond index gained 7.58%. The Barclays U.S. Aggregate was up 4.1% through September.
Commodities are playing their role as a diversifier – the S&P GSCI index was down 7.46%, driven largely by oil prices – its Brent Crude and WTI Crude indexes were down 12.9% and 2.3%, respectively.