2023 Q4 Market Review

This review features world capital market performance and a timeline of events for the past quarter, as well as an annual review for 2023.

Download the full PDF report at the end of this postĀ for complete commentary.

US Stocks

The US equity market posted positive returns for the quarter and outperformed both non-US developed and emerging markets.

Value underperformed growth within large caps and outperformed within small caps.

Small caps outperformed large caps.

REIT indices outperformed equity market indices.

International Developed Stocks

Developed markets outside of the US posted positive returns for the quarter and underperformed the US market, but outperformed emerging markets.

Value underperformed growth.

Small caps outperformed large caps.

Emerging Markets Stocks

Emerging markets posted positive returns for the quarter and underperformed both US and non-US developed markets.

Value outperformed growth.

Small caps outperformed large caps.

Real Estate Investment Trusts (REITs)

US real estate investment trusts outperformed non-US REITs during the quarter.

 

Market Summary

World Stock Market Performance

These headlines are not offered to explain market returns. Instead, they serve as a reminder that investors should view daily events from a long-term perspective and avoid making investment decisions based solely on the news.

 

2023 Year In Review

US Stocks

The US equity market posted positive returns for the year and outperformed both non-US developed and emerging markets.

Value underperformed growth.

Small caps underperformed large caps.

REIT indices underperformed equity market indices.

International Developed Stocks

Developed markets outside of the US posted positive returns for the year and underperformed the US market, but outperformed emerging markets.

Value outperformed growth.

Small caps underperformed large caps.

Emerging Markets Stocks

Emerging markets posted positive returns for the year and underperformed both US and non-US developed markets.

Value outperformed growth.

Small caps outperformed large caps.

Real Estate Investment Trusts (REITs)

US real estate investment trusts outperformed non-US REITs during the year.

Download the PDF version for a complete review featuring additional performance data for individual asset classes and further commentary.

View Report