November: A Horrible Month

The latest market review is out for the month of November from money managers Aronson + Johnson + Ortiz.

The highlights:

Worst monthly stock market performance since 2002

No bright spots--except for bonds and cash

Growth and size relatively strong--large growth on top, small value on bottom

International, though down, is solid for the year; emerging markets, though sharply down, are spectacular for the year!

Here are some total return equity market figures for November:

S&P 500 -4.18
S&P Reit -9.24
Russell 2000 -7.18
Dow Jones Industrial Average -3.63
MSCI ex-U.S. (international index) -3.89
MSCI emerging markets -7.14

The comparable figures for cash equivalents and bonds:

Vestek 90 day Treasury bills +0.57
Vestek Long Treasury Index +4.40
Vestek Broad Bond Index +2.18