All major asset classes were up in the third quarter.

International stock markets (especially emerging markets) outperformed the U.S., continuing one of the themes this year. Looking out to longer periods, emerging markets have had the best returns over the last 12 months, while U.S. markets are still the highest for periods of five and ten years. Real estate securities and bonds also turned in positive returns for the quarter, although they were the group’s laggards.

Asset Class13rd
12 Months5 Years
10 Years
U.S. Stocks (Russell 3000)
4.57% 18.71%
International Developed (MSCI World ex U.S.)
5.62% 18.73%
Emerging Markets (MSCI EM)
7.8% 22.46% 3.99% 1.32%
Real Estate Investment Trusts (MSCI World REITs)
1.26%-0.24% 7.14%2.05%
Taxable Bonds (Barclays 1-5 Yr Gov)
0.29% -0.06% 0.83% 2.38%
Municipal Bonds (Barclays Muni 1-5 Yr)
0.53%1.16% 1.35% 2.81%


1. Return data and charts are from Morningstar Direct.