Chief Investment Strategist Commentary — 2013 year-end review
US equity markets produced exceptional, and surprising, absolute returns in 2013. International markets were not quite as impressive but still returned over 20% for 2013.
Less robust were emerging markets, and many fixed income asset classes — which had negative total returns for the year despite a positive quarter. After excellent relative returns in 2012, UCF specifically was largely in-line with benchmarks in 2013, with fixed income strategies standing out on a relative basis, despite being negative.
For a full fourth quarter/year-end review, please check back here in the coming days.