| Stocks | Bonds | Alternatives | |||||
| MSCI All World Index | -0.4% | US Treasury | -7.8% | Commodities | -9.5% | ||
| US Stocks | 2.7% | Corporate | -3.4% | Real Estate | -3.9% | ||
| World Developed ex-US | -1.5% | High Yield | -3.7% | Gold | -24.2% | ||
| Emerging Markets | -7.4% |
Our benchmark 50/50 stock-bond portfolio lost approximately 2.5% in the second quarter. Our higher than normal allocation to cash instead of bonds helped avoid most of the losses in the bond market, however, our small 3% allocation to gold miner stocks acted as a drag on performance in the quarter. Still, almost all of our managed accounts outperformed our benchmark after fees.
