The first quarter of 2026 presented a more challenging environment, with most major markets posting modest declines. The U.S. stock market led the downturn, falling -3.96%, followed by International Developed markets at -0.94% and Emerging markets at -0.17%. Fixed income markets were also slightly negative, with the U.S. Bond market down -0.05% and Global Bonds (ex-U.S.) declining -0.19%. Global Real Estate was the lone bright spot, delivering a positive return of 0.77% for the quarter.
Despite the short-term weakness, and even more encouraging, all of these markets have generated positive returns over the past 1, 5, and 10-year periods.
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