A quick market review for 2015:

  • Of the 30 asset classes that comprise our globally diverse portfolios, 11 were up and 19 were down for the year (see 2015 asset class fund returns below).

2015 Returns

Click to view 2015 returns.

  • The Dow Jones was down for the first time since 2008 and the S&P was down after 3 consecutive years of gains.
    (Price return without reinvestment of dividends: Source Morningstar)
  • The best performing equity asset class was Japanese Small Company. The worst performing asset classes were the Alerian Energy MLP Index and commodities, both down over 20% for the year. These two asset classes represent a very small portion of your portfolio and are designed to act in a non-correlated manner to other asset classes.

What this means is diversification across non-correlated asset classes was at work in 2015. One year results of any asset class are not particularly meaningful. Discipline, courage, and conviction are meaningful in a well-constructed portfolio.

You’ll be receiving your year-end statements in the near future and we thought the above would be helpful.

As always, we appreciate your business and look forward to continuing to serve you and your interests.