{"id":1399,"date":"2021-10-21T16:25:37","date_gmt":"2021-10-21T20:25:37","guid":{"rendered":"https:\/\/www.nepc.com\/private-wealth\/?p=1399"},"modified":"2021-12-08T13:17:37","modified_gmt":"2021-12-08T18:17:37","slug":"quarterly-asset-class-review-q3-2021","status":"publish","type":"post","link":"https:\/\/www.nepc.com\/private-wealth\/quarterly-asset-class-review-q3-2021\/","title":{"rendered":"Quarterly Asset Class Review: Q3 2021"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_column_text uncode_shortcode_id=&#8221;175631&#8243;]<strong>Global Equities<br \/>\n<\/strong>Global equities turned in a mixed performance for the three months ended September 30, rounding out the quarter with a streak of volatility as inflationary pressures fueled concerns around economic growth and tapering of monetary stimulus. U.S. equities were modestly positive in the third quarter with the S&amp;P 500 Index up 0.6%; international developed markets posted a moderate loss of 0.4%. Chinese stocks declined 18.2%, pulling down emerging markets, which fell 8.1%, as investors fretted over regulatory risk and contagion from a potential default by struggling Chinese real estate conglomerate Evergrande. U.S. small-cap stocks lagged large-cap equities, while international and emerging market small caps outperformed large-cap equities. The diverging performance between value and growth stocks narrowed in the third quarter, with U.S. large-cap growth equities modestly outperforming large-cap value, while U.S. small-cap growth equities underperformed small value. Within sectors financials, utilities, communication services, healthcare and technology led the market, while industrials, materials, energy and consumer sectors underperformed.<\/p>\n<p>In hedge funds, long\/short equity funds underperformed, losing 0.5% during the quarter. Many managers fared poorly in July with bets on Chinese companies detracting from performance but outperformed in September amid broad market volatility.<\/p>\n<p>Meanwhile, global private equity fundraising totaled $118 billion in the third quarter, according to Preqin, a far cry from the prior quarter\u2019s record high of $299.6 billion. That said, fundraising in 2021\u2014$646.2 billion so far this year\u2014looks to be on track to surpass the $699 billion raised in 2020. U.S. buyout deal activity\u2014confirmed and estimated\u2014came in at a robust $297.5 billion, according to PitchBook data, bringing the year-to-date total to a record $787.6 billion. U.S. buyout exit activity hit a new quarterly high of $283.7 billion; exit activity in 2021, at its current pace, is on track to more than double the previous record of $412.6 billion in 2018. In another quarterly high, deal activity in venture capital totaled $82.8 billion for the three months ended September 30, fueled mostly by large late-stage deals of $50 million or more; during the same period, exit activity remained strong, at $187.2 billion, according to PitchBook.<\/p>\n<p><strong>Global Fixed Income<br \/>\n<\/strong>Fixed-income markets ended the quarter mostly flat despite an uptick in volatility. Initially, yields on the 10-year Treasury note dipped amid concerns around growth and the COVID-19 Delta variant, but they moved back up in the vicinity of 1.5% as the Federal Reserve stayed the course on future tapering. In corporate credit, shorter-duration securities and high-yield debt outperformed Treasuries, while longer-dated corporate credit lagged.<\/p>\n<p>Meanwhile, hedge fund indexes focused on structured credit posted another strong quarter with the HFRI Relative Value: Fixed Income-Asset Backed Index returning 1.5%. Despite the volatility, emerging markets debt also saw little change despite the concerns around a potential default by Evergrande.<\/p>\n<p><strong>Real Assets<br \/>\n<\/strong>Real assets were a mixed bag in the third quarter as volatility crept in. During this period, real estate investment trusts (REITs) were flat, while energy equities gained 5%. Oil prices remained above $70 per barrel, with WTI rising over 2% to about $75 per barrel. Natural gas finished up 61% quarter-over quarter at $5.87 per MMBtu. In July, OPEC+ agreed to boost output by 400,000 bpd a month until at least April 2022 to gradually phase out the 5.8 million bpd of existing production cuts amid increasing demand.<\/p>\n<p>Private core real estate posted strong gains with a quarterly record high gross return of 6.59% in the third quarter, according to the NCREIF ODCE Index, bringing year-to-date returns to 13.12%; performance has largely been driven by accelerating rent growth in industrial and multifamily assets.[\/vc_column_text][vc_button button_color=&#8221;color-873282&#8243; border_width=&#8221;0&#8243; el_class=&#8221;post-download-btn&#8221; link=&#8221;url:https%3A%2F%2Fnepc.com%2Fprivate-wealth%2Fwp-content%2Fuploads%2Fsites%2F3%2F2021%2F12%2FQuarterly-Asset-Class-Review_3Q21.pdf|target:_blank&#8221; button_color_type=&#8221;uncode-palette&#8221; uncode_shortcode_id=&#8221;261130&#8243;]Download Quarterly Asset Class Review: Q3 2021[\/vc_button][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text uncode_shortcode_id=&#8221;175631&#8243;]Global Equities Global equities turned in a mixed performance for the three months ended September 30, rounding out the [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":1021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[12],"tags":[37,32,21],"class_list":["post-1399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-asset-allocation","tag-market-commentary","tag-private-wealth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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