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Commentary Topic from greenfaucet

Asset Class Returns Through 6-30-09

The weather in June was cool and rainy in the New York region, and something similar prevailed over the capital and commodity markets last month as well. As our table below shows, June was a month of mixed messages, ranging from a healthy rally in high-yield bonds to loss in REITs. Disappointing, perhaps, given the previous bout of good times. But the arrival of red ink is hardly unexpected. The March-to-May rally, after all, elevated all the major asset classes by dramatic levels. That couldn't last. But what comes next?