Morningstar Magazine - June/July 2017 - 24

Dispatches

Global Briefs
10 Years of Asset Class Winners and Losers
An asset class can be a big winner one year and a loser the next. Our periodic table shows how unpredictable returns can be
and the folly of trying to time the market.
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017 YTD

Entire Period
Annlzd

39.4

14.1

83.8

28.4

9.4

19.7

37.9

13.6

1.8

20.3

13.7

8.1

31.8

-3.2

58.2

23.6

5.2

17.5

31.8

6.9

1.7

17.1

9.5

7.6

12.7

-22.2

37.7

21.8

5.0

16.5

22.0

4.9

1.3

12.9

7.5

7.4

10.3

-26.2

36.1

15.1

2.6

16.0

14.3

4.5

-1.4

11.3

5.3

5.7

8.6

-33.8

24.8

13.4

0.6

15.8

7.4

3.9

-1.8

11.2

3.9

5.6

6.7

-36.1

21.8

12.3

-2.6

12.0

0.6

2.5

-4.5

8.6

3.9

4.5

6.0

-36.2

20.9

11.4

-5.3

11.2

-1.8

-0.8

-4.9

4.6

2.4

4.0

1.9

-43.0

19.5

8.5

-11.9

3.7

-2.7

-3.9

-13.3

3.4

1.5

2.7

-0.7

-53.8

-1.4

7.1

-18.6

2.5

-3.7

-24.4

-26.3

1.2

-6.3

-3.0

Small-Cap Stocks

High-Yield Bonds

Large-Cap Stocks

Intermediate-Term Corporate
Bonds
Moderate Portfolio

Intermediate-Term Government
Bonds
Emerging-Markets Stocks

International Developed Stocks

Commodities

Source: Morningstar. Data as of 04/30/2017. Indexes used: Morningstar Small Cap TR, Morningstar Large Cap TR, Morningstar DM xUS GR USD, Morningstar EM GR USD, Morningstar Intermediate US Govt TR, Morningstar Intermediate
Corp TR, IA Barclays US HY Corporate Bonds, Morningstar Long-Only Commodity TR, Morningstar Moderate Target Risk.

TRENDS

A 10-Year Current
The underperformance of value stocks relative to
growth stocks over the past decade is well
illustrated by a "performance current" view of the
Morningstar Market Barometer. It connects the
best-performing style segments in each quarter to
create a current of relative outperformance. In
it, we see that segments from the growth column
24

produced the best return in 24 quarters; segments
from the value column were responsible for the
best performance in just 14 quarters. This trend
was most pronounced among large caps.
Large-growth stocks produced the best returns in
12 quarters, and large-value stocks provided the
best returns in only two quarters.

Distribution
of Outperformance
2

1

12

3

1

7

9

0

5

Return (%)

p<-8
p>8
p-8 to -4 p4 to 8
p-4 to 0 p0 to 4



Table of Contents for the Digital Edition of Morningstar Magazine - June/July 2017

Contents
Morningstar Magazine - June/July 2017 - Cover1
Morningstar Magazine - June/July 2017 - Cover2
Morningstar Magazine - June/July 2017 - 1
Morningstar Magazine - June/July 2017 - 2
Morningstar Magazine - June/July 2017 - Contents
Morningstar Magazine - June/July 2017 - 4
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