The major benchmarks we track produced positive total returns for the first quarter 2024.

• The MS World Equity Index increased 8.97%.

• The S&P 500 Equal Weighted Equity Index increased 7.39%.

•  Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 5.01%.

• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 3.68%.

With the composite US Treasury yield curve increasing to 4.7% and coupon yields back to their historical norms, we believe that fixed income securities will produce positive normalized returns for the next 12 months. As such, we will be favoring intermediate-term investment grade bonds. We’re projecting equities will produce below-normalized positive returns, and we’ll continue to prioritize domestic and developed-market international stocks over fixed income securities.

You can review our current outlook and policy by going to the Client Info page.