Global markets rebounded in June after a losses in May, based on a set of proxy ETFs. The downside outlier to last month’s rally for major asset classes: US bonds, which continued to lose ground.
US stocks topped the list of winners in June. The Vanguard Total Stock Market Index Fund (VTI) rose 6.7%, marking a fourth consecutive monthly advance. Although VTI remains well below its all-time close, set in January 2022, the fund closed last week at a 14-month high.
Note that US stocks (VTI) are also the best performers so far in 2023, posting a strong return of 16.1%. On the other hand, a broad definition of commodities (GSG) suffers the biggest loss in 2023 for major asset classes, falling more than 8%.
The only losers in June were US investment grade bonds (BND) and treasury inflation-linked bills (TIP). Both ETFs slipped slightly, each marking a second month of modest loss.
The Global Market Index (GMI) rebounded last month with a whopping 4.8% gain. This unmanaged benchmark (maintained by CapitalSpectator.com) holds all major asset classes (except cash) within market value weightings and represents a competitive benchmark for multi-class portfolios. ‘assets. After the June rally, GMI is up 11.6% for the year.
Looking at GMI’s performance in the context of US equities (VTI) and US bonds (BND) over the past year reflects a solid but average performance. The GMI is up almost 13% over the past 12 months, well behind VTI’s nearly 18% increase, but far ahead of the bond market’s fractional loss, based on BND.

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