Global equity markets were generally positive in the 1st quarter of 2014.  After a weak start in January, February was strong and March added further to gains for the quarter, albeit that nearly all the March gains came on the very last business day of the month.  There were a couple surprises in the quarter.  Real estate, which was only modestly positive for all of 2013 while other equity asset class returns soared, turned in an outstanding first quarter with US REITs up over 10%.  Proof once again that we just never know which asset class will be the next top performer.  Bonds also had a positive start to the year in spite of many investors’ concern over the Federal Reserve beginning to decrease its purchase of US Treasury and mortgage-backed securities in the open market.  For a more in-depth review of the performance of markets around the world in Q1, please take a look at our Quarterly Market Review here.




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