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  February 2019 Monthly Market Commentary

U.S. Economy and Markets

  • Domestic equity markets were positive in February, as the Wilshire 5000 Total Market IndexSM and the S&P 500 Index returned 3.47% and 3.21%, respectively.
  • Market volatility continued to decrease this month, with the CBOE Volatility Index (VIX) ending February at 14.78, a decrease from its January close of 16.57.
  • Performance across all GICS sectors was positive for the month and year-to-date, with the Information Technology and Industrials sectors leading the group, gaining 7.39% and 6.48%, respectively. The Real Estate and Consumer Discretionary sectors trailed in comparison, returning 0.78% and 1.09%, respectively.
  • Small cap stocks outperformed their large cap counterparts in February, with the Wilshire U.S. Small Cap IndexSM and the Wilshire U.S. Large Cap IndexSM returning 5.01% and 3.31%, respectively.

International Economy and Markets

  • Developed international equity markets, as measured by the MSCI EAFE Index, returned 2.55% this month.
  • Europe led developed international equity markets, with the MSCI Europe Index returning 3.36%. Japan lagged this month, with the MSCI Japan Index declining -0.03%.
  • The MSCI Emerging Markets Index gained 0.23% in February.

Fixed Income/Real Estate/Commodities

  • The 10-year U.S. Treasury yield ended the month at 2.73%. This is an increase from its January 2019 close of 2.63%.
  • The Bloomberg Barclays U.S. Aggregate Index posted a loss of -0.06% in February.
  • The Bloomberg Barclays U.S. Corporate High Yield Index continued to be the best performer within U.S. fixed income, returning 1.66%. The Bloomberg Barclays Long Term Treasury Index lagged, declining -1.22%.
  • U.S. real estate posted positive returns in February, with the Wilshire U.S. Real Estate Securities IndexSM returning 0.88%. International real estate securities also delivered positive returns, with the Wilshire Global ex U.S. Real Estate Securities IndexSM returning 0.11%.
  • Commodities, as measured by the Bloomberg Commodity Index, gained 1.01% in February.

Alternatives

  • The Wilshire Liquid Alternatives IndexSM returned 0.56% in February. The Wilshire Liquid Alternative Multi-Strategy Index and the Wilshire Liquid Alternative Equity Hedge Index were the relative best performers this month, returning 0.83% and 0.76%, respectively.
  • The Wilshire Liquid Alternative Global Macro IndexSM, the bottom performer in January 2019, was the relative underperformer in February, returning 0.19%.

GICS Sector Returns*

Wilshire 5000 Index
As of 2/28/2019
MTD (%) QTD (%) YTD (%) 1 Year (%)
Consumer Discretionary 1.09 11.30 11.30 4.80
Consumer Staples 2.07 7.42 7.42 4.92
Energy 2.28 13.96 13.96 -0.44
Financials 2.81 12.15 12.15 -5.10
Health Care 1.70 7.96 7.96 11.40
Industrials 6.48 18.68 18.68 1.38
Information Technology 7.39 15.92 15.92 8.19
Materials 3.42 11.37 11.37 -5.61
Real Estate 0.78 12.54 12.54 19.12
Telecommunications Services 1.14 11.57 11.57 2.52
Utilities 4.07 8.30 8.30 21.47

*GICS Sector returns for the Wilshire 5000 Total Market IndexSM. Source: Wilshire AtlasSM.

North American Equity

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
Wilshire 5000 Total Market IndexSM 3.47 12.42 12.42 5.07
Standard & Poor’s 500 3.21 11.48 11.48 4.68
Standard & Poor’s/TSX (CAD) 3.15 12.16 12.16 6.86

U.S. Equity by Size/Style

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
Wilshire U.S. Large Cap IndexSM 3.31 11.90 11.90 4.92
Wilshire U.S. Large Cap Growth IndexSM 2.74 13.01 13.01 4.31
Wilshire U.S. Large Cap Value IndexSM 3.83 10.92 10.92 5.41
Wilshire U.S. Small Cap IndexSM 5.01 17.56 17.56 6.84
Wilshire U.S. Small Cap Growth IndexSM 6.07 18.57 18.57 6.60
Wilshire U.S. Small Cap Value IndexSM 3.92 16.52 16.52 7.03
Wilshire U.S. Micro Cap IndexSM 6.27 17.78 17.78 2.13

International Equity (USD)

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
MSCI AC World ex U.S. 1.95 9.66 9.66 -6.46
MSCI EAFE 2.55 9.29 9.29 -6.04
MSCI Europe 3.36 10.17 10.17 -5.46
MSCI Pacific 1.24 7.79 7.79 -7.17
MSCI Japan -0.03 6.06 6.06 -10.30
MSCI EM (Emerging Markets) 0.23 9.01 9.01 -9.89

International Equity (Local Currency)

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
MSCI AC World ex U.S. 2.82 9.11 9.11 -1.44
MSCI EAFE 3.48 9.12 9.12 -0.79
MSCI Europe 3.63 9.44 9.44 0.34
MSCI Pacific 3.28 8.58 8.58 -2.74
MSCI Japan 2.26 7.62 7.62 -6.41
MSCI EM (Emerging Markets) 1.10 8.35 8.35 -5.07

U.S. Fixed Income

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
Bloomberg Barclays U.S. Aggregate -0.06 1.00 1.00 3.17
Bloomberg Barclays Long Gov’t/Credit -0.55 1.67 1.67 2.17
Bloomberg Barclays Long-Term Treasury -1.22 -0.56 -0.56 3.99
Bloomberg Barclays U.S. TIPS -0.01 1.33 1.33 1.91
Bloomberg Barclays U.S. Credit 0.22 2.38 2.38 2.72
Bloomberg Barclays Corporate High Yield 1.66 6.26 6.26 4.31

International Fixed Income

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
Bloomberg Barclays Global Aggregate (Unhedged) -0.58 0.94 0.94 -0.57
Bloomberg Barclays Global Aggregate (Hedged) 0.12 1.18 1.18 3.94
JPM EMBI Plus -0.08 5.00 5.00 2.19

Real Estate/Commodities/Alternatives

  MTD* (%) QTD* (%) YTD* (%) 1 Year* (%)
Wilshire U.S. Real Estate Securities IndexSM  0.88 12.42 12.42 20.33
Wilshire Global ex U.S. Real Estate Securities IndexSM  0.11 10.00 10.00 5.20
Wilshire Global Real Estate Securities IndexSM  0.61 11.56 11.56 14.72
Bloomberg Commodity Index  1.01 6.51 6.51 -5.67
S&P GSCI Commodity (S&P GSCI)  3.81 13.14 13.14 -2.45
Wilshire Liquid Alternatives IndexSM  0.56 2.59 2.59 -1.17
Wilshire Liquid Alternative Equity Hedge IndexSM  0.76 4.34 4.34 -2.17
Wilshire Liquid Alternative Event Driven IndexSM  0.63 2.09 2.09 1.43
Wilshire Liquid Alternative Global Macro IndexSM  0.19 -0.11 -0.11 -4.59
Wilshire Liquid Alternative Multi-Strategy IndexSM  0.83 3.43 3.43 -1.03
Wilshire Liquid Alternative Relative Value IndexSM 0.42 2.10 2.10 0.21
Wilshire Focused Liquid Alternative IndexSM 0.69 2.41 2.41 -0.44

*As of February 28, 2019. Source: Wilshire CompassSM

The Wilshire Indexes are calculated and distributed by Wilshire Associates Incorporated (“Wilshire”). The indices do not represent an investment. It is not possible to invest directly in an index. Exposure to an asset class represented by an index may be available through investable instruments derived from that index. Wilshire makes no representations regarding the advisability of investing in investment products based on the Wilshire Indexes not sponsored, endorsed, sold or promoted by Wilshire. Index returns do not reflect payment of certain sales charges or fees an investor may pay to purchase the securities underlying the Index or investment vehicles intended to track the performance of the Index. The imposition of these fees and charges would cause actual performance of the securities/vehicles to be lower than the Index performance shown. Inclusion of a company in the Wilshire Indexes does not in any way reflect an opinion of Wilshire on the investment merits of the company. Index returns are preliminary and are subject to revision.

Wilshire Funds Management (“WFM”) is a business unit of Wilshire Associates Incorporated (“Wilshire®”). WFM delivers Wilshire Advisor Solutions, which includes models designed to provide a broad range of outcome-oriented investment solutions for advisors to use with their clients. The information from third parties contained herein has been obtained from sources believed to be reliable. Wilshire gives no representations or warranties as to the accuracy of such information, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information and for results obtained from its use. Wilshire is a registered service mark of Wilshire Associates Incorporated, Santa Monica, California. All other trade names, trademarks, and/or service marks are the property of their respective holders.

8294749 WAS E0419

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