Nirvana swept over global markets in June as all the major asset classes posted gains. Even more remarkable, last month’s across-the-board increases mark the second time this year that everything rose in a calendar month (January also generated a rally in everything).
Beta, in other words, again gave cover to mediocrity in active management circles. With profits spewing from every nook and cranny of the major asset classes, it was relatively easy to look like a genius in June.
US equities offered the strongest opportunity for appearing brilliant, courtesy of the Russell 3000 Index’s surge