REIT Performance
REITs averaged a meager 0.10% total return in July. After 4 consecutive months of solid outperformance against the broader market, REITs were trounced by the DJIA (4.71%), S&P 500 (3.6%) and NASDAQ (2.15%). Based on the better performance of large cap REITs in July relative to their smaller peers, the market-cap weighted Vanguard Real Estate ETF (VNQ) had a higher total return (0.72%) than the average REIT (0.10%). During months in which large cap REITs have underperformed, the VNQ has instead usually similarly underperformed the average REIT. With REITs still trading