REIT Performance
After a painful September (-2.54% total return) and October (-3.91%), the REIT sector began to recover with a solid November (2.73% total return). For the 2nd month in a row, REITs generated a better return than the broader market. REITs outperformed the S&P 500 (1.79%), DJIA (1.68%) and NASDAQ (0.34%). Based on the tremendous outperformance of large-cap REITs in November relative to their smaller peers, the market-cap weighted Vanguard Real Estate ETF (VNQ) had a significantly higher total return (4.67%) than the average REIT (2.73%). The REIT selloff of September and