, Columnist
A Bull Market Quandary: Your Clients or Your Convictions
With U.S. stocks surging, money managers have an unpalatable choice.
Bull run.
Photographer: Pablo Blazquez Dominguez/Getty Images EuropeThis article is for subscribers only.
The U.S. stock market is dominating again this year, and money managers may soon face some unpalatable choices.
It’s not even close. The S&P 500 Index is up 9.9 percent in the eight months through August, including dividends. Meanwhile, overseas stocks, as measured by the MSCI ACWI ex-USA Index, are down 3.2 percent. U.S. bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, are down 1 percent. And hedge funds, as tracked by the HFRI Fund Weighted Composite Index, are up a modest 1.7 percent.