Foreign markets led most of the major asset classes higher in May. The top performer: foreign high-yield bonds. Markit’s Global ex-US High Yield Index popped 3.8% last month (in unhedged US dollar terms), posting its biggest monthly gain in more than a year. The only losers in May: US real estate investment trusts (MSCI REIT) and commodities (Bloomberg Commodity), which fell 0.6% and 1.3%, respectively.
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