Expert insight

Building resilient portfolios through diversification

March 26, 2024

Greg Davis

Vanguard President and Chief Investment Officer

A chart displays the relative annualized performance of major sub-asset classes from 2016–2023. It also shows the relative monthly performance of these sub-asset classes during the fourth quarter of 2023. The chart shows that relative performance among sub-asset classes varies widely from year to year and month to month, with leaders and laggards changing frequently. Sub-asset classes include large-cap equity as measured by the S&P 500, small-cap equity as measured by the Russell 2000 Index, developed ex-U.S. equity as measured by the FTSE Developed ex-North America Index, emerging markets equity as measured by the FTSE Emerging Markets Index, U.S. fixed income as measured by the Bloomberg U.S. Aggregate Bond Index, global ex-U.S. fixed income as measured by the Bloomberg Global Aggregate ex-U.S. Bond Index, high-yield fixed income as measured by the Bloomberg Global High Yield Bond Index, and real estate as measured by the FTSE/EPRA Nareit Developed REIT Index.
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