A graphic shows various asset and sub-asset classes’ valuation percentiles relative to fair value, where numbers in the lowest third represent undervaluation, numbers in the middle third represent fair value, and numbers in the highest third represent stretched valuation. For U.S. equities, the valuation percentile was 99% as of April 30, 2025, unchanged from March 31, 2025. For global ex-U.S. equities, it was 59% compared with 61%. For ex-U.S. developed markets, it was 67% compared with 66%. For emerging markets, it was 43% compared with 50%. Factor valuations are relative to broad U.S. equities; 50%, for example, is as equally overvalued as broad U.S. equities. The valuation percentile for the value factor was 21% compared with 25% at the end of March 2025. For the growth factor it was 66% compared with 65%; for the large-cap factor, it was 57% compared with 57%; and for the small-cap factor, it was 15% compared with 18%. For fixed income, the valuation percentile for U.S. aggregate bonds was 67%, compared with 62% at the end of March 2025; for global ex-U.S. aggregate bonds, it was 46% compared with 44%; for short-term Treasuries, it was 67% compared with 57%; for intermediate-term Treasuries, it was 70% compared with 62%; for long-term Treasuries, it was 64% compared with 65%; for intermediate credit, it was 53% compared with 73%; for high-yield credit, it was 64% compared with 72%; for emerging markets sovereign debt, it was 70% compared with 88%; for Treasury Inflation-Protected Securities, it was 55% compared with 48%; and for mortgage-backed securities, it was 60% compared with 59%.