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 May 30, 2025, unchanged from April 30, 2025. For global ex-U.S. equities, it was 59% also unchanged from the end of April 2025. For ex-U.S. developed markets, it was 70% compared with 67%. For emerging markets, it was 35% compared with 43%. 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 18% compared with 21% at the end of April 2025. For the growth factor it was 66% compared with 67%; for the large-cap factor, it was 57%, unchanged from the end of April 2025; and for the small-cap factor, it was 13% compared with 15%. For fixed income, the valuation percentile for U.S. aggregate bonds was 65%, compared with 67% at the end of April 2025; for global ex-U.S. aggregate bonds, it was 45% compared with 46%; for short-term Treasuries, it was 69% compared with 67%; for intermediate-term Treasuries, it was 64% compared with 70%; for long-term Treasuries, it was 51% compared with 64%; for intermediate credit, it was 75% compared with 53%; for high-yield credit, it was 68% compared with 64%; for emerging markets sovereign debt, it was 63% compared with 70%; for Treasury Inflation-Protected Securities, it was 60% compared with 55%; and for mortgage-backed securities, it was 66% compared with 60%.