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 June 30, 2024, unchanged from March 30, 2024. For ex-U.S. developed markets, it was 63% compared with 65%. For global ex-U.S. equities, it was 47% compared with 51%. For emerging markets, it was 18% compared with 21%. 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 growth factor was 85% compared with 81% three months earlier; for the large-cap factor, it was 59% compared with 55%; for the value factor, it was 28% compared with 34%; and for the small-cap factor, it was 18% compared with 25%. For fixed income, the valuation percentile for U.S. aggregate bonds was 33%, unchanged from three months earlier; for global ex-U.S. aggregate bonds, it was 53% compared with 65%; for short-term Treasuries, it was 33% compared with 31%; for intermediate-term Treasuries, it was unchanged at 30%; for long-term Treasuries, it was 25% compared with 31%; for intermediate credit, it was 60% compared with 57%; for high-yield credit, it was 78% compared with 92%; for mortgage-backed securities, it was 60%, compared with 59%; for Treasury Inflation-Protected Securities, it was 50% compared with 47%; and for emerging markets sovereign debt, it was unchanged at 75%.