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 November 8, 2024, unchanged from June 30, 2024. For ex-U.S. developed markets, it was 61% compared with 63%. For global ex-U.S. equities, it was 56% compared with 47%. For emerging markets, it was 45% compared with 18%. 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 73% compared with 85% at the end of June 2024; for the large-cap factor, it was 57% compared with 59%; for the value factor, it was 30% compared with 28%; and for the small-cap factor, it was 40% compared with 18%. For fixed income, the valuation percentile for U.S. aggregate bonds was 48%, up from 39% at the end of June 2024; for global ex-U.S. aggregate bonds, it was 50% compared with 53%; for short-term Treasuries, it was 34% compared with 24%; for intermediate-term Treasuries, it was 44% compared with 37%; for long-term Treasuries, it was 62% compared with 61%; for intermediate credit, it was 88% compared with 60%; for high-yield credit, it was 96% compared with 78%; for mortgage-backed securities, it was 58%, compared with 60%; for Treasury Inflation-Protected Securities, it was 49% compared with 50%; and for emerging markets sovereign debt, it was 88% compared with 75%.