For February our individual investor accounts averaged 5.7% in a month where the S&P 500 returned 4.6%, so we outperformed the S&P 500 by a little over 1%.
Non-US developed markets perform particularly strongly
Domestically, small cap stocks were slightly ahead of the broader market, and value stocks lagging slightly so these effects were offsetting and we broadly matched the S&P 500 domestically. However, developed markets outside the US showed exceptional growth of 5-6% depending on the specific investment and small cap and value did even better with every pick delivering over 6% for the month, which is exceptionally good relative to history, accounting for as much outperformance in a month as you might expect in a typical good year. Emerging markets grew over 3% but this performance still lagged the US.
Real estate and bonds a slight performance drag
Real estate exposure was broadly flat, domestic bonds declined slightly though international bonds rose in value.
In summary, February was a exceptionally strong month both for the S&P 500 and for our exposure which outperformed it by a significant margin. The main source of the outperformance was exposure to non-US developed markets.