Prepared by Brandon Yee and Tom Connelly


Developed Markets

Foreign Developed Markets have a Strong Month- In the month of April, international developed markets posted a gain of 2.13%. Europe ex UK and the UK recorded the highest returns of 4.10% and 2.08%, respectively. The U.S. market moved up 1.05%.


Emerging Markets

Emerging Markets Continue to Advance – Emerging markets posted a gain of 1.91% for the month, with China contributing the largest gain of 2.67%. The Brazilian and Russian equity markets were flat, dropping 0.05% and 0.21%, respectively.


Global Sector

Energy Records a Loss in April- Information technology and industrials posted the strongest global sector returns of 2.83% and 2.81%, respectively. The energy and telecommunications sectors recorded losses of 2.18% and 1.40%.


Domestic Equity Factors

Small-Cap Value Maintains One Year Edge – In April, domestic growth indices outperformed their value counterparts. Over the past year, small-cap value has outperformed small-cap growth by approximately 3%. However, large-cap value has lagged large-cap growth over the same time period.


Foreign Equity Factors

International Growth Companies Outperform- In the international developed markets, growth indices outperformed value indices. Momentum recorded a monthly return of 1.54%


Liquidity Providers

Money Market Yields Remain Low- Money market funds continue to have very low yields, performing in line with the 3 month T-Bill Index. The Consumer Price Index dipped in March by 0.29%.


Disinflationary / Deflationary Hedges

Emerging Market Bonds Build on Strong Recent Performance – The returns of deflationary hedges were mostly positive for the month. Emerging market bonds and long-term government bonds recorded strong returns of 0.1.63% and 1.55%, respectively. The SwissRe Global Cat Bond index dropped by 0.58%.


Inflation-Sensitive Investments

Gold Records Gain in April- Inflation-sensitive investments had mixed results in April. International real estate and inflation-linked bonds recorded gains. Energy-related investments and U.S. real estate posted losses. Gold was up 1.74% for the month.


World Currencies

The Mexican Peso Climbs Back Versus USD- The Mexican Peso and Indian Rupee appreciated the most versus the U.S. dollar over the past three months. The Canadian Dollar and Australian Dollar depreciated by 3.88% and 0.84%, respectively, versus the USD over the same time period.

Disclosure: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Versant Capital Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Versant Capital Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Versant Capital Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. If you are a Versant Capital Management, Inc. client, please remember to contact Versant Capital Management, Inc., in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy of the Versant Capital Management, Inc.’s current written disclosure statement discussing our advisory services and fees is available upon request