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Wilshire 5000 sets record highs in July, nets $425bn gain for the month

Monday, August 05, 2019
Opalesque Industry Update - The Wilshire 5000 Total Market Index, the original pure and complete measure of the U.S. stock market, gained 1.49 percent in July and 20.43 percent for the year, closing the month at 30,550.75, according to Wilshire Associates Incorporated.

Without dividends reinvested, the index had an estimated market value gain of $425 billion for July and $5.2 trillion year to date.

"The Wilshire 5000 broke its September 28, 2018 all-time high on July 1, 2019 to complete a full recovery from fourth quarter 2018 losses, then moved on to hit six additional record highs throughout the month," said Jason Schwarz, president of Wilshire Analytics and Wilshire Funds Management.

Large-cap beat small-cap for the fifth month in a row, represented by the Wilshire US Large-Cap Index and Wilshire US Small-Cap Index, with gains of 1.55 percent and 0.99 percent, respectively, building on the year-to-date large-cap lead over small-cap with returns of 20.58 percent and 19.01 percent, respectively.

Large-cap growth outperformed large-cap value for the second month in a row, represented by the Wilshire US Large-Cap Growth Index and Wilshire US Large-Cap Value Index, with gains of 2.34 percent and 0.82 percent, respectively. Large-cap growth continued its outperformance over large-cap value for the year with gains of 23.91 percent and 17.63 percent, respectively.

Similarly, small-cap growth outperformed small-cap value for the second month in a row, as represented by the Wilshire US Small-Cap Growth Index and Wilshire US Small-Cap Value Index, with returns of 1.11 percent and 0.87 percent, respectively. Small-cap growth built on its lead over small-cap value for the year with gains of 22.21 percent and 15.91 percent, respectively.


Communication Services bounced back from second worst sector in June to best in July, up 3.71 percent. Information Technology nabbed a top three sector slot for the fifth time this year, gaining 3.52 percent for the month.

Energy continued to lag the market in July, as it did last quarter and throughout 2018, falling -2.45 percent. Health Care also continued to lag the market, on the heels of second quarter second worst performance, with a -1.62 loss for the month.

Business Development Companies (BDCs)

Business development companies, represented by the Wilshire Business Development Company Index, rose for the second month in a row, up 1.53 percent in July to net 21.39 percent gain year to date.

Real Estate

U.S. public real estate, represented by the Wilshire US Real Estate Securities Index and Wilshire US Real Estate Investment Trust Index, rose for the third month in a row, gaining 1.59 percent and 1.58 percent, respectively, netting year-to-date returns of 19.77 and 19.78 percent, respectively.

International public real estate, represented by the Wilshire exUS Real Estate Securities Index, lagged U.S. real estate for the sixth month this year, shedding -2.13 percent for the month and trimming year-to-date gains to 12.01 percent.

Fixed Income

Bonds, represented by the Wilshire Bond Index, finished July with its ninth consecutive monthly gain, up 0.52 and 8.30 percent for July and year to date, respectively.

Risk Parity

Multi-asset class risk parity, represented by the Wilshire Risk Parity - 10%, 12%, and 15% Target Volatility Indexes, rewarded higher risk in July with gains of 1.32, 1.54 and 1.85 percent, respectively, netting year to date gains of 18.92, 22.22 and 26.36 percent, respectively.

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