At the tail end of what had been a relatively quiet quarter, global stock markets suffered a sharp two-day sell-off following the surprise vote on June 23rd by the United Kingdom to exit the European Union. Despite the dire predictions made immediately after the vote, the decline was short-lived. The major global indices rebounded to pre-Brexit levels or higher by the end of the quarter. In fact, the second quarter ended on a positive note for most asset classes.
Asset class returns for the quarter and year-to-date were as follows: