Roughly half of the major asset classes posted gains last week, led by a strong increase in US real estate investment trusts (REITs), based on a set of exchange-traded products.
Vanguard Real Estate (VNQ) surged 3.3% for the trading week ended Nov. 9. The gain, which lifted the ETF close to its high for the year, marked the strongest weekly advance since March for the fund.
Winners and losers were more or less evenly split last week for the major asset classes, with emerging-market stocks suffering the biggest setback. Vanguard FTSEEmerging Markets (NYSE:VWO) resumed its long-running slide last week, falling 2.3%. The ETF has slumped in six of the past seven weeks and has been trending down for most of the year.
The weakness in these markets is attracting interest from value-oriented investors. Mark Mobius, a veteran money manager in the emerging markets space, told CNBCearlier today that stocks in these countries look “very cheap now,” recommending that “it’s time to get in.”