Daily Archives: May 31, 2013

James Mackintosh

As the month draws to a close, the old “sell in May” strategy failed miserably for equity investors – except in Japan and emerging markets.

There are a couple of lessons from this May, but first here’s what the major assets did during May, first in local currency then in dollar terms:

Total return month to date local currency

Total return month to date dollars

Since the US is still open, both charts are up to the close of the 30th, for consistency, so not quite the full month; European markets today were down about 1 per cent, and Japan up just over 1 per cent, but the broad patterns remain the same.