Driven by Japan, Asia-Pacific health care and consumer staples have been the two best performing sectors this year. There are four sectors in Asia-Pacific that have outperformed the best performing sector in Europe.
While consumer discretionary has led in Europe, Asian consumer discretionary stocks have actually performed better.
MSCI North America
Health care continues to lead market performance in the US and is actually the only North American sector to outperform the MSCI World index YTD.
Turning to aggregate developed world performance, we can see that leadership is still in the growth counter-cyclical health care and consumer staple groups. Among the cyclical sectors, consumer discretionary and technology are the only two that are outperforming the MSCI World Index.