LONDON, Sept 28 | Fri Sep 28, 2012 10:35am EDT
LONDON, Sept 28 (Reuters) - The unlikely combination of Spanish bonds and gold were top best performers during a third quarter of 2012 that was defined by the European Central Bank's bond-buying euro rescue plan and more money-printing in the United States and Japan.
Soft commodities and the dollar were best avoided in the three months to September, yet most major markets eked out positive gains in a policy-dominated period.
For 2012 so far, however, hard currency emerging market sovereign debt and Asian equities outside Japan stand out with gains of more than 14 percent each.
More generally global equities, emerging markets and gold have all returned more than 10 percent to date. In fact it was hard to remain underwater, with even 10-year U.S. Treasuries and German bunds returning more than four percent.
Country-by-country, Indian and German equity shone. Spain and Portugal remain in the red.
Portugal, Ireland and Hungary are the big sovereign bond stars of the year so far - largely on outsize bouncebacks from from a torrid 2011.
In currencies, you would have done well being long of Mexican pesos and Hungarian forints against the dollar in the year to date, but short of Brazilian real and Argentine pesos.
Healthcare and technology stocks were the best performing equity sectors, while utilities and energy lagged.
Convertible arbitrage and event-driven hedge fund strategies outperformed there. Macro and equity neutral strategies are still in the red on average.
BROAD ASSET SHIFTS IN Q3 AND 2012 SO FAR
Graphic on Q3:
COUNTRY EQUITY PERFORMANCE SO FAR IN 2012
BOND MARKET MOVES SO FAR IN 2012
CURRENCIES SO FAR IN 2012
EQUITY SECTORS SO FAR IN 2012
EMERGING MARKET EQUITIES SO FAR IN 2012
COMMODITIES SO FAR IN 2012
HEDGE FUND STRATEGIE
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