May 2013 marked the seventh straight month of gains in the S&P 500, the longest winning streak since 2009. Despite giving up ground in June, the quarter remained positive for domestic markets. Sector returns were mixed: financials and consumer discretionary led, while utilities, materials and energy were lower. Year to date, small cap, mid cap, and large cap value are the leading asset classes. The rest of the world is well behind, with emerging markets posting ever larger losses. In Asia, Japan’s breathtaking 75% nine month rally ended on May 22, falling 15% from its peak in a week. The Nikkei was still up for the quarter and year to date.