It was an eventful three months (ended May 31st) for investors. Asset class returns varied widely. Most of the world’s developed markets (US, Europe, Japan) ended with small changes. Emerging markets lagged, with Latin America a particular sore spot. Other volatile asset classes rewarded investors. Real estate and small cap stocks achieved notable gains, and energy stocks were the particular standout, gaining over 10%. The ongoing trade confrontations with nearly every major trading partner have yet to significantly impact the markets.