2013 will be remembered as the year of U.S. Equities. With returns topping 32% year-to-date, there was no better asset class. Non-U.S. developed markets (Europe and Japan) were also top performers, putting up a combined 23.3% for the year-to-date period. After that, however, the returns dropped off for other asset classes. In fact, relative to historic performance, high-yield bonds, real estate, U.S. investment grade bonds, emerging markets equities, emerging markets bonds and commodities all disappointed. Looking back, we will categorize 2013 as the year when the U.S.