The major asset classes delivered a wide range of results in last week’s trading (through Friday, July 9), based on a set of proxy ETFs. US real estate investment trusts (REITs) led the winners while stocks in emerging markets and commodities posted sharp losses. Vanguard US Real Estate (VNQ) rallied 2.5% last week, lifting the fund to a record close. Last week’s worst performer for the major asset classes: commodities. The equal-weighted WisdomTree Continuous Commodity Index Fund (GCC) slumped 1.9%. Concerns that the economic rebound may be weaker than expected were a factor weighing on commodities prices.