Q1 is over for US equities, and we're seeing some interesting trends emerging

Q1 is over for US equities, and we're seeing some interesting trends emerging. For one, bonds very easily out performed stocks during the quarter. Long-term treasuries climbed roughly 8% for the quarter, while the S&P 500 rose just a half a percent. Certainly, global geopolitical risk had something to do with that behavior. However, over the last year stocks still have an enormous advantage over bonds - over 20% return for stocks and -3% return for bonds. Another important trend in equities is the reemergence of emerging markets. As US equities come back down to earth (to some extent), investors appear to be rotating into emerging market stocks. The best performers from the emerging market group over the past month are Brazil and India, both up over 9%. Is this the start of new trend or just a one-month anomaly?