All the major S&P 500 financial sub-indexes were negative in June, as the S&P 500 eked out a 0.6% return for the month. Over the last year, only the S&P 500 Capital Markets Index has outpaced the S&P 500, returning 16.2%, compared to 14.4%.
Genworth Financial Inc., an insurer, posted a 30.8% return in June, the highest among all major exchange-traded U.S. financial institutions. On June 11, the stock surged 26.5% after the company announced that the Committee on Foreign Investment in the United States completed its review of China Oceanwide Holdings Group Co. Ltd.'s planned takeover and found no unresolved national security concerns.
On the other hand, Schaumburg, Ill.-based Atlas Financial Holdings Inc. posted the lowest return among financial stocks in June, losing 18.6%. In mid-June, A.M. Best downgraded the company's credit ratings and said that the company's balance sheet strength together with select subsidiaries was "very weak." Atlas was also removed from the Russell 3000 Index in June.
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