Investors that were early to identify the attractive valuations following the volatility in emerging market bonds in early 2014 are still sitting atop a pile of gains, yet in recent months new investors haven’t experienced the same steady uptrend.

Homebuilder stocks continued to badly underperform the S&P 500 as housing starts missed by the most since 2008. Long duration Treasuries, after their earlier decline in the first week of July, whipsawed to new highs on the year. US small-caps continued their complete relative collapse.

High yield bond ETFs are signalling a warning sign for income investors as they begin to fall in price.