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3rd Quarter Market Commentary

Global equity indices experienced broad declines throughout the third quarter as heightened concerns surrounding global growth and strong geopolitical headwinds weighed heavily on returns. Risk-off trading heightened demand for safe haven assets, sending the U.S. dollar, Treasuries and dollar denominated foreign debt higher.

For the quarter, the S&P 500 Index declined 6.4% while the Russell 2000 Index of smaller companies fell 11.9%. Utilities were the only names to experience positive returns for the quarter, while the energy, industrials, healthcare and materials sectors disappointed. Across market capitalizations, performance was negative with larger-cap names generally outperforming their mid- and small-cap counterparts. With regards to investment style, growth stocks outperformed their value equivalents in the large-cap portion of the equity market, underperformed in the small-cap area and performed in-line among mid-cap equities.

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