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4th Quarter Market Commentary

Domestic equity indices finished higher for the quarter while international developed and emerging markets both declined. Fixed income indices ended the quarter mostly lower during the three months with the exception of U.S. high yield. Returns for the final quarter of the year were largely driven in some form or fashion by the results of the U.S. Presidential election as markets continued to digest potential policy implications.

For the quarter, the S&P 500 Index rose 3.8%, while the Russell 2000 Index of smaller companies gained 8.8%. The energy, financials and basic materials sectors were the best performers, while the healthcare, utilities and consumer discretionary sectors lagged. Across market capitalizations, small-cap securities significantly outperformed their large- and mid-cap counterparts. Across styles, value outperformed growth across all market caps.

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