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4th Quarter Market Commentary

Global equity indices advanced during the fourth quarter, gaining back much of the ground that was lost throughout the third quarter. Fixed income indices experienced little volatility despite the Fed’s decision to raise rates for the first time since June 2006. Commodities and MLPs continued to experience strong headwinds as energy prices fell precipitously due to concerns surrounding global growth as well as supply and demand imbalances.

For the quarter, the S&P 500 Index increased 7.0%, while the Russell 2000 Index of smaller companies gained 3.6%. Nine out of ten sectors posted positive returns, while energy lagged the broader market. Across market capitalizations, performance was positive with large-cap names outperforming their mid- and small-cap counterparts. With regards to investment style, growth stocks outperformed their value equivalents.

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