Quarterly Updates

Q3 2017 Quarterly Review

The global economy continued to expand throughout Q3. The Organization for Economic Co-Operation and Development (OECD) projected that all 45 countries that it tracks will expand in 2017. Through Q3 the MSCI All Country World Index posted positive returns for 11-straight months. The backdrop of stable macroeconomic data and limited volatility supported growth in equity markets. Foreign equities continued to outperform domestic equities. The Euro-area posted the highest returns, followed by emerging markets.

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Q2 2017 Quarterly Review

U.S. stocks continued to gain despite some mixed economic data and amid political uncertainty over the ability of the US administration to push through its fiscally expansive
policies. Popular “Trump Trades” saw muted gains as investors became wary of delays in the administration’s policy timeline. Former FBI director James Comey’s testimony rattled
the markets but quickly became a non-event. The expected Fed rate hike had little effect on the markets, but the announcement of plans to reduce the balance sheet caused a
short-term pullback.

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Q1 2017 Quarterly Review

The markets carried over the feeling of exuberance from the end of the year into Q1. US investors remained confident in the Trump administration’s ability to put campaign promises into
action, sending economic sentiment climbing higher. Investors took the US Fed rate hike and comments from the voting committee in stride. Globally, economic data continued to improve
which supported gains in developed markets and outperformance in emerging markets. The demand for risk assets remained robust with equities outperforming fixed income by a significant
margin.

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Q4 2016 Quarterly Review

The U.S. presidential election and the U.S. Federal Reserve’s decision to raise its key interest rate were the highlights of Q4. Markets maintained a narrow trading range leading up to the
election and were sent on a tumultuous path as it became clear that Donald Trump would be the next President. After selling off to levels not seen since the Brexit vote, stocks recovered and
then continued to charge ahead through the end of the year. Higher interest rates, inflation expectations, and U.S. dollar took a toll on fixed income and bond-proxy sectors.

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Q3 2016 Quarterly Review

The influence of central banks and questions about future policy dominated the headlines during Q3. The US Federal Reserve, the Bank of England, and the European Central Bank all held rates steady. The Fed continued to hint at a rate hike this year, while the BOE and the ECB indicated that further easing measures should not be ruled out. The Bank of Japan was the most active monetary policy player. BOJ officials revamped their policy targets and the actions used to affect interest rates. Global economic growth persevered through the Brexit fallout, political battles, currency fluctuations, and a fairly hands-off approach from central banks. Markets rebounded early in the quarter but moved mostly sideways during the later months during a lull in volatility. The MSCI All-Country World Index returned 4.79%.

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Q2 2016 Quarterly Review

Q2 2016 Quarterly Review Volatility and sluggish growth remained the key factors influencing the markets during the second quarter of 2016. The norm in economic data and the equities markets has been two steps forward and one step back. Expectations that the Fed would turn more hawkish at its June meeting kept the US markets…

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Q1 2016 Quarterly Review

Q1 was a tale of two halves. Renewed fears of a global growth slowdown sparked an early increase in market volatility during the first quarter. A lack of stability in oil prices, uncertainty surrounding the US Federal Reserve’s actions, central bank interventions in Europe and Japan, and shaky economic data all contributed to the January…

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Q4 2015 Quarterly Review

Global markets accelerated during October before stumbling along sideways and eventually falling towards the end of the year. The markets were negatively impacted by the weakness in oil prices and renewed fears of economic fallout from a slowing Chinese economy. The US Federal Reserve made good on their guidance and raised their benchmark rate for…

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Q3 2015 Quarterly Review

Q3 2015 Market Commentary Market volatility returned in a profound way during the third quarter. Nearly all major equity markets entered correctional territory, falling at least 10% from a previous peak, as uncertainty surrounding the path of the global economy began to weigh on investor sentiment. The MSCI World Index dropped 8.4% in U.S. dollar…

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Q2 2015 Quarterly Review

Q2 2015 Market Commentary The second quarter of 2015 echoed many of the questions and concerns of the first. Global markets were volatile as investors continued to wait for the U.S. Federal Reserve to set a date for its first interest rate hike and contemplated the lack of economic growth in the consumer space. Overseas,…

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Q1 2015 Quarterly Review

Q1 2015 Market Update In the first quarter of 2015, markets remained volatile as the U.S. dollar continued to gain strength, Europe initiated quantitative easing (QE), China continued easing monetary policies to boost domestic growth, and investors tried to guess when the US Fed will begin raising rates. The optimistic outlook for global growth remained fragile, but initial…

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Q4 2014 Market Update

In the 4th quarter of 2014, global equities delivered positive returns amid heightened volatility. The IMF cut its global growth estimates, and increased volatility remained a key dynamic in the fourth quarter of 2014. At one point during October, almost all global equity averages were either down or flat for the year before the majority…

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