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Global Equity markets once again posted strong returns over
the quarter aided by both U.S. and International markets.
Fixed income markets were also positive over the quarter.
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U.S. equities returned 8.2% (Russell 3000) with Information
Technology and Telecommunication Services as the best
performing sectors and Consumer Staples as the worst and
only negative returning sector. Small caps outperformed large
caps over the quarter led by small cap value which was up
12.6% (Russell 2000 Value). Large cap growth continued its
strong run outperforming large cap value by about 520 basis
points (10.5% for Russell 1000 Growth vs. 5.3% for Russell
1000 Value).
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International equities and Emerging Markets equities
performed well over the quarter, returning 4.8% (MSCI EAFE)
and 10.6% (MSCI Emerging Markets), respectively.
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The broad U.S. fixed income market returned 2.0%
(Bloomberg Barclays Aggregate) over the quarter as the Fed
cut the Fed Funds Rate by 25 basis points in September.
Over the past year, rate cuts combined with long term rates
rising has caused the yield curve to steepen. The 10- year
treasury rate remained largely unchanged from the previous
quarter end.
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