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Global Equity markets posted another positive quarter with
International Markets leading the way to cap off a very strong
year. Fixed income markets posted a small positive return
over the quarter.
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U.S. equities returned 2.4% (Russell 3000) with Health Care
and Telecommunication Services as the best performing
sectors and Real Estate and Utilities as the worst. Large cap
value outperformed large cap growth on the quarter by about
270 basis points (3.8% for Russell 1000 Value vs. 1.1% for
Russell 1000 Growth).
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International equities and Emerging Markets equities
performed well over the quarter, returning 4.9% (MSCI EAFE)
and 4.7% (MSCI Emerging Markets), respectively.
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The broad U.S. fixed income market returned 1.1%
(Bloomberg Barclays Aggregate) over the quarter as the Fed
cut the Fed Funds Rate by 50 basis points (one 25 basis
point cut in both October and December). The 10-year
treasury rate remained largely unchanged from the previous
quarter end.
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