October 1, 2016

Q3 2016 Market Review

  • Total returns for major asset classes were positive during the quarter, with equity gains generally strongly so
  • Market performance generally was more favorable among our Portfolio tilts, with international value and small-cap equities faring particularly well
  • Fixed income returns reflected broadly stable interest rate trends against the unchanged backdrop of historically low yields
  • Trends in corporate earnings provided little support for equity market valuations, which generally expanded over the three-month period
  • Market anxieties we could surmise were narrow and not heavily impactful
    • “Brexit” presented challenges at the start of the quarter, but quickly faded from view
    • Monetary policy continued to support equity markets, even as policy uncertainty fostered heightened market volatility
    • U.S. electioneering seemed to intensify market skittishness, though not the extent that is more normal for this part of the presidential cycle
Q316 Market Review

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