Stocks here and abroad soared over the past year. Meantime, U.S. interest rates wavered but ultimately ended lower over the past twelve months, boosting fixed income gains. Aided by a strong decline in the U.S. Dollar over the quarter versus major world currencies, international developed stock markets outperformed U.S. stocks, while fresh stimulus in China saw its markets soar near quarter end. Though Growth led the year, Value stocks outperformed here and abroad over the latest quarter. Small-cap names tended to have a better go of it, too.

Gains were seen throughout the investment-grade fixed income space, with exposure to duration finding greater reward on account of a general decline in interest rates across the yield curve.