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Manager Commentary — 2Q 2018

Sweeping cuts in corporate and individual tax rates, along with continued robust readings on economic growth and employment, helped to propel U.S. stocks higher in the second quarter of 2018. Escalating trade tensions were a headwind.

Market Review 1st Quarter 2018

Volatility returned to the stock market in the first quarter. Stocks posted strong gains in January on the momentum of U.S. tax reform, but tumbled in February and March on signs of higher wage inflation and trade conflict between the U.S. and China.

Market Review 4th Quarter 2017

Amid a backdrop of solid economic numbers and rising hopes for enactment of tax reform, stocks enjoyed substantial gains during the fourth quarter.

Market Review 3rd Quarter 2017

Stock markets continued to rally in the third quarter. Signs of broad-based global growth supported stocks, and company reports of sales and earnings were generally better than expected.

Market Review 2nd Quarter 2017

Stock markets continued their upward trajectory in the second quarter. Shares rallied on strong earnings reports and seemed unfazed by increasing political uncertainty, which clouds the outlook for tax reform and other pro-growth initiatives.

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