Broad U.S. equity market indexes rose in the first quarter, touching record highs before pulling back slightly at quarter-end.
U.S. election results propelled markets forward in the fourth quarter, presumably driven by the outlook for pro-business policy changes.
Data on the economy points to a generally positive backdrop. U.S. GDP continued to expand, gaining some steam in the quarter.
Stock selection was the primary reason for the fund’s below-index results in the third quarter.
Global growth remains muted, though the U.S. economy is leading the world in stability these days. Anxieties are high, but many broad measures of health in the U.S. economy are actually very good.