United States

Focus continues on global central bank policy and interest rates

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Domestic equities finished the quarter higher with small-cap securities outperforming their large- and mid-cap counterparts. Internationally, equities climbed higher as volatility from Brexit subsided. Emerging markets continued to be strong performers as China had a strong quarter on both upbeat manufacturing data and expectations for quantitative easing. Lower quality, higher yielding U.S. fixed income securities gained as investors increased their risk appetites and energy prices were less volatile than to which investors have become accustomed. Globally, yields on many sovereign bonds turned positive throughout the quarter.

Emerging markets debt posted strong gains for the quarter, continuing a recovery in the asset class for the year despite sustained volatility. U.S. dollar strength has remained in check which has aided the recovery year-to-date. Commodity and real estate sectors, which have performed well year-to-date, experienced mixed returns throughout the quarter as focus continued to be centered on global central bank policy and interest rates.

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