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Global Market Breakdown | September 2016

Global equity markets advanced in August with a 0.32% aggregate return. Emerging markets (+2.02%) outperformed US markets (+0.24%) and Developed (ex US) markets (‐0.05%).

In the US, small cap (+1.52%) outperformed mid cap (+0.18%) and large cap (+0.08%). Among price‐to‐book asset classes, value (+1.68%) beat neutral (‐0.05%) and growth (‐1.02%). Financials (+5.66%) posted the largest return and made the largest contribution. Utilities (‐5.61%) fell the most and Health Care (‐3.20%) was the largest detractor for the month.

In Developed (ex US) markets, mid cap (+0.04%) outperformed large cap (‐0.07%) and small cap (‐0.09%) while value (+2.49%) beat neutral (‐0.53%) and growth (‐2.23%). Financials (+3.06%) gained the most and was the top contributor. Health Care (‐5.49%) declined the most and was the largest detractor. Among the twenty‐two Developed (ex US) countries, Ireland (+5.68%) experienced the largest gain while Germany (+1.81%) made the largest contribution. Denmark (‐4.71%) had the lowest return, and Australia (‐2.47%) was the largest detractor.

In Emerging markets, large cap (+2.48%) outperformed small cap (+1.19%) and mid cap (+0.76%). Among price‐to‐book asset classes, value (+2.96%) beat growth (+1.94%) and neutral (+1.30%). Of the eleven industry sectors, Financials (+4.29%) posted the largest gain and contributed the most. REITs (‐4.57%) had the lowest return and Telecommunication Services (‐1.62%) was the largest detractor. Across Emerging market countries, Colombia (+9.86%) provided the largest return while China (+6.56%) contributed the most. Czech Republic (‐8.78%) declined the most and South Africa (‐7.45%) was the largest detractor.

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The US Mutual Fund Landscape 2016 Brochure

US Mutual Fund 2016 BrochureThe US mutual fund industry comprises a large universe of funds covering securities markets around the world. These funds reflect diverse philosophies and approaches. How has the industry performed as a whole? What should investors think about when selecting funds? Research provides insight.

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GDP Growth and Equity Returns

Many investors look to gross domestic product (GDP) as an indicator of future equity returns. According to the advance GDP estimate released by the Bureau of Economic Analysis (BEA) on April 28, annualized real US GDP growth was 0.5% in the first quarter of 2016 — below the historical average of 3.2%. This might prompt some investors to ask whether below-average quarterly GDP growth has implications for their portfolios.

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