Global equity markets declined in October with a ‐1.89% aggregate return. Emerging markets (+0.12%) outperformed Developed (ex US) markets (‐2.05%) and US markets (‐2.20%).

In the US, large cap (‐1.64%) outperformed mid cap (‐2.86%) and small cap (‐4.83%). Among price‐to‐book asset classes, value (‐1.02%) beat growth (‐2.60%) and neutral (‐2.89%). Financials (+1.67%) posted the largest return and made the largest contribution. Health Care (‐7.26%) fell the most and was the largest detractor for the month.

In Developed (ex US) markets, large cap (‐1.66%) outperformed small cap (‐2.64%) and mid cap (‐3.18%) while value (+1.08%) beat neutral (‐2.85%) and growth (‐4.30%). Financials (+1.87%) gained the most and was the top contributor. REITs (‐7.24%) declined the most and Health Care (‐7.23%) was the largest detractor.

Among the twenty‐two Developed (ex US) countries, Spain (+2.41%) experienced the largest gain while Japan (+1.36%) made the largest contribution. Belgium (‐7.67%) had the lowest return, and United Kingdom (‐5.47%) was the largest detractor.

In Emerging markets, large cap (+0.54%) outperformed small cap (‐0.63%) and mid cap (‐0.94%). Among price‐to‐book asset classes, value (+1.72%) beat neutral (+0.52%) and growth (‐2.38%). Of the eleven industry sectors, Energy (+5.57%) posted the largest gain and Financials (+1.67%) contributed the most. Health Care (‐4.40%) had the lowest return and Information Technology (‐1.46%) was the largest detractor. Across emerging market countries, Brazil (+13.65%) provided the largest return and contributed the most. Korea (‐5.44%) declined the most and was the largest detractor.

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