Q1 2015 Client Letter
It has been a slow start to the year for the U.S. equity markets. The S&P 500 was up less than 0.5% in the first quarter, while developed international equities and emerging market equities were up 5.0% and 2.0% respectively. The Barclay’s Capital Bond Composite was up 1.75% in the first quarter. This slow start is in our opinion attributable to several key global themes.