Our most recent quarterly comments
  Fourth Quarter 2018
Various asset prices fell throughout the world during the quarter and year due to a variety of factors. As a result, more opportunities are surfacing and we have the dry powder to capitalize on them.
  Third Quarter 2018
U.S. economic growth and stock markets performed well during the quarter, but non-U.S. economies and stock markets experienced more turbulence. We maintain a defensive positioning in a current environment characterized by less attractive asset prices.
  Second Quarter 2018
U.S. stock markets turned positive for the year, even as trade conflicts added to market uncertainty. We are positioned to capitalize on opportunities if markets become skittish.
  First Quarter 2018
Markets experienced new challenges during the first quarter, and we continue our defensive positioning.