Our most recent quarterly comments
  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.
  Fourth Quarter 2017
Stock markets finished the year strong as corporate earnings and economies continued moving in the right direction during the quarter and a tax bill perceived to be pro-business was passed into law. Sentiment among individual investors appeared optimistic and the Federal Reserve raised funds rates for the third time in 2017.