Our most recent quarterly comments
  First Quarter 2019
Most asset classes were off to the races during the first quarter as they partially recovered from a difficult end to 2018.
  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.