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Market Commentary

February 2016 Market Commentary – Squeezing Another Diamond Out of This Lump of Coal

Key Benchmarks: Performance and Characteristics as of 2/29/2016

Highlights:

• Global equity markets finished roughly flat to slightly down despite a volatile first half month. Global equities remain down 6.7% since the start of the year. 
• ‘Safety’ continues to shine as reflected in the strong performance of precious metals, defensive sectors, low volatility stocks, and long duration fixed income. 
• Investor concerns over China (slowdown, currency devaluation), a British exit from the European Union, and uncertainty around upcoming Federal Reserve rate hikes are weighing on the performance of risky assets. 
• In a world of high uncertainty and low (negative) interest rates, capturing equity risk premiums have become even more difficult, which reinforces the notion of holding a long-term perspective when investing.

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