We enjoyed a nice third quarter rebound following the second quarter, Brexit-induced swoon.  The market’s returns were relatively narrow; technology as a whole did very well and select positions within the health care and consumer discretionary sectors helped our portfolio relative to the market.

On a year to date basis, we are finally back into positive territory, after what was one of the market’s worst starts to the year in decades.  A hoped for cyclical rebound in many of the market’s more value oriented sectors initially drove the markets off the February lows, with the strength broadening out to the market’s growthier areas in more recent months.

While our long term numbers remain respectable relative to our peers and our benchmarks, we recognize we have continued ground to make up and are optimistic that we will do so given the environment we foresee and the positioning of our portfolio.

For further information on the quarter and our investment outlook, please view a printable version of this Review: Third-quarter-2016-commentary-performance.