Market Commentary - October 2015

Correction Not Recession

A host of uncertainties shook the markets in the third quarter leading to increased volatility and a subsequent decline of 7% in the S&P 500. If we look back to the highs made in late May, the market has now pulled back by roughly 10% with energy and global industrial companies being hit particularly hard. Our weightings in those sectors have been a drag on third quarter performance, but we see a meaningful recovery in the energy sector looking out twelve to eighteen months.

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