During the quarter, concerns about rising interest rates and trade tensions between the US and China drove stock prices sharply lower.
Select Equity benefited from both good stock selection and investors’ general preference for stable stocks in a volatile market. Quantitative portfolios underperformed during period were investors were focused on trade and China. Range of Opinion struggled with that issue all year. Results for Extended Large Cap Growth and Extended Mid Cap also appear to have been negatively impacted by short covering.