Global equity prices declined significantly in the fourth quarter, with Developed Markets performing poorly, and only a handful of Emerging Markets rising. The Energy and Tech Hardware & Equipment sectors were the worst performers, with better performance from less economically sensitive sectors, such as Utilities and Telecoms. A number of indicators indicate that global economic growth has slowed markedly over the past 6 months. As growth slows, we believe the US, which has enjoyed the fastest economic growth in 2018 and relative equity outperformance, will likely underperform Emerging Markets, which have been hit far harder in 2018.

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