Market Review – Q3 2018

• Looking at broad market indices, the US outperformed non-US developed and emerging markets during the quarter.

• Small caps underperformed large caps in the US, non-US developed, and emerging markets. The value effect was positive in emerging markets but negative in the US and non-US developed markets.

• REIT indices underperformed equity market indices in both the US and non-US developed markets.

• Quarterly Topic: Total Cost of Fund Ownership. The article starting on page 16 illustrates to importance of mutual fund operating costs and that investors should consider going beyond expense ratios when evaluating options.