Emerging markets outperformed all other global equity markets during the quarter, while the US equity market lagged developed markets outside the US.

The US market outperformed international markets, with US REITs recording the highest returns.

Although equity markets experienced significant volatility during the 1st Quarter of 2016, they rallied back from a drawdown well over 10% to end with a small gain.

The US economy and broad market showed modest gains during the year, although investor discipline was tested by news of a global economic slowdown, rising market volatility in China and emerging markets, falling oil and commodities prices, and higher US interest rates.

Looking at broad market indices, the US equity market again outperformed both developed ex US and emerging markets during the quarter.