US markets posted slightly positive returns for the quarter, led by value stocks, while non-US markets posted negative returns.

Both stocks and bonds finished the 1st Half of 2019 with significant gains.

Equity markets rebounded strongly in the 1st Quarter of 2019, after a very weak 4th Quarter performance.

Unlike 2017, when global capital markets were on a nearly one-way upward trajectory, 2018 ended with the most negative returns in both stocks and bonds in years.