• In spite of slowing economic growth, ongoing trade tensions and a presidential impeachment inquiry, U.S. equities recovered in September to end the third quarter on a positive note. Year-to-date, large-caps outperformed mid- and small-caps, with the S&P 500® up 21%, while the S&P MidCap 400® and S&P SmallCap 600® gained 18% and 13%, respectively.
  • Despite gains in September, international markets ended the quarter with losses while holding on to year-to-date gains, with the S&P Developed Ex-U.S. and the S&P Emerging BMI up 13% and 8%, respectively.
  • Enhanced Value outperformed its factor peers in September, and Value outperformed Growth, but time will tell whether this reversal continues. Year-to-date, Low Volatility remains the top performing factor index, up a remarkable 26%.