Global Equity and International Fund Strategies Third Quarter 2015 Review

Suspenseful drama with lots of twists and turns may be enjoyable to watch in a movie, but these are not the ingredients we want for equity markets. And we had our share of ups and downs this past quarter. Concerns of a
global slowdown continued to dominate global markets and recent data confirmed fears around emerging markets as China posted weak trade and Purchasing Managers’ Index (PMI) data while Brazil’s sovereign
debt was downgraded to junk. U.S. and European PMIs also slowed, all of which prompted the Fed to keep rates on hold. In short, investors remain concerned that global growth is faltering.