Despite a bout of volatility that emerged during the month of September, global equity markets finished the third quarter with positive gains. The S&P 500 Total Return Index was up 0.6% while the MCSI World Total Return Index was up 0.1%. Although third quarter gains were modest, global equities have generated attractive returns through the first nine months of the year. On a year-to-date basis to September 30th, the S&P 500 Total Return Index is up 16.8% while the MCSI World Total Return Index is up 13.6%. The advance in global equity markets has been driven by the ongoing global economic recovery and further progress with COVID-19 vaccinations, which has allowed many countries to re-open their economies.