Fall 2013: Despite uncertainty around monetary policy, the shutdown of certain government services, and the budget impasse in Washington, markets were relatively unphased. Emerging market equities rallied, recovering losses incurred earlier in the year. Developed equities, both domestic and international, also performed well. Broadly, bonds had a positive quarter as did distressed credit. The portfolio is positioned for long-term growth with protection against near-term headwinds.
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