Global markets produced mixed results during November, with modest gains in domestic equities offset by losses in international markets and corporate bonds. Large cap stocks in the U.S. returned 0.3%, while small caps were the top performer during the month returning 3.3%. International stocks fell during the month, with developed economy stocks
losing ‐1.6% and emerging market stocks, which are particularly commodity sensitive, losing ‐3.9%. The strength of the U.S. dollar provided further headwinds for commodity markets, while crude oil declines caused investors to sell energy‐related investments. Core bonds lost ‐0.3%, as shorter‐term interest rates reached a 5 year high in anticipation of a Fed rate hike.