Capital Markets: Observations & Insights

Growth Sectors Are Leading YTD Performance

• As investors refocused on growth and current fundamentals, growth-oriented sectors outperformed year-to-date

3Q17 Returns (%)

2017 YTD Returns (%)

Growth-Oriented Sectors

10

10 15 20 25 30 35

8

U.S.

World

U.S.

World

6

4

2

0 5

0

-10 -5

-2

Real Estate

Real Estate

Energy

Health Care Utilities

Energy

Utilities

Telecom

Materials

Telecom

Materials

Financials

Industrials

Financials

Industrials

Technology

Technology

Health Care

Consumer Staples

Consumer Staples

Consumer Discretionary

Consumer Discretionary

Source: FactSet as of 9/30/17. U.S. represented by S&P 500 and World is represented by MSCI All Country World Index (USD).

Page 8