Capital Markets: Observations & Insights

Technology-Related Companies Lead ​ Performance

• Growth-oriented sectors, such as consumer discretionary, technology, and health care, have outperformed this year

3Q18 Returns (%)

YTD Returns (%)

U.S.

World

U.S.

World

16

25

20

12

15

8

10

4

5

0

0

-4

-5

-8

-10

Energy

Energy

Utilities

Utilities

Materials

Materials

Financials

Financials

Industrials

Industrials

Technology

Real Estate

Technology

Real Estate

Health Care

Health Care

Consumer Staples

Consumer Staples

Consumer Discretionary

Consumer Discretionary

Communication Services

Communication Services

Source: FactSet as of 9/30/18. U.S. represented by S&P 500 and World represented by MSCI AC World Index in USD.

Page 9