Capital Markets: Winter 2019

Investors Play Defense ​ Performance

• In a severe equity market correction in 4Q18, defensive and less cyclical sectors performed best, highly impacting 2018 returns

4Q18 Returns (%)

2018 Returns (%)

U.S.

World

10

U.S.

World

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20

-25

Energy

Utilities

Energy

Utilities

Materials

Materials

Financials

Industrials

Financials

Industrials

Technology

Real Estate

Health Care

Real Estate

Technology

Health Care

Consumer Staples

Consumer Staples

Consumer Discretionary

Consumer Discretionary

Communication Services

Communication Services

Source: FactSet as of 12/31/18. U.S. represented by S&P 500 and World represented by MSCI AC World Index in USD.

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