There was no Santa Claus rally in 2015. The S&P 500 posted a strong October to eke out a slight gain for the year, outperforming smaller cap and international indices. Similar to 2011, the positive annual return was entirely due to dividends, as the S&P measured by price only fell -0.73% in the year. Volatility reigned – the S&P crossed above or below the 0% “flat line” reading 30 times, an all-time record. Emerging markets stabilized in the quarter but endured a punishing year. Stock markets in commodity exporting countries were battered in the quarter while countries tied to trade with China saw solid gains. Growth once again outperformed value as it has every year starting in 2009, save for 2012.