30 June, 2016
Improving global growth indicators lifted stocks for much of the quarter, until uncertainty reintroduced volatility during the last weeks of June. Buoyed by a dovish Fed domestically and polls indicating that the U.K. would vote to remain in the EU, investors grew increasingly comfortable with risk as reflected in the outperformance of value versus growth stocks, smaller cap stocks and emerging market indices. A surprise victory for Brexit sent stocks tumbling, especially in Europe, and safe haven assets soared for two days in late June, but a quick rebound brought most indices outside of Europe to positive returns by month end.
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