What a difference a quarter makes! In the fourth quarter equity and bond returns were primarily impacted by the election of Donald Trump and areas of the market most likely to benefit from his proposed policies flourished. However, this quarter, investors placed greater emphasis on market fundamentals and economic data, and there was a clear rotation among top performers. Strong equity returns were driven by a synchronized economic global recovery rather than a changing political landscape. Please view the below video to hear more about this rotation and how it impacted returns in the first quarter.