INVESTOR LETTER 1ST QUARTER 2015

This quarter we provide a brief update on the market's shifting expectations for the timing of an interest rate hike and then shift our focus abroad. The Eurozone economy is showing clear and sustained signs of improvement, and with the European Central Bank having recently instituted quantitative easing, we believe that a recovery may be underway. We also believe an opportunity exists for investors to build positions in both emerging market equities and debt, as attractive current valuations and improving fundamentals could lead to relatively strong risk-adjusted returns over the next 5 years.

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