Quarterly Updates
Small Cap Value Commentaries

2nd Quarter 2018
Small and large-cap indices, as represented by the Russell 2000 and 1000, rose 7.8% and 3.6%, respecively, in the second quarter.

4th Quarter 2017
Small and large cap indices, as represented by the Russell 2000 and 1000, rose 3.3% and 6.6%, respectively in the fourth quarter, and returned 14.7% and 21.7% for the full year 2017

2nd Quarter 2017
Small and large cap indices, as represented by the Russell 2000 and 1000 indices, rose 2.5% and 3.1% respectively in the second quarter.

1st Quarter 2018
Small and large cap indices, as represented by the Russell 2000 and 1000, fell 0.1% and 0.7%, respectively, in the first quarter.

3rd Quarter 2017
Small and large cap indices, as represented by the Russell 2000 and 1000 indices, rose 5.7% and 4.5% respectively in the third quarter.
SMID Cap Commentaries

2nd Quarter 2018
Small, SMID and large cap indices, as represented by the Russell 2000, 2500 and 1000, rose 7.8%, 5.7% and 3.6%, respectively, in the second quarter.

4th Quarter 2017
Small, SMID and large cap indices, as represented by the Russell 2000, 2500 and 1000, rose 3.3%, 5.2% and 6.6%, respectively, in the fourth quarter, and returned 14.7%, 16.8% and 21.7% for the full year 2017.

2nd Quarter 2017
Small, SMID and large cap indices, as represented by the Russell 2000, 2500 and 1000 indices, rose 2.5%, 2.1% and 3.1% respectively in the second quarter.

1st Quarter 2018
Small, SMID and large cap indices, as represented by the Russell 2000, 2500 and 1000, fell 0.1%, 0.2% and 0.7%, respectively, in the first quarter.

3rd Quarter 2017
Small, SMID and large cap indices, as represented by the Russell 2000, 2500 and 1000 indices, rose 5.7%, 4.7% and 4.5% respectively in the third quarter.

1st Quarter 2017
Small, SMID and large cap indices, as represented by the Russell 2000, 2500 and 1000 indices, rose 2.5%, 3.8% and 6.0% respectively in the first quarter.