RETURNS FOR THE SECOND QUARTER OF 2015 WERE RELATIVELY MILD given the headline drama with China and Greece. One could almost characterize it as a quarter of Much Ado About Nothing as broad market equities were relatively flat across the globe. Investments more sensitive to interest rates stumbled as yields rose, pushing prices down. Overall, as the Greek and Chinese drama unfolded, we found that true economic growth remains a concern and continued our focus on investment fundamentals.
