The fourth quarter added another leg-up to the strong climb of the equity markets this year. We received more clarity on a number of fronts with 1) Global Central Banks pausing, 2) Brexit drama ending and 3) The US and China trade dispute moving towards a partial deal. Despite all these uncertainties through-out the year, the global consumer and the economy look to be in good shape. In the quarter, cyclical companies outperformed defensives. The strategy’s gross return was 4.7% in the quarter, while the MSCI AC World Index returned 4.5%. Year-to-date, the strategy had a strong year with a gross return of 32.4% vs the benchmark return of 26.8%.