Overall equities got off to a pretty fast start in the first quarter. The MSCI ACWI Index, the All Country World Index, which we follow as our equity benchmark finished just shy of 7% for the quarter. Overall international equities beat domestic equities which hasn’t been the case for the last couple years. I don’t know if that trend will continue but they’ve gotten off to a good start. S&P 500, domestic large cap stocks, finished just over 6% and, while positive, small caps are actually a drag compared to the other asset classes at 2.5%. The best performing asset class which maybe is a good indicator going forward is emerging markets. That asset class did just under 12% at 11.5. So overall we got off to a pretty good start in the first quarter.
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