Despite escalating trade tensions during the quarter, US equities were able to more than recoup first-quarter losses. Overseas equities continued to struggle and are negative on the year. The principal driver behind weak overseas performance has been a stronger US dollar, as US investors who purchased foreign equities in local currency terms must convert their holdings back into US dollars at a less advantageous rate. Fixed income markets were essentially flat during the quarter, despite higher interest rates across the board. Year to date, most fixed income sectors are negative. Download Q2 2018 commentary.