Equities stormed ahead in the third quarter of 2018 with the S&P advancing 7.7% on a total return basis. The healthcare sector led the way advancing 14.5%, information technology rose 8.8%, and each of the other sectors also posted positive returns. Indeed, the broad-based US equity advance was in stark contrast to the first two quarters where gains were driven more so by large technology companies. The MSCI World ex-US index rose 1.38% during the third quarter leaving the index down 1.0% as of quarter end. Emerging markets fared worse, dropping 1.0% in the third quarter and 7.5% year to date. The decoupling between the US and foreign markets intensified as President Trump imposed tariffs on US imports from China.