The second quarter of 2019 was marked by a favorable environment for U.S. large- and small-cap equity managers, in addition to emerging market and Japan equity managers, according to our manager research team. The quarter proved to be more challenging for Europe, Canada and Australia equity managers. While most markets built on positive returns from the first quarter, the re-escalation of trade tensions between the U.S. and China led to a more subdued environment for emerging markets, particularly China. From a style perspective, growth continued to outperform value, with quality and low-volatility equities also