Portfolio Commentary – Fourth Quarter 2014

The final few weeks of the year ended with a “Santa Clause rally” here in the U.S. and punctuated a dynamic that existed throughout 2014. The year was characterized by the U.S. once again leading the global economic recovery while other developed markets, like Europe and Japan, faltered. Emerging markets also remained a mixed picture as commodity declines (especially in oil) hurt some countries that rely more on those exports for growth (Ex. Russia and Brazil)….