Stock prices continued to rise strongly throughout Q4 as they also did for the year. Emerging markets led the way for a second quarter in a row followed by domestic stocks and then developed markets. The value factor lagged growth in all three regions of the world for the quarter, but small caps outperformed large caps in both emerging markets ( up 9.23%) and developed markets, but under performed domestically. Internationally the Asia countries led the US and developed countries in performance and South Africa had the best quarter in emerging markets (up 20.91%). Interest rates were mixed in bonds for the quarter but generally remained positive for performance. High credit quality and shorter term bonds saw yields rise and generally performed the worst and the yield curve appeared to continue to flatten.