In Q1 the stock rally that lasted several quarters appears to have resided. Emerging markets outperformed both domestic and developed markets. And, domestic real estate performed the worst. Value stocks in emerging markets outperformed but were allusive in developed and domestic markets. Small caps outperformed large in both developed and the US, but under performed in emerging markets. Bonds generally experienced rising yields for the quarter across various maturities and credit risk. International bonds performed the best.