The developed market managers were essentially flat performance wise during the quarter.  The emerging market part is where the losses came from with weakness in China and India.

Developed markets accounted for 50% of the portfolio at quarter-end while emerging markets accounted for 46% and 4% cash.  India, Russia, select Middle East countries, Latin America and Africa make up the Emerging market’s exposure.

Emerging markets equities have been under pressure during the quarter due to tough talk from the White House, mainly directed towards China but will an inherent spillover effect towards other emerging markets.

Value comparison: Emerging market P/E of 13 compared to 18 for global markets and a dividend yield of 2.7% for EM vs 2.3% for global equities.