During the second quarter, U.S. economic growth continued near a 2% pace, the Fed raised rates once and promised to deliver another two hikes prior to year-end, U.S. equities were strong performers led by mega cap Nasdaq names, fixed income returns were negative as long rates rose, real assets were mixed with gold and real estate rising while energy fell. Alternative assets remained well positioned, especially as certain segments continue to rerate lower in price given the change in rates.
