Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

If 2012 could be described as “exceptional,” 2013 was truly “astounding.” However unlike the previous year, regional and asset class differences were stark. US equities as represented by the Russell 3000 Index finished with a +33.6% return, the developed market MSCI World ex US Index returned +21.0%, and the MSCI Emerging Markets Index returned -2.6%. Performance in the fixed income markets was weak with the Barclays US Aggregate Index returning -2.0%.