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Uncertainty led to a poor showing by U.S. equities in the third quarter, as fears about China's future growth prospects weighed heavily on the markets. The Fed's announcement that it would not raise rates created additional concern about the health of the global economy. On a total return basis, the S&P 500 ended down 6%, while the Dow Jones Industrial Average ended down 7%.
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Likewise sectoral performance was fairly weak across the board, with the exception of Utilities, which had a banner quarter across all market cap ranges. The Energy sector continued to feel the pressure of declining oil prices, while the Materials sector also struggled in the face of falling commodity prices.
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Market dispersion has been historically low for the last several years. Unsurprisingly, sector dispersion has also been low. This indicates that active value added has been low across the board.
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