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

The first half of 2015 largely continued the choppiness of the prior year as many markets remained somewhat rangebound. Markets were fairly narrow with a handful of larger cap, growth-oriented names with the so- called “FANGs” – Facebook, Amazon, Netflix, and Google leading the way. Sector dispersion was broad with Health Care and Consumer Staples leading and commodity areas such as Energy and Materials lagging significantly. Despite a severe correction in global equity markets in August, central bank accommodation helped facilitate the recovery of the majority of the decline by the end of the year.