Markets started the year on an extremely positive note. Both stocks and bonds produced significantly above average monthly returns. Global Share performance was very promising. Global shares gained 6.2% on a currency hedged basis and 3.0% on an unhedged basis. In the U.S., Consumer Discretionary was the best-performing sector for January, with Communication Services being the next best performer. The worst-performing sector was Utilities, closely followed by Healthcare.

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