It's important to recognize that recent broad based equity market gains have been driven by a limited number of companies. It's what we call a narrow market rally. As a result, the Russell 1000 Growth Index is trading at a 25% premium to its 10-year average, where those valuations now look stretched. Market history shows that valuations eventually matter and once mean reversion kicks in, those market laggards can quickly become leaders. Rather than betting against history, we have been increasingly allocating to fundamental strength in the value style as well as dividend payers that have lagged this year’s market rally. All it takes is a little bit of patience to reap what history suggests will be excellent investment opportunities ahead.