Q3 saw declines across almost all major asset classes as volatility continued. For the first time since the Global Financial Crisis, equity indices worldwide declined for a third consecutive quarter; the S&P 500 returning -5.3%, the Nasdaq Composite -4.1% and the MSCI World -6.6%, bringing YTD losses to 25-30%. Fixed income fared equally poorly as the Bloomberg Global Aggregate Bond fell -6.9%. Investment grade credit fell 5.9% (-21.2% YTD) on pace to realise its worst annual return since 1975, and similarly high yield fell 0.7%, close to -15% for the year. A 60/40 portfolio of US stocks and bonds remains on track to realise its worst annual return since the Great Depression.