The performance of the bond and stock markets could not have been more different during the first quarter of this year.
Bonds become the asset class of choice.
Extending a strong 2000 performance, bonds have continued to outperform the equity market in 2001. The first quarter proved to be tough sledding for the large-cap sector of the domestic equity market. Investor sentiment remained firmly on the bearish side, with each item of specific company news seeming to translate into another catalyst for a selling frenzy. Across the board, even though we remained broadly diversified across the sector spectrum, our equity selections within the composite witnessed dismal returns. This material may not be used in connection with the offering of securities unless preceded or accompanied by a current prospectus .