April saw a reversal of fortunes as the asset classes that performed the best in the first quarter had a mean reversion and underperformed in April. Small caps underperformed large caps and Europe underperformed internationally. China and emerging markets led the international markets.

World currencies rallied against the U.S. Dollar as it became evident that the FED will likely remain on hold threw the summer.

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Past performance is not indicative of future results. This is not financial advice or an offer to sell any product. Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. Clark Capital Management Group, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Clark Capital’s advisory services can be found in its Form ADV which is available upon request.

CCM-652

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