The “risk on” trade continued in April but with broader participation. The international markets generally outperformed the U.S. markets (S&P 500 +0.39% vs. EAFE +2.90%) for the first time since April of 2015 due to the stabilization of the energy and materials markets.

The Barclays U.S. Corporate High Yield Index (+3.92%) led the fixed income markets while Treasuries declined slightly (U.S. 10 Year Treasury -0.16%).

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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