The first quarter and the month of March was a bit of a wake-up call for most investors who have become accustomed to a no-risk-all-return Fed-assisted market. It was a roller-coaster quarter for most asset classes as volatility increased during March as well as the quarter. The S&P 500 managed to avoid  posting a negative quarterly return courtesy of an impressive last minute window dressing rally. The S&P 500 ended the quarter up 1.81%.

International markets were also unsettled in the first quarter as the MSCI EAFE ended up 0.66% for the quarter. The frontier markets were the clear winner ending the quarter up an impressive 7.41%. Emerging markets have continued to struggle and were down 0.80% for the quarter.

The U.S. fixed income markets were positive across all sectors for the quarter. The Barclays U.S. Treasury 30-Year Index led the way with a gain of 8.11%. The yield on the 10-Year Treasury fell .28% to end the quarter at 2.73%.