The equity and fixed income markets returned to focusing on the prospects of the Fed rising rates in December. The S&P 500 was up slightly (+0.30%), while small caps led the equity markets (Russell 2000 +3.25%). International equities were negative across the globe.

The fixed income markets were negative across all sectors excluding municipals as the prospect of Fed tightening has flattened the yield curve. The current volatility within fixed income sectors highlights how a tactical approach to fixed income can provide value in an asset allocation.

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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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