Global Slowdown: “Made In China” - Third Quarter, 2015

Frank Barbera, Jr., Co-Portfolio Manager 8/11/2015

Global Slowdown: “Made in China” 2015 continues to witness a deepening global economic slowdown led by China and the Pacific Rim. The pace of economic growth fell consistently across the continents of Europe, Asia and North America in the first quarter and, by all appearances, deteriorated further in the second quarter, with North America being the only relative bright spot.