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Despite a great deal of price volatility, the US equity markets were essentially unchanged during 2015. The total return (price change plus reinvested dividends) for the S&P 500 rose +1.4% for 2015 and the Dow Jones Industrial Average increased just +0.2%. The total return for the S&P 500 would have been negative without the top three total return contributors (AMZN, MSFT and GE). Only large-cap growth companies and broad large-cap benchmarks posted gains for the year. The equally weighted S&P 500 Price Index (excluding dividends) actually declined -4.3% for 2015. The S&P 500 outperformed most asset classes, including 3 month ...

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