The Fed held rates steady at its most recent meeting, which for some was frustrating, for others a relief. The market tries to weather headline onslaught and its whiplash affect on day-trading. But day-trading is not what long-term investors – not savvy, prudent ones at least – do. They watch carefully, study historical norms, even in times as apparently uncertain as these. The past year’s market rise was fueled in large part by just a few large cap tech stocks (‘The Magnificent Seven’), a narrow reliance that was worrisome for those who look for breadth, which tends to signal more confidence in the general economy. In recent months as some of the tech sector has pulled back, the market has been broadening, a welcome diversification. The Board of Managers have watched assiduously, making small changes as necessary, a steadiness that has produced a YTD gross return of 7.38%, 24bp over the EEF policy benchmark. And at the July quarterly meeting, the BOM agreed to recommend that the Constant Rate of Return remain at 5%.