Doug Kirkpatrick, CFA April 12, 2016 Quarterly Commentary, Investments, Politics 1Q16 CIO Commentary Doug Kirkpatrick, CFA April 12, 2016 Quarterly Commentary, Investments, Politics We recap 1Q16, including: — the spread of negative interest rates — the downside risk from upcoming UK & US votes — VMNFX named Morningstar Alternative Fund of the Year — the case for Euro equities and the case against fixed income