U.S. equity markets rallied in November as Donald Trump unexpectedly upset Hillary Clinton in the 2016 U.S. presidential election. Additionally, the Republican Party’s sweep of Congress boosted investor sentiment. The “Trump” rally propelled the S&P 500 Index to an all-time high of 2,213.35* on November 25. Since President-elect Trump’s initial policy proposals are anticipated to be pro-growth, bonds yields rose significantly and the U.S. dollar strengthened. Small-cap stocks, which derive the majority of their revenues in the U.S., were the clear winners in November. Small-cap stocks as measured by the Russell 2000 Index rose 11.2%*, dramatically outperforming large-cap stocks as represented by the S&P 500, which advanced 3.7%*. While the overall gain for the S&P 500 was relatively modest, a severe sector rotation occurred over the next several trading sessions.