he is a wharton grad. he spent seven years at franklin templeton in research that spent four years with our bill or a major consultant down on the peninsula. he joins me as part of your team get your member dan lobo has returned to his home in rhode island due to illness and his family. so dan has been working with us for 2-3 months. you finally get to meet him. along the theme of a very good year, as you'll see in a moment before quarter which is your first fiscal year quarter was a very strong quarter for you all, +3.7% net return. which capped off a strong 12 month period. 9.55%. so we do talk about this low return environment but since february we've had very very strong equity markets and strong capital markets and you benefited greatly from that. since the report was generated the s&p i wrote in my note this morning, was up an additional 5% but that was before the fed raised interest rates and so now it's up an additional 4%. we had a little back off. the fed as you know raised interest rates 25 basi

he is a wharton grad. he spent seven years at franklin templeton in research that spent four years with our bill or a major consultant down on the peninsula. he joins me as part of your team get your member dan lobo has returned to his home in rhode island due to illness and his family. so dan has been working with us for 2-3 months. you finally get to meet him. along the theme of a very good year, as you'll see in a moment before quarter which is your first fiscal year quarter was a very strong quarter for you all, +3.7% net return. which capped off a strong 12 month period. 9.55%. so we do talk about this low return environment but since february we've had very very strong equity markets and strong capital markets and you benefited greatly from that. since the report was generated the s&p i wrote in my note this morning, was up an additional 5% but that was before the fed raised interest rates and so now it's up an additional 4%. we had a little back off. the fed as you know raised interest rates 25 basi