Markets were true to form for the first half of 2016, fluctuating wildly with every news bit and then calming down with market data. The US’ S&P 500 was down by nearly 11% in February, yet finished the first half up 3.8%. The international EAFE index (Pendo’s benchmark) was even more volatile, falling nearly 13% at one point in the first quarter and rebounding somewhat to end the half down 4.0%.  The Pendo International Strategy followed a similar pattern, falling by nearly 9% in February, and recovering to finish the first half of 2016 up 5.5%.