Overall, foreign markets faired very well in the first quarter. The EAFE International Index ended the first quarter up by 7.4%. The Pendo International Strategy posted a 9.5% gain for the quarter. After years of volatility and taking a back seat to domestic markets, we see (finally) a reversion to the mean, and favorable fundamentals for international markets finally being realized and bearing fruit. We believe this will continue for the foreseeable future.