Major risk assets have staged a remarkable recovery thus far in 2019, completing the best quarter in since the recovery began in 2009. Investors jumped back into stocks and riskier bonds after investors’ worst fears about a meaningful economic slowdown failed to materialize at the end of December. This, coupled with a significant shift in stance from the Federal Reserve, prompted investors to drive many major equity indices to near all-time highs. For the three-month period ending March 31, 2019, the S&P 500 climbed 13.65%. Not surprisingly, the rise in risk appetites led to an environment where small-caps outperformed their larger peers. During the first quarter, the Russell 2000, an index of smaller-capitalization stocks, jumped 14.6%. Growth outperformed value during the quarter.