Our teams functioned well across the entire firm, and most importantly, we delivered very good performance in both our equity and fixed income products. The Concentrated Equity Alpha (CEA) product (our flagship equity product) returned 17.5% net of fees for 2016 vs. the S&P 500 Index return of 9.5%. The CEA product outperformed the broad market by 8.0%.
Sandhill had a very solid fourth quarter with the Concentrated Equity Alpha (CEA) composite up 6.3% (net of fees) vs. the S&P 500 Index return of 4.4%. Many asset classes had difficulty in the fourth quarter with the collapse of oil prices being the big news.