U.S. equities were negative all the styles and market caps. Small and mid caps really took it on the chin and declined significantly in September (S&P 500 -1.40%, S&P 400 MidCap -4.55%, Russell 2000 -6.05%).

International markets were also down across the all regions. The MSCI EAFE ended September down -3.84% and the emerging markets got pummeled (MSCI EM -7.59%).

Continuing the theme, the fixed income markets were also negative. Treasuries declined sharply in September as the ten year treasury yield rose 16 basis points to end the month at 2.51%. The Barlcays U.S. Corporate High Yield index declined -2.09%.

With uncertainty looming in the markets investors may be starting to consider taking some risk off the table.