The FOCUS Communications Service Provider Index (CSPI) jumped 11.1% in this most recent three-month period. This marked the index’s second straight reporting period of robust gains. The performance of the CSPI looked even stronger compared to the performance of the broader market indices. The S&P 500 was only up 0.8% during our spring reporting period, while the NASDAQ actually dropped 2.7%. For the full year, the CSPI notched a gain of 10.1%. Once again this significantly outperformed the broader market, with the S&P 500 and NASDAQ dropping 0.4% and 0.6%, respectively, over this time period. The performance of sector multiples was mixed. The sector revenue multiple increased from 2.3x a year ago to 2.6x currently. However, the sector EBITDA multiple fell from 8.2x to 7.7x during this same time frame.