In public markets, for the second straight reporting period, the FOCUS Communications Service Provider Index (CSPI) experienced a modest three-month gain. The sector was up 0.6% in our winter reporting period, an increase that significantly lagged both the 6.1% gain in the S&P 500 and the 6.3% gain in the NASDAQ over the corresponding time period. The CSPI’s underperformance is even more pronounced over the full-year period. The CSPI is down 3.6% over the past 12 months, whereas the S&P 500 and NAS- DAQ were up 19.4% and 28.2%, respectively. Sector multiples remained largely unchanged compared to this time last year. The sector revenue multiple remained unchanged at 2.5x, while the EBITDA multiple was up slightly from 7.3x a year ago to 7.7x currently.