For the second straight reporting period in public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) delivered a relatively at financial performance. In this case, the sector was down 0.1% over the past three months. This underperformed the broader indices, as both the S&P 500 (up 2.5%) and the NASDAQ (up 3.7%) increased over the corresponding time period. The gap between the CFTTI and the broader indices for the full-year period continues to widen. While the CFTTI was up 4.2% in the past year, the S&P 500 had a 12-month gain of 13.9% while the NASDAQ had an even higher 12-month gain of 23.3%. Looking at multiples, the sector revenue multiple remained at at 1.6x compared to last year. However, the sector EBITDA multiple increased from 8.7x a year ago to 10.1x at the end of the current period.