In public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) suffered a modest downturn in our summer reporting period, dropping 2.4% in the past three months. This broke a streak of two reporting periods with solid gains and underperformed both the 0.3% drop in the S&P 500 and the 2.3% gain in the NASDAQ over the corresponding period. Even with this period’s decline, the CFTTI still experienced a strong 12-month gain of 21.8%. This outpaced the annual gain in both the S&P 500 and NASDAQ. Sector multiples are up from a year-ago as well. The revenue multiple for the CFTTI increased from 1.7x to 2.0x, and the sector EBITDA multiple expanded from 10.2x to 12.7x.