In public markets, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) jumped 7.2% in our spring reporting period. This handily outperformed the S&P 500, which gained only 4.6% over the corresponding time frame. However, it slightly trailed the 7.7% gain in the NASDAQ. The picture for the full year looks very similar.

The EFTTI delivered a strong year-over-year gain of 22.6%, which outperformed the S&P 500 but lagged the NASDAQ. Gains for the sector have been broad-based, with every single sub sector in the black for both the three- and 12-month periods. Sub sector multiples also are up significantly compared to last year.

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