In public markets, once again the FOCUS Telecom Business Services Index (TBSI) turned in a strong return for the three month period and outperformed the broader indices. The TBSI was up 8.2% for our fall reporting period, which beat both the 7.2% gain in the S&P 500 and the 7.1% gain in the NASDAQ. Over the past 12 months, the TBSI is up 22.5%. This puts the sector well out in front of the 15.7% year-over-year gain in the S&P 500, but slightly behind the 23.9% gain in the NASDAQ. Multiple performance for the sector was mixed. The sector revenue multiple remained flat compared to a year ago at 0.4x. However, the TBSI EBITDA multiple was up sharply year-over-year, jumping from 8.9x to 10.1x over this time frame.

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