FOCUS’ Carrier-Focused Telecom Technology Index (CFTTI) returned to the red this period with a three-month loss of 1.3%. This looks particularly bad in the context of the performance of the broader indices, with the S&P 500 up 15.0% and the NASDAQ up 24.1% over the corresponding time period. The sector still remains in positive territory for the full year with a 12- month gain of 3.1%. Even so, this gain significantly underperformed both the 19.9% gain in the S&P 500 and the 46.9% gain in NASDAQ over the past year. Multiple performance for the CFTTI is mixed.The sector revenue multiple ticked up slightly from 2.2x a year ago to 2.3x currently, while the sector EBITDA multiple declined from 11.9x to 11.3x.