The FOCUS Carrier-Focused Telecom Technology Index (CFTTI) suffered a second straight reporting period in negative territory, although the decline this period was only slight at 0.3%. Even with this period’s decline, the sector still outperformed both the S&P 500 (down 4.2%) and the NASDAQ (down 11.5%) over this past three months. The sector still remains in positive territory for the full year with a gain of 12.6%. This gain lagged the 14.8% increase in the S&P 500 over the past year, but was higher than the 4.2% gain in the NASDAQ. Sub sector multiples ticked up slightly compared to a year ago. The sub sector revenue multiple went from 2.3x to 2.5x, while the sub sector EBITDA multiple expanded from 11.2x to 12.0x.