For the third straight period the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) had a negative return. In this case, the CFTTI was only slightly in the red with a three-month loss of 0.3%. This performance trailed the broader indices as the S&P 500 and NASDAQ both turned in strong gains this period of 7.3% and 8.8%, respectively. The CFTTI’s 1.8% decline in the past year also compared unfavorably to strong year-over-year gains in both the S&P 500 and NASDAQ. Sector multiples closed out the period lower than they were at this same time last year. The sector revenue multiple dipped from 2.3x to 2.2x, while the sector EBITDA multiple fell more sharply from 14.4x to down to 11.9x.