This chart book presents representative long-only and hedge fund manager performance for third quarter 2018. The median US Growth Equity ex Small-Cap manager posted the highest median return for third quarter 2018, returning 8.0%. The median US Small-Cap Growth Equity manager posted the best return for the one-year period ending September 30, 2018, with a return of 26.6%.The median Emerging and Frontier Markets (EM & FM) Equity manager posted the lowest median return for third quarter 2018 (-2.8%), dragged down by the continuing strength of the US dollar. The median Emerging Markets Debt manager suffered the worst performance (-3.4%) for the one-year period.