September was one of the dullest months in quite some time in the markets. The only broader fund categories up more than 3% where China and Japan funds. Most fund categories were within plus or minus 1%. Even in sector funds no category gained or lost over 5%.

While relatively decent returns in foreign funds helped, our exposure to longer-term government bonds, which were down around 1% for the month after recent strong returns, kept the Powerfund Portfolios a little under benchmarks in September.

Our Conservative portfolio declined 0.07%. Our Aggressive portfolio fell 0.43%. Benchmark Vanguard funds for September 2016 were as follows: Vanguard 500 Index Fund (VFINX) up 0.01%; Vanguard Total Bond Market Index Fund (VBMFX) down 0.07%; Vanguard Developed Markets Index Fund (VTMGX) up 1.40%; Vanguard Emerging Markets Stock Index (VEIEX) up 1.27%; Vanguard Star Fund (VGSTX), a total global balanced portfolio, up 0.53%.

Other drags included shorting oil, with PowerShares DB Crude Oil Dble Short (DTO) down 16% as Texas Tea rebounded fairly strongly in September, Italy, with iShares MSCI Italy Capped (EWI) down 3.08% on continued fears over Europe's shakier economies, and shorting biotech stocks, with Proshares Ultrashort NASDAQ Biotech (BIS) down just over 8% as healthcare and biotech stocks continued to rebound. Our only real winners in September were iShares MSCI BRIC Index (BKF) in stocks, up 2.12% on strength in emerging markets and SPDR Barclays Intl. Treasury (BWX) in bonds, up 0.70%.