PIPER median international accounts outperformed the U.S. equity market for both the quarter and the year ended Sept. 30. The median overall international equity account returned 4% for the quarter and 32.2% for the year, while the median managed overall domestic equity account dropped 6% and gained 24.1%, respectively, for the periods. The MSCI EAFE index returned 4.5% for the quarter and 31.3% for the year. The S&P 500 lost 6.2% in the quarter, but gained 27.8% for the year. Japan had the best median returns in the international market, with 20.6% for the quarter and 85% for the year, while European equity grew just 1.5% and 19.4% for the periods.