interest-rate environment

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "interest-rate environment"

Transcription

1 inter 14 TIAA-CREF Asset Management Documeent title on one or two Lifecycle lines in Funds Gustan in Book a rising 24pt interest-rate environment Elina Steinberg Director, Client Portfolio Management TIAA-CREF Asset Management Stephen MacDonald, CFA Managing Director, Client Portfolio Management TIAA-CREF Asset Management Favorable product design, fixed-income asset class characteristics and macro factors may mitigate the impact of a rise in rates. Amid an improving U.S. economy and the Federal Reserve s focus on transitioning away from stimulative monetary policies that have helped keep interest rates at historic lows, TIAA-CREF Lifecycle Funds investors may be wondering how a rise in rates could affect their Fund performance. This question is particularly relevant for investors who are nearing retirement and whose Lifecycle Fund portfolios, by virtue of their glidepath design, have become more conservatively positioned over time through increased allocations to fixed income. Of concern is that exposure to fixed income the asset class most sensitive to interest-rate changes is increasing for participants approaching retirement just as rates are poised to begin rising. hile interest-rate risk is always a consideration in fixed-income investing, there are four key factors that may help buffer the impact of a potential rate increase on TIAA-CREF Lifecycle Funds investors. Diversification matters. Maintaining diversified fixed-income exposure can help mitigate interest-rate risk, as different sectors and security types tend to respond differently to changing rates. Moreover, because highly rate-sensitive U.S. Treasuries make up the largest component of the Barclays U.S. Aggregate Bond Index, investors may be better served by active management, with greater exposure to out-of-benchmark, potentially less rate-sensitive securities, than by indexed or other benchmark-centric approaches. This is particularly true if they choose a seasoned manager such as TIAA-CREF, whose fixedincome expertise is well represented in our Lifecycle Funds. Interest-rate increases may be limited by macro factors. In our view, current macroeconomic conditions will likely limit the scope of a prospective rate increase. In addition, history suggests the impact of rising rates on fixed-income market performance may be less severe than is commonly feared. TIAA-CREF s Lifecycle glidepath maintains a higher allocation to equities. Although our Lifecycle Funds, like others, increase their fixed-income exposure over time, relative to peers they tend to maintain a higher allocation to equities all along the glidepath and thus may be better positioned for a rising rate environment. Tactical asset allocation is built into our Lifecycle Funds. In addition to relying on the strategic glidepath, TIAA-CREF s Lifecycle Funds team is able to use tactical positioning to adjust fixed-income allocations in line with the team s short- and medium-term market views. In the pages that follow, we examine these factors in greater detail, with the goal of providing Lifecycle Funds investors with an informed perspective on the prospect of rising interest rates and their likely impact.

2 1. Diversification matters. Different types of fixed-income securities respond differently to rising rates. Sensitivity to interest-rate movements can differ substantially based on duration, credit quality and type of security. In general, corporate bonds (both investment-grade and high-yield), floating-rate notes, emerging-market debt, shorter-term issues, and certain types of structured securities may provide greater protection from losses during periods of rising rates. For example, in 9, interest rates increased sharply, with the yield on the bellwether 1-year Treasury note climbing from 2.46% to 3.85%. As shown in Exhibit 1, longer-term, higher-rated bond sectors tended to lag during this period, while shorter-term, lower-rated, and securitized assets outperformed. In some cases, the disparity in performance among categories was dramatic, underscoring the value of diversification. Exhibit 1: Fixed-income performance may vary when interest rates rise. In 9, as interest rates rose...lower-rated credits outperformed Total return (%) 3% Aaa Aa A Baa Total return (%)...short- and intermediate-term categories beat longer maturities 7% U.S. Aggregate 1-3 Yrs 3-5 Yrs 5-7 Yrs 7-1 Yrs 1 Yrs or higher Total return (%)...high-yield, emerging-market and investment-grade corporate bonds dominated other sectors 6% Treasuries (+ yrs) Treasuries Agencies Mortgagebacked Floatingrate Corporate Global emerging High yield Source: Barclays. Total returns for all categories shown are based on the respective components of the Barclays U.S. Aggregate Bond Index except as follows: U.S. floating-rate notes (Barclays U.S. Floating Rate Notes Index); global emerging markets (Barclays Global Emerging Markets Index); and high yield (Barclays U.S. High Yield Index). It is not possible to invest in an index. Index performance does not reflect investment fees or transaction costs. A more recent example came in 13, when credit spreads were much tighter than in 9. The 1-year yield began 13 at 1.78% and finished the year at 3.4%. Again, returns for fixed-income sectors varied widely in this rising rate environment, albeit somewhat differently than in 9. Nonetheless, with returns ranging from % for long-term U.S. Treasuries to.23% for commercial mortgage-backed securities to 7.44% for high-yield corporate bonds, the rationale for diversifying across sectors held true. 2

3 The role of diversification takes on greater significance in light of changes that have occurred in the composition of the fixed-income market over the past five years, as public debt has crowded out private debt. For bond indexing strategies, the result has been much greater representation of Treasury securities, a longer duration profile, and heightened sensitivity to interest rates. As shown in Exhibit 2, since the Great Recession, the Treasury sector weighting in the Barclays U.S. Aggregate Bond Index grew from 25.1% to 35.5% largely due to increased issuance by the U.S. Treasury based on our large fiscal deficits over that period. Corporate bonds have also grown as a share of the index (albeit to a lesser degree), with companies taking advantage of low rates to refinance debt, extend maturities and change their debt mix to reduce their cost of capital. TIAA-CREF fixed-income management 13 portfolio managers with average experience of 25 years 34 senior research analysts with average experience of 15 years, supported by 16 research generalists More than $25 billion in fixed-income assets under management,* including the fixed-income funds in which our Lifecycle portfolios invest Actively managed fixedincome funds that combine the team s fundamental credit analysis with their views of the interest-rate environment and the ability to adjust duration accordingly *As of 9/3/14. Exhibit 2: Benchmark composition has changed Sector weightings in Barclays U.S. Aggregate Bond Index show growth in Treasuries as of 12/31/ % 43.72% Source: Barclays 25.7% 17.67% 31.53% as of 9/3/14 9.7% 23.23% 35.54% Treasury Corporate Securitized (MBS, CMBS, ABS, other) These market dynamics have resulted in steadily growing demand for a shrinking supply of spread sector products (higher-yielding, non-treasury debt instruments), as fixed-income investors seek securities that represent compelling relative value, generate sustainable income, and are likely to be more resilient under a range of economic circumstances. Identifying such opportunities requires a careful, discriminating approach to security selection which tends to favor active managers. Compared with indexed portfolios, actively managed portfolios have greater flexibility to avoid the increased exposure to interest-rate risk currently reflected in broader market indexes. Accordingly, fixed-income investors may be better served by choosing active portfolios with a proven record of diversified sector allocation and effective security selection. As an experienced asset manager whose fixed-income capabilities encompass long-tenured investment professionals and distinctive sector expertise, along with significant scale and presence in the market, TIAA-CREF offers diversification and active management benefits that can serve Lifecycle Funds investors well. Other 2. Interest-rate increases may be limited by macro factors. History offers perspective on interest rates and market performance. hile fixed-income losses due to rising interest rates present a risk, corresponding market fears may be disproportionate to the severity and lasting impact of the losses actually incurred. Such fears are based partly on exaggerated expectations for the scope of future rate increases. After months of market anxiety, varying interpretations of Fed guidance and a 13 taper tantrum, it now appears that the end of quantitative easing (QE) along with the eventual onset of short-term rate hikes is largely priced into the market. Moreover, with the U.S. economy experiencing very low inflationary pressures, we think any coming rise in long-term rates is likely to be moderate and gradual. 3

4 An increase of 1% to 2% in the 1-year Treasury yield, for example, would represent our base case scenario, occurring gradually between 15 and 16. In our view, the U.S. economy is far enough along in its recovery to withstand such a move. However, we also recognize that some risks to the recovery remain including markedly slower growth in Europe and China, which, combined with a stronger U.S. dollar, could dampen global demand for U.S. exports. Decelerating growth outside of the U.S. has already influenced the global interest-rate environment, which currently looks different than what we have seen in previous cycles. Ten-year yields are now higher in the U.S. than in Europe and most other developed markets. This could help mute the scope of coming rate rises in the U.S. Assuming at least a mild to moderate increase is on the horizon, it s natural to try to anticipate its likely impact. e can look to history to see how fixed-income markets have performed when rates were rising, recognizing that the past may provide useful context but is not a predictor of future outcomes, as economic and market conditions are never identical. Indeed, the lack of historical precedent for the degree of market support that has been provided through the Fed s QE programs and uncertainty as to how credit markets may respond now that this support has been withdrawn make it particularly challenging to gauge the likely impact of forthcoming interest-rate changes. ith that cautionary note in mind, our analysis shows that bond markets have tended to be resilient, bouncing back after initially incurring losses during rising rate environments. For example, based on previous periods when the 1-year Treasury yield was low (less than 3.5%) but increasing, intermediate-term government bonds realized losses of 1%-3% over one-year time frames. As illustrated in Exhibit 3, however, these short-term losses reversed over medium-term time frames. In fact, average annualized returns for intermediate-term U.S. government bonds have been positive for all rolling three-year periods since Exhibit 3: Bond markets have shown resilience following rate increases. Intermediate-term government bonds 1-year and rolling 3-year total returns since % year return Rolling 3-year return hat happens when rates rise sharply from low levels? Since 1926, there have been three years 1931, 1958, and 9 in which long-term interest rates started below 3.5% and jumped by at least 5 basis points (.5%) over the course of the year. In those years, intermediate-term government bonds posted losses of -2.32%, -1.29% and -2.4%, respectively. However, those one-year losses reversed relatively quickly. Three-year returns (encompassing the current year and the subsequent two years) for 1931, 1958 and 9, were 2.67%, 3.19% and 4.6%, respectively. In fact, as shown in this graph, despite 1 instances of negative one-year returns since 1926, average annualized returns for intermediate-term U.S. government bonds have been positive over all rolling 3-year periods. Of course, past performance is no guarantee of future results, and there is no assurance that bonds will perform similarly if interest rates rise sharply from current levels. Source: Ibbotson Associates. Performance reflects the Ibbotson Associates Stocks, Bonds, Bills, and Inflation (SBBI) US Intermediate- Term Government Total Return USD index. It is not possible to invest in an index. Index performance does not reflect investment fees or transaction costs. 4

5 There is no guarantee that fixed-income markets will repeat this pattern of short-term reversals in the next interest-rate cycle. Nonetheless, in the long run, the risk of being underexposed to fixed income due to market timing may outweigh the risk of exposure to rising interest rates. Investors who maintain a longer-term focus, consistent with the Lifecycle Funds objective, and resist the impulse to react to short-term volatility are more likely to benefit from the positive returns of fixed-income assets over time. 3. Our Lifecycle glidepath maintains a higher allocation to equities. Greater exposure to equities may position the Lifecycle Funds better than peers when rates increase. The glidepath of TIAA-CREF s Lifecycle Funds is designed to accommodate the growing life expectancy of the U.S. population, requiring a balance between longevity risk and market risk. As a result, our Lifecycle Funds tend to have a higher allocation to equities along the glidepath, relative to many of our peers. At an investor s target retirement date, assuming an age of 65, TIAA-CREF s Lifecycle Funds are allocated evenly between equities and fixed income, thus offering balanced exposure (i.e., without an overweight to fixed income). This design is intended to give investors the continued ability to participate appropriately in equity markets over a potentially extended retirement period. Our Lifecycle Funds final allocation, reached 1 years after retirement (at an assumed age of 75), is 6% fixed income and 4% equities a notably higher allocation to equities than the 3% to 35% weighting used by most of our peers. Our final allocation is a long-term strategic decision for our glidepath and not a temporary move in anticipation of higher interest rates. It reflects our belief that we must prepare our participants for a potentially longer retirement period with the ability to draw down savings gradually. However, it also positions our funds well for a rising rate environment in which fixed income would be expected to underperform equities. 5

6 Exhibit 4: TIAA-CREF Lifecycle Index Funds glidepath maintains higher allocation to equities Inflation-Protected Assets Short-Term Fixed Income Fixed Income International Equity U.S. Equity 1 8 Allocations % Years to Retirement Represents significant change to the glidepath U.S. Equity International Equity Fixed Income Short-Term Fixed Income Inflation-Protected Assets Russell 3 Index MSCI ACI ex-usa Index Barclays U.S. Aggregate Bond Index Barclays 1-5 Year U.S. Government/Credit Index Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series L) Source: TIAA-CREF Asset Management. The above chart represents the strategic asset allocation progression of one of a series of multi-asset class portfolios with target retirement dates at 5-year intervals. Asset allocations represent the exposures sought at the given number of years before the maturity of the fund and are not actual mutual fund exposures. Allocations are presented for information only and may not represent the actual allocation at the time of investment. Moreover, TIAA-CREF Lifecycle Funds are rebalanced on a monthly basis. Rebalancing which individual investors are less likely to do when attempting to manage asset allocations in their retirement savings on their own helps ensure the intended allocations to equity and fixed income are maintained along the entire glidepath. In addition to keeping asset allocation on track, rebalancing may enhance return potential. For example, during periods in which interest rates are rising and equities are outperforming fixed income, rebalancing entails selling stocks at higher prices (thus taking profits) and buying bonds at lower prices. This process allows our Lifecycle Funds to replace older, lower-yielding fixed-income securities with newer issues offering higher yields. (Price and yield move in opposite directions.) 4. Tactical asset allocation is built into our Lifecycle Funds. Temporary allocation decisions that vary from the strategic glidepath may add value. Short- and intermediate-term market events are inevitable over the course of a portfolio s lifespan. TIAA-CREF s Lifecycle Funds team has the ability to use tactical positioning to adjust the funds asset allocations to address such events, in line with the team s shortand medium-term market views. Tactical asset allocation decisions, which are guided by our Asset Allocation Committee, may vary by as much as +/-5% of the strategic market sector allocations. 6

7 An example of a hypothetical tactical decision that could be made in the face of rising interest rates is an underweight in longer-duration fixed-income funds in which the Lifecycle Funds invest (such as the TIAA-CREF Inflation-Linked Bond Fund and TIAA-CREF Bond Fund), with a corresponding overweight, relative to the glidepath, in shorter-duration fixed-income funds (such as the TIAA-CREF Short-Term Bond Fund and TIAA-CREF Money Market Fund). Another potential tactical decision might be to temporarily underweight fixed income relative to equities at specific points along the glidepath. Such tactical moves, when made, are temporary in nature and do not fundamentally alter the Lifecycle Funds optimal strategic glidepath. Professional advice in conjunction with Lifecycle Funds e recommend that individuals nearing or already in retirement take advantage of TIAA-CREF s advice offering. An advice session with a financial advisor offers professional guidance in evaluating different options based on an investor s specific return objectives, income needs, and risk considerations. Consulting with a TIAA-CREF financial advisor may be especially helpful for investors considering the purchase of an annuity to convert the assets accumulated in a Lifecycle Fund during their working years into a vehicle that provides lifetime income in retirement. 1 Conclusion Although the prospect of higher interest rates in today s environment is real, we think the actively managed, diversified fixed-income exposure provided through the TIAA-CREF Lifecycle Funds remains a prudent strategic allocation for our participants. Our unique glidepath design, along with the potential benefits of tactical positioning and regular rebalancing, lends further support to the Lifecycle Funds ability to navigate a rising interest-rate environment. Moreover, TIAA-CREF offers additional investor resources, including opportunities to meet with a financial advisor, which may complement the use of Lifecycle Funds to help plan for and enjoy successful retirement outcomes. For more information about TIAA-CREF s Lifecycle Funds, asset management capabilities, and market perspectives, visit tiaa-cref.org. 2147a Lifetime income is a guarantee subject to the claims-paying ability of the annuity issuer. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or log on to tiaa-cref.org for product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. Diversification is a technique to help reduce risk. There is no guarantee that diversification will protect against a loss of income. Please note: The target date for Lifecycle Funds is the approximate date when investors plan to start withdrawing their money. The principal value of the fund(s) is not guaranteed at any time, including at the target date. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. 14 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 73 Third Avenue, New York, NY 117 A1499 (12/14)

for rising interest rates

for rising interest rates Fall 1 Documeent title on one or two Positioning lines in Gustan bond Book portfolios pt for rising interest rates Stephen MacDonald, CFA Managing Director Client Portfolio Management Peter Moore Director

More information

The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong

The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong Investment Insights The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong Kevin Lorenz, CFA, Managing Director, Lead Portfolio Manager of TIAA-CREF's High-Yield Fund

More information

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing A Challenging Environment for Investors MOVING BEYOND TRADITIONAL FIXED-INCOME INVESTING ALONE For many advisors and

More information

Bond Fund Investing in a Rising Rate Environment

Bond Fund Investing in a Rising Rate Environment MUTUAL FUND RESEARCH Danette Szakaly Ext. 71937 Date Issued: 1/14/11 Fund Investing in a Rising Rate Environment The recent rise in U.S. Treasury bond yields has some investors wondering how to manage

More information

With interest rates at historically low levels, and the U.S. economy showing continued strength,

With interest rates at historically low levels, and the U.S. economy showing continued strength, Managing Interest Rate Risk in Your Bond Holdings THE RIGHT STRATEGY MAY HELP FIXED INCOME PORTFOLIOS DURING PERIODS OF RISING INTEREST RATES. With interest rates at historically low levels, and the U.S.

More information

For high-yield bonds, market volatility can bring new opportunities

For high-yield bonds, market volatility can bring new opportunities Investment Perspectives For high-yield bonds, market volatility can bring new opportunities Kevin Lorenz and Jean Lin, portfolio managers for TIAA-CREF High-Yield Fund Article Highlights: The decline in

More information

Impact of rising interest rates on preferred securities

Impact of rising interest rates on preferred securities Impact of rising interest rates on preferred securities This report looks at the risks preferred investors may face in a rising-interest-rate environment. We are currently in a period of historically low

More information

Understanding the causes and implications of a less liquid trading environment. Executive summary

Understanding the causes and implications of a less liquid trading environment. Executive summary Fall 2015 TIAA-CREF Asset Management Reduced Documeent liquidity: title A on new one reality or two for lines fixed-income in Gustan Book markets 24pt Understanding the causes and implications of a less

More information

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W. The diversification merits of high-yield bonds

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W. The diversification merits of high-yield bonds April 01 TIAA-CREF Asset Management Documeent title on one or two The lines enduring Gustan case Book for pt high-yield bonds TIAA-CREF High-Yield Strategy Kevin Lorenz, CFA Managing Director Co-portfolio

More information

Absolute return strategies offer modern diversification

Absolute return strategies offer modern diversification February 2015» White paper Absolute return strategies offer modern diversification Key takeaways Absolute return differs from traditional stock and bond investing. Absolute return seeks to reduce market

More information

Today s bond market is riskier and more volatile than in several generations. As

Today s bond market is riskier and more volatile than in several generations. As Fixed Income Approach 2014 Volume 1 Executive Summary Today s bond market is riskier and more volatile than in several generations. As interest rates rise so does the anxiety of fixed income investors

More information

CHOOSING YOUR INVESTMENTS

CHOOSING YOUR INVESTMENTS CHOOSING YOUR INVESTMENTS FOR ASSISTANCE CONTACT US TODAY FOR MORE INFORMATION, ADVICE OR HELP OPENING AN ACCOUNT, IT S EASY TO REACH US: BY PHONE Call us at 800 TIAA-CREF (800 842-2273) to speak with

More information

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W Yield to worst 110

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W Yield to worst 110 April 2014 TIAA-CREF Asset Management Documeent title on one or two The lines enduring Gustan case Book for 24pt high-yield bonds TIAA-CREF High-Yield Strategy Kevin Lorenz, CFA Managing Director Portfolio

More information

CHOOSING YOUR INVESTMENTS

CHOOSING YOUR INVESTMENTS CHOOSING YOUR INVESTMENTS FOR ASSISTANCE GO ONLINE For more information on your retirement plan, investment education, retirement planning tools and more, please go to www.tiaa-cref.org/carnegiemellon.

More information

July 28, 2015. Re: Important information about your retirement plan

July 28, 2015. Re: Important information about your retirement plan JOHN CARROLL UNIVERSITY One John Carroll Blvd. UNIVERSITY HEIGHTS, OH 441184520 July 28, 2015 SECTION1 Re: Important information about your retirement plan The enclosed information is being provided to

More information

Economic & Market Outlook

Economic & Market Outlook Monthly Portfolio Commentary December 31, 2015 Economic & Market Outlook Stocks rebounded in 2015 s fourth quarter, but provided little reward for the year as a whole. The S&P 500 Index recovered from

More information

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W Yield to worst 110

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W Yield to worst 110 May 2015 TIAA-CREF Asset Management Documeent title on one or two The lines enduring Gustan case Book for 24pt high-yield bonds TIAA-CREF High-Yield Strategy Kevin Lorenz, CFA Managing Director Portfolio

More information

The Case for a Custom Fixed Income Benchmark. ssga.com/definedcontribution REFINING THE AGG

The Case for a Custom Fixed Income Benchmark. ssga.com/definedcontribution REFINING THE AGG The Case for a Custom Fixed Income Benchmark ssga.com/definedcontribution REFINING THE AGG For decades, the Barclays US Aggregate Index (the Agg ) has been a popular benchmark for core bond investment

More information

Building Your Retirement Portfolio

Building Your Retirement Portfolio Building Your Retirement Portfolio With the Help of TIAA-CREF 111075_L01.indd 1 ABOUT TIAA-CREF: For more than 90 years, we at TIAA-CREF have dedicated ourselves to helping those who serve the greater

More information

An actively managed approach for today s fixed-income markets

An actively managed approach for today s fixed-income markets Q3 2015 Putnam multi-sector fixed-income funds An actively managed approach for today s fixed-income markets D. William Kohli Michael V. Salm Paul D. Scanlon, CFA Putnam s three Co-Heads of Fixed each

More information

NPH Fixed Income Research Update. Bob Downing, CFA. NPH Senior Investment & Due Diligence Analyst

NPH Fixed Income Research Update. Bob Downing, CFA. NPH Senior Investment & Due Diligence Analyst White Paper: NPH Fixed Income Research Update Authored By: Bob Downing, CFA NPH Senior Investment & Due Diligence Analyst National Planning Holdings, Inc. Due Diligence Department National Planning Holdings,

More information

Deutsche Floating Rate Fund

Deutsche Floating Rate Fund Taxable Fixed-Income 2 nd quarter 2014 Deutsche Floating Rate Fund Access a world of opportunities through the global resources of Deutsche Bank Canada United States Netherlands Belgium United Kingdom

More information

Fixed Income in a Rising Rate Environment

Fixed Income in a Rising Rate Environment Fixed Income in a Rising Rate Environment With interest rates at historically low levels, fixed income investors have become increasingly concerned about rising rates and how their portfolios might be

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments. Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class

More information

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016 John Hancock Retirement Living Portfolios Fund commentary Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

Six Strategies for Volatile Markets When markets get choppy, it pays to have a plan for your investments, and to stick to it.

Six Strategies for Volatile Markets When markets get choppy, it pays to have a plan for your investments, and to stick to it. Six Strategies for Volatile Markets When markets get choppy, it pays to have a plan for your investments, and to stick to it. Fidelity Viewpoints 8/22/15 The markets have become volatile again, prompted

More information

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab. Annual report dated October 31, 2015, enclosed. Schwab Target Funds Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target

More information

Money At Work 1: Foundations of investing

Money At Work 1: Foundations of investing It s not about how much money you earn. It s about how much you save and invest. November 12, 2015 A TIAA-CREF Financial Essentials Workshop Bill Thorne TIAA-CREF Money At Work 1: Foundations of investing

More information

High Yield Bonds in a Rising Rate Environment August 2014

High Yield Bonds in a Rising Rate Environment August 2014 This paper examines the impact rising rates are likely to have on high yield bond performance. We conclude that while a rising rate environment would detract from high yield returns, historically returns

More information

Vanguard Target Retirement Funds

Vanguard Target Retirement Funds Vanguard Target Retirement Funds Supplement to the Prospectus Dated January 27, 2014 Prospectus Text Changes The Average Annual Total Returns table for Vanguard Target Retirement Income Fund is replaced

More information

Investing for rising interest rates

Investing for rising interest rates Strategies for fixed-income investors Investing for rising interest rates Rising interest rates can have a significant negative effect on the value of fixed-income investments because interest rates and

More information

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

BOND ALERT. What Investors Should Know. July 2013 WWW.LONGVIEWCPTL.COM 2 MILL ROAD, SUITE 105

BOND ALERT. What Investors Should Know. July 2013 WWW.LONGVIEWCPTL.COM 2 MILL ROAD, SUITE 105 BOND ALERT July 2013 What Investors Should Know This special report will help you understand the current environment for bonds and discuss how that environment may change with rising interest rates. We

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

Diversify your global asset allocation approach by focusing on income and income growth.

Diversify your global asset allocation approach by focusing on income and income growth. Diversify your global asset allocation approach by focusing on income and income growth. Institutional investors have embraced global asset allocation (GAA) strategies as a way to pursue returns with low

More information

WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE

WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE WHEATON COLLEGE RETIREMENT PLAN QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE FY 2016 PLAN YEAR The Wheaton College Retirement Plan (the "Plan") permits each Participant to direct how money in her/his

More information

Active vs. Passive in Fixed Income Funds

Active vs. Passive in Fixed Income Funds Active vs. Passive in Fixed Income Funds White Paper February 2015 Not FDIC Insured May Lose Value No Bank Guarantee For Not financial FDIC Insured professional May Lose use Value only. Not Bank for inspection

More information

Time to Invest in Short-Term Bonds?

Time to Invest in Short-Term Bonds? First Quarter 2010 Time to Invest in Short-Term Bonds? Executive Summary This paper outlines why now may be an opportune time to invest in short-term bonds. We believe short-term bonds offer: Less downside

More information

Please read this important information for Yale University Matching Retirement Plan participants

Please read this important information for Yale University Matching Retirement Plan participants Please read this important information for Yale University Matching Retirement Plan participants This notice gives you important information about the default investment funds selected for the Matching

More information

Vanguard Financial Education Series investing. How to invest your retirement savings

Vanguard Financial Education Series investing. How to invest your retirement savings Vanguard Financial Education Series investing How to invest your retirement savings During your working life, you ve saved and invested for retirement. Now that you re finally reaching retirement, consider

More information

Growing your retirement portfolio is one thing. Getting income from it is another. Managed Income Strategies from TIAA-CREF

Growing your retirement portfolio is one thing. Getting income from it is another. Managed Income Strategies from TIAA-CREF Growing your retirement portfolio is one thing. Getting income from it is another. Managed Income Strategies from TIAA-CREF It s your portfolio. Shouldn t it provide income your way? You ve spent years

More information

Fixed Income: The Hidden Risk of Indexing

Fixed Income: The Hidden Risk of Indexing MANNING & NAPIER ADVISORS, INC. Fixed Income: The Hidden Risk of Indexing Unless otherwise noted, all figures are based in USD. Fixed income markets in the U.S. are vast. At roughly twice the size of domestic

More information

Fixed Income Liquidity in a Rising Rate Environment

Fixed Income Liquidity in a Rising Rate Environment Fixed Income Liquidity in a Rising Rate Environment 2 Executive Summary Ò Fixed income market liquidity has declined, causing greater concern about prospective liquidity in a potential broad market sell-off

More information

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5.

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5. Stable Value Option The Stable Value Option seeks to provide a low-risk stable investment, offering competitive yields and limited volatility, with guarantee of principal and accumulated interest. Until

More information

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP)

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Strategy descriptions are effective December 12, 2014, unless otherwise noted. U.S. Large Companies Fund The fund invests

More information

TIAA-CREF Asset Management. A Guide to TIAA-CREF Mutual Funds

TIAA-CREF Asset Management. A Guide to TIAA-CREF Mutual Funds TIAA-CREF Asset Management A Guide to TIAA-CREF Mutual Funds Unwavering commitment to our clients success Born from a legacy of making a difference, TIAA-CREF Asset Management draws on a long-term perspective

More information

Fund commentary. John Hancock Lifestyle Portfolios Q1 2016

Fund commentary. John Hancock Lifestyle Portfolios Q1 2016 Fund commentary John Hancock Lifestyle Portfolios Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

Strategies for staying on track. throughout your retirement

Strategies for staying on track. throughout your retirement Strategies for staying on track throughout your retirement TIAA-CREF and you: Planning an income for life For nearly a century, we at TIAA-CREF have dedicated ourselves to helping those who serve others

More information

August 26, 2015. Re: Important information about your retirement plan

August 26, 2015. Re: Important information about your retirement plan MANHATTANVILLE COLLEGE 2900 PURCHASE STREET PURCHASE, NY 105772131 August 26, 2015 SECTION1 Re: Important information about your retirement plan The enclosed information is being provided to help you make

More information

Bond Investing in a Rising Rate Environment

Bond Investing in a Rising Rate Environment September 3 W H I T E PA P E R Bond Investing in a Rising Rate Environment Contents Yields Past, Present and Future Allocation and Mandate Revisited Benchmark Comparisons Investment Options to Consider

More information

Fixed Income Investing

Fixed Income Investing Fixed Income Investing Why Invest in Fixed Income Fixed income securities (bonds) are a fundamental part of an investing plan for most investors. There are many types of bonds along with varied approaches

More information

Wells Fargo Advantage Dow Jones Target Date Funds SM

Wells Fargo Advantage Dow Jones Target Date Funds SM Wells Fargo Advantage Dow Jones Target Date Funds SM Annual Report February 28, 2015 Wells Fargo Advantage Dow Jones Target Today Fund SM Wells Fargo Advantage Dow Jones Target 2010 Fund SM Wells Fargo

More information

Bond Fund of the TIAA-CREF Life Funds

Bond Fund of the TIAA-CREF Life Funds Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Rethinking fixed income. By Trevor t. Oliver

Rethinking fixed income. By Trevor t. Oliver 12 Rethinking fixed income By Trevor t. Oliver Summer/Fall 2012 The Participant : Issue 02 ssga.com/dc/theparticipant 13 The landscape for this asset class has changed. Our approach should too. Investors

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS With about $713 billion in assets, the bank loan market is roughly half the size of the high yield market. However, demand

More information

Yield Curve September 2004

Yield Curve September 2004 Yield Curve Basics The yield curve, a graph that depicts the relationship between bond yields and maturities, is an important tool in fixed-income investing. Investors use the yield curve as a reference

More information

John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus

John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus John Hancock Retirement Living 2010-2050 Portfolios John Hancock Retirement Choices 2010-2050 Portfolios John

More information

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

New York University NYU STDA Plan

New York University NYU STDA Plan TIAA-CREF Quarterly Performance New York University NYU STDA Plan Performance as of 06/30/2013 Before making your investment choices and completing your enrollment form, you should consider the investment

More information

Pioneer Multi-Asset Ultrashort Income Fund

Pioneer Multi-Asset Ultrashort Income Fund Pioneer Multi-Asset Ultrashort Income Fund A diversified, investment grade-focused approach to floating rate investing MAFRX INVESTOR GUIDE Pioneer Multi- Asset Ultrashort Income Fund* Share Class A C

More information

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008 Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor October, 2008 1 Market Ups and Downs Recent news is full of anxiety-causing developments: Credit crunch Bank

More information

Spectrum of Investment Options

Spectrum of Investment Options Kentucky Deferred Comp Spectrum of Investment Options Your guide to available investment options. Tier 1 Target Date Funds, Balanced Fund Target Date Funds Vanguard Target Retirement Funds (in five-year

More information

LONG-TERM INVESTMENT PERFORMANCE

LONG-TERM INVESTMENT PERFORMANCE LONG-TERM INVESTMENT PERFORMANCE Source: Created by Raymond James using Ibbotson Presentation Materials 2011 Morningstar. All Rights Reserved. 3/1/2011 Used with permission. TYPES OF ASSET CLASSES Stocks

More information

INVESTING FOR LIFE S GOALS

INVESTING FOR LIFE S GOALS TIAA-CREF LIFE GOALS SERIES INVESTING FOR LIFE S GOALS SAVING FOR MAJOR PURCHASES AND OBJECTIVES TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD OUR COMMITMENT TIAA-CREF is dedicated to serving the

More information

TIAA-CREF Asset Management. Global capabilities Recognized performance

TIAA-CREF Asset Management. Global capabilities Recognized performance TIAA-CREF Asset Management Global capabilities Recognized performance Earning our clients trust since 1918 TIAA-CREF s greatest assets are the lasting relationships we ve developed and maintained since

More information

The essentials of investing for retirement.

The essentials of investing for retirement. The essentials of investing for retirement. Fidelity has been helping people invest for retirement for more than 65 years. Some investors use our actively managed and index mutual funds. Some use our powerful

More information

CalPERS 457 Plan Target Retirement Date Funds

CalPERS 457 Plan Target Retirement Date Funds CalPERS 457 Plan Target Retirement Date s September 30, 2015 Overview Target Retirement Date s (the "" or "s") are a series of diversified funds, each of which has a predetermined underlying asset mix

More information

Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan

Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan TIAA-CREF Quarterly Performance Louisiana Optional Retirement Plan Louisiana Optional Retirement Plan Performance as of 03/31/2016 Before making your investment choices and completing your enrollment form,

More information

Investor Blind Spots in Short-Duration Bond Funds

Investor Blind Spots in Short-Duration Bond Funds leadership series INVESTMENT INSIGHTS October 213 Investor Blind Spots in Short-Duration Bond Funds Extraordinary central bank intervention that followed the financial crisis produced a prolonged environment

More information

Senior Floating Rate Loans

Senior Floating Rate Loans Senior floating rate loans have become a staple of the U.S. debt market and have grown from a market value of $126 billion in 2001 to $607 billion as of year-end 2011. 1 For over 20 years, managed senior

More information

John Hancock Retirement Choices at 2045 Portfolio

John Hancock Retirement Choices at 2045 Portfolio CLICK HERE FOR PROSPECTUS CLICK HERE FOR THE STATEMENT OF ADDITIONAL INFORMATION John Hancock Retirement Choices at 2045 Portfolio (FORMERLY JOHN HANCOCK RETIREMENT 2045 PORTFOLIO) SUMMARY PROSPECTUS 12

More information

Investing in a Rising Rate Environment

Investing in a Rising Rate Environment Investing in a Rising Rate Environment How Rising Interest Rates Affect Bond Portfolios By Baird s Private Wealth Management Research Summary With historically low interest rates and the unprecedented

More information

ThoughtCapital. Investment Strength and Flexibility

ThoughtCapital. Investment Strength and Flexibility Investment Strength and Flexibility Principal Trust SM Target Date Funds The Principal Trust SM Target Date Funds (Target Date Funds) are designed to capitalize on the growing popularity of Do-It-For-Me

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive?

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive? FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS Bank loans present a compelling income opportunity and a portfolio diversifier that provides protection against traditional

More information

Life is complicated. Investing doesn t have to be. MainStay Asset Allocation Funds

Life is complicated. Investing doesn t have to be. MainStay Asset Allocation Funds Life is complicated. Investing doesn t have to be. MainStay Asset Allocation Funds We can help you have one less thing to worry about. If you are like most people, you ve got your hands full. Juggling

More information

Managed Funds Series

Managed Funds Series Managed Funds Series Namibia s Unit Trust Market Leader 2 - Managed Funds Index 4 Introduction Fund Categories 5 Asset Classes 6 Portfolio Construction 7 Investment Approach 8 Investment Process 9 Our

More information

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events RETHINK YOUR BONDS Building Better Bond Portfolios Interest rates may inch up this year, but expect them to be low for some time to come. You can continue to achieve your fixed income goals in this environment

More information

The timeless (and timely) case for high-yield bonds

The timeless (and timely) case for high-yield bonds INCOME EATON VANCE Looking beyond traditional sources of yield MARCH 2016 TIMELY THINKING The timeless (and timely) case for high-yield bonds SUMMARY High-yield bonds occupy a special capital market niche:

More information

PNC Target Date Funds. Making Saving for Retirement Simpler for You

PNC Target Date Funds. Making Saving for Retirement Simpler for You PNC Target Date Funds Making Saving for Retirement Simpler for You Walking With You on the Path to Retirement We understand that with the number and variety of retirement savings options available to you,

More information

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk BlackRock Diversified Income Portfolio A portfolio from Fidelity Investments designed to seek income while managing risk Fidelity Investments has formed a strategic alliance with BlackRock Investment Management,

More information

Objective: Avoiding Market Declines*

Objective: Avoiding Market Declines* INVESTOR PRESENTATION DYNAMIC FIXED INCOME PORTFOLIOS Objective: Avoiding Market Declines* Toews 1750 Zion Road, Suite 201 Northfield, NJ 08225 TL (877) 863-9726 www.toewscorp.com *There can be no assurance

More information

Why high-yield municipal bonds may be attractive in today s market environment

Why high-yield municipal bonds may be attractive in today s market environment Spread Why high-yield municipal bonds may be attractive in today s market environment February 2014 High-yield municipal bonds may be attractive given their: Historically wide spreads Attractive prices

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

Fixed Income in a Rising Rate Environment

Fixed Income in a Rising Rate Environment Fixed Income in a Rising Rate Environment Market Commentary May 2016 SINCE THE FIRST FEDERAL FUNDS RATE INCREASE IN DECEMBER 2015, interest rates have generally declined. This counterintuitive result underscores

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

Our time-tested approach to investing is very straightforward. And we re ready to make it work for you.

Our time-tested approach to investing is very straightforward. And we re ready to make it work for you. What Works Our time-tested approach to investing is very straightforward. And we re ready to make it work for you. Three important steps. Ten effective principles. Three important steps. Ten effective

More information

Protected Growth Strategies SM

Protected Growth Strategies SM Protected Growth Strategies SM CLIENT GUIDE I can seek more consistent returns over time. ISSUED BY METLIFE INSURANCE COMPANY USA, METROPOLITAN LIFE INSURANCE COMPANY AND IN NEW YORK, ISSUED BY FIRST METLIFE

More information

Bond Market Insights October 10, 2014

Bond Market Insights October 10, 2014 Bond Market Insights October 10, 2014 by John Simms, CFA and Jerry Wiesner, CFA General Bond Market Treasury yields rose in September as prices fell. Yields in the belly of the curve (5- to 7-year maturities)

More information

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge

More information

The Laddered Bond Portfolio. A Bond Strategy for Balancing Risk and Return

The Laddered Bond Portfolio. A Bond Strategy for Balancing Risk and Return The Laddered Bond Portfolio A Bond Strategy for Balancing Risk and Return Southwestern Kiva or Pueblo Ladders were used by New Mexico s Pueblo Natives to access multi-level adobe buildings, kivas and dwellings

More information

Impact of QE on Fixed Income

Impact of QE on Fixed Income Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based

More information

Reducing bonds? Proceed with caution

Reducing bonds? Proceed with caution Reducing? Proceed with caution Vanguard research April 2013 Executive summary. Historically low yields from U.S. and recent cautions in the media about a potential bond bubble have led many investors to

More information

Welcome! Thanks for investing your time today.

Welcome! Thanks for investing your time today. Welcome! Thanks for investing your time today. Please sign in Fill out your name tag Address your mail card It s not about how much money you earn. It s about how much you save and invest. October 2015

More information

Are Unconstrained Bond Funds a Substitute for Core Bonds?

Are Unconstrained Bond Funds a Substitute for Core Bonds? TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem

More information

How to manage your fixed-income investments when interest rates rise

How to manage your fixed-income investments when interest rates rise How to manage your fixed-income investments when interest rates rise April 2015 Begin by taking a thoughtful approach. Consider total return and not just current yields. Make sure you maintain portfolio-wide

More information

Transfer Payout Annuities

Transfer Payout Annuities Transfer Payout Annuities Transfers and Withdrawals from TIAA Traditional tiaa-cref.org The TIAA Traditional Annuity In this guide, you ll learn about our Transfer Payout Annuity (TPA), a transfer and

More information

Finding income and managing risk in a near-zero interest-rate environment

Finding income and managing risk in a near-zero interest-rate environment Aging Workforce Series Finding income and managing risk in a near-zero interest-rate environment William Martin, Head of Fixed-Income Portfolio Management TIAA-CREF Executive Summary Yields in traditional

More information

Liquidity Tiering for Higher Yields in the Tax-Free Market

Liquidity Tiering for Higher Yields in the Tax-Free Market January 2013 Liquidity Tiering for Higher Yields in the Tax-Free Market In today s low-yield environment, investors need a fresh approach to managing their portfolios for higher income. Liquidity tiering

More information

Evolving your fixed income strategy

Evolving your fixed income strategy Evolving your fixed income strategy 3Q 2015 INVESTMENT INSIGHTS NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Opportunities

More information