nd Quarter Market Commentary

Size: px
Start display at page:

Download "2015 2 nd Quarter Market Commentary"

Transcription

1 nd Quarter Market Commentary

2 1 Second Quarter Summary The U.S. Federal Reserve communicated that recent economic growth means the era of easy money may soon come to a close, causing bond yields to rise (Positive) Oil prices stabilized after U.S. producers responded to recent price declines by reducing the number of active drilling rigs (Positive) Asset allocation played an important role in client portfolios with both equities and bonds experiencing separate periods of volatility (Neutral) Reported Q1 earnings for the S&P 500 grew only 0.7%, the lowest earnings growth since Q (-1.0%), with a strong U.S. Dollar as the primary culprit (Negative)

3 2 Uncharted Territory Greece/Eurozone Update On July 5 th, Greek citizens voted No on a referendum set forth by their ruling party, rejecting their creditors terms for austerity measures (pension cuts, tax increases, etc.) in return for financial aid The No vote does not represent an immediate expulsion from the Eurozone; however, the likelihood of default and a Greek exit from the Euro have gone up materially The Greek economy represents only 2% of euro area GDP, and is likely to have a much smaller influence on global markets today than in , when private creditors owned most of Greece s debt The economic impact of the Greek saga is likely to be muted given the country s limited impact on economic growth, debt markets, and corporate earnings Short-term volatility often results in long-term opportunities for managers who are able to stay disciplined and take advantage of recent turmoil The situation remains dynamic, with the outcome having larger, potentially unknown consequences, such as further fracturing of the Eurozone and the possible impact on Federal Reserve policy later this year

4 3 Market and Portfolio Risks Capital P reservation Growth Assets Real Assets Fixed Income Global Bonds Hedged Strategies Domestic Equities Foreign Equities Domestic Real Estate Commodities Inflation Deflation Stagflation Chinese Slowdown Japanese Government Default EU Breakup G eo p o litic al T urm o il (i.e. ME, Russian Tensions) U.S. P o litic al G rid lo c k F ed eral R es erve P o lic y Mistakes Greek citizens voted No to creditor s terms, leaving greater uncertainty around the country s future as a part of the Euro The Federal Reserve deferred hiking the fed funds rate until later in 2015 Chinese stock markets experienced significant volatility, correcting sharply after a meteoric rise over the last 12 months Puerto Rico faced likely municipal debt default as the Commonwealth seeks concessions from creditors

5 4 Market Returns Global Asset Classes Global Equity Sectors USD 2.92% 5.78% Health Care 1.40% 9.77% Foreign Equities 0.62% 5.52% Consumer Discretionary 0.79% 6.52% Global Equities 0.54% 3.13% Telecommunication 4.38% 2.69% Emerging Market Equities YTD QTD 0.69% 2.95% Financials YTD QTD 2.41% 1.79% U.S. All-Cap 0.14% 1.94% Information Technology 0.90% 1.82% S&P % 0.28% Consumer Staples 0.66% 1.60% Municipal Bonds 0.17% 0.59% Industrials 0.95% 1.08% Aggregate Bonds 0.10% 1.68% Materials 0.57% 0.78% Commodities 1.56% 4.66% Energy 3.40% 0.08% REITs 9.06% 5.44% Utilities 7.42% 2.63% -10% -5% 0% 5% 10% -10% -5% 0% 5% 10% Foreign equities were the best performing asset class this year as accommodative monetary policies in Europe and Asia along with weakening currencies gave overseas companies a lift Healthcare returns were spurred on by significant merger and acquisition activity in the sector Global fixed income securities lagged equities as general interest rate levels rose, impacting many yield sensitive sectors such as REITs and utilities Declines in the energy sector slowed during the 2 nd quarter as global oil prices began to stabilize *Indices used include the following: MSCI EAFE, Barclays Muni 5-yr, ICE USD Spot, Barclays US Agg, MSCI EM, MSCI ACWI IMI, Russell 3000, Bloomberg Commodity Index, S&P 500 TR, FTSE NAREIT All Equity TR **Sector returns are from the MSCI All Country World Investable Market Index

6 5 Long in the Tooth Market Rally Duration of S&P 500 Bull Markets without a 10% Correction 1932 Present Equity Valuation and Future 5 Year Real Returns Current Level 26.7 Higher valuation levels have generally led to lower trailing returns At 43 months and counting, we are in the midst of the 3 rd longest S&P 500 market rally in 73 years without a 10% correction. However, the last two major market rallies lasted longer than the current episode Many analysts believe the U.S. stock market could display mediocre performance over the next few years as valuations, by many measures, are above long-term averages Source: BCA Research The cyclically adjusted price-to-earnings ratio ( CAPE % ) is a valuation measure usually applied to the US S&P 500 equity market. It is defined as price divided by the average of ten years of earnings (Moving average), adjusted for inflation.

7 6 Market Timing Results in Poor Returns $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Investment Growth of MSCI All Country World Investable Market Index Growth of a $10,000 investment from 12/31/1994 to 12/31/2014 Nine of the 10 best days occurred within a month of the 10 worst days Fully Invested Best 10 Days Missed Best 30 Days Missed The impact of being out of the equity markets on the best performing days can meaningfully impair performance and the probability of reaching personal goals Staying invested and avoiding attempts to time the market can significantly increase longterm returns in the portion of the portfolio designed to participate in global growth This chart is for illustrative purposes only Source: Morningstar Direct Performance for Fully Invested portfolio represents growth of a $10,000 investment in the MSCI ACWI IMI NR (USD) Index from 12/31/1994 to 12/31/2014 Performance for Best 10 Days Missed portfolio represents growth of a $10,000 investment in the MSCI ACWI IMI NR (USD) Index from 12/31/1994 to 12/31/2014 after removing performance of the 10 best days Performance for Best 30 Days Missed portfolio represents growth of a $10,000 investment in the MSCI ACWI IMI NR (USD) Index from 12/31/1994 to 12/31/2014 after removing performance of the 30 best days

8 7 Historical Fed Funds Rate Cycles Commodities 5.31% 7.45% 22.27% Energy Equities 0.33% 4.77% % U.S. Equities -2.56% 2.25% 21.29% U.S. Bonds -3.64% -0.74% 9.63% Fed Funds Rate 7% 6% 5% 4% 3% 2% 1% 0% The Federal Reserve typically increases the fed funds rate to control an overheating economy with building inflationary pressure During these periods, Real Assets tend to significantly outperform equities and bonds While typically the most volatile asset class, maintaining exposure to Real Assets is important during these cycles Source: St. Louis Fed, Gresham Asset Management, Morningstar Direct Performance listed is for Jan 1994-April 1994, June 1999-July 1999, and June 2004-August 2004

9 8 Establish an Appropriate Benchmark While indices can be useful for gauging broad market performance and general valuation levels, an individual investor s goals and circumstances represent a more appropriate benchmark Proper alignment of this benchmark with a long-term focus, a disciplined investment plan, and realistic expectations results in investment success over a long time horizon Source: BehaviorGap.com

10 9 The Purpose of an Asset Capital Preservation Growth Asset Class Purpose Example Strategies Minimize Drawdown, Reduce Volatility Portfolio Growth, Meet Future Expenses/Goals Fixed Income, Hedge Strategies Global Equities Real Assets Inflation Protection Commodities, Energy Equities, MLPs, Real Estate Equities Private Investments Opportunistic Growth Private Equity Strategies Traditional asset classification does not effectively communicate an asset s role in the portfolio Defining an asset by its role in the portfolio helps investors manage emotions through market highs and lows by keeping their eyes focused on the big picture For example, understanding the role of Real Assets in a portfolio as an inflation protector helps investors remain disciplined amidst recent volatility

11 10 Investment Themes Real assets such as energy and commodities have generated significant excess returns compared to traditional bonds and stocks during periods of Federal Reserve rate hikes Maintaining a disciplined process and staying invested through volatile periods allows investors to participate in the best performing days in the global markets An investor s long-term goals and needs should represent the most appropriate benchmark for performance Defining the purpose of each investment in a portfolio fosters a big picture outlook for investors and creates a more intuitive portfolio tailored to meet individual circumstances

2015 Mid-Year Market Review

2015 Mid-Year Market Review 2015 Mid-Year Market Review Cedar Hill Associates, LLC www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An Affiliate of MB Financial Bank 2015 Major Investment

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

Investment Performance Summary

Investment Performance Summary Investment Performance Summary As of 3/31/2015 Individual Investment Options YTD 1 Month 3 Month 1 Blended Equity Benchmark S&P 500 TR USD MSCI ACWI Ex USA NR USD Intermediate-Term Fixed Income TR Intermediate-Term

More information

Investment Strategies for Pension Funds. Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK)

Investment Strategies for Pension Funds. Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK) Investment Strategies for Pension Funds Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK) Pensions need consistency but markets deliver chaos Discrete Yearly

More information

QUARTERLY INVESTMENT UPDATE

QUARTERLY INVESTMENT UPDATE QUARTERLY INVESTMENT UPDATE December 31, 2015 Quarterly Market Perspectives Global equity markets staged an impressive rally from their late summer swoon across the first two months of the quarter ended

More information

The economy. The bond market. The stock market

The economy. The bond market. The stock market The economy Global headlines trump steady U.S. economy The U.S. economy continues to plod its way forward at a slow and steady pace. Short-term setbacks seem to be the norm, but a general sense of an improving

More information

The Morningstar Category TM Classifications for 529 Investment Options

The Morningstar Category TM Classifications for 529 Investment Options The Morningstar Category TM Classifications for 529 Investment Options (for 529 portfolios available for sale in the United States) Morningstar Methodology Paper October 31, 2013 2013 Morningstar, Inc.

More information

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter Hit New Highs in a Volatile Quarter Stock investors in the U.S. and around the globe had plenty to cheer about during the first quarter of 2015 as at least 17 world stock indexes set news highs due to

More information

Staying alive: Bond strategies for a normalising world

Staying alive: Bond strategies for a normalising world Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should

More information

CAPITAL MARKETS REVIEW 2 nd Quarter 2015 June 30, 2015

CAPITAL MARKETS REVIEW 2 nd Quarter 2015 June 30, 2015 June 30, 2015 OVERVIEW Market activity in the second quarter of 2015 saw the reversal of several major trends. First, U.S. Dollar strength dissipated to a degree, as it sold off almost 3% relative to other

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

Down, but not out The Role of Fixed Income in a Low Yield Environment

Down, but not out The Role of Fixed Income in a Low Yield Environment Down, but not out The Role of Fixed Income in a Low Yield Environment Charles Thomas, CFA Investment Analyst Vanguard Asset Management The key questions we will answer today... What does the low yield

More information

Global Small Caps Leading the Way: Comparing Regional Opportunities

Global Small Caps Leading the Way: Comparing Regional Opportunities Research MARKET INSIGHTS [ October 2013 ] Global s Leading the Way: Comparing Regional Opportunities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST For the first

More information

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

Market Review and Outlook

Market Review and Outlook Market Review and Outlook Cedar Hill Associates, LLC January 2016 www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An affiliate of MB Financial Bank Table

More information

2013 GSAM Insurance Survey & Industry Investment Trends

2013 GSAM Insurance Survey & Industry Investment Trends Global Insurance Asset Management AASCIF Annual Workshop Fall 23 23 GSAM Insurance Survey & Industry Investment Trends Michael Siegel, PhD Global Head of GSAM Insurance Asset Management September 3, 23

More information

How Smaller Stocks May Offer Larger Returns

How Smaller Stocks May Offer Larger Returns Strategic Advisory Solutions April 2015 How Smaller Stocks May Offer Larger Returns In an environment where the US continues to be the growth engine of the developed world, investors may find opportunity

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

Portfolio Series Portfolio Review Second Quarter 2010

Portfolio Series Portfolio Review Second Quarter 2010 Portfolio Series Portfolio Review Second Quarter 2010 We are pleased to introduce Portfolio Review, a new quarterly report on Portfolio Series. 3 Portfolio Series Income Fund 7 Portfolio Series Conservative

More information

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

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

Uncertain Times Require a Long-Term Perspective, Clearly Defined Goals and Discipline

Uncertain Times Require a Long-Term Perspective, Clearly Defined Goals and Discipline Uncertain Times Require a Long-Term Perspective, Clearly Defined Goals and Discipline Executive Summary Miles T. Kirkland, CFA Senior Vice President & Portfolio Manager Wealth Management Services Unlike

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

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

to Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group

to Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group A Defined Approach to Wealth Management Giving UWI access to the combined resources of one of the world s largest financial services firms. The Caribbean Group The information in this presentation is intended

More information

JPMorgan SmartRetirement: Q2 2014 Views Strategic Asset Allocation, Manager Selection, and Tactical Asset Allocation

JPMorgan SmartRetirement: Q2 2014 Views Strategic Asset Allocation, Manager Selection, and Tactical Asset Allocation JPMorgan SmartRetirement: Q2 2014 Views Strategic Asset Allocation, Manager Selection, and Tactical Asset Allocation SmartRetirement Blend Mutual Contents Strategic Allocation Changes: 2 (No changes for

More information

Monthly Market Snapshot

Monthly Market Snapshot ly Market Snapshot JANUARY 2016 Key insights The New Year has begun with widespread volatility in global markets, with equities posting steep negative returns in January. The main factors driving the market

More information

International Equities: Another Turn of the Wheel

International Equities: Another Turn of the Wheel International Equities: Another Turn of the Wheel May 6, 2015 by David Ruff of Forward Investing Non-U.S. equities have recently surged after a long spell of underperformance. Does this signal a new market

More information

CAPITAL MARKETS OUTLOOK Q4 2015

CAPITAL MARKETS OUTLOOK Q4 2015 CAPITAL MARKETS OUTLOOK Q4 2015 Reviewing the quarter ended September 30, 2015 Gerard A. Klingman CFP, CLU, ChFC, CFS President 1133 Avenue of the Americas, Suite 3110 // New York, NY 10036 212-867-7647

More information

Stocks Fall on Worries about Global Slowdown, Fed Uncertainty. Could this be the end of the bull market? September Fed Decision Dominates the Quarter

Stocks Fall on Worries about Global Slowdown, Fed Uncertainty. Could this be the end of the bull market? September Fed Decision Dominates the Quarter INVESTMENT MANAGEMENT UPDATE A QUARTERLY NEWSLETTER FROM BREMER ASSET MANAGEMENT 4th 2015 Stocks Fall on Worries about Global Slowdown, Fed Uncertainty Could this be the end of the bull market? September

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

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

Arup DC Pension Scheme

Arup DC Pension Scheme A presentation for: Arup DC Pension Scheme March 3 rd 2015 ARUP DC PENSION SCHEME Investment Summary 31/01/2015 Merrion Cash Fund 2,280.59 Merrion Global Equity Fund 199,535.79 Merrion Long Bond Fund 19,456.87

More information

IRISH LIFE MAPS AND IRISH LIFE INVESTMENT MANAGERS

IRISH LIFE MAPS AND IRISH LIFE INVESTMENT MANAGERS PENSIONS INVESTMENTS LIFE INSURANCE Q1 2015 QUARTER 1 (Q1) 2015: JANUARY TO MARCH 2015 IRISH LIFE MAPS AND IRISH LIFE INVESTMENT MANAGERS Irish Life Multi Asset Portfolios (MAPS) have been designed and

More information

3 Years Annualized. Annualized 11.68 11.97 9.06 9.77. 3 Years. 5 Years Annualized. Annualized 14.78 14.74 4.76 4.72-6.80-6.30

3 Years Annualized. Annualized 11.68 11.97 9.06 9.77. 3 Years. 5 Years Annualized. Annualized 14.78 14.74 4.76 4.72-6.80-6.30 Equity Pool As of 12/31/2015 Equity Pool & Blended Benchmark YTD Equity Pool TR Blended Equity Benchmark -0.62 5.50-0.62-0.70 5.68-0.70 Equity Pool Holdings & Benchmarks YTD Vanguard Instl Ttl Stk Mkt

More information

GIPS List of Composite Descriptions. Perkins Composites...11. Fixed Income Composites... 14. Global Macro Composites...19. Alternative Composites...

GIPS List of Composite Descriptions. Perkins Composites...11. Fixed Income Composites... 14. Global Macro Composites...19. Alternative Composites... GIPS List of Composite Descriptions Updated 6/4/2015 Janus Equity Composites...2 Perkins Composites....11 Fixed Income Composites... 14 Global Macro Composites...19 Alternative Composites.....19 Allocation

More information

Quarterly Asset Class Report Institutional Fixed Income

Quarterly Asset Class Report Institutional Fixed Income Quarterly Asset Class Report Institutional Presentation To: Presented By: canterburyconsulting.com September 30, 015 Role in the Canterbury Consulting recommends and communicates asset-class strategy with

More information

Why own bonds when yields are low?

Why own bonds when yields are low? Why own bonds when yields are low? Vanguard research November 213 Executive summary. Given the backdrop of low yields in government bond markets across much of the developed world, many investors may be

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

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

Fixed Income Review. Second Quarter 2015

Fixed Income Review. Second Quarter 2015 Second Quarter 2015 As of June 30, 2015 Total Return Performance Calendar Year Performance Index MTD QTD YTD 2014 2013 2012 Barclays US Aggregate -1.1% -1.7% -0.1% 6.0% -2.0% 4.2% BAML US Agency Index

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS Table of Contents 1 Introducing the ishares Minimum Volatility Suite... 02 2 Why Consider the ishares Minimum Volatility Suite?...

More information

LifePath Index 2060 Fund Q

LifePath Index 2060 Fund Q Release Date: 9-3-215 LifePath Index 26 Fund Q Standard & Poor's 5 Index LifePath Index 26 Custom Target Date 251+... Allocation of Stocks and Bonds 1 8 6 4 2 45 4 35 3 25 2 15 1 5 Years Until Retirement

More information

Intelligent Systematic Value Investing

Intelligent Systematic Value Investing Intelligent Systematic Value Investing 2 ND Quarter 2015 Overview of the Markets Contents: A NEWSLETTER FOR OUR CLIENTS Investment Overview Required Disclosures GIPS Compliant Performance Reports Global

More information

Changes to the OklahomaDream 529 Plan

Changes to the OklahomaDream 529 Plan Supplement dated December 31, 2015 to Oklahoma Dream Advisor Sold 529 Program Plan Disclosure Statement for Investors Using a Financial Advisor (Classes A and C) Dated November 3, 2014 This Supplement

More information

San Diego City Employees Retirement System

San Diego City Employees Retirement System San Diego City Employees Retirement System Asset Allocation Review July 9, 2015 Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. 1 (This page

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Risks and Rewards in High Yield Bonds

Risks and Rewards in High Yield Bonds Risks and Rewards in High Yield Bonds Peter R. Duffy, CFA, Partner, Senior Portfolio Manager Navy Yard Corporate Center, Three Crescent Drive, Suite 400, Philadelphia, PA 19112 www.penncapital.com 1 What

More information

www.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015

www.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015 www.medirectbank.be Quarterly Report Wealth Management July - September 2015 All content 2016 MeDirect More information visit www.medirectbank.be In a volatile year such as 2015, a good asset manager proves

More information

THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009

THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009 THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY APPROVED November, 2009 I. MISSION The mission of The Philadelphia Foundation s (the Foundation) investment funds is to support current operations through

More information

Capital Markets Review Q3 2010

Capital Markets Review Q3 2010 Capital Markets Review Q3 2010 Reviewing the quarter ended June 30, 2010 Ross Marino, CFP, ChFC 210-4 Avondale Ave. Wilmington, NC 28403 www.rossmarino.com Material prepared by Raymond James for use by

More information

Fixed Income Strategy Quarterly April 2015

Fixed Income Strategy Quarterly April 2015 Doucet Asset Management Fixed Income Strategy Quarterly April 2015 The first quarter of 2015 was a fairly uneventful one. Across the world, the pullback in yields we witnessed in 2014 continued; however,

More information

The Black Widow Returns

The Black Widow Returns JULY 2015 UNCERTAINTY = OPPORTUNITY The Black Widow Returns Richard Bernstein, Chief Executive and Chief Investment Officer Richard Bernstein Advisors Richard Bernstein Advisors LLC (RBA) is an independent

More information

CBOE Volatility Index: VIX - Year to Date. Sources: St. Louis Fed, Chicago Board Options Exchange

CBOE Volatility Index: VIX - Year to Date. Sources: St. Louis Fed, Chicago Board Options Exchange Overview Investors entered the quarter with their nerves a bit frayed from the unexpected decision by U.K. voters in June to leave the European Union. This action, referred to as Brexit, surprised investors,

More information

Category Definitions

Category Definitions Category Definitions Thailand Morningstar Methodology Paper October 2014 Introduction The Morningstar Categories for funds in the Thailand universe were first established in the year 2009 to help investors

More information

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence BRINKER CAPITAL OVERVIEW Helping You Invest with Confidence PARTIALLY INVESTED PERIODIC INVESTMENT FULLY INVESTED Unwavering Focus on Investment Excellence For more than 25 years, Brinker Capital has been

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

The Power of Low-Correlation Investing. Wealth Strategies How to think about the core building blocks of your portfolio

The Power of Low-Correlation Investing. Wealth Strategies How to think about the core building blocks of your portfolio The Power of Low-Correlation Investing Wealth Strategies How to think about the core building blocks of your portfolio Smart Investing Begins with Planning Effective investment planning is concrete problem-solving.

More information

Economic and Market Overview Third Quarter Economic and Market Overview

Economic and Market Overview Third Quarter Economic and Market Overview Economic and Market Overview 1 The following commentary summarizes prior financial market activity and uses data obtained from public sources. This commentary is provided to financial advisors and their

More information

Seven-year asset class forecast returns, 2015 update

Seven-year asset class forecast returns, 2015 update Schroders Seven-year asset class forecast returns, 2015 update Craig Botham Emerging Markets Economist Introduction Our seven-year returns forecast builds on the same methodology which has been applied

More information

Wetherby. insight. Newsletter Highlights WETHERBY. investment overview. financial planning. third quarter 2015

Wetherby. insight. Newsletter Highlights WETHERBY. investment overview. financial planning. third quarter 2015 third quarter 1 Wetherby insight Newsletter Highlights investment overview Equity returns have turned negative year to date with high market volatility. Additional signs of a slowdown in China and a currency

More information

HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH

HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH HIGH QUALITY PREMIER September 30, 2015 (3Q) FACT SHEET OUR PHILOSOPHY We believe that securities with stable and predictable cash flows, and low credit and event risk produce consistent returns while

More information

Equity Sell-off Continues, Bonds Affected

Equity Sell-off Continues, Bonds Affected Equity Sell-off Continues, Bonds Affected Executive Summary Portfolio Performance So Far The 1-month performance of all model portfolios have been affected by the recent sell-off in equities, with returns

More information

2016 Year Ahead - Global Investment Outlook

2016 Year Ahead - Global Investment Outlook PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy January 2016 2016 Year Ahead - Global Investment Outlook After Struggling in 2015, Global Equity Markets likely

More information

Public Equity Portfolio Overview May 29, 2013

Public Equity Portfolio Overview May 29, 2013 Public Equity Portfolio Overview May 29, 2013 Agenda Equity Markets Overview Portfolio Profile Portfolio Structure Activities/Accomplishments Global Equity Initiatives Hedged Equity Portfolio 2 General

More information

Investment Policy Statement

Investment Policy Statement Investment Policy Statement Prepared on: February 04, 2013 Prepared for: Sample Individual Client 432 Elm St Chicago IL 60630 Executive Summary Client Name: Sample Individual Client Client Type: Individual

More information

MOTOROLA SOLUTIONS 401(k) PLAN ANNUAL FEE DISCLOSURE - APRIL 2015

MOTOROLA SOLUTIONS 401(k) PLAN ANNUAL FEE DISCLOSURE - APRIL 2015 MOTOROLA SOLUTIONS 401(k) PLAN ANNUAL FEE DISCLOSURE - APRIL 2015 THIS NOTICE INCLUDES IMPORTANT INFORMATION ABOUT OPTIONS, FEES AND OTHER EXPENSES IN THE MOTOROLA SOLUTIONS 401(k) PLAN (THE PLAN ). The

More information

Heritage Wealth Advisors Asset Class Research: International Equity Investing Revisited July 27, 2012

Heritage Wealth Advisors Asset Class Research: International Equity Investing Revisited July 27, 2012 July 27, 2012 Since the 2008 09 Global Financial Crisis, we have been faced with many challenges in investing where some of the old rules and ideas have been questioned. Such challenges are a healthy part

More information

Guiding successful Texas families in their asset management since 1982

Guiding successful Texas families in their asset management since 1982 OCTOBER 2014 FOURTH QUARTER OUTLOOK Especially compiled and written for clients of Woodway Financial Advisors Guiding successful Texas families in their asset management since 1982 Third Quarter Market

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

Calvert Developed Markets Ex-U.S. Responsible Index Fund

Calvert Developed Markets Ex-U.S. Responsible Index Fund Q1 2016 INVESTMENT COMMENTARY Calvert Developed Markets Ex-U.S. Responsible Index Fund A: CDHAX C: CDHCX I: CDHIX Y: CDHYX The Fund employs a passive management strategy designed to track, as closely as

More information

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access

More information

Quarterly Market Review. Fourth Quarter 2015

Quarterly Market Review. Fourth Quarter 2015 Q4 Quarterly Market Review Fourth Quarter 2015 Quarterly Market Review Fourth Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins

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

HANSA TRUST Annual General Meeting 21 st July 2014

HANSA TRUST Annual General Meeting 21 st July 2014 Annual General Meeting 21 st July 2014 Agenda Transition update/ New funds bought Performance review Market outlook 2 Transition Update/ New Funds Bought 3 Performance Review 4 Key Market Highlights (YTD

More information

Morningstar Category Definitions

Morningstar Category Definitions Morningstar Category Definitions Morningstar Australasia Pty Ltd Disclaimer: 2015 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction

More information

T A T T O N M A N A G E D ( O B S R ) C A U T I O U S

T A T T O N M A N A G E D ( O B S R ) C A U T I O U S Q 4 2 0 1 5 Q U A R T E R L Y R E P O R T F O U R T H Q U A R T E R ( O C T - D E C ) 2 0 1 5 T A T T O N M A N A G E D ( O B S R ) C A U T I O U S 1 Cumulative Performance % (years) M O D E L P O R T

More information

Global Agg REITS MSCI EM MSCI EM 35.8% REITS 34.4% 33.6% 4.8% Small cap. Comdty. Comdty MSCI EM -35.6% 28.8% 16.2% Growth 10.5% REITS. Value.

Global Agg REITS MSCI EM MSCI EM 35.8% REITS 34.4% 33.6% 4.8% Small cap. Comdty. Comdty MSCI EM -35.6% 28.8% 16.2% Growth 10.5% REITS. Value. Market Review November 2015 Review of markets over October October was the month that equities came back. Stock exchanges across the globe had a great month, rebounding from the late summer drawdowns,

More information

Why Consider Bank Loan Investing?

Why Consider Bank Loan Investing? Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative

More information

Case Studies in Financial Planning

Case Studies in Financial Planning Case Studies in Financial Planning Joel Greenwald, MD CFP Greenwald 1660 South Highway 100, Suite 270 St. Louis Park, MN 55416 Telephone: 952 641 7595 joel@joelgreenwald.com Securities and Advisory Services

More information

KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM INVESTMENT PERFORMANCE REPORT Capital Markets Overview June 30, 2015

KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM INVESTMENT PERFORMANCE REPORT Capital Markets Overview June 30, 2015 INVESTMENT PERFORMANCE REPORT Capital Markets Overview June 30, 2015 Overview The year ending June 30, 2015 was a difficult time period for so-called risk assets. Following two fiscal years of robust,

More information

Stanford Management Company 2014 Annual Report

Stanford Management Company 2014 Annual Report Stanford Management Company 2014 Annual Report The Stanford Management Company (SMC) was established in 1991 to manage Stanford s financial assets. SMC is a division of the University with oversight by

More information

Corporate Bonds: Check Out These Curves!

Corporate Bonds: Check Out These Curves! Corporate Bonds: Check Out These Curves! It s widely believed that the U.S. economy is the bus driver and we are all along for the ride when it comes to determining the future of interest rates. The U.S.

More information

Monthly Insights. Insights: June 2015. Market Overview and Performance. June 2015. Equity. Fixed Income. Macro Measures

Monthly Insights. Insights: June 2015. Market Overview and Performance. June 2015. Equity. Fixed Income. Macro Measures Insights: Market Overview and Performance In our April Insights, we described the year to date stock environment as a treadmill market there is some activity happening, but not a lot of progress is being

More information

The case for global small- and mid-cap investing

The case for global small- and mid-cap investing International/ Global Equity Global equities white paper April 2014 The case for global small- and mid-cap investing Small- and mid-cap stocks, particularly those that are global, have provided compelling

More information

1Q 2015. San Joaquin County Employees Retirement Association. Executive Summary

1Q 2015. San Joaquin County Employees Retirement Association. Executive Summary 1Q 2015 San Joaquin County Employees Retirement Association Executive Summary This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution

More information

Quarterly Market Review. First Quarter 2016

Quarterly Market Review. First Quarter 2016 Q1 Quarterly Market Review First Quarter 2016 Quarterly Market Review First Quarter 2016 This report features a commentary on investment discipline, the performance of globally diversified portfolios,

More information

2013 global equity outlook: Searching for alpha in a stock picker s market

2013 global equity outlook: Searching for alpha in a stock picker s market March 2013 2013 global equity outlook: Searching for alpha in a stock picker s market Saira Malik, Head of Global Equity Research, TIAA-CREF Executive summary The outlook for equity markets is favorable

More information

Wright State University Investment Fund Combined

Wright State University Investment Fund Combined Wright State University Investment Fund Combined Your Client Portfolio Management Team: John Cavaliere Client Portfolio Manager +1 (610) 676-2614 JPCavaliere@seic.com Lisa Herzog CAIA Client Service Director

More information

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

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

Quarterly Market Review. Fourth Quarter 2015

Quarterly Market Review. Fourth Quarter 2015 Q4 Quarterly Market Review Fourth Quarter 2015 Quarterly Market Review Fourth Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins

More information

The Forgotten Dividend Payers: Mid- and Small-Cap Equities

The Forgotten Dividend Payers: Mid- and Small-Cap Equities Research MARKET INSIGHTS [ March 2014 ] The Forgotten Payers: Mid- and Small-Cap Equities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST Last year, longer-term interest

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

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

Finding Income in a Low Rate World

Finding Income in a Low Rate World Finding in a Low Rate World Executive Summary Historically low interest rates have left investors starved for income. Investors who want higher income may be willing to diversify but aren t sure how to

More information

THE DOLLAR S RIPPLE EFFECT

THE DOLLAR S RIPPLE EFFECT LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS Using intermarket analysis is important to reduce the risk of missing vital directional clues within the financial markets. Recently, a strong U.S. dollar

More information

FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK

FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK 1 FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK By Michael McMurray, CFA Senior Consultant As all investors are aware, fixed income yields and overall returns generally have been

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information