Quarterly Investment Briefing February 5, 2014
|
|
- Vivien Park
- 5 years ago
- Views:
Transcription
1 Quarterly Investment Briefing February 5, 2014 Clayton T. Bill, CFA Stephen J. Nilles, CFP
2 Agenda Topic Page 2013 Review 3 Corporate Earnings and Profit Margins 5 Equity Market Valuations 7 Bonds and Expected Returns 9 Outlook and Market Assessment 11 U.S. Government Fiscal Outlook /Taxes 13 Employment 15 Summary 16 Source: Russell
3 Year In Review: 2013 Was A Great Year For Equities Amidst political brinkmanship, global stock market climbed 24% Growth of $ MAR: U.S. sequestertriggered spending cuts and tax increases began. APR: Bank of Japan launched bold stimulus program to boost growth and inflation. AUG: Eurozone exited 18-month recession, led by Germany and France. OCT: Congressional brinkmanship led to U.S. government shutdown. DEC: Federal Reserve announced plans to begin winding down bond-buying program. Janet Yellen nominated to lead the Federal Reserve. MAR: Cyprus sought financial MAY: Bernanke s taper talk 95 rescue; Italy struggled to form got a reaction. Equities 1 a government weeks after pulled-back -6% between general election. May 21 June 24. Russell Global Index 90 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Source: Russell 3
4 Capital Market Returns Period Ending December 31, U.S. Equities Emerging Market Equities Real Estate 33.5 Non-U.S. Equities Fixed Income Rate of Return % Q 1YR 3YR 5YR 10YR Source: Russell 4
5 A Good Earnings Season Thus Far Source: J.P. Morgan 5
6 Why Are U.S. Companies So Profitable? Source: BofA Merrill Lynch 6
7 Market Valuations Don t Appear Overextended Current Price/Earnings levels suggest prices are fairly valued tech bubble = 27 U.S. Large Cap P/E Ratio = Average stock price of an index Overall corporate earnings of an index P/E : Extremely low earnings Average = 16.3 U.S. and Europe appear near historic averages Emerging Markets appear moderately undervalued 28 Europe 28 Emerging Markets P/E 18 Average = 16.2 P/E 18 Average = Source: Russell 7
8 Lower Emerging Market Valuations Consistent With Growth Expectations Price over 36-month trailing earnings for selected global equity indexes In the early 2000s, valuations in the developed world were much higher than those in emerging markets 30 Valuations across regions are now more similar FTSE Emerging Index United States FTSE Developed Ex US Index Source: Vanguard 8
9 Bonds Can Provide Ballast In An Equity Bear Market Median return of various asset classes during the worst decile of monthly equity returns, % 0% -2% Median return -4% -6% -8% -10% Source: Vanguard 9
10 Bond Math = Low Expected Returns Source: Vanguard 10
11 Outlook: Market Assessment According to Fidelity s Business Cycle Board, composed of portfolio managers responsible for a variety of asset allocation strategies across Fidelity s asset management unit, the U.S. macro environment provides a stable backdrop for U.S. assets. The global economy has cyclical momentum, but policy risks have become more acute among emerging economies. Source: Fidelity 11
12 Coordinated Central Bank Action Supported Growth 140 United States Quantitative Easing Federal Reserve s Treasury Bond buying program started in March 2009 and later extended to include mortgages Eurozone Outright Monetary Transaction In 3Q 2012, European Central Bank (ECB) President Draghi committed ECB to buying debt to protect weaker Euro members Japan Abenomics Prime Minister Abe s economic plan announced in January 2013 targeted fiscal and monetary reform Index Value QE2 Operation Twist QE3 Whatever it takes 60 QE1 50 Abenomics 40 12/31/ /31/ /31/ /31/ /31/ /30/ /31/ /31/2013 Russell 1000 Russell Large Cap Japan Russell Developed EuroZone Source: Russell 12
13 Improved 2014 Fiscal Outlook: Less Drag, Lower Deficit Tax increases and budget cuts in 2013 reduced the federal budget deficit and created significant drag on the economy. The budget outlook is expected to improve further in 2014 but with much less fiscal drag, which, combined with the two-year budget deal struck by Congress, provides greater certainty and a better near-term fiscal outlook than at any point in years. Source: Fidelity 13
14 Are You Ready For Higher Taxes? Taxable distributions have increased Strong market returns have created sizable gains Generally, investment vehicles must pass along these gains to taxable investors Tax rates have increased for many investors New top marginal rate Increased capital gains rates New investment income tax Marginal Taxable Income Rates % $17,850 or less 15% $17,851 $ 72,500 25% 28% $72,501 $146,401 $146,400 $223,050 33% 35% $223,051 $398,350 $398,351 $450,000 35% $450,001 or more 39.6% New MARRIED FILING JOINT *Source: Internal Revenue Service, January 2014 It s not what you earn, it s what you keep! Work with your advisor to try maximizing after - tax wealth. Source: Russell 14
15 Retirements Now Driving Decline in Participation Rate The aging of the U.S. population has been pushing the labor force participation rate lower for close to a decade. Although the recession caused a cyclical decline in the participation rate, the number of discouraged workers peaked in 2012, which suggests that demographics have been a stronger driver of recent participation-rate declines than employment conditions. Source: Fidelity 15
16 Diversification Over Time Annualized Excess Returns Non - U.S. Equity U.S. Equity Excess Return vs. Other Asset Classes U.S. stocks outperformed non - U.S. stocks by 5.6% per year EM Equity U.S. Bonds Global REITs Commodities Non - U.S. Equity U.S. Equity Excess Return vs. Other Asset Classes U.S. stocks underperformed non - U.S. stocks by 3.8% per year EM Equity U.S. Bonds Global REITs Commodities 2013 s +33% U.S. equity return highlights a superior five - year stretch The prior five years demonstrate how dramatically markets can swing Russell believes diversified portfolios are best positioned to capitalize on this behavior Annualized Excess Returns Source: Russell 16
17 It s Time For Action Ideas to discuss with Indiana Trust Rebalance Create a game plan for maximizing after-tax wealth Reassess the amount and types of fixed income exposure Ask yourself, Are my lifestyle expectations consistent with a more modest return outlook? Source: Russell
18
Fourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More information1 UK outlook: Equities remain vulnerable to ongoing political uncertainty. 2 Fixed income: The bond markets are waiting for interest rates to rise
UK outlook: Equities remain vulnerable to ongoing political uncertainty Fixed income: The bond markets are waiting for interest rates to rise 3 When bad news is good news: The eurozone has received its
More information2013 Fourth Quarter Equity Market Review
Market & Investment Insights 2013 Fourth Quarter Equity Market Review WILLIAM RIEGEL, HEAD OF EQUITY INVESTMENTS Article Highlights: U.S. stocks moved higher in the fourth quarter, capping the best year
More informationIs there still a case for European Small Caps?
This document is solely for the use of professionals and is not for general public distribution. The value of an investment and the income from it can fall as well as rise and you may not get back the
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More informationRisk Has Trended Down... So Should I Be Nervous?
Risk Has Trended Down... So Should I Be Nervous? Presentation to QWAFAFEW Melissa R. Brown, CFA Senior Director of Applied Research, Axioma January 8, 2013 Agenda Risk fell dramatically throughout 2012,
More informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More informationInvestment Opportunities in Global Fixed Income Markets
Investment Opportunities in Global Fixed Income Markets GSAM Insurance Fixed Income May 217 GSAM Insurance Asset Management Key Themes for 217 Economic Backdrop End of the Distortion Monetary to Fiscal
More informationEuropean Equity Update
European Equity Update Christopher Warren April 2017 Europe A quick recap of market conditions since 2015 14 th Annual Capital Link Forum April 23, 2015 15 th Annual Capital Link Forum April 21, 2016 16
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationNESGFOA Economic Assessment Impact on Rates
NESGFOA Economic Assessment Impact on Rates September 18, 2017 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationPlease scroll to find the 2018 and 2019 global fund holiday calendars.
Please scroll to find the 2018 and 2019 global fund holiday calendars. 2018 Exchange-Traded fund holiday Vanguard Ireland-domiciled ETFs Jan Feb Mar Apr May Jun 1 2 5 12 15 25 9 12 14 15 16 19 28 20 29
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More information- Victor Haghani, Founder Elm. Watch the full talk here
"After more than 20 years in finance, from the LSE to Salomon Brothers to LTCM, you d have thought that I d have figured out how to invest my family s savings. Well, it was 2002, I just turned 40, and
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationMonthly Market Update August 2016
Monthly Market Update August 2016 Steven Alexander, CTP, CGFO, CPPT, Managing Director D. Scott Stitcher, CFA, Director Richard Pengelly, CFA, CTP, Director Khalid Yasin, CHP, Senior Managing Consultant
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationOUTLOOK BMO Asset Management Inc.
OUTLOOK 2014 2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for 2015 and our recommended asset allocation positioning. Our asset allocation
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationInvestment Perspectives. From The Global Investment Committee
Investment Perspectives From The Global Investment Committee Global Risk Aversion Reached Extreme Levels Morgan Stanley Standardized Global Risk Demand Index As of October 15, 2014 Complacent Extreme Fear
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics January 214 (November 2 data) Highlights Note: Benchmark revisions were minimal and did not change overall trends. The CU count is down 286 during
More informationWorld Economy Geopolitics Investment Strategy. The Impact of EU s Sovereign Risks on Turkish Economy. Presentation given by
World Economy Geopolitics Investment Strategy OUTLOOK FOR WORLD S MAJOR FINANCIAL MARKETS The Impact of EU s Sovereign Risks on Turkish Economy Presentation given by Dr. Michael Ivanovitch, President MSI
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationPerspectives JAN Market Preview: Non-U.S. Equities
Perspectives JAN 2018 2018 Market Preview: Non-U.S. Equities SUSTAINED STRENGTH OR ONE HIT WONDER? Non-U.S. equity investors patience was finally rewarded with a banner year in 2017, as both strong economic
More informationItaly s Eurozone Trap
Italy s Eurozone Trap Ashoka Mody Based on EuroTragedy: A Drama in Nine Acts, New York: Oxford University Press, June 2018. Italy needed and needs the crutch of a depreciating currency to offset its abysmal
More informationGlobal Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation
Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return
More information- Victor Haghani, Founder Elm. Watch the full talk here
"After more than 20 years in finance, from the LSE to Salomon Brothers to LTCM, you d have thought that I d have figured out how to invest my family s savings. Well, it was 2002, I just turned 40, and
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationPIMCO: The New Neutral
PIMCO: The New Neutral Philanthropy Summit 2015 Investing in the New Neutral world April 2015 PIMCO Australia Pty Ltd ABN 54 084 280 508 AFS Licence 246862 Level 19, 363 George St. Sydney, NSW 2000 telephone:
More information- Victor Haghani, Founder Elm. Watch the full talk here
"After more than 20 years in finance, from the LSE to Salomon Brothers to LTCM, you d have thought that I d have figured out how to invest my family s savings. Well, it was 2002, I just turned 40, and
More informationInvestment Update. Adventurous Portfolio February 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Adventurous Portfolio February 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More information6/11/12 Spanish bank rescue announced. 6/6/12 China cuts interest rates, fueling best day for U.S. stocks in 2012
Trade History Tactical Opportunities Portfolio LPL Financial Research MODEL WEALTH PORTFOLIOS December 31, 2012 The LPL Financial Research asset allocation process, coupled with a strong security selection
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationGlobal Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationMizuho Economic Outlook & Analysis
Mizuho Economic Outlook & Analysis The BOJ after the Comprehensive Assessment will shift to a managed float system with the US adoption of Trumponomics - The BOJ may tolerate a gradual rise without fixing
More informationGLOBAL EQUITY MARKET OUTLOOK
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS 2017 was an excellent year for international equities, particularly EM. We favor the United States and EM equities for tactical global asset allocations
More informationInvestment Research Team Update
Economic & Market Commentary Market Update February 2015 February was a great month for global stocks! The S&P 500 ( large cap stocks) was up 5.7% and small stocks (Russell 2000) gained 5.9%. The jobs
More informationMONTHLY MARKET SNAPSHOT
Your fund. Your wealth. Your future. MONTHLY MARKET SNAPSHOT Commentary on the global economy and performance of the financial markets MONTHLY MARKET SNAPSHOT (KEY INSIGHTS) DECEMBER 2017 The 2017 calendar
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationFinancial Market Outlook: Stocks Rebounding from July Correction, Further Gains Likely. Bond Yields Range Bound
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Rebounding from July Correction, Further Gains Likely. Bond
More information2018 Stock Market Outlook: Double-Digit Returns?
2018 Stock Market Outlook: Double-Digit Returns? January 4, 2018 by John Lynch of LPL Financial KEY TAKEAWAYS We forecast 8 10% returns for the S&P 500 in 2018. The S&P 500 is well positioned to generate
More information1.1. Low yield environment
1. Key developments Overall, the macroeconomic outlook has deteriorated since June 215. Although many European countries continue to recover, economic growth still remains fragile reflecting high public
More informationCity of San Juan Capistrano
City of San Juan Capistrano Fourth Quarter 2013 Portfolio and Market Review Sarah Meacham, Director PFM Asset Management LLC Federal Reserve Taper Talk Drives Interest Rates The Federal Open Market Committee
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationInvestment Fundamentals Forum 21 January 2013
Investment Fundamentals Forum 21 January 2013 Economic Variables Still Matter to Markets? Suan Teck Kin, CFA 21 Jan 2013 Investment Fundamentals Forum Copyright CFA Singapore and SGX. All rights reserved.
More informationConvertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds.
Insights Convertibles To convexity... and beyond! November 2013 Convertible bonds can provide investors with the upside potential of equities with added benefits of lower price volatility and protection
More informationOlivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
More informationGlobal Investment Outlook 2014 Year Ahead Outlook
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook 2014 Year Ahead Outlook January 2014 2014 Year Ahead - Global Investment Outlook Financial Market Outlook: After Strong Gains
More informationGlobal Equites declined from Concern over Trade War
Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand
More informationOutlook for 2014 Title 1. David Greene, Pioneer Investments
Outlook for 2014 Title 1 David Greene, Pioneer Investments 2014 A year of Transition Transitioning from fiscal tightening to less austerity. Transitioning from Euro-area recession to growth. Transitioning
More informationEuro-QE at the end of the road for now
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.8 2.6 2.1 3.21 1.17 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationLiquidity Management: Beyond Quantitative Easing
Liquidity Management: Beyond Quantitative Easing June 2014 Agenda 1. Assessing Risk: Current Market Conditions a. Global Macroeconomics b. Monetary Policy c. Quantitative Easing (QE) d. Asset Bubbles e.
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationTHE ECONOMIC OUTLOOK RECESSION AND RECOVERY. Paul Darby Executive Director & Deuty Chief Economist Twitter hashtag: #psforum
THE ECONOMIC OUTLOOK RECESSION AND RECOVERY Paul Darby Executive Director & Deuty Chief Economist Darby@conferenceboard.ca US OUTLOOK US recession is coming to an end Q3 likely to be positive due to inventory
More informationGLOBAL MARKET OUTLOOK
GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no
More informationDelaware Captive Insurance Association 2016 Fall Forum
Delaware Captive Insurance Association 2016 Fall Forum Investment Considerations During Periods of Economic Uncertainty David Kilborn, CFA Chief Investment Officer Performa Limited (US), LLC (843) 297-4130
More informationThe next 15 years Is there a New Normal ahead? Delaware Investments Presentation. Richard C Marston Wharton School, University of Pennsylvania
The next 15 years Is there a New Normal ahead? Delaware Investments Presentation Richard C Marston Wharton School, University of Pennsylvania Outline 1. Is there a New Normal ahead for stocks? 2. Is the
More informationUNDERSTANDING THE STOCK MARKET CORRECTION
UNDERSTANDING THE STOCK MARKET CORRECTION EmergingWealth Investment Management, Inc. 5700 Corporate Drive, Suite 360 Pittsburgh, PA 15237-5829 Phone: (412) 548-1386 E-mail: wealth@emergingwealth.com Legend
More informationPersonal Finance Society 2017 A year of living dangerously?
\\ Personal Finance Society 2017 A year of living dangerously? \\\\ Market Insights Team This presentation is for Professional Clients only and is not for consumer use. 2017 A year of living dangerously?
More informationTrends & Long-Term Outlook for Fixed and Stable Value Funds
Trends & Long-Term Outlook for Fixed and Stable Value Funds CPPC Conference August 2013 Cathe Tocher CFA, Senior Vice President AGENDA Introduction: Short-term noise pay attention Preparing for the future:
More informationOCTOBER 2018 Capital Markets Update
OCTOBER 2018 Market commentary U.S. ECONOMICS U.S. real GDP grew at an annualized quarterly rate of 3.5% (3. YoY) in Q3, beating expectations of 3.4%. The economy was supported by the strongest consumer
More informationNavigating the Fixed Income Minefield
Navigating the Fixed Income Minefield Jeffrey Sherman, CFA Portfolio Manager DoubleLine Capital February 20, 2014 When all the experts and forecasts agree -- something else is going to happen. - Bob Farrell
More informationInvestment Update. Multi Asset Growth I February 2019 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Multi Asset Growth I February 209 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments for
More informationHow You Can Beat the Average Hedge Fund by 65% to 80% over 10 Years. The Market Realist Research Team Presents:
The Market Realist Research Team Presents: How You Can Beat the Average Hedge Fund by 65% to 80% over 10 Years www.marketrealist.com Market Realist Inc., 568 Broadway 11th Floor, New York, NY 10012 TABLE
More informationCapital Markets: Observations and Insights Earnings Resurgence Spring 2017
Capital Markets: Observations and Insights Earnings Resurgence Spring 2017 Key Observations After diverging in 2016, fundamentals once again drove performance in 1Q17 There is a resurgence in earnings
More informationPlaying The Bull Market s Final Inning(s)
Playing The Bull Market s Final Inning(s) Douglas Ramsey, CFA, CMT Mid-September 2013 FOR PROFESSIONAL USE ONLY. FURTHER DISTRIBUTION OF THE INFORMATION CONTAINED HEREIN IS PROHIBITED WITHOUT PRIOR PERMISSION.
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationSEPTEMBER 2018 Capital Markets Update
SEPTEMBER 2018 Market commentary U.S. ECONOMICS Non-farm payrolls added 134,000 jobs in September, missing the consensus estimate of 185,000. However, net revisions to the two months prior totaled +87,000
More informationMarket Briefing: European Interest Rates
Market Briefing: European Interest Rates September, 7 Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the
More informationMNI Light At The End of The Tunnel? Euro Area Economy And the ECB. Johanna Treeck, Senior ECB Correspondent, September 2015
MNI Light At The End of The Tunnel? Euro Area Economy And the ECB Johanna Treeck, Senior ECB Correspondent, September 2015 MNI Deutsche Börse Group 1 Market Data + Services We advance markets Service lines
More information2017 Fund holidays for Vanguard Investments Series plc
2017 Fund holidays for Vanguard Investments Series plc Vanguard Investment Series Plc (Irish-domiciled) *Effective 3 March 2014, Vanguard U.S. Opportunities Fund is closed to all new accounts; existing
More informationDistribution Number 26
Distribution Number 26 Multi-Index Income 4 Fund (a Sub-fund of Legal and General Multi-Index Funds) Interim Manager s Short Report for the period ended 15 February 2018 Investment Objective and Policy
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationGlobal Investment Outlook
Global Investment Outlook Ewen Cameron Watt June 16 FOR PROFESSIONAL CLIENTS ONLY - UKRSM-16 Asset performance YTD Sterling Returns Brent Crude Oil Gold German Bund ML Global High Yield JPM EMBI Emerging
More informationBOMA National Advisory Council Meeting Seaport Hotel, Boston MA
BOMA National Advisory Council Meeting Seaport Hotel, Boston MA May 5, 2017 Jeff Fuhrer, EVP and Senior Policy Advisor Federal Reserve Bank of Boston 1 Raising rates? Raising rates more this year? Next?
More information2014 Outlook for U.S. Equities
SITUATION ANALYSIS 2014 Outlook for U.S. Equities Executive summary U.S. equities have begun 2014 by trending in a generally sideways fashion as investors appear to be taking a wait and see approach following
More informationCapital Markets: Observations and Insights Searching for Yield and Asking for Trouble? As of June 30, 2016
Capital Markets: Observations and Insights Searching for Yield and Asking for Trouble? As of June 30, 2016 Key Observations Strong bond performance has supported bond-like equities and hurt growth stocks
More informationDecember 2014 FINANCIAL MARKET REVIEW
December 2014 FINANCIAL MARKET REVIEW Buena Vista Investment Management LLC 241 Third Street South Wisconsin Rapids, WI 54494 715-422-0700 http://buenavistainv.com December 2014 Why Portfolios Remain Diversified
More informationThe case for lower rated corporate bonds
The case for lower rated corporate bonds Marcus Pakenham Fixed income product specialist December 3 Introduction Where should fixed income investors be positioned over the medium term? We expect that government
More informationFixed Income Update: June 2017
Fixed Income Update: June 2017 James Kochan Chief Fixed-Income Strategist Overview Political turmoil may obscure but does not usually overwhelm the economic fundamentals that drive the bond markets.. Those
More informationMLC Horizon 1 - Bond Portfolio
Horizon 1 - Bond Portfolio Annual Review September 2009 Investment Management Level 12, 105 153 Miller Street North Sydney NSW 2060 review for the year ending 30 September 2009 Page 1 of 11 Important information
More informationSea Change: The Ebbing of Quantitative Easing Policy and its Impact on the Capital Markets
Sea Change: The Ebbing of Quantitative Easing Policy and its Impact on the Capital Markets William W. Priest CEO, Co-CIO & Portfolio Manager The information contained herein reflects, as of the date hereof,
More informationThe active ingredient in markets and passive s growth
The Allocator September 1, 2017 The active ingredient in markets and passive s growth David Bianco Chief Investment Strategist, Americas Deutsche Asset Management Active and Passive asset management will
More informationAsia Market Outlook: Expecting the Unexpected
March 2017 Asia Market Outlook: Expecting the Unexpected Affin Hwang Asset Management Berhad (429786-T) 1 Table of contents Where are we today? Market Outlook 2017: Asia Why Affin Hwang Absolute Return
More informationKey Takeaways. What It May Mean for Investors WEEKLY GUIDANCE FROM OUR I NVESTMENT STRATEGY COMMITTEE
WEEKLY GUIDANCE FROM OUR I NVESTMENT STRATEGY COMMITTEE Sean Lynch, CFA Co-Head of Global Equity Strategy November 13, 17 Equity Valuations Matter But We Don t See a Bubble» Market valuations typically
More informationCurrency Market Outlook EMPRES-7173
Currency Market Outlook 1 Currency Markets Outlook certainly one lesson is that we should get used to periods of higher volatility Mario Draghi President of the European Central Bank ECB Press Conference
More informationSecond Annual Investment Symposium
Second Annual Investment Symposium Presenting our outlook for the economy and markets. The Chattanoogan Hotel Tuesday, February 8, 2011 All market data provided by Bloomberg unless otherwise indicated.
More informationChina Economic Outlook 2013
China Economic Outlook 2 Key Developments in Brief - Mild recovery of GDP growth: +8 8.5% - Construction and consumption as main drivers - Inflationary pressure to increase: +3% - Tight labor market and
More informationTEL FAX cookstreetconsulting.com
TEL 303.333.7770 1.800.318.7770 FAX 303.333.7771 cookstreetconsulting.com Contents 1 Market Review 2 Plan Overview 3 Investment Due Diligence Appendix Appendix 3 1 Market Review 5 Q2 2017 Economic Review
More informationU.S. INTEREST RATES CHARTBOOK MARCH U.S. Interest Rates. Chartbook. March 2017
U.S. Interest Rates Chartbook March 2017 Takeaways The FOMC has raised the Fed funds rate for the third time since the start of the policy rate normalization cycle in 2015. The Committee has also reinforced
More informationWeekly Economic Commentary
LPL FINANCIAL RESEARCH Weekly Economic Commentary September 16, 2013 Dawning of a New Era? John Canally, CFA Economist LPL Financial Highlights In our view, Yellen remains the leading candidate to replace
More informationCapital Market Review
Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days
More informationETF portfolio review, 30th September ETF portfolios with ESG overlay. market overview. portfolio performance
ETF portfolio review, 30th September 2017 market overview All our ETF portfolios performed better than s in September and all portfolios bar fixed-income continued to add to their gains year-to-date. Our
More information