Wells Fargo Compass Advisory Program Managed Diversified Stock Income Plan
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1 Wells Fargo Advisors Portfolio Management Quarterly Commentary Wells Fargo Compass Advisory Program Managed Diversified Stock Income Plan December 31, 2017 Kent Newcomb, CFA Co-Portfolio Manager Jack Spudich, CFA Co-Portfolio Manager Summary» The Managed DSIP Portfolio increased +9.34% on a total return basis versus +6.64% for the S&P 500 benchmark in the fourth quarter. Stock selection was the dominant contributor to strong performance.» Stock selection was a positive contributor in nine of eleven sectors. Allocation to cash partially offset positive stock selection, as did an overweight position in Utilities, and an underweight in Information Technology.» For the full year 2017, the Managed DSIP Portfolio increased 21.30% versus % for the S&P 500. Sector allocation modestly offset positive stock selection.» Allocations to Information Technology (underweight), Consumer Staples and Utilities (overweight), and cash slightly offset positive stock selection overall.» Eleven companies announced dividend increases during the fourth quarter at an average annual rate of +7.4%. For the full year, fifty holdings announced dividend increases at an average annual rate of +6.9%. Fourth Quarter 2017 Market Commentary Equity and bond returns were generally positive for 2017, reflecting a year of synchronized global growth and benign inflation. Consistent with the views of Wells Fargo Investment Institute (WFII), we think improving fundamentals could validate asset prices after the strong 2017 returns. More supportive fiscal policy and less economic uncertainty could mean that markets could continue to improve even with somewhat tighter monetary policy. We do not expect a credit contraction or a reversal of earnings growth over the next year, but we recognize that global recovery is in the later stages. This could mean higher market volatility and more modest returns going forward. Better earnings supported positive returns for U.S. equities for the year. According to WFII data, S&P 500 earnings for the year could grow 10% for 2017, when final figures are in. The S&P 500 was +21.8% for the year. U.S. Mid-Cap equities were +18.5%, as measured by the Russell Mid-Cap Index. U.S. Small-Caps were +14.7%, as measured by the Russell 2000 Index (FactSet). We would characterize valuations as fair and would not be surprised to see more modest returns in the near term. We remain positive on the longerterm prospects for domestic stocks, primarily because the outlook for earnings growth remains positive. Emerging Market Equities were +37.3% for the year as measured by the MSCI Emerging Market Index. Developed Market Equities were +25.0% as measured by MSCI EAFE Index. According to Bloomberg data, earnings per share growth from continuing operations for the first nine months of the year was +21% for Please see pages 4-5 of this report for Disclosures Page 1 of 5
2 MSCI Emerging Market and +16% for Developed Market Equities (MSCI EAFE). Multiples expanded somewhat, but even after a year of strong performance both indices appear to us attractively valued. Bond total returns were broadly positive for the year. We think this was a bit of a surprise for fixed income investors. Long-term interest rates fell due to lower inflation expectations. The yield on the U.S. 30 year Treasury fell 33 basis points for the year. (100 basis points equals 1%.) Investment grade and high yield bonds outperformed Treasuries, because better economic growth meant a reduced risk of distress for credit sensitive debt. For dollar investors, non-u.s. bonds generally performed well relative to U.S. Treasuries and in absolute terms. By the end of the year, oil markets had recovered nicely from the lows in mid-summer, but prices could continue to trade within a band. Real Estate Investment Trusts (REITS) were positive for the year. In terms of risks, we see a mix of cross currents characterizing the next 12 months. These include the outlook for inflation, the path of the credit cycle, 2018 mid-term elections, evolving regulatory changes, and geopolitical challenges. We begin 2018 about half way through year 9 of the second longest U.S. expansion on record. We would expect an increase in volatility after a relatively quiet Investors need to pay close attention to risks, but they should also recognize that fundamentals are broadly positive. In our view, calls for a sharp setback followed by sustained weakness contradict a range of data, which includes improving profits, continued policy support, and less political uncertainty in a number of regions across the globe. Portfolio Commentary Stock selection was the primary positive factor affecting performance relative to the benchmark for the fourth quarter. MDSIP holdings in Consumer Staples, Industrials, Consumer Discretionary, Information Technology, Health Care, and Utilities outperformed the overall returns for the stocks in their sectors. From an allocation standpoint, cash holdings, an overweight position in Utilities, and an underweight position in Information Technology partially offset positive stock selection for the quarter. For the full year 2017, the Managed DSIP Portfolio increased 21.30% on a total return basis versus % for the S&P 500 benchmark. Sector allocation affected performance for the full year partially offset by positive stock selection. An underweight position in Information Technology and overweight positions in Consumer Staples and Utilities were the primary factors affecting performance for the full year. Cash was also a moderate drag. Stock selection was a positive contributor in Industrials, Consumer Discretionary, Energy, Health Care, and Utilities, partially offset by stock selection in Information Technology and Financials. Managed DSIP s Information Technology holdings underperformed the benchmark index in 2017 (+21% vs. +39%), as stocks that pay low or no dividends materially outperformed many of the more defensive dividend growers owned in the portfolio. Performance comparisons to the benchmark should take into consideration the Managed DSIP portfolio s generally defensive structure. Investors frequently view Consumer Staples, Health Care, Telecommunications Services, and Utilities as defensive sectors. These four sectors account for a combined portfolio weighting that averaged 36.8% during the fourth quarter versus 28.2% for the benchmark S&P 500. We continuously review our sector allocations and feel they are appropriate given the portfolio s focus on consistent dividend growth. Managed DSIP has historically maintained an overweight position in Utilities and Consumer Staples, traditionally defensive sectors with a relatively large percentage of companies that have consistently grown their annual dividends and that have held up fairly well during economic downturns and periods of market volatility. In the fourth quarter, while Managed DSIP s holdings in the sector actually outperformed the market, the S&P 500 Utilities sector overall materially underperformed the benchmark. During the third Page 2 of 5
3 quarter, we sold two Utilities holdings that are embroiled in controversy over the construction of new nuclear generation facilities, reducing the portfolio s overweight position in the sector. The portfolio also benefitted from not owning any of the California utilities that materially underperformed the sector during the quarter due to potential liabilities related to wildfires in the state. Also during the third quarter, we sold two packaged food stocks within Consumer Staples, a particularly challenged industry, reducing the portfolio s overweight position in that sector. The portfolio has also historically maintained a weighting in the Information Technology sector that is below the benchmark S&P 500 due to the limited percentage of companies that meet the portfolio s objective for income and income growth. In the fourth quarter, Technology was the second best-performing sector, materially outperforming the S&P 500 as a whole, so our underweight position relative to the benchmark was a drag on performance. On a positive note, MDSIP s Technology holdings did outperform the sector overall for the quarter. We added a new position in the sector during the quarter, a market share leader in the Software and Services industry that has demonstrated its commitment to regularly raising its dividend. Our third quarter commentary noted another new position in Info Tech, a global leader in the Technology Hardware & Equipment industry. Dividend News Eleven companies announced dividend increases during the fourth quarter at an average annual rate of +7.4%. For the full year, fifty MDSIP holdings announced dividend increases at an average annual rate of +6.9%. The table inserted below provides fourth quarter dividend details. The weighted average dividend yield for the Managed DSIP portfolio as of December 31, 2017 was 2.3% compared to a 1.9% yield for the S&P 500. Dividend Announcements (October 1, 2017 December 31, 2017) Year Earlier New Annual Annual Annualized Applicable Company Symbol Dividend Rate Dividend Rate Increase Disclosures* Abbott Labs ABT $1.12 $ % FUZ Aflac Incorporated AFL $1.80 $ % BFMSUYZ Amgen Inc. AMGN $5.28 $ % BFMSUY AT&T Corp. T $2.00 $ % BFMSUY Automatic Data Processing, Inc. ADP $2.52 $ % FSUYZ Becton, Dickinson and Company BDX $3.00 $ % BFMSUYZ Eaton Vance Corporation EV $1.24 $ % BFMSUZ Emerson Electric Company EMR $1.94 $ % 3FSUYZ NIKE, Inc. NKE $0.80 $ % BFUYZ Sysco Corporation SYY $1.44 $ % BFMSUYZ V.F. Corporation VFC $1.84 $ % FSUZ Average: 7.4% Sources: Company reports, Wells Fargo Advisors * Please see page 4 for legend disclosures. Page 3 of 5
4 Portfolio Statistics (as of December 31, 2017) Number of Holdings 51* Median Price to Book 3.9X Median Market Capitalization $67.8B Median Return on Equity 19.0% Median P/E (forward 12 months) 20.6X Average Portfolio Dividend Yield* 2.4% Median 3-5 Year EPS Growth 9.1% * Excludes cash position Source: FactSet *weighted average of all portfolio holdings Past performance is no guarantee of future results. The Dividend Yield does not represent the return of the portfolio. Source: FactSet IMPORTANT DISCLOSURES 3 An officer of Wells Fargo Advisors or an affiliate owns a long position in the issuer s equity securities. B F M S U Wells Fargo Advisors or an affiliate has received compensation for investment banking services within the past 12 months. Wells Fargo Advisors or an affiliate has a significant financial interest in the issuer. Wells Fargo Advisors or an affiliate has managed/co-managed a public offering within the past 12 months. Wells Fargo Advisors or an affiliate expects to receive or intends to seek compensation for investment banking services within the next three months. Wells Fargo Advisors or an affiliate has beneficial ownership of 0.5% or more of any class of the common stock. Y Z Wells Fargo Advisors or an affiliate received compensation from the subject company for products or services other than investment banking services during the past 12 months. Wells Fargo Advisors or an affiliate owns 1% or more of the equity or equity equivalents. Page 4 of 5
5 Disclosures Yields represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance quoted above. The Portfolio s equity investments are subject to market risk which means that the value of its investments may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. There is no guarantee that dividend-paying stocks will return more than the overall stock market. Dividends are not guaranteed and are subject to change or elimination. Technology and Internet-related stocks, especially of smaller, less-seasoned companies, tend to be more volatile than the overall market. Index Definitions An index is not managed and is unavailable for direct investment. MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index. S&P 500 Index is a market capitalization-weighted index composed of 500 widely held common stocks that is generally considered representative of the US stock market. General Disclosures The Managed DSIP portfolio is intended to best represent the ideals of the Diversified Stock Income Plan list and is designed to offer you a convenient way to potentially generate income and capital appreciation from your equity investments. Although this is a discretionary program, you still receive the benefits of individual stock ownership. Because of social concerns or other issues, you may impose reasonable restrictions on the securities held in your portfolio. In addition, you may request tax selling, as you have established your own cost basis of the individual company shares. Investors should keep in mind that an investment in stocks will fluctuates with changes in market conditions and may be worth more or less than the original investment when sold. The Managed DSIP program is not designed for excessively traded or inactive accounts and may not be suitable for all investors. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services. The minimum account size for this program is $150,000. Additional information available upon request. Past performance is not a guide to future performance. The material contained herein has been prepared from sources and data we believe to be reliable but we make no guarantee as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or investment product. Opinions and estimates are as of a certain date and subject to change without notice. Wells Fargo Advisors is registered with the U.S. Securities Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors. Wells Fargo Investment Institute, Inc., is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company Wells Fargo Clearing Services, LLC. All rights reserved Page 5 of 5
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