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Quarterly Commentaries

Strong Year for Stocks – But Gains Driven by Higher Valuations – Q4 2013

Continued modest economic and earnings growth is likely ahead. Less Fed involvement could test stock multiples and boost the range of Sector returns.
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Market to Refocus on the Economy and Earnings – Q3 2013

Areas of economic strength remain despite the absence of a substantial pickup in overall growth. Certain parts of the stock market are vulnerable to higher interest rates and to earnings disappointments.
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Looking Beyond QE – Q2 2013

The Large-Cap Core Equity portfolio is well positioned for the slow-to-moderate growth economic environment ahead, including a potential new phase of monetary policy.
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Downshift in Growth – Q1 2013

Slow Growth Warrants Equal Allocations to Economically Sensitive and Non-Economically Sensitive Sectors
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The information contained within each report was current at the time the report was created and may change over time.