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Quarterly Commentaries

Select Opportunities at Home and Abroad – Q3 2018

We see ongoing investment opportunities in the U.S., tied to its economic leadership. We also see new opportunities in Asia, where equity underperformance has shifted the region’s risk and return outlook. While markets always face uncertainties, economic and market fundamentals appear stable.

Mostly Sunny at Home, Partly Cloudy Abroad – Q2 2018

Prospects for a temporary reacceleration of economic growth in the U.S., and for continued trade tensions globally, do not change our fundamental view that the U.S. is on a favorable path of moderate economic growth while challenges remain abroad.

Market Calm Ends, Economic Expansion Extends – Q1 2018

While equity markets saw a return of volatility in the first quarter, our fundamental economic and corporate earnings outlook has not shifted materially. We expect continued moderate economic growth globally, with rising inflation and interest rates in the U.S. and continued structural challenges abroad.

The More Things Change… – Q4 2017

A lot changed in 2017, but the trend of global economic growth did not. We expect modest economic growth to continue in 2018 along with continued equity market gains. However, we also anticipate sector opportunities and risks will be more pronounced as the economic cycle continues to mature.

Calm Surface, Shifting Undercurrents – Q3 2017

Broad market indices have shown little volatility of late, echoing slow-but-steady global economic growth that we expect will continue. Mercurial investor focus, however, has led to intermittent swings in market leadership. Investors should look to fundamentals to navigate this late cycle expansion.

Rising Above Modest Circumstances – Q2 2017

Modest economic growth continues globally, even as we see little potential for acceleration. Seek opportunity in areas of the markets with cyclical or secular growth drivers and reasonable valuations.

Investors Feel Better, But Real Change Takes Time – Q1 2017

Investors refocus on fundamental growth opportunities as the political reality sets in – that a new administration’s policies almost always fall short of the hopes, fears, and campaign rhetoric that surround them. Expect continued moderate economic growth in the U.S. and challenges abroad.
The information contained within each report was current at the time the report was created and may change over time.