Research
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The economic environment and capital markets are unsettled, but there’s a silver lining in newfound opportunities: when uncertainty rises, so do the potential rewards for taking risks in your portfolio. It may seem uncomfortable to stay in instead of moving out, but remaining on course with a globally diversified investment mix usually leaves investors better off. 7/17/2008
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United States
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| By |
Joseph G. Carson
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Senior Vice President and Director—Global Economic Research
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The outlook for US consumer spending hinges a great deal on the generation of new household cash flow. In recent years, household cash flow was supplemented by record mortgage equity withdrawal. But the cycle of tapping the till in housing is over. Our analysis shows that, in Q1, housing reverted to its traditional role of an illiquid asset, absorbing greater amounts of cash flow than it is pumping out through cash-out refinancing. 8/26/2008
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As
of
8/27/2008
Class A @ NAV
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YTD |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. * |
 |
|
|
-18.73
|
-22.57
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-1.42
|
5.22
|
3.85
|
![]() |
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|
-13.51
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-7.04
|
1.59
|
5.21
|
-1.33
|
![]() |
|
|
-10.81
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-7.82
|
3.98
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—
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6.77
|
![]() |
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-22.10
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-19.01
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9.80
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15.31
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12.44
|
![]() |
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-17.29
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-14.00
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1.50
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12.71
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10.49
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![]() |
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|
-0.02
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5.10
|
6.95
|
8.08
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8.66
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* or Since Inception
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