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SPRING CAPITAL MARKETS OUTLOOK: 2Q14

Identifying Opportunities, Avoiding Risks

Risk assets posted strong returns in 2013, supported by moderate global growth and easy-money policies. Bond investors should position their portfolios for gradually rising rates, and equity investors should pursue the potential we see in markets that still aren’t expensive.

The Big Picture

  • We expect continued moderate global growth, with little inflation pressure; short-term rates should remain low globally, and yield curves should remain steep

  • Bond portfolios should be positioned for an environment of gradually rising interest rates over the next few years

  • Equity valuations vary by region but offer ongoing return potential, and fundamentals are still strong

Tap into Equity Potential

Equity markets have posted strong returns the past few years, but valuations aren’t overly expensive in certain regions. The fundamental underpinnings of the market remain impressive, and the return patterns we see among industries and individual stocks seem favorable for active management.

Be Active in Your Equity Exposure

With correlations between stock returns falling back to near-normal levels, stock returns aren’t traveling in lock step as much as they were. Also, the dispersion between stock returns has begun to turn upward, so the differences in returns are showing signs of increasing. Historically, active managers have thrived in these environments.

CBBYX

Growth & Income
Seeks long-term growth by investing in attractively valued companies.

WHY CONSIDER
GROWTH & INCOME?

ABYSX

Discovery Value
Invests in smaller companies with the potential to grow.

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FACT SHEET

WPSGX

Concentrated Growth Fund
A concentrated portfolio of companies that offer long-term growth potential and attractive prices.

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PRODUCT PAGE

CBBYX | Growth & Income Fund

Overall Morningstar Rating™–Advisor Share*

Rated against 1,068 funds in the Large Value Category, based on risk-adjusted returns.

WPSGX | Concentrated Growth Fund

Overall Morningstar Rating™–Advisor Share*

Rated against 1491 funds in the Large Growth Category, based on risk-adjusted returns.

Position Bonds for Rising Rates

We expect interest rates to gradually increase over the next few years, eventually returning toward “normal” levels. But we don’t envision a dire scenario for bonds, such as the ones we saw in 1981 or 1994. We think this is a good time for investors to reassess their portfolio structure and look for ways to diversify against rising US rates.

Making the Most of the Muni Yield Curve

Munis Opportunities in Credit

Bank Loans Hold Risks for Income Seekers

Consider Investments that Can Weather Rising Rates

Income-generating fixed-income sectors and global bond strategies have historically acted as somewhat of a cushion against rising US rates. Exposure to these types of investments has the potential to make portfolios less sensitive to the movements of the US Treasury market while still staying in sync with your goals.

AGDYX

High Income
Drawing on a diverse mix of income-producing sectors.

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BROCHURE

ANAYX

Global Bond
A world of potential opportunity for bond investors seeking stability and income.

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BROCHURE

ATTYX

Tax-Aware Fixed Income Portfolio
Seeks highest available current tax-exempt income without undue risk.

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FACT SHEET

AGDYX | High Income Fund

Overall Morningstar Rating™–Advisor Share*

Rated against 223 funds in the Multisector Category, based on risk-adjusted returns.

ANAYX | Global Bond Fund

Overall Morningstar Rating™–Advisor Share*

Rated against 270 funds in the World Bond Category, based on risk-adjusted returns.

New Fund!

Our popular managed account is now available as a mutual fund.

Explore New Return Sources

Alternative strategies offer investors access to a broader array of strategies that offer risk-return profiles that differ from those of the traditional asset classesstocks and bonds.

Diversify Traditional Market Exposures

Investors are still looking for traditional stock and bond investments, but there’s concern over the potential impact of equity downturns and rising interest rates. This makes strategies that adjust and diversify exposure to traditional market patterns worth considering.

Manage Equity Downturns

Seeking to provide strong long-term capital growth while hedging risk by managing overall exposure to the stock market.

SELECT LONG/SHORT BROCHURE

Q&A WITH PORTFOLIO MANAGER
KURT FEUERMAN

HELPING INVESTORS STAY IN THE MARKET

Rebalance Fixed Income Risk

Seeking an attractive total return with an absolute-return focus—without the benchmark constraints of a traditional bond fund.

UNCONSTRAINED BOND FACT SHEET

IS THERE LIFE AFTER THE BOND PARTY?