September 12, 2019 Wells Fargo Investment Institute (WFII ...
Daily Market Update | October 13, 2021 | page 1
Global economic forecast
Wells Fargo Investment Institute (WFII) forecasts and guidance
WFII guidance
Economic Targets U.S. GDP Growth? U.S. Inflation? U.S. Unemployment Rate? Eurozone GDP Growth? Eurozone Inflation?
Other Economic Targets Global GDP Growth? Developed-Market GDP Growth? Developed-Market Inflation? Emerging-Market GDP Growth? Emerging-Market Inflation?
Latest 6.7% 5.3% 4.8% 2.2% 3.4%
2021 YE target 6.3% 4.4% 4.7% 3.7% 1.8%
2022 YE target 5.3% 3.5% 4.1% 3.9% 1.5%
2020 YE actual -3.5%? -4.5% 1.0% -0.8%? 3.4%?
2021 YE target 5.6% 4.7% 2.6% 6.2% 4.2%
2022 YE target 5.1% 4.6% 2.3% 5.5% 4.4%
Cash and Fixed Income Cash Alternatives U.S. Taxable Investment Grade Fixed Income U.S. Short Term Taxable Fixed Income U.S. Intermediate Term Taxable Fixed Income U.S. Long Term Taxable Fixed Income High Yield Taxable Fixed Income U.S. Municipal Bonds Developed Market Ex-U.S. Fixed Income
Guidance Neutral Unfavorable Unfavorable Neutral Most Unfavorable Neutral Favorable Neutral
Equity Sectors Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology
Guidance Favorable Neutral Most Unfavorable Favorable Favorable Neutral Favorable Neutral
Global Equities S&P 500 Index S&P 500 earnings per share Russell Midcap Index Russell Midcap earnings per share Russell 2000 Index Russell 2000 earnings per share MSCI EAFE MSCI EAFE earnings per share MSCI EM MSCI EM earnings per share
Global Fixed Income 10-Year Treasury 30-Year Treasury Fed Funds Rate
Global Real Assets West Texas Crude Brent Crude Gold Price Bloomberg Commodity Index (TR)
Latest 4351 $140 3184 $77 2234 $18 2265 $54 1254 $58
Latest 1.58% 2.10% 0.25%
Latest $81 $83 $1,758 219
2021 YE target 4500-4700 $210 3200-3400 $135 2300-2500 $72 2300-2500 $140 1200-1400 $95
2022 YE target 4900-5100 $230 3500-3700 $160 2500-2700 $95 2400-2600 $145 1350-1550 $105
2021 YE target 1.50%-2.00% 2.25%-2.75% 0.00%-0.25%
2022 YE target 1.75%-2.25% 2.25%-2.75% 0.00%-0.25%
2021 YE target $70-$80 $75-$85
$2000-$2100 210-220
2022 YE target $75-$85 $80-$90
$2100-$2200 225-235
Emerging Market Fixed Income
Equities U.S. Large Cap Equities U.S. Mid Cap Equities U.S. Small Cap Equities Developed Market Ex-U.S. Equities Emerging Market Equities
Alternative Investments Commodities Private Real Estate
Alternative Investments Hedge Funds--Relative Value Hedge Funds--Macro Hedge Funds--Event Driven
Neutral
Guidance Most Favorable
Neutral Favorable Most Unfavorable Neutral
Guidance Favorable Neutral
Guidance Neutral Neutral Neutral
Materials Real Estate Utilities
Neutral Neutral Most Unfavorable
Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of October 12, 2021. Please see page 5 for important definitions regarding guidance.
Recent WFII Reports U.S. natural gas has gone global ? 10/12/2021 Review of stock market corrections and rebounds ? 10/11/2021 Technical strategy briefing ? 10/11/2021 Economic and market commentary ? 10/11/2021 Investing in bitcoin ? 10/11/2021 The narrowing path to legislative success ? 10/6/2021 Stocked shelves? ? 10/6/2021
Currency Guidance
Latest
2021 YE target 2022 YE target
Hedge Funds--Equity Hedge
Favorable
Dollar/Euro Exchange Rate Yen/Dollar Exchange Rate
$1.15
$1.14-$1.22 $1.18-$1.26
?114
?105-?115
?105-?115
Private Equity
Neutral
Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of October 12, 2021. Forecasts are not guaranteed and based on certain assumptions and on views of market and economic conditions which are subject to change. YE = year end. 1 Latest is annualized quarter-to-quarter percentage change, Q3. 2 Latest is year-over-year percentage change, September. 3 Latest is as of October. U.S. Unemployment forecasts are fourth-quarter averages for their respective years. 4 Year-ago percent changes. Latest
for earnings per share are full year 2020.
Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value
Daily Market Update | October 13, 2021 | page 2
Economic calendar
Date 11-Oct
11-Oct
11-Oct 12-Oct 12-Oct 12-Oct 13-Oct 13-Oct 13-Oct 14-Oct 14-Oct 14-Oct 15-Oct 15-Oct 15-Oct
Index ---
---
Japan Producer Price Index (YoY) U.S. Small Business Optimism U.S. JOLTS Job Openings China Trade Balance ($) U.S. CPI (MoM) U.S. Average Hourly Earnings China PPI (YoY) U.S. Initial Jobless Claims U.S. PPI (MoM)
Japan Industrial Production (MoM) U.S. Retail Sales (MoM)
U. of Mich. Consumer Sentiment France CPI (YoY)
Actual/Consensus ---
---
Actual: 6.3% Actual: 99.1 Actual: 10439k Actual: 66.76b Consensus: 0.3% Consensus: -% Consensus: 10.5% Consensus: 320k Consensus: 0.6% Consensus: -% Consensus: -0.2% Consensus: 73.2 Consensus: 2.1%
Last ---
---
Last: 5.8% Last: 100 Last: 11098k Last: 58b Last: 0.3% Last: -1.1% Last: 9.5% Last: 326k Last: 0.7% Last: -3.2% Last: 0.7% Last: 72.8 Last: 2.1%
U.S. Treasury yields
2.5
U.S. Treasury Yield Curve
2
1.5
1
0.5
0
1Y 2Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y
20Y
10/12/2021 - Yield
09/10/2021- Yield
30Y
10/12/2020- Yield
Global equities
Index Level (indexed at 100)
140
130
S&P 500
120
MSCI EAFE
110
MSCI EM
100
90 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
S&P 500
MSCI EAFE
MSCI EM
Data as of 10/12/2021
West Texas Intermediate (WTI) Crude Oil and gold price
WTI Crude Oil
90 80 70 60 50 40 30
Oct-20
Dec-20
Feb-21 Apr-21 Jun-21 WTI Crude Oil ($/barrel)
Gold
WTI Crude Oil 1,950
($/barrel)
1,900
1,850
1,800
Gold ($/ozt)
1,750
1,700
Aug-21 Gold ($/ozt)
Data as of 10/12/2021
Sources: FactSet, Bloomberg; Index returns do not reflect the deduction of fees, expenses or taxes. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results.
Daily Market Update | October 13, 2021 | page 3
Market Performance
Index Returns
Fixed Income
Bloomberg Multiverse Bloomberg US Aggregate Bloomberg US Treasury Bloomberg US Corporate Bloomberg US High Yield Bloomberg Municipal Bond Bloomberg Municipal Bond High Yield JP Morgan GBI Global Ex US JP Morgan EMBI Global
Prior Close 245 2348 2490 3501 2432 1347
448
494 911
1 Week
-0.6 -0.2 -0.2 -0.4 -0.4 -0.1
-0.2
-1.1 -0.5
Equity
MSCI AC World (USD) S&P 500 NASDAQ Composite Index DJ Industrial Average Russell 1000 Growth Russell 1000 Value Russell Mid Cap Russell 2000 MSCI EAFE (USD) MSCI EAFE (Local) MSCI EM (Emerging Markets) (USD) MSCI EM (Emerging Markets) (Local) MSCI FM Frontier Markets (USD) MSCI FM Frontier Markets (Local) CBOE Market Volatility Index
Prior Close 713 4351 14466 34378 2779 1567 3184 2234 2265 1309
1254
71355
2678 3445 20
1 Week
0.4 0.1 0.2 0.2 0.6 0.0 0.8 0.3 0.1 0.7
1.4
1.8
1.2 1.4 -6.8
Real Assets
FTSE EPRA Nareit Developed Alerian MLP Index S&P Global Infrastructure Bloomberg Commodities
Prior Close
1 Week
2341
1.6
193
2.7
2692
0.0
103
-1.1
Alternative Strategies
HFRI Fund Weighted Composite HFRI Relative Value HFRI Macro HFRI Event Driven HFRI Equity Hedge
Prior Close 18213 14141 17457 20623 29502
1 Month
0.1 1.0 0.5 0.0 -0.3
Alternative Strategies are as of 09/30/2021.
YTD
-4.4 -1.8 -2.7 -1.7 4.0 0.7
6.2
-8.8 -2.4
YTD
12.1 17.1 12.8 13.9 15.1 17.9 17.2 14.0 8.1 14.2
-0.9
1.6
21.0 23.4 -12.7
YTD
17.6 48.5 7.9 31.7
YTD
10.1 7.9 8.4 11.2 11.5
1 Year
-1.6 -1.2 -3.2 0.9 9.6 2.9
11.4
-5.3 1.6
1 Year
22.8 24.9 22.6 22.6 21.4 30.4 31.5 36.8 21.2 23.8
12.8
13.0
29.7 31.0 -20.8
1 Year
27.5 80.0 14.7 41.2
1 Year
22.1 13.6 13.7 24.2 28.1
MSCI Country Returns
Developed
MSCI Australia MSCI Canada MSCI France MSCI Germany MSCI Italy MSCI Japan MSCI Netherlands MSCI Spain MSCI Sweden MSCI Switzerland MSCI United Kingdom
Prior Close 933 2225 2295 2349 306 3852 5192 425 10718 7270 1137
Emerging
Prior Close
MSCI Brazil
1566
MSCI Chile
1005
MSCI China
91
MSCI India
854
MSCI Korea
577
MSCI Mexico
5158
MSCI Russia
890
MSCI South Africa
469
MSCI Taiwan
663
MSCI Turkey
180
Sector Returns
S&P Sector Returns
Prior Close
S&P 500 Communications Services 266
S&P 500 Consumer Discretionary 1454
S&P 500 Consumer Staples
726
S&P 500 Energy
428
S&P 500 Financial
640
S&P 500 Healthcare
1462
S&P 500 Industrials
844
S&P 500 Information Technology 2641
S&P 500 Material
510
S&P 500 Real Estate
283
S&P 500 Utilities
327
1 Week
1.6 2.3 -0.8 -0.7 0.1 -1.0 -0.8 0.4 -0.3 1.3 0.7
1 Week
0.4 -4.7 6.2 -0.5 -2.7 0.3 1.6 2.6 -0.7 0.8
1 Week
-1.9 1.7 1.3 2.3 -0.1 -0.6 0.1 0.2 0.7 1.5 -0.4
Commodity & Currency Returns
YTD
8.8 22.7 12.5 3.7 11.2 2.8 22.2 5.3 16.0 8.0 14.1
YTD
-11.8 -13.5 -13.5 27.6 -13.3 14.7 39.3
7.1 13.0 -19.2
YTD
20.7 12.2 6.5 54.7 32.5 11.8 13.8 16.1 13.6 26.7 4.9
1 Year
26.3 33.6 29.5 11.3 31.1 17.0 36.8 28.8 28.2 13.7 29.3
1 Year
14.9 11.2 -7.0 46.6 14.1 41.8 69.4 25.5 32.0 6.4
1 Year
31.8 13.7 9.1 91.8 54.0 16.8 24.9 22.7 24.6 26.4 3.9
Commodities & Currencies
CRB Total Return Baltic Dry Index Freight Gold (oz) Copper WTI Crude Oil (bbl) Brent Crude Oil (bbl) Natural Gas (btu) Gasoline (gal) U.S. Dollar per Euro U.S. Dollar per British Pound Japanese Yen per U.S. Dollar United States Dollar Index
Prior Close
1 Week YTD
1 Year
236
0.0
40.6
55.4
5378
-0.6 293.7 197.6
1760
0.0
-7.2
-6.8
433
4.7
23.4
42.6
81
4.0
68.3
88.4
83
2.8
60.9
96.3
6
-4.1 114.4
90.7
238
3.2
69.1 101.4
1.15
-0.1
-5.5
-1.7
1.36
0.2
-0.4
5.2
114
-1.8
-9.0
-7.0
95
0.1
4.9
0.9
Strategic Asset Allocation Performance
Three Asset Group (no rebalance) Conservative Income Moderate Income Aggressive Income Conservative Growth & Income Moderate Growth & Income Aggressive Growth & Income Conservative Growth Moderate Growth Aggressive Growth
MTD QTD YTD 1 Year
-0.08 -0.08 1.71 4.35
0.04
0.04
3.54
7.85
0.09
0.09
4.88 10.26
0.23
0.23
6.05 12.62
0.34
0.34
7.45 15.07
0.43
0.43
8.75 17.26
0.54
0.54
9.66 19.37
0.61
0.61 10.48 21.36
0.67
0.67 11.02 23.34
Sources: Bloomberg, Wells Fargo Investment Institute; October 12, 2021. See pages 5-6 for Investment Objectives Definition and Composition. Portfolios are hypothetical and for illustrative purposes only. Hypothetical returns do not represent investment returns or the results of actual trading. Index returns reflect general market results, assume the reinvestment of dividends and other distributions, and do not reflect deduction for fees, expenses or taxes applicable to an actual investment. Strategic Asset Allocation: An investor's return objectives, risk tolerances, and investment constraints are integrated with long-term return assumptions to establish exposure to permissible asset classes. An index is unmanaged and not available for direct investment. Index returns do not reflect the deduction of fees, expenses or taxes. Returns are U.S. dollar based unless indicated otherwise. Performance reflects total returns. Sources: Bloomberg Finance LLP, FactSet; October 12, 2021. Past performance is no guarantee of future results. HFRI data is monthly at the sixth business day; all other indices are daily.
Daily Market Update | October 13, 2021 | page 4
Bond Market Data
Cross-Sector Yield Curves
Maturity 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 7-Yr 10-Yr 15-Yr 20-Yr 30-Yr
Treasury 0.10 0.35 0.64 0.88 1.08 1.39 1.58 1.76 2.05 2.10
Agency 0.14 0.34 0.63 0.87 1.07 1.39 1.69 1.94 2.20 NA
Corporate A 0.29 0.51 0.85 1.16 1.42 1.86 2.31 2.81 2.96 3.01
Municipal AAA 0.18 0.19 0.26 0.41 0.57 0.85 1.17 1.41 1.54 1.76
Taxable Equivalent Yield, 37% Tax Rate2
0.28 0.30 0.41 0.65 0.90 1.35 1.86 2.24 2.44 2.80
Taxable Equivalent Yield, 35% Tax Rate2
0.28 0.29 0.40 0.63 0.88 1.31 1.80 2.17 2.37 2.71
Taxable Equivalent Yield, 32% Tax Rate2
0.26 0.28 0.38 0.60 0.84 1.25 1.72 2.07 2.26 2.59
Corporate Bond Yield Curves and Spreads
AA
A
BBB
BB
Maturity AA** Spread A** Spread BBB** Spread BB** Spread1
1-Yr
0.27
18
0.29
20
0.51
42
1.75
166
2-Yr
0.45
11
0.51
17
0.76
42
2.12
178
3-Yr
0.77
15
0.85
23
1.10
48
2.55
192
4-Yr
1.05
19
1.16
29
1.44
58
2.99
212
5-Yr
1.29
22
1.42
35
1.72
65
3.35
227
7-Yr
1.70
31
1.86
47
2.19
80
3.87
249
10-Yr 2.11
53
2.31
73
2.67 109 4.32
274
15-Yr 2.54
78
2.81 105 3.23 147 4.83
308
20-Yr 2.77
73
2.96
92
3.38 133 4.93
288
30-Yr 2.89
80
3.01
91
3.32 122 4.82
272
Short-Term Yield Curves
Maturity 1-month 3-month 6-month 1-Year
Treasury Bills Agency Discount Notes Commercial Paper Libor
0.00
NA
0.08
0.09
0.04
0.07
0.09
0.12
0.05
0.09
0.10
0.16
0.09
0.14
NA
0.26
International Yield Curves
Maturity Canada
France Germany
Japan
2-Year
0.73
-0.68
-0.67
-0.13
5-Year
1.24
-0.27
-0.47
-0.09
10-Year
1.62
0.24
-0.09
0.09
30-Year
2.05
0.99
0.37
0.69
United Kingdom
0.55 0.77 1.15 1.44
Mortgage Backed Securities
Term
Yield
MBS Conventional -3YR
2.0
GNMA - Aggregate Term
1.9
Municipal Yield Curves
Maturity AAA
AA
A
1-Yr
0.18
0.25
0.33
2-Yr
0.19
0.28
0.35
3-Yr
0.26
0.38
0.43
4-Yr
0.41
0.55
0.59
5-Yr
0.57
0.72
0.77
7-Yr
0.85
1.01
1.07
10-Yr
1.17
1.35
1.43
15-Yr
1.41
1.60
1.70
20-Yr
1.54
1.74
1.85
30-Yr
1.76
2.00
2.09
BBB
Insured
PreRefunded
0.84
0.94
0.16
0.85
0.98
0.20
0.92
1.03
0.30
1.07
1.09
0.45
1.23
1.10
0.61
1.52
1.23
0.89
1.84
1.48
1.21
2.08
1.78
NA
2.21
1.97
NA
2.44
2.16
NA
Constant Maturity Swap Rates
Maturity 2-Year 5-Year 10-Year 30-Year
Swaps 0.46 1.15 1.63 1.91
Short-Term Yield Curves
Government Repo
Overnight
0.04
1-week
0.04
1-month
0.05
3-month
0.07
Other Rates
Money Rates
U.S. Secured Overnight Financing Rate 0.05
Fed Funds Target Rates
0.25
Prime Rate
3.25
1 Spread is the difference between the yield on a bond and that of a comparable U.S.
Treasury security.
2 Taxable Equivalent yield (TEY) assumes the tax
bracket shown. Income may be subject to state
and/or local taxes and/or the alternative minimum tax
(AMT).
NA: Not Available **Standard & Poor's (S&P) Corporate Bond Ratings: AA means high quality and subject to very low credit risk. A means upper-medium grade and subject to low credit risk. BBB means subject to moderate credit risk; these obligations are considered medium-grade and as such may possess certain speculative characteristics. BB is judged to have speculative elements; subject to substantial credit risk. GNMA yields are bond equivalent yields based on generic issues for varying coupons. They do not represent Consensus GNMA issues. Average life is a means to measure the time until all principal is returned for securities that return principal over time vs. in one lump sum. The yield and average life are calculated using a prepayment assumption that may or may not be met. The assumption used for the calculations is the median of 12 mortgage brokers` estimated prepayment speeds. Spread represents the implied risk premium an investor will receive over an equivalent investment in a U.S. Treasury security. For GNMAs, this spread is an option-adjusted spread as it factors in the series of embedded options inherent in mortgage-backed securities. Pre-refunded municipal bond is a bond that the issuer decided to redeem from the bondholder before its maturity date. After the issuer distributes the new bonds, it will then often purchase Treasury securities that mature around the same time as the original bonds. The interest accumulated from the Treasury securities pays off the interest from the pre-refunded bond. Insured municipal bonds are insured by policies written by commercial insurance companies. The insurance policy is intended to provide for the insurer to pay principal and interest payments to bondholders in the event the issuer defaults. For municipal yield curves, there is no "constant Treasury" in the 4-, 15- or 20-year maturity segment to facilitate this calculation. Notes on Index Returns: Index Returns reflect previous business day's closing value with the exception of Hedge Fund Index returns which have a one day lag. Three-year returns are annualized. Source: Bloomberg Finance LLP; October 12, 2021.
Daily Market Update | October 13, 2021 | page 5
WFII guidance legend
Most favorable: WFII's highest conviction guidance that indicates a strong desire to overweight an asset class (or sector) within a portfolio. It also communicates that, over a tactical time frame, WFII views the asset class (or sector) as offering investors a very attractive risk/reward opportunity.
Favorable: Guidance that indicates a desire to overweight an asset class within a portfolio. It also communicates that, over a tactical time frame, WFII views the asset class (or sector) as providing investors with an attractive risk/reward opportunity.
Neutral: Guidance that indicates a desire to maintain an asset class near the long-term (strategic) allocation guidance within a portfolio. It also communicates that, over a tactical time frame, WFII views the asset class (or sector) as providing investors with an acceptable risk/reward opportunity.
Unfavorable: This WFII guidance level indicates a desire to underweight an asset class (or sector) within a portfolio. It also communicates that, over a tactical time frame, WFII does not view the asset class (or sector) as providing investors with an attractive risk/reward opportunity.
Most unfavorable: WFII's highest conviction guidance indicating a strong belief in underweighting an asset class within a portfolio. This also communicates that, over a tactical time frame, WFII views the asset class (or sector) as offering investors a very unattractive risk/reward opportunity.
Investment objectives definitions
Income
Income portfolios emphasize current income with minimal consideration for capital appreciation and usually have less exposure to more volatile growth assets but can still experience losses.
Conservative Income investors generally assume lower risk, but may still experience losses or have lower expected income returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 72% Bloomberg U.S. Aggregate Bond Index, 5% Bloomberg U.S. Corporate High Yield Bond Index, 3% JPM EMBI Global Index, 12% S&P 500 Index, 4% Russell Midcap Index, 2% MSCI EAFE Index.
Moderate Income investors are willing to accept a modest level of risk that may result in increased losses in exchange for the potential to receive modest income returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 58% Bloomberg U.S. Aggregate Bond Index, 6% Bloomberg U.S. Corporate High Yield Bond Index, 5% JPM EMBI Global Index, 16% S&P 500 Index, 5% Russell Midcap Index, 4% Russell 2000 Index, 4% MSCI EAFE Index.
Aggressive Income investors seek a higher level of returns and are willing to accept a higher level of risk that may result in greater losses. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 45% Bloomberg U.S. Aggregate Bond Index, 8% Bloomberg U.S. Corporate High Yield Bond Index, 8% JPM EMBI Global Index, 19% S&P 500 Index, 7% Russell Midcap Index, 4% Russell 2000 Index, 7% MSCI EAFE Index.
Growth & income
Growth & Income portfolios emphasize a blend of current income and capital appreciation and usually have some exposure to more volatile growth assets.
Conservative Growth & Income investors generally assume a lower amount of risk, but may still experience losses or have lower expected returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 39% Bloomberg U.S. Aggregate Bond Index, 6% Bloomberg U.S. Corporate High Yield Bond Index, 5% JPM EMBI Global Index, 20% S&P 500 Index, 8% Russell Midcap Index, 5% Russell 2000 Index, 7% MSCI EAFE Index, 6% MSCI Emerging Markets Index, 2% Bloomberg Commodity Index.
Moderate Growth & Income investors are willing to accept a modest level of risk that may result in increased losses in exchange for the potential to receive modest returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 30% Bloomberg U.S. Aggregate Bond Index, 6% Bloomberg U.S. Corporate High Yield Bond Index, 5% JPM EMBI Global Index, 24% S&P 500 Index, 10% Russell Midcap Index, 6% Russell 2000 Index, 8% MSCI EAFE Index, 7% MSCI Emerging Markets Index, 2% Bloomberg Commodity Index.
Aggressive Growth & Income investors seek a higher level of returns and are willing to accept a higher level of risk that may result in greater losses. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 20% Bloomberg U.S. Aggregate Bond Index, 7% Bloomberg U.S. Corporate High Yield Bond Index, 6% JPM EMBI Global Index, 28% S&P 500 Index, 12% Russell Midcap Index, 6% Russell 2000 Index, 9% MSCI EAFE Index, 8% MSCI Emerging Markets Index, 2% Bloomberg Commodity Index.
Growth
Growth portfolios emphasize capital appreciation with minimal consideration for current income and usually have significant exposure to more volatile growth assets.
Conservative Growth investors generally assume a lower amount of risk, but may still experience increased losses or have lower expected growth returns. Portfolio Composition: 2% Bloomberg U.S. Treasury Bill (1?3 Month) Index, 16% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg U.S. Corporate High Yield Bond Index, 3% JPM EMBI Global Index, 30% S&P 500 Index, 13% Russell Midcap Index, 8% Russell 2000 Index, 11% MSCI EAFE Index, 12% MSCI Emerging Markets Index, 2% Bloomberg Commodity Index.
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