Commentary

Mid Caps: Filling the Income Gap While Seeking Capital Appreciation

Globally, there are two fundamental shifts happening in the current environment that are increasing the need for income-producing products. First, as baby boomers continue to retire from their work lives, the demand for investment income is likely to grow.

Commentary

Q4 Outlook: Global Economy Staggers Toward Year End

• Volatility has been the story of 2019. The markets have dealt with uncertainty around global trade restrictions, recession fears and the possibility of impeachment of President Donald Trump.

• We project these headwinds will cause global economic growth to remain relatively weak for the remainder of the year.

• We believe the likelihood of a near-term recession is unlikely and tentative signs of economic stabilization could develop in the next few months.

Commentary

Drilling into Potential of Oil Services, E&P Companies

Volatility continues to be a key factor in the world oil market and the stocks of energy companies. We think the oil market still is at an early-recovery stage and the fundamentals of supply and demand remain solid.

Commentary

2018 Global Economic and Market Outlook

U.S. stock market indices continue to reach new highs and major global economies are growing in sync for the first time in a decade. Corporate earnings have reached record levels, business confidence indicators are climbing while inflation remains in check.

Commentary

Q4 Outlook: A Look at Key Issues, Sectors as 2018 Approaches

The stock market continued to hit new highs through the third quarter, confounding those who focused on the rapidly changing headlines in the U.S. and throughout the world.

Commentary

Opportunities For Growth In Evolving Markets

We think there are ample catalysts for ongoing corporate earnings growth. Growth appears to be broadening to more cyclical parts of the economy, such as manufacturing, as well as outside the U.S. The political climate – including the outcome of the remaining elections across Europe and President Donald Trump’s political agenda – is evolving. We think it will be difficult to predict Trump’s next move, but think tax reform is likely to remain on the agenda this year.

Commentary

2017 Outlook: Change on the Horizon

It's not unusual for a new year to bring changes. But 2017 may be particularly noteworthy. Topping the list is a new U.S. president and Republican-controlled Congress, bringing the prospect of a new direction for many policies, regulations and legislative priorities. Elections and leadership changes also are on the calendar in several major countries, including France, Germany and China. What may not change next year are the geopolitical tensions that continue to pressure several regions around the globe.

Commentary

Returning to balance in supply and demand

The crude oil market is a clear reflection of supply and demand for a major world commodity. Changes in key factors can happen quickly or develop slowly over time, but they eventually are reflected in prices. We now believe the oil market is very close to a global supply/demand balance.
Commentary

Novel, New Technologies Creating Investment Opportunities

We are excited about the innovation and growth taking place across the globe, and believe many stocks in the information technology sector remain relatively inexpensive and are well positioned going forward. Despite our optimistic outlook, we think it is important to understand why and how the Fund underperformed recently.
Commentary

2Q 2016 Outlook How Long Will Markets Continue This Wild Ride?

Markets have taken investors on a wild ride in 2016, with conflicting messages about expectations for economic growth and inflation. Through April, the S&P 500 Index had returned just more than 3%, erasing its 10% correction at the start of the year. Since a trough on Feb. 11, global and domestic equities have largely followed suit and rebounded to the levels of fourth-quarter 2015. The 10-year U.S. Treasury yield hit a low for the year so far of 1.66% on that date, but ended April around 1.83% — although not without its own choppiness. The CBOE Volatility Index spiked in January and February, fell off in March and early April and then showed rising volatility again at the end of April. In our view, this has become a speculative market.
Commentary

U.S. Presidential Election Brings Key Economic Issues into Focus

The 2016 U.S. presidential election. has drawn more potential candidates, more controversy and perhaps more media coverage than any election in modern U.S. history. It also has been said that this year’s presidential contest is the most important of our time.* The same argument could be made from an economic perspective.