Daily Market Update - Wells Fargo Advisors
Daily Market Update | August 19, 2022 | page 1
Wells Fargo Investment Institute (WFII) forecasts and guidance
Global economic forecast
Economic Targets U.S. GDP Growth U.S. Inflation U.S. Unemployment Rate Eurozone GDP Growth Eurozone Inflation
Latest 1.6% 8.5% 3.5% 3.9% 8.9%
Other Economic Targets Global GDP Growth Global Inflation Developed-Market GDP Growth Developed-Market Inflation Emerging-Market GDP Growth Emerging-Market Inflation
Latest 1.1% 6.7% 1.3% 8.7% 1.0% 5.2%
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
Latest 4284 $210 2958 $141 2001 $70 1947 $147 1010 $94
Global Fixed Income 10-Year Treasury 30-Year Treasury Fed Funds Rate
Latest 2.88% 3.14% 2.50%
Global Real Assets West Texas Crude Brent Crude Gold Price Bloomberg Commodity Index (TR)
Currency Guidance Dollar/Euro Exchange Rate Yen/Dollar Exchange Rate
Latest $91 $97 $1,759 261
Latest $1.01 ?136
2022 YE target -0.2% 7.7% 4.3% 1.1% 7.8%
2023 YE target 0.9% 3.5% 5.2% -2.0% 3.1%
2022 YE target 1.9% 6.6% 0.8% 6.8% 2.9% 6.3%
2023 YE target 1.7% 4.3% 0.1% 3.4% 2.8% 5.5%
2022 YE target 3800-4000 $200 2500-2700 $130 1500-1700 $65 1550-1750 $135 800-1000 $85
2023 YE target 4300-4500 $220 2900-3100 $145 1800-2000 $75 1700-1900 $145 900-1100 $95
2022 YE target 3.25-3.75% 3.25-3.75% 3.50-3.75%
2023 YE target 2.75-3.25% 2.75-3.25% 4.00-4.25%
2022 YE target $90-$110 $95-$115
$2000 - $2100 260-280
2023 YE target $100-$120 $105-$125
$2100 - $2200 270-290
2022 YE target $0.97-$1.05 ?132-?142
2023 YE target $1.00-$1.08 ?125-?135
WFII guidance
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 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 Hedge Funds--Equity Hedge Private Equity Private Debt
Guidance Neutral Favorable Most Favorable Neutral Neutral Unfavorable Favorable Unfavorable Neutral
Guidance Most Favorable
Favorable Unfavorable Most Unfavorable Unfavorable
Guidance Favorable Neutral
Guidance Favorable Favorable Unfavorable Neutral Neutral Neutral
Equity Sectors Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities
Guidance Neutral Unfavorable Neutral Favorable Neutral Favorable Neutral Favorable Neutral Unfavorable Neutral
Sources: Bureau of Statistics, Wells Fargo Investment Institute, Wells Fargo Securities' Economic Group, as of August 18, 2022. Please see page 5 for important definitions regarding guidance.
Recent WFII Reports
Yield-curve inversion reminders ? 08/17/22 Our preferred recession predictor has spoken ? 08/16/22 Asset allocation strategy report | executive summary ? 08/15/22 How do diversifiers fit into a 60/40 allocation? ? 08/15/22 Technical strategy briefing ? 08/15/22 Fixed income in 2022 -- Navigating through the challenges ? 08/15/22 Economic and market commentary ? 08/15/22
Sources: Bureau of Statistics, Wells Fargo Investment Institute, Bloomberg, as of August 18, 2022. Forecasts are not guaranteed and based on certain assumptions and on views of market and economic conditions which are subject to change. Latest economic numbers are yearover-year and as of most recent quarter-end unless noted otherwise. The unemployment rate is a level, not a year-over-year change figure. Latest economic data as of June 30, 2022 except global and Developed Market GDP growth which are as of March 31, 2022. U.S. inflation, U.S. unemployment rate, and eurozone inflation are as of July 31, 2022. Earnings per share are as of December 31, 2021. Year-end (YE) targets are based on forecasts by Wells Fargo Investment Institute as of August 19, 2022.
Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value
Daily Market Update | August 19, 2022 | page 2
Economic calendar
Date 15-Aug 15-Aug 15-Aug 16-Aug 16-Aug 16-Aug 17-Aug 17-Aug 17-Aug 18-Aug
18-Aug
18-Aug 19-Aug 19-Aug 19-Aug
Index Empire Manufacturing Index NAHB Housing Market Index Canada Manufacturing Sales (MoM)
U.S. Housing Starts Industrial Production (MoM) Germany ZEW Survey Expectations
U.S. MBA Mortgage Apps. U.S. Retail Sales (MoM) Eurozone ? GDP seasonally adj. (QoQ) U.S. Initial Jobless Claims U.S. Conference Board Leading Index
(MoM) Japan CPI (YoY)
----U.K. Retail Sales (MoM)
Actual/Consensus Actual: -31.3 Actual: 49.0 Actual: -0.8% Actual: 1446.0k Actual: 0.6% Actual: -55.3 Actual: -2.3% Actual: 0.0% Actual: 0.6% Actual: 250.0k
Actual: -0.4%
Actual: 2.6% -----
Actual: 0.3%
Last Last: 11.1 Last: 55.0 Last: -1.1% Last: 1599.0k Last: 0.0% Last: -53.8 Last: 0.2% Last: 0.8% Last: 0.5% Last: 250.0k
Last: -0.7%
Last: 2.4% -----
Last: -0.2%
U.S. Treasury yields
U.S. Treasury Yield curve (%)
4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0
1Y 2Y 3Y 5Y 7Y Yield curve as of 8/18/22
10Y
20Y
Yield curve as of 7/18/22
30Y Yield curve as of 8/18/21
Index level (indexed at 100)
Global equities
120 110 100
90 80 70
S&P 500 Index
MSCI EAFE Index
S&P 500 MMSSCCII EEMAFE
MSCI EM Index Data as of 8/18/2022
Gold ($/troy ounce)
West Texas Intermediate (WTI) Crude Oil and gold price
140
2050
WTI Crude Oil 2000 120
1950
100
1900
1850
80
1800
1750 60
1700
40
Gold 1650
WTI Crude Oil ($/barrel)
WTI Crude Oil
Gold
Data as of 8/18/2022
Source: 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 | August 19, 2022 | 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 213 2140 2281 3093 2257 1254
413
399 777
1 Week
-1.2 0.1 0.1 0.2 -0.6 -1.0
-0.6
-2.7 -1.1
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 655 4284 12965 33999 2573 1573 2958 2001 1947 1265
1010
60530
2247 3124 20
1 Week
0.8 1.9 1.5 2.1 2.0 1.4 1.1 1.3 -1.1 0.9
-0.2
0.3
0.4 1.0 -3.2
Real Assets
FTSE EPRA Nareit Developed Alerian MLP Index S&P Global Infrastructure Bloomberg Commodities
Prior Close
1 Week
2424
-0.5
222
3.6
2859
1.3
121
-1.7
Alternative Strategies
HFRI Fund Weighted Composite HFRI Relative Value HFRI Macro HFRI Event Driven HFRI Equity Hedge
Prior Close 17459 13922 18661 19784 26742
1 Month
1.5 0.8 -0.9 2.4 2.5
Alternative Strategies are as of 7/31/2022.
YTD
-13.2 -9.1 -8.8 -12.2 -8.3 -7.6
-9.1
-18.7 -15.4
YTD
-11.8 -9.2 -16.7 -5.2 -15.8 -3.7 -10.0 -10.2 -14.6 -4.9
-16.0
-11.4
-16.5 -11.5 13.6
YTD
-13.5 30.9 8.2 23.3
YTD
-4.2 -1.3 7.5 -5.1 -9.5
1 Year
-15.2 -9.9 -9.6 -12.8 -6.9 -7.7
-8.7
-22.6 -16.4
1 Year
-7.6 -1.2 -10.1 -0.8 -7.5 1.7 -5.1 -6.2 -14.4 -2.3
-17.3
-12.1
-14.8 -8.5 -9.3
1 Year
-8.6 38.4 12.9 30.8
1 Year
-4.2 -0.4 6.9 -4.5 -9.8
MSCI Country Returns
Developed
Prior Close
MSCI Australia
870
MSCI Canada
2129
MSCI France
2011
MSCI Germany
1713
MSCI Italy
238
MSCI Japan
3259
MSCI Netherlands
3920
MSCI Spain
358
MSCI Sweden
8078
MSCI Switzerland
6643
MSCI United Kingdom
1084
Emerging
Prior Close
MSCI Brazil
1579
MSCI Chile
1144
MSCI China
65
MSCI India
813
MSCI Korea
456
MSCI Mexico
5101
MSCI Russia
NA
MSCI South Africa
431
MSCI Taiwan
571
MSCI Turkey
182
Sector Returns
S&P Sector Returns
Prior Close
S&P 500 Communications Services 201
S&P 500 Consumer Discretionary 1346
S&P 500 Consumer Staples
802
S&P 500 Energy
603
S&P 500 Financial
592
S&P 500 Healthcare
1543
S&P 500 Industrials
845
S&P 500 Information Technology 2638
S&P 500 Material
507
S&P 500 Real Estate
282
S&P 500 Utilities
394
1 Week
-1.2 0.2 -2.0 -2.6 -1.4 1.6 -1.8 -1.3 -3.2 -1.9 -0.6
1 Week
3.3 -5.1 1.9 2.1 -1.5 0.3 NA -4.2 1.0 5.5
1 Week
0.5 2.9 3.3 2.1 1.9 0.5 1.8 2.3 1.3 0.7 3.0
YTD
-4.4 -5.2 -16.0 -26.1 -21.7 -13.6 -26.3 -10.7 -26.8 -15.9 -4.8
YTD
20.3 22.7 -20.5 -2.7 -24.2 -5.0 -100.0 -3.0 -20.0 18.8
YTD
-24.6 -16.1 1.2 46.7 -7.8 -5.2 -4.6 -13.1 -10.1 -11.7 10.3
1 Year
-4.0 0.2 -13.8 -29.7 -20.4 -13.0 -26.0 -14.9 -25.9 -12.9 -2.0
1 Year
2.6 10.5 -25.9 3.4 -27.9 -2.0 -100.0 -4.0 -12.4 -3.9
1 Year
-26.0 -3.7 10.4 78.3 -3.7 -0.1 -1.4 -0.3 -2.0 0.1 16.4
Commodity & Currency Returns
Commodities & Currencies
CRB Total Return Baltic Dry Index Freight Gold ($/oz) Copper ($/lb) WTI Crude Oil ($/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
290
-1.6
1320
-15.2
1759
-1.7
3.63
-2.0
91
-4.1
97
-3.0
9.19
3.5
3.03
-1.5
1.01
-2.3
1.19
-2.3
136
2.2
107
2.3
YTD
24.9 -40.5 -3.9 -18.6 26.5 24.2 146.3 35.8 -11.3 -11.8 18.1 12.3
1 Year
36.4 -65.6 -1.6 -11.9 47.6 41.6 138.5 40.9 -13.9 -13.3 23.8 15.4
Strategic Asset Allocation Performance
Liquid (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
-0.06 3.70 -8.62 -7.80
0.58
5.16 -8.90 -7.45
0.98
6.11 -9.26 -7.37
1.24
6.51 -8.72 -6.49
1.67
7.47 -8.87 -6.13
2.06
8.35 -9.07 -5.84
2.35
8.86 -8.94 -5.38
2.71
9.49 -9.23 -5.44
2.97
9.87 -9.67 -5.92
Sources: Bloomberg, Wells Fargo Investment Institute; as of August 18, 2022. 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. Source: Bloomberg; as of August 18, 2022. Past performance is no guarantee of future results. HFRI data is monthly at the sixth business day; all other indexes are daily.
Daily Market Update | August 19, 2022 | 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 3.17 3.20 3.22 3.14 3.03 2.97 2.88 2.88 3.35 3.14
Agency 3.25 3.28 3.25 3.20 3.16 3.12 3.22 3.49 3.62 NA
Corporate A 3.33 3.57 3.64 3.70 3.77 3.91 4.13 4.50 4.65 4.49
Municipal AAA 2.15 2.14 2.12 2.12 2.13 2.24 2.41 2.78 2.95 3.15
Corporate Bond Yield Curves and Spreads
Taxable Equivalent Yield, 37% Tax Rate?
3.40 3.39 3.37 3.37 3.38 3.55 3.83 4.42 4.69 5.00
Taxable Equivalent Yield, 35% Tax Rate?
3.30 3.29 3.26 3.27 3.28 3.44 3.71 4.28 4.54 4.84
Taxable Equivalent Yield, 32% Tax Rate?
3.15 3.14 3.12 3.12 3.13 3.29 3.55 4.09 4.34 4.63
AA
A
BBB
Maturity AA** Spread A** Spread BBB** Spread BB**
1-Yr 3.21
4
3.33 15 3.82 65 4.64
2-Yr
3.35
15
3.57
37
4.14
94
5.18
3-Yr
3.37
15
3.64
42
4.25 103 5.53
4-Yr
3.40
26
3.70
56
4.34 120 5.74
5-Yr
3.46
43
3.77
75
4.45 142 5.90
7-Yr
3.58
61
3.91
95
4.63 167 6.14
10-Yr 3.78
90
4.13 125 4.85 197 6.36
15-Yr 4.11 123 4.50 162 5.15 227 6.70
20-Yr 4.31
96
4.65 130 5.24 189 6.82
30-Yr 4.36 122 4.49 135 4.98 184 6.63
Short-Term Yield Curves
Maturity
Treasury Bills
Agency Discount Notes
Commercial Paper
Libor
1-month
2.09
NA
2.36
2.37
3-month
2.58
2.94
2.63
2.98
6-month
3.01
3.06
2.87
3.51
1-Year
3.10
3.25
NA
4.00
International Yield Curves
Maturity Canada
France Germany
Japan
2-Year
3.38
0.60
0.72
-0.10
United Kingdom
2.40
5-Year
2.99
1.26
0.91
0.00
2.17
10-Year
2.84
1.67
1.10
0.19
2.31
30-Year
2.88
2.19
1.29
1.08
2.62
BB Spread?
147 199 230 260 288 317 347 382 346 349
SOFR
2.31 2.78 3.13 3.40
Mortgage Backed Securities
Term
Yield
MBS Conventional -3YR
3.6
GNMA - Aggregate Term
3.6
Municipal Yield Curves
Maturity AAA
AA
A
BBB
1-Yr
2.15
2.35
2.39
3.06
2-Yr
2.14
2.35
2.39
3.05
3-Yr
2.12
2.35
2.39
3.03
4-Yr
2.12
2.36
2.41
3.03
5-Yr
2.13
2.38
2.43
3.04
7-Yr
2.24
2.50
2.56
3.15
10-Yr
2.41
2.70
2.76
3.32
15-Yr
2.78
3.14
3.13
3.68
20-Yr
2.95
3.36
3.28
3.85
30-Yr
3.15
3.51
3.48
4.04
Constant Maturity Swap Rates
Maturity 2-Year 5-Year 10-Year 30-Year
Swaps 3.56 3.06 2.93 2.82
Short-Term Yield Curves
Government Repo
Overnight
2.30
1-week
2.29
1-month
2.30
3-month
2.68
Other Rates
Money Rates
U.S. Secured Overnight Financing Rate 2.29
Fed Funds Target Rates
2.50
Prime Rate
5.50
Insured
0.94 0.98 1.03 1.09 1.10 1.23 1.48 1.78 1.97 2.16
PreRefunded
2.19 2.19 2.18 2.19 2.20 2.29 2.47 NA NA NA
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 optionadjusted 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; as of August 18, 2022.
Daily Market Update | August 19, 2022 | 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 Bills (1?3 Month) Index, 72% Bloomberg U.S. Aggregate Bond Index, 3% 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, 2% Bloomberg Commodity 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 Bills (1?3 Month) Index, 58% Bloomberg U.S. Aggregate Bond Index, 4% 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, 2% Bloomberg Commodity 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 Bills (1?3 Month) Index, 45% Bloomberg U.S. Aggregate Bond Index, 6% 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, 2% Bloomberg Commodity 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 Bills (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, 4% MSCI Emerging Markets Index, 4% 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 Bills (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, 5% MSCI Emerging Markets Index, 4% 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 Bills (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, 6% MSCI Emerging Markets Index, 4% 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.
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