January 17, 2020 Wells Fargo Investment Institute (WFII ...
Daily Market Update | July 01, 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 3.5% 8.6% 3.6% 5.4% 8.6%
Other Economic Targets Global GDP Growth Global Inflation Developed-Market GDP Growth Developed-Market Inflation Emerging-Market GDP Growth Emerging-Market Inflation
Latest 3.7% 5.2% 2.0% 7.2% 5.0% 3.7%
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 3785 $210 2583 $141 1708 $70 1846 $147 1001 $94
Global Fixed Income 10-Year Treasury 30-Year Treasury Fed Funds Rate
Latest 3.01% 3.18% 1.75%
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 $106 $109 $1,807 251
Latest $1.05 ?136
2022 YE target 1.5% 7.7% 3.8% 1.1% 7.2%
2023 YE target -0.5% 3.5% 4.4% -0.8% 2.0%
2022 YE target 2.5% 6.2% 1.5% 6.6% 3.2% 6.0%
2023 YE target 2.0% 4.1% 0.0% 3.1% 3.5% 4.8%
2022 YE target 4200-4400 $220 2800-3000 $155 1700-1900 $85 1800-2000 $140 900-1100 $90
2023 YE target 4500-4700 $210 3000-3200 $145 1800-2000 $75 1850-2050 $130 950-1150 $80
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 $.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 Favorable Favorable Neutral Unfavorable Favorable Unfavorable Neutral
Guidance Most Favorable
Favorable Unfavorable Most Unfavorable Unfavorable
Guidance Neutral 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 July 01, 2022. Please see page 5 for important definitions regarding guidance.
Recent WFII Reports
Liquidity ? 06/29/22 A review of the past 11 bear markets ? 06/28/22 Issues in Social Security, federal debt, and Chinese equities ? 06/28/22 Full steam ahead for the Fed ? 06/27/22 Technical strategy briefing ? 06/27/22 Economic and market commentary ? 06/27/22
Sources: Bureau of Statistics, Wells Fargo Investment Institute, Bloomberg, as of June 30, 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 March 31, 2022, except U.S. inflation, U.S. unemployment, and eurozone inflation which are as of May 31, 2022. U.S. latest for earnings per share are as of December 31, 2021. Year-end (YE) targets are based on forecasts by Wells Fargo Investment Institute as of July 01, 2022.
Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value
Daily Market Update | July 01, 2022 | page 2
Economic calendar
Date 27-Jun 27-Jun 27-Jun 28-Jun 28-Jun 28-Jun 29-Jun 29-Jun 29-Jun 30-Jun 30-Jun 30-Jun 1-Jul 1-Jul 1-Jul
Index U.S. Durable Goods New Orders (MoM)
U.S. Pending Homes Sales (MoM) Hong Kong Exports (YoY) U.S. Consumer Confidence
U.S. Wholesale Inventories (MoM) Mexico Unemployment Rate U.S. GDP Annualized (QoQ) U.S. MBA Mortgage Apps. Germany CPI (YoY) U.S. Initial Jobless Claims U.S. Personal Income Japan CPI Ex-Fresh Food (YoY) ISM Manufacturing U.S. Markit Manufacturing PMI
Markit France Manufacturing PMI
Actual/Consensus Actual: 0.7% Actual: 0.71% Actual: -1.4% Actual: 98.7 Actual: 2% Actual: 3.27% Actual: -1.6% Actual: 0.7% Actual: 7.6% Actual: 231k Actual: 0.5% Actual: 2.1%
Consensus: 54.5 Consensus: 52.4 Consensus: 51
Last Last: 0.4% Last: -3.97% Last: 1.1% Last: 103 Last: 2% Last: 3% Last: 6.90% Last: 4% Last: 7.9% Last: 231.0k Last: 0.5% Last: 1.9% Last: 56.1 Last: 52.4 Last: 51.4
U.S. Treasury Yield curve (%)
U.S. Treasury yields
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 6/30/22
10Y
20Y
Yield curve as of 5/30/22
30Y Yield curve as of 6/30/21
Global equities
120
Index level (indexed at 100)
110
100
S&P 500
90
80
70 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22Mar-22 Apr-22 May-22
MSCI EAFE MSCI EM
S&P 500 Index
MSCI EAFE Index
MSCI EM Index Data as of 6/30/2022
West Texas Intermediate (WTI) Crude Oil and gold price
WTI Crude Oil ($/barrel)
140
2050
2000 120
1950
100
WTI Crude Oil
1900
80
1850
Gold
1800
60 1750
40
1700
Gold ($/troy ounce)
WTI Crude Oil
Gold
Data as of 6/30/2022
Sources: 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 | July 01, 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 211 2111 2271 3017 2112 1236
401
398 746
1 Week
-0.2 0.4 0.4 0.0 -1.2 0.4
0.6
-0.6 -1.2
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 597 3785 11029 30775 2202 1427 2583 1708 1846 1188
1001
59621
2132 2915 29
1 Week
0.0 -0.2 -1.8 0.3 -0.9 0.2 -0.2 -0.2 0.5 1.2
0.8
1.1
0.5 0.7 -1.2
Real Assets
FTSE EPRA Nareit Developed Alerian MLP Index S&P Global Infrastructure Bloomberg Commodities
Prior Close
1 Week
2169
-0.2
190
3.4
2692
1.0
117
-3.2
Alternative Strategies
HFRI Fund Weighted Composite HFRI Relative Value HFRI Macro HFRI Event Driven HFRI Equity Hedge
Prior Close 17703 14066 18991 20009 27160
1 Month
-0.5 -0.6 -0.2 -0.8 -0.6
Alternative Strategies are as of 5/31/2022.
YTD
-14.0 -10.3 -9.1 -14.4 -14.2 -9.0
-11.8
-18.8 -18.8
YTD
-20.0 -20.0 -29.2 -14.4 -28.1 -12.9 -21.6 -23.4 -19.3 -10.9
-17.5
-13.5
-20.4 -16.9 66.7
YTD
-20.4 10.0 1.2 18.4
YTD
-2.9 -0.3 9.4 -4.0 -8.1
1 Year
-15.4 -10.3 -8.9 -14.2 -12.8 -8.6
-10.4
-21.8 -19.3
1 Year
-15.4 -10.6 -23.4 -9.1 -18.8 -6.8 -17.3 -25.2 -17.3 -6.1
-25.0
-19.9
-17.1 -11.9 81.4
1 Year
-12.7 4.3 7.8 24.3
1 Year
-2.3 1.3 8.2 -2.8 -7.6
MSCI Country Returns
Developed
Prior Close
MSCI Australia
802
MSCI Canada
1993
MSCI France
1877
MSCI Germany
1666
MSCI Italy
228
MSCI Japan
3036
MSCI Netherlands
3581
MSCI Spain
354
MSCI Sweden
7403
MSCI Switzerland
6372
MSCI United Kingdom
1048
Emerging
Prior Close
MSCI Brazil
1405
MSCI Chile
1033
MSCI China
73
MSCI India
712
MSCI Korea
431
MSCI Mexico
4960
MSCI Russia
N/A
MSCI South Africa
414
MSCI Taiwan
548
MSCI Turkey
155
Sector Returns
S&P Sector Returns
Prior Close
S&P 500 Communications Services 186
S&P 500 Consumer Discretionary 1078
S&P 500 Consumer Staples
750
S&P 500 Energy
546
S&P 500 Financial
523
S&P 500 Healthcare
1494
S&P 500 Industrials
738
S&P 500 Information Technology 2223
S&P 500 Material
463
S&P 500 Real Estate
256
S&P 500 Utilities
356
1 Week
0.0 1.5 -0.1 -1.7 -2.2 1.4 1.7 -0.1 -0.7 2.8 1.2
1 Week
0.1 -4.0 5.0 0.6 1.1 1.6 N/A 0.2 -1.8 -3.4
1 Week
-1.4 -3.0 0.8 1.5 0.9 0.8 1.8 -1.3 0.1 -0.2 3.4
YTD
-12.1 -11.6 -21.7 -28.1 -25.4 -19.6 -32.0 -12.0 -32.9 -19.3 -8.8
YTD
2.9 10.8 -10.9 -15.1 -28.3 -7.7 -100.0 -4.4 -24.8 0.9
YTD
-30.2 -32.8 -5.6 31.8 -18.7 -8.3 -16.8 -26.9 -17.9 -20.0 -0.6
1 Year
-12.9 -7.3 -17.5 -30.6 -21.7 -19.8 -28.1 -15.9 -30.1 -11.9 -4.0
1 Year
-23.1 -6.9 -31.7 -4.4 -38.2 -0.4 -100.0 -9.9 -19.8 -9.3
1 Year
-29.1 -24.2 6.7 40.0 -12.7 3.4 -13.4 -13.6 -8.7 -5.2 14.3
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
291
-1.9
2240
-4.8
1807
-2.0
3.71
-4.3
106
1.0
109
-0.8
5.424
-7.3
3.54
-7.3
1.05
-1.1
1.22
-1.9
136
0.0
105
0.9
YTD
25.3 1.0 -2.1 -19.8 50.7 44.2 54.6 61.5 -8.2 -11.1 -14.9 9.9
1 Year
36.4 -33.8
0.8 -15.6 63.8 47.9 57.5 58.8 -12.0 -12.6 -17.6 13.6
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
-3.21 -7.08 -12.37 -10.94 -4.11 -8.52 -13.77 -11.96 -4.93 -9.67 -14.88 -12.64 -5.41 -10.17 -14.74 -12.74 -6.04 -11.15 -15.64 -13.26 -6.69 -12.13 -16.53 -13.74 -7.07 -12.80 -17.16 -14.47 -7.58 -13.58 -17.93 -15.36 -8.01 -14.23 -18.63 -16.49
Sources: Bloomberg, Wells Fargo Investment Institute; as of June 30, 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. Sources: Bloomberg; as of June 30, 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 | July 01, 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 2.74 2.95 3.01 3.06 3.04 3.07 3.01 3.01 3.43 3.18
Agency 2.86 3.03 3.09 3.13 3.19 3.23 3.40 3.65 3.78 NA
Corporate A 3.04 3.53 3.72 3.86 3.99 4.20 4.42 4.73 4.85 4.66
Municipal AAA 1.64 1.93 2.09 2.17 2.27 2.55 2.75 2.99 3.09 3.25
Corporate Bond Yield Curves and Spreads
Taxable Equivalent Yield, 37% Tax Rate2
2.61 3.07 3.32 3.45 3.60 4.04 4.37 4.75 4.90 5.17
Taxable Equivalent Yield, 35% Tax Rate2
2.53 2.97 3.22 3.34 3.48 3.92 4.23 4.60 4.75 5.01
Taxable Equivalent Yield, 32% Tax Rate2
2.42 2.84 3.07 3.19 3.33 3.74 4.04 4.40 4.54 4.79
AA
A
BBB
Maturity AA** Spread A** Spread BBB** Spread BB**
1-Yr
2.89
15
3.04
29
3.60
86
5.49
2-Yr
3.31
35
3.53
58
4.11 116 6.13
3-Yr
3.43
42
3.72
71
4.33 132 6.57
4-Yr
3.54
48
3.86
80
4.49 143 6.84
5-Yr
3.67
63
3.99
95
4.64 160 7.01
7-Yr
3.84
78
4.20 113 4.90 183 7.25
10-Yr 4.07 106 4.42 140 5.14 213 7.45
15-Yr 4.36 135 4.73 172 5.38 237 7.76
20-Yr 4.53 110 4.85 142 5.45 201 7.76
30-Yr 4.50 132 4.66 148 5.17 199 7.53
Short-Term Yield Curves
Maturity
Treasury Bills
Agency Discount Notes
Commercial Paper
Libor
1-month
1.23
NA
1.71
1.71
3-month
1.63
2.33
1.99
2.28
6-month
2.39
2.52
2.27
2.95
1-Year
2.58
2.86
NA
3.61
International Yield Curves
Maturity Canada
France Germany
Japan
2-Year
3.14
0.51
0.61
-0.07
United Kingdom
1.82
5-Year
3.19
1.46
1.05
0.01
1.88
10-Year
3.30
1.91
1.33
0.22
2.23
30-Year
3.23
2.46
1.60
1.22
2.56
BB Spread1
274 317 356 378 398 418 444 475 433 435
SOFR
1.73 2.11 2.60 3.03
Mortgage Backed Securities
Term
Yield
MBS Conventional -3YR
3.8
GNMA - Aggregate Term
3.8
Municipal Yield Curves
Maturity AAA
AA
A
BBB
1-Yr
1.64
1.84
1.87
2.66
2-Yr
1.93
2.12
2.18
2.95
3-Yr
2.09
2.28
2.37
3.11
4-Yr
2.17
2.37
2.49
3.19
5-Yr
2.27
2.49
2.61
3.29
7-Yr
2.55
2.83
2.90
3.57
10-Yr
2.75
3.13
3.10
3.78
15-Yr
2.99
3.54
3.35
4.02
20-Yr
3.09
3.72
3.43
4.12
30-Yr
3.25
3.93
3.60
4.29
Constant Maturity Swap Rates
Maturity 2-Year 5-Year 10-Year 30-Year
Swaps 3.17 2.96 3.01 2.90
Short-Term Yield Curves
Government Repo
Overnight
1.54
1-week
1.53
1-month
1.58
3-month
2.07
Other Rates
Money Rates
U.S. Secured Overnight Financing Rate 1.50
Fed Funds Target Rates
1.75
Prime Rate
4.75
Insured
0.94 0.98 1.03 1.09 1.10 1.23 1.48 1.78 1.97 2.16
PreRefunded
1.71 1.99 2.14 2.23 2.35 2.66 2.86 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 June 30, 2022.
Daily Market Update | July 01, 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 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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