Global Portfolio Strategy | June 2, 2022

Key changes from May report: § Upgraded view of energy to positive from neutral Downgraded view of communications services from neutral to negative Stocks staged a furious late-month rally to break even in May, but the S&P 500 Index ended the month down more than...

Global Portfolio Strategy | May 4, 2022

Key changes from April report: No changes Stocks resumed their downward trajectory from earlier in the year as the S&P 500 Index slipped 8.8% in April, the worst April for the index since 1970. The loss, driven primarily by inflation and Federal Reserve rate hike...

Global Portfolio Strategy | April 7, 2022

Key changes from March report Reduced S&P 500 yearend fair value target to 4,800 – 4,900. Slightly reduced equities overweight and fixed income underweight Increased yearend U.S. 10-year Treasury yield forecast to 2.25% – 2.5%. Upgrading healthcare view to...

Global Portfolio Strategy | March 7, 2022

Key changes from February’s report: Downgrading developed international equities to negative from neutral Stocks fell in February, as the S&P 500 Index lost 3.3% for the month to bring the year-to-date decline to 8.2% as of February 28. Russia’s invasion of...

Global Portfolio Strategy | February 3, 2022

Key changes from January’s report: § Upgrading emerging market equities to neutral from negative Stocks fell in January, as the S&P 500 Index lost 5.3% for the month. The Federal Reserve’s dramatic hawkish pivot garnered most of the blame for the weak start of...

Global Portfolio Strategy | January 3, 2022

Key changes from December’s report: Upgraded growth to neutral, downgraded value to neutral Upgraded large caps to neutral, downgraded small and mid caps to neutral Upgraded healthcare to neutral, downgraded industrials to neutral Stocks rose slightly in December, as...