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2013 Commentary

October 14, 2013
By Rodric E. Cummins, CFA, Senior Vice President and Chief Investment Officer

Third Quarter 2013 Financial Market Review

The bull market in equities continued its 4½ year run in the third quarter. With slow and steady global economic growth continuing, the third quarter rally was ...
October 14, 2013
By Jay H. Edmondson, Manager of Investment Research

Third Quarter 2013 Equity Market Review

Global equity markets advanced during the third quarter of 2013 despite the anxiety created by U.S. budgetary politics and the partial government shutdown at th...
October 14, 2013
By Matt L. Peden, CFA, Chief Investment Officer

Third Quarter 2013 Fixed Income Market Review

The third quarter will be remembered for the “unexpected” action by the Federal Reserve (Fed) and the “lack of” action by the U.S. Congress. Regarding monetary...
July 16, 2013
By Rodric E. Cummins, CFA, Senior Vice President and Chief Investment Officer

Second Quarter 2013 Financial Market Review

Barring a major setback in economic growth, investors got a glimpse in the second quarter as to what the future holds for FRodric E. Cumminsederal Reserve (“Fed...
July 16, 2013
By Jay H. Edmondson, Manager of Investment Research

Second Quarter 2013 Equity Market Review

DurinJay Edmondsong the second quarter of 2013, equity markets endured a period of elevated volatility as investors alternated between risk-on and risk-off trad...
July 16, 2013
By Matt L. Peden, CFA, Chief Investment Officer

Second Quarter 2013 Fixed Income Market Review

The second quarter marked a change in course for the bond market due to comments given by the Federal Reserve (“Fed”). Over recent quarters, the fixed income ma...
April 15, 2013
By Ron C. Dugan, CFA, Senior Vice President and Global Investment Strategist

First Quarter 2013 Financial Market Review

As we entered into this year, investors were captivated by concerns surrounding “the U.S. fiscal cliff” and the slumping European economy. Although the full bru...
April 15, 2013
By Jay H. Edmondson, Manager of Investment Research

First Quarter 2013 Equity Market Review

Following a strong year in 2012, global equity markets continued to advance in the first quarter of 2013. U.S. equities advanced in all three months of the quar...
April 15, 2013
By Matt L. Peden, CFA, Chief Investment Officer

First Quarter 2013 Fixed Income Market Review

The first quarter was somewhat similar to the fourth quarter of 2012, with investors seeking higher risk, higher yielding securities amidst uncertainty in an ef...