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Diverging Emerging Markets
Over the past few years, emerging markets (EMs) have been seen as subject to developed market demand swings, GDP growth, and commodity prices, effectively becoming a residual discussion to other headlines. Consequently, emerging market equities have widely been viewed as the marginal capital destination for risk seeking investors.

Bears follow Bulls
We view the investment world through multiple lenses including valuation, fundamentals, and sentiment. While valuations serve as the primary driver of investment decisions, recognizing the fundamental underpinnings as well as the prevailing sentiment can provide a solid foundation upon which prudent investment portfolios can be built. We also take a long-term view and avoid short-term projections, but considering whether the conditions that have preceded bear markets in the past exist today is a worthy exercise.

Market Commentary: First Quarter 2015
Stocks in the United States posted low single-digit returns in the first quarter as markets began to absorb the end of quantitative easing (QE) and the prospect of rising rates. International equities were boosted as the European Central Bank embarked upon their own version of QE, but returns were stymied by continued weakness in the euro vs. the U.S. dollar. Core domestic fixed income posted modest gains. Although attractive return opportunities in fixed income are not as numerous as they had been in recent years, small pockets of potential remain.

Economics and Shame in the Land of the Rising Sun
Economically, Japan has shown some signs of improvement, but challenges remain. Structural reforms are longer-term initiatives that could prove very important to achieving Japan’s growth and inflation objectives.

© 2015 Fund Evaluation Group, LLC
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Material is accurate as of this label date and no obligation nor intention to make updates or corrections exists.

Page Last Updated: 04/17/2015