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Library » April 2014 Update

April 01, 2014 | Market Commentary

Market Forces Rolling With the Punches During the first quarter of 2014, the equity markets were rather resilient. It is not as if market participants expected trials and tribulations, especially after their stellar performance in 2013. Nonetheless, the markets were able to withstand and …

Library » A Historical Perspective on the Asset Allocation Decision

March 26, 2014 | Active Management

Introduction To a large extent, investment objectives are driven by investment time horizon, magnitude of withdrawals, and risk tolerance level. These goals must be identified and prioritized in order to determine an appropriate asset allocation. Establishing the appropriate asset allocation for …

Library » January 2014 Update

January 06, 2014 | Market Commentary

Market Forces Financial Markets Look Forward The explosion of media that bombards us in real time has become staggering. We now live in a world of continuous updates on what is happening, where it is happening, and to whom. Unfortunately, the vast majority of what is being reported falls into …

Library » October 2013 Update

October 01, 2013 | Market Commentary

Market Forces Policy Actions Are In The Spotlight For an off-election year, policy decisions and the associated politics certainly played a dominant role in the third quarter of 2013. While the state of the economy, domestically and globally, was important, what the Federal Reserve intended to …

Markets & Economy » High Yield Bonds: The Seventh Inning Stretch

July 30, 2013 | Fixed Income

It’s widely known that since the financial crisis, high yield bonds have performed strongly. Even since the “spring 2012 sell-off,” spreads have rallied approximately 275 basis points through May 2013. Yet, spreads are still approximately 225 basis points lower than before the great sell-off. …

Library » July 2013 Update

July 02, 2013 | Market Commentary

Market Forces Navigating Through Change It is fascinating how certain terms gain traction when applied to the financial markets. In 2007, the terms “quantitative easing,” “operation twist,” and “tapering” would have most likely triggered quizzical stares, as opposed to the knowing nods of today. …

Library » Finding Income in Today's Markets

April 17, 2013 | Fixed Income

Income generation has become difficult to achieve in today’s low yield environment. What follows is a discussion of issues currently facing income oriented investors. Rates are at historic lows. How does Manning & Napier suggest investing in fixed income? With yields and rates near historic …

Library » April 2013 Update

April 01, 2013 | Market Commentary

Market Forces A Focus on Fundamentals On January 30th the United States Bureau of Economic Analysis (BEA) released its initial estimate of real GDP growth for the fourth quarter of 2012. For the first time in 3+ years, the growth rate was negative; shrinking at a seasonally adjusted annualized …

Library » Potential Macroeconomic Consequences of an Aging Population with Insufficient Savings

January 03, 2013 | Investment Themes

Today’s “risk on/risk off” world is dominated by short-term (at times minute-by-minute) swings in sentiment influenced by the latest headlines hogging the spotlight, spanning from the Fiscal Cliff in the U.S. to the state of austerity plans in Greece. While these events have consumed the …


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