(PUB) Investing 2015

12

Fed Signals Fuel Markets Market Overview | Robert Goldsborough

Benchmark Performance

Total Return % Through

A N N U A L I Z E D

04-30-15

1Mo

YTD

3Yr

5Yr

10Yr

Large Growth Large Blend Large Value

0.0 0.6 1.1

3.4 15.3 1.8 15.5 1.2 15.2 4.4 14.8 2.8 15.7 2.3 16.5 3.2 14.7 1.7 14.7 1.2 14.4 3.3 11.3

13.6 12.8 12.2 13.5 12.8 12.8 13.6 12.2 11.0

8.8 7.7 7.1 9.6 8.8 8.9 9.6 8.7 8.4 6.6 5.2 6.4 6.5 3.4 5.7 6.4 2.8 7.6 7.2 8.4 6.7 5.6 6.4 4.8 8.6 6.5 7.2 6.9 8.7 5.4 5.6 6.4 5.7 7.0 3.5 4.5 4.1 4.1 4.5 8.3 4.6 8.6 8.3 9.2

Mid-Cap Growth Mid-Cap Blend Mid-Cap Value

-0.9 -0.5 -0.2 -2.4 -1.8 -1.1

U.S. stocks rose by 0 . 5% in April as investors reacted favorably to generally decent macroeconomic news, the Federal Reserve’s signal that interest-rate hikes are further off, and some strong first-quarter earn- ings reports, especially in the information-technology sector. U.S. crude oil prices ended April at close to $60 a barrel, up nicely from $48 a barrel at the end of March. Meanwhile, U.S. bond prices were basically flat during April. For the United States, the top-performing equity sector was energy, which returned 6 . 0% after U.S. crude prices rose. That helped Gold-rated Vanguard Energy VGENX , which surged 10 . 4% in April. The telecommunications sector was strong, returning 4 . 4% amid positive signs that AT&T’ s T merger with DirecTV DTV likely will be approved. The tech sector rallied in the wake of strong earnings releases from Microsoft MSFT and Apple AAPL . The weakest sector was the health-care sector, which slid 3 . 2% in April after strong March performance. Also weak was the defensive consumer staples sector, which returned negative 1 . 8% . Foreign stocks shone, both in developed and emerging markets. The MSCI EAFE Index gained 2 . 9% for the month, as stocks from the Asia-Pacific region did especially well. The energy sector was the best- performing MSCI EAFE sector. The much bigger over- seas story in April, however, was in emerging markets, with the MSCI Emerging Markets Index rallying close to 7% , fueled in part by a Chinese stock rally that came from an accommodating central bank trying to stimulate a soft housing market. Silver-rated Matthews China MCHFX surged 10 . 4% in April, while the broader, Silver-rated DFA Emerging Markets Value DFEVX returned close to 10% . Emerging-markets strength was broad-based, with stocks from Russia, Brazil, and Colombia return- ing more than 16% each. K ž

Small Growth Small Blend Small Value

Aggressive Allocation Conservative Allocation Moderate Allocation

1.0 0.7 0.7 3.4 1.3 0.1

9.6 6.3 8.8

2.1 2.5

6.0 9.7

Communications

5.6 13.0 1.7 15.2 4.2 10.8 7.9 29.2

11.4

Financial

8.4 9.8

Global Real Estate

Health

-2.5

22.0

13.5

Natural Resources

7.0 9.4

5.6

-0.2

1.8

Equity Precious Metals

5.2 -22.0 -14.8

Real Estate Technology

-5.0

-0.9 10.0 3.6 15.1 -1.5 12.0 1.9 16.7 3.7 16.5 1.6 16.0

12.2 13.1 11.6 14.2 14.4 12.7

0.6 0.8 1.0

10.4

Utilities S&P 500

S&P MidCap 400

-1.5 -2.6

10.6

Russell 2000

Diversified Pacific/Asia Diversified Emerging Mkts

4.3 6.0 3.6 3.9 3.4 4.6 4.1 5.7 2.2 2.3 6.9 3.6 4.3 9.9 3.7

12.0 11.2

7.5 2.5 8.6 6.8 7.9 6.2

7.2

2.9

Europe Stock

8.6 11.7

Foreign Large Blend Foreign Large Growth Foreign Large Value

8.8 8.6 8.9

9.8 9.7 9.9

Foreign Small/Mid Growth Foreign Small/Mid Value

9.6 11.8 10.5 11.4 5.1 12.1 4.7 13.5 9.3 10.9 7.9 11.8 -1.3 -11.8 11.6 10.2 9.1 2.6

10.4

7.6 9.8

World Stock MSCI World

10.5

MSCI Emerging Markets

2.3 7.4 7.9

MSCI EAFE MSCI Europe

MSCI Latin America

-8.2

MSCI Pacific

6.7

High Yield Bond

1.2 0.7

3.4 1.8 1.3 0.5 0.1 1.2 3.8 0.5

6.5

7.3 2.9 4.3 4.9 3.2 4.0 8.2 4.7

Inflation-Protected Bond Intermediate-Term Bond

-0.5

-0.2 -0.6

3.0 3.7 1.5 2.6 7.5 3.5

Muni National Long

World Bond

0.6

BarCap US Agg Bond TR USD BofAML US HY Master II TR BarCap Municipal TR USD

-0.3

1.2

-0.5