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Market Views - Economic Outlook 2013

Outlook 2013

Stocks

Traditionally, the year after Presidential elections is the most difficult for stock investors. Government spending is often curtailed. All around the developed world, be it China, Japan or Europe, export markets face problems. Excessive debt has depressed spending power by our traditional trading partners, and debt threatens our country. For these reasons, we look for a difficult year.

In spite of volatile markets and uncertain days ahead, opportunities exist for good investment returns. As 2012 ends, excessive pessimism makes stocks temporarily more attractive than bonds. Lower energy prices attract business ventures from here and abroad, while consumers yearn to replace aged automobiles and move into better homes. Profits for financial companies shift higher as their interest costs are low.
Positives Negatives
Positive The FED is flooding the markets with money (Quantitative Easing) Negative Stock prices are not at bargain levels
Positive Cheaper energy revitalizes consumption, encourages industrial production Negative Corporate earnings outstrip corporate revenues
Positive The fleet of automobiles on the road are aged, many need to be replaced Negative Taxes are going higher
Positive The housing slump is ending Negative Post-election years are historically difficult
Positive Low borrowing costs benefit financial institutions Negative Economic growth has been slow
Positive Abundant liquidity is available for stock purchases Negative Government defense spending may be curtailed
Download The Long-term Economic Report (.PDF 1.8 Mb)   PDF


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You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-800-995-2637 or click here to view or download a prospectus online.

Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat. Fund holdings and sector weightings are subject to change without notice. Past performance is no guarantee of future results.
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