Consumption disruption in 2019?
The U.S. consumer has been a significant contributor to domestic economic growth in 2018. Will consumer consumption be hit by inflation in 2019?
The opinions expressed are those of the Portfolio's managers and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through Dec. 31, 2018, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.
Top 10 Equity Holdings as a percent of net assets as of 12/31/2018: Microsoft Corp., 3.07%; Pfizer, Inc., 2.79%; Visa Inc., Class A, 1.85%; Coca-Cola Co., 1.84%; Amazon.com, Inc., 1.82; AIA Group Ltd., 1.73%; Wal-Mart Stores, Inc., 1.61%; Qualcomm, Inc., 1.58%; Airbus SE, 1.56%; Nestle S.A, 1.55%.
W. Jeffery Surles, CFA, became a co-portfolio manager on Feb. 5, 2018. Co-Portfolio Manager Cynthia Prince-Fox retired from the firm on April 30, 2018.
The S&P 500 Index is a float-adjusted market capitalization weighted index that measures the large-capitalization U.S. equity market. It is not possible to invest directly in an index.
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