2019 Midyear Global Outlook — Trade in the balance
Economic fundamentals were solid at the start of the year. Could trade disruptions put the economic expansion at risk in the second half of 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 June 30, 2019, 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 06/30/2019: Microsoft Corp., 3.13%; Airbus SE, 2.22%; Nestle S.A., Registered Shares, 1.90%; Wal-Mart Stores, Inc., 1.83%; Fiserv, Inc., 1.83%; AIA Group Ltd.,&br;1.58%; Adobe, Inc., 1.56%; Visa, Inc., Class A, 1.51%; Pfizer, Inc., 1.36%; Sampo plc, A Shares, 1.33%.
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