Trends & Takeaways
Monthly Market Monitor |
2017 Product & PortfolioMarch Strategy Group
Fixed income Equities
Alternatives
Asset Allocation Ideas
Additional Information EATON VANCE
March 2017
Fixed Income
4
Equities
15
Alternatives
26
Asset Allocation Ideas
32
Additional Information
40
Asset Allocation Ideas Additional Information
EATON VANCE
Alternatives
EATON VANCE
3
Equities
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Trends & Takeaways
Fixed income
Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios. Use Eaton Vance Monthly Market Monitor as a critical desk reference that enables more informed discussion and understanding of financial markets.
Trends & Takeaways
Monthly Market Monitor |
Trends & Takeaways
Monthly Market Monitor | March 2017
Additional Information
EATON VANCE
Asset Allocation Ideas
As the world's reserve currency, the direction of the U.S. dollar has a huge impact on investors as well as global markets and economies. Despite President Donald Trump's "America First" policies, our baseline view is that the dollar could weaken after a strong run (see page 26). Thinking about the byproducts of Trump policy is one way to handicap his likely actions. The President is likely aware of the risks associated with his protectionist policies. If the U.S. runs a narrower deficit, which would go hand in hand with a stronger dollar, global growth and liquidity would be impacted negatively. A persistent U.S. current account surplus would exaggerate a slowdown. The dollar could improve and we could see a short squeeze, but this would be dangerous to global growth. We believe that political incentives are lined up to avoid a stronger dollar. We believe that investors will be rewarded by having exposure to securities and sectors that will benefit from a decline in the value of the dollar over the long term. This includes local and hard currency non-U.S. debt, cyclicals and inflation-sensitive assets. For complete blog, visit the Eaton Vance Advisory Blog.
Alternatives
After a solid year for U.S. investment grade corporate bonds, the consensus seems bullish for 2017 based on the pro-growth policies in Washington and expectations of further economic expansion. However, we have a somewhat contrarian view that this asset class could provide a bumpier ride than many expect. Investors should keep in mind that the recent popularity of investment grade corporates has quickly compressed credit spreads (see page 10). At the current spread level of 125 basis points over Treasurys and with almost $3 trillion of corporate debt priced at a spread less than 100 basis points, investors are receiving a relatively small amount of extra yield relative to U.S. Treasurys of similar duration. And if interest rates rise, already-tight spreads might not provide much of a cushion. While lower spread bonds seem to be priced to perfection, we are seeing opportunities in some parts of the market. We believe caution and diligent credit research will be more important than ever in 2017. For complete blog, visit the Eaton Vance Advisory Blog.
Equities
High-yield bonds have been on a solid run due to improving economic data, tightening credit spreads and fund inflows (see page 39). Most of the recent rally has been driven by tightening credit spreads in a market characterized by low volatility and a deep bid for risk. Since the election, the average yield on the BofA Merrill Lynch US High Yield Master II Index has compressed by approximately 80 basis points to 5.76%, as of February 20. Over the same period, the average yield on CCC-rated bonds, the riskiest segment of the market, has compressed by over 300 basis points. The takeaway is that the market is trading relatively tight and, overall, valuations seem relatively full. However, it's not all doom and gloom for high-yield bonds, which are sensitive to the health of the economy. Overall, the positive trend in earnings growth which we witnessed in the second and third quarters of 2016 seems to be continuing as companies report fourth quarter earnings. For complete blog, visit the Eaton Vance Advisory Blog.
Fixed income
Select Viewpoints from Eaton Vance Advisory Blog (eatonvance.com/blog)
Trends & Takeaways
Monthly Market Monitor | March 2017
14%
Emerging Markets (10-Yr. Yield)
Fixed income
Developed Markets (10-Yr. Yield)
16% 12-Mo. ago 14%
8%
1-Mo. ago
12%
4%
6%
4% 2%
-2%
0%
Asset Allocation Ideas
0%
Alternatives
8%
Feb ‘17
1-Mo. ago
10%
6%
2%
Equities
12-Mo. ago
10%
Feb ‘17
12%
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
20%
U.S. Federal Reserve
15%
BOE
Current
1-Mo. ago
12-Mo. ago
U.S. Federal Reserve
0.75%
0.75%
0.50%
BoE
0.25%
0.25%
0.50%
BoJ
-0.10%
-0.10%
-0.10%
ECB
0.00%
0.00%
0.05%
Current
1-Mo. ago
12-Mo. ago
U.S.
2.39%
2.46%
1.74%
U.K.
1.07%
1.41%
1.34%
Japan
0.05%
0.09%
-0.07%
Germany
0.21%
0.44%
0.11%
Fixed income
Central Bank Policy Rates
10%
Equities
BOJ
5%
ECB 0%
U.K. U.S.
Asset Allocation Ideas
16% 14% 12% 10% 8% 6% 4% 2% 0% -2%
Germany Japan
'74
'76
'78
'80
'82
'84
'86
'88
'90
'92
'94
'96
'98
'00
'02
'04
'06
'08
'10
'12
'14
Alternatives
10-year Sovereign Bond Yields
'16
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Security
4%
Total Return (%)
Current
1-Mo. ago
12-Mo. ago
1-Mo.
12-Mo.
3-mo. Treasury
0.61
0.52
0.32
0.04
0.39
6-mo. Treasury
0.75
0.63
0.43
0.06
0.68
2Yr. Treasury
1.26
1.21
0.77
0.09
0.20
3Yr. Treasury
1.52
1.46
0.97
0.13
-0.24
5Yr. Treasury
1.93
1.92
1.33
0.24
-1.69
10Yr. Treasury
2.39
2.46
1.92
0.86
-4.09
30Yr. Treasury
3.00
3.07
2.75
1.74
-5.43
Equities
1-Mo. ago Feb-17
3%
Yield (%)
Fixed income
U.S. Treasury Yields & Performance
U.S. Treasury Yield Curves
12-Mo. ago
0%
3M
2Y
5Y
10Y
30Y
Additional Information
EATON VANCE
Asset Allocation Ideas
1%
Alternatives
2%
Trends & Takeaways
Monthly Market Monitor | March 2017
Averages
Total Returns (%) Maturity (yrs.)
Duration (yrs.)
1-Mo.
3-Mo.
YTD
1Y
3Y
5Y
10Y
3.07
103.0
2.57
43
8.2
5.9
0.67
1.01
0.87
1.42
2.64
2.24
4.28
U.S. Treasury
2.06
101.3
1.87
-
7.5
6.1
0.49
0.61
0.72
-1.24
1.99
1.41
3.89
U.S. Agency
2.13
103.1
1.74
16
4.7
3.7
0.34
0.54
0.67
0.24
1.82
1.42
3.36
U.S. Mortgage Backed Securities
3.53
103.4
2.85
22
7.1
4.7
0.48
0.44
0.44
0.44
2.57
2.05
4.19
U.S. Asset Backed Securities
1.89
100.2
1.89
59
2.4
2.3
0.14
0.21
0.36
1.14
1.61
1.56
2.94
U.S. Commercial Mortgage Backed Securities
3.24
102.2
2.75
75
6.2
5.5
0.22
0.43
0.84
1.81
2.52
3.07
5.01
U.S. Corp. Investment Grade
4.07
104.9
3.26
115
10.8
7.4
1.15
2.14
1.46
6.42
3.76
3.81
5.40
Bloomberg Barclays Municipal Bond Index
4.76
107.5
2.44
-
12.9
6.4
0.69
2.55
1.36
0.25
3.53
3.07
4.28
Bloomberg Barclays Taxable Municipal Bond
5.38
113.2
3.67
-
17.8
9.3
1.15
1.84
1.85
2.54
5.81
4.75
6.09
BofAML US Inflation-Linked Treasury Index
0.92
106.3
0.03
-
9.1
5.4
0.57
1.26
1.41
3.40
2.08
0.82
4.35
BofAML Preferred Index (Fixed Rate)
6.07
103.3
4.80
154
-
4.8
1.82
4.79
4.53
7.18
7.83
6.44
3.08
BofAML US High Yield Index
6.49
101.6
5.64
374
6.3
4.1
1.56
4.95
2.92
22.30
4.78
6.87
7.39
L+3.85
98.4
5.01
441
4.91
-
0.50
2.23
1.06
12.66
3.66
4.72
4.59
JPMorgan EM Bond Index (EMBI) Global Diversified
6.09
104.1
5.43
312
-
6.6
2.00
4.85
3.48
12.05
6.58
5.80
7.09
JPMorgan Corp. EM Bond Index (CEMBI) Broad Diversified
5.29
103.5
4.71
262
-
4.8
1.39
3.45
2.65
11.81
5.43
5.50
6.26
JPMorgan Govt. Bond Index-EM (GBI-EM) Global Diversified
6.78
-
6.75
-
-
4.9
1.80
6.04
4.09
12.42
-2.52
-2.46
4.18
Bloomberg Barclays Global Aggregate Ex-U.S. Index
2.37
111.6
0.74
44
9.3
7.8
0.29
1.19
2.17
-0.30
-2.78
-1.36
2.58
BofAML U.K. Gilts Index
3.62
127.9
1.04
-
16.2
11.7
2.05
2.79
2.01
-5.02
-2.13
0.02
1.74
BofAML European Union Government Bond Index
3.09
119.0
0.67
60
10.7
8.4
-0.01
0.55
0.26
-3.25
-3.76
0.33
2.58
Bloomberg Barclays U.S. Aggregate Index
S&P / LSTA Leveraged Loan Index
Additional Information
EATON VANCE
Asset Allocation Ideas
Spread (bps)
Alternatives
Yield to Worst (%)
Equities
Price ($)
Fixed income
Coupon (%)
Index
Trends & Takeaways
Monthly Market Monitor | March 2017
2474
2147
2400
Current Median Low
Fixed income
2600
High
2200 2000
Cheap
1800
Rich
1600
1644
1581
1400
901
1000 618
800 600 400 0 -200
258 43 36
57
180 16
21
192 22
59 41
9
-13
Aggregate
Agency
MBS
12/3/2008 6/23/2014 43 56 48
11/20/2008 3/12/2013 21 21 16
12/3/2008 7/27/2010 15 24 27
67
75
147
115
154 155
67
85
ABS
CMBS
Corporate
Preferred
1/6/2009 10/1/2009 59 72 58
11/21/2008 3/23/2007 75 121 98
12/3/2008 2/28/2007 123 165 131
3/9/2009 4/9/2007 213 158 217
0
213
567
374
312
562
325 230
162
241
15 Floating-Rate Loans 12/19/2008 5/31/2007 465 714 561
Emerging Markets (USD) 10/24/2008 6/1/2007 342 415 352
High Yield 12/15/2008 6/1/2007 422 695 504
Additional Information
EATON VANCE
Asset Allocation Ideas
Max Spread Date Min Spread Date Spread on 12/31/16 Spread on 12/31/15 Spread on 12/31/14
441
Alternatives
200
Equities
1018
1200
Trends & Takeaways
Monthly Market Monitor | March 2017
Total Returns (%)
Spread (bps)
Maturity (yrs.)
Duration (yrs.)
1-Mo.
3-Mo.
YTD
1Y
3Y
5Y
10Y
4.07
104.9
3.26
115
10.8
7.4
1.15
2.14
1.46
6.42
3.76
3.81
5.40
AAA Index
3.30
101.7
3.09
72
17.2
10.5
1.75
1.57
1.10
1.55
3.70
2.54
4.12
AA Index
3.11
103.4
2.65
69
9.4
6.5
0.97
1.57
1.13
3.00
3.22
2.67
4.39
A Index
3.89
105.5
3.05
94
10.9
7.6
1.08
1.81
1.25
4.10
3.66
3.61
4.84
BBB Index
4.47
104.8
3.58
144
10.9
7.3
1.22
2.56
1.71
9.36
3.92
4.25
6.18
6.49
101.6
5.64
374
6.3
4.1
1.56
4.95
2.92
22.30
4.78
6.87
7.39
BB Index
5.82
104.1
4.45
250
6.8
4.5
1.11
3.60
2.14
15.19
5.39
6.76
7.62
B Index
6.70
102.7
5.55
364
6.2
3.9
1.51
4.93
2.84
22.06
4.12
6.43
6.20
CCC- Index
8.00
91.9
9.79
804
5.0
3.3
3.19
9.75
5.79
53.24
5.21
8.41
8.28
L+3.85
98.4
5.01
441
4.91
-
0.50
2.23
1.06
12.66
3.66
4.72
4.59
BBB Index
L+2.52
100.5
3.18
233
5.03
-
0.22
0.92
0.32
5.54
3.38
3.45
3.62
BB Index
L+3.23
100.3
3.94
311
5.26
-
0.39
1.35
0.53
8.22
3.70
4.04
3.67
B Index
L+4.28
98.9
5.37
472
4.77
-
0.44
2.08
0.98
13.69
3.72
4.80
4.55
CCC Index
L+6.04
87.3
11.37
1,177
4.09
-
2.09
10.04
5.48
43.75
8.75
11.30
6.89
-
87.3
-
-
-
-
-0.73
6.28
3.04
43.37
-12.62
-0.57
-7.50
Bloomberg Barclays U.S. Corp. Investment Grade Index
BofAML US High Yield Index
S&P/LSTA Leveraged Loan Index
D Index
Additional Information
EATON VANCE
Asset Allocation Ideas
Yield to Worst (%)
Alternatives
Price ($)
Equities
Coupon (%)
Fixed income
Averages
Trends & Takeaways
Monthly Market Monitor | March 2017
Current
1-Mo. ago 12-Mo. ago
Median
2400
HY Corporate
374
388
726
548
2000
Loans
441
457
775
569
IG Corporate
115
121
197
153
1600
Loans
1200
Equities
High Yield Corporate
800 400 0
Investment Grade Corporate
Current
12% Loans
8%
4%
Median
HY Corporate
2.82
3.59
2.38
1.89
Loans
1.41
1.56
1.41
1.71
Asset Allocation Ideas
6%
1-Mo. ago 12-Mo. ago
Alternatives
Annual Default Rate 10%
Fixed income
Average Spread (bps)
High Yield Corporate
2% 0%
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Total Returns (%) Duration (yrs.)
1-Mo.
3-Mo.
YTD
1Y
3Y
5Y
10Y
4.76
107.5
2.44
12.9
6.4
0.69
2.55
1.36
0.25
3.53
3.07
4.28
AAA Index
4.65
110.1
2.05
10.5
6.1
0.66
2.42
1.25
-0.21
2.57
2.26
3.68
AA Index
4.76
109.4
2.21
12.2
6.1
0.63
2.47
1.29
0.01
3.22
2.85
4.16
A Index
4.74
103.2
2.86
14.4
6.9
0.77
2.70
1.47
0.90
4.23
3.76
4.64
BBB Index
5.16
104.4
3.65
17.4
7.9
1.00
2.92
1.75
0.68
5.20
3.60
3.23
5-Year Index
4.84
112.4
1.75
4.9
3.9
0.82
2.38
1.87
-0.06
1.73
1.87
3.86
10-Year Index
4.73
111.6
2.45
10.0
6.1
0.70
2.91
1.45
-0.27
3.47
3.10
4.76
22+ Year Index
4.74
102.1
3.35
26.7
10.6
0.78
3.00
1.40
0.92
5.54
4.38
4.57
5.18
54.8
6.13
20.7
9.8
2.38
5.26
3.82
5.17
5.54
5.76
4.28
Hospital
5.81
102.9
4.92
22.1
9.3
1.07
3.46
2.09
2.37
7.45
6.54
5.50
IDR/PCR
5.00
39.7
6.09
19.8
9.5
3.96
8.98
6.58
6.18
9.40
8.97
5.62
Tobacco
4.71
28.5
5.46
23.3
10.9
6.75
15.10
10.86
12.50
13.17
11.92
1.17
Puerto Rico
4.49
27.2
10.32
23.1
12.6
2.98
4.98
5.12
15.14
0.68
-3.27
-1.46
Bloomberg Barclays Municipal Bond Index
Bloomberg Barclays High Yield Municipal Bond Index
EATON VANCE
Additional Information
Maturity (yrs.)
Asset Allocation Ideas
Yield To Worst (%)
Alternatives
Price ($)
Equities
Coupon (%)
Fixed income
Averages
Trends & Takeaways
Monthly Market Monitor | March 2017
250%
5Y
200% 150%
Current
1-Mo. ago
12-Mo. ago
Median
5Y
80
86
76
86
10Y
97
95
101
95
30Y
103
101
107
103
Equities
10Y
30Y
Fixed income
AAA Muni-to-Treasury Yield Ratios
100% 50%
Current
400 300
Median
AA
21
21
22
21
A
60
60
54
68
BBB
96
96
94
137
Asset Allocation Ideas
BBB
1-Mo. ago 12-Mo. ago
200 100
Alternatives
Credit Quality Spreads vs. AAA (bps)
A AA
0
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Local EMD Yields (%)
Corporate EMD Spreads (USD) 1300
900
900
12% 10%
bps
bps
bps
1300
500
500
Current 1-Mo. ago 12-Mo. ago Median
Avg. Spread (bps) 262 277 467 351
Averages
Total Returns (%)
Coupon (%)
Price ($)
Yield (%)
Duration (yrs.)
1-Mo.
3-Mo.
YTD
1Y
3Y
5Y
10Y
6.09
104.1
5.43
6.6
2.00
4.85
3.48
12.05
6.58
5.80
7.09
5.29
103.5
4.71
4.8
1.39
3.45
2.65
11.81
5.43
5.50
6.26
6.78
-
6.75
4.9
1.80
6.04
4.09
12.42
-2.52
-2.46
4.18
Additional Information
EATON VANCE
Asset Allocation Ideas
JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified
Avg. Yield (%) 6.75 6.67 6.85 6.80
Current 1-Mo. ago 12-Mo. ago Median
Alternatives
Avg. Spread (bps) 312 328 454 328
'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Equities
4% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Current 1-Mo. ago 12-Mo. ago Median
8% 6%
100
100
Fixed income
Sovereign EMD Spreads (USD)
Trends & Takeaways
Monthly Market Monitor | March 2017
2011
2012
2013
2014
2015
2016
YTD 2/17
EM (Local Currency) 18.11
Treasury 13.74
High Yield 57.51
EM (Local Currency) 15.68
Municipal 10.70
EM (Local Currency) 16.76
High Yield 7.42
Municipal 9.05
Municipal 3.30
High Yield 17.49
EM (Local Currency) 4.09
Global Agg Ex-U.S. 11.03
MBS 8.34
Bank Loan 51.62
High Yield 15.19
Treasury 9.81
High Yield 15.58
Bank Loan 5.29
Investment Grade 7.46
MBS 1.51
Bank Loan 10.16
High Yield 2.92
Treasury 9.01
Global Agg Ex-U.S. 4.40
EM (Local Currency) 21.98
Bank Loan 10.13
Investment Grade 8.15
Investment Grade 9.82
MBS -1.41
MBS 6.08
Treasury 0.84
EM (Local Currency) 9.94
Global Agg Ex-U.S. 2.17
MBS 6.90
Municipal -2.47
Investment Grade 18.68
Investment Grade 9.00
MBS 6.23
Bank Loan 9.66
Investment Grade -1.53
Treasury 5.05
Investment Grade -0.68
Investment Grade 6.11
Investment Grade 1.46
Investment Grade 4.56
Investment Grade -4.94
Municipal 12.91
Treasury 5.87
High Yield 4.38
Municipal 6.78
Municipal -2.55
High Yield 2.50
Bank Loan -0.69
MBS 1.67
Municipal 1.36
Municipal 3.36
EM (Local Currency) -5.22
Global Agg Ex-U.S. 7.53
MBS 5.37
Global Agg Ex-U.S. 4.36
Global Agg Ex-U.S. 4.09
Treasury -2.75
Bank Loan 1.60
High Yield -4.64
Global Agg Ex-U.S. 1.49
Bank Loan 1.06
High Yield 2.19
High Yield -26.39
MBS 5.89
Global Agg Ex-U.S. 4.95
Bank Loan 1.52
MBS 2.59
Global Agg Ex-U.S. -3.08
Global Agg Ex-U.S. -3.08
Global Agg Ex-U.S. -6.02
Treasury 1.04
Treasury 0.72
Bank Loan 1.87
Bank Loan -29.10
Treasury -3.57
Municipal 2.38
EM (Local Currency) -1.75
Treasury 1.99
EM (Local Currency) -8.98
EM (Local Currency) -5.72
EM (Local Currency) -14.92
Municipal 0.25
MBS 0.44
Additional Information
EATON VANCE
Asset Allocation Ideas
2010
Alternatives
2009
Equities
Lower
2008
Fixed income
Higher
2007
Trends & Takeaways
Monthly Market Monitor | March 2017
1-Year Returns
3-Year Returns
Core
Growth
Value
Core
Growth
Value
Core
Growth
Large Cap
3.59
3.87
4.15
29.13
25.53
22.15
9.90
10.19
10.47
Mid Cap
2.79
2.83
2.88
31.84
26.81
21.54
9.77
8.44
7.01
Small Cap
1.45
1.93
2.45
41.29
36.11
30.91
8.37
6.93
5.42
Alternatives
<-20 -20 to -10 -10 to 0
10 to 20
US 3.97
Global 22.07
US 24.98
Global 4.81
US 10.63
International 1.43
Emerging Markets 3.06
International 15.75
Emerging Markets 29.46
International -0.62
Emerging Markets 1.35
Asset Allocation Ideas
0 to 10
Global 2.81
Equities
Value
Fixed income
1-Month Returns
>20
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
4.5%
4.0%
MSCI EAFE
4.0%
Fixed income
Current Yields
Historical Yields
3.1 3.0%
3.5% MSCI EM 3.0%
2.5
10 Yr Treasury
MSCI World
MSCI EM
Equities
MSCI World
2.0%
2.4
1.9
2.0%
2.5%
2.4
1.0%
S&P 500
1.5%
0.0%
1.0% '12
'13
'14
'15
'16
MSCI EAFE
Alternatives
Correlation of S&P 500 Stocks
CBOE Market Volatility Index (VIX)
1.0
30.0
S&P 500 Stocks Correlation
0.8
S&P 500
'17
Average
VIX
20.0
0.4
Asset Allocation Ideas
0.6
10.0 Average
0.2 0.0
0.0 '02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'12
'13
'14
'15
'16
'17
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Fixed income
Regions/Styles: Current NTM P/E vs. 10-Year High, Low, Average 30.0
24.3
25.0
24.0
20.0
20.2 19.5
17.7
Current
16.1
Average
16.6 16.6
Low
16.6
15.8
15.0
13.4
MSCI World Current P/E 10.8
13.6
12.8
14.8
13.7 13.4
12.2
11.9 11.0
11.4 9.8
9.2
9.3 6.9
7.7
S&P 500
Russell 2000
Russell 1000 Growth
Russell 1000 Value
MSCI World
MSCI EAFE
MSCI EM
MSCI Europe
MSCI AC Asia Pac
2/17 9/11
7/09 11/08
2/17 11/08
2/17 9/11
2/15 10/08
5/15 10/08
10/07 10/08
3/15 10/08
7/09 10/08
Additional Information
EATON VANCE
Asset Allocation Ideas
8.3
5.0
High Date Low Date
16.0
14.8
14.4 14.0
10.0
16.8
Alternatives
15.0
19.6
17.7
High
Equities
19.5
Trends & Takeaways
Monthly Market Monitor | March 2017
Fixed income
S&P 500 Sectors: Current NTM P/E vs. 10-Year High, Low, Average 85.0
76.9 75.0
Equities
65.0 55.0 45.0
S&P 500 Current P/E
29.0
22.8
21.1 20.5
18.3
16.7 11.8 Consumer Staples 6/16 2/09
17.5
18.0 15.9 14.0
14.4 12.2
25.0 19.6
18.4 18.4
17.9
18.2
14.7
15.6
15.2
8.1 Energy
8.6 Financials
10.0
9.0
Health Care
Industrials
4/16 9/08
8/09 9/11
2/15 2/09
2/17 2/09
11.5 Information Technology 10/07 9/11
9.3 Materials 5/09 9/11
14.5 13.8 10.1 Telecom. Services 7/12 10/08
18.6 18.0 14.7 10.2 Utilities 6/16 2/09
Additional Information
EATON VANCE
Asset Allocation Ideas
25.0 High 19.8 Current 19.2 15.0 16.5 Average 12.5 Low 5.0 Consumer Discretionary 5/07 High Date 9/11 Low Date
Alternatives
35.0
Trends & Takeaways
Monthly Market Monitor | March 2017
26.0
NTM EPS Growth 16.5
16.5
14.4
13.3
12.6
12.6
10.5
8.7 7.4
LTM EPS Growth -9.4 Russell 2000
-0.6 MSCI EM
MSCI Europe
-1.6
MSCI Asia Pac
MSCI World
-5.0
-8.9
MSCI EAFE
-0.4
-3.0
-5.4 Russell 1000 Value
S&P 500
Russell 1000 Growth
Alternatives
S&P 500 Sectors 262.6
-107.0 Energy
NTM EPS Growth
12.5
12.1
8.8
7.7
6.0
5.7
-3.2
-4.4
4.3
7.2
8.4
9.6
Materials
Info. Tech.
Discretionary
Staples
Health Care
5.2
2.6
22.6
1.4 -13.1
-5.4
LTM EPS Growth Financials
Industrials
Utilities
Asset Allocation Ideas
300.0 250.0 200.0 150.0 100.0 50.0 0.0 -50.0 -100.0 -150.0
Equities
30.0 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0
Fixed income
Regions/Styles
Telecom.
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
5.6
6.0% 4.8
5.0% 4.0%
7.0%
4.3
4.0
6.0%
6.6
5.0%
6.0% 5.0%
3.3
4.0%
3.0%
1.0%
3.6
4.1
13.2+
9.7 13.2
7.4 9.7
4.7 7.4
<4.6
5.0%
0.0%
4.0
-1.0% S&P 500
33.2+ 23.0 - 18.9 - 14.1 - <14.1 33.1 23.0 18.9
5.6
6.0%
A+
A
4.0
3.6
2.0%
3.3
3.5
4.8
B
B-
-0.5 C
4.0%
2.0%
4.7
4.0
3.0%
2.5
1.0%
B+
3.4
0.6 1.6
0.0 0.6
2.5
2.0% 1.0%
0.0% -1.0% S&P 500 $50B+
$10B $50B
$5B $10B
-0.5 $0 - $5B
0.0%
0.0% S&P 500
1.7+
1.3 1.7
1.0 - 0.6- 1.0 <0.6 1.3
S&P 500
3.5+
2.4 3.5
1.6 2.4
EATON VANCE
Additional Information
3.5
Asset Allocation Ideas
4.0%
2.4
A-
6.0% 5.0%
3.3
3.0%
S&P 500
Dividend Yield
Beta 4.4
2.3
Alternatives
Market Cap
3.3
1.0%
0.0% S&P 500
3.6
2.0%
1.0%
0.0%
4.0
4.8
4.1
3.0%
2.3
2.0%
4.0%
5.0
Equities
1.4
4.7
4.0
3.0%
2.0%
4.0%
S&P 500 Quality Ranking
Trailing 12 Month P/E
Fixed income
3-5 Year Earnings Growth
Trends & Takeaways
Monthly Market Monitor | March 2017
8.6 7.0
6.5
5.9
4.5
0.6 S&P 500
12.5+
9.3 12.5
7.0 9.3
4.5 7.0
<4.5
8.8 5.9
6.2
5.5
8.0% 6.0%
6.7
5.9
7.0
6.3 4.8
3.9
2.0% 0.0%
0.0% S&P 500 $50B+
$5B $10B
$0 - $5B
4.3
S&P 500
A+
A
A-
B+
B
B-
C
S&P 500
1.6+
1.3 1.6
1.0 - 0.6- 1.0 <0.6 1.3
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
8.6 7.5 6.2
5.9 4.2 2.3
S&P 500
3.5+
2.4 3.5
1.6 2.4
0.6 1.6
0.0 0.6
EATON VANCE
Additional Information
$10B $50B
4.3
Asset Allocation Ideas
1.8
5.8
Dividend Yield
4.0%
2.0%
5.7
5.6
0.0% 32.4+ 22.4 - 18.5 - 14.2 - <14.2 32.4 22.4 18.5
4.7 4.0%
5.9
2.0% S&P 500
6.0%
5.6
7.9
4.0%
8.0% 6.2
12.2
12.0% 10.0%
5.9
Beta
8.0% 5.9
6.3
14.0%
Alternatives
Market Cap
6.0%
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
Equities
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
S&P 500 Quality Ranking
Trailing 12 Month P/E
Fixed income
3-5 Year Earnings Growth
MSCI World 40.00
35.00
25.00
20.00
10.00 5.00
0.00
Additional Information
EATON VANCE
Asset Allocation Ideas
Utilities
Telecom
Real Estate
Materials
Technology
Industrials
-10.00 Health Care
-5.00
Financials
0.00
Energy
10.00
Staples
20.00
1 month YTD 1 year
30.00
Discretionary
Utilities
Telecom
Real Estate
Materials
Technology
Industrials
Health Care
Financials
Energy
Staples
40.00
Alternatives
1 month YTD 1 year
50.00
Equities
Discretionary
S&P 500
Fixed income
-10.00
Trends & Takeaways
Monthly Market Monitor | March 2017
30.00
15.00
Trends & Takeaways
Monthly Market Monitor | March 2017
R1000G
R1000V
MSCI World
MSCI EAFE
MSCI EM
MSCI Europe
MSCI Asia Pac
505
1988
644
691
1652
928
832
446
1023
Maximum
$718.72B
$16.74B
$718.72B
$718.72B
$718.72B
$230.74B
$266.26B
$230.74B
$266.26B
Minimum
$2.54M
$0.02M
$0.10M
$0.23M
$1.21M
$2.09M
$0.89M
$2.55M
$0.89M
1.92
1.51
1.60
2.65
2.43
3.12
2.53
3.42
2.50
17.70
24.02
19.52
16.61
16.60
14.75
11.93
14.79
13.66
2.91
2.25
5.71
1.92
2.28
1.68
1.53
1.81
1.51
12.65
13.07
14.95
10.71
10.78
8.65
6.17
8.61
7.45
Market Capitalization
Dividend Yield NTM PE Price to Book Price to Cash Flow Price to Sales
2.01
1.29
2.21
1.74
1.62
1.20
1.16
1.23
1.14
Est 3-5 Yr EPS Growth
11.37
13.42
13.35
9.59
11.50
11.24
13.88
11.93
11.57
5Yr. Div Growth Rate
14.20
3.49
14.33
14.12
6.16
0.58
-6.25
0.70
0.26
Real Estate 3% Telecomm 2%
Technology 22%
Utilities 3% Discretionary 12% Staples 9%
Health Care 14% Financials 15%
Technology 15% Industrials 11%
Discretionary 12%
Health Care 13%
Utilities 3%
Staples 10% Financials 18%
Energy 7%
EATON VANCE
Additional Information
Energy 7%
Real Estate 3% Telecomm 3%
Asset Allocation Ideas
Industrials 10%
Materials 5%
Alternatives
Materials 3%
Equities
R2000
Fixed income
S&P 500 Number of Holdings
Trends & Takeaways
Monthly Market Monitor | March 2017
3Y 10.63 10.43 9.82 7.33 10.47 9.90 8.44 6.93 6.48
5Y 14.01 13.59 14.07 13.10 13.79 14.02 13.63 12.89 7.29
10Y 7.62 7.85 7.19 7.82 9.07 6.20 8.04 7.22 4.58
2016 11.96 10.04 13.71 17.59 7.08 17.34 13.80 21.31 7.07
2015 1.38 2.54 -0.71 -2.90 5.67 -3.83 -2.44 -4.41 5.24
2014 13.69 13.80 12.64 7.07 13.05 13.45 13.22 4.89 5.64
2013 32.39 30.90 35.29 36.80 33.48 32.53 34.76 38.82 13.26
2012 16.00 12.75 20.21 17.88 15.26 17.51 17.28 16.35 5.20
2.77 1.43 3.06 2.50 2.81 1.19 1.97 0.69 1.33 1.08
7.77 7.94 8.94 7.28 7.90 8.71 7.58 7.73 8.83 6.53
5.25 4.37 8.70 7.57 5.62 3.30 3.23 4.10 3.50 4.33
21.26 15.75 29.46 24.75 22.07 12.15 10.85 11.50 11.62 22.21
5.20 -0.62 1.35 4.21 4.81 -3.13 -3.86 -2.18 -2.92 7.05
9.41 5.16 -0.37 4.96 8.25 4.68 3.07 8.94 5.12 8.97
4.29 1.03 2.86 2.49 4.08 0.67 0.87 1.55 0.91 2.99
7.51 1.00 11.19 4.89 7.86 -0.40 -0.17 -4.02 -1.22 5.18
-0.87 -0.81 -14.92 -1.96 -2.36 -2.84 -6.72 3.46 -1.61 10.24
4.94 -4.90 -2.19 0.00 4.16 -6.18 -5.16 -4.58 -5.86 -4.82
26.68 22.78 -2.60 11.97 22.80 25.23 20.91 35.70 26.24 30.85
15.83 17.32 18.22 16.78 16.13 19.12 15.03 33.05 20.02 11.56
1.95 4.95 -2.19 5.20 6.43 3.82 5.13 0.69 4.68 -0.39 5.28
6.33 10.07 -3.90 9.56 9.62 5.82 11.48 5.48 9.17 5.03 11.87
6.27 6.68 -5.71 5.45 8.82 5.29 9.77 5.35 4.61 -2.85 6.60
18.29 11.55 26.19 46.36 15.16 27.67 32.95 27.75 14.57 9.41 15.88
10.83 12.25 -3.91 13.90 9.80 10.51 15.95 5.68 11.22 10.05 12.62
16.83 13.73 1.24 17.72 17.77 14.61 15.19 9.44 11.37 10.81 12.44
10.33 10.82 4.09 0.39 10.43 8.32 11.13 5.90 4.18 5.75 7.14
6.03 5.38 27.36 22.80 -2.69 18.86 13.85 16.69 3.39 23.49 16.29
10.11 6.60 -21.12 -1.53 6.89 -2.53 5.92 -8.38 4.68 3.40 -4.85
9.68 15.98 -7.78 15.20 25.34 9.83 20.12 6.91 30.19 2.99 28.98
43.08 26.14 25.07 35.63 41.46 40.68 28.43 25.60 1.60 11.47 13.21
23.92 10.76 4.61 28.82 17.89 15.35 14.82 14.97 19.74 18.31 1.29 EATON VANCE
Additional Information
1Y 24.98 19.43 31.78 31.75 22.15 29.13 26.81 36.11 14.00
Asset Allocation Ideas
YTD 5.94 5.70 6.21 3.83 7.66 4.33 5.31 2.33 3.64
Alternatives
3-Mo. 8.04 8.09 7.82 5.85 9.00 6.94 6.51 5.20 3.75
Equities
1-Mo. 3.97 4.35 3.43 2.41 4.15 3.59 2.83 1.93 1.39
Fixed income
U.S. Equities S&P 500 Russell 1000 Defensive Russell 1000 Dynamic Russell 2500 Russell 1000 Growth Russell 1000 Value Russell Mid Cap Russell 2000 CBOE S&P 500 Buywrite BXM Global Equities MSCI World MSCI EAFE MSCI EM MSCI AC Asia Pac MSCI ACWI MSCI Europe FTSE 100 FTSE All Small STOXX Europe 600 Nikkei 225 Average Sectors S&P 500 Cons Disc S&P 500 Cons Staples S&P 500 Energy S&P 500 Financials S&P 500 Health Care S&P 500 Industrials S&P 500 Info Tech S&P 500 Materials S&P 500 Real Estate S&P 500 Telecom Services S&P 500 Utilities
Trends & Takeaways
Monthly Market Monitor | March 2017
2010
2011
2012
2013
2014
2015
2016
YTD 2/17
Emerging Markets 39.42
Small-Cap -33.79
Emerging Markets 78.51
Small-Cap 26.85
Growth 2.64
Emerging Markets 18.22
Small-Cap 38.82
S&P 500 13.69
Growth 5.67
Small-Cap 21.31
Emerging Markets 8.70
Growth 11.81
Value -36.85
Mid-Cap 40.48
Mid-Cap 25.48
S&P 500 2.11
Value 17.51
Mid-Cap 34.76
Value 13.45
S&P 500 1.38
Value 17.34
Growth 7.66
Global 11.66
S&P 500 -37.00
Growth 37.21
Emerging Markets 18.88
Value 0.39
International 17.32
Growth 33.48
Mid-Cap 13.22
International -0.81
Mid-Cap 13.80
S&P 500 5.94
International 11.17
Growth -38.44
Global 34.63
Growth 16.71
Mid-Cap -1.55
Mid-Cap 17.28
Value 32.53
Growth 13.05
Global -2.36
S&P 500 11.96
Global 5.62
Mid-Cap 5.60
Mid-Cap -41.46
International 31.78
Value 15.51
Small-Cap -4.18
Small-Cap 16.35
S&P 500 32.39
Small-Cap 4.89
Mid-Cap -2.44
Emerging Markets 11.19
Mid-Cap 5.31
S&P 500 5.49
Global -42.19
Small-Cap 27.17
S&P 500 15.06
Global -7.35
Global 16.13
Global 22.80
Global 4.16
Value -3.83
Global 7.86
International 4.37
Value -0.17
International -43.38
S&P 500 26.46
Global 12.67
International -12.14
S&P 500 16.00
International 22.78
Emerging Markets -2.19
Small-Cap -4.41
Growth 7.08
Value 4.33
Small-Cap -1.57
Emerging Markets -53.33
Value 19.69
International 7.75
Emerging Markets -18.42
Growth 15.26
Emerging Markets -2.60
International -4.90
Emerging Markets -14.92
International 1.00
Small-Cap 2.33
Additional Information
EATON VANCE
Asset Allocation Ideas
2009
Alternatives
2008
Equities
Lower
2007
Fixed income
Higher
Trends & Takeaways
Monthly Market Monitor | March 2017
5Y -4.51 -4.90 -6.37 -6.53 -5.74 -2.92 -7.80 -6.04 -4.51 -2.10
1-Mo. 2.10 0.48 2.12 3.05 0.02 0.43 0.30 -1.24 0.04 0.40
Local Interest Rates (%) 3-Mo. 6-Mo. 1Y 0.61 0.74 0.82 -0.93 -0.89 -0.92 0.19 0.16 0.08 -0.28 -0.28 -0.26 1.59 1.59 0.50 0.50 0.59 1.89 0.44 0.49 0.50 -0.70 -0.70 -0.69 -0.71 -0.72 -0.73 -0.73 -0.68 -1.04
5Y 4.73 -0.40 -1.94 -2.11 -1.28 1.67 -3.44 -1.59 0.00 2.53
Equities
1-Mo. -2.05 -1.60 0.03 0.95 -2.04 -1.62 -1.76 -3.25 -2.01 -1.65
Spot Returns vs. EUR (%) YTD 1Y 3Y -0.56 2.81 9.28 -0.09 -8.54 -1.18 3.10 2.73 5.61 5.68 10.22 3.83 0.47 4.66 2.77 3.08 12.19 3.81 2.36 6.47 -2.27 0.18 -2.54 -2.55 0.01 0.35 0.13 0.78 2.04 4.52
Fixed income
Currency U.S. Dollar (USD) Euro (EUR) * British Pound (GBP) Japanese Yen (JPY) Australian Dollar (AUD) Canadian Dollar (CAD) New Zealand Dollar (NZD) Norwegian Krone (NOK) Swedish Krona (SEK) Danish Krone (DKK) Swiss Franc (CHF)
Spot Returns vs. USD (%) YTD 1Y 3Y 0.54 -2.73 -8.49 0.28 -11.05 -9.58 3.72 -0.07 -3.35 6.33 7.23 -4.98 1.05 1.80 -5.95 3.80 9.13 -4.98 2.94 3.57 -10.57 0.77 -5.19 -10.82 0.57 -2.38 -8.37 1.31 -0.74 -4.35
Alternatives
U.S. Dollar Index 160 140
Asset Allocation Ideas
120 100 80 60 '70
'72
'74
'76
'78
'80
'82
'84
'86
'88
'90
'92
'94
'96
'98
'00
'02
'04
'06
'08
'10
'12
'14
'16
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Currency
Spot Returns vs. EUR (%)
Local Interest Rates (%)
1Y
3Y
5Y
1-Mo.
YTD
1Y
3Y
5Y
3-Mo.
6-Mo.
1Y
Chinese Renminbi (CNY)
0.25
1.14
-4.59
-3.63
-1.73
1.80
0.60
-2.37
4.92
3.04
-
-
3.97
Malaysian Ringgit (MYR)
-0.27
1.03
-5.35
-9.63
-7.58
0.82
0.44
-2.34
-1.48
-3.03
2.64
2.95
3.09
Indian Rupee (INR)
1.76
1.85
2.60
-2.53
-5.97
2.78
1.40
5.38
6.45
-1.40
6.10
6.16
6.32
Indonesian Rupiah (IDR)
0.23
1.01
0.28
-4.52
-7.52
1.20
0.30
3.46
4.07
-2.98
-
-
6.43
Philippine Peso (PHP)
-0.89
-1.33
-5.49
-3.88
-3.20
0.15
-1.93
-2.60
4.78
1.56
1.40
1.33
1.17
Singapore Dollar (SGD)
0.47
3.11
0.24
-3.33
-2.26
2.57
2.53
3.05
5.64
2.36
-
0.82
0.97
South Korean Won (KRW)
2.75
6.68
9.41
-1.88
-0.20
3.87
6.10
12.97
6.88
4.70
1.32
1.40
1.46
Taiwanese Dollar (TWD)
2.31
5.37
8.55
-0.39
-0.86
3.33
4.58
12.27
8.56
4.01
-
-
0.44
Thai Baht (THB)
0.47
2.57
2.00
-2.32
-2.70
2.58
1.97
4.85
6.74
1.89
1.43
1.50
1.52
Brazilian Real (BRL)
1.23
4.66
29.11
-8.99
-11.20
3.62
4.46
33.10
-0.47
-6.96
12.08
11.37
10.29
Chilean Peso (CLP)
-0.43
3.12
7.06
-4.92
-5.91
1.20
2.56
9.55
3.78
-1.49
-
-
3.22
Colombian Peso (COP)
-0.08
2.60
12.54
-11.23
-9.59
1.47
1.95
15.45
-3.07
-5.32
-
-
-
Mexican Peso (MXN)
3.60
3.07
-9.81
-12.98
-8.55
5.76
2.55
-7.29
-4.91
-4.23
6.41
6.63
6.50
Peruvian New Sol (PEN)
0.14
2.71
7.80
-5.03
-3.90
1.81
1.94
10.47
3.69
0.60
-
-
3.93
ASIA, EX. JAPAN
Alternatives
YTD
Equities
1-Mo.
Fixed income
Spot Returns vs. USD (%)
LATIN AMERICA
Asset Allocation Ideas Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Currency
Spot Returns vs. EUR (%)
Local Interest Rates (%)
5Y
1-Mo.
YTD
1Y
3Y
5Y
3-Mo.
6-Mo.
1Y
Czech Koruna (CZK)
-2.05
0.58
-2.57
-8.15
-6.06
0.00
-0.03
0.17
0.38
-1.62
-0.90
-1.06
-0.85
Hungarian Forint (HUF)
-1.50
1.03
-2.10
-8.30
-5.72
0.58
0.42
0.66
0.16
-1.26
0.09
0.11
0.22
Polish Zloty (PLN)
-1.69
2.83
-1.78
-9.55
-5.31
0.38
2.29
0.98
-1.14
-0.83
-
-
1.64
Romanian Leu (RON)
-2.57
0.84
-3.87
-8.62
-5.25
-0.61
0.33
-1.27
-0.15
-0.76
-
0.57
0.87
Russian Ruble (RUB)
3.10
5.41
28.80
-14.99
-12.95
5.22
4.79
31.67
-7.10
-8.78
10.47
10.48
10.26
Turkish New Lira (TRY)
3.49
-3.37
-18.66
-15.42
-13.67
5.63
-3.95
-16.39
-7.57
-9.59
10.52
10.55
10.65
Ghanaian Cedi (GHS)
-7.06
-9.80
-17.76
-18.09
-18.36
-5.24
-8.92
-15.54
-10.53
-14.53
24.20
-
19.00
Israeli Shekel (ILS)
3.53
5.84
7.18
-1.41
0.76
5.49
5.18
10.05
7.68
5.49
0.17
0.18
0.12
Kenyan Shilling (KES)
0.96
-0.38
-1.23
-5.71
-4.21
3.00
-0.95
1.82
3.12
0.36
10.61
10.90
11.46
Moroccan Dirham (MAD)
-1.35
0.30
-1.93
-6.87
-3.64
0.68
-0.24
0.93
1.76
0.91
2.33
2.26
2.20
Nigerian Naira (NGN)
-1.12
0.03
-36.86
-19.38
-12.94
2.22
-0.34
-34.96
-11.84
-8.79
14.66
19.39
22.01
South African Rand (ZAR)
2.64
4.66
20.89
-6.43
-10.58
4.79
4.08
24.28
2.27
-6.35
7.34
7.57
7.87
Ugandan Shilling (UGX)
-0.04
0.28
-4.81
-10.93
-7.87
1.98
0.10
-4.16
-2.69
-3.64
12.17
12.13
12.17
Zambian Kwacha (ZMK)
3.26
3.41
18.52
-15.37
-11.39
6.60
4.00
23.21
-7.18
-6.97
-
-
21.00
EUROPE
MIDDLE EAST AND AFRICA
EATON VANCE
Additional Information
3Y
Asset Allocation Ideas
1Y
Alternatives
YTD
Equities
1-Mo.
Fixed income
Spot Returns vs. USD (%)
Trends & Takeaways
Monthly Market Monitor | March 2017
Swiss Franc (CHF) Euro (EUR) *
Feb ‘17 Feb ‘16
-1.04 -1.11
Hungarian Forint (HUF) Philippine Peso (PHP)
-0.92 -0.52
Thai Baht (THB)
-0.73 -0.61
Polish Zloty (PLN)
Swedish Krona (SEK)
-0.69 -0.67
Malaysian Ringgit (MYR)
Japanese Yen (JPY)
Peruvian New Sol (PEN) 0.08 0.31
Indonesian Rupiah (IDR)
Norwegian Krone (NOK)
0.50 0.49
Mexican Peso (MXN)
Canadian Dollar (CAD)
0.59 0.50 0.82 0.60
Brazilian Real (BRL)
Australian Dollar (AUD)
1.59 1.92
Turkish New Lira (TRY)
New Zealand Dollar (NZD)
1.89 2.19
Nigerian Naira (NGN)
-5.00
0.00
10.26 11.91 10.29 14.16 10.65 10.59
Russian Ruble (RUB)
5.00
10.00
15.00
20.00
0.00
22.01
8.82 5.00
10.00
15.00
20.00
Asset Allocation Ideas
U.S. Dollar (USD)
South African Rand (ZAR)
Alternatives
British Pound (GBP)
Chilean Peso (CLP)
-0.26 -0.18
Feb ‘17 0.22 Feb ‘16 1.00 1.17 0.99 1.52 1.45 1.64 1.33 3.09 2.89 3.22 3.95 3.93 5.06 6.43 6.98 6.50 4.09 7.87 7.85
Equities
Danish Krone (DKK)
Fixed income
Emerging Market Local Interest Rates % (1 Year)
Developed Market Local Interest Rates % (1 Year)
25.00
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
YTD
1Y
3Y
5Y
Bloomberg Commodity Index
0.21
2.15
0.34
15.95
-13.02
-9.82
Bloomberg Sub Agriculture
-0.28
0.70
3.03
9.08
-10.12
-6.93
Coffee
-6.16
-6.74
2.44
13.25
-15.91
Corn
1.86
5.25
4.16
-4.31
Cotton
0.28
5.08
6.42
Soybean
0.10
-1.61
Soybean Oil
-0.54
Sugar Wheat
3-Mo.
YTD
1Y
3Y
5Y
2.24
4.32
9.86
29.28
-2.56
-6.94
Aluminum
5.65
10.82
13.30
19.70
-1.05
-9.10
-15.28
Copper
-0.97
2.68
7.86
25.10
-6.01
-7.89
-15.32
-11.58
Nickel
10.20
-2.73
9.34
26.89
-10.73
-12.03
32.86
-2.27
-1.31
Zinc
-1.16
4.38
9.72
58.07
8.48
2.75
2.20
18.30
-5.03
3.63
3.93
8.06
10.45
5.94
-3.09
-8.13
-9.56
-2.82
4.62
-10.31
-12.31
Gold
3.55
6.68
8.69
0.57
-2.27
-6.57
-5.82
-2.69
-1.23
27.99
-8.87
-12.92
Platinum
3.50
13.05
13.93
9.69
-11.08
-10.04
2.58
7.26
5.84
-15.91
-17.15
-14.85
Silver
4.92
11.78
15.17
21.62
-5.91
-12.95
-2.72
-1.98
-10.11
24.29
-28.51
-18.25
1.26
9.92
-0.07
-7.81
-8.50
-5.09
Brent Crude
1.11
5.74
-2.28
33.33
-29.30
-18.80
Lean Hogs
-2.34
15.25
-3.82
-13.06
-17.61
-9.39
Heating Oil
0.06
2.11
-6.07
32.71
-23.90
-16.14
Live Cattle
3.33
6.20
2.40
-4.69
-2.63
-2.62
Natural Gas
-11.87
-17.01
-25.40
14.01
-33.53
-20.86
Unleaded Gas
-1.62
0.37
-9.53
17.13
-22.13
-12.39
WTI Crude Oil
1.23
4.34
-2.15
27.63
-31.26
-21.50
Bloomberg Sub Industrial Metals
Bloomberg Sub Precious Metals
Bloomberg Sub Livestock
Additional Information
EATON VANCE
Asset Allocation Ideas
1-Mo.
Bloomberg Sub Energy
Index
Alternatives
3-Mo.
Equities
1-Mo.
Fixed income
Index
Trends & Takeaways
Monthly Market Monitor | March 2017
2010
2011
2012
2013
2014
2015
2016
1/31*
Private Equity 18.85
Managed Futures 18.33
MLP 76.41
MLP 35.85
MLP 13.88
Private Equity 14.19
MLP 27.58
Managed Futures 18.37
Private Equity 5.66
MLP 18.31
MLP 39.60
Global Macro 17.36
Currency -3.85
Private Equity 20.73
Private Equity 11.34
Multi-Strategy 11.19
Private Equity 21.32
Private Equity 11.13
Multi-Strategy 3.84
Commodity 11.77
Commodity 13.83
Commodity 16.23
Global Macro -4.62
Commodity 16.83
Global Macro 6.44
Fixed Income Arbitrage 11.04
Long/Short Equity 17.74
Multi-Strategy 6.09
Long/Short Equity 3.55
Convertible Arbitrage 6.60
Convertible Arbitrage 10.17
Currency 16.04
Event Driven -17.74
Event Driven 10.63
Event Driven 15.47
Long/Short Equity 5.55
Multi-Strategy 4.41
Event Driven 7.33
Long/Short Equity 8.21
Multi-Strategy 11.23
MLP 4.80
Fixed Income Arbitrage 4.29
Currency 6.68
Equity Market Neutral 9.27 Convertible Arbitrage 6.03
Fixed Income Arbitrage 4.37
Equity Market Neutral 1.69 Convertible Arbitrage 0.81 Fixed Income Arbitrage 0.59
Global Macro 3.58
Fixed Income Arbitrage 6.09
Global Macro 3.11
Global Macro 0.18
Currency 3.54
Multi-Strategy 5.76
Managed Futures -0.93
Event Driven 2.68
Global Macro 3.88
Long/Short Equity Long/Short Equity 13.66 -19.76
Multi-Strategy 24.62
Global Macro 13.47
Event Driven 20.38
Event Driven 12.63
Fixed Income Arbitrage 4.69 Equity Market Neutral 4.49
Private Equity -22.61
Long/Short Equity 19.47
Fixed Income Arbitrage 12.51
Multi-Strategy 1.83
Convertible Arbitrage 7.82
MLP 12.72
Multi-Strategy -23.63
Commodity 18.91
Managed Futures 12.22
Convertible Arbitrage 1.13
Currency 7.45
Private Equity 13.30
Convertible Arbitrage 10.95
Managed Futures -4.19
MLP 4.80
Global Macro 4.32
Event Driven 1.57
Currency 11.69
Multi-Strategy 9.29
Currency -5.19
Global Macro 4.58
Fixed Income Arbitrage 3.80
Equity Market Neutral 0.85
Currency -2.04
Equity Market Neutral -1.19 Convertible Arbitrage -1.68
Equity Market Neutral 9.27
Fixed Income Arbitrage -28.82 Convertible Arbitrage -31.59
Managed Futures 6.01
Commodity -35.65
Global Macro 11.55
MLP -36.91
Equity Market Neutral 4.05
Currency 5.68
Event Driven -9.09
Commodity -1.06
Managed Futures -2.56
Equity Market Neutral -40.32
Managed Futures -6.57
Equity Market Neutral -0.85
Commodity -13.32
Managed Futures -2.93
Commodity -9.52
Convertible Arbitrage 5.17 Fixed Income Arbitrage 3.83
Long/Short Equity Long/Short Equity 9.28 -7.31
Event Driven -6.29
Long/Short Equity Long/Short Equity -3.43 0.45
Currency -7.61
Equity Market Neutral -4.58
Equity Market Neutral -1.50
Currency -7.03
Commodity -24.66
Managed Futures -6.84
Managed Futures -6.84
Commodity -17.01
MLP -32.59
Private Equity --
Private Equity --
Additional Information
EATON VANCE
Asset Allocation Ideas
Event Driven 13.20
Multi-Strategy 10.10
Lower
Convertible Arbitrage 47.35 Fixed Income Arbitrage 27.41
Alternatives
2009
Equities
2008
Fixed income
Higher
2007
Trends & Takeaways
Monthly Market Monitor | March 2017
Canada 2.81%
United Kingdom 3.91%
United States 2.00%
Sweden 3.71%
Russia 4.51% Italy 4.25% Japan 2.00%
China 2.03%
Spain 4.43%
Equities
France 3.37%
Fixed income
Germany 2.64%
Mexico 2.04%
Alternatives
Korea 1.79% India 1.35%
Asset Allocation Ideas
Brazil 3.03% Australia 4.24% South Africa 3.05%
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
Fixed income
Market Capitalization % of World Total
GDP % of World Total
18% 30%
United States
41%
United States India
Japan
Japan
Hong Kong
Germany
France
Rest of World
3%
4%
3%
Rest of World
5% 8%
Asset Allocation Ideas
7%
China Alternatives
16%
52%
Equities
China
13%
Additional Information
EATON VANCE
Trends & Takeaways
Monthly Market Monitor | March 2017
1.00
8%
Fixed income
10 Year Correlation with US Treasuries
Yield/Duration
1.00 0.93 0.85
0.81
0.75 High Yield Corp
Yield
Floating-Rate Loan
EM Sovereign (USD)
0.50
0.25
Aggregate Treasury
-0.25
4
6
8
10
-0.25
-0.46
Duration
Additional Information
EATON VANCE
Asset Allocation Ideas
-0.50
0% 2
Alternatives
0.00
Municipal
Agency
0.19
Investment Grade Corp
MBS
0
0.42 0.32
4%
2%
Equities
6%
Trends & Takeaways
Monthly Market Monitor | March 2017
1.00
6%
1.00
0.78
5%
0.75
0.74
Equities
4.40%
Fixed income
5 Year Correlation with Municipals
Tax-Equivalent Yield
4% 0.50
3%
2.85% 2.57% 2.44%
2%
1.74%
0.25
Alternatives
Yield
3.26%
0.20
1.87%
0.00 -0.01 -0.11 -0.25
0% Agency
Treasury
Aggregate
MBS
Investment Grade Corp
Municipal
Municipal
Treasury
Investment Grade Corp
High Yield Corp
Floating-Rate Loan
S&P 500
Additional Information
EATON VANCE
Asset Allocation Ideas
1%
Trends & Takeaways
Monthly Market Monitor | March 2017
Fixed income
20 Year Correlation with U.S. Stocks
Asset Allocation
1.00 Alts 25%
U.S. Stocks 40%
Bonds 40%
Intl Stocks 20%
Intl Stocks 15%
0.75 0.45
0.50 0.25
0.20
0.00 -0.09
-0.25
Portfolio 1
Equities
Bonds 30%
U.S. Stocks 30%
Global Macro
Portfolio 2
Multi-Strategy
Managed Futures
Alternatives
20 Year Correlation with Bonds Maximum Drawdown (%)
Portfolio 1
6.37
9.21
-34.06
Portfolio 2
6.77
7.45
-27.88
20 Years ending 1/31/17
1.00 0.75
0.50 0.25
0.32
0.24 0.04
0.00 -0.25 Global Macro
Multi-Strategy
Managed Futures
Additional Information
EATON VANCE
Asset Allocation Ideas
Return (%)
Standard Deviation (%)
Trends & Takeaways
Monthly Market Monitor | March 2017
2007 Emerging Markets 39.42
2008 US Agg 5.24
2010
2011
Small-Cap 26.85
Municipal 10.70
2012 Emerging Markets 18.22
2013
2014
2015
2016
Small-Cap 38.82
S&P 500 13.69
Municipal 3.30
Small-Cap 21.31
YTD 2/17 Emerging Markets 8.70
High Yield 57.51
Emerging Markets 18.88
US Agg 7.84
International 17.32
S&P 500 32.39
Municipal 9.05
S&P 500 1.38
High Yield 17.49
S&P 500 5.94
International 11.17
High Yield -26.39
Bank Loan 51.62
Commodities 16.83
High Yield 4.38
Small-Cap 16.35
International 22.78
US Agg 5.97
US Agg 0.55
S&P 500 11.96
International 4.37
International 31.78
High Yield 15.19
S&P 500 2.11
S&P 500 16.00
Asset Allocation 13.83
Small-Cap 4.89
Bank Loan -0.69
Commodities 11.77
Asset Allocation 3.30
S&P 500 15.06
Bank Loan 1.52
High Yield 15.58
High Yield 7.42
Asset Allocation 4.28
International -0.81
Emerging Markets 11.19
High Yield 2.92
Bank Loan 5.29
High Yield 2.50
Asset Allocation -2.03
Bank Loan 10.16
Small-Cap 2.33
Bank Loan -29.10
Small-Cap 27.17
S&P 500 5.49
Small-Cap -33.79
S&P 500 26.46
Municipal 3.36
Commodities -35.65
Asset Allocation 26.35
Bank Loan 10.13
Small-Cap -4.18
Bank Loan 9.66
US Agg -2.02
Bank Loan 1.60
Small-Cap -4.41
Asset Allocation 8.61
Municipal 1.36
High Yield 2.19
S&P 500 -37.00
Commodities 18.91
International 7.75
International -12.14
Municipal 6.78
Municipal -2.55
Emerging Markets -2.19
High Yield -4.64
US Agg 2.65
Bank Loan 1.06
Bank Loan 2.08
International -43.38
Municipal 12.91
US Agg 6.54
Commodities -13.32
US Agg 4.21
Emerging Markets -2.60
International -4.90
Emerging Markets -14.92
International 1.00
US Agg 0.87
Small-Cap -1.57
Emerging Markets -53.33
US Agg 5.93
Municipal 2.38
Emerging Markets -18.42
Commodities -1.06
Commodities -9.52
Commodities -17.01
Commodities -24.66
Municipal 0.25
Commodities 0.34
Asset Allocation Asset Allocation Asset Allocation 12.91 -0.35 11.91
Additional Information
EATON VANCE
Asset Allocation Ideas
US Agg 6.97
Alternatives
Municipal -2.47
Equities
Commodities 16.23
Asset Allocation Asset Allocation 7.75 -26.69
Lower
2009 Emerging Markets 78.51
Fixed income
Higher
Trends & Takeaways
Monthly Market Monitor | March 2017
US Aggregate
Municipal
High Yield
Bank Loan
Commodities
S&P 500
1.00
0.89
0.79
0.92
0.03
0.08
0.74
0.59
0.51
International
0.81
1.00
0.88
0.79
0.13
0.13
0.78
0.60
0.59
Emerging Markets
0.63
0.77
1.00
0.71
0.18
0.15
0.77
0.61
0.66
Small-Cap
0.82
0.62
0.46
1.00
-0.06
0.01
0.70
0.56
0.43
US Aggregate
-0.11
0.03
0.20
-0.23
1.00
0.55
0.25
-0.01
0.06
Municipal
-0.11
0.07
0.16
-0.26
0.83
1.00
0.33
0.28
-0.05
High Yield
0.65
0.74
0.74
0.54
0.30
0.20
1.00
0.86
0.54
Bank Loan
0.53
0.63
0.60
0.46
0.10
-0.01
0.83
1.00
0.44
Commodities
0.30
0.41
0.49
0.26
-0.02
-0.01
0.58
0.54
1.00
5 Years ended February 28, 2017
10 Years ended February 28, 2017
Additional Information
EATON VANCE
Asset Allocation Ideas
Small-Cap
Alternatives
Emerging Markets
Equities
International
Fixed income
S&P 500
Trends & Takeaways
Monthly Market Monitor | March 2017
1 Mo.
3 Mo.
12 Mo.
01/17
1 Mo.
3 Mo.
12 Mo.
10,189
8,376
12,384
Foreign Large Blend
5,120
11,693
24,661
Foreign Large Blend
5,512
12,931
32,023
Large Blend
3,443
38,693
78,113
Intermediate-Term Bond
4,224
5,284
93,975
Large Value
3,436
14,947
36,582
World Bond
4,135
4,422
(2,657)
Corporate Bond
3,190
763
14,447
3,011
2,234
26,062
01/17 Large Blend
3,679
12,011
11,670
Ultrashort Bond
2,404
6,750
12,131
Mid-Cap Blend
2,485
7,913
11,598
Mid-Cap Blend
2,185
4,928
2,935
Small Blend
2,248
14,082
18,861
Inflation-Protected Bond
1,896
4,150
8,599
Intermediate-Term Bond
2,067
3,615
26,188
Small Blend
1,862
2,426
2,575
Technology
1,695
3,436
3,689
High Yield Muni
1,610
(3,838)
4,410
Short-Term Bond
1,547
2,315
8,216
01/17
1 Mo.
3 Mo.
12 Mo.
01/17
1 Mo.
3 Mo.
12 Mo.
Short Government
(667)
(1,186)
(1,394)
Allocation--50% to 70% Equity
(207)
(4)
53
(317)
2,446
(2,730)
(916)
(2,430)
(11,735)
Mid-Cap Value
(949)
(1,862)
(10,828)
China Region
(320)
(1,351)
(2,866)
Intermediate Government
(1,150)
(3,401)
2,426
Europe Stock
(341)
(1,015)
(23,214)
Large Value
(1,347)
(6,463)
(14,902)
Consumer Defensive
(359)
(1,593)
(3,452)
World Stock
(1,375)
(5,112)
(17,980)
Long Government
(487)
(1,883)
(5,002)
(488)
(7,008)
7,681
(1,662)
(5,231)
(22,400)
World Allocation
(1,690)
(7,233)
(32,377)
Utilities
(763)
(1,551)
143
Health
(2,087)
(6,884)
(19,068)
Trading--Leveraged Equity
(989)
(457)
(5,097)
(10,060)
(30,621)
(107,303)
(2,617)
2,015
284
Large Growth
Large Growth
EATON VANCE
Additional Information
Mid-Cap Growth
Commodities Precious Metals
Asset Allocation Ideas
Small Growth
Health
Alternatives
Bottom 10 Exchange-Traded Fund Categories by Monthly Flows ($MM)
Bottom 10 Open-End Mutual Fund Categories by Monthly Flows ($MM)
Equities
Bank Loan
Diversified Emerging Mkts
Fixed income
Top 10 Exchange-Traded Fund Categories by Monthly Flows ($MM)
Top 10 Open-End Mutual Fund Categories by Monthly Flows ($MM)
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Monthly Market Monitor | March 2017
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with maturities of more than one year issued by emerging markets governments. JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging market governments Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged index of emerging markets common stocks Morgan Stanley Capital International All Country Asia Pacific Index (MSCI AC Asia Pac) is an unmanaged total return, capitalization-weighted index that measures the performance of stock markets in 15 Pacific region countries, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan and Thailand Morgan Stanley Capital International (MSCI) Japan Index is an unmanaged index designed to measure the performance of the large and mid cap segments of the Japan market Morgan Stanley Capital International (MSCI) World Index is an unmanaged index of equity securities in the developed markets Morgan Stanley Capital International All Country World (MSCI AC World) Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets Morgan Stanley Capital International Europe (MSCI Europe) Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of the developed markets in Europe
Equities
instruments issued by the U.S. Treasury BofA Merrill Lynch US Inflation-Linked Treasury Index tracks the performance of USD denominated inflation linked sovereign debt publicly issued by the US government BofA Merrill Lynch Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. BofA Merrill Lynch UK Gilts Index tracks the performance of GBP denominated sovereign debt publicly issued by the UK government in its domestic market. BofA Merrill Lynch European Union Government Bond Index tracks the performance of sovereign debt publicly issued by countries that are members of the European Union BofA Merrill Lynch U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. Bloomberg Commodity Index is a broadly diversified index tracking futures contracts on physical commodities CBOE Volatility Index (VIX) tracks the implied volatilities of a wide range of S&P 500 Index options CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index FTSE 100 Index is an unmanaged market-capitalization weighted index representing the performance of the 100 largest UK listed blue chip companies, which pass screening for size and liquidity FTSE All Small Index consists of all the companies in the FTSE SmallCap and FTSE Fledgling indices JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified is an unmanaged index of USD-denominated emerging market corporate bonds. JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified is an unmanaged index of USD-denominated bonds
Fixed income
Bloomberg Barclays Global Aggregate Ex-USD Index is a broad-based measure of global Investment Grade fixed-rate debt investments, excluding USD-denominated debt Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index of non-Investment Grade Municipal bonds traded in the U.S. Bloomberg Barclays Municipal Bond Index is an unmanaged index of Municipal bonds traded in the U.S. Bloomberg Barclays Taxable Municipal Bond Index is an unmanaged index of Taxable Municipal bonds traded in the U.S. Bloomberg Barclays U.S. Agency Index measures agency securities issued by U.S government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government Bloomberg Barclays U.S. Aggregate Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities Bloomberg Barclays U.S. Asset Backed Securities (ABS) Index measures ABS with the following collateral type: credit and charge card, auto, and utility loans Bloomberg Barclays U.S. CMBS Index measures the market of conduit and fusion CMBS deals with a minimum current deal size of $300mn Bloomberg Barclays U.S. Corporate Investment Grade Index is an unmanaged index that measures the performance of investment-grade corporate securities within the Barclays U.S. Aggregate Index Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index measures agency mortgage-backed pass-through securities issued by GNMA, FNMA, and FHLMC Bloomberg Barclays U.S. Treasury Index measures public debt
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Monthly Market Monitor | March 2017
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calculated by making worst-case scenario assumptions by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer.
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Municipal-to-Treasury Yield Ratios are relative value indicators that measure the richness or cheapness of Municipal bond yields to comparable maturity Treasury bond yields. Yield to Worst is a measure which reflects the lowest potential yield earned on a bond without the issuer defaulting. The yield to worst is
Bank Loans – There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Commodities – The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity including weather, embargoes, tariffs, or health, political, international and regulatory developments. Credit – Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments. Duration – Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. Equity – Equity investment values are sensitive to stock market volatility. Foreign – Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, or other conditions. In emerging countries, these risks may be more significant. Gov’t Agency – While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Income Market – An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about Municipal issuers. Inflation-Linked – Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Interest Rate – As interest rates rise, the value of certain income investments is likely to decline. Lower-Rated – Investments rated below Investment Grade (typically referred to as “junk”) are generally subject to greater price volatility and illiquidity than higher rated investments. Maturity – Longer-term bonds typically are more sensitive to interest rate changes than shorter-term bonds. Preferred Stocks – When interest rates rise, the value of preferred stocks will generally decline. Prepayment - MBS – Mortgage-backed securities are subject to prepayment risk. Prepayment - Bank Loan – Bank Loans are subject to prepayment risk. Real Estate – Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs.
Equities
index of large-cap stocks commonly used as a measure of U.S. stock market performance S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market STOXX Europe 600 Index is a fixed component number index designed to provide a broad yet liquid representation of large, mid and small capitalization companies in Europe BofA Merrill Lynch Indexes: BofA Merrill Lynch™ indices not for redistribution or other uses; provided "as is", without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance's products. MSCI Indexes: Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
Fixed income
Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada Nikkei 225 Stock Average Index is unmanaged price-weighted index of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange Russell 1000 Index is an unmanaged index of 1,000 U.S. large-cap stocks Russell 1000 Growth Index is an unmanaged index of 1,000 U.S. large-cap growth stocks Russell 1000 Value Index is an unmanaged index of 1,000 U.S. large-cap value stocks Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap stocks Russell 2500 Index is an unmanaged index of approximately 2,500 U.S. small- and mid-cap U.S. stocks Russell Midcap Index is an unmanaged index of U.S. mid-cap stocks Standard & Poor’s 500 Index is an unmanaged
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Monthly Market Monitor | March 2017
Fixed income
Eaton Vance is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates offer individuals and institutions a broad array of investment strategies and wealth management solutions. The Companyâ&#x20AC;&#x2122;s long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of todayâ&#x20AC;&#x2122;s most discerning investors. For more information about Eaton Vance, visit eatonvance.com
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Monthly Market Monitor | March 2017
Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.
Equities
Eaton Vance Management (EVM) is an investment advisor with its headquarters located at Two International Place, Boston, MA 02110. This material is for illustrative and informational purposes only and should not be considered investment advice, a recommendation to purchase or sell any particular securities or to adopt any particular investment strategy. Investing entails risks and there can be no assurance that EVM or its affiliates will achieve profits or avoid incurring losses.
Fixed income
Mutual Funds are distributed by Eaton Vance Distributors, Inc. Two International Place, Boston, MA 02110, (800) 225-6265. Member FINRA/ SIPC.
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3.3.17 EATON VANCE
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