We emphasize a blend of high-quality intermediate bonds, with a preference for investment-grade corporates (IGC) and mortgage-backed securities (MBS) over Treasuries, in suitable strategies…

We maintain our year-end 2019 fair value target for the S&P 500 Index of 3,000. Despite a slight reduction in our 2019 S&P 500 earnings forecast and heightened trade tensions…

We favor emerging markets (EM) equities for their solid economic growth trajectory, favorable demographics, attractive valuations, and our continued expectation that the United States…

We maintain our slight preference for value due to attractive relative valuations after a sustained period of growth out performance.

Expectations for solid but slower growth in the U.S. economy and corporate profits support our year-end 2019 fair value target for the S&P 500 of 3000.