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Financial Industry Insights from Advisors Asset Management
On June 24, 2016
Brexit: Likely Speed bump, Not Inflection Point
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• We view the “Brexit” (Britain’s exit from the European Union) vote as a speed bump, not an inflection point in the bull market.
• However, we believe the S&P 500 needs a positive catalyst to move past the 2100 mark, which we expect will happen during this bull market cycle.
• Equity volatility has been high; bonds as well, with 10-year Treasury yields at their lowest level in about three years, lower than their 5-year average.
• For now, we believe concerns over a weakening U.S. economy and the potential negative effects of a “Brexit” on the global economy are overdone, but expect markets to remain choppy in the short term until the markets digest election results from overseas.
• In this low yield environment, we see opportunity in select alternative income investments including dividend-paying equities, MLPs (master limited partnerships), REITs (real estate investment trusts), BDCs (business development companies) and CEFs (closed-end funds), particularly those CEFs with the steepest discounts to net asset value (NAV) and best potential for NAV appreciation.
• We also favor European equities due to their weak recent performance, high dividend levels, and high earnings growth rates vs. US equities and bonds.
CRN: 2016-0622-5425 R
All investments involve risk; loss of principal is possible. Past performance does not guarantee future performance. It is not possible to invest directly in an index.
This podcast and transcript are provided for informational purposes only. It is not an offer or solicitation of an offer to buy or sell any product or service. Unless otherwise stated, all information and opinions contained in this publication were produced by Advisors Asset Management, Inc. (AAM) and other sources believed by AAM to be accurate and reliable. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions as of the taping date of the podcast and are subject to change without notice. All AAM employees, including research associates, receive compensation that is based in part upon the overall performance of the firm. AAM may make a market in or have other financial interests in any given sector or security with which this analysis suggests may be benefited from its conclusions. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized.
Index Definitions: S&P 500 Index is an unmanaged market capitalization weighted index used to measure 500 companies chosen for market size, liquidity and industry grouping, among other factors. It represents approximately 80% of available market capitalization. The MSCI Europe Index as of May 31, 2016 captures large and mid-cap representation across 15 Developed Markets (DM) countries in Europe. With 443 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe.
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This commentary is for informational purposes only. All investments are subject to risk and past performance is no guarantee of future results. Please see the Disclosures webpage for additional risk information at commentary-disclosures. For additional commentary or financial resources, please visit www.aamlive.com.
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