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This sector outperformed during the first quarter

Financial market returns were broadly distributed in the first quarter of 2015 following
several years of narrow leadership centered on large cap U.S. stocks. As shown below,
foreign stock markets rebounded following poor results in 2014.

Narrow leadership has created a frustrating environment in recent years for investors
with diversified portfolios. Even so, the tide could be turning. With the Federal Reserve
set to raise interest rates, and foreign central banks now engaging in stimulus, overseas
markets have shown improved relative returns.

It is too early to say whether recent results will mark a decisive shift in leadership.
Regardless, we believe long-term investors will benefit from being diversified.
Remember: the goal of diversification is not to increase returns, but rather to
improve risk-adjusted results. It can allow investors to achieve attractive returns
without undue risk.


DISCLAIMER: Past performance does not predict future results. This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.

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