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All investments involve risks, including possible loss of principal. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Fixed income securities involve interest rate, credit, inflation, and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high yield bonds are subject to greater price volatility. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. Investing in foreign securities may involve heightened risk including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information and changes in tax or currency laws. Such risks are enhanced in emerging markets.
Asset class returns sourced from Morningstar Direct. Asset categories listed correspond to the following underlying indices: Large Cap (S&P 500), Small Cap (Russell 2000), Non-US Dev (MSCI EAFE), Emerging Markets (MSCI EM), Bonds (Bloomberg US Aggregate Bond), Short Gov’t (Bloomberg Short Treasury), Interm Gov’t (Bloomberg US Treasury), IG Corp (Bloomberg US Corp. Bond), High Yield (Bloomberg High Yield Corporate), Global Agg ex-US (Bloomberg Global Agg Ex US – Hedged), Tech (S&P 500 Information Technology), Hardware (S&P 500 Sub/Computer Hardware), Semis (S&P 500 Sub/Semiconductors), Industrials (S&P 500 Industrials), Electrical (S&P 500 Sub/Electrical Equipment), Machinery (S&P 500 Sub/Specialty Industrial Machinery).
Treasury Yields sourced from the U.S. Department of the Treasury. Nonfarm payrolls, unemployment statistics, and inflation (CPI) are sourced from the Department of Labor.
Source: FactSet (Data through 4/30/26 with 63% of S&P 500 companies reporting results)
Source: McKinsey & Company
Source: Bloomberg
The Consumer Price Index (CPI) examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, and is a commonly used measure of the rate of inflation.
Retail Sales represents the level of retail sales directly to U.S. consumers.
Fed Funds Rate: Short-term target interest rate set by the Federal Open Market Committee (FOMC); the policy making committee of the Federal Reserve. It is the interest that banks and other depository institutions lend money on an overnight basis.
S&P 500 Index: Index is generally considered representative of the stock market as a whole. The index focuses on the large-cap segment of the U.S. equities market.
Russell 2000 Index: Index measures performance of the small-cap segment of the U.S. equity universe.
MSCI EAFE Index: Index measures the performance of the large and mid-cap segments of developed markets, excluding the U.S. & Canada.
MSCI EM Index: Index Measures the performance of the large and mid-cap segments of emerging market equities.
Bloomberg US Aggregate Bond Index: Index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS.
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