Frontier Markets: A Better Choice for ETF Investors? – ETF News And Commentary
Many emerging markets have lost their momentum in 2013 and have largely underperformed since the beginning of the year. In such a scenario, investment in the frontier market has become one of the most alluring options among investors seeking strong returns.
What is a Frontier Market?
Over the past two years, the frontier markets, such as the Middle East, parts of Southeast Asia, South America, and sub-Saharan Africa, are gaining popularity over the developed and developing markets (Time for Frontier Markets ETFs?).
Frontier markets are basically nations less established and developed than emerging nations. They have lower market capitalization and liquidity when compared to the more developed emerging markets, and they are generally at the initial stage of economic, political and financial development.
Rationale Behind Investment
Additionally, the region is characterized by positive demography, unleveraged balance sheets and strong consumption demand. The rising middle class population in the region has resulted in a strong demand for consumer products as well.
The market's young and expanding population is increasingly attractive. Frontier markets represent around 6% of the world’s GPD and 22% of the world population, while approximately 60% of their citizens are under the age of 30.
The population in the region is not just large and young, but they are also a cheaper labor force than those found in developed and emerging markets. Additionally these markets are generally rich in natural resources and have in demand products in this regard (Time to Buy Emerging Market ETFs?).
It is expected that the region will grow at an average of 5% through 2013-2016 on the back of more external inflows and decent commodity demand. So, those seeking long-term high returns should look to invest in frontier market ETFs (4 Excellent Dividend ETFs for Income and Stability).
Risks of Investing in Frontier Market
Though the frontier market provides a good investment strategy for those looking for lofty returns over the long term, a high level of volatility and poor liquidity are risks that run high in these markets. High inflation levels also pose a risk of investing in these economies, as many have trouble keeping this under control.
Frontier Market ETFs
Still, we believe that many frontier markets offer up exciting opportunities to those willing to take on some risk. In light of this, we highlight three ETFs below which target the frontier markets around the world:
PowerShares MENA Frontier Countries ETF (PMNA)
PMNA is based on the NASDAQ OMX Middle East North Africa index, which seeks to track the performance of liquid companies in MENA (Middle East and North Africa) frontier countries.
In terms of country exposure, United Arab Emirates (26.5%), Kuwait (24.4%), Egypt (21.3%) and Qatar (20.6%) account for the majority of asset holdings.
The fund is heavily tilted towards the financial sector that makes up about 62% of the assets (Banking ETFs: Laggards or Leaders?). The top three holdings include National Bank of Abu Dhabi, Emmar Properties and National Bank of Kuwait.
The fund launched in September 2008 and manages assets of $16.2 million currently. PMNA charges fees of 70 basis points per year and has a dividend yield of 2.15% as of now. The fund generated a return of 5.63% in the year-to-date period.
iShares MSCI Frontier 100 Index (FM)
FM – launched in September 2012 – is the newest product in this group. It is based on the MSCI Frontier Markets Index, which is composed of 100 largest securities from the eligible universe, ranked by float adjusted market capitalization.
The fund manages an asset base of $103.9 million and invests this asset base in a holding of 102 securities.
In terms of country exposure, Kuwait (27.3%), Qatar (16.6%) and the Nigeria (13.6%) are in the top three spots. Like PMNA, financials dominates in terms of sector exposure, accounting for a whopping 54% of the total assets, while telecoms (13.1%) and industrials (12.4%) round out the top three (Two Sector ETFs Posting Incredible Gains).
The fund charges an expense ratio of 79 basis points and pays out a 30-day SEC yield of 2.14% currently. The fund generated a return of 13.58% in the year-to-date period.
Guggenheim Frontier Markets ETF (FRN)
For a moral global approach to frontier market investing, investors should focus in on Guggenheim’s entrant in the space. The fund seeks to match the performance of the Bank of New York (BNY) Mellon New Frontier DR Index, before fees and expenses.
The BNY Mellon describes frontier market countries based on the GDP growth, per capita income growth, past and expected inflation rates, privatization of infrastructure and social inequalities.
The top countries included in the ETF are Chile (50.6%), Colombia (14.38%), Argentina (9.27%) and Egypt (5.97%). These account for about 80% of the holdings.
The fund is top-heavy with about 61.3% of the assets in the top 10 companies, while EcoPetrol, Enersis and Latam Airlines are the top three holdings.
With total assets of $145.9 million, the fund is the low cost choice in the frontier space with an expense ratio of 0.65%. The fund generated a negative 8.10% return year to date and has an impressive 3.3% annual dividend yield.
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Pitney to Divest Management Biz – Analyst Blog
Recently Pitney Bowes Inc. (PBI) announced its plan to sell the management services business wing in the United Kingdom and Republic of Ireland to Swiss Post Solutions.
Swiss Post Solutions is a division of Swiss Post that offers a comprehensive range of business process management services.
Pitney’s two regional subsidiaries, namely Pitney Bowes Limited and Pitney Bowes Ireland Limited, inked an agreement for an undisclosed amount with Swiss Post for this purpose. Although the detailed terms of the contract are yet to be revealed, the company has clarified that this transaction will not cover Marketing Lifecycle Services (MLS), which will continue to be operated by Pitney itself. The transaction is expected to be complete within three months of the announcement.
After a thoughtful consideration, the management at Pitney found the held-for-sale business segment failing to complement its existing line of businesses. In addition, the management services business in the UK and Republic of Ireland was expected to perform more efficiently and effectively as part of Swiss Post Solutions. This is primarily due to the fact that the European market is the primary focus and core business area for Swiss Post Solutions, unlike that of Pitney. This acquisition will strengthen the international market presence of Swiss Post Solutions.
As per the terms of the agreement employees and consultants, who are currently working under the payroll of Pitney Bowes Management Services (PBMS) will be transferred to the payroll of Swiss Post Solutions along with a number of PBMS facilities. Swiss Post Solutions will also takeover a list of blue-chip clients based in the UK and the Republic of Ireland from Pitney.
Pitney Bowes currently has a Zacks Rank #4 (Sell). However, some other companies that can be considered at the moment are Progressive Software Corp. (PRGS), which has a Zacks Rank #1 (Strong Buy), and Advent Software (ADVS) and Adobe Systems Inc. (ADBE) having Zacks Rank #2 (Buy) each.
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CFO at Duke Realty Resigns, Joins JLL – Analyst Blog
The office and industrial real estate investment trust (REIT) – Duke Realty Corporation (DRE) – announced the decision of its Chief Financial Officer (CFO), Christie B. Kelly to quit her post, with effect from May 17, 2013. Consequently, the company declared Mark A. Denien as her replacement.
Kelly is parting with Duke Realty to join Jones Lang LaSalle (JLL) – another REIT – as the CFO, with effect from Jul 1, 2013. Kelly will replace the company’s previous CFO, Lauralee Martin.
Mark A. Denien, who is currently serving Duke Realty as Senior Vice President (VP) and Chief Accounting Officer, joined the company in 2005. Prior to joining Duke Realty, Denien worked at KMPG for 16 years, overseeing the real estate practices.
With his vast know-how and expertise in the real estate industry, Denien can be easily regarded as a veteran of the sector. We expect the company’s successful trajectory to gain further upside from his expert guidance in the new post.
On the other hand, Jones Lang’s management is confident in its appointment of Kelly, considering her exhaustive proficiency in the real estate domain. They expect Kelly’s financial and operational skills as well as international experience to boost bottom-line growth and thus benefit the company’s clients and shareholder value.
Notably, Kelly held various executive positions at several top companies in her over 25-year career. On previous occasions, she had served Lehman Brothers as Senior VP, Global Real Estate. She also spent a large part of her career at General Electric Company (GE), holding numerous domestic and global leadership roles.
Currently, Duke Realty and Jones Lang both carry a Zacks Rank #3 (Hold). Better performing REITs include Host Hotels & Resorts, Inc. (HST) carrying a Zacks Rank #2 (Buy).
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What is the Stock Market’s Achilles Heel? – Weekend Wisdom
You have seen the headlines - stocks are at all-time highs.
Reasonable people can disagree over what matters more to the stock market, but no one can deny the centrality of earnings to stocks. Some even go to the extent of calling earnings the 'mother's milk' of stock prices.
So, if stocks are doing this good, then earnings must be in very good shape. But are they?
My answer is: No. The market is pricing a view of earnings that is unlikely to play out. This, in my judgment, is the weakest link in the current positive narrative driving the stock market rally.
Earnings growth has been essentially non-existent over the last few quarters, a trend that consensus expectations see persisting through 2013 Q2. But growth is expected to come roaring back in the second half of the year and continue into 2014.
I don't think it's going to pan out like this and want to share the basis for my skepticism with you in this write-up. I am by no means suggesting an earnings train wreck or a call to exit the market altogether. What I am suggesting instead is that current earnings expectations are vulnerable to significant downward revisions. And an acceleration in that negative revisions process will most likely result in the market giving back some, if not all, of its recent gains.
You don't have to agree with my conclusions. But it would nevertheless pay to be a little skeptical of current earnings expectations, take another look at your portfolio and perhaps reposition it for an extended period of weakness. The discussion is particularly timely with the 2013 Q1 earnings season giving investors a misleading sense of security about the earnings picture.
My goal in this write-up is to give you an update on how the Q1 earnings season turned out and what we can say about the coming periods.
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Was the Q1 Earnings Season That Good?
By most conventional measures, the Q1 earnings season turned out to be 'average' or 'below average'; it certainly wasn't good.
Total earnings for the 465 S&P 500 companies that have reported Q1 results as of Friday, May 17th are up +2.8% year over year with 65.4% of the companies beating earnings expectations. Total revenues are down -1% with only 41.5% of companies beating top-line expectations.
When we compare the Q1 results to the last few quarters we find that the earnings growth rate is roughly comparable even though it's somewhat lower. But it's hard to gloss over the revenue underperformance.
Chart 1 - Earnings & Revenue Growth Rates Compared
Note: The data compares the growth rates for the 465 companies that have reported results with performance of the same in the preceding quarters. Revenue in Q4 got a one-off boost from gains at Prudential Financial (PRU). Excluding the Prudential revenue, total revenue growth would be +2.6% in Q4. The 'average' is the 4-quarter average.
Expectations for the Coming Quarters
Analysts have been cutting their estimates for Q2 ever since the Q1 earnings season got underway, with the predominantly negative tone of company guidance as the primary driver.
Chart 2 below provides the expected earnings growth rates and what we got in the preceding quarter and year.
Chart 2 - Expected Earnings Growth Rates
Note: The reason for the variance between the growth rate for 2013 Q1 in chart 2 vs. chart 1 is that chart 2 is presenting the composite growth rate for Q1, meaning a blend of the 465 companies that have reported already with the 35 still to come.
To provide a context for the above consensus growth expectations, chart 3 shows the absolute dollar levels of total quarterly and annual earnings.
Chart 3 - Total Quarterly and Annual Earnings
What we see here is that total earnings are already at an all-time record level in Q1, but they are expected to go even higher in the last two quarters of the year.
In essence, consensus expectations are for a very strong +9.6% growth in the second half of 2013 after a much more modest +1.7% gain in the first half. This growth momentum is then expected to carry into 2014, giving us earnings growth of +11.4% that year after the +6.1% gain in 2013 and +3.4% growth in 2012.
How Realistic Are These Expectations?
I don't think these expectations will pan out. And here is why.
Earnings can grow only through two ways - revenue growth and/or margin expansion - and the outlook on both fronts is problematic. Margins have peaked already and at best can be expected to remain stable around current levels. And you can't have significant revenue gains in the current constrained economic growth environment.
The U.S. economy is in somewhat better shape relative to the recession in Europe and Japan's efforts to inflate away its problems. But that's only in relative terms - the reality is that the U.S. economy is at best on a sub-2% growth trajectory. And even that growth pace may be at risk from the unfolding fiscal austerity. Hard to envision companies reversing the revenue growth problems in the coming quarters.
Margins follow a cyclical pattern. They expand as the economy comes out of a recession, then stabilize, and eventually start coming down as capacity constraints force spending more for incremental business. I don't agree with those that are looking for margins to start contracting, but I can't see margins expanding either.
So What Gives?
Not only are margins already at record levels, but corporate earnings as a share of GDP are also at multi-decade highs. Just like trees don't grow to the skies, margins and the ratio of earnings to GDP don't expand forever either.
What all of this boils down to is that current earnings estimates are high and they need to come down - and come down quite a bit. One could reasonably draw a scenario where earnings growth could turn negative this year. But the most likely path appears to be for earnings growth to flatten out - with the absolute level of earnings this year and next not much different from what we got in 2012.
How Do You Invest in this Environment?
The way to invest in such an environment is to look for stocks that don't reflect aggressive growth expectations and enjoy company-specific growth drivers not tied to broader macro trends. Companies that generate plenty of cash flows beyond their immediate capital needs and have track records of sharing excess cash with shareholders through dividends and buybacks are particularly well suited for a period of sub-par earnings growth environment. Bottom line, look for thematic stocks with strong defensive attributes.
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Sempra Energy in Louisiana LNG Pact – Analyst Blog
Sempra Energy (SRE) struck a 20-year deal with GDF SUEZ S.A., Mitsubishi Corporation and Mitsui & Co., Ltd. for the development, financing and construction of a liquefied natural gas ("LNG") facility in the Cameron LNG complex in Hackberry, La. The agreement includes three separate tolling deals worth 4 million-tons-per-annum (Mtpa).
The combined initiative is subject to final investment decisions, permit authorizations, financing obligations and certain other customary conditions. These are expected to take place in early 2014. The entire program will cost in the range of $9 billion to $10 billion. Moreover, additional investments in the band of $6 billion to $7 billion will be directed towards the project.
Under the agreement, associates of Mitsubishi, Mitsui and GDF SUEZ will each acquire a 16.6% stake in the current facilities as well as the LNG complex. Sempra Energy on the other hand will act as the major operator carrying a 50.2% stake.
The large-scale initiative will involve a 13.5 Mtpa complex capable of transporting 12 Mtpa or 1.7 billion cubic feet of per day (Bcf/d) of LNG. It also includes three trains to be used for freight delivery purposes and regasification capability of 1.5 Bcf/d.
The construction activities will commence from 2014 with the first stage of operations anticipated to begin by the latter half of 2017. Following this, the three trains will fully come online by 2018.
Sempra Energy stands to benefit twofold from this LNG project in terms of serving the local La. economy as well as exporting globally, leading to a positive trade balance. This will also contribute to strengthening long-term ties with U.S.’s trading allies. The liquefaction project will turn out to be a key earnings driver in the future for Sempra Energy.
After penetrating the South American markets, the company’s strategic alliance with Japanese and French majors will bode well for Sempra Energy’s growth objectives. Presently, Sempra Energy holds a Zacks Rank #2 (Buy).
Other natural gas distribution operators currently performing well are Atmos Energy Corp. (ATO), Southwest Gas Corp. (SWX) and Chesapeake Utilities Corporation (CPK). All the above are well-positioned and also carry a Zacks Rank #2.
Based in San Diego, Calif., Sempra Energy together with its subsidiaries operates as an energy services company. The company currently has a market capitalization of $20.19 billion.
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Joy Global Poised at Neutral – Analyst Blog
On May 15, we reiterated our Neutral recommendation on Joy Global Inc. (JOY), the manufacturer of mining equipment used in various types of mining. The company currently has a Zacks Rank #4 (Sell).
Why the Reiteration?
Joy Global started fiscal 2013 on a positive note, with adjusted earnings of $1.31 per share in the first quarter of fiscal 2013 beating the year-ago number by 4% and the Zacks Consensus Estimate by 14.9%. Revenues increased 1.2% from the year-ago period to $1.13 billion, and was also ahead of the Zacks Consensus Estimate of $1.08 billion.
However, Joy Global continues to face the rippling effect of the sluggish 2012 market conditions, with its booking in the reported quarter declining from the comparable prior-year period.
On the positive side, global steel and coal production is on an uptrend with a similar trend observed in the copper markets. These macro factors can influence growth at Joy Global. Particularly rising demand for coal in China and India is expected to improve the fortunes of this mining equipment manufacturer.
However, the slowly declining coal stockpiles, continued Eurozone debt crisis and the decline in booking make us skeptical of any quick recovery from 2012 levels. In addition, dependence on a limited group of customers for bulk sales could affect the profitability of the company if it loses any of its prime customers.
Intense competition in the mining industry, consistent expenditure in research & development to match its peers in the technology game and inherent risk of failing to meet customer demand could undermine the positive catalysts of the company.
Other Company Release
In the latest quarterly release, Caterpillar Inc. (CAT) and Manitowoc Company, Inc. (MTW) missed the Zacks Consensus Estimate by 2.24% and 35.71%, respectively. However, H&E Equipment Services Inc.’s (HEES) earnings were 7.7% ahead of our expectation.
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Couple of Contracts for FLIR – Analyst Blog
Recently, FLIR Systems Inc. (FLIR) was awarded a contract to support the U.S. Coast Guard for the Coast Guard's Electro-Optical Sensor System configuration of FLIR's commercially developed military qualified Talon 9-inch stabilized multi-sensor gimbal system. The Electro-Optical Sensor System will be installed on Coast Guard’s helicopters. The contract is valued at $23 million. The shipment of the order is expected to be completed by the end of 2013.
Prior to this, FLIR received a two-year blanket purchase agreement from the U.S. Army to support the MEDEVAC program. The agreement is also for the purchase of FLIR’s military qualified Talon product, a stabilized 9-inch multi-sensor gimbal system. The contract is valued at $81 million. As per the terms of this agreement Talon MMS will be installed on the Army's fielded and new MEDEVAC Blackhawk helicopters. The U.S. Army has already paid an initial delivery amount of $19 million. Initial order delivery is expected to be completed by 2014.
Both the orders for the Electro-Optical Sensor System are expected to be carried out at FLIR’s Billerica, Mass. facility. These contracts will be a part of the Detection segment, included under the Government Systems division. This division produces sensor instruments that detect and identify chemical, biological, radiological, nuclear, and explosives threats for military force protection, homeland security, and commercial applications. In 2012, the Detection segment had a backlog of $24 million with revenues of $63 million.
FLIR is a world leader in sensor systems that enhance perception and awareness. The company currently has a Zacks Rank #3 (Hold). However, other companies that are wroth considering at the moment are Pall Corporation (PLL), Honeywell International Inc. (HON) and ITT Corporation (ITT), all having a Zacks Rank #2 (Buy).
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RadioShack Expands DIY Portfolio – Analyst Blog
Struggling consumer electronics speciality retailer, RadioShack Corp. (RSH) extended its partnership with Maker Media, which will expand its Do it Yourself (DIY) product base. Notably, Maker Media is an existing DIY partner of RadioShack.
The collaboration between the two will add to Maker Media’s existing line of DIY products within RSH’s fold, which include popular kits like ‘Getting Started with Arduino’. The new DIY products like kits, robotics and tools will be available in RadioShack stores and online during the latter part of the year.
Maker Media serves a growing community of creative makers by providing its products, services and by connecting them with its partner. The company is the creator of MAKE Magazine, Makezine.com and Maker Faire, which will also be available in RadioShack stores in the coming months.
RadioShack started ‘The Great Create’ project to get the best out of its most creative customers and display the creations online or through its stores. In that effort, the company added several partners like Popular Science, WIRED, Popular Mechanics and has also added hundreds of new parts and tools in its stores. Some of its most popular DIY kits are ColdHeat Soldering Tool, Light-Emitting Diodes (LED), and Electroluminescent wire among others.
An adverse product-mix toward low-margin devices and a secular downtrend on its legacy consumer electronics business has taken its toll on RadioShack’s results. Recently, RadioShack posted highly disappointing first-quarter 2013 financial results, where the top line and the bottom line failed to beat the Zacks Consensus Estimate. This sombre condition is mainly attributed to weakness in the company’s postpaid wireless business.
We believe that the partnership extension is an attempt by the company to diversify its product offering to compensate its loss in the wireless and electronics business. Moreover, this innovative product offering will also increase the company’s falling footfall as customers now prefer purchasing online rather than visiting retail stores.
Other Stocks to Consider
RadioShack currently has a Zacks Rank #3 (Hold). Other stocks to consider in the retail industry include hhgregg Inc. (HGG), Conns Inc. (CONN) and Costco Wholesale Corp. (COST). While Conns currently has a Zacks Rank #1 (Strong Buy), both Costco and hhgregg carry a Zacks Rank #2 (Buy).
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Balanced View on Valspar – Analyst Blog
We have reaffirmed our Neutral recommendation on paints and coatings maker Valspar Corp. (VAL) following its mixed second-quarter fiscal 2013 results. While we are encouraged by the recovery in its paint business, an uncertain demand environment keeps us on the sidelines.
Why Retained?
Adjusted earnings for the second quarter, reported on May 14, beat the Zacks Consensus Estimate while sales miss. Valspar witnessed a recovery in its paint business in the quarter, driven by a rebound in the domestic housing market. The company backed its earnings forecast for fiscal 2013.
Valspar has a strong pipeline of new products and significant opportunities for share gains in both its Paints and Coatings segments. The company is managing its cost well and maintaining a cost structure that is appropriate for the current external environment. Valspar should also benefit from its restructuring actions in fiscal 2013.
Winning new businesses also remains a company-wide focus that will position Valspar well for the future and help it offset lower demand in core markets. Its fastest growing markets are the emerging economies. The company expects to gain from new businesses in consumer paints, packaging, coil and wood coatings in second-half fiscal 2013.
Valspar also remains committed to boost shareholder return leveraging healthy cash flows. In addition, it is making good progress with the integration of the acquired assets from Ace Hardware Corporation.
However, Valspar continues to witness irregular demand trends across its end markets and weakness for some of its products in overseas markets. It continues to see weak coatings demand for general industrial products. The overall demand environment is expected to be uneven in fiscal 2013.
We also remain cautious about cost pressures associated with raw material inflation. Raw material costs have been volatile and Valspar has experienced disruptions in supplies of certain raw materials at various times, impacting its ability to manufacture products.
Valspar currently carries a short-term (1 to 3 months) Zacks Rank #3 (Hold).
Other Stocks to Consider
Other companies in the specialty chemicals industry with favorable Zacks Rank are American Pacific Corporation (APFC), American Vanguard (AVD) and Ferro Corp. (FOE). While both American Pacific and American Vanguard hold a Zacks Rank #1 (Strong Buy), Ferro retains a Zacks Rank #2 (Buy).
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Top 5 Highest Yielding Zacks #1 Ranked Balanced Mutual Funds – Highest Yielding Zacks #1 Ranked Funds
Investors seeking total return, both regular income and long term capital appreciation, should include balanced funds in their portfolio. Balanced funds are perhaps the most flexible and actively managed category of mutual funds as their investments offer exposure across a variety of asset classes and sectors. Moreover, these funds not only seek to provide good returns during favorable market conditions, but also provide protection against substantial capital loss during difficult times.
Below we will share with you the 5 highest yielding Zacks #1 ranked balanced mutual funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all balanced funds, investors can click here to see the complete list of funds.
|
Mutual Fund |
Yield |
|
Federated Capital Income A |
5.14% |
|
JPMorgan Income Builder A |
4.45% |
|
Franklin Balanced A |
3.01% |
|
Leuthold Core Investment Retail |
1.85% |
|
American Funds Global Balanced A |
1.82% |
The balanced mutual fund has a minimum initial investment of $1,500 and an expense ratio of 1.02% compared to a category average of 0.91%.
JPMorgan Income Builder A (JNBAX) seeks capital growth as well as a high level of income. The fund invests in a wide range of income generating securities. These include domestic equity and debt securities as well as those issued from foreign countries. It may invest all its assets in securities rated below investment grade. The balanced mutual fund returned 15.48% in the last one year period.
As of March 2013, this balanced mutual fund held 1700 issues, with 0.75% of its total assets invested in Time Warner Inc.
Franklin Balanced A (FBLAX) invests in a wide range of dividend generating equity securities, bonds and related convertible securities. A minimum of 25% of its assets are utilized to purchase debt securities. Not less than 25% of its assets are invested in equity securities, especially common and preferred stock. The balanced mutual fund returned 11.98% in the last one year period.
The Fund Manager is Edward Perks and he has managed this balanced mutual fund since 2006.
Leuthold Core Investment Retail (LCORX) seeks both capital growth and current income. The fund invests in a portfolio consisting of equity securities, especially common stocks, bonds as well as money market securities. The balanced mutual fund returned 8.73% in the last one year period.
The balanced mutual fund has a minimum initial investment of $10,000 and an expense ratio of 1.14% compared to a category average of 0.93%.
American Funds Global Balanced A (GBLAX) invests in domestic and foreign equity securities which provide capital appreciation as well as income. A minimum of 45% of its assets are invested in common stocks and other equity securities. At least 25% of its assets are utilized to purchase bonds and money market securities. This balanced mutual fund returned 12.60% over the last one year period.
The Fund Manager is David M. Riley and he has managed this balanced mutual fund since 2011.
To view the Zacks Rank and past performance of all balanced mutual funds, investors can click here to see the complete list of funds.
About Zacks Mutual Fund Rank
By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Learn more about the Zacks Mutual Fund Rank.
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