Tactical ETF Portfolio Shift Commentary 02/26/2010

On the equity side, we sold the remaining allocation in developed international equities in favor of a new position in domestic small cap equities. Back in December, we significantly reduced our exposure to developed international equities based on a more positive dollar outlook and deteriorating fundamentals. Given heightened macro risks in Europe and our belief that the dollar will remain well-supported near-term, we have elected to exit our remaining developed international exposure. We have opened a position in small cap core based on signs of stabilizing small business conditions, moderately improved valuations and more favorable technical conditions.

  • DATE: February 26, 2010
  • TYPE: PDF

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