Tactical ETF Portfolio Shift Commentary 07/01/10

In late 2009 and early 2010, we removed our exposure to developed international equities in favor of domestic large cap equities. The decision to remove developed international was based on expectations for dollar strength, less attractive valuations relative to domestic equities and increased macro risks in the Euro region. Developed international valuations now look historically attractive in absolute terms and relative to the domestic equities.

  • DATE: July 1, 2010
  • TYPE: PDF

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