Document Type

Investment Portfolio

Publication Date



We believe that the U.S. economy will continue growing modestly through 2013 and pick up speed in 2014. We have positioned the portfolio to take advantage of a slowly growing economy by slightly over-weighting the consumer discretionary, energy, industrials, technology, and health care sectors as these have traditionally benefited from recoveries. Accordingly, the consumer durables, financials, materials, telecommunications, and utilities sectors were under-weighted. Although the future is unusually cloudy, we reached this conclusion based on expected economic growth rates, favorable market P/E ratios and continued low interest rates.