12
Equities were mixed in March. Turmoil in Ukraine and
the Federal Reserve’s tapering of asset purchases
weighed on the markets. In the U.S., large caps fared
slightly better than small caps. The S
&
P
500
Index
gained
0
.
8%
, and the Russell
2000
Index lost
0
.
7%
.
The financial-services sector managed a gain in March.
The average financials fund gained
1
.
9%
.
Davis
Financial
RPFGX
’s gain fell in line with its typical
peer, as top holdings
Wells Fargo
WFC
and
Bank
of New York Mellon
BK
gained
7%
and
10%
, respec-
tively. Utilities and consumer defensive stocks also
eked out gains.
Franklin Utilities
FKUTX
returned
2
.
6%
.
Yacktman
YACKX
and
Yacktman Focused
YAFFX
, which each hold roughly one third of their port-
folios in consumer staples such as
PepsiCo
PEP
,
gained
1
.
6%
and
1
.
7%
, respectively. After a strong
start to
2014
, precious-metals equities were among
the month’s worst performers.
Oppenheimer Gold &
Special Minerals
OPGSX
lost more than
9%
.
Emerging-markets stocks outpaced international devel-
oped markets in March. The
MSCI
Emerging Markets
Index notched a
3%
gain.
Virtus Emerging Markets
Opportunities
HEMZX
, which holds roughly half its
assets in strong-performing India and Latin America
equities, returned
4
.
7%
. The
MSCI
EAFE
Index de-
clined by
0
.
6%
during the month, as Europe equities
struggled and Japan stocks fared worse.
Taxable bonds and municipal bonds had an uneventful
March. The intermediate-term bond category gained
11
basis points by month-end, while the intermediate-
term muni-bond category lost
20
basis points. Long
government bonds and emerging-markets bond funds
were the best fixed-income performers.
Vanguard
Long-Term Treasury
VUSTX
gained
0
.
5%
, while
PIMCO Emerging Local Bond
PELBX
gained
2
.
7%
.
œ
Contact Flynn Murphy at
Total Return
%
Through
A N N U A L I Z E D
03-31-14
1Mo YTD 3Yr
5Yr
10Yr
Benchmark Performance
Tapering at Home, Turmoil Abroad
Weigh on Stocks in March
Market Overview
|
Flynn Murphy
Large Growth
-2.2 0.5 12.7 19.8 6.7
Large Blend
0.7 1.7 12.7 19.7 6.6
Large Value
1.8 2.3 12.8 19.8 6.5
Mid-Cap Growth
-2.0 1.3 11.4 22.0 8.0
Mid-Cap Blend
0.4 2.6 12.4 23.0 8.4
Mid-Cap Value
1.2 3.1 13.3 23.5 8.7
Small Growth
-2.0 0.4 12.2 23.6 7.7
Small Blend
0.6 1.4 12.6 24.1 8.2
Small Value
1.3 1.7 12.9 24.3 8.4
Aggressive Allocation
0.1 1.5 8.8 16.3 6.2
Conservative Allocation
0.2 1.9 5.7 10.7 4.6
Moderate Allocation
0.2 1.7 8.2 14.1 5.6
Communications
0.4 -1.1 8.9 18.6 6.5
Financials
2.0 1.7 12.1 20.2 2.8
Global Real Estate
0.2 2.8 6.7 19.9 6.4
Health
-4.9 6.6 24.5 23.9 10.6
Natural Resources
0.6 2.7 -2.7 12.4 8.3
Precious Metals
-8.4 12.1 -24.7 -4.1 2.2
Real Estate
0.6 9.0 9.7 27.1 7.4
Technology
-2.6 2.3 11.1 22.0 7.7
Utilities
2.6 7.3 12.6 16.6 9.8
S&P 500
0.8 1.8 14.7 21.2 7.4
S&P MidCap 400
0.4 3.0 13.4 24.9 10.1
Russell 2000
-0.7 1.1 13.2 24.3 8.5
Diversified Asia/Pac. Stock
-0.7 -2.2 3.0 13.9 6.2
Diversified Emerg. Mkts.
2.2 -0.8 -2.4 14.3 8.9
Europe Stock
-1.1 1.8 7.3 18.4 7.4
Foreign Large Blend
-0.6 0.1 5.7 15.2 6.0
Foreign Large Growth
-1.0 -0.4 5.7 16.3 6.5
Foreign Large Value
-0.5 0.9 6.1 15.0 6.0
Foreign Small/Mid Growth
-0.8 1.7 9.3 21.7 9.7
Foreign Small/Mid Value
0.4 2.9 7.9 20.2 7.8
World Stock
-0.2 1.4 8.9 17.7 6.9
MSCI EAFE
-0.6 0.7 7.2 16.0 6.5
MSCI World
0.1 1.3 10.2 18.3 6.8
MSCI Emerging Markets
2.9 -0.8 -5.3 11.8 7.5
MSCI Europe
-1.0 2.1 8.4 17.5 7.4
MSCI Latin America
8.6 -0.2 -11.7 8.0 10.6
MSCI Pacific
0.1 -2.5 5.1 13.4 4.8
High-Yield Bond
0.3 2.6 7.7 15.7 6.8
Inflation-Protected Bond
-0.5 1.6 2.6 4.5 3.6
Intermediate-Term Bond
-0.1 2.0 4.0 6.8 4.0
Muni National Long
0.3 4.0 6.1 6.3 3.8
World Bond
0.6 2.4 3.0 6.7 4.4
BarCap US Agg Bond TR USD -0.2 1.8 3.8 4.8 4.5
BofAML US HY Master II TR 0.2 3.0 8.7 18.2 8.5
BarCap Municipal TR USD
0.2 3.3 5.8 5.7 4.5
