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January was a tough month for U.S. stock markets,
as the continued slide in oil prices and a series of
disappointing corporate earnings reports were to
blame. Gross domestic product growth for the fourth
quarter was
2
.
6%
, which was well below expec-
tations. Crude oil ended the month at
$48
a barrel.
Utilities companies had a strong month, with
the category posting a
4
.
5%
gain. The health-care
sector also outperformed nicely, returning
3
.
3%
,
and Gold-rated
Vanguard Health Care
VGHAX
did better still, returning
3
.
7%
. Not surprisingly,
the energy sector brought up the rear, declining
more than
5
.
5%
.
Foreign stocks were a mixed bag in January. The
MSCI
EAFE
Index gained
2
.
2%
for the month.
Japanese stocks did even better, returning
4
.
3%
.
That spelled good news for
Matthews Asia
Dividend Investor
MAPIX
, which devotes more
than a fourth of its portfolio to Japanese com-
panies and returned
3
.
4%
.
Emerging markets had a solid month, with the
MSCI
Emerging Markets Index gaining
2
.
1%
in the month.
India stocks had a terrific month, with
Matthews
India Investor
MINDX
returning
9
.
5%
on the heels of
a
64%
return in
2014
that was fueled by investors’
optimism in India’s new government. Chinese stocks
put a poor
2014
in the rear-view mirror, returning
2
.
9%
in January.
Matthews China
MCHFX
topped
its category, returning
3
.
9%
.
The U.S. bond market rallied, as the yield on the
benchmark
10
-year Treasury note slid in January to
1
.
7%
, reaching its lowest level since May
2013
.
Municipal bonds participated in the rally, with the
intermediate-term muni category gaining
1
.
38%
.
K
Total Return
%
Through
A N N U A L I Z E D
01-31-15
1Mo YTD 3Yr
5Yr
10Yr
Benchmark Performance
U.S. Stocks Fall
Market Overview
|
Robert Goldsborough
Large Growth
-1.8 -1.8 16.4 14.8 7.8
Large Blend
-3.0 -3.0 15.9 14.0 6.9
Large Value
-3.6 -3.6 15.3 13.3 6.4
Mid-Cap Growth
-2.0 -2.0 14.9 15.3 8.4
Mid-Cap Blend
-2.6 -2.6 15.5 14.9 7.9
Mid-Cap Value
-2.7 -2.7 16.5 14.9 8.1
Small Growth
-3.0 -3.0 14.4 15.9 8.1
Small Blend
-3.6 -3.6 13.9 14.5 7.5
Small Value
-4.3 -4.3 13.4 13.5 7.2
Aggressive Allocation
-1.3 -1.3 11.2 10.5 5.9
Conservative Allocation
0.2 0.2 6.1 7.0 4.9
Moderate Allocation
-0.8 -0.8 10.0 9.6 6.0
Communications
-0.9 -0.9 12.4 11.7 5.1
Financial
-6.0 -6.0 14.9 9.2 2.0
Global Real Estate
3.7 3.7 12.9 12.0 5.9
Health
3.0 3.0 29.7 22.1 13.1
Natural Resources
-3.2 -3.2 -3.8 2.2 5.5
Equity Precious Metals
13.7 13.7 -24.7 -9.7 2.7
Real Estate
5.7 5.7 15.0 18.8 9.0
Technology
-2.6 -2.6 15.5 14.7 8.9
Utilities
0.2 0.2 14.7 13.2 9.1
S&P 500
-2.9 -2.9 17.4 15.6 7.6
S&P MidCap 400
-1.1 -1.1 17.0 17.0 9.9
Russell 2000
-3.3 -3.3 15.3 15.7 7.9
Diversified Pacific/Asia
1.8 1.8 8.7 6.8 6.1
Diversified Emerging Mkts
0.3 0.3 1.5 3.0 7.6
Europe Stock
0.6 0.6 10.8 7.6 5.9
Foreign Large Blend
0.5 0.5 8.2 6.2 4.7
Foreign Large Growth
0.7 0.7 8.9 7.3 5.4
Foreign Large Value
0.2 0.2 7.5 5.3 3.7
Foreign Small/Mid Growth
0.3 0.3 11.2 10.5 7.6
Foreign Small/Mid Value
-0.6 -0.6 9.3 7.2 5.4
World Stock
-1.0 -1.0 11.7 10.2 6.3
MSCI EAFE
0.6 0.6 9.0 6.4 4.4
MSCI World
-1.8 -1.8 12.9 10.7 6.1
MSCI Emerging Markets
-0.7 -0.7 -0.5 2.3 7.6
MSCI Europe
0.0 0.0 10.2 6.6 4.8
MSCI Latin America
-6.3 -6.3 -14.2 -7.4 5.8
MSCI Pacific
1.5 1.5 7.9 6.3 4.5
High Yield Bond
0.3 0.3 6.4 7.7 6.4
Inflation-Protected Bond
2.6 2.6 0.0 3.5 3.8
Intermediate-Term Bond
1.8 1.8 3.5 4.8 4.5
Muni National Long
1.8 1.8 4.5 5.6 4.3
World Bond
0.3 0.3 1.9 3.5 4.1
BarCap US Agg Bond TR USD 2.1 2.1 3.0 4.4 4.7
BofAML US HY Master II TR 0.7 0.7 7.6 8.7 7.7
BarCap Municipal TR USD
1.8 1.8 4.1 5.4 4.8