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January 2010

Strengths

  • The fund benefited from its healthcare exposure.  The fund was overweight the sector and the sector was the best performer during the month.
  • The fund benefited from its underweight position in technology, the second-worst performing sector in January.
Weaknesses
  • The All American Equity Fund underperformed its benchmark, the S&P 500 Index, in January.
  • The fund was negatively impacted by its overweight position in telecom.  The fund was overweight this sector and it was the worst performing sector in January.
  • The fund was overweight the materials sector which was the third-worst performing sector during the month.
Opportunities
  • The global economy appears to be back on a growth trajectory as the liquidity injection of 2009 has done its job.
  • Many companies have built up cash levels that could provide a backdrop that is favorable for merger and acquisition activity.
Threats
  • The global liquidity that provided a boost to markets in 2009 may be coming to an end in 2010.  This would be a headwind for stocks.
  • A slowdown in the global economy could mean weaker demand for commodities. 

Past performance does not guarantee future results.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.


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