All investments are subject to certain risks. Generally, investments offering the potential for higher returns are accompanied by a higher degree of risk. Stocks and other equities representing an ownership interest in a corporation have historically outperformed other asset classes over the long term but tend to fluctuate more dramatically over the shorter term. Bond and other debt obligations are affected by changes in interest rates and the creditworthiness of their issuers. High yield, lower-rated ("junk") bonds generally have greater price swings and higher default risks. Foreign investing, especially in developing countries, has additional risks such as currency and market volatility and political or social instability. These, and other risks to which particular funds may be subject, such as specialized industry sectors or use of complex securities, are discussed in each fund's prospectus (where applicable).
The information contained in the pieces on this page is not a complete analysis of every material fact regarding the market and any industry sector, a security, or a portfolio. Statements of fact cited by the manager have been obtained from sources considered reliable but no representation is made as to the completeness or accuracy. Because market and economic conditions are subject to rapid change, these opinions are valid only as of the date of the material. Fund or portfolio holdings and the manager's analysis of these issuers and their economic environment may have changed since the date of the material (where applicable). The manager's opinions are intended to provide insight into to how they analyze securities and are not intended as individual investment advice for any particular security, strategy, or investment product.
Performance quoted is historical, and, of course, past performance cannot guarantee future results. Ongoing market volatility can dramatically impact a portfolio's short-term performance; current performance may differ from the figures shown.
