HomeMy WebLinkAboutDocumentation_Pension General_Tab 05_08/04/2008Tequesta General Employees'
Pension Fund
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As of June 30, 2008
DANA INVESTMENT ADVISORS, INC.
Investment Objectives: Con~arative Indices: Investment Restrictions:
Obtain a reasonable total rate ofretum, with reasonable
consistency while attcmptnrg to protect the assets against Not more than 5% offimds assets invested in any one issuing cony~any or aggregate
the inroads of n~flatiou. Performance over 3-5 year market o o
60% S&P 500 / 40 /o Lehman investmcmt in one company exceed 5% of outstanding capital stock ofthe company.
cycle to be in excess of composite indices. Managers
Govt/Credit Intermediate Equity - Iuvcshneuts ui stock not to exceed 60% at cost or 70% at market. Listed on
pcrfom~ucc to be in the top 40% of Mobius Universe. National Exchange. Fixed -Standard & Poor's Investment Grade or Moody's invcshmcut
Total Return to be equal to actuarial earnn~gs assmr~tiou grade. Vahie ofbonds iu single corporation shall not exceed 10% ofthc total ftmd.
and equal or exceed CPI plus 3% over 3-5 year cycle.
Total Return Through 3-31-08
Bonds Equities Total Portfolio
Fiscal Year-to-
Fiscal Year-to-
Fiscal Year-to- Avexagc Annual Since
ZudQuarter 2008* 2nd Quarter 2008* 2nd Quarter 2008* Inception
Date Date Date
10-3-OS
Tequesta General Employees -1.44'6 4.39"-0 0.69"x, -1 l.] 1~,~~ 0.07°~~ -5.22°4~ 6.12°~~,
S&P 500 -2.73% -14.85%
Lehman Govt/Corp Intei-~nediate -1.53% 4.36%
Blend:
60% S&P 500 -2.25% -7.17% 3.93%
40% G/C Intei-~nediate
Fiscal = 9-30-08
* Un allllLlallZCd
IJANA 1NVESTMENT ADVISORS, INC. "The. information set forth above is based upon infornzation believed to be accurate and reliable but we do not guarantee its accuracy."
Combined Account Data as of 6-30-08
''`, ~o ~. ~ a ~, ~s.
Crcdit Quality Chrrent Annualized Yeld to
~A~ cra~,c Cuupon
Lilcctir~ llura~ion
Maturity @ Market
Tequesta GE AAA 4.09% 4.91% 3.33
LB G/C Intern~ediate AA+ 4.30% 4.95% 3.81
Corporate Bouds
Fixcd Rate Mortgage 19°i'
l0% ~
Govcmmcnt Bouds
- -
28
Federal Agencies °~'~ `~~ _____ _
20% ~
Cash & Equivalents US Treasury Fund
18% 5%
DANA INVESTMENT ADVISORS, INC.
21%
18%
15%
12%
9%
6%
3%
0%
30%
25%
20%
15%
]0%
5%
0%
DANA INVESTMENT ADVISORS, INC.
Combined Account Data as of 6-30-08
Dana Large Cap Growth
43%
Dana International
m ., 9%
F. # i'v
g~ Y WNr
r ~`t;,-
Dana Large Cap Core
48%
~^ Client Portfolio ^ SRP 500
^ Client Portfolio ^ Russell 1000 Growth
4
Info Tech Energy Rinancials Health Care Industrials Cons Staples Cons Disc Materials Utilities Telecom
Into Tcch 6idustiials Energy Health Care Cons Staples Cons Disc Financials M atca~ials Utilities Tclccom
Dana Investment Advisors
PORTFOLIO APPRAISAL
Tequesta General Employees' Pension Funds
Jame 30, 2008
Quantity Security
CASH AND F.QUIVALEN'1'S
Cash -Money Fund
COMMON STOCK
Dana Large Cap
171
102
139
94
141
276
243
87
31
146
158
225
124
111
240
257
213
421
66
193
56
57
147
100
94
92
79
68
61
65
98
78
30
Il
248
84
78
238
118
469
45
126
82
294
93
51
87
184
92
156
371
83
AT&T Inc.
Abbott Laboratories
Acccnturc Ltd. Class A
Airgas Inc.
Akamai Tcchnologics
Altera Corporation
Amphenol Corp Class A
Apache Corp
Apple Computer Inc.
BMC Software Inc
Bank of America Corporation
Bank of Ncw York Co. Inc.
Becton Dickinson & Co
Best Buy Inc.
Bristol-Myers Squibb Co.
CVS Corporation
Charles Schwab Corp.
Cisco Systems
Conocophillips
DIRECTV Group Inc.
Dccrc & Company
Diagco PLC'
Disney Walt Company Holding Company
EDISON INTERNAT[ONAL
Ecolab Inc.
Emerson Electric Co.
Express Scripts Inc
Exxon Mobil Corporation
FPL Group
Genentech Inc.
General Mills Inc.
Genzyme Corp.
Goldman Sachs
Googlc Inc. Class A
Halliburton Co.
Harsco Corp
Hartford Financial Services
Hewlett Packard Company
lnfosys Tcchnologics - SP ADR
Intel Corporation
International Business Machines Coip.
J. P. Morgan Chase & Company
Johnson & Johnson
Johnson Controls Inc.
Kimberly-Clark Corp.
Lockheed Martin Corporation
McDonald's Corporation
McKesson Corp.
MctLife Inc
Microchip Technology Inc.
Microsoft Corporation
National Oilwell Varco [nc
Market Pct.
Price Value Assets
80,290.07 7.5
80,290.07 7.5
33.69
52.97
40.72
58.39
34.79
20.70
44.88
139.00
167.44
36.00
23.87
37.83
81.30
39.60
20.53
39.57
20.54
23.26
94.39
25.91
72.13
73.87
31.20
51.38
42.99
49.45
62.72
88.13
65.58
75.90
60.77
71.88
174.90
526.42
53.07
54.41
64.57
44.21
43.46
21.48
l 18.53
34.31
64.34
28.68
59.78
98.66
56.22
55.91
52.77
30.54
27.51
88.72
5,760.99
5,402.94
5,660.08
5,488.66
4,905.39
5,713.20
10,905.84
12,093.00
5,190.64
5,256.00
3,771.46
8,511.75
10,081.20
4,395.60
4,927.20
10,169.49
4,375.02
9,792.46
6,229.74
5,000.63
4,039.28
4,210.59
4, 5 86.40
5,138.00
4,041.06
4,549.40
4,954.88
5,992.84
4,000.38
4,933.50
5,955.46
5,606.64
5,247.00
5,790.62
13,161.36
4,570.44
5,036.46
10,52198
5,128.28
10,074.12
5,333.85
4,323.06
5,275.88
8,431.92
5,559.54
5,031.66
4,891.14
10,287.44
4,854.84
4,764.24
10,206.2 ]
7,363.76
0.5
0.5
0.5
0.5
0.5
0.5
1.0
1.1
0.5
0.5
0.4
0.8
0.9
0.4
0.5
0.9
0.4
0.9
0.6
0.5
0.4
0.4
0.4
0.5
0.4
0.4
0.5
0.6
0.4
0.5
0.6
0.5
0.5
0.5
1.2
0.4
0.5
1.0
0.5
09
0.5
0.4
0.5
0.8
0.5
0.5
0.5
1.0
0.5
0.4
0.9
0.7
Dana Investment Advisors
PORTFOLIO APPRAISAL
Tequesta General Employees' Pension Funds
June 30, 2p08
Market Pct.
Quantity Security Price Value Assets
152 Nike Ina Class B 59.61 9,060.72 0.8
59 Noble Energy 100.56 5,933.04 0.6
65 Occidental Petroleum Corporation 89.86 5,840.90 0.5
111 Omnicom Group 44.88 4,981.68 0.5
538 Oracle Corporation 21.00 l 1,298.00 1.0
85 PNC Bank Corporation 57.10 4,853.50 0.5
88 PPG Industries Inc. 57.37 5,048.56 0.5
67 Parker Hannifin Corp. 71.32 4,778.44 0.4
67 Pcpsico Inc 63.59 4,260.53 0.4
212 Philip Morris International 49.39 10,470.68 1.0
61 Praxair Inc. 94.24 5,748.64 0.5
71 Procter & Gamble Company 60.81 4,317.51 0.4
144 Ross Stores Inc. 35.52 5,114.88 0.5
157 Safeway Inc. 28.55 4,482.35 0.4
260 Saint Jude Medical 40.88 10,628.80 1.0
98 Scmpra Energy 56.45 5,532.10 0.5
130 State Street Corp. 63.99 8,318.70 0.8
551 TD Amcritradc 18.09 9,967.59 0.9
154 Tcrex Corp. 51.37 7,910.98 0.7
164 Textron lnc. 47.93 7,860.52 0.7
197 Thermo Fisher Scientific Inc. 55.73 10,978.81 1.0
74 Transocean Inc. 152.39 11,276.86 1.0
150 Union Pacific Corp. 75.50 11,325.00 1.1
149 United Technologies Corp 61.70 9,193.30 0.9
62 V F Corporation 71.18 4,413.16 0.4
128 Vcrizon Communications 35.40 4,531.20 0.4
106 Wal-Mart Stores Inc. 56.20 5,957.20 0.6
100 XTO Energy Inc. 68.51 6,851.00 0.6
528,428.17 49.1
Socially Responsible
135 Autodcsk Inc. 33.81 4,564.35 0.4
Mutual & Exchange Traded Funds
131 iSbares MSCI SAFE Growth Index 70.62 9,251.22 0.9
Dana International ADR
16] Acgon NV ADR 13.1 1 2,110.71 0.2
133 Allianz SE ADR 17.45 2,320.85 0.2
57 BT Group PLC ADR 39.73 2,264.61 0.2
67 Canon ADR 51.21 3,431.07 0.3
123 Ccmcx ADR 24.70 3,038.10 0.3
184 Danskc Bank A/S - Unspons ADR 14.40 2,649.60 0.2
27 E.ON AG ADR 67.00 1,809.00 0.2
71 Endurance Holdings ADR 30.79 2,186.09 0.2
41 Hcnkcl AG & Co. 40.05 1,642.05 0.2
168 KT Corporation ADR 21.32 3,581.76 0.3
171 Marks & Spencer Group PLC ADR 13.05 2,231.55 0.2
224 NTT DoCoMo ADR 14.60 3,270.40 0.3
409 Royal Bank of Scotland Spon ADR 4.29 1,754.61 0.2
73 Sanofi Avcntis ADR 33.23 2,425.79 0.2
65 TNT NV-ADR 34.20 2,223.00 0.2
178 Telecom Italia S.P.A. CL A ADR 16.12 2,869.36 0.3
80 Telefonos de Mexico ADR 23.68 1,894.40 0.2
80 Tclmex Intcrnacional S.A.B do C. V. ADS 16.10 1,288.00 0.1
29 Toyota Motor Corp -Spon ADR 94.00 2,726.00 0.3
57 Woori Finance Holdings ADR 47.80 2,724.60 0.3
26 Yara International ADR 88.40 2,298.40 0.2
Dana Investment Advisors
PORTFOLIO APPRAISAL
Tequesta General Employees' Pension Funds
June 30, 2008
Market Pct.
_ Quantity Security Price Value Assets
71 Zurich Financial Svcs - ADR 25.55 1,814.05 0.2
52,554.00 4.9
594,797.74 55.2
CORPORATE BON DS
5,000.00 Cit Group Inc. 99.49 4,974.75 0.5
4.750% Duc 08-15-08
5,000.00 CSX Corp 100.55 5,027.40 0.5
6.250% Due 10-15-08
6,000.00 Deutsche Bank Financial 102.69 6,16].36 0.6
7.500% Due 04-25-09
5,000.00 Target Corp. 102.09 5,104.40 0.5
5.375% Due 06-15-09
5,000.00 Intl Lease Finance Corp 97.35 4,867.72 0.5
5.000% Due 04-15-10
5,000.00 Capital One Bank 99.65 4,982.35 0.5
5.750% Due 09-15-10
5,000.00 Lehman Brothers Inc. 96.96 4,848.20 0.5
5.000% Due 01-14-11
5,000.00 Kohls Corporation 101.25 5,062.40 0.5
6.300% Due 03-01-11
5,000.00 Bank One Corp 101.88 5,094.05 0.5
5.900% Due 11-15-11
5,000.00 Gannett Co Inc. 99.24 4,962.25 0.5
6.370% Due 04-01-12
5,000.00 Avon Products Inc. 98.18 4,909.08 0.5
4.620% Duc 05-15-13
5,000.00 Goldman Sachs Group [nc. 99.00 4,949.78 0.5
5.250%Duc 10-15-13
5,000.00 US Bank NA 105.48 5,273.90 0.5
6.300% Due 02-04-14
5,000.00 HSBC Finance Corp. 97.76 4,887.96 0.5
5.250% Due 04-IS-IS
5,000.00 Lowe's Companies Inc. 98.67 4,933.46 0.5
5.000% Due 10-15-15
5,000.00 Wachovia Bank NA 94.21 4.710.58 0.4
5.600% Due 03-15-16
5,000.00 Kimberly Clark 103.83 5,191.75 0.5
6.125% Due 08-01-17
5,000.00 J.P. Morgan & Co. Inc. 98.09 4,904.35 0.5
6.000% Due 10-01-17
90,845.74 8.4
FEDERAL AGENCY SECURITIES
10,000.00 *Federal National Mortgage Association 101.33 10,133.20 0.9
5.250% Due 01-15-09
10,000.00 Federal Home Loan Mortgage Corp. 102.04 10,204.40 0.9
5.750% Due 03-15-09
10,000.00 Federal National Mortgage Association 102.73 10,272.80 1.0
5.375% Due 08-15-09
10,000.00 Federal National Mortgage Association 101.97 10,197.10 0.9
4.250% Due 08-15-10
5,000.00 Federal National Mortgage Association 103.16 5,158.25 0.5
4.750%Due ]2-15-10
7,000.00 Federal National Mortgage Association 104.98 7,348.95 0.7
5.500% Due 03-15-11
r`
3
Dana Investment Advisors
PORTFOLIO APPRAISAL
Tequesta General Employees' Pension Funds
June 30, 2008
Market Pct.
Quantity Security Price Value Assets
10,000.00 Fcdcral National Mortgage Association 103.80 10,379.60 1.0
5.000% Duc 10-15-11
3,000.00 Federal Home Loan Mortgage Corp. 101.63 3,048.81 0.3
4.500% Duc O1-IS-13
10,000.00 Fcdcral Home Loan Mortgage Corp. 101.36 10,135.70 0.9
4.500% Due 07-15-13
5,000.00 Federal Home Loan Mortgage Corp. 102.91 5,145.70 0.5
4.875% Duc 11-15-13
8,000.00 Federal National Mortgage Association 103.03 8,242.32 0.8
5.000% Duc 04-15-15
8,000.00 Fcdcral National Mortgage Association 101.91 8,153.20 0.8
5.000% Duc OS-11-17
98,420.03 9.1
GOVERNMENT BONDS
20,000.00 U.S. Treasury Notes 100.30 20,059.37 1.9
4.120% Duc 08-15-08
10,000.00 U.S. Treasury Notes 102.75 10,275.00 1.0
5.500% Duc OS-15-09
15,000.00 U.S. Treasury Notes 99.30 14,894.53 1.4
2.000% Duc 02-28-10
15,000.00 U.S. Treasury Notes 103.56 15,534.37 1.4
4.250% Duc 10-15-10
10,000.00 U.S. Treasury Notes ] 05.03 10,503.12 1.0
4.625% Duc 10-31-11
15,000.00 U.S. Treasury Notes 97.70 14,655.47 1.4
2.750% Duc 02-28-13
10,000.00 U.S. Treasury Notes 104.39 10,439.06 1.0
4.250% Duc 08-15-13
5,000.00 US Treasury Notes 103.44 5,171.87 0.5
4.125% Duc OS-15-15
5,000.00 U.S. Treasury Notes 104.03 5,201.56 0.5
4.250% Duc 08-15-15
5,000.00 U.S. Treasury Notes 109.14 5,457.03 0.5
5.120% Duc 05-15-16
15,000.00 U.S. Treasury Notes 105.34 15,801.56 l .5
4.625% Duc 02-15-17
7,000.00 U.S.TreasuryNotcs 102.20 7,154.22 0.7
4.250% Duc 11-15-17 _
135,147.19 12.5
FIXED RATE MORTGAGE POOLS
FNMA
12,153.96 FNMA 884093 5-I-06 101.03 12,279.15 1.1
6.000% Duc OS-Ol-36
FHLMC
10,803.10 FHLMC C90939 12-1-OS 100.19 10,823.13 1.0
5.500% Duc 12-0 l -25
10,929.16 FHLMC GOLD C90978 7-1-06 102.25 11,175.18 1.0
6.000% Duc 07-01-26
12,522.59 FHLMC C90983 8-1-06 100.19 12,545.81 1.2
5.500% Duc 08-01-26
34,544.12 3.2
46,823.27 4.3
a
Dana Investment Advisors
PORTFOLIO APPRAISAL
Tequesta General Employees' Pension Funds
June 30, 2008
Quantity Security Price
Bond Funds
Exchange Traded Funds
311 iShares Lehman 1-3 year Treasury Bond Fund 82.89
Accrued Income
Dividends Receivable
Interest Receivable
TOTAL ACCRUED AND RECEIVABLE
TOTAL POR'T'FOLIO
Market Pct.
Value Assets
25,778.79 2.4
25,778.79 2.4
4,378.77 0.4
656.24 0.1
121.42 0.0
5,156.44 0.5
1,077,259.26 ]00.0
The market prices shown on these pages represent the lass reported sale on the vah~alion date as to /fisted securities or the
bid price in the case ofover-the-counter quotations. Prices on bonds and some other investments are based on round lot
price quotations and are fnr evu/ualioir purposes only and may not represent actual market va/ues. Bonds sold on an odd lot
basis (less than $7 million) may have u da!lar price lower than the round lot quote. Where no regular marker exists,
prices shown are estimates by sources considered reliable by Dana Investment Advisors, Inc. While the prices are obtained
jrom sources we consider reliable, we camiot guarantee them.
rn
5
Fannie Mae and Freddie Mac Observations
Fannie Mae (FNMA) and Freddie Mac (FHLMC)
• The companies were created to boost homeownership and promote market stability.
• They own or guarantee about half the $12 trillion in U.S. home loans outstanding.
• In addition to those obligations, FNMA has $831 billion in company debt, while FHLMC has $644 billion in company debt.
From Implicit to (Almost) Explicit Government Backing
• President Bush called on Congress to enact the legislation needed to put the plan in place, and it is expected to move through the legislature in an expedited fashion
as soon as this week.
• Treasury Deparhnent has temporarily increased the line of credit with the GSEs.
• Treasury Department has authority to purchase equity in either GSE to provide access to sufficient capital.
• Treasury Deparhnent has given the Federal Reserve a consultative role in new GSE regulators process of setting capital requirements.
• Federal Reserve has granted the Federal Reserve Bank of New York authority to lend to either GSE, if necessary, to provide funding.
• OFHEO has pledged support and cooperation with the Treasury, Federal Reserve, Congress and the GSEs.
Mortgage Backed Securities
FNMA and FHLMC guarantee the timely payment of principal & interest to MBS investors:
• If a loan goes delinquent, FNMA/FHLMC make good on contractual payments due to MBS investors
• If a loan defaults, FNMA/FHLMC buy the loan back from the pool at par, with no loss of principal to the MBS investor. FNMA/FHLMC bear any risk of
loss on defaults, not MBS investors.
ARM Pricing
• Prices for these pools of mortgages have held steady through all the negative press. Principal and interest is guaranteed by the agencies, and of course, there are
the houses for collateral. Further, the implicit government guarantee will probably become explicit. Foreclosures are a small part of the mortgage market, but they
make the biggest headlines.
Monday's Auction of FHLMC Short-Term Debt
• FHLMC received higher-than-average demand for its $3 billion of short-term notes as the U.S. Treasury's rescue plan buoyed confidence the government will back
the company's debt. The bid-to-cover ratio of FHLMC's bill auction, gauging demand by comparing total bids with the amount of securities offered, was more
than 50 percent above the average of the past three months.
DANA INVESTMENT ADVISORS, INC.
l~
2nd. Quarter Bond Review
On a total return basis, Mortgage securities were the top performing asset class for the Lehman Brothers Aggregate Index for the second quarter of 2008.
2nd tr. YTD
Aggregate -1.02% 1.13%
Treasury -2.10% 2.23%
Agency -1.47% 1.67%
Corporate -.69% -.84%
Mortgage -.64% 1.83%
Yield Curve
The quarter ended with higher yields, a flatter curve and lower implied volatility.
6-30-08 3-31-08
2 yr 2.62% 1.58%
5 yr 3.33% 2.44%
10 yr 3.97% 3.41
30 yr 4.52% 4.29%
Federal Reserve
The Fed lowered its target overnight rate 25 bps during the quarter to end the period at 2.00%.
Additionally, surging prices for oil and food renewed inflationary fears and comments by Federal Reserve officials regarding currency concerns further pushed market
rates higher. As shown in the chart below, over the course of the quarter, the market sentiment shifted from a Fed Funds rate of 2% at year-end to a 90% probability that
the Fed Funds rate would be at least 2.25% or higher by year-end.
DANA INVESTMENT ADVISORS, INC.
2nd Quarter Bond Review
Expected Fed Fund Rate
N.
,!,.'
~r
We disagree with this assessment and do not expect the Fed to raise its target rate in 2008. While oil prices are at alarming levels, we continue to question their sustainability
given the decline in home values, employment and global demand growth. We believe these disinflationary trends will take the edge off speculation and energy-related pricing
pressures. Furthermore, raising borrowing cost during a bottoming process for housing and credit would prove a major economic setback.
Sector Returns
Treasuries -Treasury yields rose as rising commodity prices ignited inflation fears. Encouraged by Fed chatter focused on inflation risk, the market built rate hike
expectations into market pricing. As most of the action was in short maturities, the curve flattened. Two-year Treasury rose from 1.58% to 2.C2% and the 10-year Treasury
rose from 3.41 % to 3.97%.
Agencies -Agency-backed mortgages rebounded from their first quarter drubbing, enough to outperform Treasuries but not enough to earn positive returns. Agency debt
moved roughly in line with Treasuries.
DANA INVESTMENT ADVISORS, INC.
12
2nd Quarter Bond Review
Corporates - Invesm7ent grade corporates were down .69% in the quarter, outperforming Treasuries by 141 basis points. BBB rated securities had the best perforn~ance.
Banks again shunbled. While they have been actively rebuilding their capital positions, investors appear to fear further losses ahead.
• Spreads remain elevated -see below:
:a3
so
:ao
.: 0
16A
ao
~co
~s~
~: a
'i•0
Jan-73
Economic Data
Moody's BM Cw~ni~ate Band
• First quarter data suggests that the underlying growth momentum iu the economy has slowed and preventing the Federal Reserve from raising rates to address
inflation concen~s.
o Lower equity valuations
o Faltering housing prices
o Moderation in consumer spending
o Lower job growth
o Higher unemployment claims
• Compounding the lower growth momentum is a reacceleration in inflation. An increasing conceim over stagflation will cause the Fed to closely watch inflation
pressw~es in the pipeline.
o Personal Consumption Expendiriu•e Index averaged ?.3%; at upper end of the Fed's 2% target.
o Consumer Price Index averaged 4.30% during the first quarter.
o Higher energy prices
o Lower dollar valuation
DANA INVESTMENT ADVISORS, INC.
13
JN~03 .M43 J•1 QG JJn~JT JD'f~9!
Treasury Yield Curve
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
03 Months
~~ ^ Dec 31, 2006 5.04
-~-Dec 31, 2007 3.24
-~-Jul 16, 2008 1.36
DANA INVESTMENT ADVISORS, INC.
06 Months 02 Years OS Years 10 Years 30 Years
5.06 4.79 4.68 4.68 4.79
3.39 3.05 3.44 4.02 4.45
1.87 2.43 3.20 3.94 4.58
14
Current Economic EnvirHlnent
Housing will be weak well into 2009 due to large amount of inventory for sale.
~.;, ~ Core inflation remains above the Fed comfort level.
- Overall CPI has reaccelerated.
Housing correction, tighter consumer credit, and low consumer confidence will have an
effect on consumer spending.
r Rate cuts have softened economic landing, but lenders are demanding higher rates to
compensate for risk.
The Fed has opened the discount window to primary broker dealers in order to provide
adequate liquidity.
~ The credit crunch may have passed, but banks will have further write-offs.
July 2oog
DANA INVESTMENT ADVISORS, INC.
IS
Macroeconomic Overview - A Mixed Bag
GDP has remained positive
Corporate profits are taking a
beating, but it is mainly
focused in financials, autos,
airlines...
DANA INVESTMENT ADVISORS, INC.
16
Macroeconomic Overview - A Mixed Bag
Exports have been the big
cushion
The dollar will continue to
face pressure as long as the
market expects low US
interest rates
DANA INVESTMENT ADVISORS, INC.
17
Macroeconomic Overview - A Mixed Bag
Labor productivity is holding
up better than in recent
downturns
Housing will continue to take
out excesses and revert
toward long-term mean levels
- Existinq-Horne Sales Single-Family, Units available for sale (Inventory), UnRs -United States (Left)
-- Existing-Home Sales Median Price, Thousands of USC? -United States (Right)
Recession Periods -United States
a,uoU
s ~Uo
'+i
s
3,000
2 X00
~,ODU lVJ ~~. 4 ~ "1
fti~
Sao
zoo
2UU
180
X160
~r140
120
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DANA INVESTMENT ADVISORS, INC.
1~'
Macroeconomic Overview - A Mixed Bag
The Consumer is showing
some signs of stress
Banks are not only
recapitalizing, they are
retrenching
DANA INVESTMENT ADVISORS, INC..
- Delingi-ienc•~/ rates, 100 largest banks, consumer loans, all, Percent, SA, -Untied Slates
-- Delinquency rates, 100 largest banks, consumer loans, credit cards, Percerrt, SA -UnAed States
Reca _.::_ion Periods -United States
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'6i 'FE '89 '90 '91 '92 'S3 '94 '95 '3E '3i '3F '99 'DO 'C11 '02 'OJ 'U4 'OS 'O6 'Cli
Business Surveys Senior Loan Officer C?pinion Survey Domestic respondents tightening standards, cansurner loans, credit cards, Percent -UnAed Mates
- Business Surveys Senior Loan C?tficer Opinion Survey Gamestic respondents tightening standards, camimercial real estate loans, Percent -United ~aates
Business Surveys Senior Loan Officer Opinion Survey Dom. respondents tightening standards for C&I loans, large R medium, Percent - Llnfted Slates
Recession Periods - UriAed States
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