Waddell & Reed

Portfolio Perspectives

Mid-cap stocks offer special appeal to investors and are considered by many to be the sweet spot of the market. Historically, mid-cap stocks have had a lower standard deviation than small-cap stocks and typically more growth potential than large-cap stocks.
The macroeconomic backdrop, low interest rates and strong capital markets provided support in 2014, but how will real estate perform in 2015?
The efforts of global central bankers to fight the Great Recession have not resulted in the desired outcome of faster nominal GDP growth worldwide.
Sinking oil prices sent high-yield fixed income valuations tumbling in 2014. But negative sentiment about the sector also has the potential to create opportunities.
The Fund's portfolio management team thinks the risks of a monetary policy mistake are greater today than they have been in some time. They explore the backdrop of global central bank policies and discuss the Fund’s positioning going into 2015.
A variety of factors have combined to push oil prices down to levels not seen since mid-2009. The decline has had a significant effect on stocks and has become a factor in the growth outlook for the U.S. and global economies.
Ivy Funds recently launched the Ivy Mid Cap Income Opportunities Fund, an equity portfolio focusing primarily on income-producing mid-capitalization companies. It seeks companies believed to offer the opportunity to provide sustainable or increasing dividends.
We think the Fed will be cautious with rate comments to avoid again causing market volatility. That may mean a bond market that tries to anticipate Fed moves and interest rates that stay in the lower end of a 2.5 to 3.5% range.

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