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The
Robinson Report |
A quick
and simple weekly
market performance report.
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Friday, November 24, 2006
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Week
in review:
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The
Markets –
The holiday weekend and a weakening dollar
dampened the market last week, as investors wait for cash register
receipts from retailers and keep a wary eye on the slipping dollar,
which could indicate that the Federal Reserve would move off its
holding pattern. The Dow ended the week at 12,280.17, down 0.51
percent, and the S&P closed at 1,400.95, down 0.02 percent. The NASDAQ
had the only gain, ending the week up 0.59 percent to 2,460.26
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Up
Usually
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The S&P 500 has been positive (on a total return basis) in the 4th
quarter of midterm election years 86 percent of the time since 1950
(Source: Wall Street Journal).
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Democratic Majority
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When the 110th session of Congress convenes in January
2007, the Democrats will control both the House and the Senate for the
first time since 1994. When the Democrats controlled both chambers of
Congress during the eight years from 1987-94, the S&P 500 stock index
averaged 11.9 percent per year on a total return basis (Source: BTN
Research, House and Senate).
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Stay Diversified
– The international stock index EAFE was up
18.48 percent YTD (total return), better than the S&P 500’s 12.23
percent YTD total return. The EAFE has bested the S&P 500 in each of
the last four (2002-05) calendar years
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Taxes
– A married couple filing a joint return
with $100,000 of taxable income for tax year 2007 is in the 25 percent
marginal tax bracket but an 18 percent (approximate) effective tax
bracket. If the same couple has $200,000 of taxable income, they will
be in the 33 percent marginal tax bracket but a 23 percent
(approximate) effective tax bracket (Source: IRS).
Featured article:
Housekeeping For Your Taxable Accounts
ASSET
CLASS RETURNS (see disclosures below) 
Portfolio
Performance REVIEW (see disclosures below)
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"How
do unthaw a frozen turkey? Blow in it's ear."
--Johnny Carson
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% change in week ending 11/24/06 |
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S&P500 |
0.06 |
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US Lg Val (Russell 1000 Value) |
0.16 |
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US Sm (Russell 2000) |
0.19 |
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Intl (EAFE) |
0.93 |
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Intl Sm (EAFE Small) |
1.43 |
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3-5yr Govt (Bloomberg) |
0.35 |
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Important Performance Disclosure Information
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Asset
Class returns are represented by market indexes that are
unmanaged baskets of securities. Investors cannot directly
invest in market indexes. Foreign securities involve additional
risks, including foreign currency changes, political risks,
foreign taxes and different methods of accounting and financial
reporting.
Portfolio Performance is the total return of
seven unique asset allocation strategies that seek to fit the
distinct needs of different investor goals, risk tolerance
levels and investment time horizon. Each portfolio contains up
to 16 individual funds totaling over 4000 securities, managed by
OppenheimerFunds.
The portfolios are designed to create efficient diversification
through the selection of mutual funds that may have a low
correlation between asset classes.
The purpose of these tables and charts is for you to follow
specific market indexes, observe asset class rotation and to
compare actual portfolio returns net of management fees.
Asset allocation strategy is available
here.
Performance
quoted is past performance and cannot guarantee comparable
future results. Performance figures reflect reinvestment of
distributions and changes in net asset value (NAV). Investment
return and principal value will vary so that you may have a gain
or loss when you sell shares. The contingent deferred sales
charge (CDSC) on Class C is 1%. No CDSC will be imposed on redemptions
of Class C shares following one year from date shares were
purchased. Performance shown does not include applicable CDSC,
which would have reduced performance.
Before
investing in any of the
OppenheimerFunds, investors should
carefully consider a fund's investment objectives, risks,
charges and expenses. The fund's prospectus contains this and
other information about the fund. Read prospectuses
carefully before investing.
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| S&P 500 - Standard & Poor's 500 Index (not
including dividends) - generally considered a U.S. Large Growth
company market index. |
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Russell
1000 Value Index (US Lg Val) - generally considered a U.S.
Large Value company market index. |
Russell 2000 Index (US Sm)- generally considered a U.S.
Small company market index. |
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EAFE - EAFE Index (Intl) (not including dividends) Europe,
Australia, Far East and generally considered a large company
international market index. |
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EAFE Sm - EAFE Small Index (Intl Sm) (not including dividends)
Europe, Australia, Far East and generally considered a small company
international market index. |
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Bloomberg Silicon Valley
Index - market index of high tech companies located in the Silicon
Valley area. |
Global Hedge Fund Index - representative
of the overall composition of the hedge fund universe. It is
comprised of eight strategies:
convertible arbitrage, merger arbitrage, equity hedge, equity market
neutral, relative value arbitrage, event driven, distressed
securities, and macro. The strategies are asset weighted based on
the distribution of assets in the hedge fund industry.
See hedge
fund risks. |
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3-5yr Treas. - Bloomberg U.S. Government Treasuries
3-5 year maturities index and generally considered a intermediate
maturity U.S. Government Note index. |
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Asset Class - a group of
investments that share similar risk and return characteristics. |
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All investments involve
risk, including loss of principal. Foreign securities involve additional
risks, including foreign currency changes, political changes, foreign
taxes, and different methods of accounting and financial reporting.
The
foregoing has been prepared solely for informational purposes, and is not
an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading
strategy.
The information contained herein is based on
sources and data believed reliable, but is not guaranteed. Advisory
services offered through RCM Robinson Capital Management LLC, SEC
Registered Investment Advisor. Securities offered through Securities
America, Inc., Member FINRA/SIPC. Douglas C. Robinson, Registered
Representative. RCM Robinson Capital Management LLC and Securities
America, Inc. are separate and unaffiliated.
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