Perkins CIO Outlook

After realizing an 18% average annualized total return for the ten-year period through April 2019, U.S. stocks look set to experience significantly smaller gains going forward. Maintaining valuation discipline, avoiding levered balance sheets, having high active share and investing outside the U.S. can help navigate the market's next chapter, in our opinion. Focusing on the long term, we believe investors could benefit from more defensive, well-balanced portfolios.