Equity Income Fund (PEYAX)

Overall Morningstar Rating™ of

I believe investors want performance that is consistently good rather than occasionally great. This takes risk controls and a strategic approach to dividends.

  • Darren Jaroch, CFA
  • Portfolio Manager

Overall Morningstar ratings as of 04/30/19, shown with the Morningstar category and the number of funds in each category.

Talking with clients about a long-term horizon

Headlines can move markets day to day, but it's better for investors to focus more on corporate earnings.

How resilient is the rebound?

Equity investors may be overlooking a key risk in the current economic environment.


The start of 2019 brought an impressive rebound for global equities. After a bruising fourth-quarter sell-off, stocks bounced back despite concerns over slowing economic growth and downward earnings revisions. The Federal Reserve's decision to put rate hikes on hold boosted sentiment, as did signs of progress in the global trade conflict.

Is the rebound sustainable? A number of factors could support continued strength, including stimulus measures in China and a resolution in U.S.–China trade negotiations. In fact, with the potential for an uptick in economic growth, inflation is a risk that investors may be overlooking. On the other hand, European GDP has slowed materially and the United Kingdom is struggling with Brexit challenges. Pockets of recession around the globe are possible, which would not be favorable for equities.

World equity markets recover in the first quarter chart