We base our outlook on forecasts from U.S. Trust's economists, combined with technical and fundamental bond market analysis by our senior fixed-income portfolio managers. The entire purpose of professional portfolio management is to assume risks in order to seek increased returns on assets and enhance a portfolio's value. Our challenge is to understand fully the nature and degree of investment risk, to know as precisely as possible the true risk involved in an investment decision and to take prudent risks to address our clients' investment objectives. Ultimately, managing investment risk begins and ends with the client and portfolio manager agreeing on the goals of a portfolio and the levels and types of risks that are acceptable in achieving those goals. Past performance may not be indicative of future investment results.
Any investment involves potential risk, including potential loss of capital.
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