Views are as of Sept. 18, 2013, and are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security.
International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.
Prices of emerging-markets securities can be significantly more volatile than the prices of securities in developed countries and currency risk and political risks are accentuated in emerging markets.
Small-company stocks may be less liquid and subject to greater price volatility than large-capitalization stocks.
The MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. With 910 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The MSCI EAFE Small Cap Index in an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. With 2,154 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country.
S&P 500 Index: An unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Indexes are unmanaged and investments cannot be made in an index.
Federated Global Investment Management Corp.