2015 Investment Outlooks

How could rising interest rates affect fixed income — or equity — performance? After a difficult year for international investors, could investors go “value shopping” in Europe or Japan? How might a slowdown in the Chinese economy impact regional and global stocks?

In their 2015 Investment Outlooks, Delaware Investments portfolio managers shed light on these critical issues and more that could face investors in the new year. Read more below.

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While fundamentals in various geographies may be trending in a positive direction, we don’t believe we are entering a typical post-recessionary global boom cycle.

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Learn more about the equity and fixed income investment teams at Delaware Investments.
Liu-Er Chen

Liu-Er Chen, CFA

Chief Investment Officer — Emerging Markets and Healthcare

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The views expressed represent the Manager’s assessment of the market environment as of December 2014 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice and may not reflect the Manager’s current views.

Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Because the Funds expect to hold a concentrated portfolio of a limited number of securities, the Fund's risk is increased because each investment has a greater effect on the Fund's overall performance.

One of the key issues for fixed income investors will be the timing of interest rate moves and the trajectory of the rate path. As it stands today, we think the answer will be complicated by a combination of a weaker economic recovery and a litany of geopolitical events.

Read the outlook

Learn more about the equity and fixed income investment teams at Delaware Investments.
Joseph R. Baxter

Joseph R. Baxter

Head of Municipal Bond Department,
Senior Portfolio Manager

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The views expressed represent the Manager’s assessment of the market environment as of December 2014 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice and may not reflect the Manager’s current views.

Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Certain statements made here are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: “believe,” “anticipate,” “expect,” “estimate,” “project,” “will,” “shall,” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. The protection afforded by the safe harbor for forward-looking statements provided by the PSLRA is claimed hereunder.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this document.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. These funds may also be subject to prepayment risk (the risk that the principal of a fixed income security may be prepaid prior to maturity), potentially forcing a fund to reinvest that money at a lower interest rate.

Funds that invest primarily in one state may be more susceptible to economic, regulatory, and other factors of that state than funds that invest more broadly.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

We don't want our perspective to be whitewashed by a blizzard of negative headlines. Instead, we pursue a clear understanding of the facts on the ground, recognizing that each market segment we cover has its own characteristics and its own responses to different risk factors.

Read the outlook

Learn more about the equity and fixed income investment teams at Delaware Investments.
Babak Zenouzi

Babak "Bob" Zenouzi

Chief Investment Officer – Real Estate Securities and Income Solutions (RESIS)

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The views expressed represent the Manager’s assessment of the market environment as of December 2014 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice and may not reflect the Manager’s current views.

Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Certain statements made here are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: “believe,” “anticipate,” “expect,” “estimate,” “project,” “will,” “shall,” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. The protection afforded by the safe harbor for forward-looking statements provided by the PSLRA is claimed hereunder.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this document.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

IMPORTANT RISK CONSIDERATIONS

Investing involves risk, including the possible loss of principal.

Certain statements made here are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: “believe,” “anticipate,” “expect,” “estimate,” “project,” “will,” “shall,” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. The protection afforded by the safe harbor for forward-looking statements provided by the PSLRA is claimed hereunder.

Due to the uncertainty inherent in forward-looking statements, actual results or economic conditions may differ materially from those anticipated in the forward-looking statements. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this document.