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Eaton Vance Monthly Market Monitor October 2013 (Data As of September 30, 2013)

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Eaton Vance Monthly Market Monitor October 2013 (Data As of September 30, 2013) Product & Portfolio Strategy Group Eaton Vance Monthly Market Monitor October 2013 (data as of September 30, 2013) eatonvance.com/MarketMonitor Eaton Vance Monthly Market Monitor Table of Contents Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios. Use Eaton Vance Monthly Market Monitor as a critical desk reference that enables more informed discussion and understanding of financial markets. Economic Review 5 Inflation Watch 11 Income Markets 13 Equity Markets 22 Alternative Markets 34 Flows Monitor 40 Additional Information 41 2 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Not FDIC Insured • Not Bank Guaranteed • May Lose Value Eaton Vance Monthly Market Monitor List of Exhibits Economic Review Income Markets Global Growth 5 Fixed Income Characteristics and Performance Analysis 13 U.S. Yields 6 Fixed Income Spread Analysis 14 Global Government Bond Yields 7 Investment Grade Corporate Bond Market Update 15 U.S. Federal and Personal Finances 8 High Yield Corporate Bond Market Update 16 U.S. Corporate Finances 9 Floating-Rate Loan Market Update 17 U.S. Housing and Unemployment 10 Municipal Bond Market Update 18 Emerging Markets Bond Market Update 19 Inflation Watch Fixed Income Asset Class Return Analysis (tabular) 20 Global Inflation 11 Fixed Income Asset Class Return Analysis (chart) 21 Central Bank Target Rates 12 3 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Not FDIC Insured • Not Bank Guaranteed • May Lose Value Eaton Vance Monthly Market Monitor List of Exhibits Equity Markets Flows Monitor Equity Performance and Volatility Analysis 22 Fund Flows by Category 40 Dividend Analysis 23 Valuation Analysis 24 Additional Information Regional/Style Valuation Analysis 25 Glossary of Terms 41 S&P 500 Sector Valuation Analysis 26 About Risk 43 S&P 500 Index Return Analysis 27 About Eaton Vance 44 S&P 500 Index Sectors Return Analysis 29 For More Information 45 MSCI World Index Sectors Return Analysis 30 Global Equity Characteristics & Sector Weights 31 Equity Asset Class Return Analysis (tabular) 32 Equity Asset Class Return Analysis (chart) 33 Alternative Markets Developed Market Currency Performance & Interest Rates 34 Emerging Market Currency Performance & Interest Rates 35 Local Sovereign Interest Rates 37 Commodities Return Analysis 38 4 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Not FDIC Insured • Not Bank Guaranteed • May Lose Value Eaton Vance Monthly Market Monitor Economic Review Global Growth Developed Markets Real GDP Growth Emerging Markets Real GDP Growth % Change YOY % Change YOY 8% 16% 14% 6% 12% 4% 10% 8% 2% 6% 0% 4% 2% -2% 0% -4% -2% -4% -6% -6% -8% -8% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Developed Markets Avg. United States Emerging Markets Avg. Brazil United Kingdom Japan Russia India Eurozone China Source: International Monetary Fund and Bureau of Economic Analysis as of 9/30/13 Source: International Monetary Fund as of 9/30/13 5 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Economic Review U.S. Yields U.S. Treasury Yields 10-Year U.S. Treasury Yield 6% 18% 16% 5% 14% 4% 12% 10% 3% 8% 2% 6% 4% 1% 2% 0% 0% 3M 2Y 5Y 10Y 30Y '53 '56 '59 '62 '65 '68 '71 '74 '77 '80 '83 '86 '89 '92 '95 '98 '01 '04 '07 '10 '13 Sep-13 Aug-13 Dec-12 Dec-10 Dec-08 Dec-06 Source: Bloomberg as of 9/30/13 Source: Federal Reserve as of 9/30/13 6 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Economic Review Global Government Bond Yields 10-Year Government Bond Yields 10-Year Government Bond Yields Greece 9.7% 35% Portugal 6.7% New Zealand 4.6% Italy 4.6% 30% Spain 4.3% Australia 3.9% Ireland 3.9% 25% Norway 2.8% United Kingdom 2.7% United States 2.6% 20% Belgium 2.6% Canada 2.6% 15% Sweden 2.5% France 2.3% Austria 2.2% 10% Netherlands 2.2% Finland 2.0% Denmark 2.0% 5% Germany 1.8% Switzerland 1.0% Japan 0.7% 0% 0% 5% 10% 15% 20% 25% 30% '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 Germany United Kingdom Japan Greece Source: Thomson Reuters as of 9/30/13 Source: Bloomberg as of 9/30/13 7 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Economic Review U.S. Federal and Personal Finances U.S. Federal Budget and Debt (% of GDP) U.S. Personal Savings Rate and Household Debt Service Ratio (% of disposable annual income) 10% 140% 16% Budget Surplus / Deficit Federal Debt 5% 14% 120% 0% 12% 100% -5% 10% -10% 80% 8% -15% 60% 6% -20% 40% 4% -25% 20% -30% 2% -35% 0% 0% '41 '49 '57 '65 '73 '81 '89 '97 '05 est. '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '13 Personal Savings Rate Household Debt Service Ratio Source: White House Office of Management and Budget as of 9/30/13 Source: Federal Reserve as of 9/30/13 8 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Economic Review U.S. Corporate Finances S&P 500 Earnings and Revenues Per Share $1,200 $120 Revenues per Share Earnings per Share $1,100 $100 $1,000 $80 $900 $60 $800 $40 $700 $20 $600 $500 $0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 est. '13 Source: Baseline as of 9/30/13 9 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Economic Review U.S. Housing and Unemployment U.S. Median Existing Home Prices U.S. Unemployment and Jobs $250 14% 142,000 Unemployment Rate Total Jobs 140,000 $230 12% 138,000 $210 10% 136,000 $190 134,000 Thousands 8% $170 132,000 Thousands $150 6% 130,000 $130 4% 128,000 $110 126,000 2% $90 124,000 $70 0% 122,000 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Source: Standard & Poor’s as of 9/30/13 Source: U.S. Bureau of Labor Statistics as of 9/30/13 10 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Inflation Watch Global Inflation Developed Markets Inflation Emerging Markets Inflation % Change YOY % Change YOY 22% 22% 20% 20% 18% 18% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Developed Markets Avg. Eurozone Emerging Markets Avg. Brazil Japan United Kingdom Russia India United States China Source: International Monetary Fund, U.S. Bureau of Labor Statistics as of 9/30/13 Source: International Monetary Fund as of 9/30/13 11 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Inflation Watch Central Bank Target Rates Bank of England Bank of Japan 18% 18% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 Source: Bank of England as of 9/30/13 Source: Bank of Japan as of 9/30/13 European Central Bank U.S. Federal Reserve Bank 18% 18% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 Source: European Central Bank as of 9/30/13 Source: Federal Reserve as of 9/30/13 12 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Eaton Vance Monthly Market Monitor Income Markets Fixed Income Characteristics and Performance Analysis Averages Total Returns (%) Coupon Price Yield Maturity Duration Index 1-Mo.
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