Amana Mutual Funds Trust Quarterly Commentary

Quarterly Commentary

2013

Q4 2013 • December 31, 2013 | PDF This link opens a PDF file.

The fourth quarter S&P 500 gain of 10.51% placed a positive coda on the best year for US stock market returns of the 21st century. 2013's 32.39% total return (dividends re-invested) for the S&P 500 Index even surpassed the global financial crisis rebound year of 2009. Despite the continued lackluster economic recovery and manifestly dysfunctional political system in the US...

Q3 2013 • September 30, 2013 | PDF This link opens a PDF file.

Despite the global market weakness experienced last June, "Sell in May and Go Away" would not have been valuable advice this year as markets rebounded smartly in the third quarter, with growth indices performing especially well. Last quarter we discussed the Federal Reserve's announcement concerning quantitative easing (QE) tapering and...

Q2 2013 • June 30, 2013 | PDF This link opens a PDF file.

Everything appeared to be smooth sailing in global equity markets through the first four months of the year as major US indices notched double-digit returns. Several European markets performed well, Abe-nomics rocketed Japan, and Southeast Asia was on a tear. Suddenly, on May 23, talk of quantitative easing (QE) tapering...

Q1 2013 • March 31, 2013 | PDF This link opens a PDF file.

Stock markets around the world busied themselves with climbing the wall of worry in the first quarter as investors shrugged off the sequester, brief fears of a U.S. government shutdown, poor Purchasing Managers' Index reports, further reductions in European growth forecasts, an increasingly bellicose North Korea...

2012

Q4 2012 • December 31, 2012 | PDF This link opens a PDF file.

From a global economic perspective, 2012 closed on a pessimistic note. As the countries of southern Europe continue to struggle with high unemployment, deteriorating bank balance sheets and burdensome public debt, the European Commission has slashed its growth outlook for the region...

Q3 2012 • September 30, 2012 | PDF This link opens a PDF file.

The third quarter of 2012 began amid negative headlines with the eurozone continuing to dominate the news and market sentiment. By late July, bond yields in Spain and Italy had climbed to worrisome levels, as investors doubted the impact of plans by eurozone finance ministers to commit...

Q2 2012 • June 30, 2012 | PDF This link opens a PDF file.

In contrast to the reasonably strong employment and Purchasing Managers Index (PMI) data in Q1, Q2 2012 has witnessed slowing growth to what can best be described as tepid. Jobs data has been solidly below 100,000 each of the last three months. The Q1 numbers benefited from extremely mild weather...

Q1 2012 • March 31, 2012 | PDF This link opens a PDF file.

While the economic news from foreign shores continues to invite concern, domestic economic releases have been mostly positive. Most notably, after consistently disappointing expectations since the onset of the financial crisis in 2008, employment data from the Bureau of Labor Statistics has beaten expectations...

2011

Q4 2011 • December 31, 2011 | PDF This link opens a PDF file.

The market volatility experienced during the summer months carried through to the fall, with equities seeing numerous days of declines and advances greater than 1%. Despite the spike in volatility, U.S. markets performed reasonably well in the quarter...

Q3 2011 • September 30, 2011 | PDF This link opens a PDF file.

The equity market rallied strongly into the end of the second quarter of 2011, and this trend initially continued into the current quarter. The S&P 500 quickly posted a 2.5% gain, going from 1,320 to 1,353, and then remained in a relatively calm and tight trading range...

Q2 2011 • June 30, 2011 | PDF This link opens a PDF file.

Following the run-up in equity prices in the first quarter, equity markets suffered as investors weighed the impact of a spate of natural disasters (the Japanese earthquake/tsunami, flooding in Australia, etc.), the turmoil of the Arab Spring, the anticipation of the end of the Federal Reserve's long-term asset purchases...

Q1 2011 • March 31, 2011 | PDF This link opens a PDF file.

For the three months ended March 31, 2011, the equity markets continued their upward progress with the S&P 500 Index providing investors with a total return of 5.92%. Whether investors were influenced by Federal Reserve policy or other factors can be debated...

2010

Q4 2010 • December 31, 2010 | PDF This link opens a PDF file.

In 2010 we saw a close race between Growth and Value, with Value out ahead in the first half of the year, and Growth coming back in the second half. During the fourth quarter, the Russell 1000 Growth Index continued its modest momentum, outperforming the Russell 1000 Value Index...

Q3 2010 • September 30, 2010 | PDF This link opens a PDF file.

Growth dominated Value in the third quarter as markets shook off the Q2 2010 downturn and concerns over sovereign debt risks in Europe and at home to post positive results in the last month of the quarter. While the S&P 500 Index provided investors with...

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Standardized returns current to the most recent month-end can be obtained by visiting our Average Annual Returns Page. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower. Note that returns do not reflect the potential deduction of a 2% redemption penalty on shares held less than 90 calendar days. To obtain more detailed information, including investment objectives, risks, expenses and charges and the current prospectuses, please visit Fund Literature or call 1-888/73-AMANA. Please read the prospectuses carefully before you invest or send money. Distributor Saturna Brokerage Services, Member FINRA / SIPC.