January 2019 WIAFP Luncheon Meeting

CYCLICAL & SECULAR TRENDS IMPACTING THE ECONOMY & MARKETS IN 2019

Duane A. McAllister, CFA, Managing Director & Senior Portfolio Manager, Baird Advisors

Cyclical Economic Trends

• 2019 to become the longest post-war economic expansion
• Low unemployment and low inflation likely to continue
• Rising rates negatively impacting cyclically sensitive sectors
• Labor force expansion and productivity gains are key to the pace of future growth
• The Fed and Global Central Bank policies – global liquidity has peaked

Secular Economic Trends

• Aging demographics
• Technological advances
• Elevated public debt and liabilities

The Economic “tug-of-war” and Financial Market Impact

• Review returns across asset classes in 2018
• Yield curve signals
• Outlook for rates and market volatility in 2019

Duane has over 31 years of investment experience managing fixed income portfolios, with a primary focus on the municipal market. His responsibilities include setting and implementing investment strategy with a major portion of his time allocated to municipal portfolio management and credit research. Prior to joining Baird Advisors, Duane was a Managing Director and Senior Portfolio Manager at BMO Global Asset Management where he was the lead portfolio manager for tax-free fixed income strategies.

In 2015, the BMO Intermediate Tax-Free Mutual Fund that he and his team managed received a 10-year Lipper Award in the intermediate municipal bond category.

Duane is a member of The CFA Institute and The Milwaukee Investment Analysts Society. He also is a Vice-Chair of the St. Coletta of Wisconsin Board.

Duane and his wife, Connie, have three children: Kelly, Peter & Mandy.

MEMBERS - REMINDER - BRING A CORPORATE FOR FREE

Schedule of Events:
Networking 11:30am - 12:00pm, Presentation & Lunch 12:00pm - 1:00pm
Lunch will include salad, your choice of three entrée options (selected during registration process), two family-style side dishes, and dessert

Virtual Attendees – Conference call details and presentation material will be emailed to you after registration closes. Presentation will begin at 12:00pm.

A few reminders…

• Unable to attend a meeting for which you have registered? Substitutes are welcome! Otherwise, we ask that you cancel your registration or send an email to secretary@wiafp.org
• Have an idea for a presentation topic or speaker? Email vp@wiafp.org
• General questions or comments about WIAFP? We want to hear from you! Email info@wiafp.org
• Registration closes 48 hours before event; late registration requests can no longer be accommodated (Monday, January 14th at 2:00pm)