Sabal Trust Company :: Investment Management Trust Services

| Investment Perspective |

Third Quarter 2010

Trust and confidence, critical building blocks within the foundation of any free-functioning society, are required to attract participants in the global financial system. The erosion of confidence or a lack of faith in these systems and structures could inevitably undermine the functionality of such markets. Click to read more. [PDF]

Second Quarter 2010

Due to the market meltdown of one year ago and the subsequent recovery, investors are re-thinking and re-evaluating expectations regarding the economy, core growth, correlations, and the fundamental relationship between risk and return. Against this backdrop, reassessing expectations is also required to ensure that investors’ vision of the future more closely aligns with the underlying economic realities. Click to read more. [PDF]

First Quarter 2010

Understanding the positive and negative factors impacting the markets is a fundamental part of the planning process, especially as investors deal with uncertainty. For investors, the New Year provides an occasion for reflection on the past year’s activities as well an opportunity to look ahead and consider the catalysts that will inevitably shape the environment. Click to read more. [PDF]

Third Quarter 2009

Since the outset of the year, the investment environment can be characterized as manic depressant with the emotional pendulum swinging wildly between the extremes. As investors, we must intellectually embrace the reality that markets, economies and asset classes cycle, a natural process that brings opportunities and challenges; and the current cycle is no different. The rapid transformation of the economic and financial landscapes and their constant ebb and flow will force investors to adapt and adjust their outlook toward risk and return. Click to read more. [PDF]

Second Quarter 2009

Investors who survived the dot-com bust, the 1987 crash, and the market malaise in the 1970s may have believed they experienced it all, but the turmoil affecting the global economy and its impact on financial markets is uncharted territory for even seasoned professionals. Click to read more. [PDF]

First Quarter 2009

As we move through the most challenging financial crisis in more than a generation, a common thread of questions have surfaced from conversations with our clients regarding the dramatic market activity. Click to read more. [PDF]

Fourth Quarter 2008

The end of the third quarter leaves investors searching for answers to questions regarding the stock markets, the domestic and global economic environment and the prospects for recovery. Embracing the fact that market and economic cyclicality and its ebb and flow is natural and healthy, it becomes not a question of "if" a recovery will take place, but "when". Click to read more. [PDF]

Third Quarter 2008

Upon reaching the midpoint of the year, it is an excellent opportunity to reflect upon the external environment, to revisit underlying portfolio strategies and to frame the issues that are likely to impact the markets during the coming months. Even during this period of uncertainty and increased volatility, we believe the stage is set for a more positive market environment going forward. Our optimism is based on the well-documented shift in monetary policy, including the Federal Reserve’s dramatic lowering of interest rates, and the injection of liquidity into the financial system. Click to read more. [PDF]

Second Quarter 2008

The test of investor resolve continues. Heightened volatility, ever-increasing energy prices, the deflating of a real estate bubble, a credit crisis, and an upcoming Presidential election are fueling market uncertainty. Monetary and fiscal policy stimulus activities are currently working their way through the system in an attempt to stabilize the environment. In the face of the seemingly endless negative news, it is critical that investors step back and thoroughly analyze the situation and place the current market correction into context. Click to read more. [PDF]

First Quarter 2008

In 2007, investors witnessed a series of market shaping catalysts materialize in the form of slowing underlying economic growth and headline risks. Terms such as subprime bailout and “breaking the buck” became common in investor lexicon. Exacerbating the challenges faced by the economy, housing market woes continue to create a negative wealth effect that could have a material impact on the consumer. The creation of a housing bubble is not surprising as the rate of price appreciation since the late 1990’s was clearly not sustainable, and the accessibility of cheap capital fueled the speculation. Click to read more. [PDF]

Fourth Quarter 2007

During the 3rd Quarter, market volatility and subsequent price swings reminded investors of the risks that are inherent throughout the financial markets. Webster’s Dictionary defines risk as "the exposure to chance or loss and the degree of probability of that loss." But in order to assess risk as it relates to your financial picture, it’s important to remember that investing is a marathon, not a sprint. Click to read more. [PDF]

Third Quarter 2007

As investors reach the mid-point of the year, we believe it is important to revisit investment strategies against the backdrop of the economy’s key drivers. The fact that the U.S. economy is in transition has been well documented. The strong growth rates over the last several years are moderating to more sustainable levels, which is quite positive in our view. In fact, the moderation of overall growth rates is a natural part of the business cycle. Corporate profitability is stable at high levels, the financial health of corporate America is solid, and consumer spending remains strong. But we believe the environment is changing. Click to read more. [PDF]

Second Quarter 2007

The first quarter of the year can be described as a tale of two markets. The strong momentum seen during the last half of 2006 continued at the outset of the year as the Dow Jones Industrial average hit new all-time highs. The fact that overall economic growth was slowing did not appear to concern investors. However, mid-way through the first quarter, investors began to re-assess their tolerance and appetite for risk. A sharp pullback in the global and domestic equity markets ensued. We believe the correction that took place was a healthy part of the process that drives the overall markets. Click to read more. [PDF]

First Quarter 2007

Over the last two quarters, we correctly assumed that overall economic growth would slow to a more normalized, sustainable rate. The slowing of economic growth is related to higher energy costs, higher interest rates, and the pressures caused by the slowdown in the housing markets. However, the economic environment does remain healthy. Corporate profits are strong, productivity is holding, unemployment is low, and the consumer remains resilient. Over the coming year, it is inevitable that key variables, both known and unknown, will shape the market environment. Consequently, it is important to establish a framework for the investment environment. Click to read more. [PDF]

Fourth Quarter 2006

The underlying dynamics of the positive economic environment give us reason to be optimistic. In January, we suggested that investors would begin to rationalize a series of critical market drivers, including higher energy prices, interest rates, the geopolitical environment, and domestic politics. We estimated that these variables would impact the direction of the overall markets by distracting investors from making measured, longterm investment decisions. The ebb and flow of the market environment suggests that we were correct in our assessment. Click to read more. [PDF]

Third Quarter 2006

With the first half of the year behind us, it is a good time to pause and review the investment environment. The U.S. economy remains positive; however, over the last several weeks signs of a moderation of the overall growth rate have surfaced, which resulted in a sharp pullback in market pricing. This correction is a natural part of the investment cycle. Corporate profitability continues to be robust and the financial health of corporate America is solid. Business spending on infrastructure projects continues and the consumer remains an important factor in supporting a lower but more sustainable level of economic growth. Click to read more. [PDF]

Second Quarter 2006

As we move into the second quarter, the economy remains strong and the recent stream of data indicates sustained growth through the next several quarters. Healthy employment numbers, consumer confidence, the expansion of manufacturing activity and increasing capital expenditures all point to a positive economic backdrop for the market environment. Corporate balance sheets are strong, cash flows are robust, profits remain intact, and infrastructure investment is increasing. We view these developments as positive, which leads us to believe that the Federal Reserve will continue their battle against inflationary pressures. Click to read more. [PDF]

First Quarter 2006

Many signs point to the underlying strength of the overall economy. The adage of "focusing on long-term" investing can test the patience of any investor, especially during periods of market volatility. The last twelve months proved no different as investors experienced periods of both positive and negative market momentum. Investor optimism appears to have strengthened as energy prices have moderated from historic highs and the broader economy continues to show signs of resiliency. Overall GDP growth remains strong, manufacturing activity is expanding and unemployment is at its lowest level over the last 4 ½ years. Click to read more.

Fourth Quarter 2005

The solid economic expansion that remains in place has faced a number of challenges since its inception. In the face of this adversity, the broader markets have remained resilient. Since the outset of the year, higher commodity prices, energy costs, and a rising interest rate environment established the headwinds currently faced by the markets. Most recently the natural disaster in the Gulf States region from hurricanes Katrina and Rita caused the loss of life, the destruction of homes and businesses, and the disruption of one of the nation's key port infrastructures. The true impact of this disaster remains to be seen. However, the initial data points indicate that broader economic growth will continue, and there are reasons to be optimistic. Click to read more.

Thrid Quarter 2005

After reaching the midpoint of the year, it is helpful to reflect upon the market and economic environment that has unfolded since the beginning of the year. Creating a reference point for investment decision-making going forward is very important as we deal with the inevitable uncertainty presented by today's stock and bond markets. The broad stock market averages have been under pressure since the first of the year, primarily due to unfavorable commodity prices, high energy costs, and the move by the Federal Reserve to a more "normalized" interest rate environment. With that in mind, it is important to establish a framework from which to develop investment strategies as we move through the balance of the year. Click to read more.

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| Investment Perspective |

Inside this section: Press Releases Investment Perspective Prospectus Sabal Advertisements Disaster Recovery Plan Articles	\| Investment Perspective \| Third Quarter 2010 Trust and confidence, critical building blocks within the foundation of any free-functioning society, are required to attract participants in the global financial system. The erosion of confidence or a lack of faith in these systems and structures could inevitably undermine the functionality of such markets. Click to read more. [PDF] Second Quarter 2010 Due to the market meltdown of one year ago and the subsequent recovery, investors are re-thinking and re-evaluating expectations regarding the economy, core growth, correlations, and the fundamental relationship between risk and return. Against this backdrop, reassessing expectations is also required to ensure that investors’ vision of the future more closely aligns with the underlying economic realities. Click to read more. [PDF] First Quarter 2010 Understanding the positive and negative factors impacting the markets is a fundamental part of the planning process, especially as investors deal with uncertainty. For investors, the New Year provides an occasion for reflection on the past year’s activities as well an opportunity to look ahead and consider the catalysts that will inevitably shape the environment. Click to read more. [PDF] Third Quarter 2009 Since the outset of the year, the investment environment can be characterized as manic depressant with the emotional pendulum swinging wildly between the extremes. As investors, we must intellectually embrace the reality that markets, economies and asset classes cycle, a natural process that brings opportunities and challenges; and the current cycle is no different. The rapid transformation of the economic and financial landscapes and their constant ebb and flow will force investors to adapt and adjust their outlook toward risk and return. Click to read more. [PDF] Second Quarter 2009 Investors who survived the dot-com bust, the 1987 crash, and the market malaise in the 1970s may have believed they experienced it all, but the turmoil affecting the global economy and its impact on financial markets is uncharted territory for even seasoned professionals. Click to read more. [PDF] First Quarter 2009 As we move through the most challenging financial crisis in more than a generation, a common thread of questions have surfaced from conversations with our clients regarding the dramatic market activity. Click to read more. [PDF] Fourth Quarter 2008 The end of the third quarter leaves investors searching for answers to questions regarding the stock markets, the domestic and global economic environment and the prospects for recovery. Embracing the fact that market and economic cyclicality and its ebb and flow is natural and healthy, it becomes not a question of "if" a recovery will take place, but "when". Click to read more. [PDF] Third Quarter 2008 Upon reaching the midpoint of the year, it is an excellent opportunity to reflect upon the external environment, to revisit underlying portfolio strategies and to frame the issues that are likely to impact the markets during the coming months. Even during this period of uncertainty and increased volatility, we believe the stage is set for a more positive market environment going forward. Our optimism is based on the well-documented shift in monetary policy, including the Federal Reserve’s dramatic lowering of interest rates, and the injection of liquidity into the financial system. Click to read more. [PDF] Second Quarter 2008 The test of investor resolve continues. Heightened volatility, ever-increasing energy prices, the deflating of a real estate bubble, a credit crisis, and an upcoming Presidential election are fueling market uncertainty. Monetary and fiscal policy stimulus activities are currently working their way through the system in an attempt to stabilize the environment. In the face of the seemingly endless negative news, it is critical that investors step back and thoroughly analyze the situation and place the current market correction into context. Click to read more. [PDF] First Quarter 2008 In 2007, investors witnessed a series of market shaping catalysts materialize in the form of slowing underlying economic growth and headline risks. Terms such as subprime bailout and “breaking the buck” became common in investor lexicon. Exacerbating the challenges faced by the economy, housing market woes continue to create a negative wealth effect that could have a material impact on the consumer. The creation of a housing bubble is not surprising as the rate of price appreciation since the late 1990’s was clearly not sustainable, and the accessibility of cheap capital fueled the speculation. Click to read more. [PDF] Fourth Quarter 2007 During the 3rd Quarter, market volatility and subsequent price swings reminded investors of the risks that are inherent throughout the financial markets. Webster’s Dictionary defines risk as "the exposure to chance or loss and the degree of probability of that loss." But in order to assess risk as it relates to your financial picture, it’s important to remember that investing is a marathon, not a sprint. Click to read more. [PDF] Third Quarter 2007 As investors reach the mid-point of the year, we believe it is important to revisit investment strategies against the backdrop of the economy’s key drivers. The fact that the U.S. economy is in transition has been well documented. The strong growth rates over the last several years are moderating to more sustainable levels, which is quite positive in our view. In fact, the moderation of overall growth rates is a natural part of the business cycle. Corporate profitability is stable at high levels, the financial health of corporate America is solid, and consumer spending remains strong. But we believe the environment is changing. Click to read more. [PDF] Second Quarter 2007 The first quarter of the year can be described as a tale of two markets. The strong momentum seen during the last half of 2006 continued at the outset of the year as the Dow Jones Industrial average hit new all-time highs. The fact that overall economic growth was slowing did not appear to concern investors. However, mid-way through the first quarter, investors began to re-assess their tolerance and appetite for risk. A sharp pullback in the global and domestic equity markets ensued. We believe the correction that took place was a healthy part of the process that drives the overall markets. Click to read more. [PDF] First Quarter 2007 Over the last two quarters, we correctly assumed that overall economic growth would slow to a more normalized, sustainable rate. The slowing of economic growth is related to higher energy costs, higher interest rates, and the pressures caused by the slowdown in the housing markets. However, the economic environment does remain healthy. Corporate profits are strong, productivity is holding, unemployment is low, and the consumer remains resilient. Over the coming year, it is inevitable that key variables, both known and unknown, will shape the market environment. Consequently, it is important to establish a framework for the investment environment. Click to read more. [PDF] Fourth Quarter 2006 The underlying dynamics of the positive economic environment give us reason to be optimistic. In January, we suggested that investors would begin to rationalize a series of critical market drivers, including higher energy prices, interest rates, the geopolitical environment, and domestic politics. We estimated that these variables would impact the direction of the overall markets by distracting investors from making measured, longterm investment decisions. The ebb and flow of the market environment suggests that we were correct in our assessment. Click to read more. [PDF] Third Quarter 2006 With the first half of the year behind us, it is a good time to pause and review the investment environment. The U.S. economy remains positive; however, over the last several weeks signs of a moderation of the overall growth rate have surfaced, which resulted in a sharp pullback in market pricing. This correction is a natural part of the investment cycle. Corporate profitability continues to be robust and the financial health of corporate America is solid. Business spending on infrastructure projects continues and the consumer remains an important factor in supporting a lower but more sustainable level of economic growth. Click to read more. [PDF] Second Quarter 2006 As we move into the second quarter, the economy remains strong and the recent stream of data indicates sustained growth through the next several quarters. Healthy employment numbers, consumer confidence, the expansion of manufacturing activity and increasing capital expenditures all point to a positive economic backdrop for the market environment. Corporate balance sheets are strong, cash flows are robust, profits remain intact, and infrastructure investment is increasing. We view these developments as positive, which leads us to believe that the Federal Reserve will continue their battle against inflationary pressures. Click to read more. [PDF] First Quarter 2006 Many signs point to the underlying strength of the overall economy. The adage of "focusing on long-term" investing can test the patience of any investor, especially during periods of market volatility. The last twelve months proved no different as investors experienced periods of both positive and negative market momentum. Investor optimism appears to have strengthened as energy prices have moderated from historic highs and the broader economy continues to show signs of resiliency. Overall GDP growth remains strong, manufacturing activity is expanding and unemployment is at its lowest level over the last 4 ½ years. Click to read more. Fourth Quarter 2005 The solid economic expansion that remains in place has faced a number of challenges since its inception. In the face of this adversity, the broader markets have remained resilient. Since the outset of the year, higher commodity prices, energy costs, and a rising interest rate environment established the headwinds currently faced by the markets. Most recently the natural disaster in the Gulf States region from hurricanes Katrina and Rita caused the loss of life, the destruction of homes and businesses, and the disruption of one of the nation's key port infrastructures. The true impact of this disaster remains to be seen. However, the initial data points indicate that broader economic growth will continue, and there are reasons to be optimistic. Click to read more. Thrid Quarter 2005 After reaching the midpoint of the year, it is helpful to reflect upon the market and economic environment that has unfolded since the beginning of the year. Creating a reference point for investment decision-making going forward is very important as we deal with the inevitable uncertainty presented by today's stock and bond markets. The broad stock market averages have been under pressure since the first of the year, primarily due to unfavorable commodity prices, high energy costs, and the move by the Federal Reserve to a more "normalized" interest rate environment. With that in mind, it is important to establish a framework from which to develop investment strategies as we move through the balance of the year. Click to read more.

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