(YELLOW) investors understand that their principal will be at medium risk. (BLUE) investors understand that their principal will be at low risk

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "(YELLOW) investors understand that their principal will be at medium risk. (BLUE) investors understand that their principal will be at low risk"

Transcription

1 NFO Opens: 10 th March 2015 NFO Closes: 24 th March 2015 Scheme Re-Opens: On or before 10 th April 2015 This product is suitable for investors who are seeking*: Income and capital appreciation Dynamic Asset allocation between equity related Instruments and fixed income instruments so as to provide with long term capital appreciation. High risk. (Brown) *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

2 Index The Asset Allocation Puzzle Need for Asset Allocation Why have a Dynamic Asset Allocation Strategy? SBI Dynamic Asset Allocation Fund Key Features Why Invest? Investment Team

3 The Asset Allocation Puzzle

4 The Asset Race: Winners change frequently 2014 Equity Debt Cash Calendar Year Performance 14% 9% 30% Winner Equity % 9% 4% Cash % 9% 26% Equity % 8% 7% Cash % 5% 17% Equity % 4% 81% Equity % 9% 8% Debt The top & bottom performing asset class changes from year to year! Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index, Cash refers to Crisil Liquid Fund Index

5 The Asset Allocation Puzzle! What do I do?

6 Need for Asset Allocation

7 Every asset has its place in the puzzle Equity Debt Cash Long term Wealth Generator Higher potential for gain Potential Hedge against Inflation Regular Income Lower risk Potential to preserve capital in times of downturn High Liquidity Safe avenue for parking extra cash High Risk Higher Volatility Conservative Investments Possibility of lower than inflation returns Very low inflation adjusted potential returns

8 In times of crisis, correlation comes to the forefront In the long term, equity, debt & cash have low correlation with each other However, when markets crash, equity has a negative correlation with debt & cash Equity Debt Long Term Correlation (Mar 2002 to Jan 2015) Debt 0.13 Cash Correlation in times of Equity Market Crash Sep 2008 (Lehman Crisis) Debt Cash Aug Sep 2011 (Sovereign Debt Crisis) Debt Cash Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index, Cash refers to Crisil Liquid Fund Index. Correlation above has been calculated on daily returns.

9 Diversifying the portfolio leads to stability Combining equity with debt stabilizes the portfolio without compromising on growth 100% 80% 60% Rolling 3 year return (Mar 2002* Jan 2015) Higher Return Higher Risk Lower Return Lower Risk 40% 20% 0% Average Return 19% Average Return 13% Average Return 6% Average Return 7% -20% Equity Simulated Portfolio Debt Cash Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index, Cash refers to Crisil Liquid Fund Index Simulated Portfolio refers to 50% S&P BSE Sensex + 25% Crisil Composite Bond Fund Index + 25% Crisil Liquid Fund Index rebalanced on a daily basis. The above chart depicts the high-average-low 3 year return (CAGR) of the specified asset classes/ simulated portfolio.*launch of Crisil Composite Bond Fund Index & Crisil Liquid Fund Index.

10 Diversification solves the Asset Allocation puzzle Return Return Diversifying across asset classes helps generate superior risk adjusted returns under different market cycles 8% 6% 4% 2% Cash Debt Falling Equity markets Risk Return for the period: Dec 07 to Dec 09 Simulated Portfolio 25% 20% 15% Rising Equity markets Risk Return for the period: Dec 12 to Jan 15 Simulated Portfolio Equity 0% 0% 10% 20% 30% 40% 50% -2% -4% Cash 10% 5% Debt -6% -8% Risk Equity 0% 0% 5% 10% 15% 20% Risk Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index. Simulated Portfolio refers to 50% S&P BSE Sensex + 25% Crisil Composite Bond Fund Index + 25% Crisil Liquid Fund Index rebalanced on a daily basis. Risk above refers to standard deviation. Standard deviation has been calculated on daily returns. Returns above are CAGR returns for the specified period.

11 Why have a Dynamic Asset Allocation Strategy?

12 Dilemma faced by Investors Asset Allocation is important. But how do I manage my portfolio? How do I control my bias while taking investment decisions? How do I time the markets? How do I allocate assets & rebalance my portfolio in a cost effective manner?

13 Traditionally past performance drives flows Before After Equity returns (Mar 07 Mar 08): 19.7% Equity Fund Inflows in Mar 07 Mar 08: +ve Rs. 46,933 crs What happened Equity returns (Mar 08 Mar 09): -37.9% Equity returns (Mar 11 Mar 13): -3.1% Equity Fund Outflows in Mar 12 Mar 13: -ve Rs. -14,587 crs What happened Equity returns (Mar 13 Jan 15): 54.9% Investors typically make the mistake of buying at peaks & selling at lows An asset allocation model which dynamically allocates will remove the bias of investors Past performance may or may not be sustained in future. Source: Bloomberg, AMFI. Equity refers to S&P BSE Sensex. Returns refers to absolute returns.

14 Dynamic Asset Allocation: The Solution Model driven asset allocation which decides the appropriate allocation to equity, debt & cash No Emotional Bias No need for timing the market Operationally Effective both from cost & tax perspective & reduces transactional hassles

15 SBI Dynamic Asset Allocation Fund

16 SBI Dynamic Asset Allocation Fund at work Objective: To dynamically allocate across asset classes in order to generate superior risk adjusted returns Momentum Rate of Change in Momentum Equity: 0 to 100% Debt & Money Market Instruments: 0 to 100% Market Strengths Exhaustion of Momentum Market Weakness

17 Parameters driving the model Momentum Rate of Change in Momentum Exhaustion of Momentum Purpose Indicates trends & change in the psychology of market participants Mitigates the effect of sharp movements in markets Attempts to pinpoint market peaks or bottoms Identifies likely momentum exhaustion points When does it come into play Under normal market conditions Under normal market conditions At market inflection points Model works on exhaustive checklists & filters to generate buy or sell signals

18 Model dynamically allocates between assets Average Equity Allocation S&PBSE Sensex Index Level Average Equity Allocation along with Index Levels Sensex moved from 20,287 to 9,647 Sensex moved from 15,455 to 19,427 80% 71% 68% Equity markets fell by 52% in 2008 Equity markets rose by 26% in ,000 60% 40% 59% 59% 61% 33% 48% 54% 41% 60% 45% 50% 25,000 20,000 15,000 20% 10,000 0% 5,000 Average Equity Weight S&P BSE Sensex Past performance may or may not be sustained in future. Source: Internal, Bloomberg. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results or asset allocation.

19 Model dynamically allocates between assets Average Debt Allocation Crisil 10 Year Gilt Index 35% 30% Average Debt Allocation with Index Levels 10 year G Sec moved from 5.26% to 7.59% Gilt Index fell by 8.7% in year G Sec moved from 8.82% to 7.86% Gilt Index rose by 14.1% in % 2,800 2,600 26% 2,400 25% 20% 17% 19% 20% 21% 17% 2,200 2,000 15% 10% 12% 10% 9% 13% 10% 1,800 1,600 1,400 5% 1,200 0% 1,000 Average Debt Weight Crisil 10Yr Gilt Index Past performance may or may not be sustained in future. Source: Internal, Bloomberg. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results or asset allocation.

20 Dynamic Asset Allocation Model performs in the long term May-02 Jun-03 Jun-04 Jul-05 Aug-06 Aug-07 Sep-08 Oct-09 Oct-10 Nov-11 Nov-12 Dec-13 Jan-15 Dynamic Asset Allocation Model generates stable risk adjusted returns in the long term Growth of Rs. 100 (Period: May 2002 to Jan 2015) Equity Debt SDAAF Model Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results.

21 Optimal Asset Allocation is the key to reducing volatility Dynamic Asset Allocation Model reduces the volatility in the portfolio which in turn minimizes the drawdown 70% Rolling 3 year returns (May 2002 Jan 2015) 60% 50% 40% 30% 20% Average Return 20% Average Return 24% 10% 0% Average Return 5% -10% -20% Equity Debt SDAAF Model Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results. The above chart depicts the high-average-low 3 year return (CAGR) of the specified asset classes/ model.

22 Dynamic Asset Allocation helps to navigate volatility Subprime Crisis (Sep 2008) Rupee Crisis (July 2013) Dynamic Asset Allocation Model reduces the period required to recover from market crisis Months to recover from a crisis Equity 32 SDAAF Model 11 Debt 15 SDAAF Model 2 Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results.

23 Model helps to minimize drawdowns May-02 Jun-03 Jun-04 Jul-05 Aug-06 Aug-07 Sep-08 Oct-09 Oct-10 Nov-11 Dec-12 Dec-13 Jan-15 Dynamic Asset Allocation Model attempts to minimize the portfolio drawdown in order to generate stable returns 0% 10% 20% 30% 40% 50% 60% Equity Debt SDAAF Model 70% Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results.

24 Fund Philosophy & Asset Allocation Aims to provide investors with an opportunity to invest in a portfolio of a mix of equity and equity related securities and fixed income instruments which will be managed dynamically so as to provide investors with long term capital appreciation Invests across equity, debt & cash Aims to generate appreciation through asset allocation Suitable for investors looking for superior risk adjusted returns over the long term Indicative Asset Allocation Instruments Indicative allocations (% of total assets)* Risk Profile Minimum Maximum Equity and equity related instruments including foreign securities# High Debt and Money Market instruments* Low to Medium * Exposure to securitized debt may be to the extent of 20% of the net assets. Exposure in derivatives will not exceed 50% of the net asset of the Scheme. The cumulative gross exposure through Equity & Equity related instruments, Debt & Money Market Securities including derivatives positions will not exceed 100% of the net asset of the Scheme. The Scheme shall not invest in repo in corporate debt. The Scheme may engage in securities lending and short selling in accordance with SEBI (MF) Regulations. #Investments in foreign securities /ADR/GDR/ would comply with the Guidelines and overall limits laid down for Mutual funds by SEBI for investments in foreign securities.

25 Key Features Plans/ Options Benchmark The Scheme has two plans viz. Regular plan & Direct plan. Both plans would offer Growth & Dividend options. Dividend option will have the facility of Reinvestment, Payout & Transfer 50% Crisil 1 year CD Index + 50% BSE S&P Sensex Fund Manager Load Structure Minimum Application Amount For Equity & Equity related, Debt & Money Market Instruments: Mr. Dinesh Balachandran For Foreign Securities: Ms. Nidhi Chawla Entry Load: Not Applicable Exit Load: For exit within 1 year from the date of allotment -2% For exit after 1 year but within 2 years from the date of allotment -1% For exit after 2 years from the date of allotment - Nil Rs. 5,000/- and in multiples of Re. 1 thereafter Additional Purchase Amount Rs. 1,000/- and in multiples of Re. 1 thereafter

26 Clarifications on Tax Query Clarification What will be the category of the fund? How will the category of the scheme be defined? What is the % of equity shareholding required for the fund to be defined as an equity fund? How is the % of equity shareholding calculated? What is the relevant date for tax status purpose? What is the relevance of investment date? How can the investor know about the status of the scheme on the date of their redemption? Can be both Equity Oriented Scheme or Non-equity Oriented scheme Based on the equity shareholding of the fund of last 12 months More than 65% Percentage of equity shareholding will be computed with reference to the annual average of the monthly averages of the opening and closing figures For redemption Date of redemption For dividend Record date of the dividend It is used for calculating the long term or short term capital gains. However, taxation status (Equity or Debt) is defined on the basis of status of the scheme on the day of redemption. On monthly basis, monthly average (average of opening & closing) of equity & debt holdings will be disclosed on the website of SBI Mutual Fund ( A history of past 5 years of these averages will be available on website. Investor can use this data to calculate the status of the scheme on the date of their redemption. The above table has been given for general information only. Investors are advised to consult their Tax/ Financial Advisor before taking decision of Investment.

27 Tax Illustration Date of Investment Date of Sale/ Redemption Tenure of holding in days Average of the monthly averages of percentage equity shareholding Asset class classification for taxation (equity oriented/other than equity oriented) (A) Term classificatio n for taxation (short term /long term) (B) Current applicable tax rates* Scenario 1 06-Nov Feb % Other than Equity Short Marginal tax rate of investor Scenario 2 13-Mar Mar % Other than Equity Short Marginal tax rate of investor Scenario 3 10-Dec Apr % Other than Equity Long 20% with indexation Scenario 4 07-Feb May % Equity Short 15% Scenario 5 05-Jun Jun % Equity Long Nil Scenario 6 18-Jul Jul % Equity Long Nil Based upon the classification in column A and B in the above table, investor can determine their applicable taxes Current tax rates are given on slide no.35 * Plus applicable surcharge & cess The above table has been given for general information only. Investors are advised to consult their Tax/ Financial Advisor before taking decision of Investment. The tax rates shown above are as per the IT slab applicable to Individual/ HUF assesse for FY exclusive of cess & surcharge.

28 Why Invest? 1 Model driven dynamic asset allocation Dynamically allocates between equity, debt & cash based on prevailing market & economic conditions; solves the dilemma of selecting the correct asset class 2 3 No Emotional bias The allocation and rebalancing decisions in this fund are based on well defined and tested processes that removes the short term biases of analysts and fund managers Operationally convenient Allows investment into multiple asset classes without the operational hassles 4 5 Tax Efficiency Movement across asset classes does not lead to tax liability in the hands of the investor Fund for every market cycle Suitable for investors looking for stable risk-adjusted returns irrespective of market conditions

29 SBI Funds Management Private Limited India s premier and largest bank with Global leader in asset management over 200 years experience (Estd: 1806) Backed by Credit Agricole and Société Asset base of USD 404 bn* Générale Pan-India network of ~22,635 branches and ~ 50,000 ATM s as at end of June 2014 Servicing over 256 million customers More than 2,000 institutional clients and distributors in 30 countries Over 100 million retail clients via its partner networks bn AuM as at end of September 2014 # 63% 37% *Source: SBI Analyst Presentation as on end September 2014 # Source : Amundi website as on end September 2014

30 SBI Funds Management: India s First Bank Sponsored Funds Established in 1987: A leading asset manager in India Expertise in managing assets across mutual funds, segregated managed accounts, domestic advisory and offshore advisory business Multiple asset classes ranging from equities and debt, money market to ETFs and structured funds Investment team of 33 professionals with strong track record Broad customer base with ~ 4.02 million folios related to individual, corporate and institutional investors Wide Distribution Network Broad Investor Base Wide Distribution Network Broad Investor Base Extensive Product Range Extensive Product Range AUM USD bn AAUM Rs crs Experienced Investment Team Experienced Investment Team Source: SBI Funds Management Private Limited, AMFI; Average AUM (AAUM) for the quarter ending on December 31, 2014

31 Annexure

32 Investment Team Navneet Munot CFA Chief Investment Officer Dinesh Balachandran CFA - Portfolio Manager Navneet joined SBIFM as Chief Investment Officer in Navneet is responsible for overseeing investments across asset classes worth over $10 billion. His prior stint was with Morgan Stanley Investment Management as Executive Director and head- multi strategy boutique. Prior to that, Navneet was the Chief Investment Officer - Fixed Income and Hybrid Funds at Birla Sun Life Asset Management Company Ltd. Navneet had been associated with the financial services business of the Birla group for 14 years and worked in various areas such as fixed income, equities and foreign exchange. Navneet holds masters in accountancy and business statistics from the University of Ajmer and is a Chartered Accountant from ICAI. He is a charter holder of the CFA Institute USA and CAIA Institute USA. He is also an FRM charter holder of Global Association of Risk professionals (GARP) Dinesh has over 12 years of industry experience. Dinesh joined SBIFM in 2012 as a senior credit analyst. He is also the Head of Research. Dinesh started his career with Fidelity USA in 2001 where he covered all major facets of the US fixed income market over 10 years. Dinesh holds a B.Tech degree from IIT, Mumbai and M.S degree from Massachusetts Institute of Technology (MIT). He is also a Charter holder of the CFA Institute, USA.

33 SBIFM: A Complete Framework Expertise Highly experienced team Strong industry relations Complete in-house research Processes Structured & Disciplined Rigorous investment templates Agility with Flexibility Risk Management Six member independent team International standards Coherent monitoring Group Advantage 25 years of experience Both domestic and international strengths Investors trust

34 Current Tax Rates MF Taxation Equity Schemes Debt & Liquid Schemes and FOF Dividend Distribution Tax Capital Gains Dividend Distribution Tax Capital Gains Nil Short Term Capital Gains 15% Individual/ HNI 25% Short Term Capital Gains At marginal tax rate Long Term Capital Gains* - Nil Others 30% Long Term Capital Gains^ 20% with indexation Above tax rates will further increase by applicable surcharge & cess. * For investments held for more than 12 months. ^ For investments held for more than 36 months. The above table has been given for general information only. Investors are advised to consult their Tax/ Financial Advisor before taking decision of Investment. The tax rates shown above are as per the IT slab applicable to Individual/ HUF assesse for FY exclusive of cess & surcharge.

35 Disclaimer Mutual Fund investments are subject to market risks, read all scheme related documents carefully. This presentation is for information purposes only and is not an offer to sell or a solicitation to buy any mutual fund units/securities. The views expressed herein are based on the basis of internal data, publicly available information & other sources believed to be reliable. Any calculations made are approximations meant as guidelines only, which need to be confirmed before relying on them. These views alone are not sufficient and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions and estimates included here constitute our view as of this date and are subject to change without notice. Neither SBI Funds Management Private Limited, SBI Mutual Fund nor any person connected with it, accepts any liability arising from the use of this information. The recipient of this material should rely on their investigations and take their own professional advice

NFO PERIOD DECEMBER 31, 2015 MARCH

NFO PERIOD DECEMBER 31, 2015 MARCH This product is suitable for investors who are seeking: Capital appreciation over a period of 10 years. Investment in equity and equity related instruments of companies along with income tax benefit under

More information

Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period)

Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period) Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period) November 2015 NFO Start Date: 20 th Nov, 2015 @ NFO End Date: 18 th Dec, 2015 @ Scheme re-opens for continuous

More information

Save Taxes Wisely. October 2012

Save Taxes Wisely. October 2012 Save Taxes Wisely October 2012 1 Background Salient Features of Section 80C of the Income tax Act, 1961 Section 80C of Income Tax Act, 1961 w.e.f. April 1, 2005 (A.Y. 2006-07) provides for deduction from

More information

Value Fund - Series 2

Value Fund - Series 2 GOOD COMPANIES at DISCOUNTED PRICES OUR VALUE INVESTMENT PHILOSOPHY Value Fund - Series 2 A Close-Ended Equity Scheme NFO Period: November 18, 2013 to November 29, 2013 Contents 1 Why Equities Now? 2 Value

More information

Debt Mutual Funds Scenario post the Finance Bill (No.2), 2014

Debt Mutual Funds Scenario post the Finance Bill (No.2), 2014 August 25, 2014 Debt Mutual Funds Scenario post the Finance Bill (No.2), 2014 The amendments proposed in the Union Budget 2014 on the tax provisions applicable to the non equity mutual funds have stripped

More information

Explore the Investment potential of your Savings. December 2014

Explore the Investment potential of your Savings. December 2014 Explore the Investment potential of your Savings December 2014 Few questions that bother investors? Tax saving avenues: Traditional or New? What additional benefits do ELSS offer? Is ELSS* a prudent avenue?

More information

Table of Contents. it s The Season for Tax Investments. Product Features. Asset Allocation Pattern. Scheme Performance. Disclaimer.

Table of Contents. it s The Season for Tax Investments. Product Features. Asset Allocation Pattern. Scheme Performance. Disclaimer. March 2016 1 Table of Contents it s The Season for Tax Investments Background Why ELSS? Why HDFC TaxSaver? The Economy & Equity Market outlook Product Features Asset Allocation Pattern Scheme Performance

More information

Kotak Mahindra Mutual Fund

Kotak Mahindra Mutual Fund Kotak Mahindra Mutual Fund 27 BKC, C-27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 KEY INFORMATION MEMORANDUM & APPLICATION FORMS Name of CONTINUOUS OFFER: Unit of all s available at

More information

Alternative Sector Rotation Strategy

Alternative Sector Rotation Strategy Alternative Sector Rotation Strategy Alternative Sector Rotation Strategy INVESTMENT OBJECTIVE: Seeks long term growth of capital by investing in alternative asset classes as a way to compliment a traditional

More information

Mutual Fund Category Analysis Banking Sector Funds

Mutual Fund Category Analysis Banking Sector Funds November 18, 2014 Mutual Fund Category Analysis Banking Sector Funds Key Facts: What are they? Banking Sector funds are equity oriented schemes investing predominantly in the banking stocks. Banking Category:

More information

Enjoy more of your income.

Enjoy more of your income. An L&T Financial Services Offering Enjoy more of your income. Save up to `46,350 1 in tax with L&T Tax Advantage Fund. An open-ended equity linked savings scheme. Please refer to the last page for product

More information

Religare Invesco Tax Plan 1. Religare Invesco Growth Fund 1. Religare Invesco Arbitrage Fund 2. Religare Invesco Contra Fund 2

Religare Invesco Tax Plan 1. Religare Invesco Growth Fund 1. Religare Invesco Arbitrage Fund 2. Religare Invesco Contra Fund 2 Equity Schemes Table of Contents Page No. Religare Invesco Tax Plan Religare Invesco Growth Fund Religare Invesco Arbitrage Fund Religare Invesco Contra Fund Religare Invesco Equity Fund 3 Religare Invesco

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest

More information

HDFC Retirement Savings Fund

HDFC Retirement Savings Fund Feb 05, 2016 NFO Note HDFC Savings Fund Prologue: HDFC Mutual Fund has launched a New Fund named HDFC Savings Fund, an open ended tax savings cum pension fund. The NFO has opened for subscription on Feb

More information

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust

More information

november 2013 Three Simple investment options for ShorTerm

november 2013 Three Simple investment options for ShorTerm november 2013 Three Simple investment options for ShorTerm short term investing contents Three simple investment options... 2 Matching funds to needs... 6 Liquid funds... 8 Fixed maturity plans... 18

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1. What is tax planning? Tax planning is an essential part of financial planning. Tax planning is use to reduce tax liability by optimally using the provisions of tax exemptions

More information

Reliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme)

Reliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme) ssssssssss Reliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme) Contents What does Index Fund mean? Page 2 Reasons to Invest in Index Fund Page 2 Reliance Index Fund Sensex Plan Page 2

More information

MUTUAL FUNDS SYSTEMATIC INVESTMENT PLANS

MUTUAL FUNDS SYSTEMATIC INVESTMENT PLANS MUTUAL FUNDS SYSTEMATIC INVESTMENT PLANS By Sharadchandra Shankarrao Patil INTRODUCTION An investor has many options for making his investments. However, all of them do not give optimum returns at little

More information

The Fund that has seen it all

The Fund that has seen it all HDFC PRUDENCE FUND (Open ended Balanced Scheme) The Fund that has seen it all Celebrating 20 years*of Prudent investing This product is suitable for investors who are seeking*: Capital appreciation over

More information

BIRLA SUN LIFE MUTUAL FUND Scheme Name Slabs Overall Expense Ratio Effective Date Remarks

BIRLA SUN LIFE MUTUAL FUND Scheme Name Slabs Overall Expense Ratio Effective Date Remarks BIRLA SUN LIFE MUTUAL FUND Scheme Name Slabs Overall Expense Ratio Effective Date Remarks Birla Sun Life Advantage Fund Birla Sun Life Advantage Fund - Direct Plan Birla Sun Life Pure Value Fund Birla

More information

SAMPLE. Smith family. An investment proposal for. Prepared by Bill Smith December 02, 2013

SAMPLE. Smith family. An investment proposal for. Prepared by Bill Smith December 02, 2013 An investment proposal for Smith family Prepared by Bill Smith December 02, 2013 Contents Smith family Executive summary Recommended investments Recommended income solution Portfolio illustration Symmetry

More information

Combined Key Information Memorandum and Application Forms

Combined Key Information Memorandum and Application Forms Combined Key Information Memorandum and Application Forms Ongoing Offer: Issue of Units at Applicable NAV L&T Equity Fund An open-ended equity growth scheme L&T India Large Cap Fund An open-ended equity

More information

Reliance Dual Advantage Fixed Tenure Fund I Plan K (A Close Ended Income Scheme) NFO Opens: 10 th May, 2011 NFO Closes: 24 th May, 2011

Reliance Dual Advantage Fixed Tenure Fund I Plan K (A Close Ended Income Scheme) NFO Opens: 10 th May, 2011 NFO Closes: 24 th May, 2011 Reliance Dual Advantage Fixed Tenure Fund I Plan K (A Close Ended Income Scheme) NFO Opens: 10 th May, 2011 NFO Closes: 24 th May, 2011 MARKETS & ECONOMY Highlights of the RBI s Monetary Policy Statement

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

Ratio(%) change 1 RELIANCE GROWTH FUND 31-Jan-13 Refer Note 1 Institutional. Equity

Ratio(%) change 1 RELIANCE GROWTH FUND 31-Jan-13 Refer Note 1 Institutional. Equity Sl. No. Scheme Name Plan Effective Type of Annual Recurring Expense Date of Scheme Ratio(%) change 1 RELIANCE GROWTH FUND 31-Jan-13 Refer Note 1 Institutional Institutional Plan Lower by RELIANCE GROWTH

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Save Taxes Wisely. November 30, 2011

Save Taxes Wisely. November 30, 2011 Save Taxes Wisely November 30, 2011 1 Background Salient Features of Section 80C of the Income tax Act, 1961 Section 80C of Income Tax Act, 1961 w.e.f. April 1, 2005 (A.Y. 2006-07) provides for deduction

More information

Background Salient Features of Section 80C of the Income tax Act, 1961

Background Salient Features of Section 80C of the Income tax Act, 1961 Save Taxes Wisely 1 Background Salient Features of Section 80C of the Income tax Act, 1961 Section 80C of Income Tax Act, 1961 w.e.f. April 1, 2005 (A.Y. 2006-07) provides for deduction from gross total

More information

7. Foreign Investments in India

7. Foreign Investments in India 93 Foreign Investments in India ISMR 7. Foreign Investments in India Introduction From 1992, Foreign Institutional Investors (FIIs) have been allowed to invest in all securities traded on the primary and

More information

Investing in Bonds challenges and opportunities in 2015

Investing in Bonds challenges and opportunities in 2015 For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is

More information

CRISIL mutual fund index returns

CRISIL mutual fund index returns CRISIL Fund Monitor Mutual fund asset growth slows to 5 percent in June CRISIL mutual fund index returns Analytical contact: Krishnan Sitaraman Director CRISIL FundServices Email ksitaraman@crisil.com

More information

COMBINED SCHEME INFORMATION DOCUMENT DEBT SCHEMES OF KOTAK MAHINDRA MUTUAL FUND

COMBINED SCHEME INFORMATION DOCUMENT DEBT SCHEMES OF KOTAK MAHINDRA MUTUAL FUND COMBINED SCHEME INFORMATION DOCUMENT DEBT SCHEMES OF KOTAK MAHINDRA MUTUAL FUND Continuous Offer of units of all schemes available at NAV bases prices Name of Scheme Kotak Mahindra Gilt Unit Scheme - 98

More information

When rates rise, do stocks fall?

When rates rise, do stocks fall? PRACTICE NOTE When rates rise, do stocks fall? The performance of equities and other return-seeking assets in rising and falling interest rate scenarios, January 1970 through September 2013 William Madden,

More information

CONSOLIDATED SCHEME INFORMATION DOCUMENT OF: This Product is suitable for investors who are seeking*:

CONSOLIDATED SCHEME INFORMATION DOCUMENT OF: This Product is suitable for investors who are seeking*: CONSOLIDATED SCHEME INFORMATION DOCUMENT OF: Name/ Type of the Scheme ICICI Prudential Monthly Income Plan (Monthly Income is not assured and is subject to availability of distributable surplus) Open Ended

More information

INTRODUCTION TO BETASHARES YIELD MAXIMISER FUNDS ASX CODE: YMAX (Australian Equities) & UMAX (US Equities)

INTRODUCTION TO BETASHARES YIELD MAXIMISER FUNDS ASX CODE: YMAX (Australian Equities) & UMAX (US Equities) ASX CODE: YMAX (Australian Equities) & UMAX (US Equities) www.betashares.com.au One of the more enduring investment themes in recent times has been the desire for income combined with less volatility.

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Are you protected against market risk?

Are you protected against market risk? Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the

More information

Top 3 Mutual Funds. For Best Returns

Top 3 Mutual Funds. For Best Returns Top 3 Mutual Funds For Best s ICICI Prudential Exports and Other Services Fund About Fund Size Expense Ratio Open ended equity scheme whose objective is to provide capital appreciation by investing a major

More information

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING The Australian fixed income market vs the Australian share market The Australian share market is dynamic. On any given trading day, share prices may move rapidly

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

Canara Robeco Yield Advantage Fund Canara Robeco Medium Term Opportunities Fund

Canara Robeco Yield Advantage Fund Canara Robeco Medium Term Opportunities Fund 0 Open Ended Equity / Hybrid Schemes Canara Robeco Infrastructure Canara Robeco Balance Canara Robeco F.O.R.C.E Fund Canara Robeco Equity Diversified Canara Robeco Emerging Equities Canara Robeco Equity

More information

Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies

Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies Executive Summary 21 January 2014 The Aurora Dividend Income Trust (Managed Fund) is an efficient and low risk

More information

Diversifying with Negatively Correlated Investments. Monterosso Investment Management Company, LLC Q1 2011

Diversifying with Negatively Correlated Investments. Monterosso Investment Management Company, LLC Q1 2011 Diversifying with Negatively Correlated Investments Monterosso Investment Management Company, LLC Q1 2011 Presentation Outline I. Five Things You Should Know About Managed Futures II. Diversification and

More information

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed

More information

Mutual Fund Category Analysis Pharma Sector Funds

Mutual Fund Category Analysis Pharma Sector Funds November 26, 2014 Mutual Fund Category Analysis Pharma Sector Funds Key Facts: What are they? Pharma Sector funds are equity oriented schemes investing predominantly in the pharmaceutical stocks. Pharma

More information

Common Key Information Memorandum for Debt and Liquid Schemes / Plans

Common Key Information Memorandum for Debt and Liquid Schemes / Plans Common Key Information Memorandum for Debt and Liquid Schemes / Plans HSBC MIP (HMIP) An open-ended Fund with Regular and Savings Plan Monthly Income is not assured and is subject to the availability of

More information

Quantum Mutual Fund is directed by a set of values that we treasure as the Quantum Philosophy:

Quantum Mutual Fund is directed by a set of values that we treasure as the Quantum Philosophy: Media Kit Have you heard about us? Probably not! Because we prefer our investors to buy into our products and trust the way we manage money, rather than push our products to them through mass media campaigns.

More information

Fixed Income Liquidity in a Rising Rate Environment

Fixed Income Liquidity in a Rising Rate Environment Fixed Income Liquidity in a Rising Rate Environment 2 Executive Summary Ò Fixed income market liquidity has declined, causing greater concern about prospective liquidity in a potential broad market sell-off

More information

Key Information Memorandum & Common Application Form

Key Information Memorandum & Common Application Form Key Information Memorandum & Common Application Form Ongoing Offer of units of various schemes at Net Asset value (NAV) based prices. Open-ended Equity Schemes Open-ended Debt Schemes Open-ended Liquid

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

private client managed portfolios

private client managed portfolios private client managed portfolios Simplify, preserve and enhance. Your wealth is the cumulative result of your hard work, discipline, and astute management. Yet the opportunities it affords may also come

More information

Cash flow management in currency hedging mandates

Cash flow management in currency hedging mandates = July 2009 Cash flow management in currency hedging mandates This note considers various approaches to managing cash flows, and in particular negative cash flows or cash outflows, for institutional investors

More information

Citadele Eastern European Bond Fund. February 2014

Citadele Eastern European Bond Fund. February 2014 Citadele Eastern European Bond Fund February 2014 Citadele Asset Management Government of Latvia EBRD Solid shareholder base Regulated by Financial and Capital Market Commission 75% 25% Citadele Bank MiFID

More information

Crabel Capital Management, LLC

Crabel Capital Management, LLC Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods

More information

SLVO Silver Shares Covered Call ETN

SLVO Silver Shares Covered Call ETN Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver

More information

Application form and KIM for: Axis Triple Advantage Fund Axis Long Term Equity Fund Axis Income Saver. Axis Equity Fund.

Application form and KIM for: Axis Triple Advantage Fund Axis Long Term Equity Fund Axis Income Saver. Axis Equity Fund. Application form and KIM for: Axis Equity Fund Axis Triple Advantage Fund Axis Long Term Equity Fund Axis Income Saver Axis Midcap Fund How to use this form? New Applicants Existing Investors If you are

More information

CRISIL - AMFI Diversified Equity Fund Performance Index. Factsheet September 2015

CRISIL - AMFI Diversified Equity Fund Performance Index. Factsheet September 2015 CRISIL - AMFI Diversified Equity Fund Performance Index Factsheet September 2015 Table of Contents About the Index... 3 Features and Characteristics... 3 Methodology... 3 CRISIL - AMFI Diversified Equity

More information

CASE STUDY I FAIRHOLME. Ignore the crowd.

CASE STUDY I FAIRHOLME. Ignore the crowd. CASE STUDY I This presentation uses Bank of America as a case study to illustrate Fairholme Capital Management s investment strategy for the Fairholme Fund. In this presentation, we show Fairholme Fund

More information

CMG Managed High Yield Bond Program. 2015 CMG Capital Management Group, Inc.

CMG Managed High Yield Bond Program. 2015 CMG Capital Management Group, Inc. CMG Managed High Yield Bond Program About CMG CMG is a Registered Investment Advisor located in King of Prussia, Pennsylvania founded in 1992 by Stephen Blumenthal. Since our inception, CMG has embraced

More information

HSBC Global Investment Funds Global High Yield Bond

HSBC Global Investment Funds Global High Yield Bond Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital

More information

SUNDARAM ASSET MANAGEMENT

SUNDARAM ASSET MANAGEMENT SUNDARAM ASSET MANAGEMENT 1 Quick background Headquartered in Chennai (India) with offices in Singapore and Dubai Wholly owned by the prestigious Sundaram Finance Limited Has 17 years of experience in

More information

Davy High Yield Fund from New Ireland

Davy High Yield Fund from New Ireland Davy Asset Management FOR FINANCIAL ADVISORS ONLY Davy High Yield Fund from New Ireland Davy Asset Management is regulated by the Central Bank of Ireland. Investing in high quality global companies that

More information

Reliance Dual Advantage Fixed Tenure Fund IV Plan C

Reliance Dual Advantage Fixed Tenure Fund IV Plan C Reliance Dual Advantage Fixed Tenure Fund IV Plan C (A Close Ended Hybrid Scheme) NFO Opens: 17 th September 2013 NFO Closes: 30 th September 2013 NFO Price: Rs.10 Per Unit Reliance Dual Advantage Fixed

More information

The unique value of Target-Date Funds

The unique value of Target-Date Funds The unique value of Target-Date Funds By Jake Gilliam, Senior Multi-Asset Class Portfolio Strategist supporting Charles Schwab Investment Management September, 2015 Target-Date Funds are excellent low-maintenance

More information

INVESTING WITH DYNAMIC FIXED INCOME. Michael McHugh Vice President and Portfolio Manager Head of Fixed Income

INVESTING WITH DYNAMIC FIXED INCOME. Michael McHugh Vice President and Portfolio Manager Head of Fixed Income INVESTING WITH DYNAMIC FIXED INCOME Michael McHugh Vice President and Portfolio Manager Head of Fixed Income Overview Dynamic Fixed Income Team and Process Dynamic Fixed Income Funds 3 Dynamic Fixed Income

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management 2 With bond yields near 60-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate

More information

L2: Alternative Asset Management and Performance Evaluation

L2: Alternative Asset Management and Performance Evaluation L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management

More information

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Accredited Investors Only As of November 30th, 2015 Investment approach Blackstone Alternative Alpha Fund II ( BAAF

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com

More information

CPSE EXCHANGE TRADED. CPSE ETF July Riskometer. (An Open-ended Index Exchange Traded Scheme)

CPSE EXCHANGE TRADED. CPSE ETF July Riskometer. (An Open-ended Index Exchange Traded Scheme) CPSE ETF July 2016 Managed by Goldman Sachs Asset Management (India) Private Limited CPSE EXCHANGE TRADED Riskometer SCHEME (An Open-ended Index Exchange (CPSE Traded Scheme) ETF) (Rajiv Gandhi Equity

More information

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

More information

Investment Services 4 4

Investment Services 4 4 Investment Intelligence Our Philosophy 1 Our philosophy is to provide unbiased top quality investment services and solutions tailored to your individual needs, objectives and risk tolerance based on a

More information

Best Styles: Harvesting Risk Premium in Equity Investing

Best Styles: Harvesting Risk Premium in Equity Investing Strategy Best Styles: Harvesting Risk Premium in Equity Investing Harvesting risk premiums is a common investment strategy in fixed income or foreign exchange investing. In equity investing it is still

More information

Evolution Strategy. Evolution Highlights. Chryson Evolution Strategy & Performance 2012-2013

Evolution Strategy. Evolution Highlights. Chryson Evolution Strategy & Performance 2012-2013 Evolution Strategy Chryson Evolution Strategy & Performance 20-20 Evolution Highlights Trading with defined strategy Trade CFDs only in FTSE 100 companies Utilising short and long positions Due to the

More information

INVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER. by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers

INVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER. by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers TM INVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers I N V E S T M E N T R E S E A R C H S E R I E S I N T R O D U C T I O N Investors seem to

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Russell Rhoads, CFA Instructor The Options Institute. 2010 Chicago Board Options Exchange, Incorporated. All rights reserved.

Russell Rhoads, CFA Instructor The Options Institute. 2010 Chicago Board Options Exchange, Incorporated. All rights reserved. Trading VIX Futures and Options Russell Rhoads, CFA Instructor The Options Institute 2010 Chicago Board Options Exchange, Incorporated. All rights reserved. CBOE Disclaimer Options and futures involve

More information

Corporate and Investment Banking. Standard Bank Africa Commodity Index Exchange Traded Note

Corporate and Investment Banking. Standard Bank Africa Commodity Index Exchange Traded Note Corporate and Investment Banking Standard Bank Africa Commodity Index Exchange Traded Note Introduction to Commodities as an Asset Class 2 The Standard Bank Africa Commodity Index 4 Standard Bank s Blue

More information

A Guide to the Insider Buying Investment Strategy

A Guide to the Insider Buying Investment Strategy Mar-03 Aug-03 Jan-04 Jun-04 Nov-04 Apr-05 Sep-05 Feb-06 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

More information

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 New Environment for Refinancing in Russia Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 Excessive sterilization depressed liquidity Banking crisis stemmed from a decline

More information

OpenWorld Dynamic Assets Fund

OpenWorld Dynamic Assets Fund FUND BROCHURE OpenWorld Dynamic Assets Fund Protecting and generating wealth For Professional Investors only Russell s OpenWorld fund range offers investors access to some of Russell s highest conviction

More information

The Coming Volatility

The Coming Volatility The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April

More information

Portfolio Management for institutional investors

Portfolio Management for institutional investors Portfolio Management for institutional investors June, 2010 Bogdan Bilaus, CFA CFA Romania Summary Portfolio management - definitions; The process; Investment Policy Statement IPS; Strategic Asset Allocation

More information

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment March 25, 2014 McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment This paper analyzes the historic performance of the McKinley Capital Management, LLC

More information

PERFORMANCE EVALUATION OF SELECT EQUITY FUNDS IN INDIA

PERFORMANCE EVALUATION OF SELECT EQUITY FUNDS IN INDIA PERFORMANCE EVALUATION OF SELECT EQUITY FUNDS IN INDIA DR. KUBERUDU BURLAKANTI*; RAVI VARMA CHIRUVOORI** *PROFESSOR & HEAD - DEPARTMENT OF MANAGEMENT STUDIES ANDHRA UNIVERSITY CAMPUS, KAKINADA - 533005

More information

FREQUENTLY ASKED QUESTIONS March 2015

FREQUENTLY ASKED QUESTIONS March 2015 FREQUENTLY ASKED QUESTIONS March 2015 Table of Contents I. Offering a Hedge Fund Strategy in a Mutual Fund Structure... 3 II. Fundamental Research... 4 III. Portfolio Construction... 6 IV. Fund Expenses

More information

Tactical Long/Short Strategy. Copyright 2015 Elite Wealth Management All Rights Reserved Email: info@elitewm.com Tel: 425.828.4300 Fax: 425.828.

Tactical Long/Short Strategy. Copyright 2015 Elite Wealth Management All Rights Reserved Email: info@elitewm.com Tel: 425.828.4300 Fax: 425.828. Tactical Long/Short Strategy Tactical Long/Short Strategy INVESTMENT OBJECTIVE: To produce capital appreciation in any market environment, while exhibiting less downside volatility than the S&P 500. INVESTMENT

More information

Five strategies for dealing with difficult markets

Five strategies for dealing with difficult markets When markets are volatile, it s natural to be worried about the impact on your portfolio. And when you re worried, you want to take action. Five strategies for dealing with difficult markets However, it

More information

WEEKLY ASSET ALLOCATION REPORT

WEEKLY ASSET ALLOCATION REPORT WEEKLY ASSET ALLOCATION REPORT January 11, 2016 Stanley Yeung Quantitative Research Analyst Stanley.yeung@TrimTabs.com +1 (415) 324-5873 CONTENTS TACTICAL ASSET ALLOCATION 3 TRIMTABS ASSET ALLOCATION PORTFOLIOS

More information

ETF providers panel: A discussion of advisor experiences

ETF providers panel: A discussion of advisor experiences In association with ETF providers panel: A discussion of advisor experiences Moderator: Jonathan Morgan, ASX Panelists: Mark Oliver, BlackRock Amanda Skelly, SSgA Peter Harper, Betashares Paul Chin, Vanguard

More information

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015 HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS September 2015 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All

More information