A NON BANK INVESTORS VIEW. MARKET 8 October, STANLIB Kenya Limited

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "A NON BANK INVESTORS VIEW. MARKET 8 October, 2013. STANLIB Kenya Limited"

Transcription

1 A NON BANK INVESTORS VIEW ON THE REGIONAL LOAN MARKET 8 October, 2013 K th K i Chi f I t t Offi Kenneth Kaniu Chief Investment Officer, STANLIB Kenya Limited

2 Group Structure Loan Market Association

3 STANLIB KENYA LIMITED STANLIB is one of the leading investment management companies in East Africa Provides innovative and tailor made investment solutions to wide clientele base Pan-African presence Diversified investment management services We manage funds in excess of USD 2 Billion in East Africa Rebranded d from Stanbic Investments t in 2012

4 Case for East African Fixed Income Our Perspective Proven (though unappreciated!) source of alpha for existing investors in the asset class Has provided relatively stable returns, year on year, over the medium term Returns show low correlation to (more volatile) domestic equity market returns Provides clear portfolio / investment diversification benefits

5 Our Beliefs Loan Market Association Frontier African fixed income markets are relatively under developed and highly inefficient, providing tremendous opportunities for astute and well informed investors to generate attractive investment returns Why are frontier fixed income markets inefficient? - Scarcity of issuance supply in corporate and sovereign debt - Low levels of secondary market trading / liquidity in corporate and long term government securities - Relatively undeveloped derivatives / repo markets - Nascent and often fledgling regulatory regimes - Limited availability of research / analytical coverage on market opportunities and trends As a result, mispriced i securities are available and asset risks are often overstated due to the limited availability of market information, providing positive asset valuation gaps Over time, we expect markets to become more efficient as they develop breadth and depth.but this will only happen gradually over the long term

6 Loan/Debt related RBA Investment Guidelines Item Categories of Assets Maximum percentage of aggregate market value of total assets of scheme 1 Cash and Demand Deposits in institutions licensed under the Banking Act of the Republic of Kenya 2 Fixed Deposits, Time Deposits and Certificates of Deposits in institutions licensed under the Banking Act of the Republic of Kenya or pooled fund 5% 30% 3 Commercial Paper, Corporate Bonds, Mort-gage Bonds and loan stocks approved by the Capital Markets Authority non listed bonds and other instruments issued by private compa-nies, provided that the bond or instrument has been given investment grade rating by a credit rating agency registered by the Capital Markets Authority, and collective investment schemes incorporated in Kenya and approved by the Capital Markets Authority reflecting this category 30% 4 Kenya, Uganda or Tanzania Government Secu-rities and infrastructure bonds issued by public institutions and collective investment schemes incorporated in Kenya, Uganda or Tanzania and approved by the Capital Markets Authority reflecting this category 90%, or 100% in the case of scheme receiv-ing statutory contributions 6 Any other assets 10%

7 Pension Fund Allocations in Kenya 2% 2% 0% 10% 10% 5% 41% Govt Securities Equities Corporate Bonds Money Markets Offshore 30% Cash Property Private Equity

8 STANLIB Kenya Non Pension Fund Guidelines -Pan Africa Credit -Can be unlisted -Can be USD or EUR denominated -Prefer tenors with a maximum of 12 months -Preferred sectors are manufacturing, FMCG, downstream oil and gas, consumables, staples -Deal size up to USD equivalent of 5 10 million

9 Types of Loan Instruments Invested In -Corporate Bonds: Circa KES 62 billion issued and listed -Commercial Paper: Arranged by various investment banks and advisors -Syndicated Loans: Arranged direct for clients by commercial banks -Loan Sell Downs: Assists manage single obligor limits and creates paper -Bilateral Structures

10 How We Make Decisions Source: STANLIB Kenya Limited

11 Challenges Faced Ongoing pressure to balance business imperatives / local relationships with strict investment criteria to ensure sound investment decisions Management information challenges often difficult to obtain pre-deal company information from some issuers Lack of due regard for investors arranges and issuers often treat investors with impunity / disdain Pi Pricing i anomalies /i inefficiencies i i scarcity of issuance supply and artificially low interest rates (govvy yields) result in unfavourable riskreturn trade-offs for investors Lack of secondary market liquidity to exit investments and immediately follow through on any sell recommendations

12 Thanks!

Investment Products. www.britam.com BritamEA BritamEA

Investment Products. www.britam.com BritamEA BritamEA Investment Products www.britam.com BritamEA BritamEA About Britam Holdings Limited Britam is a diversified financial services group listed on the Nairobi Securities Exchange. The group has interests across

More information

Investment Management Services. Botswana

Investment Management Services. Botswana Investment Management Services Botswana 01 STANLIB Investment Management Services 02 STANLIB Botswana Money Market Fund 03 STANLIB Botswana Managed Prudential Fund 04 STANLIB Botswana Equity Fund 05 General

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

Crafting a Forward Looking Investment Portfolio

Crafting a Forward Looking Investment Portfolio BOURSE SECURITIES LIMITED February 15th, 2016 Crafting a Forward Looking Investment Portfolio This week, we at Bourse evaluate the investment considerations and opportunities having looked previously at

More information

KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND

KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND African Alliance is an investment banking group operating in Africa. We provide local and on-the-ground investment banking services

More information

African Bond Market Conference November 7 8, 2011 Nairobi, Kenya

African Bond Market Conference November 7 8, 2011 Nairobi, Kenya African Bond Market Conference November 7 8, 2011 Nairobi, Kenya Credit Ratings: Opportunities and Challenges The Nigerian Experience Vivien Shobo Chief Executive Officer, Agusto & Co Limited Agenda Introduction

More information

Wealth Management Education Series. Explore the Field of Mutual Funds

Wealth Management Education Series. Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Managing your wealth well is like tending a beautiful formal garden

More information

BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES)

BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) 1 The Agenda Why long term financing? The current status and existing alternatives Challenges of raising long term capital in Tanzania Capital

More information

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014 Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 December 2014 This statement provides you with key information about

More information

High Yield Bonds A Primer

High Yield Bonds A Primer High Yield Bonds A Primer With our extensive history in the Canadian credit market dating back to the Income Trust period, our portfolio managers believe that there is considerable merit in including select

More information

Min. Investment Class A Units Initial: USD 1,000 Additional: USD 250

Min. Investment Class A Units Initial: USD 1,000 Additional: USD 250 Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 February 2013 This statement provides you with key information about

More information

Explore the Field of Mutual Funds

Explore the Field of Mutual Funds Wealth Management Education Series How can we help you further? Do you have a question on what you have just read? Would you like to have a further discussion on this subject? Contact your Relationship

More information

CONTACT SA REIT. The asset class that delivers capital appreciation and annuity income

CONTACT SA REIT. The asset class that delivers capital appreciation and annuity income The asset class that delivers capital appreciation and annuity income CONTACT SA REIT WEB: www.sareit.co.za EMAIL: sareit@marketingconcepts.co.za TEL: +27 11 783 2201 Twitter: @SA_REIT SA REIT ASSOCIATION

More information

Buyers Guide to RMB Bonds. Main author: Bryan Collins

Buyers Guide to RMB Bonds. Main author: Bryan Collins Buyers Guide to RMB Bonds Main author: Bryan Collins RMB bond investors need to do their homework first The RMB bond market is a relatively new and exciting investment opportunity, with RMB bond having

More information

BS2551 Money Banking and Finance. Institutional Investors

BS2551 Money Banking and Finance. Institutional Investors BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and

More information

CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?

CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment

More information

new international personal share portfolio

new international personal share portfolio new international personal share portfolio Your opportunity to own a custom-built share portfolio of internationally listed securities wealth Whilst the Johannesburg Stock Exchange is the largest stock

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

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

Pre-Retirement Product Portfolio List as at 11 December 2015

Pre-Retirement Product Portfolio List as at 11 December 2015 Pre-Retirement Product Portfolio List as at 11 December 2015 GENERAL INFORMATION OVERVIEW FEES (Excl. VAT) Name ification Hollard Prime Money Market Maximise interest income, preserve the fund's capital

More information

Enhancements to ING s diversified investment funds

Enhancements to ING s diversified investment funds Enhancements to ING s diversified investment funds Effective 1 November 2005 Our investment managers, ING Investment Management Limited (INGIM), recently conducted a review of ING s diversified investment

More information

Wealth Management Education Series. Explore the Field of Investment Funds

Wealth Management Education Series. Explore the Field of Investment Funds Wealth Management Education Series Explore the Field of Investment Funds Wealth Management Education Series Explore the Field of Investment Funds Managing your wealth well is like tending a beautiful formal

More information

MUTUAL FUNDS PRESENTATION (UCITS IV)

MUTUAL FUNDS PRESENTATION (UCITS IV) MUTUAL FUNDS PRESENTATION (UCITS IV) June 17 th, 2014 COMPANY Company Profile GMM Global Money Managers Ltd 2 GMM Global Money Managers Ltd is a fund management company operating in compliance with Law

More information

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )

Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association

More information

Investment forum on Phase II of the LHWP. Maseru (Lesotho) 14 July 2014

Investment forum on Phase II of the LHWP. Maseru (Lesotho) 14 July 2014 Investment forum on Phase II of the LHWP Maseru (Lesotho) 14 July 2014 Private and confidential About Standard Lesotho Bank 2 3 4 Standard Bank Overview 5 Key points Full Service Corporate & Investment

More information

Investment Banking. Nature of operations

Investment Banking. Nature of operations Investment Banking Nature of operations Raiffeisenbank s investment banking operations are directed towards local bond issuances and placement, loan syndications arrangement, and the provision of consulting

More information

KENYA S FIRST PROPERTY INCOME FUND EXCEEDS SH2.6 BILLION LISTING THRESHOLD BY SH1 BILLION, DEBUTS ON NAIROBI SECURITIES EXCHANGE IN HISTORIC LISTING

KENYA S FIRST PROPERTY INCOME FUND EXCEEDS SH2.6 BILLION LISTING THRESHOLD BY SH1 BILLION, DEBUTS ON NAIROBI SECURITIES EXCHANGE IN HISTORIC LISTING NEWS RELEASE KENYA S FIRST PROPERTY INCOME FUND EXCEEDS SH2.6 BILLION LISTING THRESHOLD BY SH1 BILLION, DEBUTS ON NAIROBI SECURITIES EXCHANGE IN HISTORIC LISTING STANLIB accelerates alternative investment

More information

Investment Education Series

Investment Education Series Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,

More information

NAIROBI SECURITIES EXCHANGE LAUNCHES THE REIT MARKET AS STANLIB KENYA ANNOUNCES THE FIRST I-REIT PUBLIC OFFER

NAIROBI SECURITIES EXCHANGE LAUNCHES THE REIT MARKET AS STANLIB KENYA ANNOUNCES THE FIRST I-REIT PUBLIC OFFER NEWS RELEASE NAIROBI SECURITIES EXCHANGE LAUNCHES THE REIT MARKET AS STANLIB KENYA ANNOUNCES THE FIRST I-REIT PUBLIC OFFER Minimum investment for STANLIB Fahari I-REIT set at KSh20,000 October 22, 2015

More information

MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS

MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS Fiscal Year 2014 PROVEN TRACK RECORD 58 Years of profitable investments in emerging markets $67b $51.7b $15.3b $22.4b $17.3b $5.1b $1.5b Diversified

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive?

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive? FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS Bank loans present a compelling income opportunity and a portfolio diversifier that provides protection against traditional

More information

asset classes Understanding Equities Property Bonds Cash

asset classes Understanding Equities Property Bonds Cash NEWSLETTER Understanding asset classes High return Property FIND OUT MORE Equities FIND OUT MORE Bonds FIND OUT MORE Cash FIND OUT MORE Low risk High risk Asset classes are building blocks of any investment.

More information

Master Limited Partnerships (MLPs):

Master Limited Partnerships (MLPs): Master Limited Partnerships (MLPs): Frequently Asked Questions Yorkville Capital Management LLC www.yorkvillecapital.com 950 Third Avenue, 23 rd Floor New York, NY 10022 (212) 755-1970 Table of Contents

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

The Australian Guide to Fixed Income

The Australian Guide to Fixed Income The Australian Guide to Fixed Income Foreword by Ian Macfarlane AC Former Governor of the Reserve Bank of Australia 1996-2006 FIIG Securities Limited ABN 68 085 661 632 AFS Licence 224659 Foreword Ian

More information

Building a better bond portfolio

Building a better bond portfolio Global diversification Risk reduction, portfolio completion, and opportunity for return Catherine LeGraw, Director BlackRock Multi Asset Client Solutions (BMACS) April 7, 2011 Outline 1 2 3 Trends in asset

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

Why Anfield s Universal Fixed Income Fund?

Why Anfield s Universal Fixed Income Fund? Why Anfield s Universal Fixed Income Fund? Disclosure Investors should carefully consider the investment objectives, risks, charges and expenses of the Anfield Universal Fixed Income Fund. This and other

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS With about $713 billion in assets, the bank loan market is roughly half the size of the high yield market. However, demand

More information

Fact sheet Demystifying fixed income investments

Fact sheet Demystifying fixed income investments Fact sheet Demystifying fixed income investments Super fund members as well as individual investors have a huge range of options to choose from for the investment of their savings. Fixed income investments

More information

Developing Kenya s Mortgage Market

Developing Kenya s Mortgage Market Developing Kenya s Mortgage Market Simon Walley Senior Housing Finance Specialist World Bank 17 February, 2011 - Nairobi Outline Rationale for developing the mortgage market Mortgage Market Summary Housing

More information

A GUIDE TO ASSET CLASSES. We understand that everyone has different goals when it comes to their savings. When building your investment portfolio it

A GUIDE TO ASSET CLASSES. We understand that everyone has different goals when it comes to their savings. When building your investment portfolio it Investor Portfolio Service (IPS) A GUIDE TO ASSET CLASSES. We understand that everyone has different goals when it comes to their savings. When building your investment portfolio it s important to understand

More information

Investment Policy Statement Employees Provident Fund

Investment Policy Statement Employees Provident Fund Investment Policy Statement Employees Provident Fund 1. Purpose of the Investment Policy Statement This Investment Policy Statement (IPS) sets forth the process that Employees Provident Fund has adopted

More information

DCI Investment Trust. Da Cheng China RMB Fixed Income Fund. Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum )

DCI Investment Trust. Da Cheng China RMB Fixed Income Fund. Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum ) DCI Investment Trust Da Cheng China RMB Fixed Income Fund Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum ) IMPORTANT NOTE: This Addendum is supplemental to and forms

More information

TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE CASH FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

Statement of Investment Policies and Procedures

Statement of Investment Policies and Procedures Effective July 1, 2015 Canadian Cancer Society Statement of Investment Policies and Procedures Background The Society wishes to invest funds in a prudent manner, with appropriate consideration given to

More information

The Master of Science in Finance (English Program) - MSF. Department of Banking and Finance. Chulalongkorn Business School. Chulalongkorn University

The Master of Science in Finance (English Program) - MSF. Department of Banking and Finance. Chulalongkorn Business School. Chulalongkorn University The Master of Science in Finance (English Program) - MSF Department of Banking and Finance Chulalongkorn Business School Chulalongkorn University Overview of Program Structure Full Time Program: 1 Year

More information

MainStay VP Janus Balanced Portfolio

MainStay VP Janus Balanced Portfolio Summary Prospectus May 1, 2015 MainStay VP Janus Balanced Portfolio To Statutory Prospectus To Statement of Additional Information Before you invest, you may want to review the Portfolio's Prospectus,

More information

Arranging insurance backed trade finance structures

Arranging insurance backed trade finance structures Arranging insurance backed trade finance structures London Countertrade Roundtable Ian Henderson 21 March 2012 Current environment Economic environment Bank liquidity: Fewer global players active in trade

More information

Wealth Solutions Bond Fund Menu

Wealth Solutions Bond Fund Menu Wealth Solutions Bond Menu Choosing the right funds 3 The importance of diversification 3 Investing for income or growth 3 Investing with Friends Life 4 distribution funds 7 Charges and fund risks 8 risk

More information

Sources of return for hedged global bond funds

Sources of return for hedged global bond funds Research commentary Sources of return for hedged global bond funds August 2012 Author Roger McIntosh Executive summary. The recent results in key bond market indices demonstrate the importance of a strategic,

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

Leveraged Loan Funds: Debunking the Myths

Leveraged Loan Funds: Debunking the Myths Leveraged Loan Funds: Debunking the Myths SM Leveraged Loan Funds: Debunking the Myths Contents 2 Myth #1: Managing liquidity in actively managed leveraged loan mutual funds is difficult. 3 Myth #2: In

More information

Friends Life Online Stakeholder Pension Fund guide

Friends Life Online Stakeholder Pension Fund guide Friends Life Online Stakeholder Pension Fund guide This guide describes the funds available for investment under our Friends Life Online Stakeholder Pension and sets out their aims. Which funds can I choose

More information

Review for Exam 1. Instructions: Please read carefully

Review for Exam 1. Instructions: Please read carefully Review for Exam 1 Instructions: Please read carefully The exam will have 21 multiple choice questions and 5 work problems. Questions in the multiple choice section will be either concept or calculation

More information

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT 1. Purposes of the Investment Policy Statement The purposes of this Investment Policy Statement for the management of the Foundation funds under management authority of the

More information

The Role of Alternative Investments in a Diversified Investment Portfolio

The Role of Alternative Investments in a Diversified Investment Portfolio The Role of Alternative Investments in a Diversified Investment Portfolio By Baird Private Wealth Management Introduction Traditional Investments Domestic Equity International Equity Taxable Fixed Income

More information

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market Market capitalization $b Spectrum Insights Damien Wood, Principal JUNE 9, 2015 Corporate bonds often provides investors with an income stream that is above deposit rates, but less risky than dividends

More information

UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE

UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE equimax CLIENT GUIDE ABOUT EQUITABLE LIFE OF CANADA Equitable Life is one of Canada s largest mutual life insurance companies. For generations we ve provided

More information

Are Unconstrained Bond Funds a Substitute for Core Bonds?

Are Unconstrained Bond Funds a Substitute for Core Bonds? TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols:

More information

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE BOND FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

Roundtable. Moving into the spotlight

Roundtable. Moving into the spotlight Roundtable Listed Infrastructure SPONSORED BY AMP CAPITAL BROOKFIELD INVESTMENT MANAGEMENT CBRE CLARION SECURITIES INFRARED CAPITAL PARTNERS RARE INFRASTRUCTURE PHOTOGRAPHY: PETER SEARLE Moving into the

More information

Impact of QE on Fixed Income

Impact of QE on Fixed Income Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based

More information

Investment Analysis & Portfolio Management. Naveed Shahid, ASA, APSA Head of Investments Department EFU Life Assurance Ltd

Investment Analysis & Portfolio Management. Naveed Shahid, ASA, APSA Head of Investments Department EFU Life Assurance Ltd Investment Analysis & Portfolio Management Naveed Shahid, ASA, APSA Head of Investments Department EFU Life Assurance Ltd Course Description: Portfolio management: Characteristics, markets and traditional

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

Investing in Debt Funds

Investing in Debt Funds 10 February, 2012 Investing in Debt Funds Debt securities (bonds) are a fundamental part of an investing plan for most investors. There are many types of bonds along with varied approaches to debt fund

More information

November 2012. Figure 1: New issuance (US$ billion) presents attractive opportunities

November 2012. Figure 1: New issuance (US$ billion) presents attractive opportunities November 2012 Emerging market corporate bonds attractive opportunities in a dynamic sector In a world where traditional fixed income investments, such as core government bonds, offer very low returns to

More information

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012 Employees Defined Contribution Pension Plan Financial Report with Supplemental Information June 30, 2012 Contents Report Letter 1-2 Management s Discussion and Analysis 3-4 Basic Financial Statements Statement

More information

The following 30 questions are drawn from the Claritas supplemental study materials. The format and difficulty level are similar to what candidates

The following 30 questions are drawn from the Claritas supplemental study materials. The format and difficulty level are similar to what candidates SAMPLE QUESTIONS The following 30 questions are drawn from the Claritas supplemental study materials. The format and difficulty level are similar to what candidates experience on the live Claritas examination.

More information

Kenya Listed Commercial Banks Cytonn Q1 Banking Sector Report Abridged Version. 29 th June, 2015

Kenya Listed Commercial Banks Cytonn Q1 Banking Sector Report Abridged Version. 29 th June, 2015 Kenya Listed Commercial Banks Cytonn Q1 Banking Sector Report Abridged Version 29 th June, 15 Table of Contents I. Kenya Banking Sector II. Cytonn Banking Sector Report This is an abridged version of the

More information

S-Network Composite Closed-End Fund Index

S-Network Composite Closed-End Fund Index S-Network Composite Closed-End Fund Index June 2015 2015 S-Network Global Indexes, 267 Fifth Avenue, New York, NY 10016. Index Overview A Diversified Portfolio of 147 Closed-End Funds Targets Yield Investment

More information

The Pinnacle Funds. Simplified Prospectus. December 11, 2009 Class A and Class F units and Class I units where noted. Money Market Fund.

The Pinnacle Funds. Simplified Prospectus. December 11, 2009 Class A and Class F units and Class I units where noted. Money Market Fund. The Pinnacle Funds Simplified Prospectus December 11, 2009 Class A and Class F units and Class I units where noted Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle

More information

Commingled Four Quadrant Property Funds: Creating an Investment Framework

Commingled Four Quadrant Property Funds: Creating an Investment Framework Commingled Four Quadrant Property Funds: Creating an Investment Framework By Dr. David M. Higgins University of Technology, Sydney Po Box 123, Broadway NSW 2007, Australia Contact details Phone: (61) 2

More information

Target Retirement Funds

Target Retirement Funds Prospectus March 1, 2015 Target Retirement Funds Institutional Class Administrative Class Investor Class Harbor Target Retirement Income Fund HARAX HARBX HARCX Harbor Target Retirement 2015 Fund HARGX

More information

Wealth Management Solutions

Wealth Management Solutions Wealth Management Solutions Delray Financial Group LLC is an independent regional boutique wealth management firm whose sole business is to serve its clients. With over 25 years of personalized, professional

More information

Securitisation as an Alternative Funding Tool May 2007. Roger Desmarchelier Chief Manager Group Securitisation St George Bank

Securitisation as an Alternative Funding Tool May 2007. Roger Desmarchelier Chief Manager Group Securitisation St George Bank Securitisation as an Alternative Funding Tool May 2007 Roger Desmarchelier Chief Manager Group Securitisation St George Bank Agenda Why Securitise Growth of global securitisation What assets have been

More information

High Yield Fixed Income Credit Outlook

High Yield Fixed Income Credit Outlook High Yield Fixed Income Credit Outlook Brendan White, CFA Portfolio Manager, Touchstone High Yield Fund Fort Washington Investment Advisors, Inc. September 28, 2011 The opinions expressed are current as

More information

HFT (HK) CHINA INVESTMENT SERIES II HFT (HK) CHINA HIGH YIELD BOND FUND (the Sub-Fund )

HFT (HK) CHINA INVESTMENT SERIES II HFT (HK) CHINA HIGH YIELD BOND FUND (the Sub-Fund ) PRODUCT KEY FACTS HFT (HK) CHINA INVESTMENT SERIES II HFT (HK) CHINA HIGH YIELD BOND FUND (the Sub-Fund ) Issuer: HFT Investment Management (HK) Limited April 2015 This statement provides you with key

More information

Financial Planning White Paper. Trust Deed Investing. An Alternative Approach for Today s Complex Investing Environment

Financial Planning White Paper. Trust Deed Investing. An Alternative Approach for Today s Complex Investing Environment Financial Planning White Paper Trust Deed Investing An Alternative Approach for Today s Complex Investing Environment Table of Contents Introduction...... 3 The Time is Now for Alternative Investing......

More information

Investments. To meet your financial goals you will need a plan. Part of this plan is to create a portfolio.

Investments. To meet your financial goals you will need a plan. Part of this plan is to create a portfolio. Investments To meet your financial goals you will need a plan. Part of this plan is to create a portfolio. This portfolio reflects what type of risk you are willing to accept. Within this portfolio, you

More information

The Case for International Fixed Income

The Case for International Fixed Income The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically,

More information

What can property offer an institutional investor?

What can property offer an institutional investor? What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification

More information

Financial Markets and Institutions Abridged 10 th Edition

Financial Markets and Institutions Abridged 10 th Edition Financial Markets and Institutions Abridged 10 th Edition by Jeff Madura 1 23 Mutual Fund Operations Chapter Objectives provide a background on mutual funds describe the various types of stock and bond

More information

KKR Income Opportunities Fund Declares Monthly Distributions of $0.125 Per Share and. Announces Quarterly Investor Call Date

KKR Income Opportunities Fund Declares Monthly Distributions of $0.125 Per Share and. Announces Quarterly Investor Call Date KKR Income Opportunities Fund Declares Monthly Distributions of $0.125 Per Share and Announces Quarterly Investor Call Date New York, NY, January 27 th, 2016 KKR Income Opportunities Fund (the Fund ) (NYSE:

More information

AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014

AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014 AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014 Introduction This statement of investment policy has been adopted by the Board of Trustees of the American Registry of Internet

More information

Investment Options AMERICAN CENTURY HERITAGE CLASS A (ATHAX.LW) AMERICAN CENTURY STRAT ALLOC CLASS A (ACVAX.LW) CALVERT INCOME FUND CLASS A (CFICX.

Investment Options AMERICAN CENTURY HERITAGE CLASS A (ATHAX.LW) AMERICAN CENTURY STRAT ALLOC CLASS A (ACVAX.LW) CALVERT INCOME FUND CLASS A (CFICX. Investment Options With a Health Savings Account (HSA), you can keep and roll over any dollars remaining in your account at the end of the year. Over time, you can build a nest egg of savings in your ACS

More information

INVESTING IN NZ BONDS

INVESTING IN NZ BONDS INVESTING IN NZ BONDS August 2008 Summary Historically active NZ bond managers have achieved returns about 0.6% p.a., before tax and fees, above that of the NZ government stock index. While on the surface

More information

Uganda Housing Finance Bank UGANDA HOUSING FINANCE CONFERENCE 2 nd 3 rd July 2015 Kampala, Uganda

Uganda Housing Finance Bank UGANDA HOUSING FINANCE CONFERENCE 2 nd 3 rd July 2015 Kampala, Uganda Uganda Housing Finance Bank UGANDA HOUSING FINANCE CONFERENCE 2 nd 3 rd July 2015 Kampala, Uganda A Mortgage Liquidity Facility (MLF) is a specialized financial institution designed to support long term

More information

INTRODUCING THE WISDOMTREE WESTERN ASSET UNCONSTRAINED BOND FUND The First Truly Unconstrained Fixed Income ETF

INTRODUCING THE WISDOMTREE WESTERN ASSET UNCONSTRAINED BOND FUND The First Truly Unconstrained Fixed Income ETF WisdomTree Western Asset ETFs UNCONSTRAINED BOND FUND UBND For decades, declining interest rates have provided a tailwind for traditional fixed income strategies. Today, with yields near historic lows

More information

Direct Fixed Income Solutions with the Institutional Bank.

Direct Fixed Income Solutions with the Institutional Bank. Direct Fixed Income Solutions with the Institutional Bank. Westpac Institutional Bank Cash Tailored Term Deposits Fixed Income Direct fixed income solutions Direct fixed income solutions Westpac Institutional

More information

An Overview of the US Closed-End Fund Market. By Paul Mazzilli

An Overview of the US Closed-End Fund Market. By Paul Mazzilli An Overview of the US Closed-End Fund Market By Paul Mazzilli Introduction Closed-end funds (CEFs) are professionally managed investment companies that offer investors various unique benefits. They offer

More information

III to I Equity Fund QP

III to I Equity Fund QP III to I Equity Fund QP The fund s investment objective is long-term capital appreciation. It may invest the majority of its net assets in common stocks of companies of any size. The selected investment

More information

Funds in Court Information Guide INVESTMENT RISKS

Funds in Court Information Guide INVESTMENT RISKS Funds in Court Information Guide INVESTMENT RISKS NOTE: The information in this document is for information purposes only. The information is not intended to be and does not constitute financial advice

More information

Financing and Investment Group

Financing and Investment Group Financing and Investment Group Presentation for Trade Commissioners Robert Pelletier, Chief Representative, Asia Adam Smith, Senior Associate, International Financing Team April 28, 2015 OBJECTIVE Objective

More information

Important Information about Closed-End Funds and Unit Investment Trusts

Important Information about Closed-End Funds and Unit Investment Trusts Robert W. Baird & Co. Incorporated Important Information about Closed-End Funds and Unit Investment Trusts Baird has prepared this document to help you understand the characteristics and risks associated

More information

An Alternative to Fixed Rate Bonds

An Alternative to Fixed Rate Bonds An Alternative to Fixed Rate Bonds Voya Senior Loans Suite offered by Aston Hill Financial Seeks to pay high income in various rate environments One of the world s largest dedicated senior loan teams Five

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

More information