We ask, listen and solve. Economic and Financial Market Outlook January 2015

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "We ask, listen and solve. Economic and Financial Market Outlook January 2015"

Transcription

1 We ask, isten and sove. Market Economic and Financia Market Outook January 2015 United States Is Driving Goba Economic Growth MARKET SUMMARY Overa, the U.S. economy appears to have reached a eve of sef-sustaining growth, and ooks particuary good compared to the rest of the word. The timing and size of the Fed rate hikes are expected to be the key drivers of the bond market. The positive dynamics that have sent U.S. stocks higher remain intact for 2015, but any sharp rise in short-term interest rates by the Fed coud sti trigger a puback. As ong as the U.S. doar continues to gain against other currencies, internationa stocks wi underperform domestic issues. Voatiity has returned to the investment markets and aternative funds may pay a greater roe managing market fuctuations. INTRODUCTION Over the past few years, investors have deat with the ongoing financia crises in Europe, a sowdown in China, subpar U.S. growth, and Midde East turmoi. These conditions have occurred aong side surprisingy ow goba interest rates. In fact, this ow-rate environment has been a key factor in the powerfu U.S. equity ray since the financia crisis. The Fed has recenty exited their asset purchasing program (Quantitative Easing) and is at east considering a tighter monetary poicy, whie at the same time, much of the rest of the word s centra banks are easing their poicies. Accordingy, investors wi need to stay focused going forward to gauge whether the goba economies may continue to diverge or begin to converge next year. This wi be an important factor in determining optima portfoio aocations. ECONOMIC OUTLOOK Among the deveoped nations, the U.S. economy remains the strongest anchor of the goba recovery. In fact, U.S. growth rates have recenty appeared to decoupe from the other major word economies. The reasons for the divergence in the various goba economies are the differences in the stages of their respective investment, credit and empoyment cyces. For exampe, China s economy has been deceerating, Europe s is treading water, and the United States is powing ahead. However, the suggish growth picture in Japan and the Eurozone is ikey to ook a itte better next year. Easing financia conditions, ower oi prices and some reaxation in ending conditions shoud contribute to better economic growth. As such, the goba deveoped markets picture shoud improve in Athough China s growth is ikey to sow further in underying terms, other parts of the Emerging Markets shoud see better I nside: Introduction 1 Economic Outook 1 Fixed Income Update 3 Equity Update 5 Aternative Investments 5

2 We ask, isten and sove. CHART 1 REAL GROSS DOMESTIC PRODUCT Wide quarter-to-quarter movements for GDP growth, but gaining upward momentum. n Year over Year Change n Year over Year (Estimate)* 10-Year Trend --- Sustainabe Growth Trend CHART 2 INFLATION Gradua rise in infation in 2015 is expected due to ess economic sack. CPI (YOY) 2.49% Avg. Core CPI (YOY) 2.33% Avg. CHART 3 EMPLOYMENT Payro numbers are up significanty in 2014 compared to ast year. n Monthy Increase (Left Axis) 3-Month Change (Right Axis) 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% * Commerce Estimate: 2.5% for fourth quarter 2014, 3.0% for % -5.0% Monthy Increase (Thousand Jobs) 6.0% INFLATION CPI AND CORE CPI 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% growth as the Deveoped Markets recovery graduay fows through to the Emerging Market countries. In tota, goba growth is expected to approach 3.5%, up from 3.3% in So far in 2014, we have seen U.S. GDP fa 2.1% in the first quarter (bamed on the harsh weather), then a jump to a strong 4.6% in the second quarter, foowed by a soid 3.9% in the third quarter. These wide quarterto-quarter movements have become REAL GROSS DOMESTIC PRODUCT EMPLOYMENT % 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% -7% the norm over the past few years. GDP growth ranged from a decine of 1.5% to an increase of 4.6% in 2011, from 0.1% to 2.5% in 2012, and from 1.8% to 4.5% in The swings revea the inconsistent nature of this extended recovery. Even so, the U.S. economy has grown by 3.5% or more in four out of the ast five quarters, and most indicators show that growth has been gathering momentum that shoud Source: Bureau of Economic Anaysis Source: Boomberg 3 Month Change Source: Bureau of Labor Statistics carry through we into Recent deveopments, incuding a further sharp decine in oi prices, ower ong-term yieds (both in the United States and abroad), and strong gains in equities, are expected to hep nearterm momentum. Overa, U.S. GDP growth in 2015 is projected to track near 3%. (CHART 1) A coser ook at the recent U.S. data reveas that economic reeases have been mixed, but generay consistent with moderate growth in the near-term. Notaby, manufacturing, incuding the capita goods sectors, appears to be trending higher. The ISM Manufacturing Index indicates soid growth at 58.7 (readings above 50 signa expansion). In fact, an underying production gauge was the strongest in a decade. Simiary the three-month average of the ISM new orders index aso reached a cycica high. Nondefense capita goods and shipments have both experienced soid gains over the ast haf year or so. Resiient saes of motor vehices and gains in corporate investment are keeping assemby ines humming. Aso, the housing market is growing at a sow but steady pace on the back of the continued economic recovery in the United States, and is expected to improve further in Whie many Americans compain about the high cost of housing, the United States remains one of the most affordabe nations in the word for housing prices reative to median income. In other words, Americans spend ess on housing reative to income than the citizens of the majority of nations in the word. These conditions provide support for this important economic segment, especiay if mortgage rates remain reativey ow. On the infation front, the 12-month change in the core CPI remained at 1.7% in October. The recent rise in the doar appears to have heped restrain 2

3 infation, aong with sagging infation in other deveoped economies. Both have aayed fears hed by some that infation was in the process of moving up faster than was previousy expected. On the other hand, whie defation has been mentioned frequenty when discussing Europe, we do not beieve that the trend in infation in the United States is ebbing. Rather, we think the trend is graduay rising. It is true that eevated utiization sack (high unempoyment) and a strong doar have contributed to softer import prices and have combined to restrain infation. However, going forward, with diminishing economic sack and infation expectations projected to remain anchored at 2%, we expect the CPI price index to rise graduay toward 2% ater in (CHART 2) Non-farm payros rose a soid 312,000 in November, the strongest gain since January For the fourth quarter-to-date, the average monthy job gain is 282,000. In the third quarter, payros increased 239,000 a month, and the six-month moving average through November was 258,000. Of note, these job numbers are up significanty compared to the same period ast year. Whie the monthy figures are subject to much greater voatiity, civiian empoyment (drawn from the househod survey) has aso shown soid growth on average, as the unempoyment rate decined further to 5.8% in November, the owest reading since Juy Job and wage gains provide an important underpinning to the economy. (CHART 3) The continued recovery in empoyment refects soid increases in hours worked, as growth in output has been met with more suggish growth in productivity over the past three quarters. Near-trend GDP growth of 3% supports soid growth in empoyment and shoud resut in continued downward pressure on the unempoyment rate through With GDP growth having shifted up over the second haf of this year, we expect continued gains in nonfarm payros, averaging 225,000 per month in This remains consistent with a decining trend in the unempoyment rate. The unempoyment rate is projected to fa from 5.8% in the fourth quarter to 5.4% by the end of Overa, the U.S. economy is in decent shape on an absoute basis, and particuary good compared to the rest of the word. The U.S. economy has been expanding at about a 3% rate for the past six months, even as the Fed has pued back on its stimuus programs. The Fed s two previous Quantitative Easing programs ended abrupty, with growth and equities seing off. This time around, the Fed pued back much more graduay, aowing the private sector to gain some traction, at east so far. So, whie we see this uptrend continuing into 2015 for the United States, we expect goba growth to remain very diverse, with goba economic decouping sti an important theme. FIXED INCOME OUTLOOK At the start of 2014 the consensus expectation was that bond yieds woud rise, sending bond prices down. This beief was fueed by the Federa Reserve s announcement at the end of 2013 that the centra bank woud wind down its Quantitative Easing program in Contrary to expectations, Treasury yieds decined as a resut of pressure on rates from a number of sources. Geopoitica concerns kept the fight to quaity in pay (i.e., Russia-Ukraine, Midde East). Foreign purchases of U.S. Treasuries remained high as yieds in Japan and many European countries were ow. Aso, infation was subdued as energy and other commodity prices decined during the year. The Treasury yied curve fattened in 2014 as yieds decined for intermediate and ong maturities (5 to 30 years) and rose for short maturities (3 years and ess). The 10-year Treasury yied decined by 77 basis points (100 basis points equas 1%), ending the period at 2.26%. (CHART 4) The spread between the 2-year and 30-year Treasuries narrowed from 359 basis points at the start of the year to 245 basis points through November. Steep yieds hep bond performance by providing onger maturities with a degree of insuation from rising short-term rates. Whie the curve has fattened significanty over the past 12 months, there is sti ampe room for these spreads to narrow more. In 2006, the 2- to 30-year Treasury spread was essentiay zero. The overa U.S. bond market, as measured by the Barcays Aggregate Bond Index, beat expectations and returned 5.87% year-to-date through November. Average credit spreads, as measured by the Merri Lynch U.S. Corporate Master Index, moved from 118 basis points to 128 basis points. (CHART 5) This risk premium over Treasury yieds widened, but not enough to offset the positive impact of ower interest rates reaized by most maturities. A bond sectors are on pace to finish the year in positive territory, with Long Government eading the pack. Despite continued ow defaut rates, High Yied was one of the aggards for the period. (CHART 6) The Moody s specuative-grade defaut rate was 1.9% as of October, sti we beow its historic average of over 4.0%. Municipa bonds rebounded this year after being down -2.55% in The Barcays Municipa Bond Index was up 8.50% year-to-date through the end of November. Municipa bonds benefited from a combination of a benign interest-rate environment, ow 3

4 defauts, and steady investor demand. Overa creditworthiness among state and oca issuers of municipa debt remains strong, despite recenty weaker revenue growth. Municipa bonds are ikey to continue their good run into 2015, but ower returns are expected as state and oca municipaities wreste with heavy pension obigations. Defauts and bankruptcy may caim headines, but there s good reason to beieve they wi remain rare. High Yied is on pace to underperform (on annua basis) reative to investment grade corporate for the first time since Many investors moved to a risk-adverse mode as they moved out of ower quaity hodings. The historic spread on the Merri Lynch High Yied Index is 583 basis points. The index was as ow as 335 basis points at midyear and is 464 basis points at the end of November. After this recent adjustment, market conditions for High Yied ook favorabe. Future performance is dependent on continued economic growth, ow defaut rates and interest rates staying ow. Emerging Market bonds faced numerous chaenges in 2014, ranging from ower commodity prices to the U.S. Federa Reserve s monetary poicy. With many Emerging Markets dependent on exporting commodities, concern grew that ower commodity prices woud ead to weak economic growth. Some ingering effects of the Fed phasing out Quantitative Easing added some downward price pressure on Emerging Markets. Despite these hurdes, investors thirst for yied heped move Emerging Market returns into positive territory. Next year s returns are expected to come from opportunities in seect countries rather than from the market in genera. Emerging Market fundamentas are generay improving, but not universay. In 2014 the fixed income market saw yieds decine for most parts of the Treasury curve and credit spreads widen by a margina amount. In 2015, the opposite may occur, with spreads tightening modesty and interest rates rising graduay. Positive returns are possibe, but ikey in the ow singe digits. The economy needs to continue to show some growth with improvements in jobs and housing for this scenario to occur. Risks incude a Yied SPREAD (Basis Points) 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% % 14% 12% 10% 0.85% 0.77% HISTORICAL TREASURY YIELD CURVE 3.03% 2.17% bigger jump in infation than expected and unforeseen geopoitica events. Voatiity is rising for the bond market, party due to shrinking iquidity. The new capita rues are discouraging banks who act as deaers. Trading desks are in ess of a mood to take bonds on their baance sheet given the constraints they now face. The resut is greater fuctuations in price when negative headines hit the market. Investors desire for yied is expected 3.97% 2.89% Years to Maturity % 6% 4% 2% 5.87% 0% Aggregate 3.45% Intermed. Gov/Cred 2.85% CORPORATE CREDIT SPREADS FIXED INCOME SECTOR RETURNS YTD Intermed Treasury 4.58% Intermed Credit 8.50% Municipa Index 2.47% Intermed TIPS 5.92% Mortgages 3.96% Corporate High Yied 13.24% Municipa High Yied 14.37% Preferred 7.47% Emerging Mkt (USD) Source: Boomberg Source: Barcays Capita Indices 467 bps 180 bps 103 bps Source: Merri Lynch/Bank of America CHART 4 HISTORICAL TREASURY YIELD CURVE (12/31/ /30/2014) Yied curve fattened as yieds decined for intermediate and ong maturities, and rose for short maturities. 12/31/ /30/2014 CHART 5 CORPORATE CREDIT SPREADS (1/31/91 11/30/2014) Corporate spreads widened modesty year-to-date. High Yied Avg. 510 bps BBB Rated Corporate Credits Avg. 185 bps A Rated Corporate Credits Avg. 126 bps CHART 6 FIXED INCOME SECTOR RETURNS (As of 11/30/2014) A Fixed Income sectors are generating a positive return year-to-date. 4

5 ask isten sove to hep keep a more aggressive investment stance in pace for the time being. Corporate bonds (both investment grade and High Yied) shoud eke out a sight excess return reative to Treasuries in the coming year. Municipa bonds have some upside potentia, but not as much as they did at the start of Emerging Market debt appears to be sighty expensive reative to fundamentas, and a better buying opportunity may deveop ater in the year once the market starts to get coser to the first Fed rate hike since The timing and size of the Fed rate hikes are expected to be the key drivers of the bond market. Moving up in quaity and maintaining target durations sighty beow their benchmark shoud assist performance in EQUITY OUTLOOK Chak up another doube-digit gain for the S&P 500 in The S&P 500 has now risen over 240% from the March ows in 2009, so the natura question is what wi derai this bu market? We beieve the positive dynamics that have sent stocks higher remain intact for 2015, but we do have some concerns as the year progresses. Our main concern that coud trigger a 10% correction is a sharp rise in shortterm interest rates. Historicay when short-term interest rates have a sharp increase, regardess of the interest rate eve, stock prices have experienced weakness. A rise of 0.5% in the 3-year Treasury (currenty around 1.00%) over a few months woud quaify as a sharp jump. The Fed has hinted that short rates coud start to increase in June, but that coud be put off unti Fa or onger given the reativey ow eves of foreign interest rates and benign infation in the United States. We woud not adjust equity aocations in anticipation of rising rates, but wait unti it happens. As we enter 2015, vauation eves no onger are inexpensive and moved to the upper range of norma vauation. With mediocre U.S. economic growth in 2014, the S&P 500 earnings are expected to increase 9% to 10%. The S&P 500 operating earnings ratio stands at 18 times, up from 17.5 times at the beginning of the year. Earnings growth in 2015 is expected to be in the 8% to 10% range, giving investors the possibiity of another year with a doube-digit return. There is aso some further room for Price/Earnings ratios to move higher in ight of the ow interest rates and infation. Whie we remain quite positive on arge- and mid-cap domestic stocks, sma-cap domestic stocks underperformed by 10% ast year after a strong performance in Smacap stock vauations sti are trading at the upper end of their historica vauation range, eading to potentiay another year of subpar performance. The surge in company buyouts we saw ast year was centered in the midcapitaization range of domestic stocks. With the ow interest rates around the word to finance these acquisitions, we see no sowdown in takeovers of midcap companies in Turning from domestic equities to internationa equities, the outook isn t neary as optimistic. Over the ast 23 months ending in November 2015, the MSCI EAFE Index (Europe, Austraia and the Far East) has underperformed the S&P 500 Index by neary 30% and Emerging Markets have fared worse, underperforming by 50%. Whie internationa market vauations ook quite appeaing, we beieve this period of underperformance can continue. With the economic sowdown in China and the anemic economy in Europe hurting earnings growth, the rea headwind for internationa stocks is the strength in the U.S. doar. As ong as the doar gains against other currencies, internationa stocks wi continue to underperform domestic issues. ALTERNATIVES OUTLOOK Muti-Strategy, or Fund of Fund, Hedge Fund strategies are positive on a year-to-date basis. The HFRI Fund Weighted Composite Index year-todate returned 3.73% and the HFRI Fund of Funds Conservative Index returned 2.40% through November 30. Individua strategy hedge fund returns varied with Reative Vaue and Macro deivering the highest returns, foowed by Equity Hedge and Event-Driven. We empoy hedge funds to manage the risk, or voatiity, in portfoios. In the ast few years the returns of conservative hedge funds have been disappointing versus bonds. However, the end of the 30- year bu market for bonds, aong with the expected unwinding of centra bank intervention, may ead to ow or negative returns for bonds. Therefore, hedge funds may pay a needed roe in reducing portfoio voatiity. Rea Estate Investment Trusts (REITs) are one of the best performing assets casses in The MSCI US REIT Index is up 27.86% through November 30, foowing subdued performance in The U.S. rea estate market outook is for above average cash fow in Supporting REITs are ow interest rates, steady job growth, ow debt funding costs and a baanced ratio of suppy and demand. Rea estate performs best when GDP growth is above average and infation adjusted interest rates ( rea rates) are beow average. With our forecast of improving economic growth, and rea rates remaining beow average, it is reasonabe to expect rea estate produces resuts in ine with its ongterm average. Infrastructure MLP investing is gaining more acceptance as an asset cass. Investors seeking income aong 5

6 We ask, isten and sove. CHART 7 INCOME-ORIENTED INVESTMENT RETURNS YTD (As of 11/30/2014 vs Performance) Aerian MLP Index is on pace for a doube digit return for the second consecutive year. n YTD 2014 Performance n 2013 Performance CTC INVESTMENT CONTACTS Christie Cody, CFA (816) Mike Cody, CFA (314) Scott Cobert, CFA (314) Doug Koester, CFA (314) Cynthia Rapponotti, CFA (314) Barbara Turey, CFA (314) Joe Wiiams, CFA (816) % 30% 25% 20% 15% 10% 5% 0% -5% 11.01% 27.59% 3.45% Aerian MLP Index 27.91% 4.58% 2.50% with growth potentia aocated more to this sector over the ast severa years. The Aerian MLP Index is up 11.01% through November 30 foowing a return of 27.59% in (CHART 7) The major performance drivers for MLPs are growing U.S. energy production and, to a esser extent, wordwide energy demand. Higher U.S. production means more voume fowing through pipeines, transating into revenue growth and higher dividends for MLPs. The production outook continues to be bright and the United States currenty produces more natura gas than any other country in the word. Production is expected to continue to increase into 2020 according to the U.S. Energy Information Administration, particuary from offshore and shae driing. Wordwide YIELD-ORIENTED INVESTMENT RETURNS MSCI U.S. REIT Index 26.57% 12.69% Dow Jones Utiities Average 5.87% -2.02% Barcays U.S. Aggregate Bond Index energy consumption, on the other hand, is ess encouraging. European demand wi ikey continue to be a headwind due to the region s weak macro outook. After a strong start in eary 2014, the broad Commodity index has been in a decine since June with the Boomberg Commodity Index returning % through November 30. U.S. doar strength and an upturn in U.S. interest rates wi keep downward pressure on god prices into next year. CONCLUSION The United States is separating itsef from the strugging economies of the word, gaining steady and favorabe traction based on key economic indicators. Unempoyment continues to fa, infation remains in check and rea wage increases may eventuay Source: Boomberg take root. European countries are now foowing simiar accommodative fisca poicies to those of the United States to jump start their economies. Athough China s growth is ikey to sow further, tota goba growth is expected to approach 3.8%, up from 3.3% in Easing financia conditions, ower oi prices and some reaxation in ending conditions shoud aso contribute to most major deveoped markets in the new year, and maybe even pu some Emerging Markets aong. In the United States, the favorabe environment for equities remains in pace for now. Potentia Fed interest rate hikes wi be key drivers of bond market returns in INVESTMENT POLICY COMMITTEE DECEMBER 17, 2014 For more information on this or on other topics important to you as an investor, pease ca your oca Commerce Trust Company professiona. DISCLOSURES Past performance is no guarantee of future resuts and the opinions and other information in the Market Outook are as of December 17, The 2015 annua Market Outook is a specia report designed to provide investment information on economic markets for Commerce Trust Company cients. It is intended to provide genera information ony and is refective of the opinions of the senior investment management committee. This materia is not a recommendation of any particuar security, is not based on any particuar financia situation or needs, and is not intended to repace the advice of a quaified attorney, tax advisor, or investment professiona. Diversification does not guarantee a profit or protect against a risk. Commerce does not provide tax advice or ega advice to customers. Consut a tax speciaist regarding tax impications reated to any product and specific financia situations. commercetrustcompany.com Not FDIC Insured May Lose Vaue No Bank Guarantee CTC1214 PC1331A

Fixed income managers: evolution or revolution

Fixed income managers: evolution or revolution Fixed income managers: evoution or revoution Traditiona approaches to managing fixed interest funds rey on benchmarks that may not represent optima risk and return outcomes. New techniques based on separate

More information

Early access to FAS payments for members in poor health

Early access to FAS payments for members in poor health Financia Assistance Scheme Eary access to FAS payments for members in poor heath Pension Protection Fund Protecting Peope s Futures The Financia Assistance Scheme is administered by the Pension Protection

More information

Infrastructure for Business

Infrastructure for Business Infrastructure for Business The IoD Member Broadband Survey Infrastructure for Business 2013 #5 The IoD Member Broadband Survey The IoD Member Broadband Survey Written by: Corin Tayor, Senior Economic

More information

Introduction the pressure for efficiency the Estates opportunity

Introduction the pressure for efficiency the Estates opportunity Heathy Savings? A study of the proportion of NHS Trusts with an in-house Buidings Repair and Maintenance workforce, and a discussion of eary experiences of Suppies efficiency initiatives Management Summary

More information

The guaranteed selection. For certainty in uncertain times

The guaranteed selection. For certainty in uncertain times The guaranteed seection For certainty in uncertain times Making the right investment choice If you can t afford to take a ot of risk with your money it can be hard to find the right investment, especiay

More information

CIBC Managed Income Portfolio. Annual Management Report of Fund Performance

CIBC Managed Income Portfolio. Annual Management Report of Fund Performance CIBC Managed Income Portfoio Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management

More information

Pay-on-delivery investing

Pay-on-delivery investing Pay-on-deivery investing EVOLVE INVESTment range 1 EVOLVE INVESTMENT RANGE EVOLVE INVESTMENT RANGE 2 Picture a word where you ony pay a company once they have deivered Imagine striking oi first, before

More information

CIBC Managed Aggressive Growth Portfolio. Annual Management Report of Fund Performance

CIBC Managed Aggressive Growth Portfolio. Annual Management Report of Fund Performance CIBC Managed Aggressive Growth Portfoio Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua

More information

Q4 2015» Putnam Perspectives. D. William Kohli Co-Head of Fixed Income. Small underweight. Small overweight. Underweight. Overweight.

Q4 2015» Putnam Perspectives. D. William Kohli Co-Head of Fixed Income. Small underweight. Small overweight. Underweight. Overweight. Q4 2015» Putnam Perspectives Fixed-Income Outook D. Wiiam Kohi Co-Head of Fixed Income Michae V. Sam Co-Head of Fixed Income Pau D. Scanon, CFA Co-Head of Fixed Income Key takeaways The economic deceeration

More information

CIBC Canadian Bond Fund. Interim Management Report of Fund Performance

CIBC Canadian Bond Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund performance contains

More information

Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey

Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey by Linda Drazga Maxfied and Virginia P. Rena* Using data from the New Beneficiary Survey, this artice examines

More information

How to deal with personal financial problems

How to deal with personal financial problems How to dea with persona financia probems D I S P U T E R E S O L U T I O N Introduction Heping you face the future with confidence In 2014, the eve of consumer debt in the UK grew to reach a seven-year

More information

A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services

A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services 2012 Before You Buy A Description of the Caifornia Partnership for Long-Term Care Prepared by the Caifornia Department of Heath Care Services Page 1 of 13 Ony ong-term care insurance poicies bearing any

More information

Capital Markets Outlook

Capital Markets Outlook Q4 2015» Putnam Perspectives Capita Markets Outook Jason R. Vaiancourt, CFA Co-Head of Goba Asset Aocation Key takeaways Correcting the misinterpretations of the third-quarter correction Goba indicators

More information

Chapter 3: Investing: Your Options, Your Risks, Your Rewards

Chapter 3: Investing: Your Options, Your Risks, Your Rewards Chapter 3: Investing: Your Options, Your Risks, Your Rewards Page 1 of 10 Chapter 3: Investing: Your Options, Your Risks, Your Rewards In This Chapter What is inside a mutua fund? What is a stock? What

More information

Imperial Money Market Pool. Annual Management Report of Fund Performance

Imperial Money Market Pool. Annual Management Report of Fund Performance Imperia Money Market Poo Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management report

More information

Business schools are the academic setting where. The current crisis has highlighted the need to redefine the role of senior managers in organizations.

Business schools are the academic setting where. The current crisis has highlighted the need to redefine the role of senior managers in organizations. c r o s os r oi a d s REDISCOVERING THE ROLE OF BUSINESS SCHOOLS The current crisis has highighted the need to redefine the roe of senior managers in organizations. JORDI CANALS Professor and Dean, IESE

More information

Older people s assets: using housing equity to pay for health and aged care

Older people s assets: using housing equity to pay for health and aged care Key words: aged care; retirement savings; reverse mortgage; financia innovation; financia panning Oder peope s assets: using housing equity to pay for heath and aged care The research agenda on the ageing

More information

INVESTMENT MANAGEMENT Client Disclosure Document

INVESTMENT MANAGEMENT Client Disclosure Document INVESTMENT MANAGEMENT Cient Discosure Document 2015 This Investment Management Cient Discosure Document provides information about the quaifications and business practices of Brown Brothers Harriman &

More information

Bond Market Insights October 10, 2014

Bond Market Insights October 10, 2014 Bond Market Insights October 10, 2014 by John Simms, CFA and Jerry Wiesner, CFA General Bond Market Treasury yields rose in September as prices fell. Yields in the belly of the curve (5- to 7-year maturities)

More information

CIBC Canadian Resources Fund. Interim Management Report of Fund Performance

CIBC Canadian Resources Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund performance contains

More information

Australian Bureau of Statistics Management of Business Providers

Australian Bureau of Statistics Management of Business Providers Purpose Austraian Bureau of Statistics Management of Business Providers 1 The principa objective of the Austraian Bureau of Statistics (ABS) in respect of business providers is to impose the owest oad

More information

Hedge Fund Capital Accounts and Revaluations: Are They Section 704(b) Compliant?

Hedge Fund Capital Accounts and Revaluations: Are They Section 704(b) Compliant? o EDITED BY ROGER F. PILLOW, LL.M. PARTNERSHIPS, S CORPORATIONS & LLCs Hedge Fund Capita Accounts and Revauations: Are They Section 704(b) Compiant? THOMAS GRAY Hedge funds treated as partnerships for

More information

In the last decade, households have tended to

In the last decade, households have tended to Wi the Shift to Stocks and Bonds By Househods Be Destabiizing? By Donad P. Morgan In the ast decade, househods have tended to shift out of bank deposits and money market funds and into stocks and bonds.

More information

Series B, US Dollar Hedged Series F

Series B, US Dollar Hedged Series F SIMPLIFIED PROSPECTUS Russe Funds June 30, 2015 No securities reguatory authority has expressed an opinion about these securities and it is an offence to caim otherwise. The funds and their securities

More information

Hamstring strains. What is a hamstring strain? How do hamstring strains occur? what you ll find in this brochure

Hamstring strains. What is a hamstring strain? How do hamstring strains occur? what you ll find in this brochure what you find in this brochure What is a hamstring strain? How do hamstring strains occur? What you shoud do if a hamstring strain occurs. What rehabiitation you shoud do. Exampe of a return to pay strategy.

More information

2015 Mid-Year Market Review

2015 Mid-Year Market Review 2015 Mid-Year Market Review Cedar Hill Associates, LLC www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An Affiliate of MB Financial Bank 2015 Major Investment

More information

Message. The Trade and Industry Bureau is committed to providing maximum support for Hong Kong s manufacturing and services industries.

Message. The Trade and Industry Bureau is committed to providing maximum support for Hong Kong s manufacturing and services industries. Message The Trade and Industry Bureau is committed to providing maximum support for Hong Kong s manufacturing and services industries. With the weight of our economy shifting towards knowedge-based and

More information

Economic & Market Outlook

Economic & Market Outlook Monthly Portfolio Commentary December 31, 2015 Economic & Market Outlook Stocks rebounded in 2015 s fourth quarter, but provided little reward for the year as a whole. The S&P 500 Index recovered from

More information

ICAP CREDIT RISK SERVICES. Your Business Partner

ICAP CREDIT RISK SERVICES. Your Business Partner ICAP CREDIT RISK SERVICES Your Business Partner ABOUT ICAP GROUP ICAP Group with 56 miion revenues for 2008 and 1,000 empoyees- is the argest Business Services Group in Greece. In addition to its Greek

More information

Since the start of the financial crisis, the liabilities side of household balance

Since the start of the financial crisis, the liabilities side of household balance current FEDERAL RESERVE BANK OF NEW YORK issues in Economics and Finance Voume 19, Number 2 F 213 F www.newyorkfed.org/research/current_issues The Financia Crisis at the Kitchen Tabe: Trends in Househod

More information

The Domestic Market for Short-term Debt Securities

The Domestic Market for Short-term Debt Securities The Domestic Market for Short-term Debt Securities Matthew Boge and Ian Wison* The Domestic Market for Short-term Debt Securities The market for short-term debt is dominated by the issuance of bank securities.

More information

Subject: Corns of En gineers and Bureau of Reclamation: Information on Potential Budgetarv Reductions for Fiscal Year 1998

Subject: Corns of En gineers and Bureau of Reclamation: Information on Potential Budgetarv Reductions for Fiscal Year 1998 GAO United States Genera Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Deveopment Division B-276660 Apri 25, 1997 The Honorabe Pete V. Domenici Chairman The Honorabe Harry

More information

Accounting in the Construction Industry

Accounting in the Construction Industry Accounting in the Construction Industry How your CPA can hep you be among the 80 percent of contractors expected to survive the next year, rather than the 20 percent expected to fai. This whitepaper wi

More information

Imperial Canadian Dividend Income Pool. Interim Management Report of Fund Performance

Imperial Canadian Dividend Income Pool. Interim Management Report of Fund Performance Imperia Canadian Dividend Income Poo Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management

More information

Protection Against Income Loss During the First 4 Months of Illness or Injury *

Protection Against Income Loss During the First 4 Months of Illness or Injury * Protection Against Income Loss During the First 4 Months of Iness or Injury * This note examines and describes the kinds of income protection that are avaiabe to workers during the first 6 months of iness

More information

High Yield Bonds in a Rising Rate Environment August 2014

High Yield Bonds in a Rising Rate Environment August 2014 This paper examines the impact rising rates are likely to have on high yield bond performance. We conclude that while a rising rate environment would detract from high yield returns, historically returns

More information

Commodity Market Financialisation: A Closer Look at the Evidence

Commodity Market Financialisation: A Closer Look at the Evidence Commodity Market Financiaisation: A Coser Look at the Evidence Aexandra Dwyer, James Hooway and Michee Wright* There is some debate about whether financia investors have caused excessive increases in the

More information

Market MARKET SUMMARY. Staggered but Steady Growth Keeps Economy Moving Forward. We ask, listen and solve. Inside:

Market MARKET SUMMARY. Staggered but Steady Growth Keeps Economy Moving Forward. We ask, listen and solve. Inside: Market Economic and Financial Market Midyear Update June 2014 Staggered but Steady Growth Keeps Economy Moving Forward MARKET SUMMARY U.S. economic growth is forecasted to average near 3% for the second

More information

ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES

ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES Product Features 1. System 2. Saes Ledger Unimited companies with password protection User security Muti-user system: 1 user comes as standard, up to

More information

CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS

CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS John N.. Var arvatsouakis atsouakis DURING the present time,

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

Example of Credit Card Agreement for Bank of America Visa Signature and World MasterCard accounts

Example of Credit Card Agreement for Bank of America Visa Signature and World MasterCard accounts Exampe of Credit Card Agreement for Bank of America Visa Signature and Word MasterCard accounts PRICING INFORMATION Actua pricing wi vary from one cardhoder to another Annua Percentage Rates for Purchases

More information

Invesco Pensions Review 2013

Invesco Pensions Review 2013 Invesco Pensions Review 2013 Vaue Engagement Company Pension Pan Compiance Design Communication Produced in association with Decision Magazine Avert a pensions crisis pease At a time when pensions coverage

More information

4. Domestic Financial Markets

4. Domestic Financial Markets . Domestic Financia Markets Money Markets and Bond Yieds The Reserve Bank Board owered its target for the cash rate from.75 per cent to.5 per cent in November, the first change in the target since November

More information

How Smaller Stocks May Offer Larger Returns

How Smaller Stocks May Offer Larger Returns Strategic Advisory Solutions April 2015 How Smaller Stocks May Offer Larger Returns In an environment where the US continues to be the growth engine of the developed world, investors may find opportunity

More information

Serving the Millennial Generation - The Challenge and Opportunity for Financial Services Companies

Serving the Millennial Generation - The Challenge and Opportunity for Financial Services Companies Serving the Miennia Generation - The Chaenge and Opportunity for Financia Services Companies May 2015 Christopher J. Perry, CFA Equity Research Anayst Today, the Miennia Generation (or Generation Y), broady

More information

Imperial Global Equity Income Pool. Interim Management Report of Fund Performance

Imperial Global Equity Income Pool. Interim Management Report of Fund Performance Imperia Goba Equity Income Poo Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report

More information

CIBC Nasdaq Index Fund. Interim Management Report of Fund Performance

CIBC Nasdaq Index Fund. Interim Management Report of Fund Performance CIBC Nasdaq Inde Fund Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund

More information

Key Features of Life Insurance

Key Features of Life Insurance Key Features of Life Insurance Life Insurance Key Features The Financia Conduct Authority is a financia services reguator. It requires us, Aviva, to give you this important information to hep you to decide

More information

Aviva Times of our Lives Report. Autumn 2012

Aviva Times of our Lives Report. Autumn 2012 Aviva Times of our Lives Report Autumn 2012 Contents Introduction Introduction Materia Weath Weath: What we re Worth Contents, Cars and Homes Mind the Gap The Insurance Gap The Income Gap Emotiona Heath

More information

Bond Market Insights July 15, 2015

Bond Market Insights July 15, 2015 Bond Market Insights July 15, 2015 by Jerry Wiesner, CFA and Stephen Frahm General Bond Market Treasury yields rose during the second quarter as prices fell. The yield curve steepened, as long yields rose

More information

Market Review and Outlook

Market Review and Outlook Market Review and Outlook Cedar Hill Associates, LLC January 2016 www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An affiliate of MB Financial Bank Table

More information

Imperial International Bond Pool. Annual Management Report of Fund Performance

Imperial International Bond Pool. Annual Management Report of Fund Performance Imperia Internationa Bond Poo Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management

More information

CAPITAL MARKETS REVIEW 2 nd Quarter 2015 June 30, 2015

CAPITAL MARKETS REVIEW 2 nd Quarter 2015 June 30, 2015 June 30, 2015 OVERVIEW Market activity in the second quarter of 2015 saw the reversal of several major trends. First, U.S. Dollar strength dissipated to a degree, as it sold off almost 3% relative to other

More information

Fixed Income Market Comments

Fixed Income Market Comments Strategy Fixed Income Weekly Fixed Income Market Comments Weaker economic data and comments from a couple of Federal Reserve Board Governors, who tend to not to speak often as the Federal Reserve District

More information

Teamwork. Abstract. 2.1 Overview

Teamwork. Abstract. 2.1 Overview 2 Teamwork Abstract This chapter presents one of the basic eements of software projects teamwork. It addresses how to buid teams in a way that promotes team members accountabiity and responsibiity, and

More information

Annual Notice of Changes for 2016

Annual Notice of Changes for 2016 Easy Choice Best Pan (HMO) offered by Easy Choice Heath Pan, Inc. Annua Notice of Changes for 2016 You are currenty enroed as a member of Easy Choice Best Pan (HMO). Next year, there wi be some changes

More information

LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S.

LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S. CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST O U.S. Economic Growth to Accelerate ver the past few years, U.S. economic activity has remained

More information

Back to the Basics: Building a Financial Safety Net Begins with Life and Disability Insurance. Benefits at Work Series. A Colonial Life White Paper

Back to the Basics: Building a Financial Safety Net Begins with Life and Disability Insurance. Benefits at Work Series. A Colonial Life White Paper Back to the Basics: Buiding a Financia Safety Net Begins with Life and Disabiity Insurance Benefits at Work Series A Coonia Life White Paper November 2011 Tabe of Contents Executive Summary 1 The Far-Reaching

More information

Income Protection Solutions. Policy Wording

Income Protection Solutions. Policy Wording Income Protection Soutions Poicy Wording Wecome to Aviva This booket tes you a you need to know about your poicy, incuding: what to do if you need to caim what s covered, and expanations of some of the

More information

ST. MARKS CONFERENCE FACILITY MARKET ANALYSIS

ST. MARKS CONFERENCE FACILITY MARKET ANALYSIS ST. MARKS CONFERENCE FACILITY MARKET ANALYSIS Prepared by: Lambert Advisory, LLC Submitted to: St. Marks Waterfronts Forida Partnership St. Marks Conference Center Contents Executive Summary... 1 Section

More information

Key Features and Terms & Conditions of the Stocks & Shares Junior ISA

Key Features and Terms & Conditions of the Stocks & Shares Junior ISA June 2013 Key Features and Terms & Conditions of the This document shoud be read in conjunction with an up-to-date Key Investor Information Document (KIID) for the fund in which you want to invest. You

More information

Discounted Cash Flow Analysis (aka Engineering Economy)

Discounted Cash Flow Analysis (aka Engineering Economy) Discounted Cash Fow Anaysis (aka Engineering Economy) Objective: To provide economic comparison of benefits and costs that occur over time Assumptions: Future benefits and costs can be predicted A Benefits,

More information

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter Hit New Highs in a Volatile Quarter Stock investors in the U.S. and around the globe had plenty to cheer about during the first quarter of 2015 as at least 17 world stock indexes set news highs due to

More information

TERM INSURANCE CALCULATION ILLUSTRATED. This is the U.S. Social Security Life Table, based on year 2007.

TERM INSURANCE CALCULATION ILLUSTRATED. This is the U.S. Social Security Life Table, based on year 2007. This is the U.S. Socia Security Life Tabe, based on year 2007. This is avaiabe at http://www.ssa.gov/oact/stats/tabe4c6.htm. The ife eperiences of maes and femaes are different, and we usuay do separate

More information

Breakeven analysis and short-term decision making

Breakeven analysis and short-term decision making Chapter 20 Breakeven anaysis and short-term decision making REAL WORLD CASE This case study shows a typica situation in which management accounting can be hepfu. Read the case study now but ony attempt

More information

Order-to-Cash Processes

Order-to-Cash Processes TMI170 ING info pat 2:Info pat.qxt 01/12/2008 09:25 Page 1 Section Two: Order-to-Cash Processes Gregory Cronie, Head Saes, Payments and Cash Management, ING O rder-to-cash and purchase-topay processes

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

ASSET MANAGEMENT OUR APPROACH

ASSET MANAGEMENT OUR APPROACH ASSET MANAGEMENT OUR APPROACH CONTENTS FOREWORD 3 INTRODUCTION 4 ASSET MANAGEMENT? 6 THE NEED FOR CHANGE 6 KEY PRINCIPLES 7 APPENDIX 1 19 GLOSSARY 20 2 FOREWORD Few things affect our customers ives as

More information

Group Income Protection. Technical Guide

Group Income Protection. Technical Guide Group Income Protection Technica Guide Aviva By choosing Aviva, part of the UK s argest insurance group, you benefit from our financia strength. Together with miions of customers wordwide you can fee certain

More information

Business Banking. A guide for franchises

Business Banking. A guide for franchises Business Banking A guide for franchises Hep with your franchise business, right on your doorstep A true understanding of the needs of your business: that s what makes RBS the right choice for financia

More information

IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE

IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE Instructions for Form NYC-3L Genera Corporation Tax Return For fisca years beginning in 2013 or for caendar year 2013 Hi g h i g h t s of Recent Tax Law Changes for Corporations NEW YORK CITY DEPARTMENT

More information

Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s

Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s 23. Corporate governance towards best-practice corporate reporting John Patterson, PricewaterhouseCoopers LLP Reporting is

More information

Structural Developments and Innovations in the Asset- Backed Commercial Paper Market

Structural Developments and Innovations in the Asset- Backed Commercial Paper Market Structura Deveopments and Innovations in the Asset- Backed Commercia Paper arket ark H. Adeson anaging Director, Asset-Backed Commercia Paper oody s Investors Service Strategic Research Institute 1997

More information

CUSTOM. Putting Your Benefits to Work. COMMUNICATIONS. Employee Communications Benefits Administration Benefits Outsourcing

CUSTOM. Putting Your Benefits to Work. COMMUNICATIONS. Employee Communications Benefits Administration Benefits Outsourcing CUSTOM COMMUNICATIONS Putting Your Benefits to Work. Empoyee Communications Benefits Administration Benefits Outsourcing Recruiting and retaining top taent is a major chaenge facing HR departments today.

More information

Filling the Revenue Gap

Filling the Revenue Gap Fiing the Revenue Gap How Brokers Can Leverage Vountary Benefits to Buid Business Benefits at Work Series A Coonia Life White Paper May 2011 Tabe of Contents Executive Summary 1 Vountary Benefits Create

More information

Monthly Economic Dashboard

Monthly Economic Dashboard RETIREMENT INSTITUTE SM Economic perspective Monthly Economic Dashboard Modest acceleration in economic growth appears in store for 2016 as the inventory-caused soft patch ends, while monetary policy moves

More information

Betting Strategies, Market Selection, and the Wisdom of Crowds

Betting Strategies, Market Selection, and the Wisdom of Crowds Betting Strategies, Market Seection, and the Wisdom of Crowds Wiemien Kets Northwestern University w-kets@keogg.northwestern.edu David M. Pennock Microsoft Research New York City dpennock@microsoft.com

More information

Welcome to Colonial Voluntary Benefits. Thank you for your interest in our Universal Life with the Accelerated Death Benefit for Long Term Care Rider.

Welcome to Colonial Voluntary Benefits. Thank you for your interest in our Universal Life with the Accelerated Death Benefit for Long Term Care Rider. Heo, Wecome to Coonia Vountary Benefits. Thank you for your interest in our Universa Life with the Acceerated Death Benefit for Long Term Care Rider. For detai pease ca 877-685-2656. Pease eave your name,

More information

Aggregate demand. Student workpoint 14.1 Be reflective Make a list of five durable goods and five non-durable goods used in your household.

Aggregate demand. Student workpoint 14.1 Be reflective Make a list of five durable goods and five non-durable goods used in your household. Aggregate demand 14 By the end of this chapter, you shoud be abe to: distinguish between demand and aggregate demand (AD) define and iustrate aggregate demand define and describe the components of AD expain

More information

How to Cut Health Care Costs

How to Cut Health Care Costs How to Cut Heath Care Costs INSIDE: TEN TIPS FOR MEDICARE BENEFICIARIES What is one of the biggest financia surprises in retirement? Heath care costs. It s a growing concern among many Medicare beneficiaries,

More information

IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM

IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM The New Jersey Department of Human Services Division of Deveopmenta Disabiities 1 IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM Eizabeth M. Shea Assistant Commissioner Thomas S.

More information

Imperial Global Equity Income Pool. Annual Management Report of Fund Performance

Imperial Global Equity Income Pool. Annual Management Report of Fund Performance Imperia Goba Equity Income Poo Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management

More information

New Measures of Australian Corporate Credit Spreads

New Measures of Australian Corporate Credit Spreads New Measures of Austraian Corporate Credit Spreads Ivaio Arsov, Matthew Brooks and Mitch Kosev* Austraian corporations access bond markets both domesticay and offshore. Despite this, there is a ack of

More information

professional indemnity insurance proposal form

professional indemnity insurance proposal form professiona indemnity insurance proposa form Important Facts Reating To This Proposa Form You shoud read the foowing advice before proceeding to compete this proposa form. Duty of Discosure Before you

More information

READING A CREDIT REPORT

READING A CREDIT REPORT Name Date CHAPTER 6 STUDENT ACTIVITY SHEET READING A CREDIT REPORT Review the sampe credit report. Then search for a sampe credit report onine, print it off, and answer the questions beow. This activity

More information

Human Capital & Human Resources Certificate Programs

Human Capital & Human Resources Certificate Programs MANAGEMENT CONCEPTS Human Capita & Human Resources Certificate Programs Programs to deveop functiona and strategic skis in: Human Capita // Human Resources ENROLL TODAY! Contract Hoder Contract GS-02F-0010J

More information

Chapter 3: JavaScript in Action Page 1 of 10. How to practice reading and writing JavaScript on a Web page

Chapter 3: JavaScript in Action Page 1 of 10. How to practice reading and writing JavaScript on a Web page Chapter 3: JavaScript in Action Page 1 of 10 Chapter 3: JavaScript in Action In this chapter, you get your first opportunity to write JavaScript! This chapter introduces you to JavaScript propery. In addition,

More information

2015Q1 INVESTMENT OUTLOOK

2015Q1 INVESTMENT OUTLOOK TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for

More information

German Auditors and Tax Advisors for foreign clients

German Auditors and Tax Advisors for foreign clients München Regensburg Dachau German Auditors and Tax Advisors for foreign cients Economy Finance Financia Reports Taxes Strategies München Regensburg Dachau SH+C has focussed on consuting foreign cients with

More information

The Fix Fixed income flashback: is history going to repeat?

The Fix Fixed income flashback: is history going to repeat? December 2014 For professional investors only The Fix Fixed income flashback: is history going to repeat? Kellie Wood, Portfolio Manager, Fixed Income Traditional financial theory portends that bond prices

More information

Surface Transforms Plc Registered number 03769702

Surface Transforms Plc Registered number 03769702 Surface Transforms Pc Registered number 03769702 Annua Report and Financia Statements Contents for the year ending 31 March 2008 2 Highights 3 Chairman s Statement 5 Strategic Report 8 Directors Report

More information

Overview of Health and Safety in China

Overview of Health and Safety in China Overview of Heath and Safety in China Hongyuan Wei 1, Leping Dang 1, and Mark Hoye 2 1 Schoo of Chemica Engineering, Tianjin University, Tianjin 300072, P R China, E-mai: david.wei@tju.edu.cn 2 AstraZeneca

More information

CIBC Dividend Growth Fund. Annual Management Report of Fund Performance

CIBC Dividend Growth Fund. Annual Management Report of Fund Performance CIBC Dividend Growth Fund Annua Management Report of Fund Performance for the financia year ended December 31, 2015 A figures are reported in Canadian doars uness otherwise noted This annua management

More information

endorsed programmes With our expertise and unique flexible approach NOCN will work with you to develop a product that achieves results.

endorsed programmes With our expertise and unique flexible approach NOCN will work with you to develop a product that achieves results. endorsed programmes With our expertise and unique fexibe approach NOCN wi work with you to deveop a product that achieves resuts. NOCN is a eading reguated UK awarding organisation that has been creating

More information

Imperial U.S. Equity Pool. Annual Management Report of Fund Performance

Imperial U.S. Equity Pool. Annual Management Report of Fund Performance Imperia US Equity Poo Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management report

More information

Education sector: Working conditions and job quality

Education sector: Working conditions and job quality European Foundation for the Improvement of Living and Working Conditions sector: Working conditions and job quaity Work pays a significant roe in peope s ives, in the functioning of companies and in society

More information

CERTIFICATE COURSE ON CLIMATE CHANGE AND SUSTAINABILITY. Course Offered By: Indian Environmental Society

CERTIFICATE COURSE ON CLIMATE CHANGE AND SUSTAINABILITY. Course Offered By: Indian Environmental Society CERTIFICATE COURSE ON CLIMATE CHANGE AND SUSTAINABILITY Course Offered By: Indian Environmenta Society INTRODUCTION The Indian Environmenta Society (IES) a dynamic and fexibe organization with a goba vision

More information

Best Practices for Push & Pull Using Oracle Inventory Stock Locators. Introduction to Master Data and Master Data Management (MDM): Part 1

Best Practices for Push & Pull Using Oracle Inventory Stock Locators. Introduction to Master Data and Master Data Management (MDM): Part 1 SPECIAL CONFERENCE ISSUE THE OFFICIAL PUBLICATION OF THE Orace Appications USERS GROUP spring 2012 Introduction to Master Data and Master Data Management (MDM): Part 1 Utiizing Orace Upgrade Advisor for

More information