Institutional Investors and Hungarian Stocks in 2014

Size: px
Start display at page:

Download "Institutional Investors and Hungarian Stocks in 2014"

Transcription

1 Institutional Investors and Hungarian Stocks in 2014

2 Institutional Investors and Hungarian Stocks in 2014 Capital markets were generally on a roller-coaster ride in 2014, with increased volatility and higher volumes, but also more international attention from institutional investors that had their eyes mostly on market and sector leaders. The views of fund managers concerning investments in emerging markets differed widely throughout the year though overall with an increased inflow of assets allocations to emerging and especially frontier markets increased. Due to debt worries in Europe and political tensions in Eastern Europe, risk aversion and risk control were the top priority for market participants. Foreign institutional investors clearly remain the top investors in the free float of the Budapest Stock Exchange (BSE). US investors surpassed UK-holders again to regain the top position, followed by investors based in countries such as Norway, Poland, the Netherlands, and Canada. US-based, Hungarian as well as Canadian and French institutional investors were major relative buyers, while Scandinavian, German and Austrian investors significantly reduced their exposure in the free float of Hungarian issuers. In terms of investment style, the results are in line with previous figures, with GARP styles further reducing their market share. Growth, value and yield investors showed a slight relative increase compared to the last study, while passive strategies (index and quantitative strategies) as well as GARP investors decreased significantly. As in previous years, especially uncertainty regarding political, default and governance risks were cited as the major reasons for international investors cautiousness. Potential growth opportunities and undervalued stocks were referred to as upside in the most recent study of annual ownership changes. These are the key messages of the study, Institutional Ownership of the Budapest Stock Exchange (cut-off date: 31 December 2014), conducted on behalf of the CEE Stock Exchange Group (CEESEG) by the market intelligence company, Ipreo. The conclusions arrived at by the detailed study of the Budapest Stock Exchange as of 31 December 2014 are given below: Higher free float market capitalization The survey analyzed the trends in investments of the top institutional investors in the free float of all BSE-listed prime market issuers that are not foreign issuers or secondary listings. The conclusions below were reached on the basis of a combination of confirmed data from forensic shareholder analysis of some of the local issuers as well as publicly available ownership data and information reported by the local exchange and other entities such as Eurostat and Efama. The free float of BSE-listed issuers increased again in 2014 from previously EUR 4.8 billion to EUR 5.8 billion 1. This change is due to numerous factors such as several large international investors that increased their stakes in selected Hungarian large caps, favorable exchange rates and a further reshuffling within the index as the composition of the index has been recalculated and changed. For issuers listed on the BSE, an estimated volume of EUR 4.4 billion or 75.9% of the free float is held by institutional investors. The remaining EUR 1.4 billion or roughly 24.1% are estimated to be held by domestic private households and non-financial institutions. 1) By comparison, total equity market capitalization of domestic BSE issuers amounted to EUR 14.3 billion at year-end 2013 and EUR 12 billion at year-end

3 Institutional investors in the BSE by country as of 31 December 2014 EUR 3.3 billion of the EUR 4.4 billion held by institutional investors were identified and allocated in detail: EUR 3.2 billion or some 97.1% are held by international investors, EUR 0.1 billion or 2.9% by Hungarian institutional investors. Others 8.4% * France 1.5% Switzerland 1.6% Czech Republic 1.6% Canada 2.4% Hungary 2.9% USA 32.8% Netherlands 3.2% Poland 6.9% Norway 8.5% USA 30.2% * Among others, Sweden, Germany, Austria, Singapore, Denmark Source: Ipreo, December 2014 Scandinavian investors decrease stake US, French and the Netherlands with higher relative exposure International institutional investors were very active in 2014, several of them entered and exited the market throughout the year and thus showed high activity rates. The US overtook UK-investors and regained the position as the largest investment region in BSE-stocks after having ranked in second place for one year. In 2014, the US raised its relative stake in the BSE-free float from 30.2% to 32.8%, while UK-based institutions dropped from 30.9% to 30.2% of all identified institutional holdings. The relative increase of US-investors was driven especially by UK-investors reducing their positions on a more widespread basis, whereas US-firms remained more stable. Some of the major sellers were Aberdeen UK, Schroders UK, Blackrock UK, while buying happened at First State, Somerset Capital, Trilogy or Sprucegrove Capital. Selling also happened at several passive investors where especially ETF-houses such as Blackrock and Vanguard pulled out money. Overall, major relative buying centres were driven by investors from Canada (from 1.5% to 2.4%), France (from 0.9% to 1.5%), the Netherlands (from 2.8% to 3.2%), and the US (from 30.2% to 32.8%). Smaller scale-buying also happened across several smaller investment centres such as Ireland, Estonia, China, and Luxembourg. Norwegian and UK-investors belonged to the major group that withdrew holdings (from 9.3% to 8.5% and from 30.9% to 30.2% of all identified holders respectively), followed by the Czech Republic (from 1.8% to 1.6%), Poland (from 7.2% to 6.9%), and Germany, which declined from 1.8% to 1%. It should be noted that these figures only refer to identified institutional investors. In addition, a large stake of the Hungarian free float is estimated to still be held by domestic retail investors and households and domestic-oriented investment firms (pension and mutual funds) including mandates. Ipreo found that only 2.9% (up from 2.6% a year earlier) of all identified institutional investments were made from the home market, though due to the limited transparency of the public data as well as an investment shift to more domestic holders this is likely to be understated. It also comes as no surprise that market feedback remained uniform regarding the growing importance of not only ESG-factors 2 in investment management decisions and also with respect to the involvement of investors, which is being discussed in upcoming European legal changes, too. Investors confirmed that while CEE-exposure is selectively still seen as positive, it does not seem to play as much of a role as it did a few years ago, mostly due to other economies that offer more attractive growth or yields at lower risk. Companies that already have an established 2) ESG (Environmental, Social, Governance) 3

4 track record and network in emerging markets were cited as the main reasons for the remaining higher investment levels at some of the companies listed on CEESEG s member exchanges, but for pure growth potential, institutional investors now often prefer markets such as MENA, Asia, Turkey or other parts of Emerging Europe to Hungary. They stated that they would rather pick specific investment stories of issuers as a basis for entering special market segments. This is a trend also identified across the markets of CEESEG and in other parts of Europe where investors watch governance, political and debt issues much more closely. As already seen in the last years, the trend towards significantly increased capital flows from passive and ETF investors into the European equity markets is not reflected in CEESEG, most likely due to market cap and governance reasons. According to market feedback, Ipreo s intelligence states that investors are now selectively increasing their allocations again to emerging markets funds and the region, with London gaining importance in terms of investable assets for the region. Also, when it comes to investment management decision-making for CEE and other markets, fund managers are increasing their presence in London, as numerous investment managers have split and increased investment teams for emerging markets between Asia and London, with London being responsible for CEE & SEE markets. Overall, also capital inflows from Asian and MENA-based investors are expected to rise with some sovereign wealth funds also increasingly looking at wider Europe and smaller issuers as potential targets when the political, economic and governance status is investment-grade worthy. These trends coincide with a more focused stockpicking approach for developing and growth markets which is also reflected in several large ownership changes on the issuer level within the Group. Also, the trend towards integration of nonfinancial criteria in the investment decision-making process has caught up throughout Europe, with the largest fund managers now more actively communicating with issuers, also in CEESEG. Yield strategies on the rise GARP investors reduce stake As in the past years, the traditional investment styles growth and value remain the dominant styles used for investments in BSE issuers. While investment style remains a key issue in the analysis of a company s and exchange s shareholder base, with growing volatility on markets, increased OTC and electronic trading and new multi-style strategies, the distinction between the various styles has become somewhat blurred. Significant volumes of money fled equities during the financial crisis in the last years; it returned with less risk adverse investors in the recent months, but shifting money into emerging markets remains mainly a stock pickers approach to intrinsically undervalued firms under high risk controls, which was also the case for Hungarian issuers. With respect to overall investment styles in Hungary, yield (i.e. dividend)-focused investors were the major relative buyers, increasing from 2.5% to 3.2% in 2014, while growth (39.3%, up from 37.3%) and value (30%, up from 28.9%) strategies were on the rise as well. Index (14.1%), specialty (0.5%) and alternative investors (0.1%) all slightly decreased but remained at overall similar levels compared to the last report. Institutions following a GARP approach were a major group that reduced holdings, decreasing by more than 30% from 14.4% of all identified holdings to 9.8% in Investors are attaching greater importance to non-financial or ESG-factors which come into play in several investment strategies and add an extra level of complexity to the decision-making process. This is also driven and supported by some international legal and NGO pressure such as the UNPRI, stewardship codes or the upcoming European Union legal changes. Corporate governance teams at the largest investors not only have an increased influence on buying and selling of shares, but also communicate more frequently with issuers directly via ongoing engagement processes or before general meetings. These factors also play a role in numerous passive strategies as they can be used for so-called enhanced index strategies where issuers get excluded or over-/underweighted compared to the benchmark depending on whether they meet transparency, disclosure or governance requirements. Several of the large institutional management groups have started to build and include these types of strategies into their mainstream funds and investment management process, a trend to watch out for and monitor. 4

5 Portfolio turnover ratio declines The portfolio turnover ratio indicates how often institutional investors switch securities within their overall portfolios on average per year. The turnover ratio of active investors (high and/or very high turnover rates) for the financial market of Budapest currently stands at 3.2%, down from 5.8% in This development is below the general trend in Europe and also CEESEG, where Ipreo saw stronger trading and more active institutions up to 8.7% in 2014 from 8.5% previously. However, this ratio only sheds some light on long-term strategic portfolio turnover, as it is a slightly delayed function of buying and selling movements in recent months and which were computed at investment group level. It is also a measure based on publicly available information and comes with a certain time lag, ignoring OTC and dark pool trading. Therefore, the numbers will tend to understate the actual trading activity within portfolios and investors, especially since data collected by Ipreo suggests that a growing portion of all trades in European stocks is conducted OTC or via alternative trading platforms. General explanations for switching within portfolios are, e.g., the entry of long-term institutional investors, inclusion in or exclusion from portfolios due to non-financial criteria, redemptions or market capitalization issues but also the entry of short-term alpha-focused hedge funds 3 that profit from current price levels. In the present market environment, this ratio is scarcely indicative just like the current changes in investment style of long-term strategic portfolio switching, because investors are currently often confronted with the need to alter their positions without consideration of the fundamental aspects, as well as the growing importance of OTC and dark pool trading and limited disclosure. Currently, in several larger and developed markets in Europe, an ever growing share of trading is conducted OTC or via alternative trading platforms, and therefore, Ipreo has observed the growing importance of proactive outreach of IR and management to active portfolio managers 4. The predominant types of institutional investors especially international ones still have low to moderate turnover ratios, which implies a positioning in the BSE generally for the long term. Very High 0.9% High 2.3% Moderate 34.1% Low 62.7% Source: Ipreo, December ) Alpha-focused investors pursue outperformance with respect to a benchmark. 4) Active investor relations and outreach will gain in importance as the current trend to an ever growing number of passive investors as well as to alternative trading will reduce the number of decision-makers that can be influenced. Active portfolio managers and analysts will therefore have a greater impact on the (fair) valuation of issuers share prices on local stock exchanges which in turn are the reference prices for alternative trading platforms. The need to fully know, understand and target the right active institutional managers is therefore likely to increase in the coming years. 5

Institutional Investors and Slovene Stocks in 2014

Institutional Investors and Slovene Stocks in 2014 Institutional Investors and Slovene Stocks in 2014 Institutional Investors and Slovene Stocks in 2014 Capital markets were generally on a roller-coaster ride in 2014, with increased volatility and higher

More information

Institutional Investors and the CEE Stock Exchange Group in 2014

Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges

More information

Institutional Investors and Austrian Stocks in 2014

Institutional Investors and Austrian Stocks in 2014 Institutional Investors and Austrian Stocks in 2014 Institutional Investors and Austrian Stocks in 2014 International institutional investors remain the largest stakeholders in the ATX prime, having increased

More information

Institutional Investors and the CEE Stock Exchange Group in 2012

Institutional Investors and the CEE Stock Exchange Group in 2012 Institutional Investors and the CEE Stock Exchange Group in 2012 Institutional Investors and the CEE Stock Exchange Group in 2012 The top investors in the combined free float of the member exchanges of

More information

Institutional Investors and Austrian Stocks in 2012

Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 In addition to domestic investors, the top investors in the ATX prime remain international institutional

More information

Asset Management in Europe

Asset Management in Europe May 2012 Asset Management in Europe Facts and Figures 5 th ANNUAL REVIEW Table of Contents Key Findings... 2 Key Figures... 3 1 The EFAMA Annual Asset Management Report... 4 2 AuM, Employment and Industrial

More information

FLOW OF FUNDS REPORT IV TUYID Q1

FLOW OF FUNDS REPORT IV TUYID Q1 FLOW OF FUNDS REPORT IV TUYID Q1 2014 January, 2014 Dear Readers, This volume of the Flow of Funds Report, which provides important insight about the inflow and outflow of funds, as well as investment

More information

Asset Management in Europe: Facts and Figures. EFAMA s Second Annual Report

Asset Management in Europe: Facts and Figures. EFAMA s Second Annual Report Asset Management in Europe: Facts and Figures EFAMA s Second Annual Report April 2009 Table of Contents 1 Key Findings... 3 2 Key Figures at end 2007... 4 3 Introduction... 5 3.1 The EFAMA s Annual Asset

More information

PRESS RELEASE. Frankfurt, May 2007

PRESS RELEASE. Frankfurt, May 2007 PRESS RELEASE Frankfurt, May 2007 DWS Analysis of international mutual fund markets in year 2006 1 : Worldwide fund assets reach record volume of euro 15.8 trillion Positive market environment and ongoing

More information

FLOW OF FUNDS REPORT TUYID Q1

FLOW OF FUNDS REPORT TUYID Q1 FLOW OF FUNDS REPORT TUYID Q1 2015 May 22, 2015 Dear Readers, This volume of the Flow of Funds Report covers the first quarter of 2015 and provides insight about the inflow and outflow of funds, investment

More information

Core/Satellite Investing

Core/Satellite Investing For professional investors only Core/Satellite Investing Core/satellite portfolio construction aims to combine the most effective characteristics of index and alpha-generating strategies offering flexibility

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

How Hedging Can Substantially Reduce Foreign Stock Currency Risk

How Hedging Can Substantially Reduce Foreign Stock Currency Risk Possible losses from changes in currency exchange rates are a risk of investing unhedged in foreign stocks. While a stock may perform well on the London Stock Exchange, if the British pound declines against

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

BMO Global Asset Management (Asia) Limited 11 February 2016

BMO Global Asset Management (Asia) Limited 11 February 2016 Product Key Facts BMO MSCI EUROPE QUALITY HEDGED TO USD ETF BMO Global Asset Management (Asia) Limited 11 February 2016 Quick facts This is an exchange traded fund. This statement provides you with key

More information

Three new stock ETFs for greater global diversification

Three new stock ETFs for greater global diversification Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock

More information

Rules-Based Investing

Rules-Based Investing Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:

More information

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2 2014.3 2014.4 2015.1

More information

THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET

THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET 40 THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET Prof. Ioan TRENCA, PhD Junior Assist. Cristina CURUŢIU University

More information

Evaluating Managers on an After-Tax Basis

Evaluating Managers on an After-Tax Basis Evaluating Managers on an After-Tax Basis Brian La Bore Senior Manager Research Analyst Head of Traditional Research Greycourt & Co., Inc. March 25 th, 2009 Is Your Alpha Big Enough to Cover Its Taxes?

More information

Property investment in an international perspective

Property investment in an international perspective Property investment in an international perspective Presentation to Asset Allocation Netværket, Den Danske Finansanalytikerforening 10 June 2013 Tonny Nielsen, Head of Investment Management Nordic & Eastern

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR HSBC World Selection Funds April 30, 2016 Monthly Factsheets Class A and C Shares Aggressive Strategy Fund Balanced Strategy Fund Moderate Strategy Fund Conservative Strategy Fund Income Strategy Fund

More information

FLOW OF FUNDS REPORT: TUYID Q2 2013

FLOW OF FUNDS REPORT: TUYID Q2 2013 FLOW OF FUNDS REPORT TUYID Q2 20 FLOW OF FUNDS REPORT: TUYID Q2 20 July 28, 20 Dear Readers, We proudly present the first volume of the Flow of Funds Report, which provides important insight about the

More information

The Investor Universe. How to find your target investor; and what does he want? April 2011

The Investor Universe. How to find your target investor; and what does he want? April 2011 The Investor Universe How to find your target investor; and what does he want? April 2011 I. Types of investors II. Overview of international investors Conclusion 2 The transaction type drives the kind

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

NAIC Publicly Traded Securities Listing Definitions

NAIC Publicly Traded Securities Listing Definitions CUSIP NUMBER CUSIP Number Example: 008000AA7 The CUSIP number is used to identify securities. Every publicly traded security in the Valuation of Securities Database has a unique CUSIP number. CUSIP numbers

More information

Emerging Markets Value Stock Fund

Emerging Markets Value Stock Fund SUMMARY PROSPECTUS PRIJX March 1, 2016 T. Rowe Price Emerging Markets Value Stock Fund A fund seeking long-term growth of capital through investments in undervalued stocks of companies in emerging market

More information

Dynamic Diversified Growth Fund

Dynamic Diversified Growth Fund Dynamic Diversified Growth Fund with BlackRock Investment Management (UK) Limited Customer Brochure BlackRock is a truly global firm that manages assets for clients in Europe, North and South America,

More information

Investment Menu Retail Managed Accounts

Investment Menu Retail Managed Accounts Investment Menu Retail Managed Accounts IMPORTANT INFORMATION This Investment Menu is issued by Linear Asset Management Ltd (ABN 11 119 757 596, AFSL 304542) ( Responsible Entity we, our or us ), the responsible

More information

European Portfolio Advisory Group Market update

European Portfolio Advisory Group Market update European Portfolio Advisory Group Market update October 2013 Click to launch 2 Publication Issue European NPL outlook and transactions in key markets Richard Thompson Chairman, European Portfolio Advisory

More information

Legg Mason Global Investment Survey

Legg Mason Global Investment Survey Legg Mason Investment Survey When worldwide talk about money, what dominates the conversation? Where do they see opportunity, and where do they see peril? To learn more, Legg Mason surveyed affluent in

More information

Nine Questions Every ETF Investor Should Ask Before Investing

Nine Questions Every ETF Investor Should Ask Before Investing Nine Questions Every ETF Investor Should Ask Before Investing UnderstandETFs.org Copyright 2012 by the Investment Company Institute. All rights reserved. ICI permits use of this publication in any way,

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information

Exchange Traded Funds

Exchange Traded Funds LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are

More information

Vanguard Investments Hong Kong Limited December 2015

Vanguard Investments Hong Kong Limited December 2015 PRODUCT KEY FACTS Vanguard FTSE Developed Europe Index ETF Vanguard Investments Hong Kong Limited December 2015 This is an exchange traded fund. This statement provides you with key information about this

More information

LSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE

LSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE LSEG Information Services Division Investor and Analyst presentation Mark Makepeace Group Director of Information Services, CEO of FTSE 1 Table of Contents SECTION 1) Introduction by Xavier Rolet (CEO,

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

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF SPDR MSCI South Korea Quality Mix ETF Summary Prospectus-January 31, 2016 QKOR (NYSE Ticker) Before you invest in the SPDR MSCI South Korea Quality Mix ETF (the Fund ), you may want to review the Fund's

More information

Vanguard Emerging Markets Stock Index Fund

Vanguard Emerging Markets Stock Index Fund Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard

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

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

Aegon reports first quarter 2015 results

Aegon reports first quarter 2015 results The Hague May 13, 2015 Aegon reports first quarter 2015 results o Earnings impacted by adverse claims experience Underlying earnings decrease to EUR 469 million as fee business growth and the stronger

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

RISK ASSESSMENT QUESTIONNAIRE

RISK ASSESSMENT QUESTIONNAIRE Time Horizon 6/14 Your current situation and future income needs. 1. What is your current age? 2. When do you expect to start drawing income? A Less than 45 A Not for at least 20 years B 45 to 55 B In

More information

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only Dividends An Important Source of Income When Interest Rates Are

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

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION

International fixed income: The investment case FOR EXISTING VANGUARD ADVICE CLIENT USE ONLY. NOT FOR DISTRIBUTION International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access

More information

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD YOU ARE WHAT YOU DO INTERNATIONAL SECURITIES TRADING III CONTENTS CONTENTS Welcome Welcome 1 2 Trade international securities with

More information

Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.)

Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.) Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.) Investment Policy Statement OVERVIEW Investment Objective and Strategy The primary objective of the FPA

More information

SPDR MSCI Emerging Markets Quality Mix ETF

SPDR MSCI Emerging Markets Quality Mix ETF SPDR MSCI Emerging Markets Quality Mix ETF Summary Prospectus-January 31, 2016 QEMM (NYSE Ticker) Before you invest in the SPDR MSCI Emerging Markets Quality Mix ETF (the Fund ), you may want to review

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

Access the world. with Schwab Global Investing Services

Access the world. with Schwab Global Investing Services Access the world with Schwab Global Investing Services 78% of developed country equity market growth between 2000 and 2012 came from outside the U.S. 1 60% of developed country stock market capitalization

More information

ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014

ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014 ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014 EXECUTIVE SUMMARY Mercer s ESG (environmental, social and governance) ratings have generally been well-integrated into the manager research

More information

EUF STATISTICS. 31 December 2013

EUF STATISTICS. 31 December 2013 . ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover

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

1 st Annual European Covered Bond Investors Survey

1 st Annual European Covered Bond Investors Survey 1 st Annual European Covered Bond Investors Survey May, 2009 European Covered Bond Dealers Association an Affiliate of SIFMA ECBDA Investor Survey Overview European Covered Bond Dealers Association (ECBDA)

More information

Pension & Investment Options. A Guide to Irish Life Corporate Business Pension Funds

Pension & Investment Options. A Guide to Irish Life Corporate Business Pension Funds Pension & Investment Options A Guide to Irish Life Corporate Business Pension s Your Click into Pensions Irish Life Corporate Business offers a wide range of online tools to keep you up to date with pension

More information

COMPANY OF NEW YORK ML of New York Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR

COMPANY OF NEW YORK ML of New York Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY Merrill Lynch Life Variable Annuity Separate Account A Supplement Dated January 17, 2014 to the Prospectus For MERRILL LYNCH INVESTOR CHOICE ANNUITY (INVESTOR

More information

Eliminating Double Taxation through Corporate Integration

Eliminating Double Taxation through Corporate Integration FISCAL FACT Feb. 2015 No. 453 Eliminating Double Taxation through Corporate Integration By Kyle Pomerleau Economist Key Findings The United States tax code places a double-tax on corporate income with

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

FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN

FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN PROGRAM DESCRIPTION FINANCIAL ADVISOR PROGRAM, NOVEMBER 2014 The Future Scholar 529 Plan Individuals with questions concerning the Future Scholar 529 Plan (the Program

More information

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge

More information

ETF trends and market comparison US and Europe

ETF trends and market comparison US and Europe ETF trends and market comparison US and Europe This document is directed at professional investors and should not be distributed to, or relied upon by retail investors. The value of investments, and the

More information

Deutsche Floating Rate Fund

Deutsche Floating Rate Fund Taxable Fixed-Income 2 nd quarter 2014 Deutsche Floating Rate Fund Access a world of opportunities through the global resources of Deutsche Bank Canada United States Netherlands Belgium United Kingdom

More information

Athens University of Economics and Business

Athens University of Economics and Business Athens University of Economics and Business MSc in International Shipping, Finance and Management Corporate Finance George Leledakis An Overview of Corporate Financing Topics Covered Corporate Structure

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

GERMAN LISTED REAL ESTATE: ANOTHER YEAR OF RECORDS - CAN THE TREND CONTINUE. A publication of ZIA Zentraler Immobilien Ausschuss e.v.

GERMAN LISTED REAL ESTATE: ANOTHER YEAR OF RECORDS - CAN THE TREND CONTINUE. A publication of ZIA Zentraler Immobilien Ausschuss e.v. GERMAN LISTED REAL ESTATE: ANOTHER YEAR OF RECORDS - CAN THE TREND CONTINUE A publication of ZIA Zentraler Immobilien Ausschuss e.v. Authors and editor: Peter Barkow Managing Director Barkow Consulting

More information

ETF Portfolio Solutions Core Diversified ETF Model December quarter 2013

ETF Portfolio Solutions Core Diversified ETF Model December quarter 2013 ETF Portfolio Solutions ETF Model December quarter 2013 PORTFOLIO SOLUTIONS Portfolio Objective The broad investment objective of the ETF Model is to offer financial advisers an ETF-based investment portfolio

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

Volume XV: January December 2015

Volume XV: January December 2015 BIST TRENDS REPORT By TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume XV: January December 2015 January 15, 2016 1 / 22 January 15, 2016 Dear Readers, We proudly present Volume

More information

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP Supplement to the Currently Effective Prospectus and Summary Prospectus * * * The following replaces in their entirety the

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)

More information

International Securities Trading now you can invest across the world

International Securities Trading now you can invest across the world International Securities Trading now you can invest across the world INTERNATIONAL SECURITIES TRADING iii CONTENTS Welcome 2 Trade international securities with CommSec and Pershing 2 International trading

More information

Vanguard UK Short-Term Investment Grade Bond Index Fund

Vanguard UK Short-Term Investment Grade Bond Index Fund Vanguard UK Short-Term Investment Grade Bond Index Fund May 2013 LAUNCH BRIEFING Fund summary The Vanguard UK Short-Term Investment Grade Bond Index Fund expands the low-cost asset allocation building

More information

Managed funds. Plain Talk Library

Managed funds. Plain Talk Library Plain Talk Library Contents Introduction to managed funds 5 What is a managed fund and how does it work? 6 Types of managed funds 12 What are the benefits of managed funds? 15 Choosing a managed fund

More information

CGWM Total Return Bond Fund

CGWM Total Return Bond Fund To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the

More information

Central and Eastern Europe Statistics 2012

Central and Eastern Europe Statistics 2012 Central and Eastern Europe Statistics An EVCA Special Paper Edited by the EVCA Central and Eastern Europe Task Force July EVCA CENTRAL AND EASTERN EUROPE STATISTICS I Contents. Introduction Page. Executive

More information

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

Asset Management in Europe. April 2015. 8th Annual Review. Facts and figures

Asset Management in Europe. April 2015. 8th Annual Review. Facts and figures April 2015 Asset Management in Europe 8th Annual Review Facts and figures An overview of the Asset Management industry with a special focus on Capital Markets Union. 0 Contents Key Facts and Figures...

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction 1 What You Need to Know about ETFs 2 ETF Basics Benefits of ETFs ETFs vs. Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Appendix: FAQs 3 ETF

More information

Timely Topics. The Benchmark Standard. May 30, 2013. Highlights. What Is a Benchmark, and Why Is It Important? LPL FINANCIAL RESEARCH

Timely Topics. The Benchmark Standard. May 30, 2013. Highlights. What Is a Benchmark, and Why Is It Important? LPL FINANCIAL RESEARCH LPL FINANCIAL RESEARCH Timely Topics May 30, 2013 The Benchmark Standard Highlights LPL Financial Research believes investors need to choose a benchmark that best reflects the investment style of their

More information

30% 5% of fixed income mutual funds paid capital gains in 2015

30% 5% of fixed income mutual funds paid capital gains in 2015 FIXED INCOME ETFs: NEW ASSET CLASS, SAME BENEFITS Exchange Traded Funds ( ETFs ) first appealed to equity investors, providing efficient access to the world s stock markets and they have revolutionized

More information

Fossil Free. Jargon Buster!

Fossil Free. Jargon Buster! Fossil Free $ Jargon Buster! You don t need to be a financial expert to be part of a Fossil Free campaign. But if you want to build your confidence in speaking about investments, here are some terms you

More information

Intelligent Systematic Value Investing

Intelligent Systematic Value Investing Intelligent Systematic Value Investing 2 ND Quarter 2015 Overview of the Markets Contents: A NEWSLETTER FOR OUR CLIENTS Investment Overview Required Disclosures GIPS Compliant Performance Reports Global

More information

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF)

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) SPDR ETFs 9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment

More information

Average Annualized Return as of 11/30/2015 1. YTD 1 Year 3 Years 5 Years

Average Annualized Return as of 11/30/2015 1. YTD 1 Year 3 Years 5 Years Investment Options at a glance Current performance may be lower or higher than performance data shown. Performance data quoted represents past performance and is not a guarantee or prediction of future

More information

ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND

ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND For professional investors only A NEW OPPORTUNITY Absolute return funds offer an attractive, alternative source of alpha outright or as part of a balanced

More information

Turnover of the foreign exchange and derivatives market in Hong Kong

Turnover of the foreign exchange and derivatives market in Hong Kong Turnover of the foreign exchange and derivatives market in Hong Kong by the Banking Policy Department Hong Kong advanced one place to rank sixth in the global foreign exchange market and seventh when taking

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Foreign A id and Foreign Investment

Foreign A id and Foreign Investment 13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investment

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

Market Making for Exchange Traded Funds. Corporates & Markets

Market Making for Exchange Traded Funds. Corporates & Markets Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

More information

Mutual Insurance in Figures. Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM

Mutual Insurance in Figures. Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM Mutual Insurance in Figures Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM Disclaimer AISAM 2007 all rights reserved The entire content of this AISAM-statistics

More information

THOMSON REUTERS LIPPER

THOMSON REUTERS LIPPER THOMSON REUTERS LIPPER EUROPEAN FUND FLOWS REPORT: SEPTEMBER 2015 Please attribute the content to Detlef Glow, Lipper s head of EMEA research and the author of this report. Date of issue: October 19, 2015

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 November 2013 The information in this document forms part of the Product Disclosure Statement for the Commonwealth Superannuation Scheme (CSS), sixth edition, issued

More information