Registered Investment Advisor. 595 E. Colorado Blvd., Suite 518 Pasadena, CA (626)
|
|
- Anna Shelton
- 8 years ago
- Views:
Transcription
1 Registered Investment Advisor 595 E. Colorado Blvd., Suite 518 Pasadena, CA (626)
2 Process We use Relative Strength to identify Fast stocks and Slow stocks Like building a stable of racehorses, we want a stable of Fast stocks We don t buy Slow stocks and hope they learn how to run Fast Our process systematically replaces Slow stocks with Fast ones
3 Process How effective has Relative Strength been over time? Dr. Ken French is a well-known finance professor at the Tuck School at Dartmouth. He s also known for his long-time association with Eugene Fama at the University of Chicago. French maintains data from the Center for Research in Security Prices at the University of Chicago and analyzes the returns of various investment strategies, including relative strength. French has data on a simple relative strength model which consists of the top 10% of securities in the universe based on their trailing 11 month price momentum. The portfolio is systematically reconstructed each month. Conclusions from Dr. French s Price Momentum Model From 1927 to 2007 the overall market has had an average annual return of 12.01%. His Price Momentum Model has had an average annual return of 21.14%. French s model has 91% average annual turnover (versus average of 130% among mutual funds, according to Morningstar.) French s model outperformed the market in every single decade.
4 Process Conclusions from Dorsey Wright s 2005 published research Able to deliver basis points of annual excess performance over 14-year time period Anyone care to argue that the market is efficient? Monte Carlo simulations used to demonstrate the robust nature of relative strength
5 3-Year Milestone 3-Year Net Annualized Performance Aggressive 15.25% Core 12.61% S&P 500 TR 4.41% Aggressive (Net) Core (Net) Mar- 05 Jun- 05 Sep- 05 Dec- 05 Mar- 06 Jun- 06 Sep- 06 Dec- 06 Mar- 07 Jun- 07 Sep- 07 Dec- 07 Mar- 08 Jun Mar- 05 Jun- 05 Sep- 05 Dec- 05 Mar- 06 Jun- 06 Sep- 06 Dec- 06 Mar- 07 Jun- 07 Sep- 07 Dec- 07 Mar- 08 Jun- 08 RS Aggressive S&P 500 RS Core S&P 500
6 Construction Process Sector Model Sector Model determines the ideal weight of 10 Macro Sectors and 65 Industry Groups Review Rigorous qualitative review of suggested model changes Portfolio Construction stocks are selected for the portfolio Stock Model Universe screened for sufficient liquidity and ranked by relative strength model Sell Discipline Disciplined exit criteria based on Relative Strength Rankings
7 Hypothetical Historical Performance: Aggressive Past performance is no guarantee of future results. Returns are hypothetical through 3/31/05. Actual accounts were opened and have been invested using the model since second quarter Please see important disclosures in Appendix A.
8 Hypothetical Historical Performance: Core Past performance is no guarantee of future results. Returns are hypothetical through 3/31/05. Actual accounts were opened and have been invested using the model since second quarter Please see important disclosures in Appendix A.
9 Hypothetical Historical Performance: Socially Responsible Past performance is no guarantee of future results. Returns are hypothetical through 3/31/07. Actual accounts were opened and have been invested using the model since second quarter Please see important disclosures in Appendix B.
10 Adaptation What can the peppered moth teach us about portfolio management? It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change. --Charles Darwin
11 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Relative Strength Adaptation Basic Materials Allocation (SRS Aggressive) Current S&P 500 Materials Weight Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08
12 30% 25% 20% 15% 10% 5% 0% Relative Strength Adaptation Financials Allocation (SRS Aggressive) Current S&P 500 Financials Weight Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08
13 When is RS in or out of favor? Relative Strength Spread RS strategies go through periods of outperformance & underperformance RS performs best when there is stable & defined leadership RS is trend following so it will underperform during major market changes Underperformance is often shorter than many other strategies
14 Advantages Robust stock selection methodology Objective model inputs no forecasting Portfolio adapts to changing market conditions Tax efficient turnover Systematic approach takes emotion out of the equation
15 Advantages
16 Availability at Smith Barney CES Platform Systematic RS Core IMS Platform Systematic RS Aggressive Systematic RS Balanced Systematic RS Socially Responsible Systematic RS Int l For questions about opening an account, please contact Andy Hyer: Phone: andyh@dorseywright.com
17 Disclosures: Appendix A Historical Performance Of the Dorsey, Wright Systematic Relative Strength Strategies The hypothetical performance charts compare the returns of the Dorsey, Wright Systematic Relative Strength Aggressive and Core strategies with the returns of S&P 500 total return index. The beginning of the test period is December 29, 1995 and is assigned an arbitrary value of on that date. The volatility of the Models and of actual Accounts may be different than the volatility of the S&P 500 index. For the Systematic Relative Strength Aggressive and Core Models the performance is that of a hypothetical portfolio managed in accordance with the dictates of their respective strategies for the historical periods indicated and the actual performance of actual Accounts since their inception. The hypothetical returns have been developed and tested by the Manager, but have not been verified by any third party and are unaudited. The performance information is based on data supplied by the Manager or from statistical services, reports, or other sources which the Manager believes are reliable. The performance of the Models, prior to the inception of actual accounts, was achieved by means of retroactive application of a model designed with hindsight. For the hypothetical portfolios, returns do not represent actual trading or reflect the impact that material economic and market factors might have had on the Manager s decision-making under actual circumstances. Actual performance of each of the account styles may differ from the performance of the hypothetical portfolio for the following reasons: the Account may not be fully invested at all times; not all stocks in the Account may be weighted equally at all times due to appreciation or depreciation in a stock s value; or in managing the Accounts, Dorsey, Wright & Associates may make limited modifications to the Strategy as necessary to comply with federal tax laws. The returns of the Models do not include dividends. The net performance of the hypothetical portfolios include deduction of a 3% annual fee from the Aggressive and Core portfolios. Dorsey, Wright s advisory fees are described in Part II of the adviser s Form ADV. All returns since inception of actual Accounts do reflect reinvestment of dividends and other earnings. Returns of actual Accounts, since inception, are a composite of all Accounts of that style that were managed for the full quarter. All returns since inception of actual Accounts are compared against the S&P 500 total return index or the EAFE total return index. Past performance, hypothetical or actual, does not guarantee future results. In all securities trading, there is a potential for loss as well as profit. It should not be assumed that recommendations made in the future will be profitable or will equal the performance as shown. Investors should have long-term financial objectives when working with Dorsey, Wright & Associates.
18 Disclosures: Appendix B Historical Performance Of the Dorsey, Wright Systematic Relative Strength Strategies The hypothetical performance charts compare the returns of the Dorsey, Wright Systematic Relative Strength Socially Responsible Investing (SRI) Core strategy with the returns of S&P 500 total return index. The beginning of the test period is March 30, 2001 and is assigned an arbitrary value of on that date. The volatility of the Models and of actual Accounts may be different than the volatility of the S&P 500 index. For the Systematic Relative Strength SRI Core Model the performance is that of a hypothetical portfolio managed in accordance with the dictates of its strategy for the historical periods indicated and the actual performance of actual Accounts since their inception. The hypothetical returns have been developed and tested by the Manager, but have not been verified by any third party and are unaudited. The performance information is based on data supplied by the Manager or from statistical services, reports, or other sources which the Manager believes are reliable. The performance of the Models, prior to the inception of actual accounts, was achieved by means of retroactive application of a model designed with hindsight. For the hypothetical portfolios, returns do not represent actual trading or reflect the impact that material economic and market factors might have had on the Manager s decision-making under actual circumstances. Actual performance of each of the account styles may differ from the performance of the hypothetical portfolio for the following reasons: the Account may not be fully invested at all times; not all stocks in the Account may be weighted equally at all times due to appreciation or depreciation in a stock s value; or in managing the Accounts, Dorsey, Wright & Associates may make limited modifications to the Strategy as necessary to comply with federal tax laws. The returns of the Models do not include dividends. The net performance of the hypothetical portfolios include deduction of a 3% annual fee from the SRI Core portfolio. Dorsey, Wright s advisory fees are described in Part II of the adviser s Form ADV. All returns since inception of actual Accounts do reflect reinvestment of dividends and other earnings. Returns of actual Accounts, since inception, are a composite of all Accounts of that style that were managed for the full quarter. All returns since inception of actual Accounts are compared against the S&P 500 total return index. Past performance, hypothetical or actual, does not guarantee future results. In all securities trading, there is a potential for loss as well as profit. It should not be assumed that recommendations made in the future will be profitable or will equal the performance as shown. Investors should have long-term financial objectives when working with Dorsey, Wright & Associates.
19 Registered Investment Advisor 595 E. Colorado Blvd., Suite 518 Pasadena, CA (626)
Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services
Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust
More informationImplementing Point and Figure RS Signals
Dorsey Wright Money Management 790 E. Colorado Blvd, Suite 808 Pasadena, CA 91101 626-535-0630 John Lewis, CMT August, 2014 Implementing Point and Figure RS Signals Relative Strength, also known as Momentum,
More informationHIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015
HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS September 2015 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All
More informationAlternative Sector Rotation Strategy
Alternative Sector Rotation Strategy Alternative Sector Rotation Strategy INVESTMENT OBJECTIVE: Seeks long term growth of capital by investing in alternative asset classes as a way to compliment a traditional
More informationAssessing the Risks of a Yield-Tilted Equity Portfolio
Engineered Portfolio Solutions RESEARCH BRIEF Summer 2011 Update 2014: This Parametric study from 2011 is intended to illustrate common risks and characteristics associated with dividendtilted equity portfolios,
More informationRules-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 informationFive strategies for dealing with difficult markets
When markets are volatile, it s natural to be worried about the impact on your portfolio. And when you re worried, you want to take action. Five strategies for dealing with difficult markets However, it
More informationSEI Aggressive Global Equity Portfolio
SEI Aggressive Global Equity Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet
More informationMawer Canadian Bond Fund. Interim Management Report of Fund Performance
Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationActive indexing: Being passive-aggressive with ETFs
Active indexing: Being passive-aggressive with ETFs Jim Rowley, CFA Senior Investment Analyst Vanguard Investment Strategy Group FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION. Agenda Evolution
More informationThe Coming Volatility
The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April
More informationFrom liability to volatility driven investing
Asset Management White Paper November 2015 From liability to volatility driven investing A practical way to improve LDI outcomes for pension plans. by Neil Olympio, CFA, FIA, CMT As more and more corporate
More informationJeffrey R. Thompson Senior Vice President Investment Committee W.E. Donoghue & Co., Inc.
From the Desk of: Jeffrey R. Thompson Senior Vice President Investment Committee W.E. Donoghue & Co., Inc. October 31, 2011 High Yield Investing in a Low Yield World The purpose of this research report
More informationActive U.S. Equity Management THE T. ROWE PRICE APPROACH
PRICE PERSPECTIVE October 2015 Active U.S. Equity Management THE T. ROWE PRICE APPROACH In-depth analysis and insights to inform your decision-making. EXECUTIVE SUMMARY T. Rowe Price believes that skilled
More informationAre Bonds Going to Outperform Stocks Over the Long Run? Not Likely.
July 2009 Page 1 Are Bonds Going to Outperform Stocks Over the Long Run? Not Likely. Given the poor performance of stocks over the past year and the past decade, there has been ample discussion about the
More informationAre you protected against market risk?
Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the
More informationVolatility: Implications for Value and Glamour Stocks
Volatility: Implications for Value and Glamour Stocks November 2011 Abstract 11988 El Camino Real Suite 500 P.O. Box 919048 San Diego, CA 92191-9048 858.755.0239 800.237.7119 Fax 858.755.0916 www.brandes.com/institute
More informationFREQUENTLY ASKED QUESTIONS March 2015
FREQUENTLY ASKED QUESTIONS March 2015 Table of Contents I. Offering a Hedge Fund Strategy in a Mutual Fund Structure... 3 II. Fundamental Research... 4 III. Portfolio Construction... 6 IV. Fund Expenses
More informationAurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies
Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies Executive Summary 21 January 2014 The Aurora Dividend Income Trust (Managed Fund) is an efficient and low risk
More informationINTRODUCTION TO BETASHARES YIELD MAXIMISER FUNDS ASX CODE: YMAX (Australian Equities) & UMAX (US Equities)
ASX CODE: YMAX (Australian Equities) & UMAX (US Equities) www.betashares.com.au One of the more enduring investment themes in recent times has been the desire for income combined with less volatility.
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationINTERNATIONAL SMALL CAP STOCK INVESTING
INTERNATIONAL SMALL CAP STOCK INVESTING J U N E 3 0, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.
More informationA Guide to the Insider Buying Investment Strategy
Mar-03 Aug-03 Jan-04 Jun-04 Nov-04 Apr-05 Sep-05 Feb-06 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06
More informationA STUDY ON EQUITY SHARE PRICE MOVEMENT OF SUN PHARMACEUTICALS INDUSTRIES LIMITED
International Research Journal of Engineering and Technology (IRJET) e-issn: 3-006 Volume: 0 Issue: 06 Sep-0 www.irjet.net p-issn: 3-00 A STUDY ON EQUITY SHARE PRICE MOVEMENT OF SUN PHARMACEUTICALS INDUSTRIES
More informationNavellier Tactical U.S. Equity Sector Plus
Navellier Tactical U.S. Equity Sector Plus B-063014/NCD-14-846 www.navellier.com Tactical Series 1 U.S. Equity Sector Plus Navellier Tactical U.S. Equity Sector Plus Model a hypothetical example Hypothetical
More informationBalanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS
SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before
More informationHigh Dividend Yield Strategy under the Microscope
High Dividend Yield Strategy under the Microscope Today s ultra-low interest rates have propelled investors into a frantic quest for higher income. In response, high dividend yield stocks have become the
More informationNew Horizons Fund PRNHX. T. Rowe Price SUMMARY PROSPECTUS
SUMMARY PROSPECTUS PRNHX May 1, 2015 T. Rowe Price New Horizons Fund An aggressive stock fund seeking long-term capital growth primarily through investments in small, rapidly growing companies. Before
More informationSEI Income Portfolio. Investment Policy Statement
SEI Income Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet your long-term investment
More informationStructured Investing Risk Assessment Questionnaire
Structured Investing Risk Assessment Questionnaire Purpose, Assumptions and Limitations This Structured Investing Risk Assessment Questionnaire is designed to help your Financial Advisor decide how to
More informationRisks Involved with Systematic Investment Strategies
Risks Involved with Systematic Investment Strategies SIMC Lectures in Entrepreneurial Leadership, ETH Zurich, D-MTEC, February 5, 2008 Dr. Gabriel Dondi (dondi@swissquant.ch) This work is subject to copyright.
More informationETF Options Strategies: Keeping Your Options Open
Paul Baiocchi, Moderator ETF Analyst, IndexUniverse ETF Options Strategies: Keeping Your Options Open Chintan Kotecha, Panelist Equity-Linked Analyst, US Equity Derivatives Bank of America Merrill Lynch
More informationSemi-Annual Management Report of Fund Performance
Semi-Annual Management Report of Fund Performance BMO Private Canadian Short-Term Bond Portfolio (formerly, BMO Harris Canadian Short-Term Bond Portfolio) For the period ended June 30, 2015 This semi-annual
More informationRules-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 informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationStructured Investing Risk Assessment Questionnaire
Structured Investing Risk Assessment Questionnaire Advisor Name Client Name Date Contact info 1 Purpose, Assumptions This Structured Investing Depending on global economic conditions and the makeup and
More informationFinancial Regulation and Consequences on America's Retirement Savings
Financial Regulation and Consequences on America's Retirement Savings The Defined Contribution Institutional Investment Association (DCIIA) 1 commends the initiative taken by Congress to secure America's
More informationMcKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment
March 25, 2014 McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment This paper analyzes the historic performance of the McKinley Capital Management, LLC
More informationDefinitions of Earnings Quality Factors
Definitions of Earnings Quality Factors 1. Total Accruals to Total Assets: A company s reported earnings are made up of cash received and changes to accrual accounts and thus a company s earnings will
More information8 Threats. to PortfolioPerformance. Threat 2: Many Active Mutual Fund Managers Have Failed to Beat the Market
8 Threats to PortfolioPerformance The last decade has been a challenge for many investors, especially those investing for the long-term and retirement. Given declines in global stock markets, many investors
More informationSchwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.
Annual report dated October 31, 2015, enclosed. Schwab Target Funds Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target
More informationThe Impact of Interest Rates on Real Estate Securities
The Impact of Interest Rates on Real Estate Securities The challenge for real estate securities investors is determining how monetary policy and interest rates affect prices and returns. Highlights Not
More informationT. Rowe Price International Stock Portfolio
T. Rowe Price International Stock Portfolio Supplement to Summary Prospectus Dated May 1, 2014 The portfolio manager table under Management is supplemented as follows: Effective April 1, 2015, Richard
More informationThe Fundamentals of Asset Class Investing
The Fundamentals of Asset Class Investing The first goal of any financial plan should be to avoid outliving your money. FPO IMAGE NEED FINAL SELECTION 1 Investing is About You We are living longer. No
More informationAnnual Treasury And Investment Portfolio Update for 2015
Item No.: 7d_Supp Meeting Date: March 8, 2016 Annual Treasury And Investment Portfolio Update for 2015 Commission Briefing Presented by Diane Campbell March 8, 2016 Treasury Management Update Background
More informationFREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield
More informationS&P 500 Low Volatility Index
S&P 500 Low Volatility Index Craig J. Lazzara, CFA S&P Indices December 2011 For Financial Professional/Not for Public Distribution There s nothing passive about how you invest. PROPRIETARY. Permission
More informationNavigating Rising Rates with Active, Multi-Sector Fixed Income Management
Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest
More informationSAMPLE. Smith family. An investment proposal for. Prepared by Bill Smith December 02, 2013
An investment proposal for Smith family Prepared by Bill Smith December 02, 2013 Contents Smith family Executive summary Recommended investments Recommended income solution Portfolio illustration Symmetry
More informationCase 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
More informationAn Economic Perspective on Dividends
2016 An Economic Perspective on Dividends Table of Contents Corporate Outlook... 1 2 Market Environment... 3 4 Payout Ratio... 5 Long-term View... 6 8 Global View... 9 12 Active Management... 13 Risk Considerations
More informationIndexed ETFs vs. Indexed Separately Managed Accounts: A User s Guide
Indexed ETFs vs. Indexed Separately Managed Accounts: A User s Guide Authors Patrick Geddes, Chief Executive Officer Robert Tymoczko, Head of Portfolio Trading & Analytics Exchange traded funds (ETFs)
More informationVanguard Variable Insurance Fund Small Company Growth Portfolio Summary Prospectus
Vanguard Variable Insurance Fund Small Company Growth Portfolio Summary Prospectus April 30, 2015 The Fund s statutory Prospectus and Statement of Additional Information dated April 30, 2015, as may be
More informationCMG Managed High Yield Bond Program. 2015 CMG Capital Management Group, Inc.
CMG Managed High Yield Bond Program About CMG CMG is a Registered Investment Advisor located in King of Prussia, Pennsylvania founded in 1992 by Stephen Blumenthal. Since our inception, CMG has embraced
More informationCENTERPOINT ENERGY TEXARKANA SERVICE AREA GAS SUPPLY RATE (GSR) JULY 2015. Small Commercial Service (SCS-1) GSR
JULY 2015 Area (RS-1) GSR GSR (LCS-1) Texarkana Incorporated July-15 $0.50690/Ccf $0.45450/Ccf $0.00000/Ccf $2.85090/MMBtu $17.52070/MMBtu Texarkana Unincorporated July-15 $0.56370/Ccf $0.26110/Ccf $1.66900/Ccf
More informationThe Case for Active Management in the Large Cap Growth Equity Universe
The Case for Active Management in the Large Cap Growth Equity Universe Pioneer US Concentrated Growth Strategy This case for active management examines risk-adjusted returns among large cap growth managers
More informationCatalyst Macro Strategy Fund
Catalyst Macro Strategy Fund MCXAX, MCXCX & MCXIX 2015 Q2 About Catalyst Funds Intelligent Alternatives We strive to provide innovative strategies to support financial advisors and their clients in meeting
More informationSELECT 40 LARGE-CAP STOCK LOW-VOLATILITY LOW-BETA INVESTMENT STRATEGY
Introduction Boston Harbor s mission is to preserve and grow our clients capital. We achieve our mission by creating investment strategies that meet the goals of preservation of capital, total return,
More informationMadison Investment Advisors LLC
Madison Investment Advisors LLC Intermediate Fixed Income SELECT ROSTER Firm Information: Location: Year Founded: Total Employees: Assets ($mil): Accounts: Key Personnel: Matt Hayner, CFA Vice President
More informationVanguard Target Retirement Funds
Vanguard Target Retirement Funds Supplement to the Prospectus Dated January 27, 2014 Prospectus Text Changes The Average Annual Total Returns table for Vanguard Target Retirement Income Fund is replaced
More informationDISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501. Main: 888-310-7921 Fax: 866-468-6268
DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 4211 S 102nd Street Omaha, NE 68127 Main: 888-310-7921 Fax: 866-468-6268 WWW.TDAMERITRADE.COM October
More informationPursuing a Better Investment Experience
Pursuing a Better Investment Experience Last updated: March 2015 1. Embrace Market Pricing World Equity Trading in 2014 Daily Average Number of Trades 60 million Dollar Volume $302 billion The market is
More informationAH&T FIDUCIARY INVESTMENT REVIEW. December 31, 2011
AH&T FIDUCIARY INVESTMENT REVIEW December 3, 2 FIDUCIARY INVESTMENT REVIEW AH&T presented by: Jim Maulfair Financial Services Director Armfield, Harrison & Thomas, Inc. 2 S. King St. Leesburg, VA 275 Phone:
More informationChapter 1 The Investment Setting
Chapter 1 he Investment Setting rue/false Questions F 1. In an efficient and informed capital market environment, those investments with the greatest return tend to have the greatest risk. Answer: rue
More informationSector Rotation Strategies
EQUITY INDEXES Sector Rotation Strategies APRIL 16, 2014 Financial Research & Product Development CME Group E-mini S&P Select Sector Stock Index futures (Select Sector futures) provide investors with a
More informationINVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER. by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers
TM INVESTING IN HUMAN PROGRESS WHY DIVIDENDS MATTER by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers I N V E S T M E N T R E S E A R C H S E R I E S I N T R O D U C T I O N Investors seem to
More informationDavis New York Venture Fund
Davis New York Venture Fund Price Is What You Pay, Value Is What You Get Over 40 Years of Reliable Investing Price Is What You Pay, Value Is What You Get Over 60 years investing in the equity markets has
More informationAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
What Matters More When Investing: A Good Company or Good Price? What to Expect When P/E Multiples Compress By John Alberg and Michael Seckler December 3, 2013 Advisor Perspectives welcomes guest contributions.
More informationINSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds
14\GBS\22\25062C.docx INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds By Adam Marks, Area Vice President and Jamia Canlas, Senior Analyst By looking
More information(YELLOW) investors understand that their principal will be at medium risk. (BLUE) investors understand that their principal will be at low risk
NFO Opens: 10 th March 2015 NFO Closes: 24 th March 2015 Scheme Re-Opens: On or before 10 th April 2015 This product is suitable for investors who are seeking*: Income and capital appreciation Dynamic
More informationTarget Retirement Funds
Prospectus March 1, 2015 Target Retirement Funds Institutional Class Administrative Class Investor Class Harbor Target Retirement Income Fund HARAX HARBX HARCX Harbor Target Retirement 2015 Fund HARGX
More informationEmini Education - Managing Volatility in Equity Portfolios
PH&N Trustee Education Seminar 2012 Managing Volatility in Equity Portfolios Why Equities? Equities Offer: Participation in global economic growth Superior historical long-term returns compared to other
More informationLow-Volatility Investing for Retirement
Low-Volatility Investing for Retirement MODERATOR Robert Laura President SYNERGOS Financial Group PANELISTS Frank Barbera Executive VP & Co-Portfolio Manager Company Paul Frank Lead Portfolio Manager Stadion
More informationTake a look at Horace Mann's Annuity Alternatives variable annuity program
Take a look at Horace Mann's Annuity Alternatives variable annuity program An annuity offers some significant features and guarantees. As life expectancies increase, a key retirement concern is outliving
More information5Strategic. decisions for a sound investment policy
5Strategic decisions for a sound investment policy 1 An investment policy sets your course for the long term. Managers of billion-dollar pension and endowment funds know it s nearly impossible to beat
More informationAFMAXX 457(b) Group Variable Annuity - American Fidelity Separate Account C * May 31, 2016 Monthly Performance
May 3, 206 Monthly Performance Annuities can provide an effective and systematic method of saving for retirement. Variable annuities offer growth potential which can help build wealth by keeping up with
More informationEnhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017
From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days
More informationETF providers panel: A discussion of advisor experiences
In association with ETF providers panel: A discussion of advisor experiences Moderator: Jonathan Morgan, ASX Panelists: Mark Oliver, BlackRock Amanda Skelly, SSgA Peter Harper, Betashares Paul Chin, Vanguard
More informationProspectus Socially Responsible Funds
Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund
More informationFUND FACTS A GUIDE TO UNDERSTANDING YOUR MUTUAL FUND INVESTMENT
THE FACTS EXPLAINED The fund facts document is a clear, plain language document that contains key information about the mutual fund you re thinking about purchasing. In no more than two double-sided pages,
More informationNavigator International Equity/ADR
CCM-16-06-637 As of 6/30/2016 Navigator International Navigate Global Equities with a Disciplined, Research-Backed Approach to Security Selection With heightened volatility and increased correlations across
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30, 2015 Sun Life Templeton Global Bond Fund Sun Life Templeton Global Bond Fund This
More informationSOLIDIFY YOUR ALTERNATIVE INVESTMENT
SOLIDIFY YOUR ALTERNATIVE INVESTMENT Investment diversification / ease of use / groundbreaking solutions 2/7 DYNATRADE Management Helping investors understand and participate in forex trading and investing.
More informationWEEKLY ASSET ALLOCATION REPORT
WEEKLY ASSET ALLOCATION REPORT January 11, 2016 Stanley Yeung Quantitative Research Analyst Stanley.yeung@TrimTabs.com +1 (415) 324-5873 CONTENTS TACTICAL ASSET ALLOCATION 3 TRIMTABS ASSET ALLOCATION PORTFOLIOS
More informationSUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016
SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 Calvert VP Natural Resources Portfolio Summary Prospectus
More informationTAX-MANAGED SMAS: BETTER THAN ETFS?
September 2015 Rey Santodomingo, CFA Director of Investment Strategy Tax Managed Equities Tim Atwill, Ph.D., CFA Head of Investment Strategy TAX-MANAGED SMAS: BETTER THAN ETFS? Exchange traded funds, or
More informationMonthly Report for Last Atlantis Partners LLC Share Classes November, 2008
Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed
More informationModernizing Portfolio Theory & The Liquid Endowment UMA
Modernizing Portfolio Theory & The Liquid Endowment UMA Michael Featherman, CFA Director of Portfolio Strategies November 2012 Modern Portfolio Theory Definition and Key Concept Modern Portfolio Theory
More informationPRIMECAP ODYSSEY FUNDS SUPPLEMENT DATED JANUARY 13, 2014 TO THE PROSPECTUS DATED FEBRUARY 28, 2013
PRIMECAP ODYSSEY FUNDS SUPPLEMENT DATED JANUARY 13, 2014 TO THE PROSPECTUS DATED FEBRUARY 28, 2013 This supplement provides new and additional information that affects information contained in the Prospectus
More informationTrader's Guide to Building An Effective Trading Strategy
FIA Futures & Options Expo 05 Trader's Guide to Building An Effective Trading Strategy November 10, 2005 Chicago, IL Prepared and Presented by Daniel Gramza 1 Materials in this presentation are covered
More informationRetirement Funding Advisors, Inc. 8031 M-15 Clarkston, MI 48348 248-620-8035
Firm Brochure (Form ADV Part 2A) Retirement Funding Advisors, Inc. 8031 M-15 Clarkston, MI 48348 248-620-8035 May 31, 2011 This brochure provides information about the qualifications and business practices
More informationThe Value of a Home. RCIO Monthly Market Advisor
The following information and opinions are provided courtesy of Wells Fargo Bank N.A RCIO Monthly Market Advisor The Value of a Home JULY 16, 2015 Regional Chief Investment Officers Sean McCarthy, CFA,
More informationHow To Invest In Stocks With Options
Applied Options Strategies for Portfolio Managers Gary Trennepohl Oklahoma State University Jim Bittman The Options Institute Session Outline Typical Fund Objectives Strategies for special situations Six
More informationS T H EIG E H H SCALING THE HEIGHTS I WITH EXCHANGE TRADED FUNDS T G LIN A SC
PROFESSIONALLY MANAGED INVESTMENT SOLUTIONS THROUGH EXCHANGE TRADED FUNDS SCALING THE HEIGHTS SCALING THE HEIGHTS I WITH EXCHANGE TRADED FUNDS AN ETF-BASED DISCIPLINED PROCESS TO HELP YOU ACHIEVE YOUR
More informationDWS Global Small Cap Growth Fund Strategy presentation. Investment products: No bank guarantee I Not FDIC insured I May lose value
DWS Global Small Cap Growth Fund Strategy presentation Investment products: No bank guarantee I Not FDIC insured I May lose value Agenda Why global small cap growth Investment philosophy and process Performance
More informationSmartRetirement Mutual Fund Commentary
SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed
More informationJ.H. ELLWOOD & ASSOCIATES, INC. 33 West Monroe, Suite 1850 Chicago, IL 60603 (312) 782-5432 www.ellwoodassociates.com.
J.H. ELLWOOD & ASSOCIATES, INC. 33 West Monroe, Suite 1850 Chicago, IL 60603 (312) 782-5432 www.ellwoodassociates.com March 31, 2015 This brochure provides information about the qualifications and business
More information