INVESTMENT CONFERENCE

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "INVESTMENT CONFERENCE"

Transcription

1 INVESTMENT CONFERENCE Knowing where to look Guy de Blonay Fund Management Director 16 September 2015 ON THE PLANET TO PERFORM

2 1 Our approach in brief Objective Long-term capital growth principally through investment in global financials equities Investment approach Combination of top-down / bottom-up stock analysis Sub-sector fundamental themes through investments in companies with prices that do not reflect longer-term trends Opportunistic and effective with capital by dynamically allocating it across geographies sub-sectors, growth, yield and special situations categories Manager s goal Generate returns in any market conditions All of our ideas start with a view that a significant country, industry or company change, not yet being fully recognised by the market, is imminent or in progress

3 2 Structural trends Companies need to maximise efficiencies to compete successfully Ageing populations in developed markets Wealth management, retirement income Young populations in Emerging Markets Credit cards, insurance, retail property New technology Distribution efficiencies Internet / mobile transactions Scaleable platforms Operational leverage Data Can improve credit and insurance underwriting

4 3 Important and diverse sector 2,800 companies with a market cap of US$500m or greater Low correlation between sub-sectors: The financial sector is an important part of global markets Regional banks Investment banks Index Financial services as % of index Thrifts and mortgage banks Brokers dealers Asset managers Life insurance Non-life insurance (including reinsurance) Speciality finance (credit cards, leasing, financial guarantors and banking software) Exchange Property Transaction management systems S&P 500 (US) 16.7 CAC 40 (France)* 18.1 DAX (Germany) 18.0 FTSE 100 (UK) 23.0 Topix 100 (Japan) 18.4 S&P/TSX Comp (Canada) 35.7 S&P/ASX 200 (Australia) 47.0 MSCI World 20.9 Historical example for illustrative purposes only. Source: Bloomberg, *Source: FactSet,

5 4 MSCI World Financials price vs. MSCI World Financials book value 300 MSCI World Financials price MSCI World Financials book value Jan-96 Nov-97 Aug-99 May-01 Mar-03 Dec-04 Sep-06 Jun-08 Apr-10 Jan-12 Oct-13 Jul-15 Source: Bloomberg, Indexed at 100 on

6 5 Portfolio construction: the reference ⅓ Yield Typical selection criteria of underlying stocks: Dividend yield >5% Payout ratio >50% Core Tier One Basel III >12% Price to Earnings <14x Price to Tangible book value <2x Return on Equity >13% ⅓ Growth Emerging Markets Structural growth ⅓ Special Situations or restructuring stories: New management New strategy, targets Sale non-core asset Cost cutting Return on Equity Payout ratio Focus: profitability vs. revenue growth Not fund restrictions, represents fund manager style.

7 CHF GBP KNOWING WHERE TO LOOK 6 Stock examples Barclays Strategy, value creation and performance culture Capital and dividends Non-core run down and stranded costs Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Banque Cantonale Vaudoise (BCV) Solid dividend policy CT1 ratio >17% Defensive qualities 420 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Any stock examples are used for illustrative purposes only and should not be viewed as investment advice. Source: Bloomberg,

8 GBP USD KNOWING WHERE TO LOOK 7 Stock examples Visa Inc Global leader in payments VISA EUROPE potential China Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Prudential Asia Rising per capita wealth 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 RoE > 20% 1,000 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Any stock examples are used for illustrative purposes only and should not be viewed as investment advice. Source: Bloomberg,

9 8 Trend long and avoid Years Trend Long Avoiding 2002 De-leveraging, re-pricing of risk, volatility Money brokers, Lloyds of London, European property US market sensitive stocks, asset managers, investment banks 2003 Market consolidation, low interest rates, high liquidity Investment banks, asset managers, Irish and UK property Insurance, online brokers, insurance brokers 2004 Stronger equity markets, surge property valuation outside G7, low interest rates Investment banks, private banking, Eastern European property US insurance, US asset managers, UK domestic banks 2005 Market sentiment positive, M&A activity increasing, low inflation Asset managers, Emerging Markets, Japanese brokers UK domestic banks, insurance brokers, large cap US regional banks 2006 Market sentiment positive, M&A activity, liquidity Investment banks, asset managers, Emerging Markets Canadian regional banks, US regional banks, insurance brokerage 2007 Global growth, re-pricing of risk, low inflation Diversified financials, asset managers, Emerging Markets US Investment banks, Spanish domestic, UK banks 2008 De-leveraging, re-pricing of risk, volatility Reinsurance, Lloyds of London, Swiss regional banks Investment banks, Spanish domestic, UK banks Not fund restrictions, represents fund manager style. Historical example for illustrative purposes only.

10 9 Trend long and avoid (Cont.) Years Trend Long Avoiding 2009 De-leveraging, dilution risk, asset quality Reinsurance, Lloyds of London, Swiss regional banks US regional banks, Spanish domestic, Japanese banks 2010 Low interest rates, liquidity, re-leveraging Asia, Global banks, Norway Portugal, Spanish domestic, Greece 2011 Low interest rates, re-leveraging, M&A activity Credit cards, private equity, asset managers India banks, Greek banks, Spanish domestic 2012 Low interest rates, LTRO/OMT/QE, credit growth Credit cards, asset managers, Emerging Markets Spanish domestic, Irish banks, online brokers 2013 LTRO/OMT/QE, US housing, credit growth Emerging markets, global payments, global banks Australian banks, online brokers, Spanish domestic 2014 QE Japan, China stimulus, record low global interest rates, credit growth Global payments, global banks, Japan Australia banks, Canadian banks, Spanish domestic 2015 QE EU, China stimulus, record low global interest rates, credit growth European banks, Japan banks, global payments Australia banks, Canadian banks, Emerging Markets Not fund restrictions, represents fund manager style. Historical example for illustrative purposes only.

11 10 Current thematic exposure summary Jupiter Financial Opportunities Fund Developed Markets banks capital structure now recovered Developed Markets corporate governance and commitment to shareholders dramatically improving Stability and dividend growth in Insurance sector Digitalisation of payments Under-penetrated Emerging Markets

12 11 Theme example US Consumer Finance should benefit from cheaper oil Plunging oil prices Soaring dollar.6.5 U.S Ṡ&P Consumer Finance / S&P 500 [lhs] Unemployment claims* [Inv, rhs] Th Improving labour market Improving total income growth Credit card default rate low Consumer borrowing pick-up Ann chg % 6 3 U.S Ṙeal Wages & Salaries [lhs] WTI Crude Oil Price [Inv, rhs] Ann chg % Source: BCA Research, January *Smoothed.

13 12 Theme example (2) Mobile payments look poised to explode Forecast: US mobile in-store payment volume Mobile payments look poised to explode this year thanks to mainstream adoption of Apple Pay and similar apps Explosive mobile payments growth Apple Pay showing early signs of success CurrentC could have some success Android mobile markets benefitting from Apple Pay Source: BI Intelligence, January 2015.

14 13 Investing in global equities in 2015 and beyond Your investment partner Jupiter: proven expertise in global equity investing Financials: a relevant and diverse sector within global equities Valuation opportunities exist within the global financials Economic recovery should be supportive of strong financial names

15 14 Disclosure This presentation is intended for investment professionals and not for the benefit of retail investors. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. Past performance is no guide to the future. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not guaranteed and may change in the future. Awards and Ratings should not be taken as a recommendation. Jupiter Financial Opportunities: The fund invests in a specific market sector, so may be subject to greater volatility risk over short periods of time. This fund invests mainly in shares and it is likely to experience fluctuations in price which are larger than funds that invest only in bonds and/or cash. The Key Investor Information Document, Supplementary Information Document and Scheme Particulars are available from Jupiter on request. This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. Industry Classification Benchmark ( ICB ) is a product of FTSE International Limited ( FTSE ) and all intellectual property rights in and to ICB vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. FTSE is a trade mark owned by the London Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any loss or damage arising out of any error or omission in ICB. This document contains information based on the MSCI World Financials Index and MSCI World Index. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI s express written consent. For your security we may record or randomly monitor all telephone calls. Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both authorised and regulated by the Financial Conduct Authority and their registered address is 1 Grosvenor Place, London SW1X 7JJ. No part of this presentation may be reproduced in any manner without the prior permission of JAM or JUTM _54215_UT_FINANCIAL_OPPS_JIC_GB_0915 ON THE PLANET TO PERFORM

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

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

More information

Bond markets vote for global recovery

Bond markets vote for global recovery Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

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

Justifying the investment budget

Justifying the investment budget Justifying the investment budget Professional Pensions DC Conference, 12 April 2016 Tim Horne DC Investment Solutions Manager, Schroders For professional investors only. This material is not suitable for

More information

Crude Oil Price Decline. January 2015

Crude Oil Price Decline. January 2015 Price Decline January 2015 Crude Oil Prices in the U.S. West Texas Intermediate Crude Oil Spot Price - 2014 $120 $110 $100 The price of WTI fell 49% in the second half of 2014 $90 $80 $70 $60 $50 $40 Dec-14

More information

Total Effect: The total effect represents the opportunity cost of an investment manager's investment decisions relative to the overall benchmark.

Total Effect: The total effect represents the opportunity cost of an investment manager's investment decisions relative to the overall benchmark. vs. //0 to //0 GICS Sector Weight Return To Return Weight Return To Return Effect Effect Effect Total 00.00-0.9-0.9 00.00 0.7 0.7 -.0-0.8 -.8 Consumer Discretionary.. 0.8..7 0. 0.7 0.0 0. Financials 7.7.0

More information

Factsheet Phoenix Autocallable Notes April 2012

Factsheet Phoenix Autocallable Notes April 2012 This information is intended for investment professionals only and should not be provided to or relied upon by retail investors in any circumstances. Investment Guide for Income Builder December 2011 www.gilliat.co.uk

More information

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly

More information

S&P 500 Composite (Adjusted for Inflation)

S&P 500 Composite (Adjusted for Inflation) 12/31/1820 03/31/1824 06/30/1827 09/30/1830 12/31/1833 03/31/1837 06/30/1840 09/30/1843 12/31/1846 03/31/1850 06/30/1853 09/30/1856 12/31/1859 03/31/1863 06/30/1866 09/30/1869 12/31/1872 03/31/1876 06/30/1879

More information

Deutsche Bank 2014 Global Financial Services Investor Conference

Deutsche Bank 2014 Global Financial Services Investor Conference Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset

More information

ETF providers panel: A discussion of advisor experiences

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

More information

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research What is your portfolio allocation? Do you have enough defensive assets? Key considerations Income, given

More information

What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012

What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012 What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012 Important Information This presentation represents the opinion of Jeremy

More information

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

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

More information

db x-trackers MSCI World Telecom Services Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World Telecom Services Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World Telecom Services Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to the db x-trackers MSCI World Telecom Services Index UCITS

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers MSCI World High Dividend Yield Index UCITS

More information

CURRENCY HEDGED INDEXES

CURRENCY HEDGED INDEXES INVESTOR INSIGHT CURRENCY HEDGED INDEXES Why Do They Matter? March 2015 CURRENCY HEDGED INDEXES Currency exposure has substantially impacted the performance and the volatility of global equity indexes

More information

ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF (ASX CODE: ZYUS)

ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF (ASX CODE: ZYUS) ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF (ASX CODE: ZYUS) DIVERSIFY WITH HIGH YIELDING U.S. EQUITIES 1 WHAT IS ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF? AT A GLANCE Benchmark S&P 500 Low Volatility

More information

Innovation in Sustainability Benchmarking in Commercial Real Estate

Innovation in Sustainability Benchmarking in Commercial Real Estate Innovation in Sustainability Benchmarking in Commercial Real Estate Dr Peter Hobbs, IPD Research Jess Stevens, IPD Product Management Smart, Connected and Green Maastricht University, March 25 th 2014

More information

INDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index.

INDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index. INDEX METHODOLOGY MSCI REIT PREFERRED INDEX METHODOLOGY Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index December 2014 DECEMBER 2014 CONTENTS 1 Introduction... 3 2 Defining

More information

The Scottish Investment Trust PLC. Annual General Meeting 29 January 2016

The Scottish Investment Trust PLC. Annual General Meeting 29 January 2016 Annual General Meeting 29 January 2016 SIT Share Price 12 Months to 31 October 2015 680 680 660 660 640 640 620 620 600 600 580 580 560 560 540 540 31 Oct 14 31 Jan 15 30 Apr 15 31 Jul 15 31 Oct 15 Source:

More information

Global Investing: The Importance of Currency Returns and Currency Hedging

Global Investing: The Importance of Currency Returns and Currency Hedging Global Investing: The Importance of Currency Returns and Currency Hedging There is a continuing trend for investors to reduce their home bias in equity allocation and increase the allocation to international

More information

Guggenheim Investments. European High-Yield and Bank Loan Market Overview

Guggenheim Investments. European High-Yield and Bank Loan Market Overview Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August

More information

Index Solutions A Matter of Weight

Index Solutions A Matter of Weight Index Solutions A Matter of Weight Newsletter No. 11 Our current newsletter is about weight, or more precisely the weighting of equities in an index. Non-market capitalization weighted indices are at present

More information

A Case for Dividend Investing

A Case for Dividend Investing A Case for Dividend Investing Many investors may be surprised to learn that dividends paid by companies have accounted for 45% of the total return for Australian equities over the last 10 years 1. Buying

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

Update on MSCI Equal Weighted Indices

Update on MSCI Equal Weighted Indices Introduction Update on MSCI Equal Weighted Indices Market capitalization weighted benchmarks are used for different purposes in the investment process, such as research, asset allocation, performance benchmarking,

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

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

More information

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU) ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors

More information

UPDATE ON CURRENT MACRO ENVIRONMENT

UPDATE ON CURRENT MACRO ENVIRONMENT 1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1

More information

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

The Coming Volatility

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

More information

The rise of SMSFs and Direct investing

The rise of SMSFs and Direct investing The rise of SMSFs and Direct investing Lonsec Equities Research William Keenan General Manager, Equities Research Important notice: This document is published by Lonsec Limited (ABN 56 061 751 102 AFSL

More information

J.P. Morgan Asset Management JPMorgan Japanese Investment Trust plc Annual General Meeting

J.P. Morgan Asset Management JPMorgan Japanese Investment Trust plc Annual General Meeting J.P. Morgan Asset Management JPMorgan Japanese Investment Trust plc December 2016 Nicholas Weindling, Portfolio Manager 66527850-be0a-11e6-b36c-005056960c63 Japan outlook Stable government Weaker Yen /

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

PROTECTING YOUR PORTFOLIO WITH BONDS

PROTECTING YOUR PORTFOLIO WITH BONDS Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during

More information

Analysts and Investors conference call Q1 2014 results 15 May 2014

Analysts and Investors conference call Q1 2014 results 15 May 2014 Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made

More information

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions

More information

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015

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

More information

SPDR S&P 500 Low Volatility UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

JPMorgan Income & Capital Trust plc Annual General Meeting. 2 July 2015

JPMorgan Income & Capital Trust plc Annual General Meeting. 2 July 2015 JPMorgan Income & Capital Trust plc Annual General Meeting 2 July 2015 Agenda JPMorgan Income & Capital Trust plc performance Portfolio positioning Outlook 1 Performance review Financial year to 28 February

More information

Construction and methodology. Russell Fundamental Index Series v2.0

Construction and methodology. Russell Fundamental Index Series v2.0 Construction and methodology Russell Fundamental Index Series v2.0 ftserussell.com May 2016 Contents Introduction... 3 Constructing the Russell Fundamental Index Series... 5 Eligible securities... 5 Steps

More information

A. M. Best Company & The Rating Process

A. M. Best Company & The Rating Process A. M. Best Company & The Rating Process Raymond J. Thomson, ARe, ARM Senior Financial Analyst, Property/Casualty Ratings Oldwick NJ Disclaimer AM Best Company (AMB) and/or its licensors and affiliates.

More information

Monthly Market Snapshot

Monthly Market Snapshot ly Market Snapshot JANUARY 2016 Key insights The New Year has begun with widespread volatility in global markets, with equities posting steep negative returns in January. The main factors driving the market

More information

MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX

MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX INDEX METHODOLOGY MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX September 2014 SEPTEMBER 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI China and USA Internet Top 50 Equal Weighted

More information

TD Mutual Funds Fund Profiles

TD Mutual Funds Fund Profiles TD Mutual Funds Fund Profiles Global Equity Funds TD Global Dividend Fund TD Global Value Fund TD Global Select Fund TD Global Multi-Cap Fund TD Global Sustainability Fund July 23, 2008 TD International

More information

WEEKLY ASSET ALLOCATION REPORT

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

More information

Economy, Capital Markets & Strategy

Economy, Capital Markets & Strategy Sébastien Mc Mahon, CFA Economist Member, Asset Mix Committee Economy, Capital Markets & Strategy 2014 National Business Conference October 2014 1 October 23, 2014 Disclaimer Opinions expressed in this

More information

MSCI Core Infrastructure Indexes Methodology

MSCI Core Infrastructure Indexes Methodology Index Methodology MSCI Core Infrastructure Indexes Methodology January 2015 msci.com Contents 1 Introduction... 3 2 Constructing MSCI Core Infrastructure Indexes... 3 2.1 Country and Constituent Selection...

More information

Your Complete Investment Solution taking care of you...

Your Complete Investment Solution taking care of you... investment funds Your Complete Investment Solution taking care of you... Introduction New Ireland is one of the leading providers of investment solutions within the Irish market today. We offer a range

More information

Analyzing Market Response Using the Barra US Equity Model. Jyh Huei Lee, Jose Menchero, Frank Vallario. msci.com

Analyzing Market Response Using the Barra US Equity Model. Jyh Huei Lee, Jose Menchero, Frank Vallario. msci.com US Market Report The on the US Equity Market Analyzing Market Response Using the Barra US Equity Model Jyh Huei Lee, Jose Menchero, Frank Vallario Introduction On May 1, 2013, the Federal Reserve announced

More information

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE HEADLINE GOES ANZ HERE ETFS PHYSICAL ONE LINE GOLD OR TWO ETF ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE THE EXCHANGE TRADED FUND THAT S AS GOOD AS GOLD 1 WHAT IS ANZ ETFS PHYSICAL GOLD ETF?

More information

Are you protected against market risk?

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

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

JUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619

JUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619 MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53465619 Assets attributable to: Common shares * 10548403 Ordinary shares 850838 Zero Dividend Preference shares 42066378 SHARES Net Asset Value Market Price

More information

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

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

More information

Missed Opportunities Amongst UK Small and Mid-Cap Stocks

Missed Opportunities Amongst UK Small and Mid-Cap Stocks Missed Opportunities Amongst UK Small and Mid-Cap Stocks June 2013 Paul Spencer Vice President, Fund Manager Franklin Templeton Fund Management Limited 1 The Numis Smaller Companies Index Formerly the

More information

Staying alive: Bond strategies for a normalising world

Staying alive: Bond strategies for a normalising world Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should

More information

db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus

db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus This Supplement contains information in relation to the db x-trackers MSCI World Telecom Services

More information

De-Risking Solutions: Low and Managed Volatility

De-Risking Solutions: Low and Managed Volatility De-Risking Solutions: Low and Managed Volatility NCPERS May 17, 2016 Richard Yasenchak, CFA Senior Vice President, Client Portfolio Manager, INTECH FOR INSTITUTIONAL INVESTOR USE C-0416-1610 12-30-16 AGENDA

More information

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD)

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD) ANZ ETFS PHYSICAL US DOLLAR ETF (ASX Code: ZUSD) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ

More information

Stock Market Indicators: Historical Monthly & Annual Returns

Stock Market Indicators: Historical Monthly & Annual Returns Stock Market Indicators: Historical Monthly & Annual Returns July 31, 1 Dr. Edward Yardeni 51-97-73 eyardeni@ Joe Abbott 7397-53 jabbott@ Please visit our sites at blog. thinking outside the box Table

More information

SVG Capital IMS Q3. 25 October 2013

SVG Capital IMS Q3. 25 October 2013 SVG Capital IMS Q3 25 October 2013 Highlights IMS Q3 Continued strong momentum; YTD + 27.1% NAV per share growth 2 NAV of 497.2p +3.5% in Q3 4.6% total return on the investment portfolio in Q3; total return

More information

Quarterly Financial Supplement - 1Q 2016

Quarterly Financial Supplement - 1Q 2016 Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

More information

CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010

CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010 CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS Dated 4 August 2010 This Simplified Prospectus contains key information in relation to Citi Global Interest Rates Index Fund (the Fund),

More information

SSgA SPDR ETFs EUROPE II PLC SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF

SSgA SPDR ETFs EUROPE II PLC SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF SSgA SPDR ETFs EUROPE II PLC SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF Supplement No. 18 12 February 2015 (A sub-fund of SSgA SPDR ETFs Europe II plc, an open-ended investment company constituted as an

More information

MONTHLY SCORECARD. Portfolio Advisory Group U.S. Equities December 3, 2015

MONTHLY SCORECARD. Portfolio Advisory Group U.S. Equities December 3, 2015 RBC Wealth Management MONTHLY SCORECARD Portfolio Advisory Group U.S. Equities December 3, 2015 Index Performance (Total Return % Change) Index Price 11/30/15 Month Three Months YTD Year Two Years Dow

More information

EQUITY INVESTMENT IN REAL ESTATE THROUGH LISTED REITS

EQUITY INVESTMENT IN REAL ESTATE THROUGH LISTED REITS Your Fund s Real Estate Investments: Approaches for Today s Market and a Better Tomorrow EQUITY INVESTMENT IN REAL ESTATE THROUGH LISTED REITS National Association of Real Estate Investment Trusts REITs:

More information

General Trading Companies

General Trading Companies Last upated: July 13, 2011 Rating Methodology by Sector General Trading Companies General trading companies operate in a broad array of industries, including metals, energy, machinery, food, chemicals,

More information

MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX

MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX INDEX METHODOLOGY MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX March 2014 MARCH 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Australia Select High Dividend Yield Index... 4 3 Maintaining

More information

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

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

More information

AUD/USD Exchange Rate Outlook

AUD/USD Exchange Rate Outlook AUD/USD Exchange Rate Outlook Richard Grace Chief Currency and Rates Strategist & Head of International Economics +(612) 9117 0080 richard.grace@cba.com.au March 2015 Outlook for AUD/USD Exchange Rate

More information

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING

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

More information

US BLUECHIP EQUITY FUND

US BLUECHIP EQUITY FUND NFO Period: June 18, 2012 to July 02, 2012 Introducing US BLUECHIP EQUITY FUND An Open Ended Equity Scheme Contents 1 Why investing in US is a big opportunity? 2 Why invest now in US? 3 Presenting ICICI

More information

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

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

More information

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

PORTFOLIO OBJECTIVES

PORTFOLIO OBJECTIVES Save The Investor. Save The World. www.matsonmoney.com 5955 DEERFIELD BOULEVARD MASON, OHIO 45040 P: (513) 204-8000 F: (513) 204-8005 PORTFOLIO OBJECTIVES Aggressive Growth Strategy - Page 2 Long - Term

More information

MLC MasterKey Unit Trust Product Disclosure Statement (PDS)

MLC MasterKey Unit Trust Product Disclosure Statement (PDS) MLC MasterKey Unit Trust Product Disclosure Statement (PDS) Preparation date 1 July 2014 Issued by MLC Investments Limited (MLC) ABN 30 002 641 661 AFSL 230705 This information is general and doesn t take

More information

RAYMOND JAMES RAYMOND JAMES. -Technical Chart Book -

RAYMOND JAMES RAYMOND JAMES. -Technical Chart Book - Technical Strategy Team - Technical Chart Book RAYMOND JAMES -Technical Chart Book - Providing Investors with timely data and technical observations on a broad spectrum of asset classes. Technical Strategy

More information

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

09/03/2015. The Changing Landscape of The Global High Yield Market. What makes the High Yield Market So Appealing

09/03/2015. The Changing Landscape of The Global High Yield Market. What makes the High Yield Market So Appealing 9/3/21 For professional use only Not for Public distribution The Changing Landscape of The Global High Yield Market March 21 Texas Association of Public Employee Retirement Systems (TEXPERS) Patrick Maldari,

More information

LYXOR ETF Risk Balanced ETFs

LYXOR ETF Risk Balanced ETFs Committed to Transparency, Liquidity and Efficiency LYXOR ETF Risk Balanced ETFs A better balance of risk and performance OCTOBER 2014 This communication is for retail clients in the UK A NEW GENERATION

More information

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Developed Market (DM) Valuations Remain Attractive Developed Market (ex US) valuations remain attractive relative to history

More information

Bank of Ireland Asset Covered Securities

Bank of Ireland Asset Covered Securities Bank of Ireland Asset Covered Securities Investor Presentation 24 September 2013 Forward-looking Statement The Governor and Company of the Bank of Ireland is regulated by the Central Bank of Ireland. In

More information

Nasdaq Then and Now ECONOMIC RESEARCH. Robert Kavcic, Senior Economist April 24, 2015. Market Performance as of April 24, 2015

Nasdaq Then and Now ECONOMIC RESEARCH. Robert Kavcic, Senior Economist April 24, 2015. Market Performance as of April 24, 2015 Robert Kavcic, Senior Economist April 24, 2015 Nasdaq Then and Now Equity markets rallied this week alongside some better-than-expected technology-sector earnings and a sparse economic calendar. The S&P

More information

Premier Global Utilities. Income Fund

Premier Global Utilities. Income Fund Premier Global Utilities % 5.1p.a. paid quarterly historic yield Income Fund Switch on this powerful alternative income Best performing global equity income fund in 2014 For professional adviser use only

More information

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC.

SUN 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 information

2013 Distribution Summary Investor, Premium & e -Series Breakdown of Cumulative Distributions for the Period January 1, 2013 to December 31, 2013

2013 Distribution Summary Investor, Premium & e -Series Breakdown of Cumulative Distributions for the Period January 1, 2013 to December 31, 2013 2013 Summary Breakdown of Cumulative s for the Period January 1, 2013 to December 31, 2013 TD Comfort Portfolios Investor Series TD Comfort Conservative Portfolio 0.070042 0.024999 0.040647 0.051698 0.187386

More information

Impact of QE on Fixed Income

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

More information

Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF

Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF Press Release November 11, 2015 Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF Listed Index Fund MSCI Japan Equity High Dividend Low Volatility to debut on TSE on Dec

More information

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015 Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America

More information

2006 Municipal Outlook

2006 Municipal Outlook 2006 Municipal Outlook Economics and Demographics and Municipal Yields May 11, 2006 This report has been prepared by UBS Financial Services Inc. Contents Economics: Transition to Slower Growth...3 Monetary

More information

YE08 Consolidated Financial Results. February 13, 2009

YE08 Consolidated Financial Results. February 13, 2009 YE08 Consolidated Financial Results February 13, 2009 1 We support our strategy with strong risk management Proven risk management track record and the highest credit ratings given to a bank in Turkey

More information

new international personal share portfolio

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

More information