Diversified Growth Funds & implications for actuarial assumptions
|
|
- Sabrina Lewis
- 8 years ago
- Views:
Transcription
1 Diversified Growth Funds & implications for actuarial assumptions
2
3
4 Part 1: Actuarial return and discount rate assumptions Subtitle: But Mother, look! The Emperor isn t wearing any clothes!
5 Is it reasonable to ignore risk and then advise on the implications of how much risk is taken?
6 Pay 20%!
7 Pay 20%!
8 Pay 20%!
9 Equity return? An actuary might say: The ERP is 3% This answers the budgeting question An investment adviser might say: Expected arithmetic return is 6% real The distribution is X The standard deviation is 20% (25% now reverting to 15%) Geometric real return is 4.8% The correlation with bonds is Y Etc.. This helps answer the risk question
10 Relative Frequency Thousands Relative Frequency Thousands Return distribution % 0.0% 5.0% 10.0% 15.0% 20.0% Annualised % p.a., Nominal Target Return Relative Frequency Equity 8.1% p.a. over 20 years % 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Annualised % p.a., Nominal Target Return Relative Frequency Euro bonds 3.9% p.a. over 20 years
11 Relative Frequency Thousands Return distribution 50% equity 50% bonds Traditional actuarial methodology suggests simple average ½( ) = 6.0% % 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Annualised % p.a., Nominal Target Return Relative Frequency Assuming rebalancing, there is a diversification benefit 6.4% p.a. over 20 years Naïve assumptions are OK for long term budgeting but not for risk assessment
12
13
14 Actuarial Margin for prudence Contribution rate Likelihood of insolvency
15 Level of risk Contribution rate Likelihood of insolvency
16 Relative Frequency Thousands Actuarial Margin for prudence Pension fund case study: 45% pensioners 50% bonds 50% equity 60% Confidence Discount rate 5.8% Target Return Relative Frequency % 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Annualised % p.a., Nominal If 50% Confidence were used equity allocation would be 40%!! This is the opposite of prudent!
17 Case study 2 Poorly funded plan Weak covenant High probability of sponsor failure Need high return to improve funding level Possible strategy: Put 80% in bonds for 5 years (say) even if this means assuming 10% p.a. return on equities By then, the sponsor will either have recovered (and can pay more) or folded If wound up soon benefits protected If sponsor survival risk can be increased
18 Part 2 - Diversity There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we now know we don't know. But there are also unknown unknowns. There are things we do not know we don't know. Donald Rumsfeld, then US Defence Secretary
19 Risk and return assumptions Risk Return
20
21 m at risk Diversify return premia Source: Towers Watson ERP Illiquidity Insurance Credit Skill Currency Inflation Term
22 m at risk Diversify return premia Source: Towers Watson ERP Illiquidity Insurance Credit Skill Currency Inflation Term
23 Asset classes Bonds Cash Government bonds Corporate bonds Alternative credit Equities Equities Hedge funds Hedge funds Private markets Private markets beta Private markets alpha Other Currency Insurance Commodities Volatility
24 Asset classes Return driver Equity risk premium Cash Government bonds Corporate bonds Alternative credit Credit risk premium Illiquidity risk premium Equities Insurance risk premium Term risk premium Hedge funds Inflation risk premium Currency risk premium Private markets beta Private markets alpha Skill risk premium Currency Insurance Commodities Volatility
25 Return drivers Return driver Equity risk premium Cash Government bonds Corporate bonds Alternative credit Credit risk premium Illiquidity risk premium Insurance risk premium Term risk premium Inflation risk premium Currency risk premium Equities Hedge funds Private markets beta Private markets alpha Multiple return drivers Skill risk premium Currency Insurance Commodities Volatility
26 Return drivers: manager analysis Return driver Active equity manager A Passive ILG manager B Private equity manager C Hedge fund manager N Total portfolio Equity risk premium Credit risk premium Illiquidity risk premium Insurance risk premium Term risk premium Inflation risk premium Currency risk premium Skill risk premium Use active management where it can be justified
27 What types of strategies are available? Fund type 1) Beta Only leveraged and unleveraged 2) Manager Skill Only (Portable alpha) 3) Manager Skill and Active Asset Allocation 4) Manager Skill and Active Asset Allocation (Alternatives Only) Reduced appeal Increased appeal 27
28 Beta-Only strategies Traditional Balanced Fund Typical Multi Asset Fund Domestic/Global Bonds Domestic/Global Equities Domestic/Global Bonds Emerging Market Bonds High Yield Bonds Emerging Market Equities Buy-Write Real Estate Infrastructure Inflation Linked Bonds Investment Grade Corporate Bonds Domestic/Global Equities Domestic/Global Equity Sectors Commodities (inc Gold) Private Equity Hedge Fund Beta 28
29 Alpha-Only strategies Excess Return (can be positive or negative) Excess Return (can be positive or negative) Total return of underlying vehicles Market Return Market Return hedged out through use of futures or other derivative instruments Return achieved in an alpha only strategy above cash return 29
30 Alpha + Beta strategies 80% Sample asset allocation 70% 60% 50% 40% 30% 20% 10% 0% Equity EMD C'dities HYD Abs olute Return Infra - structure Property PE Inv Grade Bonds Conver - tibles Cash Potential Range Current Weight Actual Range Since Inception 30
31 Alpha + Beta Variation 100% Asset Allocation Comparison of Multi-Asset Products at as 30 June % 80% 70% 60% 50% 40% 30% 20% 10% 0% Aviva Fulcrum JPMAM Schroders F&C Morgan Stanley Barings Investec Fidelity BlackRock MASF BlackRock DDG Baillie Gifford Cash Other Hedge Funds Commodities Infrastructure Private Equity Property Convertible Bonds High Yield Credit (inc loans) Investment Grade Credit Emerging Market Debt Developed Market Bonds Emerging Market Equities Developed Market Equities 31
32 Comparison of typical DGF strategies Type of strategy Key criteria Diversity Liquidity Fair fees Alignment of interests Best in class active managers Beta-only? n/a Alpha+beta??? Alternatives only???? 32
33 DGF examples Easier but likely to be inferior risk/reward trade-off More complex but risk/reward trade-off may be improved In-house underlying funds Spectrum of use of external management External funds Passive management Spectrum of active management Active management Mainly equities and bonds Spectrum of increasing percentage of alternatives Only alternatives Indirect exposure to alternative asset classes through listed companies Spectrum of access to illiquid investments Direct exposure to illiquid investments Simple all-inclusive fee Spectrum of fees Management fee plus fees of underlying managers Static strategic asset allocation Spectrum of tactical asset allocation Unconstrained tactical asset allocation 33
34 Sample risk reduction 65% equity 35% bond Full diversity same return VaR down 30% Ditto with 50% liability hedge VaR down 50%
35
36 Investment return (1965 = 100) Fees matter! 500, ,000 Active management can be worth its weight in gold Gross performance 300,000 But too many managers charge too much 1% annual fee 200,000 Performance fees often make it worse 100, % + 20% (relative performance) 2% + 20% (absolute performance) Source: Towers Watson, Berkshire Hathaway Source beta cheaply, pay for alpha where appropriate
37 Conclusions Don t inhibit risk reduction through inflexible and out-dated methodologies Actuarial expertise is in valuation Treat risk and investment strategy separately
38
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 informationBAILLIE GIFFORD. Devon County Council Pension Fund 27 February 2015. Tom Wright and Patrick Edwardson
BAILLIE GIFFORD Devon County Council Pension Fund 27 February 2015 Tom Wright and Patrick Edwardson Our Relationship Appointed: 29 th May 2012 Strategy: Diversified Growth Portfolio Value: 241,626,198
More informationWhat can property offer an institutional investor?
What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification
More informationCONTENTS MODULE 1: INDUSTRY OVERVIEW 4 MODULE 2: ETHICS AND REGULATION 6 MODULE 3: INPUTS AND TOOLS 8 MODULE 4: INVESTMENT INSTRUMENTS 12
SYLLABUS OVERVIEW 1 CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 CHAPTER 1 The Investment Industry: A Top-Down View MODULE 2: ETHICS AND REGULATION 6 CHAPTER 2 CHAPTER 3 Ethics and Investment Professionalism
More informationDIVERSIFIED GROWTH FUNDS MADE SIMPLE GUIDE
October 2015 DIVERSIFIED GROWTH FUNDS MADE SIMPLE GUIDE 2 ACKNOWLEDGEMENTS We would like to thank HSBC Global Asset Management for its help producing and sponsoring this guide. This guide is for information
More informationDIVERSIFIED GROWTH FUNDS: DO THEY MEET EXPECTATIONS?
March 2015 DIVERSIFIED GROWTH FUNDS: DO THEY MEET EXPECTATIONS? In this paper, we ask two questions: Do DGFs meet their objectives? Is their performance good enough? What is a Diversified Growth Fund?
More informationInvestment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients
Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients www.mce-ama.com/2396 Senior Managers Days 4 www.mce-ama.com 1 WHY attend this programme? This
More informationCONSTRUCTING A GROWTH FIXED INCOME PORTFOLIO MAY 2013
CONSTRUCTING A GROWTH FIXED INCOME PORTFOLIO MAY 2013 Context Currently developed market sovereign bonds are not appealing from an investment perspective. They offer negative or low real returns and are
More informationWealth 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 informationGlossary of Investment Terms
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
More informationFund guide. Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Prudential Investment Plan Flexible Investment Plan
A Fund guide Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Prudential Investment Plan Flexible Investment Plan Introduction to this guide We know that choosing which
More informationBenchmarking Real Estate Performance Considerations and Implications
Benchmarking Real Estate Performance Considerations and Implications By Frank L. Blaschka Principal, The Townsend Group The real estate asset class has difficulties in developing and applying benchmarks
More informationUse of Derivatives by Investment Companies under the Investment Company Act of 1940 (File Number S7-33-11)
~ ALPHASIMPLEX one cambridge center I cambridge, rna 02142 I 617475 7100 I 617 see 1925 I www.alphas;mplex.com November 7,2011 Ms. Elizabeth M. Murphy Secretary U.S. Securities and Exchange Commission
More informationCommodities Portfolio Approach
Commodities Portfolio Approach Los Angeles Fire and Police Pension System February 2012 Summary The Board approved a 5% allocation to Commodities, representing approximately $690 million of the $13.75
More informationMarket Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013
MARKET RISK CAPITAL DISCLOSURES REPORT For the quarter ended March 31, 2013 Table of Contents Section Page 1 Morgan Stanley... 1 2 Risk-based Capital Guidelines: Market Risk... 1 3 Market Risk... 1 3.1
More informationAsset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.
INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.
More informationINVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015
This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 INVESTING YOUR SUPER FACT SHEET 5 14 AUGUST 2015 NGS Super offers you flexibility and choice when
More informationGlobal Investment Centre Fund List
Global Investment Centre Fund List The share classes available on Global Investment Centre are either legacy or clean share classes. Clean share classes will replace legacy share classes on the Global
More informationcreating more efficient portfolios
Investing for growth - creating more efficient portfolios First weigh the considerations, then take the risks. Helmuth van Moltke 42 towerswatson.com DC members have historically been heavily invested
More informationRisk Budgeting. Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA
Risk Budgeting Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA 1 What is Risk Budgeting? Risk budgeting is the process of setting and allocating active (alpha) risk to enhance
More informationCPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?
CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment
More informationAre Unconstrained Bond Funds a Substitute for Core Bonds?
TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem
More informationFIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK
1 FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK By Michael McMurray, CFA Senior Consultant As all investors are aware, fixed income yields and overall returns generally have been
More informationBT Investment Funds. Product Disclosure Statement. Dated 1 July 2013
BT Investment Funds Product Disclosure Statement Dated 1 July 2013 We recommend that you read this Product Disclosure Statement (PDS) in full before making an investment decision. If you have not received
More informationFinding the fix for fixed income. John Stopford Co-Head of Multi-Asset, Portfolio Manager
Finding the fix for fixed income John Stopford Co-Head of Multi-Asset, Portfolio Manager The need for income is increasing It s not just a developed market issue Projected demographic changes across male*
More informationInvestment risk - questioning your way to more effective risk management
Investment risk - questioning your way to more effective risk management Ravi Rastogi, Towers Watson Neil Chapman, Towers Watson 26 27 September 2013, Brussels 2013 Towers Watson. All rights reserved.
More informationRISK ALLOCATION IN THE 21 ST CENTURY. February 2012. SEATTLE 206.622.3700 LOS ANGELES 310.297.1777 www.wurts.com
RISK ALLOCATION IN THE 21 ST CENTURY February 2012 SEATTLE 206.622.3700 LOS ANGELES 310.297.1777 www.wurts.com AGENDA INVESTMENT APPROACH SAMPLE RISK DASHBOARD GOVERNANCE 2 INVESTMENT APPROACH 3 WHY DOES
More informationInvestment Options Guide
Allianz Life Insurance Company of North America Investment Options Guide A variety of options for today s retirement USA-1448 Page 1 of 16 Solutions for RETIREMENT REALITIES This brochure must be preceded
More informationMERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES
MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES Introduction The main purpose of the MNOPF is the provision of pensions for Officers in the British Merchant Navy on retirement at
More informationPrivate Market Real Estate Investment Options for Defined Contribution
Private Market Real Estate Investment Options for Defined Contribution New and Improved Solutions November 2014 Risk. Reinsurance. Human Resources. Executive Summary Investment vehicles using private real
More informationLong Term Investment Pool (LTIP) Investment Policy Statement Level 1
Long Term Investment Pool (LTIP) Level 1 CONTENTS I. OVERVIEW II. FINANCIAL GOALS OF THE LTIP III. INVESTMENT OBJECTIVES OF THE LTIP IV. INVESTMENT STRATEGIES OF THE LTIP V. PORTFOLIO REBALANCING VI. ASSET
More informationPowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1
PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios
More informationAbsolute return: The search for positive returns in changing markets
Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What
More informationInvesting 200: Behind the scenes on Western s two largest funds
Investing 200: Behind the scenes on Western s two largest funds Martin Bélanger Director, Investments November 20, 2015 Human Resources Disclaimer This presentation material was created to educate and
More informationMulti Asset Credit. Reviewing your credit exposure is it time to consider a multi-asset approach?
It seems that whoever you talk to in the pensions industry about their current hot topic, the answer is Multi-Asset Credit (MAC). But what does this term really mean? The answer, it appears, depends who
More informationdecidedly different Catalyst Mutual Funds Investor Overview
decidedly different Catalyst Mutual Funds Investor Overview Our Mission We strive to provide innovative strategies to support financial advisors and their clients in meeting the investment challenges of
More informationGood Practice Checklist
Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment
More informationSecurity Analysis and Portfolio Management FIN-321-TE
Security Analysis and Portfolio Management FIN-321-TE This TECEP is an introduction to investment alternatives, security analysis, and portfolio construction. Topics include: the environment in which investment
More informationWriting your charity s investment policy A guide
Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment
More informationDiscussion Topics. Investment Risk Appetite. Risk Appetite Risk Management. Financial Disaster Preparedness Checklist Rebalancing.
Insurance Investment Practices during an Economic Downturn March 16, 2011 9:45 11 am Marc A. Tourville, CFA, CIPM Cardinal Investment Advisors, LLC Discussion Topics Risk Appetite Risk Management Tactical
More information2016 TEN-YEAR CAPITAL MARKET ASSUMPTIONS
2016 TEN-YEAR CAPITAL MARKET ASSUMPTIONS TABLE OF CONTENTS 2016 vs. 2015 Assumptions 2 Summary & Highlights 2 Creating Arithmetic Returns 3 Creating Geometric Returns 3 Detailed Assumptions Appendix PENSION
More informationIntroducing Fund Manager Rebates
www.davyselect.ie Introducing Fund Manager s (Excluding Exchange Traded Funds) 1ST JULY 2015 In the case of all pension and certain trading accounts, Davy will refund to you 100 of any rebates we receive
More informationDynamic 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 informationInvestment Bond Guide YOUR INVESTMENT OPTIONS. Friends Life Investment Bond Fund Guide
Investment Bond Guide YOUR INVESTMENT OPTIONS Friends Life Investment Bond Fund Guide 1 Investment Bond Fund Guide We understand the decision on where to invest your money is an important one. We have
More informationSeries of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are
More informationStatement of Investment Objectives, Policies, Return Expectations and Risk Management for the Investment Portfolio of the Canada Pension Plan
Statement of Investment Objectives, Policies, Return Expectations and Risk Management for the Investment Portfolio of the Canada Pension Plan February 9, 2016 1.0 PURPOSE... 1 2.0 INVESTMENT OBJECTIVES...
More informationBASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
More informationCalifornia State University, Fresno Foundation INVESTMENT POLICY STATEMENT
INVESTMENT POLICY STATEMENT 1. Purposes of the Investment Policy Statement The purposes of this Investment Policy Statement for the management of the Foundation funds under management authority of the
More informationTHE ROLE OF LIQUID ALTERNATIVES IN WEALTH MANAGEMENT
HEALTH WEALTH CAREER THE ROLE OF LIQUID ALTERNATIVES IN WEALTH MANAGEMENT SEPTEMBER 2015 In this short paper, we focus on liquid alternative products and will, 1) explain the investment theses for investing
More informationPortfolio Management Consultants Perfecting the Portfolio
Portfolio Management Consultants Perfecting the Portfolio Envestnet PMC is the ultimate advisor to the advisor. Our goal is to help advisors strengthen relationships with their clients and improve outcomes
More informationCertified Personal Financial Advisor (CPFA) for Examination
NATIONAL INSTITUTE OF SECURITIES MARKETS Certified Personal Financial Advisor (CPFA) for Examination Test Objectives 1. Concept of Financial Planning 1.1 Understand what financial planning constitutes
More informationProtected Growth Strategies SM
Protected Growth Strategies SM CLIENT GUIDE I can seek more consistent returns over time. ISSUED BY METLIFE INSURANCE COMPANY USA, METROPOLITAN LIFE INSURANCE COMPANY AND IN NEW YORK, ISSUED BY FIRST METLIFE
More informationdecidedly different Catalyst Mutual Funds Investor Overview
decidedly different Catalyst Mutual s Investor Overview Our Mission We strive to provide innovative strategies to support financial advisors and their clients in meeting the investment challenges of an
More informationAdoption of New Policy Asset Mix
Summary (1) Adoption of New Policy Asset Mix Government Pension Investment Fund ( GPIF ) has reviewed its policy asset mix for the third medium-term plan, which starts from April 2015. In June 2014, Ministry
More informationBELIEF INTERPRETATION IMPLICATIONS FOR DECISION MAKING
SKILLS AND COMPETENCIES Investment Belief 1 The Investment Committee should have access to appropriate skills sets. Voting members of the Committee, the Executive Team and investment advisers, and representatives
More informationFinancial Statements
PROVINCIAL JUDGES AND MASTERS IN CHAMBERS RESERVE FUND Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 204 Statement of Financial Position..................... 205 Statement
More informationFamily offices. Aligning investment risk and return objectives
Family offices Aligning investment risk and return objectives Family offices Aligning investment risk and return objectives Background Between July and August of 2012, the Financial Times conducted biannual
More informationJ.P. Morgan Equity Risk Premium Multi-Factor (Long Only) Index Series
J.P. Morgan Equity Risk Premium Multi-Factor (Long Only) Index Series QUESTIONS AND ANSWERS These Questions and Answers highlight selected information to help you better understand: 1. JPERPLMF: J.P. Morgan
More informationAbout Our Private Investment Benchmarks
1. What is a benchmark? FREQUENTLY ASKED QUESTIONS A benchmark is a standard of measurement for investment performance. One of the more common types of benchmarks is an index which, in this case, measures
More informationDiversified Alternatives Index
The Morningstar October 2014 SM Diversified Alternatives Index For Financial Professional Use Only 1 5 Learn More indexes@morningstar.com +1 12 84-75 Contents Executive Summary The Morningstar Diversified
More informationDraft Prudential Practice Guide
Draft Prudential Practice Guide SPG 532 Investment Risk Management May 2013 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright This prudential practice guide is not legal
More information9/30/81: 15.84% Real yield average: 2.46% Real 10-year Treasury yield 12/31/15: 0.25% -5% 58 63 68 73 78 83 88 93 98 03 08 13
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS Building better fixed income portfolios 1Q 2016 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Get
More information2015 TEN-YEAR CAPITAL MARKET ASSUMPTIONS
2015 TEN-YEAR CAPITAL MARKET ASSUMPTIONS TABLE OF CONTENTS 2015 vs. 2014 Assumptions 2 Summary & Highlights 2 Creating Arithmetic Returns 3 Creating Geometric Returns 3 Detailed Assumptions Appendix PENSION
More informationPremier Liberation multi-asset risk-targeted solutions
multi-asset risk-targeted solutions Fund update - fourth quarter 2014 For professional adviser use only and not for distribution to retail investors multi-asset risk-targeted solutions Need to know To
More informationGIPS List of Composite Descriptions. Perkins Composites...11. Fixed Income Composites... 14. Global Macro Composites...19. Alternative Composites...
GIPS List of Composite Descriptions Updated 6/4/2015 Janus Equity Composites...2 Perkins Composites....11 Fixed Income Composites... 14 Global Macro Composites...19 Alternative Composites.....19 Allocation
More informationInterest Rates and Inflation: How They Might Affect Managed Futures
Faced with the prospect of potential declines in both bonds and equities, an allocation to managed futures may serve as an appealing diversifier to traditional strategies. HIGHLIGHTS Managed Futures have
More informationSpreading investment risk
1 Spreading investment risk Spreading investment risk Why and how should I diversify my assets? 1 Spreading investment risk Contact: Doug Steevens FIA Portfolio Manager +44 (0)20 7086 9312 douglas.steevens@aonhewitt.com
More informationPortfolio Management. Bertrand Groslambert. bertrand.groslambert@skema.edu. Skema Business School
Portfolio Management Bertrand Groslambert bertrand.groslambert@skema.edu Skema Business School International Portfolio Management Asset Management Industry 1 Course Outline Introduction (lecture 1) Presentation
More informationAbout Hedge Funds. What is a Hedge Fund?
About Hedge Funds What is a Hedge Fund? A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost
More informationCALIFORNIA STATE TEACHERS RETIREMENT SYSTEM COMMODITY PORTFOLIO POLICY
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM COMMODITY PORTFOLIO POLICY INVESTMENT BRANCH NOVEMBER 2010 P. Commodity Portfolio Policy INTRODUCTION In accordance with the Investment Policy and Management
More informationAdviser Guide to Investment Options and Fund Choice
For Adviser use only not approved for use with clients Adviser Guide Adviser Guide to Investment Options and Fund Choice Including: Life Funds Pension Funds Prudential International Funds Collective Funds
More informationTHE ORBITEX DIFFERENCE
ORBITEX CREATES FINANCIAL SOLUTIONS FOR DISCERNING CLIENTS ORBITEX Financial Services Group is a financial services firm providing clients worldwide with a full range of investment opportunities, including
More informationEnterprise Investment Risk Management Policy Page 1 of 5
Enterprise Investment Risk Management Policy Page 1 of 5 Policy Sponsor: Summary: CFO This Policy sets out a general framework for measuring and managing investment risk across the enterprise. The Investment
More informationCFA Institute Contingency Reserves Investment Policy Effective 8 February 2012
CFA Institute Contingency Reserves Investment Policy Effective 8 February 2012 Purpose This policy statement provides guidance to CFA Institute management and Board regarding the CFA Institute Reserves
More informationYour 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 informationGUIDE To INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how
GUIDE To INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how much risk you are prepared to take with your money. 2 GUIDE
More informationMULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014
MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014 INTRODUCTION Loved by many, reviled by others, multi-asset strategies are undeniably a key feature of the investment landscape. In the US they
More informationThe Master of Science in Finance (English Program) - MSF. Department of Banking and Finance. Chulalongkorn Business School. Chulalongkorn University
The Master of Science in Finance (English Program) - MSF Department of Banking and Finance Chulalongkorn Business School Chulalongkorn University Overview of Program Structure Full Time Program: 1 Year
More informationPENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015
PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015 I. INTRODUCTION The Pension Benefit Guaranty Corporation ( PBGC or the Corporation ) is a federal corporation created by the
More informationScenarios for scheme funding plans in the current economic conditions
Case examples May 2012 Scenarios for scheme funding plans in the current economic conditions Introduction We have developed three scheme scenarios to illustrate how we see the approaches that we outline
More informationSection N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund
Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge
More information1. Gold as a risk-management vehicle: goldboerse +41612623738 info@goldboerse.ch www.goldboerse.ch 1
Prepared by Ryan Case and Adam Offermann, Trading & Business Development, January 2014 This article presents a number of compelling arguments for investing in gold. It explores gold s role as a risk management
More informationIntro on Hedge Funds AQF-2005
Intro on Hedge Funds AQF-2005 1 Hedge Funds What are hedge funds? Why is their performance measurement different from that of regular mutual funds? How should we analyze their performance? 2 What is a
More informationThe Credit Analysis Process: From In-Depth Company Research to Selecting the Right Instrument
Featured Solution May 2015 Your Global Investment Authority The Credit Analysis Process: From In-Depth Company Research to Selecting the Right Instrument In today s low yield environment, an active investment
More informationRETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES
RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES SCOTTISH WIDOWS RETIREMENT ACCOUNT THE SCOTTISH WIDOWS RETIREMENT ACCOUNT COMBINES RETIREMENT PLANNING WITH RETIREMENT INCOME, ALLOWING YOU TO CONSOLIDATE
More informationFinancial Statements
LONG TERM DISABILITY INCOME CONTINUANCE PLAN - BARGAINING UNIT Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 542 Statement of Financial Position.... 543 Statement of Changes
More informationGlobal Equity Portfolio Construction. Fall 2012
Global Equity Portfolio Construction Fall 2012 INTRODUCTION Investors should thoughtfully construct an equity portfolio by: Identifying the objective Taking a global approach Expanding away from long only
More informationmore of the same. True diversification shouldn t mean Aberdeen Diversified Growth Fund
True diversification shouldn t mean more of the same. Aberdeen Diversified Growth Fund Lots of strategies call themselves diversified growth funds. But look closely and see how diversified they really
More informationFund descriptions, their charges and risk warnings
Fund descriptions, their charges and risk warnings This document was produced in March 2015 and is accurate at that date. When reviewing your fund choices you should refer to up-to-date information, available
More informationMy LV= Pension Plan Diversified Growth Fund Fund Factsheet 4th Quarter 2012
This factsheet has been produced to provide you with information on this blended fund. It includes information on the investment objective of the fund, where the fund is invested, risk information and
More informationMLC 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 informationChanges to the OklahomaDream 529 Plan
Supplement dated December 31, 2015 to Oklahoma Dream Advisor Sold 529 Program Plan Disclosure Statement for Investors Using a Financial Advisor (Classes A and C) Dated November 3, 2014 This Supplement
More informationPriority Senior Secured Income Fund, Inc.
Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed
More informationDiversify your global asset allocation approach by focusing on income and income growth.
Diversify your global asset allocation approach by focusing on income and income growth. Institutional investors have embraced global asset allocation (GAA) strategies as a way to pursue returns with low
More informationMulti Asset Credit. Aon Hewitt Global Investment Management Group. June 2015. Risk. Reinsurance. Human Resources.
Aon Hewitt Consulting Investment Consulting Practice Multi Asset Aon Hewitt Investment Management Group June 2015 Risk. Reinsurance. Human Resources. Table of Contents An introduction to Multi Asset (MAC)...3
More informationPREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY
PREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY 2 Premier Portfolio Management Service Investor Guide WELCOME Neil Birrell Chief Investment Officer
More informationMLC Investment Management. Constructing Fixed Income Portfolios in a Low Interest Rate Environment. August 2010
Constructing Fixed Income Portfolios in a Low Interest Rate Environment August 2010 Stuart Piper Portfolio Manager MLC Investment Management For Adviser Use Only 1 Important Information: This Information
More informationseic.com/institutions
Nonprofit Management Research Panel Liquidity Pool Management for U.S. Colleges and Universities Gain a better understanding of your school s financial risks and the benefits of integrating the investment
More informationMULTI ASSET SERIES Investment Research. The DGF market deconstructed. Diversified growth funds survey Q2 2015. Sponsored by
MULTI ASSET SERIES Investment Research The DGF market deconstructed Diversified growth funds survey Q2 2015 Sponsored by Report run on 07 September 2015 Clear and Independent Institutional Investment Analysis
More informationChildren s Organ Transplant Association, Inc. Investment Policy Statement
Children s Organ Transplant Association, Inc. Investment Policy Statement For Patient Accounts Smith Memorial Account Administrative Account Endowment Funds Updated August 13, 2011 Document Prepared by:
More information