Novembre Massimo Dalla Vedova Director Financial Institutions

Size: px
Start display at page:

Download "Novembre 2014. Massimo Dalla Vedova Director Financial Institutions"

Transcription

1 Novembre 2014 High Yield e azionario USA: gestione attiva dei titoli ad alto rendimento e portafoglio concentrato su titoli growth di grande qualità per trovare più rendimenti senza perdere la rotta nelle fasi di turbolenza Massimo Dalla Vedova Director Financial Institutions This information is issued by AllianceBernstein Limited, 50 Berkeley Street, London W1J 8HA, a company registered in England under company number AllianceBernstein Limited is authorised and regulated in the UK by the Financial Services Authority (FSA Reference Number ). This information is directed at Professional Clients only. It is provided for informational purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security, product or other instrument, or for AllianceBernstein to enter into or arrange any type of transaction as a consequence of any information contained herein. The views and opinions expressed in this document are based on AllianceBernstein's internal forecasts and should not be relied upon as an indication of future market performance. Past performance is no guarantee of future returns. This information is not intended for public use AllianceBernstein

2 AllianceBernstein Chi siamo Un solo business: ricerca globale e gestione degli investimenti Indipendenti, affidabili e differenti Un eccellente gamma di capacità e risorse tra i 10 maggiori gestori negli investimenti azionari globali Originali, un innovazione vagliata attentamente Continui investimenti per migliorare le nostre capacità Associati a una delle più rinomate società di ricerca, Sanford C. Bernstein Numero di Analisti Buy-Side Equities Fixed Income* Multi- Asset** Alternatives Wealth Management Fundamental Quantitative Economists Total Assets Under Management: $480 milliardi Clienti Privati $74 Istituzionali $240 Total Retail $165 As of Jun 30, 2014 *Includes Fixed Income Solutions analyst **Includes Glidepath Strategies, Asset Allocation Strategies, Targeted Exposures, Multi-Asset Client Solutions and Quantitative Research Analysts Includes FoF, Real Estate, Special Situations and Quantitative Investment Strategies Analysts Source: AllianceBernstein 1

3 AllianceBernstein Una piattaforma globale Stockholm Amsterdam London Frankfurt Seattle Minneapolis Toronto Luxembourg Paris Munich Denver Boston Geneva Zurich Chicago San Francisco Cleveland New York Milan Los Angeles Atlanta Philadelphia San Diego Dallas Washington, DC San Antonio West Palm Beach Houston Tampa Mexico City Miami Bahrain Seoul Tokyo Fukuoka Taipei Hong Kong Taichung Kaohsiung Singapore São Paulo Buenos Aires Melbourne Sydney As of Mar 31, 2014 Source: AllianceBernstein 2

4 Scenario Macro Economico Mondiale: i Principali Fattori La Crescita Economica Le Politiche Monetarie 3

5 Una Crescita Globale Positiva, Moderata e Non Omogenea AllianceBernstein World Economic Growth Forecast (Calendar Year Percentage Change) Asia ex Japan 6.0% 6.0% United Kingdom 3.1% 2.9% Global 2.7% 3.2% United States 2.5% 3.9% Canada 2.3% 2.5% EEMEA* 1.7% 2.1% Japan 1.1% 1.7% Latin America Euro Area 1.0% 0.8% 1.3% 1.9% AllianceBernstein 2014 AllianceBernstein 2015 Historical analysis and current forecasts do not guarantee future results. As of 1 October 2014 *Emerging Europe, Middle East and Africa (the forecast aggregate includes Hungary, Poland, Turkey, Russia, and South Africa) Source: AllianceBernstein

6 Le Politiche Monetarie Iniziano ad Essere Divergenti, ma Complessivamente Restano Accomodanti G4 Aggregate Change in Base Money as a Percent of GDP 35 Japan 25 Total Percent of GDP 15 UK US 5 Euro Current analysis does not guarantee future results. Source: Bloomberg, Cabinet Office Government of Japan, CEIC Data, Eurostats, Haver Analytics, Ministry of Internal Affairs and Communications Japan, Thomson Reuters Datastream and AllianceBernstein

7 Dove Trovare Rendimenti Obbligazionari In un Ambiente di Tassi Molto Bassi? 6

8 Mercati Obbligazionari La Diversificazione Crea un Più Ampio Spettro di Opportunità Yield Differentials Can Be Significant Within Each Sector* Opportunities Should Be Evaluated Across Issuers High Percent Yield Medium EM Local 1.6 EM Corps. 3.8 EM HY 2.4 US HY 3.6 Bank Loans Index Average Yield to Worst 1.9 EUR HY US IG Corps. Low Low Medium High Risk US HY EM USD EM Local EM Corp Euro HY Bank Loans ABS CMBS Holdings are subject to change. Current analysis does not guarantee future results. Historical information provided for illustrative purposes only. As of 31 December 2013 Emerging-market local is represented by J.P. Morgan GBI-EM (since 2002) and J.P. Morgan ELMI+ (prior to 2002); emerging-market corporates by J.P. Morgan CEMBI Broad Diversified; US high yield by Barclays US Corporate High-Yield; bank loans by Credit Suisse Leveraged Loan; Pan-European high yield by Barclays Pan-European High-Yield; US mortgage-backed securities by Barclays US MBS; global governments (hedged) by Barclays Global Treasury; US investment-grade corporates by Barclays US Corporate Investment Grade; and commercial mortgage-backed securities by Barclays CMBS. An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. An unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *The bottom range is the fifth percentile and the top range is the 95th percentile of the yield-to-worst data for the indices. Source: Barclays, Credit Suisse, J.P. Morgan and AllianceBernstein

9 Mercati Obbligazionari High Yield Non E il Momento di Cercare Yield a Tutti i Costi Lower-Rated Bond Spreads Are Tight 1,000 CCC-Rated Bond Discount Is Minimal 125 Lower-Rated Defaults Are Substantial Five-Year Cumulative Default Rates (Percent) 76 Option-Adjusted Spread (b.p.) Pre-crisis Average Current Price as Percent of Par Par BB B CCC Industrials BB B CCC CC&C Historical analysis does not guarantee future results. Left display as of 30 September Pre-crisis average is for 30 September December 2007; middle display through 30 September 2014; right display as of 31 December A credit rating is a measure of the quality and safety of a bond or portfolio, based on the issuer s financial condition. AAA is highest (best) and D is lowest (worst). Ratings are subject to change. Investment-grade securities are those rated BBB and above. Source: Barclays, Moody s and AllianceBernstein

10 Mercati Obbligazionari High Yield Rischio Liquidità: Una Nuova Sfida per gli Investitori Liquidity (and Illiquidity) Vary over Time Barclays Liquidity Cost Score* Secondary Liquidity Has Declined Growth of Market vs. Dealer Balance Sheets (USD Billions) Percent Financial Crisis US HY Euro Periphery Crisis Taper Tantrum US IG Corp 0 Jan 07 Jul 08 Jan 10 Jul 11 Jan 13 Jul 14 Historical analysis does not guarantee future results. Left display as of 31 August 2014; right display as of 30 June 2014 *Measures the cost of immediately executing a round-trip transaction for a standard institutional trade. US HY represented by the Barclays US Corporate High Yield Index; US IG Corp represented by the Barclays US Corporate Investment Grade Index. An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. Source: Barclays, Bloomberg, Haver Analytics, Investment Company Institute, US Federal Reserve Board and AllianceBernstein October 2007: 15% of Market US Corporate Credit Outstanding Primary Dealer Positions > 1 Yr. (Left Scale) June 2014: 2% of Market ,000 3,500 3,000 2,500 2,000 1,500 1,

11 Mercati Obbligazionari High Yield I Finanziari High Yield : Un evoluzione Recente Prior to 2008, Finance Was Not High Yield Regulation Will Require Banks to Raise Additional Capital Finance Sector as Percent of HY Indices 30% EU $350 to $400 bln 20% Global 10% $140 bln US 0% Issuance through April 2014 Projected Market Size Historical information provided for illustrative purpose only. Left as of 31 March 2014; right as of 30 April 2014 *High Yield Indices as represented by Barclays Global Corporate High Yield, US Corporate High Yield and Euro Corporate High Yield indices. Source: Barclays and AllianceBernstein

12 Mercati Obbligazionari High Yield High Yield Europeo: La prossima evoluzione While European Capital Markets Have Relied on Loans We Expect a Shift to More Bond Issuance Like the US Loans Bonds Bonds Loans 14% 21% 86% 79% Bank Disintermediation can serve as the catalyst for much greater issuance in the European HY bond markets As of 31 December 2013 Source: Haver Analytics and AllianceBernstein 11

13 Mercati Obbligazionari High Yield EM Corporate Debt: Un Altra Evoluzione EM Bond Market: Sovereign* vs. Corporate Estimated Corporate Debt Stock**: YE ,000 3, ,000 Billions (USD) Billions (USD) 2,000 1, , EM Sovereign EM Corporate 0 US Investment Grade US High Yield EM Corporate Historical information provided for illustrative purpose only As of 31 December 2013 *EM Sovereigns include quasi-sovereigns. EM Sovereign is J.P. Morgan EMBI Global; EM Corporate is J.P. Morgan CEMBI Broad Diversified; US Investment Grade is Barclays US Credit Corp; US High Yield is Barclays US High Yield Source: J.P. Morgan, Barclays and AllianceBernstein 12

14 La Gestione Attiva dei Titoli ad Alto Rendimento di AllianceBernstein AB European Income Portfolio AB American Income Portfolio AB Global High Yield Portfolio AB Euro High Yield Portfolio AB Short Duration High Yield Portfolio 13

15 AllianceBernstein European Income Portfolio Bilanciare il Rischio Catturare il Rendimento Higher Yield 50% High Quality 50% Income Generating Anchors overall credit quality of the portfolio via investments in: Government bonds Covered bonds High-quality investment-grade corporates Provides potential for capital appreciation via investments in: High yield corporates High-yielding investment-grade corporates Sector weightings will vary over time. As of 30 June 2014 Source: AllianceBernstein 14

16 AllianceBernstein European Income Portfolio Il rendimento Può Essere Originato da una Varietà di Settori Range of Bond Yields Within the Index* Percent Euro Securitized IG Corps IG Financials IG Industrials IG Utilities HY Corps HY Financials HY Industrials HY Utilities Past performance does not guarantee future results. As of 30 September 2014 *The bottom range is the fifth percentile, the top range is the 95th percentile and the diamond is the mean of the yield-to-worst data for the indices. Euro Securitized is represented by Barclays Euro Aggregate Securitized; Investment Grade Corporates by Barclays Euro Aggregate Corporate; Investment Grade Financials by Barclays Euro Aggregate Financials; Investment-Grade Industrials by Barclays Euro Aggregate Industrials; Investment Grade Utilities by Barclays Euro Aggregate Utilities; High Yield Corporates by Barclays Pan-European High Yield Corporate; High Yield Financials by Barclays Pan-European High Yield Financials; High Yield Industrials by Barclays Pan-European High Yield Industrials; High Yield Utilities by Barclays Pan-European High Yield Utilities. An investor cannot invest directly in an index or average and neither includes sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. Source: Barclays and AllianceBernstein 15

17 AllianceBernstein European Income Portfolio Un Allocazione Settoriale Dinamica European Income Portfolio sector weights (percent) Increase IG corporates, that offer high yield, versus below IG corporates 100 Increase covered bonds versus government bonds, as more effective hedge Increase UK Gilts versus German Bunds for more effective hedge Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 HY Corporates IG Corporates EMD Covered Bonds Other** Government-Related* Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Sector weighting will vary over time. As of 30 September 2014 Based on the European Income Portfolio. The highest of the available Standard & Poor s (S&P), Moody s and Fitch ratings is used to define high yield versus investment-grade corporate bonds. *Government-Related includes treasuries, local governments, sovereign agencies, quasi-sovereigns and supranationals. **Other includes inflation-linked bonds, asset-backed securities, cash and currency instruments Source: AllianceBernstein 16

18 AllianceBernstein European Income Portfolio Una Gestione Attiva della Duration Effective Duration Years 4.5 Current Duration 4.4 Years Historical analysis does not guarantee future results. As of 30 September 2014 Source: AllianceBernstein 17

19 AllianceBernstein European Income Portfolio L Esposizione per Rating Ratings Exposures Percent Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Average: BBB+ BBB+ BBB BBB+ BBB+ BBB+ BBB BBB+ BBB+ BBB+ BBB+ BBB BBB BBB BBB BBB BBB BBB+ BBB+ BBB BBB BBB BBB BBB Not Rated/Other CCC and Below B BB BBB A AA AAA Ratings weightings will vary over time. As of 30 September 2014 Source: AllianceBernstein 18

20 AllianceBernstein European Income Portfolio Il Posizionamento attuale Rating* Sept 2014 June 2014 Change AAA 20.2% 17.4% +2.8 AA A BBB BB B CCC and Below Not rated Sept 2014 June 2014 Change Duration (Years) Yield to Worst 3.33% 3.21% Country Sept 2014 June 2014 Change United Kingdom 19.1% 18.0% +1.1 Germany Italy Spain France The Netherlands United States Luxembourg Switzerland Other All portfolio statistics are subject to change. Numbers may not sum due to rounding Characteristics as of 30 September 2014 and 30 June 2014 *A measure of the quality and safety of a bond or portfolio, based on the issuer s financial condition. AAA is highest (best) and D is lowest (worst), using highest available rating. The Not Rated category includes bonds that are not rated by a Nationally Recognized Statistical Rating Organization. Source: AllianceBernstein 19

21 AllianceBernstein European Income Portfolio Performance (annualizzata) Year to date Periods Ended 31 October 2014 One Year Three Years Five Years Since Inception European Income Portfolio A2 Eur 4.47% 5.01% 9.31% 7.28% 3.90% Past performance does not guarantee future results. In euros. Numbers may not sum due to rounding. Inception date: European Income Portfolio (class A) 26 February 1999 Performance is represented by Class A shares and is calculated at NAV with all dividends reinvested. Performance for more recent periods may be different from that shown. Total returns, provided by AllianceBernstein, reflect the change in net asset value and assume reinvestment of any distributions paid on fund shares for the period shown, but do not reflect sales charges. Accordingly, these figures do not represent actual returns to an investor. The investment return and principal value of an investment in the fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Source: AllianceBernstein 20

22 AllianceBernstein European Income Portfolio Obiettivo: Flusso di Cedole Stabile e Solidità del Capitale Euro 125, ,000 95,000 80,000 65,000 50,000 European Income Portfolio Example of a 5-Year 100,000 investment* Capital Invested 100,000 Total Income 27,027 Capital at End 110,758 Total Capital Appreciation and Income 37,785 Capital Value (Left Scale) Monthly Income Past performance does not guarantee future results. As of 30 September 2014 *Calculations based on a 100,000 investment into the European Income Portfolio EUR A share class on 30 September Capital value and income are represented by Class A shares and is calculated at NAV with dividends paid out to the investor. Values for more recent periods may be different from that shown. Total returns, provided by AllianceBernstein, reflect the change in net asset value and assume reinvestment of any distributions paid on fund shares for the period shown, but do not reflect sales charges. Accordingly, these figures do not represent actual returns to an investor. The investment return and principal value of an investment in the fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Source: AllianceBernstein Euro 21

23 Il mercato azionario americano offre ancora opportunità per l investitore? 22

24 Mercato Azionario USA Sono Ancora Probabili Ritorni Interessanti, Anche alle Valutazioni Attuali Equity Returns Are Driven by Different Factors over Time Percent S&P 500 Returns: Attribution by Source Earnings per Share (EPS) Have Continued to Rise USD Next 12 Mo. Consensus S&P 500: +8% MSCI EAFE: +18% MSCI EM +12% YTD 2Q: Year Q:14 Expected Return* Total Return Earnings Growth Valuation Changes Dividends Past performance and current forecasts do not guarantee future results. Left display as of 30 September 2014; right displays as of 31 August An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. Trailing 12-month EPS; next 12 months consensus EPS growth is the next four quarters consensus EPS versus the current trailing 12-month EPS. Source: Bloomberg, Center for Research in Security Prices (CRSP), Cornerstone Macro, MSCI, S&P Dow Jones and AllianceBernstein

25 Mercato Azionario USA I Fondamentali delle Società Restano Solidi Cash Levels Are High and Debt Remains Low S&P 500 Index Earnings and Balance Sheet Quality Are Higher Today S&P 500 Index* Mar Oct Aug Cash Flow per Share $87 $75 $184 Percent Cash/Assets 9 6 Percent Net Debt/Equity 171% 156% 41% Return on Equity 20% 22% 22% Free-Cash-Flow Yield 1.6% 3.5% 3.4% 40 3 Net Profit Margins 6.7% 7.6% 9.2% Net Debt/Shareholders Equity (Left Scale) Price/Forward Earnings 20.4x 15.6x 16.5x Historical analysis and current forecasts do not guarantee future results. As of 31 August 2014 An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *Net debt/equity is total debt less cash and cash equivalents divided by total equity capitalization. Return on equity and free-cash-flow yield are based on data from the AllianceBernstein US large-cap universe, capitalization weighted, excluding financials. Average net profit margins were 6.3% since 1952, through 2Q14. Source: Bloomberg, CRSP, Deutsche Bank, Empirical Research Partners, MSCI, S&P Dow Jones and AllianceBernstein

26 Mercato Azionario USA Le Preoccupazioni Sulla Politica Monetaria Potrebbero Essere Sopravvalutate Large-Cap Stocks* Have Fared Well in Rate-Hike Cycles Average Returns Before and After Fed Funds Initial Rate Increase Equity Risk Premium Is Still Attractive Median Annualized Growth Rates** 10-Year Outlook (Percent) Months Prior 3 Months After Next 3 Months Next 6 Months Global Sov. Bonds Equity Risk Premium Global Stocks Year After Increase Past performance does not guarantee future results. Left display as of 16 September 2014; right display as of 30 June 2014 An investor cannot invest directly in an index and its performance does not reflect the performance of any AllianceBernstein portfolio. An unmanaged index does not reflect fees and expenses associated with the active management of a portfolio. *Average returns for the Empirical US Large-Cap universe, equal weighted six months before and one year after the initial increase in the Fed Fund Rate, based on 20 episodes. **Global sovereign bonds are represented by global developed sovereign seven-year constant-maturity nominal bonds; global stocks by a universe similar to MSCI World; both are reported in and hedged into US dollars. Source: Empirical Research Partners, MSCI, S&P Dow Jones, US Federal Reserve Board and AllianceBernstein

27 Mercato Azionario USA Adesso è il Momento della Gestione Attiva Intra-Market Correlations* Have Declined Active Management May Be Rebounding** Active Outperforming Percent Pre-Financial Crisis Average Post- Financial Crisis Average S&P 500 Rank Passive Outperforming US Managers with High Active Share Have Outperformed Excess Performance of US Mutual Funds (Percent) Historical analysis does not guarantee future results. Left display through 17 September 2014; upper right display through 30 June 2014; lower right display through 31 December 2009 *Daily average pairwise correlation of global stock returns based on the MSCI World Index **Reflects the percentile ranking of the S&P 500 versus the evestment US Large-Cap Core universe. Data for rolling one-year periods ending quarterly. Figures are gross of fees on both active managers and index returns. Annualized performance, reflects the excess returns of each type of fund s stock holdings and does not include any fees or transaction costs. Index funds, sector funds and funds with less than $10 million in assets have been excluded. The information in the chart above is being provided for illustrative purposes only and does not represent any product or strategy managed by AllianceBernstein. From Antti Petajisto, Active Share and Mutual Fund Performance, Financial Analysts Journal (July/August 2013) Source: Bloomberg, evestment, Financial Analysts Journal, Lipper, MSCI, S&P Dow Jones and AllianceBernstein 2.6 Stock Pickers (High Active Share) 0.8 Moderate Active (Moderate Active Share) 0.4 Closet Indexers (Low Active Share)

28 L Azionario Americano di AllianceBernstein AB Concentrated US Equity Portfolio AB Select US Equity Portfolio AB American Growth Portfolio AB US Small & Mid-Cap Portfolio AB Select Absolute Alpha Portfolio 27

29 AllianceBernstein Concentrated US Strategy Caratteristiche del Portafoglio Concentrated US Strategy Strong Long-Term Returns vs. Peers: Performance Rank Investment Style Growth 0 Three Years Five Years Seven Years Ten Years Benchmark S&P 500* Number of Holdings ~20 75 Percent of Assets in Top 10 58% Active Share 91% Turnover ~30-40% 100 With Below Average Volatility: Standard Deviation Rank Three Years Five Years Seven Years Ten Years 0 25 Capitalization Mid/Large Position Limits Min: 2% Max: 10% As of 30 September 2014 *The strategy is benchmark agnostic, either of the S&P 500 or the Russell 1000 Growth can be used for performance comparison purposes Past performance is no guarantee of future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AllianceBernstein Concentrated US Growth Strategy (the Strategy ) gross of fees: inception 1 January The performance of the Strategy is not the same as that of the Concentrated US Equity Portfolio and, although similar, they do not have the exact same portfolio construction. See Performance Disclosure. Active Share is a five year average as of 30 September Source: evestment (US Large Cap Growth Category) and AllianceBernstein 28

30 AllianceBernstein Concentrated US Strategy Un Ottimo Profilo Rischio/Rendimento Five year statistics: Concentrated US Strategy vs. S&P 500 (in USD) Information Ratio Sharpe Ratio Annualized Alpha Standard Deviation (%) Beta Median (0.48) Concentrated US Strategy As of 30 September 2014 Past performance is no guarantee of future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AllianceBernstein Concentrated US Growth Strategy (the Strategy ) gross of fees: inception 1 January The performance of the Strategy is not the same as that of the Concentrated US Equity Portfolio and, although similar, they do not have the exact same portfolio construction. See Performance Disclosure. Universe: evestment US Large Cap Growth Equity This is supplemental information to the GIPS-compliant performance and disclosure page. Source: evestment 29

31 AllianceBernstein Concentrated US Strategy Filosofia di Investimento: Focalizzarsi sulla Crescita degli Utili Our investment philosophy is based on the belief that long-term, consistent earnings growth drives long-term investment returns 30

32 AllianceBernstein Concentrated US Strategy La Chiave per Investire con Successo: Battere il Declino Growth is difficult to maintain...but those companies that can consistently grow are rewarded Number of Companies with Earnings Growth Rates 10% Top 1,000 US Companies, (Rolling Periods) Number of Companies % Number of Companies (Left Scale) 1.5% % Annualized Excess Returns vs. S&P Excess (Percent) One Year Three Years Five Years 0.0 As of 31 December 2013 Universe consists of the top 1000 companies by market cap each year from , with annual rebalancing. Source: Compustat, CRSP, Factset and AllianceBernstein 31

33 AllianceBernstein Concentrated US Strategy Una Crescita degli Utili Consistente Porta ad una Minore Volatilità nei Ribassi Up- and Down-Years Relative Performance vs. S&P Percentage of Rolling Periods Outperforming the S&P % 89% 100% 64% 5% 3% Up Years Down Years All Periods Rolling One Year Rolling Five Years Rolling 10 Years 1 Up-and Down-Years Relative Performance is as of 31 December Rolling Periods of Outperformance is as of 30 September 2014 Past performance is no guarantee of future results. Historical information provided is for illustrative purposes only. The performance results displayed represent the investment performance record for the institutional AllianceBernstein Concentrated US Growth Strategy (the Strategy ) gross of fees: inception 1 January The performance of the Strategy is not the same as that of the Concentrated US Equity Portfolio and, although similar, they do not have the exact same portfolio construction. See Performance Disclosure. Note: Since inception of the Concentrated US Growth Composite (1 January 1975), there have been 32 calendar years of positive S&P 500 Index returns and 7 calendar years of negative returns. Data represents gross average annual returns of the Concentrated US Growth Composite vs. the S&P 500. Periods of more than one year are annualized. Numbers may not sum due to rounding. This is supplemental information to the GIPS-compliant performance and disclosure page. The returns presented above are gross of fees. The results do not reflect the deduction of investment-management fees; the client s return will be reduced by the management fees and any other expenses incurred in the management of its account. For example, a US$100 million account paying a 1.85% annual fee with a given rate of 10% compounded over a 10-year period would result in a net-of-fee return of 8.15%. Investment advisory fees are described in Part 2A of AllianceBernstein s Form ADV. Source: S&P and AllianceBernstein 32

34 AllianceBernstein Concentrated US Strategy Processo di Investimento Broad Universe Opportunity Set Investment Universe Concentrated Portfolio ~1,500 Stocks High Quality Growth Stocks Stocks Stocks Discovery Identifying Quality Model and Discuss Portfolio Construction Screening the broad universe Focusing on the opportunity set Evaluating the best candidates Investing in compelling stocks Market Cap > $3 billion Earnings growth > 10% Exclude companies with low ROE, low growth, and commoditized businesses Superior businesses with consistent positive earnings High degree of predictability Industry leaders 5-Year projections Appraisal and valuation Collaboration and debate Strongest conviction Attractively priced Industry diversification Continuous dialogue between portfolio managers and analysts Source: AllianceBernstein 33

35 AllianceBernstein Concentrated US Strategy Processo di Investimento: Identificare le Società High Quality Growth Identifying Quality Strong Management Volume Growth Drivers Dominant Franchises and High Barriers to Entry Solid Financial Position and Conservative Accounting Low Cyclicality Low Customer Concentration High Quality Growth Company Low Regulatory Risk Recurring Revenue Streams Source: AllianceBernstein 34

36 AllianceBernstein Concentrated US Strategy Processo di Investimento: Identificare i Candidati per il Portafoglio Model and Discuss Step One Internally Generate 5-Year EPS Estimates Step Two Assign a Terminal Multiple Step Three Discount Back to Determine Present Value $4.94 $5.53 $6.20 $6.94 $7.77 $ % of S&P 500 = 16.5 $ Discount Rate 9.5% $91.29 Undervalued $71.87 = 27.0% AB Discounted Fair Value Current Price Expected Relative Return Conduct in-depth research on the source, magnitude, and sustainability of company growth Construct proprietary estimates and determine intrinsic value of the company Refine these projections as needed with the investment team Debate Terminal Multiple among investment team members Evaluate future worth of business Multiple ranges from 80% 170% of market growth (vs. S&P 500) Categorize companies into one of three levels of risk/discount rate Discount appraised value back to today Compare appraised value to current stock price For illustrative purposes only. Source: AllianceBernstein 35

Prospectus Socially Responsible Funds

Prospectus 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 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

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

Why Consider Bank Loan Investing?

Why Consider Bank Loan Investing? Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative

More information

INTERNATIONAL SMALL CAP STOCK INVESTING

INTERNATIONAL 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 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

Brandes Corporate Focus Fixed Income

Brandes Corporate Focus Fixed Income Fact Sheet / Through 31 December 2015 (currency reported in USD) Brandes Corporate Focus Fixed Income FIRM OVERVIEW Founded: 1974 Staff Total: 325 Investment Professionals: 53 Ownership: 100% Employee

More information

The Credit Analysis Process: From In-Depth Company Research to Selecting the Right Instrument

The 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 information

Madison Investment Advisors LLC

Madison 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 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

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

Emerging Markets Equity

Emerging Markets Equity Fact Sheet as of March 31, 2016 Emerging Markets Equity FIRM OVERVIEW Founded: 1974 Staff Total: 317 Investment Professionals: 52 Ownership: Employee-owned Investment Style: Value Investment Process: Bottom-up

More information

UNLOCKING VALUE IN EUROPEAN HIGH YIELD

UNLOCKING VALUE IN EUROPEAN HIGH YIELD UNLOCKING VALUE IN EUROPEAN HIGH YIELD 26 March 2015 Mike Della Vedova T. Rowe Price European High Yield Portfolio Manager About T. Rowe Price As of 31 December 2014 Figures Shown in Euros T. ROWE PRICE:

More information

Global high yield: We believe it s still offering value December 2013

Global high yield: We believe it s still offering value December 2013 Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating 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 information

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-12-1 As of 12/31/2015 Navigator Fixed Income Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise. But income

More information

Risks and Rewards in High Yield Bonds

Risks and Rewards in High Yield Bonds Risks and Rewards in High Yield Bonds Peter R. Duffy, CFA, Partner, Senior Portfolio Manager Navy Yard Corporate Center, Three Crescent Drive, Suite 400, Philadelphia, PA 19112 www.penncapital.com 1 What

More information

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

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

More information

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-08-1 As of 8/31/2015 Navigator Fixed Income Total Return Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise.

More information

Define your goals, we ll do the rest

Define your goals, we ll do the rest SUB-FUNDS OF GOLDMAN SACHS FUNDS, SICAV Define your goals, we ll do the rest The GS Wealthbuilder Multi-Asset Portfolios can help you achieve your goals, whether you are looking to preserve, enhance or

More information

Delaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by:

Delaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by: Delaware Investments Global Real Estate Securities Citywire Wealth Management Forum Presented by: Bob Zenouzi Senior Vice President Senior Portfolio Manager July 1, 2009 Delaware Investments is the marketing

More information

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk BlackRock Diversified Income Portfolio A portfolio from Fidelity Investments designed to seek income while managing risk Fidelity Investments has formed a strategic alliance with BlackRock Investment Management,

More information

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

An actively managed approach for today s fixed-income markets

An actively managed approach for today s fixed-income markets Q3 2015 Putnam multi-sector fixed-income funds An actively managed approach for today s fixed-income markets D. William Kohli Michael V. Salm Paul D. Scanlon, CFA Putnam s three Co-Heads of Fixed each

More information

Capital preservation strategy update

Capital preservation strategy update Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4

More information

Unconstrained Fixed Income

Unconstrained Fixed Income Unconstrained Fixed Income A Dynamic and Flexible Approach to Fixed Income Investing 26th ANNUAL TEXPERS CONFERENCE Global Fixed Income & Liquidity Management March 2015 This material is provided for educational

More information

FDP IV Growth 24% 8% 8% 8% 14% 7% 10%

FDP IV Growth 24% 8% 8% 8% 14% 7% 10% FUNDS DIVERSIFIED PORTFOLIOS A Disciplined Approach to Asset Allocation, Diversification and Rebalancing Funds Diversified Portfolios (FDP ) is a nondiscretionary brokerage service from Merrill Lynch that

More information

Fixed Income Liquidity in a Rising Rate Environment

Fixed Income Liquidity in a Rising Rate Environment Fixed Income Liquidity in a Rising Rate Environment 2 Executive Summary Ò Fixed income market liquidity has declined, causing greater concern about prospective liquidity in a potential broad market sell-off

More information

Non-FDIC Insured May Lose Value No Bank Guarantee. Time-Tested Investment Strategies for the Long Term

Non-FDIC Insured May Lose Value No Bank Guarantee. Time-Tested Investment Strategies for the Long Term Non-FDIC Insured May Lose Value No Bank Guarantee Time-Tested Investment Strategies for the Long Term Rely on These Four Time-Tested Strategies to Keep You on Course. Buy Right and Sit Tight Keep Your

More information

The timeless (and timely) case for high-yield bonds

The timeless (and timely) case for high-yield bonds INCOME EATON VANCE Looking beyond traditional sources of yield MARCH 2016 TIMELY THINKING The timeless (and timely) case for high-yield bonds SUMMARY High-yield bonds occupy a special capital market niche:

More information

Montag & Caldwell Fixed Income Strategy

Montag & Caldwell Fixed Income Strategy Montag & Caldwell Fixed Income Strategy Montag & Caldwell utilizes a total return approach to fixed income portfolio management. Both sector weightings and weighted average duration targets are actively

More information

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5.

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5. Stable Value Option The Stable Value Option seeks to provide a low-risk stable investment, offering competitive yields and limited volatility, with guarantee of principal and accumulated interest. Until

More information

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

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

More information

Templeton Global Bond Fund

Templeton Global Bond Fund Fixed Income Templeton Global Bond Fund CAPTURING BOND OPPORTUNITIES GLOBALLY Franklin Templeton Investments Gain From Our Perspective At Franklin Templeton Investments, we re dedicated to one goal: delivering

More information

Changes to the OklahomaDream 529 Plan

Changes 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 information

Investment Case: Fallen Angel High-Yield Corporate Bonds

Investment Case: Fallen Angel High-Yield Corporate Bonds Investment Case: Fallen Angel High-Yield Corporate Bonds 1 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer

More information

HSBC Global Investment Funds Global High Yield Bond

HSBC Global Investment Funds Global High Yield Bond Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital

More information

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview SMALL-CAP as of 09/30/2015 Investment Objective Century Small Cap Select Fund (CSCS) seeks long-term capital growth. Performance Overview Cumulative % Annualized % Quarter Year Since to Date to Date 1

More information

JPMorgan Funds statistics report: High Yield Fund

JPMorgan Funds statistics report: High Yield Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan s statistics report: High Yield Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents PERFORMANCE DURATION Performance

More information

Fixed-income opportunity: Short duration high yield

Fixed-income opportunity: Short duration high yield March 2014 Insights from: An income solution for a low or rising interest-rate environment Generating income is a key objective for many investors, and one that is increasingly difficult to achieve in

More information

Diversify 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. 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 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

Designing The Ideal Investment Policy Presented To The Actuaries Club of the Southwest & the Southeastern Actuarial Conference

Designing The Ideal Investment Policy Presented To The Actuaries Club of the Southwest & the Southeastern Actuarial Conference Designing The Ideal Investment Policy Presented To The Actuaries Club of the Southwest & the Southeastern Actuarial Conference Presented by: Greg Curran, CFA & Michael Kelch, CFA AAM - Insurance Investment

More information

Deutsche Floating Rate Fund

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

More information

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

Evaluating Managers on an After-Tax Basis

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

More information

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX BRANDES Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX Prospectus January 30, 2015 The U.S. Securities and Exchange

More information

Bond Fund of the TIAA-CREF Life Funds

Bond Fund of the TIAA-CREF Life Funds Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

The Bright Start College Savings Program Direct-Sold Plan. Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012

The Bright Start College Savings Program Direct-Sold Plan. Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012 The Bright Start College Savings Program Direct-Sold Plan Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012 This supplement amends the Program Disclosure Statement

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

Bond Snapshot with Kathy Jones The Year of the Taper

Bond Snapshot with Kathy Jones The Year of the Taper Bond Snapshot with Kathy Jones The Year of the Taper Kathy Jones, Vice President Fixed Income Strategist Schwab Center for Financial Research February 2014 Overview of Topics Tapering Implications Where

More information

MML SERIES INVESTMENT FUND

MML SERIES INVESTMENT FUND This Prospectus describes the following Funds. MML SERIES INVESTMENT FUND MML Money Market Fund seeks to maximize current income, preserve capital and maintain liquidity by investing in money market instruments.

More information

MSCI Dividend Masters Indexes Methodology

MSCI Dividend Masters Indexes Methodology Index Methodology MSCI es Methodology July 2014 msci.com Contents 1 Introduction... 3 2 Index Construction Methodology... 3 Section 2.1: Applicable Universe... 3 Section 2.2: Security Selection... 3 Section

More information

Fresno County Employees Retirement System Core Plus & MSFD

Fresno County Employees Retirement System Core Plus & MSFD Fresno County Employees Retirement System Core Plus & MSFD November 2, 2011 PRESENTED BY Stephanie S. Lord, CFA, CIC Vice President, Client Portfolio Manager One Financial Center Boston, Massachusetts

More information

Quarterly Asset Class Report Institutional Fixed Income

Quarterly Asset Class Report Institutional Fixed Income Quarterly Asset Class Report Institutional Presentation To: Presented By: canterburyconsulting.com September 30, 015 Role in the Canterbury Consulting recommends and communicates asset-class strategy with

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

Schwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.

Schwab 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 information

Diversify portfolios with U.S. and international bonds

Diversify portfolios with U.S. and international bonds Diversify portfolios with U.S. and international bonds Investing broadly across asset classes such as stocks, bonds and cash can help reduce volatility and risk within a portfolio. Canadian investors have

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement 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 information

High Yield Fixed Income Credit Outlook

High Yield Fixed Income Credit Outlook High Yield Fixed Income Credit Outlook Brendan White, CFA Portfolio Manager, Touchstone High Yield Fund Fort Washington Investment Advisors, Inc. September 28, 2011 The opinions expressed are current as

More information

When rates rise, do stocks fall?

When rates rise, do stocks fall? PRACTICE NOTE When rates rise, do stocks fall? The performance of equities and other return-seeking assets in rising and falling interest rate scenarios, January 1970 through September 2013 William Madden,

More information

PowerShares 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 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 information

Emerging Markets Fixed Income Capabilities

Emerging Markets Fixed Income Capabilities For professional investors Fixed Income Capabilities Opportunities in a market benefiting from strong fundamentals and increasing demand Fixed Income Capabilities I 2 BNP Paribas Investment Partners BNP

More information

Why Going International is a Big Idea for Small-Cap Investing

Why Going International is a Big Idea for Small-Cap Investing AllianzGI International Small-Cap Fund Why Going International is a Big Idea for Small-Cap Investing Investment Solutions Second Quarter 2015 AllianzGI International Small-Cap Fund symbols: A shares: AOPAX

More information

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

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

More information

Insurance Dedicated Funds: Variable Insurance Trusts

Insurance Dedicated Funds: Variable Insurance Trusts At a Glance September 2015 Insurance Dedicated Funds: Variable Insurance Trusts Our goal at GSAM is to meet the financial goals of investors worldwide, now and in the future, with innovative investment

More information

Are Unconstrained Bond Funds a Substitute for Core Bonds?

Are 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 information

JPMorgan SmartRetirement: Q2 2014 Views Strategic Asset Allocation, Manager Selection, and Tactical Asset Allocation

JPMorgan SmartRetirement: Q2 2014 Views Strategic Asset Allocation, Manager Selection, and Tactical Asset Allocation JPMorgan SmartRetirement: Q2 2014 Views Strategic Asset Allocation, Manager Selection, and Tactical Asset Allocation SmartRetirement Blend Mutual Contents Strategic Allocation Changes: 2 (No changes for

More information

NPH Fixed Income Research Update. Bob Downing, CFA. NPH Senior Investment & Due Diligence Analyst

NPH Fixed Income Research Update. Bob Downing, CFA. NPH Senior Investment & Due Diligence Analyst White Paper: NPH Fixed Income Research Update Authored By: Bob Downing, CFA NPH Senior Investment & Due Diligence Analyst National Planning Holdings, Inc. Due Diligence Department National Planning Holdings,

More information

Glossary of Investment Terms

Glossary 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 information

How Hedging Can Substantially Reduce Foreign Stock Currency Risk

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

More information

GIPS List of Composite Descriptions. Perkins Composites...11. Fixed Income Composites... 14. Global Macro Composites...19. Alternative Composites...

GIPS 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 information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments. Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class

More information

Our verdict is in: Offshore high yield exchange-traded funds don t deliver

Our verdict is in: Offshore high yield exchange-traded funds don t deliver For investment professionals only - not for use by retail investors Our verdict is in: Offshore high yield exchange-traded funds don t deliver November 2014 The explosive growth witnessed by ETFs in the

More information

MLC Investment Management. Constructing Fixed Income Portfolios in a Low Interest Rate Environment. August 2010

MLC 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 information

Hillswick Asset Management, LLC Core Fixed Income Composite

Hillswick Asset Management, LLC Core Fixed Income Composite Year End (Millions) USD (Millions) Assets Number of Accounts Hillswick Asset Management, LLC Core Fixed Income Gross Aggregate Gov't/Credit Dispersion Barclays Capital Aggregate Gov't/Credit 2014 1,372

More information

Intelligent Systematic Value Investing

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

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

JPMorgan U.S. Equity Fund

JPMorgan U.S. Equity Fund Prospectus J.P. Morgan U.S. Equity Funds Institutional Class Shares November 1, 2009 JPMorgan Disciplined Equity Fund JPMorgan Diversified Fund JPMorgan Mid Cap Value Fund JPMorgan Small Cap Growth Fund

More information

Washington, DC 20210 Submitted via email to: e-ori~dolgov

Washington, DC 20210 Submitted via email to: e-ori~dolgov /, - i., ~ ALUANCEBERNSTEIN Investments July 24, 2007 Daniel A. Netto Senior Vice President and Senior Retirement Plan Counsel Office of Regulations and Interpretations Employee Benefits Security Administration,

More information

Non-FDIC Insured May Lose Value No Bank Guarantee. Time-Tested Investment Strategies for the Long Term

Non-FDIC Insured May Lose Value No Bank Guarantee. Time-Tested Investment Strategies for the Long Term Time-Tested Investment Strategies for the Long Term Invest for the Long-Term Stay the Course Through Ups and Downs History shows that the market goes up and the market goes down. While there may be short-term

More information

The Pinnacle Funds. Simplified Prospectus. December 11, 2009 Class A and Class F units and Class I units where noted. Money Market Fund.

The Pinnacle Funds. Simplified Prospectus. December 11, 2009 Class A and Class F units and Class I units where noted. Money Market Fund. The Pinnacle Funds Simplified Prospectus December 11, 2009 Class A and Class F units and Class I units where noted Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

PIMCO Foreign Bond Fund (U.S. Dollar- Hedged)

PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) Your Global Investment Authority PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) SUMMARY PROSPECTUS July 31, 2015 (as supplemented December 1, 2015) Share Class: Inst P Admin D A C R Ticker: PFORX PFBPX

More information

LifePath Index 2060 Fund Q

LifePath Index 2060 Fund Q Release Date: 9-3-215 LifePath Index 26 Fund Q Standard & Poor's 5 Index LifePath Index 26 Custom Target Date 251+... Allocation of Stocks and Bonds 1 8 6 4 2 45 4 35 3 25 2 15 1 5 Years Until Retirement

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

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

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

More information

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Accredited Investors Only As of November 30th, 2015 Investment approach Blackstone Alternative Alpha Fund II ( BAAF

More information

Evaluating the Australian Outlook through a Global Lens

Evaluating the Australian Outlook through a Global Lens Evaluating the Australian Outlook through a Global Lens Chris Siniakov Managing Director, Fixed Income International Bond Yields 4.00% 2-Year Government Yields as at 15 January 2015 3.00% 2.00% 1.00% 0.00%

More information

Effect of Rising Interest Rates on Fixed Income. Dominick DeAlto, Global Head, Multi-Sector Fixed Income

Effect of Rising Interest Rates on Fixed Income. Dominick DeAlto, Global Head, Multi-Sector Fixed Income Effect of Rising Interest Rates on Fixed Income Dominick DeAlto, Global Head, Multi-Sector Fixed Income Effect of Rising Interest Rates on Fixed Income I May 2015 I 2 Why Do Investors Allocate to Fixed

More information

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

More information

The Case for High Yield, Revisited

The Case for High Yield, Revisited The Case for High Yield, Revisited DAN DOYLE, CFA MANAGING DIRECTOR AUGUST 214 While volatility has recently increased in the high-yield market, we believe this has been largely driven by technicals, not

More information

Why own bonds when yields are low?

Why own bonds when yields are low? Why own bonds when yields are low? Vanguard research November 213 Executive summary. Given the backdrop of low yields in government bond markets across much of the developed world, many investors may be

More information

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 400 Mid Cap Value ETF SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional

More information

MSCI Quality Indices Methodology

MSCI Quality Indices Methodology Methodology Contents Contents... 2 Section 1: Introduction... 3 Section 2: Index Construction Methodology... 4 Section 2.1: Applicable Universe... 4 Section 2.2: Determination of Quality Score... 4 Section

More information

Global Bond Fund FAQ April 2016

Global Bond Fund FAQ April 2016 April 2016 333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 (213) 633-8200 1. What is the investment objective of the DoubleLine s Global Bond Fund? The DoubleLine Global Bond Fund seeks to generate

More information

Opportunities in credit higher quality high-yield bonds

Opportunities in credit higher quality high-yield bonds Highlights > > Default rates below the long-term average > > Valuations wide of historical average in BB and B rated credit > > Despite sluggish economy, high yield can still perform well > > High yield

More information

High-Yield Municipal Bonds

High-Yield Municipal Bonds High-Yield Municipal Bonds 1 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation will be made only

More information