InvestingINSEAD s Endowment. Overview

Size: px
Start display at page:

Download "InvestingINSEAD s Endowment. Overview"

Transcription

1 InvestingINSEAD s Endowment Overview March 203

2 Overview of the INSEAD Endowment INSEAD s 52 million endowment supports the school s mission and provides a permanent source of funds to build its competitive advantage. It allows INSEAD to plan, sustain and invest in faculty Chairs, research projects, programmes, scholarships and facilities. A robust endowment is fundamental for INSEAD s growth; building it is a high priority for the school. The INSEAD endowment is managed by the Endowment Management Committee originally formed in 995, and has been advised by Partners Capital since the beginning of Partners Capital advise on the 34m investment portfolio with a further 8m invested in directly held property, cash and other assets. While we expect the next few years to be challenging and volatile for investments, the endowment remains well positioned for both capital preservation and long-term capital appreciation through a diversified multi-asset class strategy and allocation to specialist asset managers of the very highest quality, similar to that of leading endowments around the world. Endowment Management Committee Members of the INSEAD Endowment Management Committee, listed below in Figure, have substantial financial and investment experience and are responsible for the management oversight and performance of the endowment. The Committee is supported by the finance team under Eric Ponsonnet, Director General of Administration. Investment Advisor Since 2007, INSEAD has been advised by Partners Capital LLP, a private investment office which is one of the leading advisors to endowments and foundations globally. The firm currently advises on approximately $8.5 billion of assets, and employs 80 professionals in offices in London, Boston and Hong Kong across investment research, client management and operations. Additional information on Partners Capital can be found at Figure : INSEAD Endowment Management Committee standing members Name RémyBest (Chairman) Jaime Arguello Stéphane Corsaletti Michel Guillet François Hériard Dubreuil Claude Janssen Remmert Laan Pascal Maenhout Massimo Massa Georges Muller Todd Ruppert Mirjam Staub-Bisang Current / Former Professional Experience Managing Partner, Pictet& Cie Managing Director, Barclays Wealth Managing Director, ABN AMRO; CEO, Banque Neuflize OBC s asset management unit Co-Founder, BC Partners President, FondationINSEAD; Chairman, Orpar; Chairman, RémyCointreau; Chairman of the Executive Board, Andromède Honorary Chairman, INSEAD; President, Fondation Mondiale INSEAD Chairman, Leonardo Bank; Senior Adviser, Lazard Frères Associate Professor of Finance, INSEAD Professor of Finance and Rothschild Chaired Professor of Banking, INSEAD Chairman, Lemantrust Founder and CEO, RTR International Inc Founder and CEO, Independent Capital Management INSEAD endowment valuations as of 3 st August 202. This consists of a 34m portfolio advised by Partners Capital and a 8m portfolio invested in directly held property, cash and other assets.

3 Investment Strategy The core tenets of INSEAD s investment strategy remain () to manage the portfolio to deliver longterm absolute returns without specific regard to income generation (2) to diversify the portfolio across multiple asset classes, and (3) to identify and select the most skilled asset managers within each asset class. We believe that this combination will result in long-term outperformance of the INSEAD endowment relative to more traditional investment strategies, in particular, by protecting the portfolio on the downside during periods of market disruption and decline. The endowment remains broadly diversified across a variety of asset classes including traditional allocations to equities and fixed income, alternative allocations including hedge funds and commodities, as well as illiquid strategies in private credit, private equity and private equity real estate. INSEAD also maintains an allocation to property through the ownership of school sites. The identification and selection of best-of-class investment managers is at the core of the investment strategy. Investment managers are constantly reviewed and monitored by Partners Capital to ensure that endowment assets are being allocated to the highest-quality managers in each asset class, and to identify potential underperformance as early as possible. The total expense ratio of the portfolio is closely monitored to ensure that it is invested in only those managers whose performance justifies the fees. The defensive and diversified nature of the portfolio typically results in underperformance relative to a rising equity market (e.g. 202), but outperformance relative to falling equity markets (e.g. 20). We believe the portfolio is currently well positioned to deliver portfolio growth over the long term, but with downside protection. Figure 2: Total Endowment Portfolio (January 2002 August 202) 60m 40m 20m 00m 80m 60m 40m 20m 42,5 49,7 55,7 64,9 75,4 05,9 05, 97,2 35,6 42,3 5,5 0m Aug '02 Aug '03 Aug '04 Aug '05 Aug '06 Aug '07 Aug '08 Aug '09 Aug '0 Aug ' Aug '2 Note: Data includes donations. 2

4 Investment Portfolio Overview As of December 202, the 37 million investment portfolio (excluding direct property) was invested broadly across various asset classes. The allocation of the portfolio by asset class and the long term asset allocation targets are shown in Figure 3. As a long-term growth portfolio, the strategic asset allocation targets of the endowment ( right column ) are biased towards Global Equities, with exposure to other asset classes which offer inflation protection. Currently, the portfolio has an overweight allocation to credit. This includes a range of strategies including high yield bonds (both short and market duration), emerging market local currency debt, bank loans and structured credit. In a low growth environment, the committee believes that credit could perform broadly in line with equities but with significantly lower risk. The portfolio also has an overweight allocation to absolute return hedge funds. These are asset managers who exploit trends or relative value opportunities created when markets overreact to various macroeconomic events. We believe these managers are well positioned to take advantage of current market volatility. These overweight allocations are compensated by underweight allocations to European government bonds and inflation sensitive assets. Since early 20, the portfolio s underweight allocation to European sovereign debt has been held exclusively in the bonds of the German, French and Dutch governments with no exposure to those economies most effected by the European debt crisis. This has been accretive to portfolio performance since the inception of the allocation but detracted in the risk on environment of 202. Due partly to the low rate of French inflation, partly to the school s directly held property portfolio, the investment portfolio is underweight inflation sensitive real assets (inflation linked bonds, commodities and property). However, this will be continually re-assessed over the medium term in reaction to changing inflation expectations. Finally, the portfolio maintains a meaningful allocation to the illiquid asset classes of private equity and private equity real estate which the committee expects to outperform liquid securities over the longer term. Other Endowment Assets In addition to the investment portfolio, the total endowment also consists of a portfolio of other assets including SociétéCivileImmobilière(two properties near the campus in Fontainebleau), MBA Community Loan Bonds (an investment in a company called Prodigy which offers funding to INSEAD students) and cash (held both on deposit and in money market funds). Figure 3: Investment Portfolio excluding Direct Property Asset Allocation (December 202) Asset Class Portfolio Assets ( million) % of Current Portfolio Long-Term Strategic Target Allocation Cash 3 2% 2% Fixed Income 7 5% 2% Credit 22 6% 6% Global Equities 55 40% 39% Absolute Return Hedge Funds 24 8% 3% Real Assets 9 6% 2% Private Equity (illiquid) 3 0% 0% Private Equity Real Estate (illiquid) 4 3% 7% TOTAL 37 00% 00% 3

5 Investment Portfolio Performance From March 2007 to the end of December 202, the investment portfolio has returned 0% (cumulatively). This represents 4% outperformance of the INSEAD Composite Benchmark, a custom benchmark reflecting the long-term strategic asset allocation adopted by the committee, which returned 6% over the same period. For reference, the global equity markets were down -3% over this period which highlights the benefits of the diversified multi-asset class model. The performance by calendar year is summarised in Figure 4. For completeness, the performance of both the investment portfolio and the total endowment portfolio by academic year are summarised in Figure 5. In calendar year 202, the INSEAD portfolio returned 0.6%, outperforming the INSEAD Composite Benchmark, which rose by 9.7%. The portfolio benefited from strong performance from the longonly equity managers (total allocation to long-only global equities was 32% as of December 202; 7.3% return in the year), and hedged equities managers (8% allocation; 0.0% return). The INSEAD portfolio is invested primarily in equity managers (both long-only and hedged) who perform deep, bottom up fundamental analysis and add value through security selection rather than macro calls on markets, which the committee believes to be a more sustainable source of outperformance in the long term. The portfolio also benefited from the overweight allocation to credit (~6% allocation, 4.8% return), with the high yield and local currency emerging market debt managers performing particularly well. The portfolio s allocation to Absolute Return Hedge Funds performed in line with expectations (cash + 500bps), although the allocation to trend following Managed Futures managers detracted, as the strategy struggled to navigate the risk on / risk off market fluctuations caused by extreme changes in sentiment following political announcements. Although the portfolio s allocation to French inflation-linked government bonds performed well relative to the wider European market, the portfolio s underweight allocation to nominal government bonds and the skew towards core economies in Europe detracted, as peripheral country bonds rallied strongly over the year. The private equity portfolio returned.% in 202 lagging the strong return of public equities. This is due to a combination of immature private equity holdings and what we believe to be conservative marking of the underlying positions. We expect this portfolio to be a key driver of outperformance over the long term. Figure 4: INSEAD Investment Portfolio Calendar Year Performance (March 2007 December 202) INSEADInvestment Portfolio Return Cumulative (Mar 07 Dec2) +3.5% -20.% +.% +8.7% -0.4% +0.6% +0.0% INSEAD Composite Benchmark % -8.9% +7.% +7.7% +0.5% +9.7% +6.% Global Equities (MSCI World NR LC) +4.% -38.7% +25.7% +0.0% -5.5% +5.7% -3.5% Partners Capital s mandate began in March 2007, therefore the performance of the endowment and the benchmarks exclude January and February. 2 The INSEAD Composite Benchmark is a custom benchmark comprised of asset class indices (e.g. MSCI World NR LC for the equity allocation, or S&P GSCI TR for the commodities allocation) and weighted to reflect the long-term strategic asset allocation adopted by the committee. 4

6 Figure 5: INSEAD Endowment and Investment Portfolio Performance Academic Year Performance (September 2007 August 202) Sep 2007 Aug 2008 Sep 2008 Aug 2009 Sep 2009 Aug 200 Sep 200 Aug 20 Sep 20 Aug 202 Cumulative (Sep 07 Aug 2) INSEADInvestment Portfolio Return -3.0% -.8% +6.6% +5.4% +8.7% +4.5% INSEADEndowment Return 2 -.9% -.2% +5.7% +4.7% +7.8% +3.9% INSEAD Composite Benchmark 3-2.0% -3.6% +4.0% +8.3% +6.4% +.5% Global Equities (MSCI World NR LC) -3.5% -7.4% +2.3% +8.% +.4% -2.0% Note: The academic year starts on st September and finishes on 3 st August. This is reflected in the table above. For example, the year labelled 2008 reflects performance from st September 2007 to 3 st August Concluding Remarks 202 demonstrated the power of monetary authorities to support economies and markets with extraordinary policy actions that included the launch of the ECB s OMT programme to lower peripheral Eurozone bond yields and the Fed s QE-infinity bond purchases. Although these actions are believed to have reduced the downside economic tail risks heading into 203, we are still living in a post-crisis world of deleveraging and slower than normal growth. The deleveraging challenge has provoked unprecedented monetary policy responses, driving developed market interest rates to their lowest levels in history. This fosters uncertainty for investors as they struggle to ascertain how best to invest in an unfamiliar and increasingly low return world. In the face of these uncertainties, we continue to hold the portfolio s overall risk at target levels and do not attempt to time the risk-on / risk-off swings in the market. The portfolio remains overweight credit and other income generating assets while focussing on managers who add value through security selection based on fundamental analysis. The portfolio is sheltered from the risk of QE-driven inflation and higher interest rates by being underweight government bonds, with absolute return strategies used to provide the portfolio safety net. I am grateful to the members of the Endowment Management Committee who have devoted their time and insight towards the management of the INSEAD portfolio. I thank all the donors for their kind contributions to the endowment. These contributions have been pivotal to the growth of the endowment assets which in turn is of paramount importance to the future success of INSEAD. Rémy Best(MBA, 993) Chairman of the INSEAD Endowment Management Committee INSEAD Investment Portfolio consists of the Partners Capital managed portfolio. 2 The INSEAD Endowment consists of both the Partners Capital managed portfolio and all other assets including direct property, cash and other assets. 3 The INSEAD Composite Benchmark is a custom benchmark comprised of asset class indices (e.g. MSCI World NR LC for the equity allocation, or S&P GSCI TR for the commodities allocation) and weighted to reflect the long-term strategic asset allocation adopted by the committee. 5

Stanford Management Company 2014 Annual Report

Stanford Management Company 2014 Annual Report Stanford Management Company 2014 Annual Report The Stanford Management Company (SMC) was established in 1991 to manage Stanford s financial assets. SMC is a division of the University with oversight by

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

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

2015Q1 INVESTMENT OUTLOOK

2015Q1 INVESTMENT OUTLOOK TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for

More information

Benchmarking Real Estate Performance Considerations and Implications

Benchmarking 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 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

Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds

Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds 1 Equity and Fixed Income Funds London & Capital Equity and Fixed Income Funds London & Capital 2 We are an independently-owned

More information

Protecting Investors from Inflation The Inflation Protection Fund Approach by Frank Holsteen

Protecting Investors from Inflation The Inflation Protection Fund Approach by Frank Holsteen Protecting Investors from Inflation The Inflation Protection Fund Approach by Frank Holsteen Most investors benefit from an allocation of fixed income investments within a portfolio that also includes

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

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

Writing your charity s investment policy A guide

Writing 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 information

Funds in Court Information Guide INVESTMENT RISKS

Funds in Court Information Guide INVESTMENT RISKS Funds in Court Information Guide INVESTMENT RISKS NOTE: The information in this document is for information purposes only. The information is not intended to be and does not constitute financial advice

More information

2013 GSAM Insurance Survey & Industry Investment Trends

2013 GSAM Insurance Survey & Industry Investment Trends Global Insurance Asset Management AASCIF Annual Workshop Fall 23 23 GSAM Insurance Survey & Industry Investment Trends Michael Siegel, PhD Global Head of GSAM Insurance Asset Management September 3, 23

More information

A 10-year Investment Performance Review of. the MPF System. (1 December 2000 31 December 2010)

A 10-year Investment Performance Review of. the MPF System. (1 December 2000 31 December 2010) A 10-year Investment Performance Review of the MPF System (1 December 2000 31 December 2010) Acknowledgement The methodology and analysis of this report have been reviewed by Prof Kalok Chan, Synergis-Geoffrey

More information

2015 2 nd Quarter Market Commentary

2015 2 nd Quarter Market Commentary 2015 2 nd Quarter Market Commentary 1 Second Quarter Summary The U.S. Federal Reserve communicated that recent economic growth means the era of easy money may soon come to a close, causing bond yields

More information

2015 Mid-Year Market Review

2015 Mid-Year Market Review 2015 Mid-Year Market Review Cedar Hill Associates, LLC www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An Affiliate of MB Financial Bank 2015 Major Investment

More information

These charts identify short term trends in benchmark relative performance and risk.

These charts identify short term trends in benchmark relative performance and risk. The Government Pension Global The Government Pension was established on 1 st January 6. The Government Pension comprises: The Government Pension Global (previously the Government Petroleum, established

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

Closed to new investors

Closed to new investors Managed Investment Funds Product Disclosure Statement A range of funds that allows you to create an investment portfolio that suits your individual needs This is a combined Financial Services Guide and

More information

MLC MasterKey Unit Trust Product Disclosure Statement (PDS)

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

More information

OpenWorld Dynamic Assets Fund

OpenWorld Dynamic Assets Fund FUND BROCHURE OpenWorld Dynamic Assets Fund Protecting and generating wealth For Professional Investors only Russell s OpenWorld fund range offers investors access to some of Russell s highest conviction

More information

AMP Capital Investment Funds

AMP Capital Investment Funds AMP Capital Investment Funds Investment Statement Dated: 18 September 2015 Issued by AMP Investment Management (N.Z.) Limited Important information (The information in this section is required under the

More information

1Q 2015. San Joaquin County Employees Retirement Association. Executive Summary

1Q 2015. San Joaquin County Employees Retirement Association. Executive Summary 1Q 2015 San Joaquin County Employees Retirement Association Executive Summary This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution

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

State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU

State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU Product Disclosure Statement State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU Issued 6 October 2015 by State Street Global Advisors, Australia Services Limited ABN 16 108 671 441, AFSL 274900

More information

The UC Berkeley Foundation

The UC Berkeley Foundation The ANNUAL REPORT of BERKELEY S ENDOWMENT 2013 14 The UC Berkeley Foundation ENDOWMENT RETURNS AND INVESTMENT POLICY by John-Austin Saviano, Chief Investment Oicer, Berkeley Endowment Management Company

More information

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

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

More information

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

September 2013 Harvard Management Company Endowment Report Message from the CEO

September 2013 Harvard Management Company Endowment Report Message from the CEO Introduction For the fiscal year ended June 30, 2013 the return on the Harvard endowment was 11.3% and the endowment was valued at $32.7 billion. The return exceeded our benchmark by a healthy 223 basis

More information

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.

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

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

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

More information

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

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016 John Hancock Retirement Living Portfolios Fund commentary Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

Interest Rates and Inflation: How They Might Affect Managed Futures

Interest 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 information

Investment Services 4 4

Investment Services 4 4 Investment Intelligence Our Philosophy 1 Our philosophy is to provide unbiased top quality investment services and solutions tailored to your individual needs, objectives and risk tolerance based on a

More information

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated. Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes

More information

SURS fixed income assets are distributed among 13 external managers. The SURS total fixed income assets under management are distributed as follows:

SURS fixed income assets are distributed among 13 external managers. The SURS total fixed income assets under management are distributed as follows: State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL 61820-7333 (217) 378-8800 (217) 378-9802 (FAX) Investment Department To:

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

www.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015

www.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015 www.medirectbank.be Quarterly Report Wealth Management July - September 2015 All content 2016 MeDirect More information visit www.medirectbank.be In a volatile year such as 2015, a good asset manager proves

More information

Your Complete Investment Solution taking care of you...

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

More information

Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations

Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations ATTACHMENT 2 Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations May 27, 2015 Office of the Chief Investment Officer Contents For Discussion at Committee

More information

Morningstar Category Definitions

Morningstar Category Definitions Morningstar Category Definitions Morningstar Australasia Pty Ltd Disclaimer: 2015 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction

More information

About Hedge Funds. What is a Hedge Fund?

About 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 information

POSITION PAPER RIDING THE CYCLES. Understanding business, financial and monetary cycles in order to allocate fixed income

POSITION PAPER RIDING THE CYCLES. Understanding business, financial and monetary cycles in order to allocate fixed income POSITION PAPER RIDING THE CYCLES Understanding business, financial and monetary cycles in order to allocate fixed income TABLE OF CONTENTS EXECUTIVE SUMMARY 2 CYCLES ARE KEY TO BOND TOTAL RETURNS 3 THREE

More information

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income? Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income

More information

Re-Assessing Multi-Strategy Hedge Funds Aaron Mirandon, Associate Portfolio Manager

Re-Assessing Multi-Strategy Hedge Funds Aaron Mirandon, Associate Portfolio Manager Re-Assessing Multi-Strategy Hedge Funds Aaron Mirandon, Associate Portfolio Manager { Overview } The market returns from September 2008 through mid-2010 have introduced some extraordinary market movements

More information

Active Management in Fixed Income: Conviction is Key

Active Management in Fixed Income: Conviction is Key Active Management in Fixed Income: Conviction is Key Active Management Central banks seem likely to remain accommodative and keep monetary policy rates lower for a while to come. Consequently, real policy

More information

A Solution for Yield-Starved Insurance Companies: Dividend Equities

A Solution for Yield-Starved Insurance Companies: Dividend Equities August 2015 A Solution for Yield-Starved Insurance Companies: Dividend Equities Federal Reserve efforts to normalize monetary policy are unlikely to provide meaningful relief for yield-starved insurance

More information

THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009

THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009 THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY APPROVED November, 2009 I. MISSION The mission of The Philadelphia Foundation s (the Foundation) investment funds is to support current operations through

More information

Baylor Endowment 2012 Overview

Baylor Endowment 2012 Overview Baylor Endowment 2012 Overview Executive Summary Baylor University s Endowment has grown to approximately $1 billion in size, and is consistently providing over $50 million a year to fund scholarships,

More information

Delivering sustainable global growth

Delivering sustainable global growth Delivering sustainable global growth Driving profits by growing third party assets Keith Skeoch CEO, Standard Life Investments This presentation may contain certain forward-looking statements with respect

More information

Annual Report 31 December 2010

Annual Report 31 December 2010 Annual Report 31 December 2010 PIMCO Funds: Global Investors Series plc An open-ended investment company with variable capital and segregated liability between Funds incorporated with limited liability

More information

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

More information

Comprehensive Fixed Income Solutions

Comprehensive Fixed Income Solutions Comprehensive Fixed Income Solutions for Institutional Investors June 2015 The document is intended for institutional investors and investment professionals only and should not be distributed to or relied

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

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

More information

The Role of Alternative Investments in a Diversified Investment Portfolio

The Role of Alternative Investments in a Diversified Investment Portfolio The Role of Alternative Investments in a Diversified Investment Portfolio By Baird Private Wealth Management Introduction Traditional Investments Domestic Equity International Equity Taxable Fixed Income

More information

RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014

RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014 RBS Investment Options ICVC Final Short Report for the year ended 31 October 2014 RBS Investment Options ICVC Final Short Report Table of Contents Report of the Authorised Corporate Director 2 Economic

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

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE Core/Core Plus Investment Strategy SUMMARY: The Northern Fixed Income Fund (NOFIX)*and Northern Core Bond Fund (NOCBX)** both received four-star overall

More information

CalPERS 457 Plan Target Retirement Date Funds

CalPERS 457 Plan Target Retirement Date Funds CalPERS 457 Plan Target Retirement Date s September 30, 2015 Overview Target Retirement Date s (the "" or "s") are a series of diversified funds, each of which has a predetermined underlying asset mix

More information

BAILLIE 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 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 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

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate? Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good

More information

Investing 200: Behind the scenes on Western s two largest funds

Investing 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 information

Experience with external active fixed income managers - NBIM

Experience with external active fixed income managers - NBIM Page 1 of 5 Experience with external active fixed income managers This article summarises nearly five years experience with external fixed income managers. During this period, net excess return in relation

More information

Crafting a Forward Looking Investment Portfolio

Crafting a Forward Looking Investment Portfolio BOURSE SECURITIES LIMITED February 15th, 2016 Crafting a Forward Looking Investment Portfolio This week, we at Bourse evaluate the investment considerations and opportunities having looked previously at

More information

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence BRINKER CAPITAL OVERVIEW Helping You Invest with Confidence PARTIALLY INVESTED PERIODIC INVESTMENT FULLY INVESTED Unwavering Focus on Investment Excellence For more than 25 years, Brinker Capital has been

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

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

Commodities Portfolio Approach

Commodities 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 information

Long Term Investment Pool (LTIP) Investment Policy Statement Level 1

Long 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 information

Transamerica CI Growth Portfolio. Portfolio Review Fourth Quarter 2012

Transamerica CI Growth Portfolio. Portfolio Review Fourth Quarter 2012 Transamerica CI Growth Portfolio Portfolio Review Fourth Quarter 2012 Portfolio Managers Economic Overview In the income sector, investors continued to favour higheryielding securities in the fourth quarter

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

Manning & Napier Earnings Release Supplement. For the period ended September 30, 2015

Manning & Napier Earnings Release Supplement. For the period ended September 30, 2015 Manning & Napier Earnings Release Supplement For the period ended September 30, 2015 Forward Looking Statements This presentation contains forward-looking statements. Such statements can be identified

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

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

Elite LJ Active Portfolio Fund

Elite LJ Active Portfolio Fund Elite LJ Active Portfolio Fund Short Report for the year ended 30 April 2015 Investment Objective and Policy The objective of the Fund is to achieve a total positive return in all market conditions, over

More information

2. Match or exceed Composite Index over 3 year rolling period. Composite Index Total Fund Since Inception 2.97% 2.96% Last 3 Years 9.48% 9.

2. Match or exceed Composite Index over 3 year rolling period. Composite Index Total Fund Since Inception 2.97% 2.96% Last 3 Years 9.48% 9. EXECUTIVE SUMMARY Nature of the Fund: 1. Receives tobacco settlement monies in April 2. Expect these Receipts to continue through 2025 3. Distributes monies in July according to the formula: 5% of the

More information

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS Table of Contents 1 Introducing the ishares Minimum Volatility Suite... 02 2 Why Consider the ishares Minimum Volatility Suite?...

More information

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER madisonadv.com madisonfunds.com 2015 2Q EXCELLENCE IN INVESTMENT MANAGEMENT MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER Market Review With Independence Day fast approaching, fireworks began

More information

Fixed Income What risks should we worry about? Simon Doyle, Head of Fixed Income & Multi-Asset

Fixed Income What risks should we worry about? Simon Doyle, Head of Fixed Income & Multi-Asset February 2016 Schroders Fixed Income What risks should we worry about? Simon Doyle, Head of Fixed Income & Multi-Asset Overview When former Prime Minister Malcolm Fraser said that life wasn t meant to

More information

SHARES GENERATE INCOME.

SHARES GENERATE INCOME. SHARES GENERATE INCOME. BELL POTTER COMMITTED TO PEOPLE, BUSINESSES AND COMMUNITIES. Bell Potter Securities Limited was founded by Colin Bell in Australia in 1970. We have grown to be one of Australia

More information

SHORT DURATION BONDS

SHORT DURATION BONDS SHORT DURATION BONDS Our Short Duration Bond Fund range RL Short Duration Gilt Fund RL Short Duration Global Index Linked Bond Fund RL Short Duration Credit Fund RL Duration Hedged Credit Fund RL Short

More information

Absolute return: The search for positive returns in changing markets

Absolute 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 information

Institutional Investor Asset Management in a Low Return/High Risk World

Institutional Investor Asset Management in a Low Return/High Risk World Institutional Investor Asset Management in a Low Return/High Risk World Dr. Eliot Kalter President, E M Strategies Senior Fellow, The Fletcher School EKalter@EMStrategies.com Executive Summary I. Global

More information

Investment 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 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 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

Portfolio Series Portfolio Review Second Quarter 2010

Portfolio Series Portfolio Review Second Quarter 2010 Portfolio Series Portfolio Review Second Quarter 2010 We are pleased to introduce Portfolio Review, a new quarterly report on Portfolio Series. 3 Portfolio Series Income Fund 7 Portfolio Series Conservative

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

2015 Semi-Annual Management Report of Fund Performance

2015 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment

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

IOOF Investments. IOOF MultiMix Trusts IOOF Multi Series Balanced Trust IOOF Cash Management Trust IOOF Balanced Investor Trust

IOOF Investments. IOOF MultiMix Trusts IOOF Multi Series Balanced Trust IOOF Cash Management Trust IOOF Balanced Investor Trust IOOF Investments Trusts IOOF Multi Series Balanced Trust IOOF Cash Management Trust IOOF Balanced Investor Trust Quarterly report (to 1 December 201) Contents portfolio construction 2 Asset allocation

More information

Annual Management Report of Fund Performance. Management Discussion of Fund Performance. Mawer Canadian Bond Fund. Results of Operations

Annual Management Report of Fund Performance. Management Discussion of Fund Performance. Mawer Canadian Bond Fund. Results of Operations Annual Management Report of Fund Performance For the Year Ended December 31, 2014 This annual management report of fund performance contains financial highlights but does not contain the complete annual

More information

An Alternative Way to Diversify an Income Strategy

An Alternative Way to Diversify an Income Strategy Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed

More information

Your guide to Managed Funds.

Your guide to Managed Funds. Your guide to Managed Funds. An introduction to Managed Funds 1 Investing in Managed Funds 2 Key benefits 6 Risks 7 The Citibank advantage 8 About Citigold 11 An introduction to Managed Funds There s a

More information

The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong

The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong Investment Insights The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong Kevin Lorenz, CFA, Managing Director, Lead Portfolio Manager of TIAA-CREF's High-Yield Fund

More information

AON MASTER TRUST. Introduction to investments. aonmastertrust.com.au

AON MASTER TRUST. Introduction to investments. aonmastertrust.com.au AON MASTER TRUST Introduction to investments aonmastertrust.com.au CONTENTS Risk versus return... 3 Asset classes... 4 Defensive and growth asset classes... 5 Asset class performance... 6 Managing risk...

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