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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 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 update members of the Western Retirement Plans. It is not intended to constitute legal, tax, pension, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. This presentation contains general information and should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. 2 1

2 Agenda Diversified Equity Fund Overview of the Fund Recent changes How it has worked Looking forward Diversified Bond Fund Overview of the Fund Recent changes How it has worked Looking forward Questions 3 Overview of Diversified Equity Fund Characteristics of the Fund Composition Foreign exposure and currency management Market capitalization Active VS passive management 4 2

3 Characteristics of the Fund $569 million in assets as of September 30, members invested in the Fund Represents 48.9% of all plan assets Comprises 70% of the Balanced Growth Fund Comprises 30% of the Balanced Income Fund Balanced Growth Fund has been the default option since July 1, Composition Manager Weight Canadian Equity 30% Beutel Goodman 10% CC&L 10% Greystone 10% U.S. Equity 20% SSgA (U.S. Large Cap) 10% SSgA (Low Volatility Equity) 10% International Equity 16% AB Global 8% MFS 8% Global Equity 24% Harris 12% T. Rowe Price 12% Small Cap Equity 5% Franklin Templeton 5% Emerging Markets 5% William Blair 5% 6 3

4 Foreign Exposure and Currency Management 70% of the Fund is exposed to non Canadian equities Global equity mandates may also include Canadian stocks As of September 30, 2015: Harris Associates: None T. Rowe Price: 2.3% (Cdn Natural Resources, National Bank, TD Bank, Valeant Pharmaceuticals) Franklin Templeton: 9.4% (Fairfax Financial, Fairfax India, Major Drilling Group International, ClubLink Enterprises) MFS allowed to invest up to 10% in non EAFE stocks: 4.7% (Suncor Energy, Element Financial, Valeant Pharmaceuticals, Loblaw, CN Railway) 60% of the Fund is exposed to foreign currency fluctuations Half of the U.S. currency exposure is hedged 7 Market Capitalization One mandate fully dedicated to small and mid size companies: 5% of the Fund Other mandates may also be exposed to small cap equities (as of June 30, 2015): Canadian equities: 14% EAFE equities: 7.1% Emerging markets equities: generally no exposure Global equities: 1.8% U.S. low volatility equities: 26.3% U.S. large cap equities: no exposure Effective exposure: 13.4% Small cap stocks generally have larger expected returns, but more volatility 8 4

5 Active VS Passive Management 80% of the Fund is actively managed Theinvestment managers try to selectthethe securities that will perform the best, within a specific category 10% of the Fund is passively managed The investment managers purchase all or most of the securities within a specific category 10% of the Fund is managed based on a smart beta strategy Set of investment strategies that use alternative index construction rules instead of market capitalization based indices. Seek to capture specific factors or market inefficiencies. 9 Recent Changes Strategy Investment strategies considered New options 10 5

6 Strategy Capture additional sources of potential return Add assets that are expected to reduce the overall risk of the Fund 11 Investment Strategies Considered Four types of assets: Cash Liquidity and safety of principal Fixed income (or bonds) Debt instrument Equities (or stocks) Ownership in a company Alternative investments Everything else Focus on equities and alternative investments 12 6

7 Investment Strategies Considered Asset Class Product Details Equities Smaller companies Emerging markets equities Low volatility strategies Smaller companies are expected to outperform larger companies over the long term, albeit with higher volatility Emerging markets now represent approximately 10% of the world market capitalization are expected to be the engine of growth for the global economy This type of strategy typically has low sensitivity to market movements and thus provides stronger relative performance in down markets The strategy can either be constructed by focusing on companies with low leverage and that operate in stable businesses; or by focusing on shares that are less volatile 13 Investment Strategies Considered Asset Class Product Details Real estate Involves purchasing income producing properties Alternative Investments Infrastructure Private equity Active currency management Global tactical asset allocation Commodities Market neutral strategies Long/short strategies Involves taking ownership in roads, utilities, transport, water, ports, railroads, communication systems, etc. Involves investing in companies that are not listed on a stock exchange Involves trading a basket of currencies. Multi strategy approach that seeks to add value based on views about the economy. The strategy incorporates asset class, country, sector, and currency opportunities. Strategy that involves investing in a basket of commodity futures, such as oil, natural gas, gold, copper, zinc, coffee, livestock, wheat, etc. Strategies that involve taking both long and short positions in stocks to minimize the exposure to some of the stock market risks Strategies that combine a conventional portfolio with a market neutral strategy 14 7

8 Investment Strategies Considered Strategies Aiming to Capture Additional Sources of Return Strategies Retained Strategies Not Retained Smaller companies Emerging markets Private equity Active currency management Global tactical asset allocation Strategies Aiming to Lower the Risk of the Portfolio Strategies Retained Strategies Not Retained Low volatility equity Commodities Market neutral strategies Long/short strategies Real estate Infrastructure 15 Investment Strategies Considered Reasons for not retaining a strategy: Lack of liquidity Complexity J Curve Fees Risk Expected return 16 8

9 New Options Strategy Pros Cons Global Small Cap Higher expected return than large cap stocks Lower correlation with large cap stocks Greater potential for active management Emerging Markets Equities Low Volatility Equity Strategies Emerging markets are a source of growth for the global economy Market capitalization of emerging markets is growing Likely flow of investments may grow opportunity and liquidity Diversifier to developed markets Potential for higher returns Attractive investment opportunities for companies located therein Attractive demographics Emergence of middle class Enormous pool of cheap labour Stronger fiscal positions Historically lower volatility than traditional portfolios Low fees Research suggest that anomaly may persist Can be implemented in a passive way Higher volatility Less liquid Higher investment management fees Higher transaction costs Current valuation levels l Increases portfolio risk Lower liquidity Higher investment management fees Higher transaction costs Increasing correlations with developed markets Inconsistent legal and regulatory framework Transparency Stronger GDP growth does not necessarily translate into stronger stock market performance Large tracking error Outperformance may not re occur in the future Short history for products on the market May experience extended periods of underperformance 17 How Has it Worked? (Before) Annualized Returns as of August 31, 2011 (after fees) 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr Diversified Equity Fund 6.05% 3.80% 3.44% % % % Benchmark 8.39% 5.76% 1.80% 3.13% 0.01% 3.09% Value Added 2.34% 1.96% 1.64% 2.02% 1.68% 0.68% Volatility as of August 31, Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr Diversified Equity Fund 11.50% 11.65% 17.73% 73% 16.22% 14.90% 13.46% Benchmark 10.74% 11.15% 17.36% 15.80% 14.51% 13.19% Difference 0.76% 0.50% 0.37% 0.42% 0.39% 0.27% Lower returns, higher volatility than the benchmark 18 9

10 How Has it Worked? (After) Annualized Returns (after fees) From Jan 1, 2013 to Sep 30, 2015 From Sep 1, 2014 to Sep 30, Yr 2 Yr Since Jan 1, 2013 Since Sep 1, 2014 Diversified Equity Fund 5.80% 11.63% 15.06% 3.54% Benchmark 3.63% 11.01% 13.98% 1.55% Value Added 2.17% 0.62% 1.08% 1.99% Volatility From Jan 1, 2013 to Sep 30, 2015 From Sep 1, 2014 to Sep 30, Yr 2 Yr Since Jan 1, 2013 Since Sep 1, 2014 Diversified Equity Fund 10.23% 8.63% 8.28% 10.06% Benchmark 9.85% 8.36% 7.90% 9.64% Value Added 0.38% 0.27% 0.38% 0.42% 19 New Mandates Annualized Returns from November 20, 2013 to September 30, 2015 (Before Fees) William Blair Emerging Markets Leaders 6.66% MSCI Emerging Markets 2.38% Value Added 4.28% Annualized Returns from February 1, 2014 to September 30, 2015 (Before Fees) SSgA U.S. Managed Volatility Equity 21.55% Russell % Value Added 3.29% Annualized Returns from July 7, 2014 to September 30, 2015 (Before Fees) Franklin Small Mid Cap Equity 12.60% MSCI World All Country Small & Mid Cap 14.73% Value Added 2.13% 20 10

11 How Has it Worked? Decision to review the portfolio was made in September 2011 Final asset mix was approved at the December 3, 2012 meeting The implementation i of the new asset mix started in January 2013 and was completed in August 2014 with the implementation of the Global Small Cap Equity mandate Before: significant underperformance with higher volatility After: the Fund generally outperformed its benchmark, but with a little more volatility Although the U.S. low volatility equity mandate did outperform its benchmark with low volatility, the volatility of the strategy was not significantly lower than the benchmark, as we would expect in normal circumstances Two of the three new managers have significantly outperformed their benchmark The third one still managed strong absolute returns 21 Looking Forward Consider private equity and unlisted infrastructure Public equity returns are expected to be lower going forward Inefficiencies in private markets allow top managers to generate excess returns Premium for illiquidity It is possible to mitigate the J curve with secondaries Research and simulations suggest that it is possible to handle an illiquid component in the Diversified Equity Fund 22 11

12 Overview of Diversified Bond Fund Characteristics of the Fund Composition Foreign exposure and currency management Active VS passive management 23 Characteristics of the Fund $288 million in assets as of September 30, members invested in the Fund Represents 24.7% of all plan assets Comprises 30% of the Balanced Growth Fund Comprises 70% of the Balanced Income Fund Balanced Growth Fund has been the default option since July 1,

13 Composition Manager Weight Global Bonds AB Global 63.5% Canadian Bonds SSgA 26.5% Commercial lmortgages Romspen 10% 25 Foreign Exposure and Currency Management Component managed by AB Global can have a non Canadian exposure ranging from 30% to 70%. Normal stance is 50% Up to 25% of the component can be left unhedged The component managed by SSgA invests exclusively in Canadian bonds and as such does not have any foreign currency exposure The component managed by Romspen invests mainly in Canadian commercial mortgages Although there is no fixed limit on the non Canadian component, it is expected that the fund will remain predominantly Canadian More than 90% of the U.S. dollar exposure is hedged, either by having the borrower assume any currency losses, or by using forwards 26 13

14 Active VS Passive Management 73.5% of the Fund is actively managed The investment managers try to select the securities that will perform the best, within a specific category 26.5% of the Fund is passively managed The investment manager purchase most of the securities within a specific category to replicate the risk and return characteristics of an index 27 Recent Changes Strategy Investment strategies considered New options 28 14

15 Strategy Optimize the Diversified Bond Fund by increasing i its expected tdreturn and/or reducing its volatility. 29 Investment Strategies Considered Strategy Commercial mortgages Real return bonds Details Mortgage loan secured by a commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. Bonds that pay a rate of return that is adjusted for inflation 30 15

16 New Option Strategy Pros Cons Commercial Mortgages Higher yield than Higher investment traditional bonds management fees Lower volatility than traditional bonds Less liquid than traditional bonds Shorter duration Large component of the Low historical loss ratios Fund (10 15%) regularly in default Real return bonds were not pursued mainly because of their long duration, which made them less attractive in a rising interest rate environment. 31 How Has it Worked? (Before) Annualized Returns as of August 31, 2011 (after fees) 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr Diversified Bond dfund 5.50% 50% 8.37% 7.25% 6.76% 6.18% 5.76% Benchmark 4.56% 6.12% 6.51% 6.53% 5.96% 5.79% Value Added 0.94% 2.25% 0.74% 0.23% 0.22% 0.03% Volatility as of August 31, Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr Diversified Bond Fund 2.80% 2.76% 5.00% 4.40% 40% 4.10% 3.93% Benchmark 2.78% 2.95% 3.55% 3.21% 3.14% 3.55% Difference 0.02% 0.19% 1.45% 1.19% 0.96% 0.38% Higher returns than the benchmark, but generally with higher volatility 32 16

17 How Has it Worked? (After) Annualized Returns from July 1, 2012 to September 30, 2015 (after fees) 1 Yr 2 Yr 3 Yr (Jul 1, 2012 Sep 30, 2015) Diversified Bond dfund 4.81% 5.96% 4.25% 4.50% Benchmark 5.04% 5.76% 3.97% 4.16% Value Added 0.23% 0.20% 0.28% 0.34% Volatility from July 1, 2012 to September 30, Yr 2 Yr 3 Yr (Jul 1, 2012 Sep 30, 2015) Diversified Bond Fund 3.92% 3.18% 3.16% 3.07% Benchmark 4.25% 3.40% 3.26% 3.15% Difference 0.33% 0.22% 0.10% 0.08% Generally higher returns than the benchmark, but with lower volatility 33 New Mandate Annualized Returns as of September 30, 2015 (before fees) 1 Yr 2 Yr 3 Yr Since Inception (July 13, 2012) Romspen 8.92% 8.04% 8.20% 8.31% Benchmark 7.11% 7.10% 6.54% Value Added 1.81% 0.94% 1.66% 34 17

18 How Has it Worked? Changes to the Diversified Bond Fund were triggered not so much by the poor relative performance of the Fund than by the challenging hll upcoming environment Low yields Increasing interest rate environment Fewer opportunities in corporate sector as credit spreads have significantly tightened The commercial mortgage mandate has significantly outperformed traditional fixed income Before: higher returns than the benchmark, but generally with higher volatility After: generally higher returns than the benchmark, but with lower volatility, in a much more difficult environment 35 Looking Forward Emerging markets debt High yield specialist Bank loans Private debt Real return bonds 36 18

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

Western Retirement Plans

Western Retirement Plans Western Retirement Plans 2015 Investment Performance Review Human Resources, Support Services Building, London, ON, N6A 3K7 Tel: 519.661.2194 Fax: 519.661.4104 E-mail: hrhelp@uwo.ca www.uwo.ca/hr Planning

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

CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?

CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment

More 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

THE UNIVERSITY OF WESTERN ONTARIO RETIREMENT INCOME FUND

THE UNIVERSITY OF WESTERN ONTARIO RETIREMENT INCOME FUND Financial Statements of THE UNIVERSITY OF WESTERN ONTARIO Statement of Changes in Net Assets Available for Retirement Income Payments, with comparative information for 2012 2013 2012 Investment income

More information

How to build a Diversified Portfolio

How to build a Diversified Portfolio How to build a Diversified Portfolio The last 2 years from August 29, 2014 to May 27, 2016 saw a 10% drop in the TSX and the volatility has many investors worried about the next 12 months. When you add

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

Summary Prospectus April 27, JNL Alt 65 Fund (formerly, JNL Institutional Alt 65 Fund) Class A

Summary Prospectus April 27, JNL Alt 65 Fund (formerly, JNL Institutional Alt 65 Fund) Class A Summary Prospectus April 27, 2015 JNL Alt 65 Fund (formerly, JNL Institutional Alt 65 Fund) Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

THE UNIVERSITY OF WESTERN ONTARIO PENSION PLAN FOR MEMBERS OF THE ADMINISTRATIVE STAFF

THE UNIVERSITY OF WESTERN ONTARIO PENSION PLAN FOR MEMBERS OF THE ADMINISTRATIVE STAFF Fund Financial Statements of THE UNIVERSITY OF WESTERN ONTARIO PENSION PLAN FOR MEMBERS OF THE ADMINISTRATIVE STAFF Statement of Changes in Net Assets Available for Benefits, with comparative information

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

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

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

Summary Prospectus April 25, 2016. JNL Institutional Alt 50 Fund Class A

Summary Prospectus April 25, 2016. JNL Institutional Alt 50 Fund Class A Summary Prospectus April 25, 2016 JNL Institutional Alt 50 Fund Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and its risks. You can find

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

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP)

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Strategy descriptions are effective December 12, 2014, unless otherwise noted. U.S. Large Companies Fund The fund invests

More information

Policies, Procedures and Guidelines

Policies, Procedures and Guidelines Policies, Procedures and Guidelines Complete Policy Title: Statement of Investment Policies and Objectives Investment Pool Policy Number (if applicable): Approved by: Board of Governors Date of Original

More information

Investing in Commodities

Investing in Commodities Investing in Commodities March 6, 2007 Gloria B. Gil Director, Real Assets Commodities Raw materials used to create products for consumers, used as components in manufacturing goods, and development of

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

MFS AGGRESSIVE GROWTH ALLOCATION FUND

MFS AGGRESSIVE GROWTH ALLOCATION FUND Q3 16 Investment Update MFS AGGRESSIVE GROWTH ALLOCATION FUND A diversified portfolio consisting primarily of MFS stock funds Provides convenient access to a broadly diversified, professionally managed

More information

Deutsche Alternative Asset Allocation VIP

Deutsche Alternative Asset Allocation VIP Alternative Deutsche Alternative Asset Allocation VIP All-in-one exposure to alternative asset classes : a key piece in asset allocation Building a portfolio of stocks, bonds and cash has long been recognized

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

Presentation Title. Portfolio Review & Plan for Client A October 2011

Presentation Title. Portfolio Review & Plan for Client A October 2011 Presentation Title Portfolio Review & Plan for Client A October 2011 Table of Contents I. Strategy Objectives Better Oversight Efficient Fee Structure Improved Portfolio Management p 6 p 7 p 8 p 9 II.

More information

THE USE OF FIXED INCOME DERIVATIVES AT TAL GLOBAL ASSET MANAGEMENT

THE USE OF FIXED INCOME DERIVATIVES AT TAL GLOBAL ASSET MANAGEMENT GLOBAL ASSET MANAGEMENT INC. THE USE OF FIXED INCOME DERIVATIVES AT TAL GLOBAL ASSET MANAGEMENT Paul Bourdeau, CFA Page 1 September 2002 AGENDA Overview of TAL Overview of the Use of Derivatives at Use

More information

Overcoming the Shortfalls of the Traditional Approach to Investing in Hedge Funds. Michael O Dea PortfolioConstruction Conference August 2009

Overcoming the Shortfalls of the Traditional Approach to Investing in Hedge Funds. Michael O Dea PortfolioConstruction Conference August 2009 Overcoming the Shortfalls of the Traditional Approach to Investing in Hedge Funds Michael O Dea PortfolioConstruction Conference August 2009 1 Agenda 1. Hedge Funds Why Invest in this Sector? 2. Issues

More information

Public Equity Portfolio Overview May 29, 2013

Public Equity Portfolio Overview May 29, 2013 Public Equity Portfolio Overview May 29, 2013 Agenda Equity Markets Overview Portfolio Profile Portfolio Structure Activities/Accomplishments Global Equity Initiatives Hedged Equity Portfolio 2 General

More information

Income dividend distributions and distribution yields

Income dividend distributions and distribution yields Income dividend distributions and distribution yields Why do they vary from period to period and fund to fund? JULY 2015 Investors often rely on income dividend distributions from mutual funds to satisfy

More information

The Case for Senior Loans

The Case for Senior Loans The Case for 1.877.622.5552 www.firsttrust.ca : A Potential Opportunity for Investors With interest rates at historically low levels, these are challenging times to invest for income. At the same time,

More information

ADVANCED SERIES TRUST

ADVANCED SERIES TRUST ADVANCED SERIES TRUST PROSPECTUS APRIL 27, 2015 The Trust is an investment vehicle for life insurance companies ( Participating Insurance Companies ) writing variable annuity contracts and variable life

More information

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 INVESTING YOUR SUPER FACT SHEET 5 14 AUGUST 2015 NGS Super offers you flexibility and choice when

More information

Invesco Variable Insurance Fund. Invesco V.I. Balanced-Risk Allocation Fund A balanced approach

Invesco Variable Insurance Fund. Invesco V.I. Balanced-Risk Allocation Fund A balanced approach Invesco Variable Insurance Fund Invesco V.I. Balanced-Risk Allocation Fund A balanced approach Management team Invesco V.I. Balanced-Risk Allocation Fund is managed by the Invesco Global Asset Allocation

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

INVESTING YOUR SUPER. IMPORTANT INFORMATION. 1 July 2015

INVESTING YOUR SUPER. IMPORTANT INFORMATION. 1 July 2015 YOUR INVESTING SUPER. 1 July 2015 IMPORTANT INFORMATION This information should be read in conjunction with the First Super Product Disclosure Statement (PDS) dated 1 July 2015. You should consider this

More information

MANAGING INVESTMENT RISK AND LIQUIDITY By David Iverson 31 AUGUST 2015

MANAGING INVESTMENT RISK AND LIQUIDITY By David Iverson 31 AUGUST 2015 HOW WE INVEST WHITE PAPER MANAGING INVESTMENT RISK AND LIQUIDITY By David Iverson 31 AUGUST 2015 www.nzsuperfund.co.nz email:enquiries@nzsuperfund.co.nz INTRODUCTION This paper provides a brief summary

More information

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015 The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust Amended June 16, 2015 Introduction The Lower Colorado River Authority ( LCRA )

More information

SFDCP TARGET DATE FUND PORTFOLIO SUMMARY: January 29, 2016

SFDCP TARGET DATE FUND PORTFOLIO SUMMARY: January 29, 2016 SFDCP TARGET DATE FUND PORTFOLIO SUMMARY: January 29, 2016 SFDCP Target Date Funds Overview SFDCP Target Date Funds (each, a Fund and collectively the Funds or the SFDCP Target Date Funds ) were developed

More information

(expenses that you pay each year as a percentage of the value of your investment)

(expenses that you pay each year as a percentage of the value of your investment) July 31, 2015 SUMMARY PROSPECTUS SAAT Core Market Strategy Allocation Fund (SKTAX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and

More information

Good Practice Checklist

Good Practice Checklist Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment

More information

Risk Budgeting. Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA

Risk Budgeting. Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA Risk Budgeting Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA 1 What is Risk Budgeting? Risk budgeting is the process of setting and allocating active (alpha) risk to enhance

More information

Global Equity Portfolio Construction. Fall 2012

Global Equity Portfolio Construction. Fall 2012 Global Equity Portfolio Construction Fall 2012 INTRODUCTION Investors should thoughtfully construct an equity portfolio by: Identifying the objective Taking a global approach Expanding away from long only

More 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

Positioning Fixed Income for Rising Interest Rates

Positioning Fixed Income for Rising Interest Rates Positioning Fixed Income for Rising Interest Rates Investment Case: High-Yield Bonds Hedged with U.S. Treasuries Market Vectors Investment Grade Floating Rate ETF Designed to hedge the risk of rising interest

More information

New York's 529 Advisor-Guided College Savings Program

New York's 529 Advisor-Guided College Savings Program New York's 529 Advisor-Guided College Savings Program Data as of May 3, 204 month (as of 3/3/204) 0 yrs Expense ratio AGE-BASED PORTFOLIOS JPMorgan 529 Aggressive Age-Based Portfolio (Age 0-5) 2,3,4,5,6,7,8,9,37

More information

FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK

FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK 1 FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK By Michael McMurray, CFA Senior Consultant As all investors are aware, fixed income yields and overall returns generally have been

More information

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP Supplement to the Currently Effective Prospectus and Summary Prospectus * * * The following replaces in their entirety the

More information

Finding the Right Fit with Commercial Mortgages

Finding the Right Fit with Commercial Mortgages Finding the Right Fit with Commercial Mortgages Key Takeaways Mortgages provide strong risk-adjusted return potential Investors can implement mortgages as a stand-alone alternative or integrated bond exposure

More information

Quantitative Asset Manager Analysis

Quantitative Asset Manager Analysis Quantitative Asset Manager Analysis Performance Measurement Forum Dr. Stephan Skaanes, CFA, CAIA, FRM PPCmetrics AG Financial Consulting, Controlling & Research, Zurich, Switzerland www.ppcmetrics.ch Copenhagen,

More information

608 RISK BUDGETING AND INVESTMENT MANAGEMENT. Committee on Investments / Investment Advisory Committee August 24, 2006

608 RISK BUDGETING AND INVESTMENT MANAGEMENT. Committee on Investments / Investment Advisory Committee August 24, 2006 608 RISK BUDGETING AND INVESTMENT MANAGEMENT Committee on Investments / Investment Advisory Committee August 24, 2006 AGENDA Measuring Risk Active Risk Budgeting Risk UCRP Risk Budgets How Risk Budgets

More information

Are you protected against market risk?

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

More information

University of Miami Growth Pool Statement of Investment Policy

University of Miami Growth Pool Statement of Investment Policy University of Miami Growth Pool Statement of Investment Policy Introduction December 2014 This document presents the investment process of the University of Miami s Growth Pool ( Growth Pool ), including

More information

Alternative Investing

Alternative Investing Alternative Investing An important piece of the puzzle Improve diversification Manage portfolio risk Target absolute returns Innovation is our capital. Make it yours. Manage Risk and Enhance Performance

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

R.B. RESOLUTION NO BASIC INVESTMENT POLICIES AND OBJECTIVES OF THE EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES' RETIREMENT SYSTEM

R.B. RESOLUTION NO BASIC INVESTMENT POLICIES AND OBJECTIVES OF THE EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES' RETIREMENT SYSTEM R.B. RESOLUTION NO. 6713 Introduced by: BASIC INVESTMENT POLICIES AND OBJECTIVES OF THE EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES' RETIREMENT SYSTEM Joe ~~'3 Seconded by: fra...n ~ \...la.,\~ WHEREAS,

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

Discovering the Benefits of ETFs

Discovering the Benefits of ETFs Discovering the Benefits of ETFs THE MORTON GROUP Table of Contents Introduction 3 1. ETFs Can Provide Significant Cost Savings 4 2. ETFs Provide Trading Efficiency and Liquidity 5 3. ETFs Provide Easy

More information

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

High Yield Bonds A Primer

High Yield Bonds A Primer High Yield Bonds A Primer With our extensive history in the Canadian credit market dating back to the Income Trust period, our portfolio managers believe that there is considerable merit in including select

More information

2016 Summary Prospectus

2016 Summary Prospectus March 1, 2016 Global X Permanent ETF NYSE Arca, Inc: PERM 2016 Summary Prospectus Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its

More information

Operating and Endowment Fund

Operating and Endowment Fund Operating and Endowment Fund Statement of Investment Objectives, Policies and Governance (MAPP 2.26) December, 2014 TABLE OF CONTENTS Section 1 Purpose and Background 1.1 Introduction... 1 1.2 Description

More information

1 JULY 2015. Investment Guide INDUSTRY, CORPORATE AND PERSONAL DIVISIONS

1 JULY 2015. Investment Guide INDUSTRY, CORPORATE AND PERSONAL DIVISIONS 1 JULY 2015 Investment Guide INDUSTRY, CORPORATE AND PERSONAL DIVISIONS Your investment choice TWUSUPER was established in 1984 as the Industry SuperFund for people in transport and logistics. By understanding

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

Target Retirement Funds

Target Retirement Funds Prospectus March 1, 2015 Target Retirement Funds Institutional Class Administrative Class Investor Class Harbor Target Retirement Income Fund HARAX HARBX HARCX Harbor Target Retirement 2015 Fund HARGX

More information

PERFORMING DUE DILIGENCE ON NONTRADITIONAL BOND FUNDS. by Mark Bentley, Executive Vice President, BTS Asset Management, Inc.

PERFORMING DUE DILIGENCE ON NONTRADITIONAL BOND FUNDS. by Mark Bentley, Executive Vice President, BTS Asset Management, Inc. PERFORMING DUE DILIGENCE ON NONTRADITIONAL BOND FUNDS by Mark Bentley, Executive Vice President, BTS Asset Management, Inc. Investors considering allocations to funds in Morningstar s Nontraditional Bond

More information

TD Mutual Funds Fund Profiles

TD Mutual Funds Fund Profiles TD Mutual Funds Fund Profiles U.S. Equity Funds TD North American Dividend Fund TD U.S. Blue Chip Equity Fund TD U. S. Quantitative Equity Fund TD U.S. Large-Cap Value Fund TD U.S. Large-Cap Value Currency

More information

Building a better bond portfolio

Building a better bond portfolio Global diversification Risk reduction, portfolio completion, and opportunity for return Catherine LeGraw, Director BlackRock Multi Asset Client Solutions (BMACS) April 7, 2011 Outline 1 2 3 Trends in asset

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

Exchange Traded Funds

Exchange Traded Funds LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are

More information

Impact of QE on Fixed Income

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

More information

CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 MODULE 2: ETHICS AND REGULATION 6 MODULE 3: INPUTS AND TOOLS 8 MODULE 4: INVESTMENT INSTRUMENTS 12

CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 MODULE 2: ETHICS AND REGULATION 6 MODULE 3: INPUTS AND TOOLS 8 MODULE 4: INVESTMENT INSTRUMENTS 12 SYLLABUS OVERVIEW 1 CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 CHAPTER 1 The Investment Industry: A Top-Down View MODULE 2: ETHICS AND REGULATION 6 CHAPTER 2 CHAPTER 3 Ethics and Investment Professionalism

More information

New York's 529 Advisor-Guided College Savings Program

New York's 529 Advisor-Guided College Savings Program New York's 529 Advisor-Guided College Savings Program yr AVERAGE TOTAL Expense ratio AGE-BASED PORTFOLIOS JPMorgan 529 Aggressive Age-Based Portfolio (Age 0-5) 2,3,4,5,6,7,8,9,37 Class A - 5/4/202, 5705,

More information

Alternative Approach

Alternative Approach Taking an Alternative Approach to Investing Steve Medina Head of Global Asset Allocation and Senior Portfolio Manager AGENDA Using Liquid Alternatives Effectively 1 2 3 4 5 6 DEFINING alternatives WHY

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

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

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

More information

Futures Investment Series. No. 1. Effective Asset Allocation A Comparison of Returns and Volatility. Mount Lucas Management Corp.

Futures Investment Series. No. 1. Effective Asset Allocation A Comparison of Returns and Volatility. Mount Lucas Management Corp. Futures Investment Series S P E C I A L R E P O R T No. 1 Effective Asset Allocation A Comparison of Returns and Volatility Mount Lucas Management Corp. Effective Asset Allocation A Comparison of Returns

More information

Managing for the future. Annual Report 2005 Additional Information

Managing for the future. Annual Report 2005 Additional Information Managing for the future Annual Report 2005 Additional Information Annual Report 2005 Additional Information I. Tables of returns 1. Auditors Report... 1 2. General Notes... 2 3. Short Term Investments...

More information

Evaluating Target Date Funds. 2003 2015 Multnomah Group, Inc. All Rights Reserved.

Evaluating Target Date Funds. 2003 2015 Multnomah Group, Inc. All Rights Reserved. 2003 2015 Multnomah Group, Inc. All Rights Reserved. Scott Cameron, CFA Scott is the Chief Investment Officer for the Multnomah Group and a Founding Principal of the firm. In this role, Scott leads Multnomah

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

to Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group

to Wealth Management resources of one of the world s largest financial services firms. The Caribbean Group A Defined Approach to Wealth Management Giving UWI access to the combined resources of one of the world s largest financial services firms. The Caribbean Group The information in this presentation is intended

More information

Wyoming State Treasurer's Office

Wyoming State Treasurer's Office STATE OF WYOMING'S INVESTMENT PORTFOLIO: AN OVERVIEW OF STRATEGIES Wyoming State Treasurer's Office & RV Kuhns & Associates consultant to the Wyoming State Loan and Investment Board December 2007 STATE

More information

Evaluating Target Date Funds. 2003 2013 Multnomah Group, Inc. All Rights Reserved.

Evaluating Target Date Funds. 2003 2013 Multnomah Group, Inc. All Rights Reserved. 2003 2013 Multnomah Group, Inc. All Rights Reserved. Scott Cameron, CFA Scott is the Chief Investment Officer for the Multnomah Group and a Founding Principal of the firm. In that role, Scott leads Multnomah

More information

University of Saskatchewan Academic Money Purchase Pension Plan

University of Saskatchewan Academic Money Purchase Pension Plan University of Saskatchewan Academic Money Purchase Pension Plan Investment Review Annual General Meeting Presentation February 2015 Prepared by Agenda Plan Objectives & Guiding Risk Philosophy Investment

More information

A Guide to Alternative Investments

A Guide to Alternative Investments Alternatives A Guide to Alternative Investments Alternative investments have been used by sophisticated institutional investors for decades to diversify their portfolios away from traditional stock and

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

More information

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT 1. Purposes of the Investment Policy Statement The purposes of this Investment Policy Statement for the management of the Foundation funds under management authority of the

More information

annual report additional information

annual report additional information 2010 annual report additional information Annual Report 2010 Additional Information I. Tables of returns 1. Auditors Report... 1 2. General Notes... 4 3. Short Term Investments... 6 4. Real Return Bonds...

More information

The Forgotten Dividend Payers: Mid- & Small-Cap Equities

The Forgotten Dividend Payers: Mid- & Small-Cap Equities WisdomTree Research MARKET INSIGHTS [ April 2013 ] The Forgotten Payers: Mid- & Small-Cap Equities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST With interest rates

More information

BT Investment Funds. Product Disclosure Statement. Dated 1 July 2013

BT Investment Funds. Product Disclosure Statement. Dated 1 July 2013 BT Investment Funds Product Disclosure Statement Dated 1 July 2013 We recommend that you read this Product Disclosure Statement (PDS) in full before making an investment decision. If you have not received

More information

RISKS IN MUTUAL FUND INVESTMENTS

RISKS IN MUTUAL FUND INVESTMENTS RISKS IN MUTUAL FUND INVESTMENTS Classification of Investors Investors can be classified based on their Risk Tolerance Levels : Low Risk Tolerance Moderate Risk Tolerance High Risk Tolerance Fund Classification

More information

Source: Nyshka Chandran, Nikkei Skids 3.8% After Abe Fires Third Arrow, CNBC.com, June 5,

Source: Nyshka Chandran, Nikkei Skids 3.8% After Abe Fires Third Arrow, CNBC.com, June 5, WisdomTree ETFs JAPAN HEDGED SMALLCAP EQUITY FUND DXJS The Land of the Rising Sun offers the potential for an exciting investment opportunity. Since Shinzo Abe was elected prime minister in late 2012,

More information

LVIP Dimensional Non-U.S. Equity RPM Fund. Summary Prospectus April 30, 2013

LVIP Dimensional Non-U.S. Equity RPM Fund. Summary Prospectus April 30, 2013 LVIP Dimensional Non-U.S. Equity RPM Fund (formerly LVIP Dimensional Non-U.S. Equity Fund) (Standard and Service Class) Summary Prospectus April 30, 2013 Before you invest, you may want to review the Fund

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

Important Information about a Fund of Hedge Funds

Important Information about a Fund of Hedge Funds Robert W. Baird & Co. Incorporated Important Information about a Fund of Hedge Funds Fund of Hedge Fund Investing at Baird Baird offers eligible clients the opportunity to invest in funds of hedge funds

More information

Index Solutions A Matter of Weight

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

More information

Pioneer Funds. Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: May 1, 2015

Pioneer Funds. Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: May 1, 2015 Pioneer Funds May 1, 2015 Supplement to the Summary Prospectuses, as in effect and as may be amended from time to time, for: Fund Pioneer Absolute Return Bond Fund Pioneer AMT-Free Municipal Fund Pioneer

More information

CONSIDERING INVESTMENT RISK A guide to investing for your future

CONSIDERING INVESTMENT RISK A guide to investing for your future CONSIDERING INVESTMENT RISK A guide to investing for your future Award Winning Wealth Management CONTENTS 1 2 Introduction What does Investing mean? 05 07 3 Understanding your Needs and Requirements 08

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

Note 29: Fair Value of Financial Instruments

Note 29: Fair Value of Financial Instruments Note 29: Fair Value of Financial Instruments We record trading assets and liabilities, derivatives, available-for-sale securities and securities sold but not yet purchased at fair, and other non-trading

More information