Why Look Beyond the U.S. for Dividends?

Size: px
Start display at page:

Download "Why Look Beyond the U.S. for Dividends?"

Transcription

1 Why Look Beyond the U.S. for s? Market Commentary January 2016 WHEN INVESTORS ARE LOOKING FOR YIELD, many may consider dividend-paying equities. s offer a consistent form of return and may buffer risk during market declines. Investing in dividend-paying equities outside the U.S. may provide the opportunity for further portfolio diversification, higher yields and the potential for attractive long-term total return. Over the past 19 years the Financial Times has been tracking the world s 500 largest companies, the Global FT500, of which 9 pay dividends. The Global FT500 tracks the market capitalization of companies around the globe and ranks the list accordingly. As of March 30, 2015 nearly 4 of the top 50 companies of the Global FT500 were based outside the United States. 1 The next decade will certainly lead to the growth of several emerging economies, but we believe it may also be marked by the return of a classic form of equity investing via dividend-paying companies. The purpose of this paper is to expand on the topic of dividend investing. In our analytical piece titled Growth Investing we reviewed the empirical evidence regarding the potential to provide solid risk-adjusted returns, build wealth and increase portfolio cash-flow via dividend investing. This paper highlights the attractiveness and merits of non-u.s. dividends and why they might serve a place in a properly diversified portfolio. For comparison purposes, international stocks are represented by the MSCI EAFE Index, an index that does not include a weighting in the United States, and U.S. stocks are represented by the S&P 500 Index. ADDING INTERNATIONAL EQUITIES to a domestic portfolio has been widely discussed as a means of enhancing diversification. Most would acknowledge that international investing offers an expanded opportunity set. Casting A Wider Net Broadens Opportunity Adding international equities to a domestic portfolio has been widely discussed as a means of enhancing diversification. Most would acknowledge that international investing offers an expanded opportunity set, citing statistics such as these: As of the end of 2014, the United States accounted for just 4 of the world s equity market capitalization. 2 There were roughly 44,000 international equities compared to just 4,400 U.S. equities at the end of Significant changes in the world economy declining barriers to trade, faster communications and enhanced logistics have led to new growth opportunities. 1 Most recent data available. 2 Source: World DataBank, World Development Indicators, World Federation of Exchanges as of 12/31/14. Most recent data available. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

2 Why Look Beyond the U.S. for s? January 2016 This flattening world has led to a 5 increase in exports as a percentage of global gross domestic product (GDP) since Coincident with these trade enhancements, companies have embraced international accounting standards, opening once inaccessible capital markets to outside investors. The next two decades are expected to bring greater urbanization, an aging world population and a significant emerging market middle class. A Total Approach to International Investing Many market participants believe that earnings growth has been the driver of long-term returns. In the U.S., decade by decade, with the exception of the 1990s, a period marked by excess valuations, dividends have been a significant contributor to total return for equity investors. But more recently, outside the U.S. dividends have been even more material to long-term returns. Exhibit 1: s as a Percentage of Total 1970s (1/31/70 12/31/79) 1980s (1/1/80 12/31/89) 1990s (1/1/90 12/31/99) 2000s* (1/1/00 12/31/09) Post Great Recession (12/31/09 12/31/15) 2015* (1/1/15 12/31/15) U.S.: S&P 500 Total Breakdown As a Share of Total Total Non-U.S.: MSCI EAFE Total Breakdown As a Share of Total Total % 4.2% % 10.3% % 58.2% 41.8% 17.4% % % % 85.9% 14.1% 18.1% 15.3% 2.8% 84.4% % 5.3% % % 1.8% N/A N/A % 2.7% N/A N/A 12.8% % 82.8% 17.2% 4.7% 1.4% 3.4% 29.1% 70.9% 1.3% -0.7% 2. N/A N/A -0.4% -3.3% 2.9% N/A N/A 12/31/05 12/31/15 7.2% 5.1% 2.2% 69.8% 30.2% % 3.3% 6.1% 93.9% * The analysis provided by Ned Davis indicates that the data is not applicable because the data for the 2000s and 2015 is disproportionately high versus the other decades due to the low or negative Total s during these periods. The information provided in this analysis may not represent the full value of reinvested dividends. Data source: Ned Davis Research, Inc. as of 12/31/15. Further distribution prohibited without prior permission. Copyright 2016 Ned Davis Research, Inc. All rights reserved. Past performance is no guarantee of future results. performance is based on equal-weighted geometric average, computed monthly. income return is based on the return percentage of all dividend-paying companies in the S&P 500 and MSCI EAFE Index. The returns do not reflect the deduction of any fees, expenses or taxes, and assume reinvestment of all income. Investors cannot invest in an index. 3 Source: World DataBank, World Development Indicators, World Federation of Exchanges as of 12/31/14. Most recent data available. 2

3 Why Look Beyond the U.S. for s? January 2016 Corporate Cash: A Potential Catalyst For Growth The level of corporate cash on a company s balance sheet is potentially a positive sign for the payment of future dividends. The Great Recession caused companies to adjust by cutting costs, reducing corporate spending, and modifying corporate governance. But many free cash flow generating businesses used this period as an opportunity to strengthen their balances sheets. As a result, in 2009 corporate cash levels rose to near record levels in 20 years. As the world economy improved, many companies began to put their cash to work, which varied from capital reinvestment projects, share buybacks, or dividend increases, and in some cases engaging in all three. Exhibit 2: Non-U.S. Companies Corporate Cash Levels and s Total Liquid Assets as % of Net Worth MSCI EAFE Nonfinancial Companies Total s MSCI EAFE Nonfinancial Companies Cash and Short Term Investment as % of Total Market Cap $150 $120 $90 $60 $30 $0 Total s Paid ($ Billions) As illustrated in EXHIBIT 2, as global economies continue to recover from the Great Recession companies will need to decide how to deploy their increased corporate cash which in some cases may be dividend payments. Data source: Ned Davis Research, Inc. from 9/30/05-9/30/15. Further distribution prohibited without prior permission. Copyright 2016 Ned Davis Research, Inc. All rights reserved. Past performance is no guarantee of future results. The annual total liquid assets at market value, ending September 30, 2015, as a percentage of net worth of nonfarm, nonfinancial corporates businesses and the total dividends paid in USD for the MSCI EAFE countries. The periods shown represent the history maintained by the source; most recent data available. Non-U.S. Stocks Bring the Potential for Higher Yields Non-U.S. stocks have offered the potential for higher yields. Exhibit 3: Non-U.S. Stocks have Offered a Higher Yield Than U.S. Stocks Yield (%) MSCI EAFE Index S&P 500 Index 4% 3% 2% EXHIBIT 3 shows the dividend yield of the MSCI EAFE Index has on average been more than 5 higher than that of the S&P 500 Index over the last decade. 1% Data source: FactSet from 12/31/05-12/31/15. Past performance is no guarantee of future results. Yield (Annual Rate) of the MSCI World Index vs. S&P 500 Index. 3

4 Why Look Beyond the U.S. for s? January 2016 Exhibit 4: Non-U.S. Stocks Showed Higher Yields in Most Sectors Yield (%) MSCI EAFE Index 8% 4% 2% Consumer Consumer Discretionary Staples S&P 500 Index Energy Financials Health Care Industrials Information Technology Materials Telecomm Services Utilities Data source: FactSet as of 12/31/15. Sector Yield (Annual Rate) of the MSCI EAFE Index vs. S&P 500 Index. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GICS ), and screened by size, liquidity and minimum free float. Past performance is no guarantee of future results. We can also see this yield enhancement by sector. EXHIBIT 4 illustrates that the MSCI EAFE Index has a higher yield in 8 out of the 10 sectors, with the energy and utilities sectors being the highest yielding. Exhibit 5: Stocks in Several Developed Countries Produced Higher Yields than the U.S. Yield (%) 4% 3% 2% 1% Japan United States Germany Canada France United Kingdom Australia EXHIBIT 5 shows that in terms of country breakdown, the U.S. delivered relatively low dividend yields compared to several developed market countries. Data source: FactSet as of 12/31/15. Past performance is no guarantee of future results. The yield of the United States is represented by the S&P 500 Index; Canada represented by the MSCI World Index and all other countries represented by the MSCI EAFE Index. s Have Contributed More Than Just Yield Focusing on dividends solely to produce yield may force investors to choose between yield today and growth tomorrow. Seeking to maximize yield may lead an investor to select too many slower-growing, more mature companies like those in the telecom and utilities sectors. A balanced view of yield and capital appreciation allows an investor to expect a reasonable level of yield in conjunction with long-term capital appreciation. Exhibit 6: Growth has been a Major Driver of Long-Term s Decomposition of Nominal Equity s by Country (1/30/70 12/31/15) 12% 9% 3% -3% Yield World Growth U.S U.K. Multiple Expansion 6.7 Japan Canada Total Annualized s France 8.0 Germany 9.8 Australia Data source: Société Générale Quantitative Research as of 12/31/15. Used with permission. Past performance is no guarantee of future results. For a description of how each country is represented, see Endnotes on the last page of this report. As seen in EXHIBIT 6, an investor would have been well served over time by buying dividend-paying companies that grew dividends. When breaking down returns by their subcomponents, one can see that dividends (dividend yield and growth) were responsible for the majority of total return within each country. 4

5 Why Look Beyond the U.S. for s? January Growth Stocks Have Outperformed With Less Risk Ultimately, the goal for every investor is to maximize return while minimizing risk. As illustrated in Exhibit 7, the Growers segment of the MSCI EAFE Index has experienced higher returns with lower standard deviation, a measure of risk, than non-paying companies and ones that either reduced or never changed their dividend. Exhibit 7: Non-U.S -Paying Companies Have Outperformed with Less Risk MSCI EAFE Stocks Risk vs. (8/31/94 12/31/15) % Average Annual Total % Average Annual Standard Deviation Growers Growers Payers w/ No Change Payers w/ No Change Cutters Cutters Non- Payers Non- Payers Sharpe Ratio Growers Payers w/ No Change Cutters Non- Payers Data Source: Ned Davis Research, Inc. as of 12/31/15. Further distribution prohibited without prior permission. Copyright 2016 Ned Davis Research, Inc. All rights reserved. Past performance is no guarantee of future results. Investing entails risk, including the loss of principal. s are not guaranteed and will fluctuate. yield is one component of performance and should not be the only consideration for investment. For a description of how each stock is grouped by dividend policy, See Endnotes on the last page of this report. Conclusion Investors have certainly been tested over the last few years. As a result, dividends will likely become more important as both a risk buffer and a consistent form of return. Given the attractive yields and wider economic footprint gained, it becomes easier to see the benefits of dividend investing outside the United States. Research has shown that investors looking to maximize total return may consider additional factors beyond dividend yield, such as the fundamentals behind a company, which may be reflected in their corresponding dividend growth rate. An ideal portfolio may include positioning across a wide range of dividend yield and growth rates, and individual securities determined by company specific fundamentals. We believe that the next decade will certainly lead to the growth of several emerging economies but may also be marked by the return of a classic form of equity investing via dividend-paying companies. 5

6 Why Look Beyond the U.S. for s? January 2016 For more information, please consult with your financial advisor and visit sbasset.com ENDNOTES Exhibit 6 The World is represented by the MSCI World Index, beginning 1/31/70 based on first reported data from MSCI. Data provided by the source for the World returns included Sweden since 1/1/93 and Asia ex-japan since 7/1/87. These countries have not been included individually in the chart above because the data did not cover the 12/31/69 12/31/15 time period; the data for Sweden began in 1993 and Asia ex-japan Q For each individual country represented, the representative MSCI country index is used to calculate the total annualized return components: dividend yield, dividend growth and multiple expansion. Local currency is used for each representative MSCI country index. To construct an MSCI country index, every listed securities in the market is identified. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GICS), and screened by size, liquidity and minimum free float. Index performance shown is for illustrative purposes only and does not predict or depict the performance of any Santa Barbara portfolio investment strategy. Index returns include reinvestment of income and do not reflect investment advisory and other fees that would reduce performance in an actual client account. All indices are unmanaged and unavailable for direct investment. Exhibit 7 The chart illustrates the average annualized historical performance of the MSCI EAFE Index stocks, grouped as shown according to their dividend policies, using Worldscope data based on the financial statements of reportable companies. (No. Growers: 395; No. of No-Change: 130; No. of Non-Payers: 10; No. of Cutters: 56). Each stock s dividend policy is determined on a rolling 12-month basis. For example, a stock is classified as dividend-paying if it paid a cash dividend at any time during the previous 12 months. growers include stocks with a positive quarter over quarter trailing 12 month dividend per share change. cutters include stocks that lowered their existing dividend or stopped paying regular dividends during the preceding 12 months. A stock is reclassified only if its dividend payments change. The performance of each group is based on the equal-weighted geometric average of dividend-paying and non-dividend paying historical MSCI EAFE Index stocks, rebalanced annually. The performance shown represents the risk-return characteristics of each of the categories. The returns do not reflect the deduction of any fees, expenses or taxes. s for stocks that paid dividends assume reinvestment of all income. Performance returns may have been negative during this time period. It is not possible to directly invest in an unmanaged index. The periods shown do not represent the full history of the MSIC EAFE Index; it is the history maintained by the data source. None of the categories shown here predicts or depicts the performance of any Santa Barbara Asset Management portfolio s investment strategy. GLOSSARY The MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. You cannot invest directly in an index. RISKS AND OTHER IMPORTANT CONSIDERATIONS This commentary should not be relied upon as investment advice, recommendations, offers or solicitation of any particular security, asset class, fund, strategy, or investment product. Investing entails risk, including the possible loss of principal. There can be no assurance that any investment or asset class will provide positive performance over any period of time. yield is one component of performance and should not be the only consideration for investment. s are not guaranteed and will fluctuate. Equity investments such as large-cap stocks are subject to market risk or the risk of decline in response to adverse company news, industry developments, or a general economic decline. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investing presents additional risks such as the potential for adverse political, currency, economic, social or regulatory developments in a country including lack of liquidity, excessive taxation, Santa Barbara Asset Management, LLC is a registered investment adviser and an affiliate of Nuveen Investments, Inc. and differing legal and accounting standards. Past performance does not guarantee future results. The statements contained herein reflect the opinions of Santa Barbara Asset Management, LLC ( SBAM ) as of the date written. Certain statements are forward looking and/or based on current expectations, projections, and information currently available to SBAM. Such statements may or may not be accurate over the long-term. While we believe we have a reasonable basis for our comments and we have confidence in our opinions, actual results may differ from those we anticipate. We cannot assure future results and disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. Statistical data was taken from sources which we deem to be reliable, but their accuracy cannot be guaranteed. GPE-BGLODV-0116P INV-Y-01/17 Nuveen Investments 333 West Wacker Drive Chicago, IL nuveen.com

An Economic Perspective on Dividends

An Economic Perspective on Dividends 2016 An Economic Perspective on Dividends Table of Contents Corporate Outlook... 1 2 Market Environment... 3 4 Payout Ratio... 5 Long-term View... 6 8 Global View... 9 12 Active Management... 13 Risk Considerations

More information

Invesco Alpha Strategies EAFE Select 20 Portfolio. An International Unit Trust Investor Guide

Invesco Alpha Strategies EAFE Select 20 Portfolio. An International Unit Trust Investor Guide Invesco Alpha Strategies EAFE Select 20 Portfolio An International Unit Trust Investor Guide Before investing, investors should carefully read the prospectus and consider the investment objectives, risks,

More information

Rules-Based Investing

Rules-Based Investing Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:

More information

Why Invest in International Now?

Why Invest in International Now? July 2015 As of the end of June 2015 over 62% of the weight of the world stock market capitalization consisted of non-u.s. companies. The largest companies in many industries are in fact internationally

More information

Investing in Dividend Paying Stocks

Investing in Dividend Paying Stocks For Financial Broker or Advisor use only. Investing in Dividend Paying Stocks Brochure Do you know the only thing that gives me pleasure? It s to see my dividends coming in. John D. Rockefeller 2 Contents

More information

Consulting Group Capital Markets Funds

Consulting Group Capital Markets Funds Consulting Group Capital Markets Funds Equity Monthly Performance August 2016 One Month 3 Months Year-to-Date 12 Months 3 Years 5 Years 10 Years Inception Date Large Cap Equity Fund (Gross) 1 0.12% 4.22%

More information

LMCG International Small Cap Fund

LMCG International Small Cap Fund LMCG International Small Cap Fund 4 Reasons to Consider Investing in International Small Cap Small Cap Companies in Developed Countries are Likely Underrepresented in Most Client Portfolios Investors first

More information

Quarterly Market Review. Third Quarter 2016

Quarterly Market Review. Third Quarter 2016 Q3 Quarterly Market Review Third Quarter 2016 Market Summary Index Returns US Stock Market International Developed Stocks Emerging Markets Stocks Global Real Estate US Bond Market Global Bond Market ex

More information

The Advantages of Dividend Growth Stocks

The Advantages of Dividend Growth Stocks The Advantages of Growth Stocks How dividend growth stocks can be strong and steady contributors to long-term total returns August 2015 ManulifeAM.com The Advantages of Growth Stocks As investors continue

More information

Traditionally, venturing outside the United States has involved two investments:

Traditionally, venturing outside the United States has involved two investments: WisdomTree ETFs INTERNATIONAL HEDGED EQUITY FUND HDWM Approximately 50% of the world s equity opportunity set is outside of the United States, 1 and the majority of that is in developed international stocks,

More information

Update on MSCI Equal Weighted Indices

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

More information

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

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

More information

The Case for International Small-Cap

The Case for International Small-Cap Research and Analysis Perspective The Case for International Small-Cap January 206 Executive Summary Most investors would agree that investing in domestic small-cap stocks has become an essential element

More information

AMG Funds AMG Renaissance International Equity Fund (RIELX)

AMG Funds AMG Renaissance International Equity Fund (RIELX) AMG Funds AMG Renaissance International Equity Fund (RIELX) September 2015 An AMG Affiliate AMG Funds Overview w w w AMG Funds provides access to premier boutique asset managers through a unique partnership

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

Pax MSCI International ESG Index Fund:

Pax MSCI International ESG Index Fund: Pax MSCI International ESG Index Fund: ESG Factors Drive Stronger Returns with Lower Risk Over Its First 4 Years In January 2011, Pax World was an early mover in launching a strategy designed to provide

More information

The case for U.S. mid-cap investing and, more specifically, value

The case for U.S. mid-cap investing and, more specifically, value U.S. Equity U.S. equities white paper September 2015 The case for U.S. mid-cap investing and, more specifically, value Despite a long-term and compelling track record of outperformance, mid-cap stocks

More information

How Hedging Can Substantially Reduce Foreign Stock Currency Risk

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

More information

Evaluating Managers on an After-Tax Basis

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

More information

REFINE YOUR INVESTMENT STRATEGIES

REFINE YOUR INVESTMENT STRATEGIES seic.com REFINE YOUR INVESTMENT STRATEGIES with Managed Volatility Funds SEI s Suite of Managed Volatility Funds Proven to Deliver SEI introduced what we believe was the first managed volatility fund of

More information

Your advisor worth more than 1%?

Your advisor worth more than 1%? Your advisor worth more than 1%? APRIL 2016 Q: What will I get for the fee I m paying? Saving for retirement. Sending a child to college. Buying your dream home. Achieving these goals may take more than

More information

As the World Shrinks, Equity Opportunities Grow

As the World Shrinks, Equity Opportunities Grow Third Quarter 2014 WHITEPAPER As the World Shrinks, Equity Opportunities Grow Reasons Investors Should Consider International Equities: A Growing Opportunity Set Attractive Valuations Diversification Benefits

More information

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

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

More information

Investing Toward Retirement

Investing Toward Retirement ONS Congress 2013 Investing Toward Retirement Janet L Marcantonio, CFP, CRPC Thomas Robinson, CFP Marcantonio Robinson Wealth Advisory Group UBS Financial Services 1 Learning objectives Understand the

More information

Households Wealth Composition Across OECD Countries and Financial Risks Borne by Households

Households Wealth Composition Across OECD Countries and Financial Risks Borne by Households ISSN 1995-2864 Financial Market Trends OECD 8 Households Wealth Composition Across OECD Countries and Financial Risks Borne by Households Isabelle Ynesta * The first section of this article presents a

More information

Philadelphia International Advisors, LP 1650 Arch Street Suite 2501 Philadelphia, Pennsylvania 19103

Philadelphia International Advisors, LP 1650 Arch Street Suite 2501 Philadelphia, Pennsylvania 19103 International Advisors, LP 1650 Arch Street Suite 2501, Pennsylvania 19103 MANAGER'S INVESTMENT PROCESS Uses a proprietary multi-factor model that narrows investment universe within each country. The factors

More information

Value vs. Glamour: A Study of the Indices

Value vs. Glamour: A Study of the Indices Value vs. Glamour: A Study of the Indices By examining returns for U.S. stocks from 1968-2012 and stocks outside of the United States from 1980-2012, the Brandes Institute s Value vs. Glamour: A Global

More information

F O U R REASONS T O C O N S IDER AN ALLOCATION

F O U R REASONS T O C O N S IDER AN ALLOCATION Investors first fell in love with American small cap stocks in the late 1970s when small companies became recognized as more nimble, fast growing, and more able to adapt to changes to technology than their

More information

DSIP List (Diversified Stock Income Plan)

DSIP List (Diversified Stock Income Plan) Kent A. Newcomb, CFA, Equity Sector Analyst Joseph E. Buffa, Equity Sector Analyst DSIP List (Diversified Stock Income Plan) Commentary from ASG's Equity Sector Analysts January 2014 Concept Review The

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

Deutsche Global Infrastructure Fund (TOLLX)

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

More information

CURRENCY HEDGED INDEXES

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

More information

The Acclaro Report. First Quarter 2012

The Acclaro Report. First Quarter 2012 Q1 The Acclaro Report First Quarter 2012 Quarterly Market Review First Quarter 2012 This report features world capital market performance and a timeline of events for the last quarter. It begins with a

More information

DIVERSIFICATION BY DESIGN

DIVERSIFICATION BY DESIGN Legg Mason US Diversified Core ETF (Ticker: UDBI) Legg Mason Developed Ex-US Diversified Core ETF (Ticker: DDBI) Legg Mason Emerging Markets Diversified Core ETF (Ticker: EDBI) DIVERSIFICATION BY DESIGN

More information

DFE. Dial Up Economic Sensitivity With European Small-Cap Stocks. WisdomTree Europe EUROPE SMALLCAP DIVIDEND UCITS ETF

DFE. Dial Up Economic Sensitivity With European Small-Cap Stocks. WisdomTree Europe EUROPE SMALLCAP DIVIDEND UCITS ETF EUROPE SMALLCAP DIVIDEND UCITS ETF DFE Dial Up Economic Sensitivity With European Small-Cap Stocks At WisdomTree, we believe that small caps can be an interesting complement to many regional equity allocations

More information

RYDEX EQUAL WEIGHT ETF (FIVE FUNDS) TO BEGIN TRADING ON NSX

RYDEX EQUAL WEIGHT ETF (FIVE FUNDS) TO BEGIN TRADING ON NSX Date: To: From: Re: ETP Holders James C. Yong Chief Regulatory Officer RYDEX EQUAL WEIGHT ETF (FIVE FUNDS) TO BEGIN TRADING ON NSX Pursuant to Regulatory Circular 08-005, we are issuing this Information

More information

Three new stock ETFs for greater global diversification

Three new stock ETFs for greater global diversification Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock

More information

1. Global Money Market Fund

1. Global Money Market Fund 1. Global Money Market Fund Conservative investment approach Higher return than overseas bank account - minimal risk, lower entry levels Focus is on retention of capital Invests in short-term interest

More information

Schwab Institutional Large Cap Value Trust Fund

Schwab Institutional Large Cap Value Trust Fund Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Large Value Benchmark Russell 1000 Value Index 1 Unit Class Inception Date 1/3/2002 Fund Inception Date 1/3/2002

More information

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

The Forgotten Dividend Payers: Mid- and Small-Cap Equities Research MARKET INSIGHTS [ March 2014 ] The Forgotten Payers: Mid- and Small-Cap Equities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST Last year, longer-term interest

More information

INTERNATIONAL SMALL CAP STOCK INVESTING

INTERNATIONAL SMALL CAP STOCK INVESTING INTERNATIONAL SMALL CAP STOCK INVESTING J U N E 3 0, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.

More information

Davis New York Venture Fund

Davis New York Venture Fund Davis New York Venture Fund Price Is What You Pay, Value Is What You Get Over 40 Years of Reliable Investing Price Is What You Pay, Value Is What You Get Over 60 years investing in the equity markets has

More information

Risk Parity Portfolios:

Risk Parity Portfolios: SEPTEMBER 2005 Risk Parity Portfolios: Efficient Portfolios Through True Diversification Edward Qian, Ph.D., CFA Chief Investment Officer and Head of Research, Macro Strategies PanAgora Asset Management

More information

* Principal U.S. Listing Exchange: NYSE Arca, Inc. (except GULF, DXPS, DXJS, DXGE, DXKW, EMCG, CXSE and DGRE are listed on NASDAQ).

* Principal U.S. Listing Exchange: NYSE Arca, Inc. (except GULF, DXPS, DXJS, DXGE, DXKW, EMCG, CXSE and DGRE are listed on NASDAQ). PROSPECTUS International Equity ETFs August 1, 2015 as revised November 12, 2015 WisdomTree Trust WisdomTree International Equity ETFs* Developed World ex-u.s. International Equity Fund (DWM) (formerly,

More information

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD YOU ARE WHAT YOU DO INTERNATIONAL SECURITIES TRADING III CONTENTS CONTENTS Welcome Welcome 1 2 Trade international securities with

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

Falling Knives Around the World

Falling Knives Around the World Falling Knives Around the World August 2004 This material was prepared by the Brandes Institute, a division of Brandes Investment Partners. It is intended for informational purposes only. It is not meant

More information

Global Small Caps Leading the Way: Comparing Regional Opportunities

Global Small Caps Leading the Way: Comparing Regional Opportunities Research MARKET INSIGHTS [ October 2013 ] Global s Leading the Way: Comparing Regional Opportunities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST For the first

More information

WHV Investment Management 301 Battery Street #400 San Francisco, California 94111

WHV Investment Management 301 Battery Street #400 San Francisco, California 94111 Investment Management 301 Battery Street #400 San Francisco, California 94111 PRODUCT OVERVIEW Investment Management's () international core equity strategy seeks to create an international equity portfolio

More information

AlphaSolutions Reduced Volatility Bull-Bear

AlphaSolutions Reduced Volatility Bull-Bear AlphaSolutions Reduced Volatility Bull-Bear An investment model based on trending strategies coupled with market analytics for downside risk control Portfolio Goals Primary: Seeks long term growth of capital

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR. RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR. RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX July 2, 2015 ETF-015-073 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR

More information

Vanguard Emerging Markets Stock Index Fund

Vanguard Emerging Markets Stock Index Fund Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard

More information

11.3% -1.5% Year-to-Date 1-Year 3-Year 5-Year Since WT Index Inception

11.3% -1.5% Year-to-Date 1-Year 3-Year 5-Year Since WT Index Inception WisdomTree ETFs WISDOMTREE HIGH DIVIDEND FUND DHS Nearly 10 years ago, WisdomTree launched its first dividend-focused strategies based on our extensive research regarding the importance of focusing on

More information

Global Real Assets Strategy Report

Global Real Assets Strategy Report Global Investment Strategy Global Real Assets Strategy Report February 11, 2016 John LaForge Head of Real Asset Strategy Analysis and outlook for the real assets market» Gold has had an impressive 2016

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR January 23, 2014 ETF-014-011 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: MARKET VECTORS MSCI ETF S TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16,

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

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

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

More information

Standard Deviation 18.16 % 14.67 %

Standard Deviation 18.16 % 14.67 % BLACKROCK.COM/GLSE GLOBAL LONG/SHORT EQUITY FUND With the world full of uncertainty, investors have shied away from equity markets, sacrificing long-term growth potential. Today, investors need an investment

More information

HSBC Global Investment Funds Global Equity Volatility Focused

HSBC Global Investment Funds Global Equity Volatility Focused Important information: The Fund invests primarily in global equities. The Fund is subject to the risks of investing in emerging markets. For certain classes of the Fund, the Fund may pay dividends out

More information

The Seasonal Price Behavior of Global Equity Markets

The Seasonal Price Behavior of Global Equity Markets The Seasonal Price Behavior of Global Equity Markets Michael Keppler President Keppler Asset Management Inc. New York Xing Hong Xue Director of Research Keppler Asset Management Inc. New York Manuscript

More information

THE NT EUROPE (EX-UK) EQUITY INDEX FUND SUPPLEMENT TO THE PROSPECTUS DATED 17 NOVEMBER 2014 FOR NORTHERN TRUST INVESTMENT FUNDS PLC

THE NT EUROPE (EX-UK) EQUITY INDEX FUND SUPPLEMENT TO THE PROSPECTUS DATED 17 NOVEMBER 2014 FOR NORTHERN TRUST INVESTMENT FUNDS PLC THE NT EUROPE (EX-UK) EQUITY INDEX FUND SUPPLEMENT TO THE PROSPECTUS DATED 17 NOVEMBER 2014 FOR NORTHERN TRUST INVESTMENT FUNDS PLC 1 2 Supplement dated 17 November 2014 to the Prospectus dated 17 November

More information

Axioma Risk Monitor Global Developed Markets 29 June 2016

Axioma Risk Monitor Global Developed Markets 29 June 2016 Axioma Risk Monitor Global Developed Markets 29 June 2016 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

THE BENEFITS OF SMALL CAPITALIZATION INVESTING

THE BENEFITS OF SMALL CAPITALIZATION INVESTING Mutual Funds White Paper A Nationwide White Paper THE BENEFITS OF SMALL CAPITALIZATION INVESTING EXECUTIVE SUMMARY Small capitalization stocks have generally outperformed larger peers over time. Volatility

More information

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap %

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap % Sun Life BlackRock Canadian Equity Fund Series A $11.7604 Net asset value per security (NAVPS) as of July 08, 2016 $0.1379 1.19% Benchmark S&P/TSX Capped Composite Index Fund category Canadian Focused

More information

International Equity Investment Options for 401(k) Plans

International Equity Investment Options for 401(k) Plans International Equity Investment Options for 401(k) Plans Considerations for Plan Sponsors Authored by: Adam D. Brown, T. Rowe Price Defined Contribution Investment Specialist Executive Summary T. Rowe

More information

Market Charts. Calendar Year Asset Class Returns ( )

Market Charts. Calendar Year Asset Class Returns ( ) Market Charts Q4 Calendar Year Asset Class Returns (2001-2015) Emerging-Market Stocks: MSCI Emerging Markets Index International Stocks: MSCI EAFE Large-Cap Stocks: S&P 500 Mid-Cap Stocks: S&P MidCap 400

More information

Quarterly Market Review Second Quarter 2013

Quarterly Market Review Second Quarter 2013 Quarterly Market Review Second Quarter 2013 Quarterly Market Review 1 Market Summary: 2 nd Q Index Returns Past performance is not a guarantee of future results. Indices are not available for direct investment.

More information

Information Circular Date: January 7, ETP Holders. Re:

Information Circular Date: January 7, ETP Holders. Re: Date: To: Re: ETP Holders ishares Adaptive Currency Hedged MSCI EAFE ETF TO BEGIN TRADING ON NSX National Stock Exchange, Inc. ( NSX or the Exchange ) is issuing this Information Circular to Equity Trading

More information

Fixed Income Perspective: Treasury Inflation Protected Securities

Fixed Income Perspective: Treasury Inflation Protected Securities Fixed Income Perspective: Treasury Inflation Protected Securities Market Commentary August 2016 IN OUR VIEW, TREASURY INFLATION PROTECTED SECURITIES, or TIPS, are a misunderstood fixed income asset class.

More information

International Securities Trading now you can invest across the world

International Securities Trading now you can invest across the world International Securities Trading now you can invest across the world INTERNATIONAL SECURITIES TRADING iii CONTENTS Welcome 2 Trade international securities with CommSec and Pershing 2 International trading

More information

Mirae Asset Global Investments (Hong Kong) Limited

Mirae Asset Global Investments (Hong Kong) Limited PRODUCT KEY FACTS Horizons Exchange Traded Funds Series- 17 November 2015 This is an exchange traded fund. This statement provides you with key information about this product. This statement is a part

More information

FORECAST. Economic and market. Economy. U.S. equities. Fixed income. International and commodities. Alternatives

FORECAST. Economic and market. Economy. U.S. equities. Fixed income. International and commodities. Alternatives November 2014 Economic and market FORECAST A monthly report by our Advisory Services Group Economy The U.S. economy has been slowly improving over the past few years. Nevertheless, voters seemed to be

More information

AN INTRODUCTION TO PORTFOLIO DIVERSIFICATION USING ALTERNATIVE INVESTMENTS

AN INTRODUCTION TO PORTFOLIO DIVERSIFICATION USING ALTERNATIVE INVESTMENTS ALTEGRIS ACADEMY FUNDAMENTALS AN INTRODUCTION TO PORTFOLIO DIVERSIFICATION USING ALTERNATIVE INVESTMENTS [1] The key elements of diversification. Most, if not all, investors have been told the virtues

More information

Floating Rate Loans ( Senior Loans, Bank Loans, Leveraged Loans ) Senior (Unsecured) Debt Traditional Bonds, Convertible Bonds

Floating Rate Loans ( Senior Loans, Bank Loans, Leveraged Loans ) Senior (Unsecured) Debt Traditional Bonds, Convertible Bonds The Case for Loans Market Commentary February 2016 WHAT ARE FLOATING RATE LOANS? Also commonly referred to as senior secured loans or bank loans, floating rate loans are made by large commercial or investment

More information

What Every Investor Needs to Know About Investing Internationally

What Every Investor Needs to Know About Investing Internationally S T R A T E G I C G L O B A L A D V I S O R S, L L C What Every Investor Needs to Know About Investing Internationally In this report, you will discover what every investor needs to know about international

More information

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

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

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR June 12, 2014 ETF-014-053 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: ishares TRUST ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16, the Chicago

More information

International Small Caps: A Well-Kept Secret

International Small Caps: A Well-Kept Secret International Small Caps: A Well-Kept Secret Executive Summary International small cap stocks 1 represent a vast opportunity, yet many investors often overlook them. A portfolio receiving its only small

More information

Rules-Based Investing

Rules-Based Investing Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:

More information

The Case for International Fixed Income

The Case for International Fixed Income The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically,

More information

New Insights into the Case for Emerging Market Equities

New Insights into the Case for Emerging Market Equities www.brandes.com/institute New Insights into the Case for Emerging Market Equities The robust economic growth associated with emerging markets has attracted the attention of many institutional and private

More information

Dividends: Why quality and risk management matter

Dividends: Why quality and risk management matter NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Dividends: Why quality and risk management matter A conversation with lead portfolio manager Clare Hart In an environment of increasingly volatile markets

More information

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions

More information

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure

More information

Global Index Briefing: MSCI Forward P/Es

Global Index Briefing: MSCI Forward P/Es Global Index Briefing: MSCI Forward P/Es October, Dr. Ed Yardeni -972-73 eyardeni@ Joe Abbott 732-497- jabbott@ Mali Quintana 4-4-1333 aquintana@ Please visit our sites at www. blog. thinking outside the

More information

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

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

More information

When Active Management Matters Most

When Active Management Matters Most ActiveEDGE Series Perspective When Active Management Matters Most June 2016 Executive Summary In recent years active management has come under more scrutiny than ever before. The reason is clear; of late

More information

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis

More information

Dividends of the S&P 500 and NASDAQ-100 Indexes

Dividends of the S&P 500 and NASDAQ-100 Indexes Dividends of the S&P 500 and NASDAQ-100 Indexes Key Metrics for the S&P 500: Dividend & Price Growth (Q2 2015): The S&P 500 dividend* increased from $41.18 to $42.58 (up 3.38%), and the price of the index

More information

Dimensional Fund Advisors

Dimensional Fund Advisors Dimensional Fund Advisors Putting Financial Science to Work for You Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

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

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Purchase by Accredited Investors Only As of May 31st, 2016 Investment approach Fund net performance 1, 2, 3 Blackstone

More information

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

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

More information

Investing in Retirement Using a Global Dividend Income Strategy

Investing in Retirement Using a Global Dividend Income Strategy Thornburg White Paper October 2009 Updated June 2013 Investing in Retirement Using a Global Dividend Income Strategy As financial markets continue to mend following the disruption of 2007 2009, many investment

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

More information

Global Investment Strategy Global Equity Strategy Report

Global Investment Strategy Global Equity Strategy Report Global Investment Strategy Global Equity Strategy Report August 25, 2015 Sean Lynch, CFA Co-Head of Global Equity Strategy Analysis and outlook for the equity market» This week, the S&P 500 Index entered

More information

The Lipper Leader Rating System

The Lipper Leader Rating System The Lipper Leader Rating System International Methodology Total An to the Lipper Leader Rating System Overview The Lipper Leader Rating System is a toolkit that helps guide investors and their advisors

More information

Broaden Your Horizons

Broaden Your Horizons Broaden Your Horizons Opportunities in Investing > equities have enjoyed strong recent performance > Valuations for international stocks are still attractive > We believe that international stocks should

More information