STRATEGIC INSIGHTS. Investing In U.S. Farmland U.S. FARMLAND RETURNS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "STRATEGIC INSIGHTS. Investing In U.S. Farmland U.S. FARMLAND RETURNS"

Transcription

1 STRATEGIC INSIGHTS AUGUST 2014 Investment Strategy Investing In U.S. Farmland John L. Taylor, National Farm & Ranch Executive U.S. Trust, Bank of America Private Wealth Management Over the past few years of high volatility in securities markets, achieving diversification through acquisition of U.S. farmland has become an increasing area of focus for high net worth individuals. For investors with access to the capital needed for direct investment in farmland, this asset class offers potentially attractive returns with income streams of relatively low volatility and low correlation with other assets. U.S. FARMLAND RETURNS Looking back at the NCREIF (National Council of Real Estate Investment Fiduciaries) figures for the past 20 years, U.S. row crop farmland has produced an annualized return of just over 11.4% 1. This is a combination of both the current return from the farm lease and the appreciation of the underlying asset. Over this period, the annual current yield has been just over 5% gross with appreciation counting for the remaining 6% or more of the total annual return. NCREIF Row Crop Returns Source: NCREIF Farmland Property Index Past performance is no guarantee of future results. Please refer to index definitions at the end of this report. All sector recommendations must be considered in the context of an individual investor s goals, time horizon and risk tolerance. Not all recommendations will be suitable for all investors. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value U.S. Trust, Bank of America Private Wealth management operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC.

2 Returns on U.S. farmland show little correlation with other assets. Farmland Correlation Source: NCREIF Farmland Property Index, Bloomberg L.P., U.S. Trust Past performance is no guarantee of future results. Please refer to index definitions at the end of this report. WHERE FARMS FIT IN AN INVESTMENT PORTFOLIO U.S. farmland can produce an annual yield and a fairly consistent return similar to a bond. But, unlike a bond, the annual income is not fixed, other than for a three-year period in a cash lease. So, there is more variability in the farmland s potential income stream than in a bond s. When commodity prices trend up, as they have in the past, leases, which are typically renegotiated every three years, may be renewed at higher rates. Thus, unlike a bond, a farm may provide an income stream that can grow over the years. In addition to the potential for an increasing income stream from a farm over time, the underlying value of the farm may also grow, as seen in the NCRIEF data. HYPOTHETICAL POTENTIAL RETURNS ON U.S. FARMLAND BASED ON NCREIF HISTORICAL RESULTS 1 On the right is an example that illustrates what would happen if: A farm is purchased that has an annual appreciation of 6% At the time of purchase, a cash lease is negotiated that yields a net 4% to the account At the expiration of each lease, the lease is renewed at a rate which will continue to return a net 4% current yield based on the then-current market value (MV) of the property Assumptions Appreciation percent 6.00% Gross lease rate 5.20% Fees, taxes and insurance 1.20% Net initial current yield 4.00% Lease term three-year cash lease STRATEGIC INSIGHTS 2

3 U.S. Farmland returns hypothetical example detail Value of Farm Annual Appreciation Total Appreciation Annual Income Cumulative Income Current Yield on Current MV Current Yield on Initial Cost Initial price beg. of year 1 $2,500,000 $0 $0 $100, $100, % 4.00% Value end of year 1 $2,650,000 $150,000 $150,000 $100, $200, % 4.00% Value end of year 2 $2,809,000 $159,000 $309,000 $100, $300, % 4.00% Value end of year 3 $2,977,540 $168,540 $477,540 $119, $419, % 4.76% Value end of year 4 $3,156,192 $178,652 $656,192 $119, $538, % 4.76% Value end of year 5 $3,345,564 $189,372 $845,564 $119, $657, % 4.76% Value end of year 6 $3,546,298 $200,734 $1,046,298 $141, $799, % 5.67% Value end of year 7 $3,759,076 $212,778 $1,259,076 $141, $941, % 5.67% Value end of year 8 $3,984,620 $225,545 $1,484,620 $141, $1,082, % 5.67% Value end of year 9 $4,223,697 $239,077 $1,723,697 $168, $1,251, % 6.76% Value end of year 10 $4,477,119 $253,422 $1,977,119 $168, $1,420, % 6.76% Source: U.S. Trust This chart is a hypothetical example meant for illustrative purposes only. It does not reflect an actual investment, nor does it account for the effects of taxes, any investment expenses or withdrawals. Returns are not guaranteed and results will vary. Investment returns cannot be predicted and will fluctuate. Investor results may be more or less. It is not intended to serve as investment advice, since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. Hypothetical Farm Investment 6% Annual Appreciation Source: U.S. Trust This chart is a hypothetical example meant for illustrative purposes only. It does not reflect an actual investment, nor does it account for the effects of taxes, any investment expenses or withdrawals. Returns are not guaranteed and results will vary. Investment returns cannot be predicted and will fluctuate. Investor results may be more or less. It is not intended to serve as investment advice, since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. STRATEGIC INSIGHTS 3

4 Hypothetical Farm Investment 4% Annual Net Yield 3 Yr Leases Source: U.S. Trust This chart is a hypothetical example meant for illustrative purposes only. It does not reflect an actual investment, nor does it account for the effects of taxes, any investment expenses or withdrawals. Returns are not guaranteed and results will vary. Investment returns cannot be predicted and will fluctuate. Investor results may be more or less. It is not intended to serve as investment advice, since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. In summary, a 4% current yield and 6% annual appreciation for a total annualized return of 10% would mean that, at the end of 10 years, the farm, under these assumptions, would potentially produce total income back to the investor of $1,420,756 (equal to almost 57% of the total purchase price), and appreciation of $1,977,119 (equal to about 79% of the initial value of the farm). Again, these are hypothetical returns based on the assumptions above, but which tend to be in line with past returns as shown by the NCREIF Row Crop Farmland Index. Clearly, as with any investment, farmland returns can always vary. As the old adage goes, Past performance is no guarantee of future results. INVESTING IN FARMLAND WITH U.S. TRUST Typically, a direct investor in U.S. farmland forms a limited liability company (LLC) to hold the farm or farms. For investors with U.S. Trust, the LLC opens an Investment Management Account with us. The farms may also be held in existing trusts, including generation-skipping trusts. Or, the shares of farmholding LLCs may themselves be held by various trusts. Once the investor has determined the account or structure where the farms will be held, we begin the process of finding and purchasing the properties for their account. It is a process that we know well. U.S. Trust and its predecessor trust organizations have been managing farm and ranchland for over 50 years. We are one of the largest fiduciary managers of farms and ranches in America. Our experienced and dedicated farm and ranch managers all have agricultural degrees and direct agricultural experience with many holding advanced degrees in agriculture or post graduate certifications. Most members of this team come from second, third or fourth generation farming or ranching families. STRATEGIC INSIGHTS 4

5 Farmland investing for us is a focused, return-driven process. Farmland historically has traded (and in our view, should trade) as a function of the income that an acre of farmland will produce. Today, as we look to acquire good farmland, our goal is that at time of purchase, based on a three-year cash lease, the farm will provide a 4%, or better, current yield relative to the purchase price, after allowing for annual management fees, property taxes and insurance expenses for the farm. This typically requires a gross cash lease of around 5.25%. As one might expect, locating farms that will meet these return objectives requires completion of a considerable amount of due diligence, both on the farm itself and the proposed farm tenant. Once a farm is located we look at historic yields, soils, rainfall and/or irrigation and any buildings and equipment. We seek a good-quality farm tenant at an acceptable cash rental rate that will produce the targeted initial current yield. In our view, the due diligence on the proposed tenant is just as critical as the due diligence on the farm itself. We look at the tenant s experience, agricultural operations and practices and financial capacity. Finally, once all of this work has been completed, we move to acquire the farm, negotiate and execute the lease and close on the purchase of the farm on behalf of the acquiring entity. This property then becomes another asset in the investor s account similar to a stock or bond. All of the annual revenues from the lease and the expenses related to the farm are received and processed and accounted for at the farm level on our system and posted to the investor s account. Many investors prefer a cash lease, which moves the risks of weather and commodity price fluctuations to the farm tenant (and essentially allows a net return for the term of the lease). For investors who want to achieve direct commodity exposure, we can negotiate either a crop share or a flex lease. However, the latter provide more volatility and risk with respect to returns. In Summary Farmland is an uncorrelated asset of relatively low volatility that has historically (over 10-year periods) generated around a 10% annualized rate of return, including a current yield of around 4%. In response to the financial market uncertainties of recent years, achieving diversification through farmland has become an increasing area of focus for many of our clients with access to the amount of capital needed for direct investment in this asset class. 1NCREIF Farmland Property Index For more information, please contact your U.S. Trust advisor today. STRATEGIC INSIGHTS 5

6 This publication is designed to provide general information about ideas and strategies. It is for discussion purposes only since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Nonfinancial assets, such as closely held businesses, real estate, oil, gas and mineral properties, and timber, farm and ranch land, are complex in nature and involve risks including total loss of value. Special risk considerations include natural events (for example, earthquakes or fires), complex tax considerations and lack of liquidity. Nonfinancial assets are not suitable for all investors. Always consult with your independent attorney, tax advisor, investment manager, and insurance agent for final recommendations and before changing or implementing any financial, tax, or estate planning strategy. Client eligibility may apply. Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa. Diversification does not ensure a profit or protect against loss in declining markets. U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A. and U.S. Trust Company of Delaware (collectively the Bank ) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank. Bank of America, N.A., Member FDIC Bank of America Corporation. All rights reserved. ARVYVHGC BRO /2014 STRATEGIC INSIGHTS 6

FIXED INCOME STRATEGIES FOR A RISING INTEREST RATE ENVIRONMENT

FIXED INCOME STRATEGIES FOR A RISING INTEREST RATE ENVIRONMENT FIXED INCOME STRATEGIES FOR A RISING INTEREST RATE ENVIRONMENT John Donovan, Head of Fixed Income and Trading As the Federal Reserve and other central banks wind down their fiscal stimulus programs, we

More information

FIXED INCOME SOLUTIONS

FIXED INCOME SOLUTIONS FIXED INCOME SOLUTIONS OCTOBER, 2013 John Donovan, Head of Fixed Income and Trading Chris Gunster, Head of Fixed Income Portfolio Management David Litvack, Head of Tax-Exempt Fixed Income Research Jessie

More information

U.S. Farmland and other Real Assets. A Research Note

U.S. Farmland and other Real Assets. A Research Note U.S. Farmland and other Real Assets A Research Note Stephen A. Kenney Senior Investment Analyst January 2010 DISCLAIMERS AND NOTE ON FORWARD LOOKING STATEMENTS Hancock Agricultural Investment Group, a

More information

A portfolio that matches your plans.

A portfolio that matches your plans. A portfolio that matches your plans. Amerivest Core Portfolios powered by Morningstar Associates Expert investment management Tailored portfolio recommendations Straightforward, competitive pricing Dedicated

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

Your guide to investing for retirement with Fidelity Freedom Index Funds Class W.

Your guide to investing for retirement with Fidelity Freedom Index Funds Class W. Funds Class W Your guide to investing for retirement with Fidelity Freedom Index Funds Class W. An all-in-one approach for simple investing. You may already know how important your workplace savings can

More information

A guide to investing in closed-end funds What you should know before you buy

A guide to investing in closed-end funds What you should know before you buy A guide to investing in closed-end funds What you should know before you buy Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,

More information

Chicago Federal Reserve Bank Agriculture Investment Conference

Chicago Federal Reserve Bank Agriculture Investment Conference Chicago Federal Reserve Bank Agriculture Investment Conference INVESTING IN AMERICA S HEARTLAND Perry Vieth, President Firm Overview Investment objective Ceres Partners, LLC Best-in-class identification,

More information

Envision Full Sample Presentation with Scenarios & Survivor Needs

Envision Full Sample Presentation with Scenarios & Survivor Needs December 06, 2011 Envision Full Sample Presentation with Scenarios & Survivor Needs Prepared for: Jim and Susan Taylor Prepared by: Financial Advisor Wells Fargo Advisors 1 N. Jefferson Ave. St. Louis,

More information

A guide to investing in hedge funds

A guide to investing in hedge funds A guide to investing in hedge funds What you should know before you buy Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,

More information

The Farmland Asset Class

The Farmland Asset Class The Farmland Asset Class December 2010 Jeffrey A. Conrad, CFA President, Hancock Agricultural Investment Group jconrad@hnrg.com (617) 747-1601 Presentation Overview I. Introduction to the Hancock Agricultural

More information

Your guide to investing for retirement with Fidelity Freedom K Funds.

Your guide to investing for retirement with Fidelity Freedom K Funds. Fidelity Freedom K Funds Your guide to investing for retirement with Fidelity Freedom K Funds. An all-in-one approach for simple investing. You may already know how important your workplace savings can

More information

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

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

More information

Determining your investment mix

Determining your investment mix Determining your investment mix Ten minutes from now, you could know your investment mix. And if your goal is to choose investment options that you can be comfortable with, this is an important step. The

More information

PNC Target Date Funds. Making Saving for Retirement Simpler for You

PNC Target Date Funds. Making Saving for Retirement Simpler for You PNC Target Date Funds Making Saving for Retirement Simpler for You Walking With You on the Path to Retirement We understand that with the number and variety of retirement savings options available to you,

More information

The Use of Pooled Investment Vehicles for Ultra High Net Worth Investors. By Mark W. Castelin Director, Senior Investment Advisor

The Use of Pooled Investment Vehicles for Ultra High Net Worth Investors. By Mark W. Castelin Director, Senior Investment Advisor The Use of Pooled Investment Vehicles for Ultra High Net Worth Investors By Mark W. Castelin Director, Senior Investment Advisor A major challenge for a large segment of today s Ultra High Net Worth (UHNW)

More information

Cash Investments MORE: Multiple Owner Real Estate

Cash Investments MORE: Multiple Owner Real Estate Private Capital Corporation Inland Private Capital Corporation Cash Investments MORE: Multiple Owner Real Estate www.inland-investments.com Inland Private Capital Corporation 415 properties in 44 states

More information

It s your retirement.

It s your retirement. MNDCP It s your retirement. Keep it on target. And keep it simple. 1 Click to learn more! Looking for an easier way to invest for retirement? With these three simple steps, you can save more, invest wisely

More information

EverYield Investments is a Registered Investment Advisor. Registered with the State and the Securities and Exchange Commission (SEC)

EverYield Investments is a Registered Investment Advisor. Registered with the State and the Securities and Exchange Commission (SEC) Introduction to EverYield Investments is a Registered Investment Advisor Independent 2 Not paid to promote any products Not paid any commissions on any transactions No conflict of interest Can recommend

More information

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing

More information

Diversified Managed Allocations

Diversified Managed Allocations Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to

More information

The unique value of Target-Date Funds

The unique value of Target-Date Funds The unique value of Target-Date Funds By Jake Gilliam, Senior Multi-Asset Class Portfolio Strategist supporting Charles Schwab Investment Management September, 2015 Target-Date Funds are excellent low-maintenance

More information

Understanding the taxability of investments

Understanding the taxability of investments Understanding the taxability of investments Managing your portfolio to help control your tax bill Investors need to consider many factors in the process of choosing investments. One at the top of many

More information

Private Client Group

Private Client Group Private Client Group Our Commitment to You On behalf of our clients, Sterling Capital Management strives to: Deliver strong investment performance and exceptional service Foster a work environment built

More information

Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070

Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070 Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070 This brochure is required by law and provides information about the qualifications and business practices of Capital

More information

Investing in Alternatives. Help optimize your portfolio with non-traditional solutions.

Investing in Alternatives. Help optimize your portfolio with non-traditional solutions. Investing in Alternatives. Help optimize your portfolio with non-traditional solutions. Eagle Strategies LLC is an investment adviser registered with the Securities and Exchange Commission and is notice

More information

Your story is unique. Your Financial Advisor will work with Wells Fargo Private Bank to build a team designed around you

Your story is unique. Your Financial Advisor will work with Wells Fargo Private Bank to build a team designed around you Your story is unique Your Financial Advisor will work with Wells Fargo Private Bank to build a team designed around you A team of local professionals focused on your needs Your relationship with your Wells

More information

GLOSSARY OF INVESTMENT-RELATED TERMS FOR NATIONAL ELECTRICAL ANNUITY PLAN PARTICIPANTS

GLOSSARY OF INVESTMENT-RELATED TERMS FOR NATIONAL ELECTRICAL ANNUITY PLAN PARTICIPANTS GLOSSARY OF INVESTMENT-RELATED TERMS FOR NATIONAL ELECTRICAL ANNUITY PLAN PARTICIPANTS General Information This Glossary of Investment-Related Terms for National Electrical Annuity Plan Participants (the

More information

Skyline Advisors Wrap Fee Program. Skyline Advisors, Inc. 405 32nd Street, Suite 201 Bellingham, WA 98225

Skyline Advisors Wrap Fee Program. Skyline Advisors, Inc. 405 32nd Street, Suite 201 Bellingham, WA 98225 Item 1: Cover Page for Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure May 2015 Skyline Advisors Wrap Fee Program Sponsored By: Skyline Advisors, Inc. 405 32nd Street, Suite 201 Bellingham, WA

More information

Workplace Education Series. Making the Most of Your New Workplace Savings Plan

Workplace Education Series. Making the Most of Your New Workplace Savings Plan Making the Most of Your New Workplace Savings Plan Making the Most of Your New Workplace Savings Plan Guiding you through exciting plan changes ahead Today s agenda: New plan features Steps to prioritizing

More information

Attempting to Protect the Value Accumulated in a GRAT

Attempting to Protect the Value Accumulated in a GRAT INSIGHTS Attempting to Protect the Value Accumulated in a GRAT The primary goal of a GRAT is the ability to allow assets to potentially increase in value, then have the appreciated amounts pass on to beneficiaries

More information

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008 Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor October, 2008 1 Market Ups and Downs Recent news is full of anxiety-causing developments: Credit crunch Bank

More information

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence

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

More information

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

TIAA-CREF Asset Management. Global capabilities Recognized performance

TIAA-CREF Asset Management. Global capabilities Recognized performance TIAA-CREF Asset Management Global capabilities Recognized performance Earning our clients trust since 1918 TIAA-CREF s greatest assets are the lasting relationships we ve developed and maintained since

More information

Ameriprise Managed Accounts and Financial Planning Service

Ameriprise Managed Accounts and Financial Planning Service Ameriprise Managed Accounts and Financial Planning Service Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV) This wrap fee program brochure provides clients with information

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

Guide to buying an offshore investment contract

Guide to buying an offshore investment contract Guide to buying an offshore investment contract What you should know before you buy Offshore investment contracts are only available for sale to nonresident aliens of the United States and are not subject

More information

INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management

INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management INSTITUTIONAL TRUST & CUSTODY Big Bank Capabilities, Mid-Market Focus SM Investment Management At U.S. Bank Institutional Trust & Custody, we are trusted investment advisors to corporations, municipalities,

More information

Money At Work 1: Foundations of investing

Money At Work 1: Foundations of investing It s not about how much money you earn. It s about how much you save and invest. November 12, 2015 A TIAA-CREF Financial Essentials Workshop Bill Thorne TIAA-CREF Money At Work 1: Foundations of investing

More information

Basic Investment Education

Basic Investment Education Basic Investment Education Mutual Funds How it works Money is pooled with the money of other investors who have the same, or mutual, investment goals Professional manager buys and sells according to investment

More information

The Impact of Interest Rates on Real Estate Securities

The Impact of Interest Rates on Real Estate Securities The Impact of Interest Rates on Real Estate Securities The challenge for real estate securities investors is determining how monetary policy and interest rates affect prices and returns. Highlights Not

More information

Waddell & Reed Advisors Select Plus Annuity SM Invest in your future

Waddell & Reed Advisors Select Plus Annuity SM Invest in your future Investment choices performance report January 31, 2016 Waddell & Reed Advisors Select Plus Annuity SM Invest in your future Answers to frequently asked questions. What you should know about purchasing

More information

Welcome! Thanks for investing your time today.

Welcome! Thanks for investing your time today. Welcome! Thanks for investing your time today. Please sign in Fill out your name tag Address your mail card It s not about how much money you earn. It s about how much you save and invest. October 2015

More information

With Scholar s Edge, New Mexico s 529 College Savings Plan,

With Scholar s Edge, New Mexico s 529 College Savings Plan, With Scholar s Edge, New Mexico s 529 College Savings Plan, You Can Get an Edge When You Save for College Table of Contents 1 3 EDGE 1 A 529 Plan that s almost as smart as your child EDGE 2 Potentially

More information

Choosing tax-efficient investments

Choosing tax-efficient investments Choosing tax-efficient investments Managing your portfolio to help control your tax bill Investors need to consider many factors in the process of choosing investments. One at the top of many investors

More information

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro)

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro) The University of North Carolina at Greensboro (A Component Unit of The University of North Carolina at Greensboro) Financial Report June 30, 2013 Contents Independent Auditor s Report 1 2 Management s

More information

Part 2A of Form ADV: Firm Brochure. GHP Investment Advisors, Inc. 1670 Broadway, Suite 3000 Denver, CO 80202

Part 2A of Form ADV: Firm Brochure. GHP Investment Advisors, Inc. 1670 Broadway, Suite 3000 Denver, CO 80202 Part 2A of Form ADV: Firm Brochure GHP Investment Advisors, Inc. 1670 Broadway, Suite 3000 Denver, CO 80202 Telephone: (303) 831 5000 Web Address: www.ghpia.com 03/18/2015 This brochure provides information

More information

Putnam 529 for AmericaSM

Putnam 529 for AmericaSM Putnam 529 for AmericaSM They are the faces of the future. They will invent things we can t even envision. Discover cures with global reach. Tackle challenges far greater than ours. We can t imagine all

More information

Lending Solutions. Leverage-based products to complement investment strategies. Your Business Without Limits

Lending Solutions. Leverage-based products to complement investment strategies. Your Business Without Limits Lending Solutions Leverage-based products to complement investment strategies Your Business Without Limits Let Pershing Help You Set Yourself Apart Your clients count on you to manage their assets. But

More information

Treasury Market Risk Management

Treasury Market Risk Management Treasury Market Risk Management Treasury Management Treasury management is a broader concept than liquidity management Management of cash flows in terms of: Amount of cash inflow / outflow Currency of

More information

2200 Geng Road, Suite 100 Palo Alto, CA 94303 (650) 210 5000 www.harrismycfo.com. May 14, 2014 (Last Annual Update: December 26, 2013)

2200 Geng Road, Suite 100 Palo Alto, CA 94303 (650) 210 5000 www.harrismycfo.com. May 14, 2014 (Last Annual Update: December 26, 2013) Item 1 Cover Page CTC mycfo, LLC 2200 Geng Road, Suite 100 Palo Alto, CA 94303 (650) 210 5000 www.harrismycfo.com May 14, 2014 (Last Annual Update: December 26, 2013) This brochure provides information

More information

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

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

More information

Lamorinda Financial Planning, LLC

Lamorinda Financial Planning, LLC Lamorinda Financial Planning, LLC Firm Brochure - Form ADV Part 2A This brochure provides information about the qualifications and business practices of Lamorinda Financial Planning, LLC. If you have any

More information

THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES

THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES Morgan Stanley 20 Linden Place Red Bank, NJ 07701 (732) 936-3400 THE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES

More information

Market Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013

Market Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013 MARKET RISK CAPITAL DISCLOSURES REPORT For the quarter ended March 31, 2013 Table of Contents Section Page 1 Morgan Stanley... 1 2 Risk-based Capital Guidelines: Market Risk... 1 3 Market Risk... 1 3.1

More information

Mutual Funds Made Simple. Brighten your future with investments

Mutual Funds Made Simple. Brighten your future with investments Mutual Funds Made Simple Brighten your future with investments About Invesco Aim When it comes to investing, your sights are set on a financial summit a college diploma, new home or secure retirement.

More information

NorthStar Asset Management Group Inc. New York Office. Harness the Benefits of Real Estate Lending

NorthStar Asset Management Group Inc. New York Office. Harness the Benefits of Real Estate Lending NorthStar Asset Management Group Inc. New York Office Harness the Benefits of Real Estate Lending Forward Looking Statements This sales material includes forward-looking statements that can be identified

More information

Featuring a distinctive glide path to pursue better risk-adjusted returns for retirement investors For dealer use only. Not for public distribution.

Featuring a distinctive glide path to pursue better risk-adjusted returns for retirement investors For dealer use only. Not for public distribution. Putnam Retirement Advantage Funds Featuring a distinctive glide path to pursue better risk-adjusted returns for retirement investors For dealer use only. Not for public distribution. Putnam manages money

More information

A guide to margin borrowing

A guide to margin borrowing A guide to margin borrowing Before you borrow on margin, it is important to review your financial situation, investment objectives, risk tolerance, time horizon, diversification needs, and liquidity objectives

More information

Ameriprise Managed Accounts and Financial Planning Service

Ameriprise Managed Accounts and Financial Planning Service Ameriprise Managed Accounts and Financial Planning Service Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV) This wrap fee program brochure provides clients with information

More information

Wealth Transfer Planning

Wealth Transfer Planning Wealth Transfer Planning For Business Owners ESTATE PLANNING SERVICES Merrill Lynch does not provide tax, accounting or legal advice. Any information presented about tax considerations affecting client

More information

Lamorinda Financial Planning, LLC

Lamorinda Financial Planning, LLC Lamorinda Financial Planning, LLC Firm Brochure - Form ADV Part 2A This brochure provides information about the qualifications and business practices of Lamorinda Financial Planning, LLC. If you have any

More information

512 306 7400 www.dfaus.com/managed_dc January 2, 2014

512 306 7400 www.dfaus.com/managed_dc January 2, 2014 Item 1 Cover Page Dimensional SmartNest (US) LLC 6300 Bee Cave Road Building One Austin, TX 78746 512 306 7400 www.dfaus.com/managed_dc January 2, 2014 This Brochure provides information about the qualifications

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

Investing in Real Estate

Investing in Real Estate INSIGHTS Investing in Real Estate Real estate may offer an important investment opportunity to help diversify portfolio holdings. Executive summary Ownership of real estate has historically been viewed

More information

IPS RIA, LLC CRD No. 172840

IPS RIA, LLC CRD No. 172840 IPS RIA, LLC CRD No. 172840 ADVISORY CLIENT BROCHURE 10000 N. Central Expressway Suite 1100 Dallas, Texas 75231 O: 214.443.2400 F: 214-443.2424 FORM ADV PART 2A BROCHURE 1/26/2015 This brochure provides

More information

A Way to Save for College That s Less Taxing. Your Guide to the ishares 529 Plan

A Way to Save for College That s Less Taxing. Your Guide to the ishares 529 Plan A Way to Save for College That s Less Taxing Your Guide to the 529 Plan An innovative tool to help you save for college Saving for college has never been more important and seemingly more challenging.

More information

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE PowerShares Senior Loan Portfolio PowerShares Senior Loan Portfolio is the first senior loan exchange-traded fund (ETF) and seeks investment results

More information

Investment Planning 101

Investment Planning 101 Investment Planning 101 Setting Your Goals How SMART Are Your Goals? Specific Measurable Attainable Relevant Timely Write down and prioritize your goals. An Emergency Fund Where you An emergency keep your

More information

Managed Futures Mutual Funds: Created Equal. Understanding the differences in structure is critical to investor success.

Managed Futures Mutual Funds: Created Equal. Understanding the differences in structure is critical to investor success. Managed Futures Mutual Funds: Not All Are Created Equal Understanding the differences in structure is critical to investor success. The structure of managed futures mutual funds can have a significant

More information

Concentrated Stock Overlay INCREMENTAL INCOME FROM CONCENTRATED WEALTH

Concentrated Stock Overlay INCREMENTAL INCOME FROM CONCENTRATED WEALTH Concentrated Stock Overlay INCREMENTAL INCOME FROM CONCENTRATED WEALTH INTRODUCING RAMPART CONCENTRATED STOCK OVERLAY STRATEGY When a portfolio includes a concentrated equity position, the risk created

More information

PRUDENTIAL INVESTMENTS» MUTUAL FUNDS RETHINKING THE ROLE OF INCOME INVESTING THE FOUR WAYS INCOME INVESTMENTS CAN HELP YOU MEET YOUR FINANCIAL GOALS

PRUDENTIAL INVESTMENTS» MUTUAL FUNDS RETHINKING THE ROLE OF INCOME INVESTING THE FOUR WAYS INCOME INVESTMENTS CAN HELP YOU MEET YOUR FINANCIAL GOALS PRUDENTIAL INVESTMENTS» MUTUAL FUNDS RETHINKING THE ROLE OF INCOME INVESTING THE FOUR WAYS INCOME INVESTMENTS CAN HELP YOU MEET YOUR FINANCIAL GOALS YOU PLAY MANY ROLES. INCOME INVESTMENTS DO TOO. If

More information

Investment Performance

Investment Performance Investment Performance Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and

More information

ADELL, HARRIMAN & CARPENTER, INC. Investment Management & Financial Counsel

ADELL, HARRIMAN & CARPENTER, INC. Investment Management & Financial Counsel ADELL, HARRIMAN & CARPENTER, INC. Investment Management & Financial Counsel Part 2A of Form ADV The Brochure 2700 Post Oak Blvd., Suite 1200 Houston, TX 77056 (713) 621-1155 www.ahcinvest.com Updated:

More information

Your model to successful individual retirement investment plans

Your model to successful individual retirement investment plans Your model to successful individual retirement investment plans Tim Noonan Managing Director, Capital Markets Insights Russell Investments WWW.RISYMPOSIUM.COM Presented by: Important Information Please

More information

DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 200 SOUTH 108TH AVE OMAHA, NE 68154-2631

DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 200 SOUTH 108TH AVE OMAHA, NE 68154-2631 DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 200 SOUTH 108TH AVE OMAHA, NE 68154-2631 Main: 888-310-7921 Fax: 866-468-6268 TDAMERITRADE.COM October

More information

Help make diversified investing simpler

Help make diversified investing simpler Help make diversified investing simpler Nationwide Guided Portfolio Strategies (GPS) Not a deposit Not FDIC or NCUSIF insured Not guaranteed by the institution Not insured by any federal government agency

More information

Investing in an Inflationary Environment

Investing in an Inflationary Environment Investing in an Inflationary Environment October 2009 PREPARED BY Gregory J. Leonberger, FSA Director of Research Abstract Given the amount of fiscal and monetary stimulus enacted to revive the United

More information

DFA INVESTMENT DIMENSIONS GROUP INC.

DFA INVESTMENT DIMENSIONS GROUP INC. PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR

More information

INFORMATION ON THE PUBLIC JOINT-STOCK COMPANY INVL BALTIC FARMLAND FORMED IN THE SPLIT OFF

INFORMATION ON THE PUBLIC JOINT-STOCK COMPANY INVL BALTIC FARMLAND FORMED IN THE SPLIT OFF INFORMATION ON THE PUBLIC JOINT-STOCK COMPANY INVL BALTIC FARMLAND FORMED IN THE SPLIT OFF On the basis of those Terms, 47.95 percent of the total assets, equity and liabilities of the public joint-stock

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

USA Mutuals Generation Wave Growth Fund Trading Symbol: Investor Class Shares (GWGFX) Summary Prospectus July 29, 2015

USA Mutuals Generation Wave Growth Fund Trading Symbol: Investor Class Shares (GWGFX) Summary Prospectus July 29, 2015 USA Mutuals Generation Wave Growth Fund Trading Symbol: Investor Class Shares (GWGFX) Summary Prospectus July 29, 2015 Before you invest, you may want to review the USA Mutuals Generation Wave Growth Fund

More information

TAXES AND YOUR PORTFOLIO: It s not what you earn, it s what you keep

TAXES AND YOUR PORTFOLIO: It s not what you earn, it s what you keep TAXES AND YOUR PORTFOLIO: It s not what you earn, it s what you keep YOUR HOST John Sweeney Executive Vice President, Retirement & Investing Strategies, Fidelity Investments 2 JOIN THE CONVERSATION: @SweeneyFidelity

More information

Nonprofit management. An integrated approach to helping you fulfill your mission

Nonprofit management. An integrated approach to helping you fulfill your mission Nonprofit management An integrated approach to helping you fulfill your mission Institutional Investments & Philanthropic Solutions (II&PS) is part of U.S. Trust, Bank of America Corporation (U.S. Trust).

More information

A guide to investing in cash alternatives

A guide to investing in cash alternatives A guide to investing in cash alternatives What you should know before you buy Wells Fargo Advisors wants to help you invest in cash alternative products that are suitable for you based on your investment

More information

Priority Senior Secured Income Fund, Inc.

Priority Senior Secured Income Fund, Inc. Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed

More information

YOUR FINANCIAL FUTURE

YOUR FINANCIAL FUTURE YOUR FINANCIAL FUTURE December 2014 In This Issue A Net Worth Statement Helps Keep Retirees on Track Your net worth is more than just your income. A net worth statement presents a composite picture "in

More information

Global Real Assets Strategy Report: Focus on Oil

Global Real Assets Strategy Report: Focus on Oil Global Investment Strategy Global Real Assets Strategy Report: Focus on Oil January 28, 2016 John LaForge Co-Head of Real Asset Strategy Analysis and outlook for the real assets market» Commodity prices

More information

Financial Planning Investment Management Personal Trust Private Banking Insurance Services

Financial Planning Investment Management Personal Trust Private Banking Insurance Services Financial Planning Investment Management Personal Trust Private Banking Insurance Services What s the real bottom line? Our Mission To enrich the lives of our clients by honoring their unique goals For

More information

Learn how a Putnam IRA can help you save for retirement

Learn how a Putnam IRA can help you save for retirement Learn how a Putnam IRA can help you save for retirement Traditional and Roth putnam.com/ira How will you use your IRA savings? The vast majority of Traditional IRA owners plan to make withdrawals to pay

More information

Portfolio Presentation: Growth & Income and U.S. Diversified Equity

Portfolio Presentation: Growth & Income and U.S. Diversified Equity Portfolio Presentation: Growth & Income and U.S. Diversified Equity The above portfolios are available through the Morgan Stanley Portfolio Management program, managed by Portfolio Manager Bernard Semon

More information

smart Two Paths to Investing for Retirement Which one is right for you? Massachusetts Deferred Compensation SMART Plan INVEST

smart Two Paths to Investing for Retirement Which one is right for you? Massachusetts Deferred Compensation SMART Plan INVEST smart S A V E M O N E Y A N D R E T I R E T O M O R R O W INVEST Two Paths to Investing for Retirement Which one is right for you? Massachusetts Deferred Compensation SMART Plan Office of the State Treasurer

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

ADVISOR PROGRAM PORTFOLIO CONSTRUCTION

ADVISOR PROGRAM PORTFOLIO CONSTRUCTION FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN ADVISOR PROGRAM PORTFOLIO CONSTRUCTION Age-based option Your financial advisor can help you select an age-based target allocation track, or Aggressive that fits

More information

Wealth Planning Year End Tax Tips. Income Tax Planning

Wealth Planning Year End Tax Tips. Income Tax Planning Wealth Planning Year End Tax Tips The end of every year poses a critical deadline for utilizing certain tax benefits. The following covers various items to address in your annual tax, estate, retirement

More information

Understanding mutual fund share classes, fees and certain risk considerations

Understanding mutual fund share classes, fees and certain risk considerations Disclosure Understanding mutual fund share classes, fees and certain risk considerations Highlights Mutual funds may offer different share classes most commonly in retail brokerage accounts, Class A, B

More information

State Farm Bank, F.S.B.

State Farm Bank, F.S.B. State Farm Bank, F.S.B. 2015 Annual Stress Test Disclosure Dodd-Frank Act Company Run Stress Test Results Supervisory Severely Adverse Scenario June 25, 2015 1 Regulatory Requirement The 2015 Annual Stress

More information