Separately Managed Accounts: The DR Opportunity

Size: px
Start display at page:

Download "Separately Managed Accounts: The DR Opportunity"

Transcription

1 Deutsche Bank Global Transaction Banking Institutional Cash & Securities Services Separately Managed Accounts: The DR Opportunity 1

2 In Brief Identifying the right investors to target is a key step towards maximizing the impact of your DR program Issuers should direct their efforts towards investors who offer Separately Managed Account (SMA) portfolios focused on DRs a growing asset base of more than $100bn Understanding the issues that are important to these investors such as proactive communication, liquidity, and regional considerations will help you more effectively structure and market your DR program One of the major issues for us as [DR] investors is liquidity. Our advice for potential issuers would be to issue a fully sponsored Level 3 DR. This will create liquidity here in the US market. Yarek Aranowicz, Portfolio Manager Lord, Abbett & Co. 2

3 Depositary receipts (DRs) represent a compelling option for non-us corporates and investors alike. For corporate issuers, DRs can be an effective way to tap the US equity capital markets and attract new shareholders. DRs also provide US-based investors with an efficient means of investing in foreign shares. Benefits for Issuers Increase a non-us company s visibility and presence in the US investor community May increase liquidity of the underlying shares May broaden and diversify investor base A new avenue for raising equity capital* An equity financing tool for M&A transactions and ESOPs (Employee Stock Option Plan) for US employees Improve communication with shareholders globally Benefits for Investors Trade and settle in the same manner as any other security in the investor s home market May offer lower trading and custody costs than shares purchased in the local market Minimize foreign exchange issues with dividend payments in US dollars Recognized as US securities so allowed in portfolios where foreign securities might be prohibited Voting rights facilitated by the depositary bank *Through some types of DR programs 3

4 Targeting US-based DR Investors Once a corporate has decided to issue a DR, one of the most effective ways to maximize the program and market shares is to focus on USbased investment managers that offer Separately Managed Account (SMA) portfolios to their clients. What is a Separately Managed Account (SMA)? Many investment managers offer their capabilities in multiple formats in order to meet the varying needs of their clients. For example, an investment manager may offer its non-us equity capability in two formats - a mutual fund and an SMA. In contrast to a mutual fund in which the assets of multiple investors are pooled into a single portfolio (investors receive shares of the mutual fund on a pro-rata basis), SMAs are personal portfolios in which individual investors have direct ownership of securities and, potentially, opportunities for customization. The table on the next page summarizes some of the key differences between mutual funds and SMAs that invest in non-us equities. 4

5 Exhibit 1 Mutual Fund vs. SMA Mutual Fund Pooled assets (investor owns shares of mutual fund) Lower minimum initial investment* Typically invested in ordinary shares No customization SMA Segregated assets (investor owns individual securities) Higher minimum initial investment* Typically invested in depositary receipts Potential customization *Minimal initial investments will vary according to a number of factors, including mutual fund share class and SMA sponsor platform Investment managers offering SMAs direct a large and growing pool of assets. Exhibit 2 Traditional Separately Managed Account Assets ($billions) $800 $799.3 $700 $600 $500 $ Q 2014 Sources: Money Management Institute, Dover Financial Research, 2014 The above chart illustrates assets in Traditional SMA accounts only. MMI estimates an additional $127bn in Model SMA accounts as of 1Q 2014, bringing the total SMA asset pool to approximately $926bn. Please see footnote below for definitions of Traditional and Model SMA accounts.** **With a Traditional SMA account, the investment manager (e.g. Lord Abbett) determines investment direction which securities to buy or sell and executes the trades. In contrast, with Model SMA accounts the investment manager determines direction while a broker dealer (e.g. Merrill Lynch) executes the trades based on a model delivered by the investment manager. 5

6 6

7 The DR Advantage Investment managers offering their non-us equity capabilities in SMA format often choose to invest in DRs instead of ordinary shares. According to Yarek Aranowicz, Portfolio Manager at Lord, Abbett & Co. one of the industry s largest SMA managers US-based investors have historically looked to DRs to help minimize certain legal and operational risks. While cross-border investment tools have improved over time, investing in DRs remains a compelling option. Retail and institutional investors can invest abroad without any problem today but there are many investors who prefer to buy US dollar-denominated assets, possibly because of the due diligence involved [in purchasing ordinary shares]. The only way to do this is to invest in common shares of foreign companies listed on a US exchange or DRs. Because DRs trade and settle in the same manner as any other security on a US exchange, they may offer lower trading and custody costs than shares purchased in local, non-us markets. As a result, while an investment manager may have the ability to own ordinary shares in an SMA, there are potential drawbacks. First, Aranowicz explains, every buy and sell would necessitate currency exchanges which would result in major expense to the client over time. Custody is also a consideration. The individual client account would have to allow for custody of non-us shares, says Aranowicz, something certain brokerage accounts may not permit. In addition, DRs pay dividends in US dollars, potentially minimizing foreign exchange issues. Finally, DRs are recognized as US securities and would therefore be permitted in portfolios in which foreign securities are prohibited. 7

8 Targeting the Right SMA Investment Managers Like mutual funds, SMAs are offered in multiple non-us investment styles. As illustrated in Exhibit 3 below, MMI estimates that International Equity capabilities represent approximately 11.6%, or $107bn, of the $926bn in total SMA assets. Exhibit 3 Market Share and Assets by International Investment Discipline, 1Q 2014 Discipline - International Equity Market Share Assets ($bn) International Large Value 3.9% $36.1 International Large Core 2.9% $26.9 Global Equity 1.7% $15.7 International Large Growth 1.6% $14.8 International Other 1.5% $13.9 Subtotal 11.6% $107.4 Sources: Money Management Institute, Dover Financial Research, 2014 While SMA strategies with a US focus e.g. US Large Cap Value, may occasionally invest in DRs, foreign issuers should focus their attention and marketing efforts on investment managers offering the above SMA disciplines as these strategies are more likely to utilize DRs in a meaningful way. 8

9 Of the 25 largest US-based investment managers offering SMA portfolios, 23 run products that invest in DRs. Deutsche Bank can connect issuers with many of these managers. Exhibit 4 Total Traditional SMA Plus Model Portfolio Assets: Top 25 Managers ($billions), 1Q 2014 Manager Assets Offers SMA DR Product(s) 1. BlackRock Financial Management $ Legg Mason $ Nuveen Investment Management $ J.P. Morgan Investment Management $ Eaton Vance $ Neuberger Berman $ PIMCO $ Allianz Global Investors $ Federated Investors $ Lazard Asset Management $ UBS Global Asset Management $ Pacific Income Advisors $ Lord Abbett $ Columbia Management Advisors $ Delaware Capital Management $ Invesco Aim $ Natixis Global Associates $ Thornburg Investment Management $ Manning & Napier Advisors $ MFS Investment Management $ Dreyfus Investments $ Madison Investment Advisors $ Franklin Templeton Advisors $ Principal Global Investors $ Brandes Investment Partners $5.9 Total Top 25 Managers $394.3 Total All Managers $898.1 Sources: Money Management Institute, Dover Financial Research,

10 10

11 The Opportunity Ahead While non-us equities now represent more than half of the global stock market universe, SMA investors remain substantially underinvested on a relative basis a phenomenon known as the home-country bias. Exhibit 5 Weights in MSCI All Country World Index*, 2014 SMA Market Share by Investment Objective, 1Q 2014 International Equity 20% International 51% Domestic 49% Domestic Equity 80% *% global market capitalization, float adjusted Source: MSCI, as of July 31, 2014 Sources: Money Management Institute, Dover Financial Research, 2014 Some research indicates, however, that this bias has been declining over time see Exhibit 6 below. Should US-based investors elect to further diversify their equity allocations through SMA portfolios, this could potentially be supportive of DR demand. Exhibit 6 Evolution of Equity Home Country Bias Weights (%) 34% 54% 88% 31% 48% 79% 29% 43% 72% Overweighting to Domestic Domestic Market as % of World Market Domestic Allocation U.S U.S U.S Source: Vanguard, June

12 Maximizing Your ADR Program Deutsche Bank s DR group works with issuers to ensure that marketing efforts are directed towards activities that can have a meaningful impact on program success. Be Proactive Management teams should communicate early and often with potential DR investors. For example, Lord Abbett s Aranowicz meets with corporates regularly and advises senior management to communicate immediately that they offer both ordinary shares and DRs in the US. If this seems like basic advice, consider the fact that Aranowicz and his colleagues meet with hundreds of corporates every year, yet many neglect to actively promote their DR program. Management teams rarely talk about the DRs says Aranowicz, I usually have to ask them. For corporates that do not currently offer a DR, Aranowicz recommends engaging with investment managers to uncover potential demand. If [corporates] don t have a DR, I d like to know why. I ll tell them, We have an SMA product and would love to have a DR issued! Aranowicz also suggests that management teams consider communicating with prospective investors before issuing DRs. I am on most of the releases for corporate earnings results. If [management] communicates through an earnings release that they are planning a DR issuance, that will definitely reach me and I will immediately put them on my news screen. They ll now be on my radar. 12 Getting the attention of portfolio managers prior to issuing a DR could potentially kickstart the research process and reduce the length of the manager s due diligence process once the DR is issued.

13 Focus on Liquidity Liquidity the ease with which a security can be bought and sold is a key consideration for portfolio managers when evaluating a DR investment. DRs are important to us, says Aranowicz, but if they don t trade at all, we can t buy them.the biggest challenge we have [with DRs] is liquidity. According to Aranowicz, a Level 3 sponsored program is typically preferred because these DRs tend to be the most liquid. One of the major issues for us as [DR] investors is liquidity. Our advice for potential issuers would be to issue a fully sponsored Level 3 DR. This will create liquidity here in the US market. At Deutsche Bank, we believe this perspective underscores the importance of working with a proactive depositary bank. Special Situations For corporates based in certain countries like India and China, DRs may complement more traditional issuance practices and help diversify an existing investor base. In India for example, corporates typically issue Global Depositary Receipts, or GDRs, which are listed in London. As a result, US-based investment managers may not be able to purchase these securities on behalf of their clients. For our SMA product, GDRs don t work even if they re denominated in US dollars, Aranowicz explains. We cannot participate because they are not listed here in the US. For Indian corporates, the message would be to issue US DRs You re already doing this, just in London. For China-based corporates offering shares that are generally available to mainland citizens only, issuing a US-listed DR may help broaden the shareholder base. There are some companies with A shares that are listed only in China, but they also have DRs. We d buy the DRs because we can t buy the A shares. There are also instances as is the case of Taiwanese issuers in which DRs may be seen as offering advantages over ordinaries within both SMAs and mutual funds. In order to purchase local shares, we would need Taiwanese dollars, says Aranowicz. For instance, if we want to buy Taiwan Semiconductor Manufacturing overnight in Taiwan and we don t already have Taiwanese dollars in an overseas account, we can t do it. We d have to wait three days until the US dollars are converted into Taiwanese dollars and then we can buy. After three days, the stock could have moved five or ten percent. In the case of a Taiwanese company with a liquid DR, we would definitely buy the DR [instead of the ordinary]. In Taiwan, we will always buy DRs. 13

14 Deutsche Bank - A Focused Approach By leveraging Deutsche Bank s strength and expertise in the following areas, issuers can develop a coordinated approach to targeting SMA managers investing in DRs. We serve as the depositary bank for more than 350 sponsored programs and more than 700 unsponsored programs, globally We maintain close communication and cooperation with our regional equity sales and research teams We have a leading Corporate Access franchise, with regular collaboration between the regional teams and Deutsche Bank s DR IR Advisory team We ensure an ongoing dialogue between Deutsche Bank s Broker Services and IR Advisory teams and external investment managers In addition to access to the DR team s proprietary databases for targeting capabilities both at the mutual fund and SMA levels Deutsche Bank will facilitate next steps to connecting with investors. These may include: 14 Comprehensive ownership and peer analysis to identify and prioritize DR-focused investment managers Recommendations on structuring multi-city roadshows in the US and abroad Market intelligence and trading insights, ensuring issuers are in front of the true decision-makers Introductions to industry contacts, including key investment manager contacts Candid post-meeting feedback

15 15

16 For further information please contact: Zafar Aziz Issuer Services Head of Depositary Receipts Market Solutions Michele Backman Issuer Services Depositary Receipts IR Advisory This brochure is for information purposes only and is designed to serve as a general overview regarding the services of Global Transaction Banking. The general description in this brochure relates to the Global Transaction Banking services offered to customers as of March 2014, which may be subject to change in the future. This brochure and the general description of the services of Global Transaction Banking are in their nature only illustrative and do not therefore contain or cannot result in any contractual or non-contractual obligation or liability of Deutsche Bank AG or any of its affiliates. Copyright September 2014 Deutsche Bank AG. All rights reserved. 16

FRIEDLAND CAPITAL INC. GUIDE TO AMERICAN DEPOSITARY RECEIPTS

FRIEDLAND CAPITAL INC. GUIDE TO AMERICAN DEPOSITARY RECEIPTS FRIEDLAND CAPITAL INC. GUIDE TO AMERICAN DEPOSITARY RECEIPTS With global economies increasingly intertwined, it shouldn t come as a surprise that large numbers of non-us corporations have sought access

More information

An investor s guide to purchasing mutual funds and 529 plans through Ameriprise Financial

An investor s guide to purchasing mutual funds and 529 plans through Ameriprise Financial An investor s guide to purchasing mutual funds and 529 plans through Ameriprise Financial For more than 60 years, mutual funds have been one of the best ways for individual investors to participate in

More information

Mutual Fund Investing Important Information and Disclosures for D.A. Davidson Clients

Mutual Fund Investing Important Information and Disclosures for D.A. Davidson Clients Mutual Fund Investing Important Information and Disclosures for D.A. Davidson Clients Introduction. Mutual funds, one of the nation s most commonly used groups of investment vehicles, now hold several

More information

L2: Alternative Asset Management and Performance Evaluation

L2: Alternative Asset Management and Performance Evaluation L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management

More information

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may

More information

FORM ADV PART 2A BROCHURE

FORM ADV PART 2A BROCHURE November 4, 2015 FORM ADV PART 2A BROCHURE Thornburg Investment Management, Inc. 2300 North Ridgetop Road, Santa Fe, NM 87506 www.thornburg.com 1-800-533-9337 This brochure provides information about the

More information

Understanding Compensation Received By J.P. Turner and Company LLC

Understanding Compensation Received By J.P. Turner and Company LLC Understanding Compensation Received By J.P. Turner and Company LLC From Sponsors of Mutual Funds, Variable Insurance Contracts, 529 College Savings Plans and Direct Participation Programs and Non-Traded

More information

UNDERSTANDING CLOSED-END FUNDS

UNDERSTANDING CLOSED-END FUNDS Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors

More information

EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015

EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 1. The following replaces Fees and Expenses of the Fund : Fees and Expenses of the Fund This table describes

More information

EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust

EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust Supplement dated June 30, 2015, to the Summary Prospectus dated March 5, 2015, and the

More information

BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund )

BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund ) BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund ) Supplement dated May 6, 2016 to the Fund s Summary Prospectus and Prospectus, each dated November 27, 2015 Effective immediately,

More information

Comerica Securities Inc. Mutual Fund Guide

Comerica Securities Inc. Mutual Fund Guide Comerica Securities Inc. Mutual Fund Guide With so many different mutual funds available today, Comerica Securities Inc. wants to help you to ensure that you are investing in the mutual fund that best

More information

DEPOSITARY INTERESTS

DEPOSITARY INTERESTS DEPOSITARY INTERESTS CERTAINTY INGENUITY ADVANTAGE The capability to reach new capital, overcome cross border barriers, and reduce unnecessary cost and risk Computershare s Depositary Interest service

More information

YOUR GUIDE TO GETTING STARTED

YOUR GUIDE TO GETTING STARTED George Mason University Cash Match Plan (#72170) Invest in your retirement and yourself today, with help from The George Mason 401(a) Match Plan and Fidelity. YOUR GUIDE TO GETTING STARTED Invest some

More information

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

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

More information

Friederike Edelmann Director Investor Relations, SAP AG Fall 2007

Friederike Edelmann Director Investor Relations, SAP AG Fall 2007 ADRs and International Investing Friederike Edelmann Director Investor Relations, SAP AG Fall 2007 Disclaimer We believe the information contained in this material to be reliable but do not warrant its

More information

PRUCO LIFE INSURANCE COMPANY PRUCO LIFE FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

PRUCO LIFE INSURANCE COMPANY PRUCO LIFE FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT GENPRODSUP6 PRUCO LIFE INSURANCE COMPANY PRUCO LIFE FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

More information

1. Online by visiting tiaa-cref.org 2. By phone at 800 842-2252 available Monday Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m.

1. Online by visiting tiaa-cref.org 2. By phone at 800 842-2252 available Monday Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. SWEET BRIAR COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Summary of Plan Services and Costs This summary provides important information to assist you in making decisions related to your participation in

More information

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

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

More information

Access the world. with Schwab Global Investing Services

Access the world. with Schwab Global Investing Services Access the world with Schwab Global Investing Services 78% of developed country equity market growth between 2000 and 2012 came from outside the U.S. 1 60% of developed country stock market capitalization

More information

The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX

The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX The Advisors Inner Circle Fund Westwood LargeCap Value Fund Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX Before you invest, you may want to review the Fund s complete prospectus,

More information

Clients have access to the products and services of hundreds of companies through their AXA Advisors financial professional.

Clients have access to the products and services of hundreds of companies through their AXA Advisors financial professional. AXA in practice strategy implementation Extensive Choices Clients have access to the products and services of hundreds of companies through their AXA Advisors financial professional. Investment Companies

More information

BlackRock Basic Value Fund, Inc. BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund

BlackRock Basic Value Fund, Inc. BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Basic

More information

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

Waterstone Advisors, LLC

Waterstone Advisors, LLC ITEM 1 COVER PAGE Firm Brochure (Form ADV Part 2A) 10 Brook Street Walpole, MA 02081 978-828-2188 vha@waterstoneadvisors.net March 18, 2014 This brochure provides information about the qualifications and

More information

ADVANCED SERIES TRUST

ADVANCED SERIES TRUST ADVANCED SERIES TRUST STATEMENT OF ADDITIONAL INFORMATION APRIL 27, 2015 This Statement of Additional Information (SAI) of Advanced Series Trust (the Trust) is not a prospectus and should be read in conjunction

More information

Unison Advisors LLC. The date of this brochure is March 29, 2012.

Unison Advisors LLC. The date of this brochure is March 29, 2012. Unison Advisors LLC 2032 Belmont Road NW, #619 Washington, DC 20009 T 646 290 7697 F 646 290 5477 www.unisonadvisors.com The date of this brochure is March 29, 2012. This brochure provides information

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

We've created a. Advisor Series I

We've created a. Advisor Series I TRS 2253 1201 We've created a Plan Advisor Series I That fits your needs. The Plan SM Advisor Series I can help you make the most of what you and your employees have worked so hard to build. How? By combining

More information

DREYFUS VARIABLE INVESTMENT FUND - APPRECIATION PORTFOLIO Supplement dated July 20, 2011 to Prospectus dated May 1, 2011

DREYFUS VARIABLE INVESTMENT FUND - APPRECIATION PORTFOLIO Supplement dated July 20, 2011 to Prospectus dated May 1, 2011 DREYFUS VARIABLE INVESTMENT FUND - APPRECIATION PORTFOLIO Supplement dated July 20, 2011 to Prospectus dated May 1, 2011 The following information supplements the information contained in the section of

More information

Risk Warning Notice. Introduction

Risk Warning Notice. Introduction First Equity Limited Salisbury House London Wall London EC2M 5QQ Tel 020 7374 2212 Fax 020 7374 2336 www.firstequity.ltd.uk Risk Warning Notice Introduction You should not invest in any investment product

More information

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information.

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information. USA Mutuals Takeover Targets Fund Trading Symbols: Institutional Class Shares (TOTIX) Investor Class Shares (TOTNX) Class A Shares (TOTAX) Class C Shares (TOTCX) Summary Prospectus July 29, 2015 Before

More information

Introduction To Financial Markets & Investing

Introduction To Financial Markets & Investing Introduction To Financial Markets & Investing Matthew Lawson, M.D. Getting Started A true story Internal Medicine Intern Recently married Husband has Financial Planner assigned through his employer Neither

More information

SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS

SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS Delivering customized investment solutions and strategies to sophisticated fiduciaries and intermediaries For Use with Financial Professionals Only. Not for

More information

1. What are American Depositary Shares and American Depositary Receipts?

1. What are American Depositary Shares and American Depositary Receipts? QUESTIONS AND ANSWERS ABOUT EXCHANGING ATLANTIC RICHFIELD COMPANY COMMON STOCK FOR BP AMOCO AMERICAN DEPOSITARY SHARES ( ADS SHARES ) AND ABOUT BOOK-ENTRY OWNERSHIP 1. What are American Depositary Shares

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

SPDR S&P 500 Low Volatility UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted

More information

RETIREMENT PLAN BROKERAGE SERVICES ERISA 408(B)(2) DISCLOSURE INFORMATION APPLICABLE FOR ERISA RETIREMENT PLANS

RETIREMENT PLAN BROKERAGE SERVICES ERISA 408(B)(2) DISCLOSURE INFORMATION APPLICABLE FOR ERISA RETIREMENT PLANS This information is being provided to you as the sponsor or other responsible fiduciary of a retirement plan ( Plan ) subject to the Employee Retirement Income Security Act of 1974 ( ERISA ) that maintains

More information

Investment Options AMERICAN CENTURY HERITAGE CLASS A (ATHAX.LW) AMERICAN CENTURY STRAT ALLOC CLASS A (ACVAX.LW) CALVERT INCOME FUND CLASS A (CFICX.

Investment Options AMERICAN CENTURY HERITAGE CLASS A (ATHAX.LW) AMERICAN CENTURY STRAT ALLOC CLASS A (ACVAX.LW) CALVERT INCOME FUND CLASS A (CFICX. Investment Options With a Health Savings Account (HSA), you can keep and roll over any dollars remaining in your account at the end of the year. Over time, you can build a nest egg of savings in your ACS

More information

F I R M B R O C H U R E

F I R M B R O C H U R E Part 2A of Form ADV: F I R M B R O C H U R E Dated: 03/24/2015 Contact Information: Bob Pfeifer, Chief Compliance Officer Post Office Box 2509 San Antonio, TX 78299 2509 Phone Number: (210) 220 5070 Fax

More information

Nuveen Real Estate Securities Fund

Nuveen Real Estate Securities Fund Nuveen Real Estate Securities Fund Summary Prospectus April 30, 2015 Ticker: Class A FREAX, Class C FRLCX, Class R3 FRSSX, Class R6 FREGX, Class I FARCX This summary prospectus is designed to provide investors

More information

CHAPTER 11 CONCEPT REVIEW QUESTIONS

CHAPTER 11 CONCEPT REVIEW QUESTIONS CHAPTER 11 CONCEPT REVIEW QUESTIONS 1. What are financial intermediaries, and what role do these firms play in providing long-term capital to publicly traded U.S. nonfinancial corporations? A financial

More information

Chapter 12. Equity Globally

Chapter 12. Equity Globally Chapter 12 Sourcing Equity Globally Sourcing Equity Globally: Learning Objectives Design a strategy to source equity globally Analyze the motivations and goals of a firm issuing new equity shares on foreign

More information

Guide to Separately Managed Accounts

Guide to Separately Managed Accounts Guide to Separately Managed Accounts Tools to Better Shape Your Investment Future Not FDIC Insured May Lose Value No Bank Guarantee I N V E S T M E N T M A N AG E M E N T voyainvestments.com VoyaTM Investment

More information

Revenue Sharing and Other Compensation

Revenue Sharing and Other Compensation Compensation and Reimbursement of Expenses to Ladenburg Thalmann and Representatives Ladenburg Thalmann Financial Services Inc. and its affiliates, which include Ladenburg Thalmann & Co. Inc., Securities

More information

CONFLICTS OF INTEREST

CONFLICTS OF INTEREST CONFLICTS OF INTEREST General Description Actual, potential and perceived conflicts of interest exist in almost all human interactions. Our relationship with you is no different. For instance, MacDougall,

More information

ZACKS INVESTMENT MANAGEMENT. Personalized Wealth Management INDEPENDENT. Research Thinking Results

ZACKS INVESTMENT MANAGEMENT. Personalized Wealth Management INDEPENDENT. Research Thinking Results ZACKS INVESTMENT MANAGEMENT Personalized Wealth Management INDEPENDENT Research Thinking Results ZACKS INVESTMENT MANAGEMENT HIGHLIGHTS: ZACKS INVESTMENT MANAGEMENT HAS A RESPECTED TRACK RECORD OF EXCEPTIONAL

More information

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

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

More information

PROSPECTUS MAY 1, 2015

PROSPECTUS MAY 1, 2015 PROSPECTUS MAY 1, 2015 PARNASSUS FUNDS Parnassus Fund SM Investor Shares - PARNX Institutional Shares - PFPRX Parnassus Core Equity Fund SM Investor Shares - PRBLX Institutional Shares - PRILX Parnassus

More information

Module 5 International ETFs

Module 5 International ETFs Module 5 International ETFs Course #: Title Topic 1: What are international ETFs?... 3 Exposure to international markets... 3 Why would I want exposure to overseas markets?... 3 Index-tracking... 3 Buying

More information

BlackRock Allocation Target Shares BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc.

BlackRock Allocation Target Shares BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Balanced

More information

RiverSource Retirement Advisor 4 Advantage variable annuity

RiverSource Retirement Advisor 4 Advantage variable annuity RiverSource Retirement Advisor 4 Advantage variable annuity Issued by RiverSource Life Insurance Company (RiverSource Life) Performance for Annuities for month ending 07/31/2016 and quarter ending 06/30/2016

More information

Stock Market for Beginners November 2013

Stock Market for Beginners November 2013 Stock Market for Beginners November 2013 What is a share? If you own a share, you own a portion of a company. In the same way you can see your ownership of a company as a slice of pie, cut out of a bigger

More information

T. Rowe Price International Stock Portfolio

T. Rowe Price International Stock Portfolio T. Rowe Price International Stock Portfolio Supplement to Summary Prospectus Dated May 1, 2014 The portfolio manager table under Management is supplemented as follows: Effective April 1, 2015, Richard

More information

Trust Services at Merrill Lynch. Estate Planning Services

Trust Services at Merrill Lynch. Estate Planning Services Trust Services at Merrill Lynch Estate Planning Services Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and

More information

1 Year 3 Years 5 Years 10 Years

1 Year 3 Years 5 Years 10 Years Summary Prospectus Gerstein Fisher Multi-Factor International Growth Equity Fund Trading Symbol: GFIGX March 30, 2015 Before you invest, you may want to review the Fund s prospectus, which contains more

More information

Issues Held Outside OST's Current Contract Custodian 6-30-11 CUSIP DESCRIPTION # SHARES ALGER FAMILY OF FUNDS 015565849 ALGER CAPITAL APPRECIATION

Issues Held Outside OST's Current Contract Custodian 6-30-11 CUSIP DESCRIPTION # SHARES ALGER FAMILY OF FUNDS 015565849 ALGER CAPITAL APPRECIATION Issues Held Outside OST's Current Contract Custodian 6-30-11 CUSIP DESCRIPTION # SHARES ALGER FAMILY OF FUNDS 015565849 ALGER CAPITAL APPRECIATION FUND CLASS A 1,800.7970 015565823 ALGER SMALLCAP GROWTH

More information

Statement of Investment Policies and Procedures

Statement of Investment Policies and Procedures Effective July 1, 2015 Canadian Cancer Society Statement of Investment Policies and Procedures Background The Society wishes to invest funds in a prudent manner, with appropriate consideration given to

More information

RISKS DISCLOSURE STATEMENT

RISKS DISCLOSURE STATEMENT RISKS DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

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

RevenueShares ETF Trust

RevenueShares ETF Trust RevenueShares ETF Trust SUMMARY PROSPECTUS NOVEMBER 3, 2015 RevenueShares Global Growth Fund This summary prospectus is designed to provide investors with key fund information in a clear and concise format.

More information

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF SPDR MSCI South Korea Quality Mix ETF Summary Prospectus-January 31, 2016 QKOR (NYSE Ticker) Before you invest in the SPDR MSCI South Korea Quality Mix ETF (the Fund ), you may want to review the Fund's

More information

There are two types of returns that an investor can expect to earn from an investment.

There are two types of returns that an investor can expect to earn from an investment. Benefits of investing in the Stock Market There are many benefits to investing in shares and we will explore how this common form of investment can be an effective way to make money. We will discuss some

More information

Forward Management, LLC 101 California Street, 16th Floor San Francisco, CA 94111 415-869-6300 www.forwardinvesting.

Forward Management, LLC 101 California Street, 16th Floor San Francisco, CA 94111 415-869-6300 www.forwardinvesting. Forward Management, LLC 101 California Street, 16th Floor San Francisco, CA 94111 415-869-6300 www.forwardinvesting.com March 1, 2015 This Brochure provides information about the qualifications and business

More information

ADVISOR PROGRAM PORTFOLIO CONSTRUCTION

ADVISOR PROGRAM PORTFOLIO CONSTRUCTION FUTURE SCHOLAR 29 COLLEGE SAVINGS PLAN ADVISOR PROGRAM Age-based option Your financial advisor can help you select an age-based target allocation track, or Aggressive that fits your college-planning needs.

More information

ORGANIZING A MUTUAL FUND I. SELECTING THE ORGANIZATION FORM CORPORATIONS AND BUSINESS TRUSTS

ORGANIZING A MUTUAL FUND I. SELECTING THE ORGANIZATION FORM CORPORATIONS AND BUSINESS TRUSTS ORGANIZING A MUTUAL FUND I. SELECTING THE ORGANIZATION FORM CORPORATIONS AND BUSINESS TRUSTS Investment companies are organized as corporations or business trusts (or, occasionally, limited partnerships)

More information

Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch. A Client Disclosure Pamphlet February 2015

Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch. A Client Disclosure Pamphlet February 2015 Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch A Client Disclosure Pamphlet February 2015 Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park

More information

Voya Retirement Insurance and Annuity Company

Voya Retirement Insurance and Annuity Company P E R F O R M A N C E U P D A T E Voya Retirement Insurance and Annuity Company MONTGOMERY COUNTY PUBLIC SCHOOLS 403B Variable Annuity Account C, Non-Standardized Returns with and without a Deferred Sales

More information

SUMMARY PROSPECTUS CALVERT GLOBAL ENERGY SOLUTIONS FUND INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND. Example. Portfolio Turnover

SUMMARY PROSPECTUS CALVERT GLOBAL ENERGY SOLUTIONS FUND INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND. Example. Portfolio Turnover SUMMARY PROSPECTUS February 1, 2016 CALVERT GLOBAL ENERGY SOLUTIONS FUND Class (Ticker): A (CGAEX) C (CGACX) Link to Prospectus (Table of Contents) Y (CGAYX) Link to Statement of Additional Information

More information

Answers to Concepts in Review

Answers to Concepts in Review Answers to Concepts in Review 1. (a) In the money market, short-term securities such as CDs, T-bills, and banker s acceptances are traded. Long-term securities such as stocks and bonds are traded in the

More information

Voya Retirement Insurance and Annuity Company

Voya Retirement Insurance and Annuity Company P E R F O R M A N C E U P D A T E Voya Retirement Insurance and Annuity Company THE OHIO STATE UNIVERSITY ARP Variable Annuity Account C, Non-Standardized Returns Average Annual Total Returns as of: 03/31/2015

More information

Investing in Equities. Find your path to smarter equity investing.

Investing in Equities. Find your path to smarter equity investing. Investing in Equities. Find your path to smarter equity investing. Eagle Strategies LLC (Eagle) is an investment adviser registered with the Securities and Exchange Commission and is notice filed with

More information

Use this brochure to gain expertise about ETFs that you can communicate to your clients.

Use this brochure to gain expertise about ETFs that you can communicate to your clients. How ETFs work Your clients may have questions about exchange-traded funds (ETFs), such as how they differ from mutual funds, how they re traded and even how they re created. Use this brochure to gain expertise

More information

A Look at Exchange Traded Funds September 16, 2010

A Look at Exchange Traded Funds September 16, 2010 A Look at Exchange Traded Funds September 16, 2010 Exchange traded funds, or ETFs, are one of the fastest growing products in the investment industry. Used by both professional and individual investors,

More information

Put them on the path to their future. The journey begins here: Iowa Advisor 529 Plan

Put them on the path to their future. The journey begins here: Iowa Advisor 529 Plan Put them on the path to their future The journey begins here: Iowa Advisor 529 Plan A child s college education it s a journey that starts now Children have drive that can take them places, and college

More information

Section 1042: A tax deferred sale to an ESOP

Section 1042: A tax deferred sale to an ESOP Section 1042: A tax deferred sale to an ESOP Nick J. Francia Christopher T. Horner Thomas Roback, CEP, QKA UBS Financial Services Dickinson Wright Blue Ridge ESOP Associates The Capital ESOP Group Attorney

More information

Nuveen Tactical Market Opportunities Fund

Nuveen Tactical Market Opportunities Fund Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund

More information

SPDR S&P North American Natural Resources ETF

SPDR S&P North American Natural Resources ETF SPDR S&P North American Natural Resources ETF Summary Prospectus-December 15, 2015 NANR (NYSE Ticker) Before you invest in the SPDR S&P North American Natural Resources ETF (the Fund ), you may want to

More information

1. What are American Depositary Shares and American Depositary Receipts?

1. What are American Depositary Shares and American Depositary Receipts? QUESTIONS AND ANSWERS ABOUT EXCHANGING ATLANTIC RICHFIELD COMPANY COMMON STOCK FOR BP AMOCO AMERICAN DEPOSITARY SHARES ( ADS SHARES ) AND ABOUT BOOK-ENTRY OWNERSHIP 1. What are American Depositary Shares

More information

YOUR GUIDE TO GETTING STARTED

YOUR GUIDE TO GETTING STARTED Navient 401(k) Savings Plan Invest in your retirement and yourself today, with help from Navient 401(k) Savings Plan and Fidelity. YOUR GUIDE TO GETTING STARTED Invest some of what you earn today for what

More information

Investment Funds Description

Investment Funds Description Investment Funds Description As of January 1, 2016 (Containing performance and other information as of December 31, 2015 unless otherwise noted) Short Term Investment Fund Stable Value Fund Inflation Protection

More information

PureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca. Summary Prospectus January 31, 2016. www.pureetfs.com

PureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca. Summary Prospectus January 31, 2016. www.pureetfs.com PureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca Summary Prospectus January 31, 2016 www.pureetfs.com Before you invest, you may want to review the PureFunds TM ISE Big Data ETF s

More information

Small to Mid Cap Stock Funds

Small to Mid Cap Stock Funds Wells Fargo Advantage Funds March 1, 2013 Small to Mid Cap Stock Funds Prospectus Investor Class Intrinsic Small Cap Value Fund SCOVX Small Cap Value Fund SSMVX Small/Mid Cap Value Fund SMMVX As with all

More information

Old Mutual Acquisition of United Asset Management. 19 June 2000

Old Mutual Acquisition of United Asset Management. 19 June 2000 Old Mutual Acquisition of United Asset Management 19 June 2000 0 Speakers Johannesburg Mike Levett Old Mutual - Chairman and C.E.O. London Eric Anstee Old Mutual - Group Finance Director Boston James F.

More information

Causeway Capital Management LLC Brochure

Causeway Capital Management LLC Brochure Item 1. Cover Page Causeway Capital Management LLC Brochure March 26, 2015 11111 Santa Monica Blvd., 15 th Floor Los Angeles, CA 90025 tel 310-231-6100 fax 310-231-6183 www.causewaycap.com This Brochure

More information

ANNUITIES VARIABLE. MetLife Retirement Perspectives. Underlying Funds Summary WHERE ARE YOU. headed? L-18063-3 7/05

ANNUITIES VARIABLE. MetLife Retirement Perspectives. Underlying Funds Summary WHERE ARE YOU. headed? L-18063-3 7/05 ANNUITIES VARIABLE MetLife Retirement Perspectives Underlying Funds Summary WHERE ARE YOU headed? L-18063-3 7/05 MetLife Retirement Perspectives Funding Options ASSET CLASS FUNDING OPTIONS Fixed Account

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

International Research & Asset Management

International Research & Asset Management International Research & Asset Management 2301 Cedar Springs, Ste. 150 Dallas, TX 75201 214-754-0770 www.intlresearch.com Form ADV Part II A January 1, 2011 This Brochure provides information about the

More information

Thoroughbred Financial Services, LLC Investment Advisory Brochure

Thoroughbred Financial Services, LLC Investment Advisory Brochure Thoroughbred Financial Services, LLC Investment Advisory Brochure This brochure provides information about the qualifications and business practices of Thoroughbred Financial Services, LLC. If you have

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

Merrill Lynch Investor Choice Annuity - IRA Series B Class

Merrill Lynch Investor Choice Annuity - IRA Series B Class Merrill Lynch Investor Choice Annuity - IRA Series B Class The performance quoted represents past performance and does not guarantee future results; and current performance may be lower or higher than

More information

Small to Mid Cap Stock Funds

Small to Mid Cap Stock Funds Wells Fargo Advantage Funds August 1, 2014 Small to Mid Cap Stock Funds Prospectus Institutional Class Intrinsic Small Cap Value Fund WFSSX Small Cap Value Fund WFSVX Small/Mid Cap Value Fund WWMSX Special

More information

Deutsche Strategic Equity Long/Short Fund

Deutsche Strategic Equity Long/Short Fund Summary Prospectus December 1, 2015 Deutsche Strategic Equity Long/Short Fund Class/Ticker A DSLAX C DSLCX INST DSLIX S DSLSX Before you invest, you may want to review the fund s prospectus, which contains

More information

Closed-End Funds. A closed-end fund is a type of investment company. whose shares are listed on a stock exchange

Closed-End Funds. A closed-end fund is a type of investment company. whose shares are listed on a stock exchange a guide to Closed-End Funds A closed-end fund is a type of investment company whose shares are listed on a stock exchange or are traded in the over-the-counter market. Contents What Is a Closed-End Fund?...2

More information

What are Shares? What is a Stock Exchange? Why do Companies go Public? IPO explained.

What are Shares? What is a Stock Exchange? Why do Companies go Public? IPO explained. What are Shares? Shares, as the name says, are shares in a limited company. Each shareholder is a partial owner of the company in which they have bought shares and investors can buy and sell their shares

More information

S-Network Composite Closed-End Fund Index

S-Network Composite Closed-End Fund Index S-Network Composite Closed-End Fund Index June 2015 2015 S-Network Global Indexes, 267 Fifth Avenue, New York, NY 10016. Index Overview A Diversified Portfolio of 147 Closed-End Funds Targets Yield Investment

More information

Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance

Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance An Educational Guide for Consumers Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance Investment Strategies This brochure must be preceded or accompanied

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

Safe Harbor 401(k) Plan Design Questionnaire

Safe Harbor 401(k) Plan Design Questionnaire Safe Harbor 401(k) Plan Design Questionnaire Please call Prime Plan Solutions at (888) 445 0031, Option 4, if you have any questions regarding this Plan Design Questionnaire (Monday Friday from 8:30 AM

More information