The Case for International Fixed Income

Size: px
Start display at page:

Download "The Case for International Fixed Income"

Transcription

1 The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically, especially with the introduction of currency risk. While the perception of risk may have merit when viewed as a stand-alone investment, when examined in the context of a global multi-strategy portfolio similar to what most institutions manage today, increasing allocations to international fixed income becomes a compelling proposition. Apart from the larger and often better value opportunity set, there are benefits to diversification from not being reliant on one political situation, one central bank, and one inflation outlook. In the present global economic environment of extraordinary monetary policy and central bank intervention into financial markets, a more globally diversified approach has never been more important. A neglected asset class When examining current institutional allocations to international fixed income in relation to the aggregate size of the global fixed-income market, the long standing perceptions surrounding risk within the asset class do seem to be contributing to under allocation within the asset class by institutional investors. Greater exposure to international fixed income does not necessarily have to be in addition to existing domestic fixed-income allocations. When looking within the context of the overall size of global fixed-income markets, decreasing domestic in favor of international exposure may be a logical approach. It used to be that bond portfolios restricted from investing outside the still had the majority of the s fixed income to choose from. As can be seen from the chart at the bottom of the page, this no longer remains true as non- fixed income is now 56% of the total global opportunity set. By excluding or neglecting international fixed-income investors are missing more than half of the total fixed-income investment opportunities available to them. The chart shows that the average allocation to international fixed income by institutions is below 5% of the total portfolio fixed-income allocation; which is in stark contrast to the asset class s 56% share of the total fixed-income universe. In fact many investors have no exposure to the asset class which is an amazing statistic given the breadth and depth of international fixed-income markets. Over the last 3 years the international fixed-income markets have changed dramatically and during the same time period, investors approach to the asset class has not kept pace leading many institutional portfolios to be under allocated to a significant and varied asset class. Global fixed income A growth story Sovereign bond market The sovereign bond market has seen substantial growth in terms of both size and issuers over the last 3 years and international markets now make up the largest portion of the global bond market. The total size of the global fixed-income debt markets as of December 214 is $56,477 billion and is as diverse in issuance as the markets. Global Debt Markets (all sectors) Public 96% United States 4 Taft- Hartley 98% 56% Corporate Foundation Endowment 98% 96% Source: Callan Market Plus 4Q214 and author calculations/bloomberg

2 Global Debt Markets (all sectors) Size of total market $56,477 billion as at 31 December 214 Quasi Sovereign, Supranational, Regional & Provincial Govts. 1% Collateralised 13% Corporate Debt % Corporate Debt High Yield Corporate Debt (Investment Grade) 15% Sovereign (External Debt) 1% Sovereign Potential (China & India) 3% Sovereign Debt (Investment Grade) 4 Tradeable Sovereign (Local Market) 6% Global Inflation Protected Sovereign Debt However, the remains less than one third the size of the total tradable sovereign bond market in the despite this latest growth trend. Furthermore, the recent growth in the Treasury market is not likely to continue long into the future because the quantitative easing programs in the are winding down while recently the European Central Bank (ECB) has begun a large scale quantitative easing program of their own. The dramatic growth of the international sovereign bond market can be attributed to the addition of 37 issuing countries across 38 currencies into the market over the last 3 years. The addition of so many new issuers has had the important effect of broadening diversification within the global fixed-income market and reducing the importance of the sovereign market. Percentage market value of Global Sovereign Bond market Prior to 28, as the global fixed-income markets grew, the share of the market continued to shrink, even during times of dollar strength. However, since 28, this trend has reversed as government debt has grown with Federal Reserve accommodation and quantitative easing being used to sustain the economy. 55% 45% 3 68% Size of tradable Global Sovereign Bond markets (USD Billions) USD Billions 3, 2, 1, 1,574 2,51 5,345 6,639 1,717 18,733 28, Percentage market value of Global Sovereign Bond markets comprised Treasuries 6% 55% 53% % 38% 31% Number of markets Number of issuing countries Global credit markets Outside of sovereign debt markets, credit markets have grown at a similar pace and with similar diversification. The credit markets have almost doubled in total size since 25 and have maintained a consistent growth rate since Size of tradable Global Investment-Grade Corporate Debt markets (USD Billions) USD Billions 1, 8, 6, 4, 2, 1,283 2,274 4,318 6,852 8, WELLS CAPITAL MANAGEMENT 2

3 Percentage market value of Global Investment-Grade Corporate Debt market 36% % The maintains a relatively large share of the total global credit universe; however, compared to 16 years ago, the international credit markets now show true depth and variety which will likely be the source of tremendous opportunity for investors going forward. International fixed income Significant investment opportunities International fixed income as an asset class presents numerous opportunities for well-positioned investors. Non-dollar bond exposure can help portfolios generate improved risk-adjusted returns through increased diversification and historically low correlations with other asset classes as well as improved returns from opportunities for price appreciation and higher yields. Currently, many institutional portfolio allocations do not adequately reflect the size and importance of the international debt markets and therefore risk forgoing the positive benefits which can be derived from investing in them. When looking at opportunities within sovereign debt, global fixed-income benchmarks are dominated by older more developed economies which skew the benchmarks toward the most indebted countries. Significantly, it is in the newly developed economies where debt positions are much healthier, growth is more sustainable, and consumers have both the ability and the desire to acquire consumables that offer better value. Growth in global credit sectors - 12/31/ /31/214 6, 4, 2, Debt 547, , ,5, 2,, 1,5, 1,, 5, Global High Yield 2,82,95 235, , Credit 91,746 Global Quasi Sovereign & Soverdiegn 1,. Guaranteed debt 5, 32, ,.. 5,366 1, , Global Inflation Protected Sovereign Debt Markets 2,5 1,. Global Securitized Debt Markets 7,287 2, ,.. 2, WELLS CAPITAL MANAGEMENT 3

4 GDP weighted total sovereign debt as percent GDP (median forecast) 14.% % 15.% 1.% 8.% 6.% 4.% 2.%.% USA Developed World (Ex-USA) 42.89% World GDP weighted nominal 1-year sovereign yields 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 1.98% USA.9% Developed World (Ex-USA) 6.7% World The charts to the left illustrate the relatively large level of leverage relative to gross domestic product (GDP) within developed markets versus emerging markets. Developed markets debt is about 1 of GDP compared to a more modest 43% within the emerging markets. Despite the more sustainable fundamentals of the emerging and developing debt markets investors are often rewarded with both higher real and nominal yields presenting tremendous value and yield opportunities for investors. In addition to the attractive value opportunities and fundamentals of international sovereign markets, expanding the opportunity set to include international credit provides similar opportunities. The developing debt markets provide prospects for enhanced returns when investing away from global fixed-income benchmark weightings. It is often argued that the available excess returns in global bonds over the equivalent are derived from the foreign exchange exposure, particularly the depreciation of the dollar. However, even if the currency is hedged (hedging will be explored later in greater detail), the risk-adjusted returns from international bonds, due to its lower volatility, can be a solid source of alpha. When looking at individual markets rather than global indices, there are always markets that have provided superior returns to the market. In fact, when looking at local currency market returns, the has only been in the top five in terms of returns two years out of the past 16 years and only the top returning market once as shown in the chart on the next page. Nominal 1-year sovereign yields As at 28 February % 12.% 1.% 8.% 6.% 4.% 2.%.% USA Australia Austria Belgium Czech Republic Finland France germany Ireland Italy Netherlands Portugal Slovenia Slovak Rep Spain Denmark Japan New Zealand Norway Sweden Switzerland UK Canada Brazil Chile China Colombia Hungary India Indonesia Malaysia Mexico Peru Philippines Poland Romania Russia South Africa South Korea Taiwan Thailand Turkey WELLS CAPITAL MANAGEMENT 4

5 Highest Returning sovereign bond markets (local currency) within G12 Top 5 Highest Returning sovereign bond markets (local currency) from all tradeable markets 1999 Japan 1999 South Africa Hungary Czech Republic Poland Norway 2 Australia 2 South Africa Australia New Zealand Hungary 21 Canada 21 Poland South Africa Czech Republic Hungary Hong Kong South Africa Poland Romania Mexico Ireland 23 Canada 23 South Africa Mexico Norway New Zealand South Korea 24 Sweden 24 South Africa Hungary South Korea Poland Ireland 25 UK 25 Turkey Mexico China South Africa Hungary 26 Canada 26 Indonesia Brazil Mexico Russia South Korea Turkey Brazil Indonesia Thailand 28 Australia 28 Australia Turkey Thailand South Africa New Zealand 29 Italy 29 Turkey Indonesia Russia Hungary Brazil 21 UK 21 Indonesia South Africa Turkey Brazil Russia 211 UK 211 Indonesia UK Brazil Australia Sweden 212 Italy 212 Portugal Ireland Hungary Italy Turkey 213 Spain 213 Ireland Spain Hungary Portugal Chile 214 Spain 214 Portugal Turkey Spain Italy UK Source: BofAML Index series The same case for international fixed income can be made when looking at fixed-income markets in aggregate. The chart below shows that the market and its large share of global indices has historically pulled down returns and increased Excess annual returns 31 December 1996 to 31 December 214 Total Returns % 1% 5% % -5% the volatility of returns. The charts below demonstrate the potential to generate superior risk/return characteristics within a tightly controlled currency risk management framework by including allocations to international fixed income. Global Aggretate (returns in USD) less US Aggregate Index (Ex USA) Annual returns Global Aggregate (Hedged to USD) less US Aggregate Index (Ex USA) Annual Returns Hedged to US$ -1% annual returns Volatility of annual returns 31 December 1996 to 31 December December 1996 to 31 December 214 Total Returns % 6% 5% 3% 1% 5.27% 5.76% 5.8 Volatility % 6% 5% 3% 1% 5.65% 2.95% 3.6 % % Global Aggregate (returns in USD) Index (ex USA) Annual Returns Global Aggregate (Hedged to USD) Index (ex USA) Annual Returns Hedged to US$ Aggregate WELLS CAPITAL MANAGEMENT 5

6 Strong US$ Weak US$ Strong US$ Source: BofAML Index series Global Government Bonds (Returns in USD) Global Government Bonds (Hedged to USD) Treasuries annual return 4.27% 8.7% 7.36% Volatility of annual returns 1.55% 3.15% 5.13% annual return 7.39% 4.45% 4.61% Volatility of annual returns 8.19% 2.69% 5.19% annual return % 4.1% Volatility of annual returns 3.85% Managing currency risk To hedge or not to hedge? One of the more difficult questions investors face in managing international fixed income is how to manage currency risk. The simple answer is it depends on the goals and risk budget parameters that exist for each unique portfolio. When simply looking to increase the allocation of international fixed income relative to domestic fixed income, empirical evidence suggests that hedging back to the dollar may provide higher returns with less volatility. When looking at historical returns in volatility data in the table at the top of the page, fully hedging to the dollar appears to be successful in more closely fitting and improving the risk profile of a portfolio dominated by domestic fixed-income exposure. Regardless of the amount of currency risk taken on within an international fixed-income portfolio, the historical analysis presented above highlights the need to actively manage the currency risk and exposure against a client s chosen benchmark, whether the benchmark is hedged or unhedged. Conclusion In the context of a globally diversified portfolio, international fixed income should likely make up a larger portion of the average institutional portfolio than it does today. International fixed income currently includes more than 5% of all global fixed-income opportunities making it a large and important part of the global opportunity set of investable assets. A global multi-strategy portfolio will likely benefit from larger allocations to international fixed income through stronger risk-adjusted returns, increased diversification, and a new source of alpha within the portfolio. Opportunistic and benchmark agnostic global bond management including active currency management within a strong risk controlled framework is the best strategy to access the asset class and increase the likelihood of maximizing portfolio benefits. Arguably, the most efficient method to delivering the latter global debt strategy is to create a de facto global fixed-income portfolio by employing an international manager in additional to domestic fixed-income managers. This approach to global fixed-income investing gives the portfolio the opportunity to benefit from specialization within the diverse fixed-income markets and provides the greatest structure for managing independent market and currency risks. WELLS CAPITAL MANAGEMENT 6

7 Tony Norris Managing Director and Senior Portfolio Manager, First International Advisors Tony Norris is a managing director and senior portfolio manager with the First International Advisors team at Wells Capital Management. Tony is one of five senior members of the investment team that forms the Senior Strategy Team. His responsibilities include developing investment strategies, macro-portfolio allocation, portfolio positioning, and risk management. He joined WellsCap from Evergreen Investments, where he served in a similar role since 199. Previously, he spent several years in banking, with particular emphasis on foreign exchange. Tony served in senior executive positions at Reserve Asset Managers and Gillett Brothers Fund Management. He began his investment industry career in 1966 at Wallace Brothers Bank. He is a member of the Society of Technical Analysts and is an associate of the International Federation of Technical Analysts. This paper significantly benefited from extensive research and development by Dan Irvine, product manager at Wells Capital Management. First International Advisors, LLC (FIA), a company formed in the State of Delaware with limited liability is a subsidiary of Wells Fargo & Company. FIA is a registered Investment advisor in the USA, and is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. Wells Capital Management (WellsCap) is a registered investment adviser and a wholly owned subsidiary of Wells Fargo Bank, N.A. WellsCap provides investment management services for a variety of institutions. The views expressed are those of the author at the time of writing and are subject to change. This material has been distributed for educational purposes only, and should not be considered as investment advice or a recommendation for any particular security, strategy or investment product. The material is based upon information we consider reliable, but its accuracy and completeness cannot be guaranteed. Past performance is not a guarantee of future returns. As with any investment vehicle, there is a potential for profit as well as the possibility of loss. For additional information on Wells Capital Management and its advisory services, please view our web site at or refer to our Form ADV Part II, which is available upon request by calling WELLS CAPITAL MANAGEMENT is a registered service mark of Wells Capital Management, Inc. WELLS CAPITAL MANAGEMENT 7

Why Invest in International Now?

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

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Quarterly Market Review. Third Quarter 2016

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

More information

The Case for International Small-Cap

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

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

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

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

World Consumer Income and Expenditure Patterns

World Consumer Income and Expenditure Patterns World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income

More information

EM debt seems risky. Insights June 2014. Richard Bernstein, Chief Executive and Chief Investment Officer

EM debt seems risky. Insights June 2014. Richard Bernstein, Chief Executive and Chief Investment Officer , Chief Executive and Chief Investment Officer Advisors Independent investment advisor with a unique topdown, macro approach to investing with quantitative security selection. $3.2B AUM/AUA as of 5/31/14

More information

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO MAUVE GROUP GLOBAL SOLUTIONS PORTFOLIO At Mauve Group, we offer a variety of complete employee management services such as Global Employment Solutions (GES), Professional Employment Outsourcing (PEO),

More information

BT Premium Event Call and Web Rate Card

BT Premium Event Call and Web Rate Card BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:

More information

A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS

A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS JUNE 2014 TALENT HEALTH RETIREMENT INVESTMENTS EXECUTIVE SUMMARY The majority of defined contribution (DC) plan members typically end

More information

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO MAUVE GROUP GLOBAL SOLUTIONS PORTFOLIO At Mauve Group, we offer a variety of complete employee management services such as Global Employment Solutions (GES), Professional Employment Outsourcing (PEO),

More information

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50. Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***

More information

Appendix 1: Full Country Rankings

Appendix 1: Full Country Rankings Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable

More information

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective

More information

The Growing Importance of Fixed Income Analytics

The Growing Importance of Fixed Income Analytics Trusted by the Market. Driven by You. www.yieldbook.com The Growing Importance of Fixed Income Analytics Susan Y. Lin Managing Director Regional Head, Asia Pacific The Yield Book and Citi Fixed Income

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

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

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

More information

A Bird s Eye View of Global Real Estate Markets: 2012 Update

A Bird s Eye View of Global Real Estate Markets: 2012 Update A Bird s Eye View of Global Real Estate Markets: 2012 Update FEBRUARY 2012 US Research Paul Fiorilla Vice President paul.fiorilla@prudential.com Manidipa Kapas, CFA Director manidipa.kapas@prudential.com

More information

MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014

MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014 MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014 INTRODUCTION Loved by many, reviled by others, multi-asset strategies are undeniably a key feature of the investment landscape. In the US they

More information

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

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

More information

Global payments trends: Challenges amid rebounding revenues

Global payments trends: Challenges amid rebounding revenues 34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.

More information

Total Domestic Factoring FCI 594, , , , , , , %

Total Domestic Factoring FCI 594, , , , , , , % Accumulative Turnover Figures for All FCI Members Compared to Worldwide Factoring Turnover (in Millions of EUR and USD) EUR EUR EUR EUR EUR EUR EUR INCREASE 2006 2007 2008 2009 2010 2011 2012 2011/2012

More information

International Equity Investment Options for 401(k) Plans

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

More information

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner Trends in Digitally-Enabled Trade in Services by Maria Borga and Jennifer Koncz-Bruner Digitally-enabled are those for which digital information and communications technologies (ICT) play an important

More information

The Determinants of Global Factoring By Leora Klapper

The Determinants of Global Factoring By Leora Klapper The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

Axioma Risk Monitor Global Developed Markets 29 June 2016

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

More information

Global Effective Tax Rates

Global Effective Tax Rates www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes

More information

The Acclaro Report. First Quarter 2012

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

More information

Number of retail outlets Number of retail outlets

Number of retail outlets Number of retail outlets Number 65708 of retail outlets Number of retail outlets Number of retail outlets Trends in total number of retail outlets 2002-2007 number / as stated number per million Table 2.3 % growth inhabitants

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Foreign A id and Foreign Investment

Foreign A id and Foreign Investment 13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investment

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

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

More information

Cisco Phone Systems Telemarketing Script Cold Call

Cisco Phone Systems Telemarketing Script Cold Call Cisco Phone Systems Telemarketing Script Cold Call 1. Locate Contact: Name listed Owner General Manager / Office Manager Chief BDM (Business Decision Maker) Note: Avoid talking to IT since this is not

More information

2015 Country RepTrak The World s Most Reputable Countries

2015 Country RepTrak The World s Most Reputable Countries 2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.

More information

Supported Payment Methods

Supported Payment Methods Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not only the major credit

More information

E-Seminar. Financial Management Internet Business Solution Seminar

E-Seminar. Financial Management Internet Business Solution Seminar E-Seminar Financial Management Internet Business Solution Seminar Financial Management Internet Business Solution Seminar 3 Welcome 4 Objectives 5 Financial Management 6 Financial Management Defined 7

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 Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around

More information

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

More information

FTSE All-World ex Fossil Fuels Index Series

FTSE All-World ex Fossil Fuels Index Series FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off

More information

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

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

More information

PROTECTING YOUR PORTFOLIO WITH BONDS

PROTECTING YOUR PORTFOLIO WITH BONDS Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during

More information

Supported Payment Methods

Supported Payment Methods Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not

More information

Brochure More information from http://www.researchandmarkets.com/reports/3278449/

Brochure More information from http://www.researchandmarkets.com/reports/3278449/ Brochure More information from http://www.researchandmarkets.com/reports/3278449/ The 2016 World Forecasts of Hand-Operated Date, Sealing, or Numbering Stamps; Devices for Printing or Embossing Labels;

More information

AMG Funds AMG Renaissance International Equity Fund (RIELX)

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

More information

THE UK FILM MARKET AS A WHOLE. BFI Research and Statistics PUBLISHED DECEMBER Image: The Lady in the Van courtesy of Sony Pictures

THE UK FILM MARKET AS A WHOLE. BFI Research and Statistics PUBLISHED DECEMBER Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE BFI Research and Statistics PUBLISHED DECEMBER 2015 Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE THE UK WAS THE SECOND LARGEST FILM MARKET

More information

Global Economic Briefing: Global Inflation

Global Economic Briefing: Global Inflation Global Economic Briefing: Global Inflation August 7, Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the

More information

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

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

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501. Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa.

Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501. Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa. Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501 Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa.com All Dimensional portfolio returns are net of all fees unless otherwise

More information

Triple-play subscriptions to rocket to 400 mil.

Triple-play subscriptions to rocket to 400 mil. Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, according

More information

Introducing GlobalStar Travel Management

Introducing GlobalStar Travel Management Introducing GlobalStar Travel Management GlobalStar is a worldwide travel management company owned and managed by local entrepreneurs. In total over 80 market leading enterprises, representing over US$13

More information

THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES

THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES September 2004 THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES Executive summary In September 2004, the European Central Bank (ECB) has updated the overall trade weights underlying the ECB nominal

More information

FACT SHEET Global Direct Selling

FACT SHEET Global Direct Selling Global 2011 Global Retail Sales: USD $153,727 million Global Sales Force The 91.5 million Direct Sellers who represent companies around the world are: 3 2 16% 9% 2% 3% 2% 3% 2% 3% Care 42% 2% 56% 3% 2

More information

Chile: Managing Monetary Policy during a Copper Price Bonanza

Chile: Managing Monetary Policy during a Copper Price Bonanza Chile: Managing Monetary Policy during a Copper Price Bonanza 18 September 2 0 0 6 Vittorio Corbo Governor Outline 1. Main Issues 2. Structural Features of the Economy 3. Copper Bonanza 4. Macroeconomic

More information

SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA

SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA HEALTH WEALTH CAREER SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS IN CANADA KEY FINDINGS FROM THE MERCER SERP DATABASE (2014 UPDATE) APRIL 2015 b CONTENTS 1. Introduction...2 2. Highlights of the Mercer SERP

More information

Investment Opportunities in Global Inflation-Protected Securities

Investment Opportunities in Global Inflation-Protected Securities April 2010 Tony Norris Senior Portfolio Manager, First International Advisors Paolo L. Villasenor Product Manager Investment Opportunities in Global Inflation-Protected Securities Executive Summary Global

More information

IMD World Talent Report. By the IMD World Competitiveness Center

IMD World Talent Report. By the IMD World Competitiveness Center 2014 IMD World Talent Report By the IMD World Competitiveness Center November 2014 IMD World Talent Report 2014 Copyright 2014 by IMD: Institute for Management Development, Lausanne, Switzerland For further

More information

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase in

More information

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 World Stock Market Capitalization Year-end 2012 18.5% 9.6% United States International: Other Europe United Kingdom Japan Other Pacific

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

Brochure More information from http://www.researchandmarkets.com/reports/1339929/

Brochure More information from http://www.researchandmarkets.com/reports/1339929/ Brochure More information from http://www.researchandmarkets.com/reports/1339929/ The 2011 World Forecasts of Machine Tools That Remove Material by Laser or Light, Photon, Ultrasonic, Electro-Discharge,

More information

ishares MSCI ACWI ex US Consumer Discretionary Sector Index Fund ishares MSCI ACWI ex US Energy Sector Index Fund

ishares MSCI ACWI ex US Consumer Discretionary Sector Index Fund ishares MSCI ACWI ex US Energy Sector Index Fund Date: July 19, 2010 BZX Information Circular 10-075 Re: ishares MSCI ACWI ex US Sector Index Funds ETFs (Nine Funds) Pursuant to Rule 14.1(c)(2) of the Rules of BATS Exchange, Inc. ( BATS or the Exchange

More information

THE CISCO CRM COMMUNICATIONS CONNECTOR GIVES EMPLOYEES SECURE, RELIABLE, AND CONVENIENT ACCESS TO CUSTOMER INFORMATION

THE CISCO CRM COMMUNICATIONS CONNECTOR GIVES EMPLOYEES SECURE, RELIABLE, AND CONVENIENT ACCESS TO CUSTOMER INFORMATION CUSTOMER SUCCESS STORY THE CISCO CRM COMMUNICATIONS CONNECTOR GIVES EMPLOYEES SECURE, RELIABLE, AND CONVENIENT ACCESS TO CUSTOMER INFORMATION EXECUTIVE SUMMARY CUSTOMER NAME Coleman Technologies INDUSTRY

More information

FTSE Global Small Cap Index

FTSE Global Small Cap Index FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving

More information

Motion Graphic Design Census. 10 hrs. motiongraphicdesigncensus.org. 9 hrs.

Motion Graphic Design Census. 10 hrs. motiongraphicdesigncensus.org. 9 hrs. 8 h 2010 Motion Graphic Design Census 10 hrs. motiongraphicdesigncensus.org 9 hrs. A Note on the Survey. First, let me apologize for the delay in getting this actually done and out to you. I bit off much

More information

2014 UXPA Salary Survey. November 2014

2014 UXPA Salary Survey. November 2014 2014 UXPA Salary Survey November 2014 Summary 1355 Total Responses from 58 Countries Salary Data converted to US Dollars Median Salary decreased 2% (in constant US Dollars) to $92,500 Median US Salary

More information

IMD World Talent Report. By the IMD World Competitiveness Center

IMD World Talent Report. By the IMD World Competitiveness Center 2015 IMD World Talent Report By the IMD World Competitiveness Center November 2015 IMD World Talent Report 2015 Copyright 2015 by IMD Institute for Management Ch. de Bellerive 23 P.O. Box 915 CH-1001 Lausanne

More information

2012 Country RepTrak Topline Report

2012 Country RepTrak Topline Report 2012 Country RepTrak Topline Report The World s View on Countries: An Online Study of the Reputation of 50 Countries RepTrak is a registered trademark of Reputation Institute. Global Reputation Knowledge

More information

Global Index Briefing: MSCI Forward P/Es

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

More information

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Digital TV Research http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Phone: 800.298.5699 (US) or +1.240.747.3093 or +1.240.747.3093 (Int'l) Hours: Monday - Thursday: 5:30am -

More information

STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE

STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE Möbel Zahlen Daten STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE 01/36 Economical growth in the regions of the world-economy Changes of the gross domestic

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

Configuring DHCP for ShoreTel IP Phones

Configuring DHCP for ShoreTel IP Phones Configuring DHCP for ShoreTel IP Phones Network Requirements and Preparation 3 Configuring DHCP for ShoreTel IP Phones The ShoreTel server provides the latest application software and configuration information

More information

Euler Hermes the world leader in credit insurance RISK ASSESSMENT CREDIT INSURANCE DEBT COLLECTION

Euler Hermes the world leader in credit insurance RISK ASSESSMENT CREDIT INSURANCE DEBT COLLECTION Euler Hermes the world leader in credit insurance RISK ASSESSMENT CREDIT INSURANCE DEBT COLLECTION Agenda 1 The Euler Hermes group 2 Our business 3 Our products and solutions 4 Our added value 2 The Euler

More information

MERCER S COMPENSATION ANALYSIS AND REVIEW SYSTEM AN ONLINE TOOL DESIGNED TO TAKE THE WORK OUT OF YOUR COMPENSATION REVIEW PROCESS

MERCER S COMPENSATION ANALYSIS AND REVIEW SYSTEM AN ONLINE TOOL DESIGNED TO TAKE THE WORK OUT OF YOUR COMPENSATION REVIEW PROCESS MERCER S COMPENSATION ANALYSIS AND REVIEW SYSTEM AN ONLINE TOOL DESIGNED TO TAKE THE WORK OUT OF YOUR COMPENSATION REVIEW PROCESS MERCER S COMPENSATION ANALYSIS AND REVIEW SYSTEM www.imercer.com/cars Mercer

More information

Guide to Treatment of Withholding Tax Rates

Guide to Treatment of Withholding Tax Rates Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

MERCER INVESTMENTS BELIEFS

MERCER INVESTMENTS BELIEFS MERCER INVESTMENTS BELIEFS DRAFT Every investor has unique objectives. Our proprietary tools, breadth of expertise, global scale, and decades of experience will help you towards yours. After over 40 years

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

Australia s position in global and bilateral foreign direct investment

Australia s position in global and bilateral foreign direct investment Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing

More information

July 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases.

July 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases. July 2015 Globally, house prices continue a slow recovery. The Global House Price Index, an equally weighted average of real house prices in nearly 60 countries, inched up slowly during the past two years

More information

A REVIEW OF THE EQUITY RISK PREMIUM OCTOBER 2013

A REVIEW OF THE EQUITY RISK PREMIUM OCTOBER 2013 A REVIEW OF THE EQUITY RISK PREMIUM OCTOBER 2013 INTRODUCTION One of the most important numbers in investing is the expected return to be earned for taking on higher risk. No rational investor would accept

More information

Leading Macroeconomic Indicators: Using these Indicators

Leading Macroeconomic Indicators: Using these Indicators Leading Macroeconomic Indicators: International Experience in Calculating & Using these Indicators Presentation for the Economic Committee of the National Assembly Hanoi, August 15, 2012 Sanjay Kalra IMF

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information

USAGE OF METRICS AND ANALYTICS IN EMEA MOVING UP THE MATURITY CURVE

USAGE OF METRICS AND ANALYTICS IN EMEA MOVING UP THE MATURITY CURVE USAGE OF METRICS AND ANALYTICS IN EMEA MOVING UP THE MATURITY CURVE USAGE OF METRICS AND ANALYTICS IN EMEA MOVING UP THE MATURITY CURVE When we asked business executives about the importance of human capital

More information

On What Resources and Services Is Education Funding Spent?

On What Resources and Services Is Education Funding Spent? Indicator On What Resources and Services Is Education Funding Spent? In primary, secondary and post-secondary non-tertiary education combined, current accounts for an average of 92% of total spending in

More information

International Monetary Policy Transmission Előd Takáts and Abraham Vela Bank for International Settlements. BIS Papers No 78. Carl Musozya.

International Monetary Policy Transmission Előd Takáts and Abraham Vela Bank for International Settlements. BIS Papers No 78. Carl Musozya. International Monetary Policy Transmission Előd Takáts and Abraham Vela Bank for International Settlements. BIS Papers No 78 Carl Musozya. Introduction. Effects of advanced economy monetary policy on the

More information

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans. Executive Summary

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans. Executive Summary 2015 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace DSV Air & Sea, Inc. Aerospace Sector DSV Air & Sea, Inc. Aerospace Introduction to DSV DSV is a global supplier of transport and logistics services. We have offices in more than 70 countries and an international

More information

OUTLOOK2016 Media Cost Forecasts. November 2015

OUTLOOK2016 Media Cost Forecasts. November 2015 OUTLOOK2016 Media Cost Forecasts November 2015 Introduction All network media agencies and media auditors invited to submit cost forecasts for 2016 and actuals for 2015; 46 markets covered across 7 media

More information

HDTV, 3DTV and DVR Forecasts

HDTV, 3DTV and DVR Forecasts Brochure More information from http://www.researchandmarkets.com/reports/2020531/ HDTV, 3DTV and DVR Forecasts Description: HD-ready penetration will double from 25.9% at end-2011 to 50.9% in 2016. However,

More information

Monetary Policy in the Post-Crisis Period

Monetary Policy in the Post-Crisis Period Monetary Policy in the Post-Crisis Period A. Hakan Kara Research and Monetary Policy Department EAF Conference October 10, 2011 Contents I. Changing View of Central Banking II. Capital Flows to Emerging

More information

International Call Services

International Call Services International Call Services Affordable rates for business calls. Wherever you are in the world. We ve got plenty to say when it comes to staying in touch when you re overseas. We have agreements with 443

More information

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD

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

More information

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE COUNTRY PROFILE: A COUNTRY IN TRANSFORMATION POLICY RECOMENDATIONS COUNTRY PROFILE Brazilian Equivalent Population in The World

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014

ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014 ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014 EXECUTIVE SUMMARY Mercer s ESG (environmental, social and governance) ratings have generally been well-integrated into the manager research

More information