The Future of Hedge Funds: Transparent and Liquid
|
|
|
- Allan McDaniel
- 5 years ago
- Views:
Transcription
1 The Future of Hedge Funds: Transparent and Liquid Panel Detail: Tuesday, April 28, :00 AM - 9:15 AM Speakers: Jason Cummins, Head of Economic Research, Brevan Howard Asset Management LLP Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS) Orin Kramer, General Partner, Boston Provident LP; Chairman, New Jersey State Investment Council Marc Lasry, Chairman, CEO and Co-Founder, Avenue Capital Group Stephen Nesbitt, CEO, Cliffwater LLC Moderator: Steven Drobny, Co-Founder and Partner, Drobny Global Advisors
2 Worldwide hedge fund assets decrease by 40 percent since Q US$ trillions Sources: Hedgefund.net, Milken Institute.
3 Downsizing of existing funds contributes the most to the decline in hedge fund assets in 2008 Change in hedge fund assets, US$ billions Change due to performance Net flows for existing funds Flows via new or liquidating funds Sources: Hedgefund.net, Milken Institute.
4 Breakdown of hedge funds by strategies Total assets: $1.8 trillion February 2008 Emerging markets 4% Global macro 4% Event driven 4% Convertible arbitrage 2% Dedicated short bias 1% Equity market neutral 27% Distressed 7% Multi-strategy 12% Event-driven multi-strategy 17% Fixed income arbitrage 22% Sources: Bloomberg, Credit Suisse, Hedgefund.net, Milken Institute.
5 Hedge fund returns, different strategy Annualized return, January 1994 March 2009 Global macro Distressed Event driven Event-driven multi-strategy Multi-strategy Risk arbitrage Emerging markets Convertible arbitrage Equity market neutral Fixed income arbitrage Dedicated short bias All hedge funds -0.7% 5.2% 3.6% 7.5% 7.1% 6.6% 5.9% 10.3% 9.4% 9.0% 8.6% 12.4% -5% 0% 5% 10% 15% Annualized return, March 2008 March 2009 Dedicated short bias 5.8% Risk arbitrage -3.3% Global macro -8.5% Event-driven multi-strategy -12.5% Event driven -15.1% Multi-strategy -17.6% Distressed -19.3% Convertible arbitrage -20.2% Fixed income arbitrage -21.2% Emerging markets -27.4% Equity market neutral -43.4% All hedge funds -16.7% -45% -30% -15% 0% 15% Sources: Bloomberg, Milken Institute.
6 Total returns of selected asset classes Crude Oil Emerging markets Hedge funds U.S. Treasuries Commodities Corporate bonds Small Cap High Yield S&P % Annualized return Q Q % 9.7% 7.0% 6.2% 5.0% 4.4% 3.6% 3.5% Annualized return Q Q U.S. Treasuries Corporate bonds -8.1% High Yield -12.6% Hedge funds -16.7% Emerging markets -36.5% Small Cap -37.9% S&P % Commodities -56.5% Crude Oil -67.1% 7.2% -5% 0% 5% 10% 15% Sources: Bloomberg, Datastream, Milken Institute. -100% -50% 0% 50%
7 Price performance of major bond, equity and commodity indices Index, January 30, 2000 = Sources: Bloomberg, Milken Institute. Lehman Bond Composite Index S&P GSCI Commodity Index S&P 500 Index
8 TED Spread reached historical high in 2008 Monthly, January 1985 March 2009 Basis points November 1987: 255 bps September 2008: 315 bps Average since 1985: 59 bps Sources: Bloomberg, Milken Institute.
9 Liquidity freeze: spread between 3-month LIBOR and overnight index swap rate (weekly, 2001 October 31, 2008) Basis points Average since December 2001: 31 bps Sources: Bloomberg, Milken Institute. 9/16/2008: Fed rescues AIG for $85 billion. 9/14/2008: Lehman files for bankruptcy. October 10, 2008: 364 bps Average since August 2007: 98 bps 8/16/2007: Countrywide takes an emergency loan of $11 billion 7/31/2007: Two Bear Stearns hedge funds file for bankruptcy.
10 Does low price-earning ratio imply great investment opportunity? Monthly, January 1954 March 2009 Price-earning ratio for S&P 500 index Average since 1954: 16.4x June 1999: 29.7x March 2009: 11.8x 5 April 1980: 7.0x Sources: Bloomberg, Milken Institute.
11 Where is the bottom: Home price may not rebound until after 2011 Percent Annual percentage change in home price implied by forward contracts 0 November 2011 contract -2-4 November 2010 contract November 2009 contract / / / / / / / / / /2009 Sources: Chicago Mercantile Exchange, Milken Institute.
12 Steve Drobny slides
13 The future of hedge funds Transparent and liquid
14 The future of hedge funds Transparent and liquid
15 The future of hedge funds Transparent and liquid
16 The future of hedge funds Transparent and liquid
17 The future of hedge funds Transparent and liquid
18 The future of hedge funds Transparent and liquid
Private Equity: Where Risk Meets Opportunity
Private Equity: Where Risk Meets Opportunity Panel Detail: Tuesday, April 28, 2009 11:00 AM - 12:15 PM Speakers: Leon Black, Founding Partner, Apollo Management LP Jim Davidson, Co-Founder and Chairman,
Institutional Investors: It's a Whole New World
Institutional Investors: It's a Whole New World Tuesday, April 28, 2009 4:00 PM - 5:15 PM Moderator Liam Kennedy, Editor, Investment & Pensions Europe Speaker Christopher Ailman, Chief Investment Officer,
Perspectives on the Changing Landscape in Alternative Asset Management. Global Conference 2009
Perspectives on the Changing Landscape in Alternative Asset Management Global Conference 2009 Perspectives on the Changing Landscape in Alternative Asset Management Monday, April 27, 2009; 11:00 AM - 12:15
The Changing Shape of Global Finance Tuesday, May 1, 2012; 8:00 AM - 9:15 AM
The Changing Shape of Global Finance Tuesday, May 1, 212; 8: AM - 9:15 AM Moderator: Timothy O'Hara, Managing Director and Co-Head of Global Securities, Credit Suisse Speakers: Richard Baker, President
Capital Market Trends and Forecasts
Capital Market Trends and Forecasts Glenn Yago, Ph.D. Director, Capital Studies Milken Institute Los Angeles Fire and Police Pension System Education Retreat January 7, 28 1 Dow Jones U.S. Financial Index
SYSTEMATIC GLOBAL MACRO ( CTAs ):
G R A H M C A P I T A L M A N G E M N T G R A H A M C A P I T A L M A N A G E M E N T GC SYSTEMATIC GLOBAL MACRO ( CTAs ): PERFORMANCE, RISK, AND CORRELATION CHARACTERISTICS ROBERT E. MURRAY, CHIEF OPERATING
What s Next for Wall Street?
What s Next for Wall Street? Panel Detail: Monday, April 26, 2010 2:30 PM 3:45 PM Speakers: H. Rodgin Cohen, Partner, Sullivan & Cromwell LLP James Dinan, Founder, Chairman & CEO, York Capital Management
World Equity Market Performance Top 10 USD Adjusted Returns, 2006
World Equity Market Performance Top 1 USD Adjusted Returns, 26 Percent Change, Year Ago 2 18 16 14 12 1 8 6 4 2 Venezuela Cyprus Botswana Morocco Russia Peru Vietnam China Yugoslavia Croatia Source: Bloomberg
New Risk Management Strategies
Moderator: Jon Najarian, Co-Founder, optionmonster.com New Risk Management Strategies Wednesday, May 4, 2011; 2:30 PM - 3:45 PM Speakers: Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors John
Man Group Stock Performance. US$ Per Share 35
Panel Sponsored by: Man Group Stock Performance US$ Per Share 35 30 25 20 15 10 5 0 95 96 97 98 99 00 01 02 03 What is a Hedge Fund? The term "hedge fund" is not formally defined by federal securities
Evaluating Performance of Alternative Investments
INSIDE THIS PAPER Overview 1 Basic Alternative Investment Classifications 2-3 Performance Measurement Challenges with Alternative Investments 4 GIPS Guidance for Alternative Investment Performance 5 Investments
The New Diversification Adding Alternative Investments
Interactive Brokers in conjunction with BlackRock presents: The New Diversification Adding Alternative Investments Mark Peterson Director BlackRock webinars@interactivebrokers.com www.ibkr.com/webinars
2018 AQR Funds Supplemental Tax Information
2018 AQR Funds Supplemental Tax Information February 2019 Dear Shareholder: This document contains important supplemental tax information about AQR Funds intended to help you file your 2018 tax returns.
Hedge Fund Indexes. Prepared for QWAFAFEW Chicago October By Matthew Moran
Hedge Fund Indexes Prepared for QWAFAFEW Chicago October 2002 By Matthew Moran Hedge Fund Assets (in $billions) Source: Hedge Fund Research - HFR Inc. $600 $500 $571.7 $536.1 $487.3 $400 $300 $200 $100
Citi Prime Finance. Hedge Fund Industry Snapshot. Citi Prime Finance. Data as of January Market Commentary Report Date: February 2011
Citi Prime Finance Citi Prime Finance Hedge Fund Industry Snapshot Data as of January 2011 Americas New York: 800 773 2889 Boston: 617 346 9335 San Francisco: 415 617 8554 EMEA EMEA: 44 (0) 207 986 0822
SUBCHAPTER 100. ABSOLUTE RETURN STRATEGY INVESTMENTS N.J.A.C. 17:16-100
SUBCHAPTER 100. ABSOLUTE RETURN STRATEGY INVESTMENTS 17:16-100.1 Definitions N.J.A.C. 17:16-100 The following words and terms, as used in this subchapter, shall have the following meanings, unless the
Media Contact: Alexa Auerbach, or FOR IMMEDIATE RELEASE
Media Contact: Alexa Auerbach, 312-696-6481 or alexa.auerbach@morningstar.com FOR IMMEDIATE RELEASE Morningstar Reports Hedge Fund Performance for September, Asset Flows Through August CHICAGO, Oct. 24,
Financial Highlights
February 10, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Paper Issuance 3 Spreads over Treasuries 3 Broad Financial Market Indicators LIBOR Spreads
Hedge Funds and Hedge Fund Derivatives. Date : 18 Feb 2011 Produced by : Angelo De Pol
Hedge Funds and Hedge Fund Derivatives Date : 18 Feb 2011 Produced by : Angelo De Pol Contents 1. Introduction 2. What are Hedge Funds? 3. Who are the Managers? 4. Who are the Investors? 5. Hedge Fund
Channeling Growth Capital to Small and Medium-Size Businesses. Global Conference 2010
Channeling Growth Capital to Small and Medium-Size Businesses Global Conference 2010 Channeling Growth Capital to Small and Medium-Size Businesses Wednesday, April 28, 2010; 6:30-7:45 AM Moderator: Betsy
New Jersey State Investment Council
Minutes of the Regular Meeting Held October 13, 2011 at 10:00 AM at in the NJ State Museum Auditorium, 205 West State Street, Trenton NJ. Council Members in Attendance: Robert Grady, Chair Marty Barrett
Mid-Year Survey of Hedge Fund Investor Sentiment
Mid-Year Survey of Hedge Fund Investor Sentiment Credit Suisse Capital Services July 2014 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit
Week in Markets. FTSE Equity Indices Week MTD Jul 12 Jun 12 QTD YTD. MSCI Equity Indices Week MTD Jul 12 Jun 12 QTD YTD
Week ending 24 August, 20 Page 1 of 8 FTSE Equity Indices Week MTD Jul Jun QTD YTD UK FTSE All Share -1.3 3.2 1.3 4.8 4.6 8.0 15.5 FTSE -1.3 3.2 1.2 5.0 4.5 6.8 15.3 FTSE 250-1.4 3.0 2.1 3.8 5.2 15.6 17.5
APEX CLEARING CORPORATION CUSTOMER SUB ACCOUNT AGREEMENT
APEX CLEARING CORPORATION CUSTOMER SUB ACCOUNT AGREEMENT Add Sub Close Sub Full Name of Master & Sub Account Sub Account Number (Must be the same as on the Customer New MASTER SUB Account Approval Form)
Private Equity As a Liquid Alternative Investment
Private Equity As a Liquid Alternative Investment Institutional/Financial Professional U se Only. Not for Public Distribution www.redrockscapital.com September 2014 Pioneers In Providing Private Equity
DALHOUSIE RETIREES' TRUST FUND
Financial Statements of DALHOUSIE RETIREES' TRUST FUND Statement of Changes in Net Assets Available for Benefits, with comparative figures for 2010 Additions: Capital transferred from the Dalhousie
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report Feb 1 th Median inflation expectations decreased over the two week period for both inflation tenors. The probability
insights growth and size by triphon phumiwasana, tong li, james r. barth and glenn yago
by triphon phumiwasana, tong li, james r. barth and glenn yago In September 2006, the high-flying Amaranth Advisors hedge fund unraveled in spectacular fashion. Its assets fell by a reported 65 percent
Alternative Investments: Risks & Returns
Alternative Investments: Risks & Returns THE FAMILY ALTERNATIVE INVESTMENT CONFERENCE February 2007, Monaco Hossein Kazemi, PhD, CFA Managing Partner, AIA Professor of Finance, Univ of Massachusetts kazemi@alternativeanalytics.com
Fixed Income: The Game Has Changed. Marc-André Gaudreau & the Dynamic Fixed Income Credit Team
Fixed Income: The Game Has Changed Marc-André Gaudreau & the Dynamic Fixed Income Credit Team Yields Near Historic Lows Traditional approach to fixed income will be challenged HISTORICAL YIELDS: 10-YR
NOVEMBER 30, 2018 Market Commentary by Scott J. Brown, Ph.D., Chief Economist
NOVEMBER 30, 2018 Market Commentary by Scott J. Brown, Ph.D., Chief Economist Fed Chairman Powell s comments to the Economic Club of New York were misinterpreted, but that s OK. Most likely, the stock
Week in Markets. FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD. MSCI Equity Indices Week MTD Mar 17 Feb 17 QTD YTD
Week ending 7 April, 2017 Page 1 of 8 FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD UK FTSE All Share 0.6 0.6 1.2 3.1 0.6 4.7 23.5 FTSE 0.5 0.5 1.1 3.1 0.5 4.2 24.6 FTSE 250 1.5 1.5 1.4 3.5 1.5 7.0
The Forecast for Emerging Markets
The Forecast for Emerging Markets Monday, April 27, 2009 09:30 AM - 10:45 AM Moderator Komal Sri-Kumar, Managing Director, Chief Global Strategist, TCW Group Inc.; Senior Fellow, Milken Institute Speakers
Hedge Fund Industry Snapshot
Market Commentary Report Date: September 2012 www.citigroupgcib.com Hedge Fund Industry Snapshot Data as of August 2012 Americas New York: 800 773 2889 San Francisco: 415 617 8554 EMEA EMEA: 44 (0) 207
Hedge Fund Index Replication. September 2013
Hedge Fund Index Replication September 2013 Introduction Hedge Fund Investing What products enable hedge fund investing? Build and manage your own portfolio of HFs Select and allocate to Funds of HFs (FoFs)
The Future of the Mortgage Market: Where Do We Go From Here?
The Future of the Mortgage Market: Where Do We Go From Here? Stuart Gabriel, Director of the Ziman Center for Real Estate, Arden Realty Chair and Professor of Finance, Anderson School of Management, University
Hedge Funds. HSBC Funds of Hedge Funds Monthly Investment Report. September HSBC Alternative Investments Limited. For Existing Investors Only
Hedge Funds HSBC Funds of Hedge Funds Monthly Investment Report September 2013 HSBC Alternative Investments Limited For Existing Investors Only Contents 1. Investor Letter 3 2. Performance Overview 4 3.
Opportunities in the US Loan Market Today. Chris D Auria, LCM Dan McMullen, GSO Steven Oh, Pinebridge John Popp, Credit Suisse Asset Management
Opportunities in the US Loan Market Today Moderator: Panelists: Bram Smith, LSTA Scott Baskind, Invesco Chris D Auria, LCM Dan McMullen, GSO Steven Oh, Pinebridge John Popp, Credit Suisse Asset Management
The Morningstar Category TM Classifications for Hedge Funds
The Morningstar Category TM Classifications for Hedge Funds Morningstar Methodology Paper November 22, 2007 Contents Introduction 3 Equity Equity, US Small Cap Equity, US Equity, Developed Asia Equity,
Mutual Funds and Hedge Funds
and and (MFs) and (HFs) are financial institutions (FIs) that pool the financial resources of individuals and companies and invest those resources in portfolios of assets The first MF was established in
Study of Australian Superannuation Fund attitudes to Hedge Fund investing. January 2006
Study of Australian Superannuation Fund attitudes to Hedge Fund investing January 2006 Australian Hedge Fund Study 2006 FOREWORD In Australia, superannuation funds are a major source of capital for the
Building Hedge Fund Portfolios Capable of Generating Absolute Return within Stressful Market Environments
Building Hedge Fund Portfolios Capable of Generating Absolute Return within Stressful Market Environments Presented to: October 20, 2011 Paul Lucek SSARIS Advisors, LLC SSARIS Advisors, LLC Wilton Corporate
Single-family home sales and construction are not expected to regain 2005 peaks
Single-family home sales and construction are not expected to regain 25 peaks Millions of units 8. 7. 6. 5. Housing starts (right axis) 4. Home sales (left axis) 3. 2. 1. 198 1985 199 1995 2 25 21 215
I. Amendment to the investment objective and policy of the Sub-Fund.
BBVA Durbana International Fund Société d investissement à capital variable 20, boulevard Emmanuel Servais, L-2535 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg B 27 711 This letter (the Letter
Understanding Hedge Fund Replication Strategies. Live Webinar October 26, :00 3:00 pm EDT
Understanding Hedge Fund Replication Strategies Live Webinar October 26, 2010 2:00 3:00 pm EDT Welcome Alternative Beta Dave Nadig Director of Research IndexUniverse.com How hedge funds generate returns
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis May 22, 2009 The views expressed are those of Julie Stackhouse and may not represent the official views of the Federal Reserve Bank
The World Economic & Financial System: Risks & Prospects
The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We
Alternative Investments: A look at Strategy, Risk, Return & Reporting Implications
Alternative Investments: A look at Strategy, Risk, Return & Reporting Implications Session 503 IASA 87 TH ANNUAL EDUCATIONAL CONFERENCE & BUSINESS SHOW Learning Objectives Discuss the overarching alternatives
How do we define cash on the sidelines? Global M2 minus M1 Money Supply ($ Millions) US Money Supply European Money Supply Chinese Money Supply
How do we define cash on the sidelines? Global M2 minus M1 Money Supply ($ Millions) 30000 25000 20000 15000 US Money Supply European Money Supply Chinese Money Supply 10000 5000 0 Source: Bloomberg, Credit
ASSET ALLOCATION STRATEGY
ASSET ALLOCATION STRATEGY Fourth quarter 2014 outlook Content Investment strategy Economic outlook Asset class outlook Paul English, MBA, CFA Senior Vice President Tara Proper, CFA AVP Capital Markets
Global Macro & Managed Futures Strategies: Flexibility & Profitability in times of turmoil.
Global Macro & Managed Futures Strategies: Flexibility & Profitability in times of turmoil. Robert Puccio Global Head of Macro, Quantitative, Fixed Income and Multi-Strategy Research For attendees at the
State of New Jersey State Investment Council
State of New Jersey SPECIAL MEETING New Jersey Pension Boards Meeting Room Trenton 50 West State Street, First Floor Trenton, New Jersey 08608 Friday, October 31, 2008 9:30 a.m. Approved November 20, 2008
Alternatives in action: A guide to strategies for portfolio diversification
October 2015 Christian J. Galipeau Senior Investment Director Brendan T. Murray Senior Investment Director Seamus S. Young, CFA Investment Director Alternatives in action: A guide to strategies for portfolio
Hedge Fund Strategy Education
September 23, 2015 Hedge Fund Strategy Education Water & Power Employees Retirement Plan Introduction Introduction The Asset/Liability Study highlighted opportunities that may help the Plan achieve its
Financial Highlights
January 20, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Consumer Credit Revolving and Nonrevolving 3 Compared with Past Recessions 4 Credit Card Delinquencies
Hedge Funds under Fire. For how long? Building Competence. Crossing Borders.
Hedge Funds under Fire. For how long? Building Competence. Crossing Borders. Prof. Dr. Peter Meier, Head Centre for Asset Management HFM Allocator Network: Summit Zurich, September 15, 2016 Overview: Hedge
Financial Highlights
May 5, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Commercial Paper Issuance 2 Outstanding 2 Stocks and Bonds S&P and Dow Jones 3 VIX and MOVE volatility indices 3 European Debt Bond Spreads
31 st Annual Conference of The International Organization of Securities Commissions (IOSCO) 8 th June 2006 Hong Kong
31 st Annual Conference of The International Organization of Securities Commissions (IOSCO) 8 th June 2006 Hong Kong Panel 2: Hedge Funds How Far is it Necessary to Regulate? J. Michael Evans Chairman
Grant Park Multi Alternative Strategies Fund. Why Invest? Profile Since Inception. Consider your alternatives. Invest smarter.
Consider your alternatives. Invest smarter. Grant Park Multi Alternative Strategies Fund GPAIX Executive Summary November 206 Why Invest? 30 years of applied experience managing funds during multiple market
2018 PUBLIC EQUITY ASSET CLASS REVIEW CITY OF FRESNO RETIREMENT SYSTEMS
Agenda Item: D-2 Joint Meeting of the Retirement Boards Meeting Date: June 27, 2018 2018 PUBLIC EQUITY ASSET CLASS REVIEW CITY OF FRESNO RETIREMENT SYSTEMS June 26, 2018 Tony Ferrara, CAIA, Consultant
All Alternative Funds are Not Equal
May 19 New York All Alternative Funds are Not Equal Patrick Deaton, CAIA, Senior Vice President, Alternatives, Neuberger Berman David Kupperman, PhD, Managing Director, Alternatives, Neuberger Berman Today
Traub Capital Management, LLC. Individualized Money Management
Individualized Money Management Overview: Traub Capital Management Registered Investment Advisor founded in 2003 by Heydon Traub, CFA, CFP * Registered with SEC and use independent custodian to hold assets
Pioneer Alternative Investments Funds of Hedge Funds. Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008
Pioneer Alternative Investments Funds of Hedge Funds Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008 Evolving World of Investment Choices Traditional Investments Traditional Alternatives
The Australia Securities Lending Seminar 18th and 19th November 2009
The Australia Securities Lending Seminar 18th and 19th November 2009 Data Explorers and eseclending, in partnership with the Melbourne Centre for Financial Studies, hosted an Australian Securities Lending
Sponsored by Scottrade Disclosure -
www.fa-mag.com www.pw-mag.com Sponsored by Scottrade Disclosure - Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully
Hedge Fund Industry Snapshot
Citi Prime Finance Market Commentary www.citigroupgcib.com Report Date: February 2013 Hedge Fund Industry Snapshot Data as of January 2013 Americas New York: +800 773-2889 San Francisco: +415 617-8554
UBS Global Financial Services Conference New York, May 9, 2005
UBS Global Financial Services Conference New York, May 9, 2005 Brady Dougan Chief Executive Officer, Credit Suisse First Boston Member of the Executive Board, Credit Suisse Group DISCLAIMER Cautionary
U.S. Interest Rates Chartbook January 2018
U.S. Interest Rates Chartbook January 2018 Takeaways In line with expectations, the FOMC left Fed funds rate unchanged. The changes to the January statement highlighted stronger growth and confidence that
Mid-Year Survey of Hedge Fund Investor Sentiment. Summer Capital Services. Credit Suisse
Credit Suisse Capital Services Mid-Year Survey of Hedge Fund Investor Sentiment Summer 2017 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the
FlexChoice Access. Investment Line-up by Asset Class or Category
FlexChoice Access Investment Line-up by Asset Class or Category Simplifying the FlexChoice Access Fund Choices With FlexChoice Access, you now have the opportunity to design a portfolio to help meet client
Index Options and Credit Spreads
Interactive Brokers Webcast Index Options and Credit Spreads December 14, 2016 Disclosure Options involve risks and are not suitable for all investors. Prior to buying or selling an option, an investor
5 th Annual PAPERS Fall Workshop Hedge Fund Investing
5 th Annual PAPERS Fall Workshop Hedge Fund Investing James H. Grossman, Jr., CPA, CFA Managing Director of External Public Markets, Risk & Compliance What are Hedge Funds? Private investment vehicles
U.S. Stock Market Plummeted on February 27, 2007: A Market Correction Made in China
U.S. Stock Market Plummeted on February 27, 2007: A Market Correction Made in China 12450 12400 The Dow dropped 241 points in 3 minutes 12350 12300 12250 12200 12150 12100 12050 Source: Bloomberg 11:00
ASSET ALLOCATION REPORT
2018 ASSET ALLOCATION REPORT INTRODUCTION We invite you to review Omnia Family Wealth s 2018 report on expected asset class returns for the next 10 years. While we believe these forecasts reflect a reasonable
Morningstar Reports Hedge Fund Performance for April 2009; Asset Flows Through March
Media Contact: Alexa Auerbach 312-696-6481, alexa.auerbach@morningstar.com FOR IMMEDIATE RELEASE Morningstar Reports Hedge Fund Performance for April 2009; Asset Flows Through March CHICAGO, May 20, 2009
WEEKLY GUIDANCE FROM OUR I NVESTMENT STRATEGY COMMITTEE. Jim Sweetman Senior Global Alternative Investment Strategist
WEEKLY GUIDANCE FROM OUR I NVESTMENT STRATEGY COMMITTEE Jim Sweetman Senior Global Alternative Investment Strategist Asset Group Overviews Equities... 4 Fixed Income... 5 Real Assets... 6 Alternative Investments...
The Economic Crisis & Foreign Exchange Trading. Philip Brittan Bloomberg LP
The Economic Crisis & Foreign Exchange Trading Philip Brittan Bloomberg LP U.S. Economy May Be Heading for Longest and Most Severe Economic Downturn in the post-war Period Number of Months in Recession
OVERVIEW OF HEDGE FUND CATEGORIES
OVERVIEW OF HEDGE FUND CATEGORIES HOW DO THEY GENERATE PERFORMANCE By Thomas Ian Alessie, Partner & Co-Founder November 2004 AGENDA HEDGE FUND STRATEGIES REVIEW Definitions Statistics PERFORMANCE GENERATION
Quarterly Conference Call
Morgan Stanley Quarterly Conference Call January 29 th, 2018 The Citrus Group at Morgan Stanley CRC 2004847 Overview Introduction Fixed Income - 4th Quarter and 2017 Recap - Outlook Equities - 4th Quarter
CS/Tremont Hedge Fund Index Performance Review
In fact, the S&P500 volatility 1 on average was 2.58x that of the HFI s. Using over fifteen years of data, we found that S&P500 s volatility to be on average 2.5x that of the HFI s. II. ANALYSIS The Beryl
U.S. Global Investors Searching for Opportunities, Managing Risk
1 U.S. Global Investors Searching for Opportunities, Managing Risk Gold and Commodities Trends Sustainable or Speculative? Frank E. Holmes CEO and Chief Investment Officer September 2008 08-580 Cycles
Hedge Funds North Perimeter Chapter, Georgia Society of CPAs. Franklin H. Butterfield, CPA, PFS, CFP, CFA July 15, 2008
Hedge Funds North Perimeter Chapter, Georgia Society of CPAs Franklin H. Butterfield, CPA, PFS, CFP, CFA July 15, 2008 Hedge Funds Description Unregulated private partnerships Periodic withdrawal opportunities
LIPPER PERFORMANCE SNAPSHOT
LIPPER PERFORMANCE SNAPSHOT HEDGE FUNDS MAY 2010 Authored By: Aureliano Gentilini Global Head of Hedge Fund Research Pennapa Tantiyakul Hedge Fund Research Analyst Lipper Performance Snapshot Page Intentionally
U.S. Interest Rates Chartbook September 2017
U.S. Interest Rates Chartbook September 2017 Takeaways The FOMC announced the start of the balance sheet normalization process to begin in October while maintained the Fed funds rate target range at 1%-1.25%
2016: THE YEAR OF TRANSITIONS
2016: THE YEAR OF TRANSITIONS Ron Florance, CFA RMF Consulting, LLC Robertson Stephens, LLC 1 WHAT HAPPENED IN 2015 Good riddance, and Happy New Year? 2 2015 ECONOMICS Growth never seemed so uninspiring
Regulatory Proposals for Money Market Funds and Current Topics Affecting the Short-Term Investment Marketplace
Regulatory Proposals for Money Market Funds and Current Topics Affecting the Short-Term Investment Marketplace Presentation To: Presentation By: Joe Ulrey Chief Executive Officer Today s Topics Regulatory
Monthly Risk-Return Report As of February 28, 2017
Monthly Risk-Return Report As of February 28, 2017 Asset Allocation......Page 1 Returns........Page 2 Risk............Page 3 Portfolio Changes......Page 4 Benchmarks..... Page 5 Based on actual BNY Mellon
Financial Highlights
May 12, 2010 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Broad Financial Market Indicators LIBOR OIS Spread 3 Fed Funds Futures 3 LIBOR and OIS Rates
PanAgora Asset Management Investment Manager Review January 12, 2012
PanAgora Asset Management Investment Manager Review January 12, 2012 EXECUTIVE SUMMARY On January 12, 2012 Martin Bélanger met with the following PanAgora professionals from 9:00 a.m. to 12:00 p.m. at
IMPORTANT TAX INFORMATION
IMPORTANT TAX INFORMATION Dear Hartford s Shareholder: The following information about your enclosed 1099-DIV from Hartford s should be used when preparing your 2016 tax return. The information on Form
MACRO CHART BOOK Q2, 2016
Adaptive Investing MACRO CHART BOOK Q2, 2016 Upside Participation Downside Management For Investment Advisors and Institutions Only Content Summary US Economy Market Snapshot Asset Class Performance Equity
RBC Strategic Asset Allocation Models
Page 1 of United States Core Very conservative Last updated: April 17 Risk Profile 1 The focus is capital preservation. The portfolio will typically be invested mainly in fixed income and other low volatility
Investment Strategy Webinar. October 17, 2012
Investment Strategy Webinar October 17, 2012 Presenters Steve Cummings, President & CEO Phone: 847.442.0064 Email: stephen.cummings@aonhewitt.com Tapan Datta, Principal Global Asset Allocation Phone: 011
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Monthly Economic & Capital Market Update
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Monthly Economic & Capital Market Update November 2015 Yield to Maturity Monthly Change Nov-63 Nov-67 Nov-71
INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS
INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS 1 TABLE OF CONTENTS CHAPTER PAGE CHAPTER I. GENERAL INFORMATION 3 SECTION 1. FUND BACKGROUND & PURPOSE 3 SECTION 2. FUND ADMINISTRATION:
GIPS List of Composite Descriptions
GIPS List of Composite Descriptions Updated 5/12/14 Concentrated Growth Composite-330 Concentrated Growth portfolios, benchmarked to the Russell 1000 Growth Index, take concentrated positions in larger
The Pros and Cons of Hedge Funds
The Pros and Cons of Hedge Funds Sharon M. Goodman Principal Slevin & Hart, P.C. Washington, D.C. Michael D. Joyce, Esq., CEBS Executive Vice President and Senior Consultant The Marco Consulting Group
This chart shows the closes for the GBP; we are breaking out to new highs for this year and up over 5.5% since June 14.
Daily Comment By Bill O Grady & Kaisa Stucke, CFA [Posted: June 23, 216 9:3 AM EDT] Global equity markets are higher this morning. The EuroStoxx 5 is trading higher by 1.9% from the last close. In Asia,
Protecting Balance Sheets in a Rising Interest Rate Environment
Michigan Credit Union League & Affiliates Annual Convention and Exposition Helping Credit Unions Serve, Grow and Remain Strong #mculace Protecting Balance Sheets in a Rising Interest Rate Environment June
Combining Commodities Alpha and Beta. Jon Stein AlphaMetrix Investment Advisors QWAFAFEW Presentation May 31, 2006
Combining Commodities Alpha and Beta Jon Stein AlphaMetrix Investment Advisors QWAFAFEW Presentation May 31, 2006 2 Important Information The information contained in this document is not meant to be exhaustive.