EDHEC Alternative Investment Days London 10 December 2008
|
|
- Julius McDaniel
- 5 years ago
- Views:
Transcription
1 Alteram Optimal Equity: Enhancing a Core-Satellite Model with Hedge Funds François Rimeu, Co-Manager, UFG Alteram EDHEC Alternative Investment Days London 10 December
2 Summary Company overview 3 Crédit Mutuel 4 Groupe UFG 5 UFG Alteram 6 Alteram Optimal Equity: Implementation & Results 8 Implementation 9 Funds selection process / Targeted profiles 10 Satellite: Construction & Objective 11 Satellite Monitoring 12 Results 17 AOE vs EuroStoxx 50 Index 18 Satellite Performance 19 Satellite vs Core portfolios 20 Weighting / Betas Evolution 21 Alteram Optimal Equity : Ranking 22 2
3 Company Overview Crédit Mutuel - Groupe UFG - UFG Alteram 3
4 Crédit Mutuel A first-class reference 2 nd retail bank in France Over 15 million clients Over agencies Over professionals Credit rating S&P: AA- / A1+ Fitch: AA- / F1+ Moody s: Aa3 / P1 Crédit Mutuel Nord Europe, parent company of Groupe UFG, 3 rd larger division of Crédit Mutuel 4
5 Groupe UFG A Multi-Specialist Investment Company Sole asset management of Crédit Mutuel Nord Europe Four investment expertises located in dedicated units Real estate investment UFG Real Estate Managers Funds of hedge funds UFG Alteram Private equity UFG Private Equity Long only asset management UFG Investment Management One goal: To provide investors with a relevant range of investment alternatives to so-called traditional asset classes One Group: Over 450 professionals sharing expertise and resources One philosophy: Independence through interdependence 5
6 UFG Alteram A leading French FoHF Manager Launched in bn under management A reputed and experienced team A comprehensive range of extremely diversified low-volatility FoHFs Relevant approach implemented through a quality process 6
7 UFG Alteram Competitive Advantages A sizeable and experienced team of hedge funds specialists covering Fund selection (Sourcing, analyses ) Portfolio construction Legal and Operations Risk budgeting and control A renowned team having access to the best-in-class French-regulated vehicles, proof of overall well-assessed risk framework A risk-budgeting approach that has proven its worth in delivering attractive risk-adjusted returns A state of the art IT infrastructure 7
8 Implementation & Results 8
9 Implementation 9
10 Fund Selection Process UNIVERSE REQUESTED DATA DISCRIMINATING OUTPUTS Track record < 24 months Assets > $100m Funds identification: name, strategy, date, launch Track record < 52 weeks Liquidity criteria Style Drift Significant Events Capacity criteria 120 Hedge Funds Historical returns Historical exposures to risk factors Investment Capacity Specific Events Directional Funds : Consistent exposure to factors not linked to European equity market (interest rates, credit, exposure to non European equities factors ) 25 Eligible Funds Liquidity An unstable beta to European equity market Non directional funds : Consistent exposure to risk factors (equity, interest rate, credit) which challenges the Market Neutral character of the fund Targeted strategies in Alteram Optimal Equity : Long / Short Europe Market Neutral : uncorrelated equity strategies. No correlation vs equities market, rate, credit and commodities is shown 10
11 Satellite : Construction & Objective Construction in-sample / out-sample of a 8 to 12 funds portfolio under constraints to fit to the required profile The optimisation is realised via AlternativeSoft which allows constructing efficient frontier according to various goals: minimization of volatility, modified Value at Risk, Conditional Value at Risk or max DrawDown. Main constraints: Constraints Minimum Maximum Weight N/A 2.5/ Nbr of funds Period / Length 24 months N/A Number of underlyings 8 12 The main criterion is minimization of CVaR Objective of the satellite: Positive correlation with the European equities market Stable α Not volatile β and easy to valuate Cf: slide results 11
12 Satellite Monitoring The monitoring of the satellite is set up at different levels: Weekly monitoring of each HFs beta: Date Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Fund 7 Fund 8 Satellite net exposure 18/09/ % 28.00% % 31.00% 0.30% -4.87% 18.20% 39.44% 11.99% 25/09/ % 25.00% % 38.00% 0.70% -2.85% 18.40% 38.51% 12.37% 02/10/ % 32.00% % 34.00% -1.50% -2.81% 18.90% 37.96% 12.36% 09/10/ % 21.00% % 26.00% 0.90% -3.69% 22.60% 31.12% 9.72% 16/10/ % 17.00% -8.50% 25.00% 1.80% -2.57% 16.50% 33.53% 9.72% 23/10/ % 15.00% 2.50% 31.00% 0.10% 0.54% 18.60% 26.87% 10.27% 30/10/ % 13.00% 3.10% 30.00% -2.50% 2.51% 20.40% 24.53% 10.33% 06/11/ % 7.00% -0.80% 34.00% 2.60% 2.73% 26.90% 21.18% 9.84% 13/11/ % 12.00% 2.00% 38.00% 2.80% 1.21% 32.80% 24.28% 12.36% 20/11/ % 8.00% 6.50% 39.00% 3.50% 1.89% 33.60% 21.29% 12.11% 27/11/ % 11.00% 8.00% 38.00% 0.80% 0.51% 34.50% 23.56% 12.11% 12
13 Satellite Monitoring The monitoring of the satellite is set up at different levels: Monitoring of Satellite vs Core s performances on a weekly basis: Date Performance Performance Weight Weight Performance Satellite Fund Satellite Core Core 11/09/ % -1.84% 53.08% 74.86% -1.84% 18/09/ % -5.89% 55.44% 75.47% -6.95% 25/09/ % 4.42% 57.78% 72.17% 7.41% 30/09/ % -4.29% 54.05% 77.22% -4.88% 02/10/ % -1.31% 54.05% 75.17% -1.30% 09/10/ % % 57.04% 74.61% % 16/10/ % -6.55% 64.39% 66.33% -7.39% 23/10/ % 1.76% 64.51% 63.25% 2.07% 31/10/ % 4.34% 64.73% 63.42% 6.12% 07/11/ % 0.36% 64.73% 67.42% -0.01% 14/11/ % -3.56% 66.32% 66.28% -5.41% 21/11/ % -8.52% 68.56% 62.17% % 13
14 Satellite Monitoring The monitoring of the satellite is set up at different levels: Adjustment related to the model according to cushion size (between 18:00 and 18:30 each Thursday) Date 14/11/2008 β Ptf Cum. Return PF % Cum. return diff 3.99% Cum. Return Bench % Weight Satellite/NAV 68.56% Cushion / NAV 10.32% Weight Futures/NAV 62.17% Cushion Sell Futures Order Futures exposures
15 Satellite Monitoring The monitoring of the satellite is set up at different levels: Monthly monitoring of each HF s risks integrated into UFG Alteram process (1/2): Date Fund AUM USD Status Long exposure Short exposure Gross exposure Net exposure Nb of long Positions Nb of short positions Net exposure Top 5 Long Financials Net exposure IT 31/12/ Hard closed 78.20% 57.70% % 20.50% % -4.70% 2.40% 31/01/ Hard closed 78.50% 79.80% % -1.30% % -8.40% 1.70% 29/02/ Hard closed 78.90% 83.10% % -4.20% % -9.30% 2.80% 31/03/ Hard closed 79.40% 70.40% % 9.00% % -7.00% 4.70% 30/04/ Hard closed 68.50% 58.30% % 10.20% % -5.90% 4.80% 31/05/ Hard closed 64.10% 53.50% % 10.60% % -4.10% 4.50% 30/06/ Hard closed 56.60% 40.10% 96.70% 16.50% % -4.10% 4.70% 31/07/ Hard closed 57.90% 43.40% % 14.50% % -2.20% 4.60% 31/08/ Hard closed 66.30% 39.50% % 26.80% % 1.70% 5.60% 30/09/ Soft Closed 60.30% 37.10% 97.40% 23.20% % 0.80% 5.80% 31/10/ Soft Closed 57.50% 39.20% 96.70% 18.30% % 7.90% 4.60% 15
16 Satellite Monitoring The monitoring of the satellite is set up at different levels: Monthly monitoring of each HF s risks integrated into UFG Alteram process (2/2) Date Net exposure Healthcare Net exposure Consumer Disc. Net exposure Industrials Net exposure Consumer Staples Net exposure Energy Net exposure Utilities Net exposure Telecom Net exposure Materials 31/12/ % -7.70% 13.50% 0.00% 8.60% 0.00% -0.70% 9.20% 31/01/ % % 12.30% 0.00% 7.60% 0.00% -0.40% 9.10% 29/02/ % % 12.20% 0.00% 5.60% 0.00% -0.20% 10.10% 31/03/ % % 23.80% 0.00% 6.40% 0.00% -0.10% 9.00% 30/04/ % % 24.50% 0.00% 5.50% 0.00% -0.10% 4.50% 31/05/ % % 12.00% 0.00% 6.30% 3.90% -2.40% 3.60% 30/06/ % -8.60% 11.20% 0.00% 6.50% 3.60% -1.00% 2.60% 31/07/ % % 13.00% 0.00% 5.40% 1.60% -2.10% 1.90% 31/08/ % -7.20% 16.10% 0.00% 6.00% 0.60% 0.80% 1.60% 30/09/ % -3.00% 11.10% 0.00% 3.60% -0.20% 1.50% 1.70% 31/10/ % -6.20% 6.70% 0.00% 1.50% -0.10% 0.80% 1.70% 16
17 Results 17
18 Jun-08 Aug-08 Oct-08 Results AOE vs EuroStoxx 50 Index 140 Alteram Optimal Equity EuroStoxx 50 Index % % 18 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08
19 Oct-08 Results Satellite Performance 130 Satellite Edhec Long Short Equity Index Eurekahedge Long Short Equity Index % -2.76% % 19 Mar-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08
20 Jun-08 Aug-08 Oct-08 Results Satellite vs Core portfolios Apr-08 Satellite Core +5.42% % Mar-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08
21 Aug-08 Sep-08 Nov-08 Results Weighting / Betas Evolution 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 21 May-08 Jul-08 Feb-06 Apr-06 May-06 Jul-06 Aug-06 Oct-06 Nov-06 Jan-07 Feb-07 Apr-07 May-07 Jul-07 Aug-07 Oct-07 Nov-07 Jan-08 Feb-08 Apr-08 Satellite weight Core weight Satellite Beta Fund Beta
22 Ranking 22
23 Ranking Relative to the Equity Europe Category, Alteram Optimal Equity is fairly positioned during the considered periods: oct-08 AOE RANKING* Returns Rank Qtl Volatilty** Rank Qtl 6M % 102/ % 42/ year % 83/ % 32/ years % 25/ % 17/279 1 *Universe: French regulated funds (Equity Europe :Lipper category) ** Annualised volatility 23
24 24
Performance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationDividend Report. December 2018
Warning: Aberdeen Global has the discretion to determine the and rate of dividend to be distributed. The dividends are not guaranteed and may be investment income, gains or at the discretion of the Board
More informationPioneer 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
More informationHUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationSYSTEMATIC 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
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationASET FlexShares Real Assets Allocation Index Fund
FlexShares Real Assets Allocation Index Fund ETF.com segment: Equity: Global - Total Market Competing ETFs: QXGG, FVC, DWLV, VT, ACWI Related ETF Channels: Trend-Following, Size and Style, Smart-Beta ETFs,
More informationManager Comparison Report June 28, Report Created on: July 25, 2013
Manager Comparison Report June 28, 213 Report Created on: July 25, 213 Page 1 of 14 Performance Evaluation Manager Performance Growth of $1 Cumulative Performance & Monthly s 3748 3578 348 3238 368 2898
More informationAn introduction to Invesco s Equity Long/Short Strategies
An introduction to Invesco s Equity Long/Short Strategies This marketing document is exclusively for use by Professional Clients and Financial Advisers in Germany. This document is not for consumer use,
More informationUpdate on UC s s Absolute Return Program. 603 Committee on Investments / Investment Advisory Committee February 14, 2006
Update on UC s s Absolute Return Program 603 Committee on Investments / Investment Advisory Committee February 14, 2006 AGENDA Page I. Understanding of Absolute Return as an Asset Class 3 II. Review of
More informationClassification: only to be shown if not public For professional investors only
CM17973 UK Connections matter For professional investors only Erik Rubingh, Managing Director Factor Investments Applying factor investing across asset classes Investment risks The value of investments
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationSPLV Invesco S&P 500 Low Volatility ETF
Invesco S&P 500 Low Volatility ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: USMC, LGLV, FDLO, JMIN, OVOL Related ETF Channels: Smart-Beta ETFs, U.S., Large Cap, Low Volatility, Equity,
More informationFUND OF HEDGE FUNDS DO THEY REALLY ADD VALUE?
FUND OF HEDGE FUNDS DO THEY REALLY ADD VALUE? Florian Albrecht, Jean-Francois Bacmann, Pierre Jeanneret & Stefan Scholz, RMF Investment Management Man Investments Hedge funds have attracted significant
More informationKey IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
More informationSchroder ISF Global Multi-Asset Income
Unconstrained income investing Schroder ISF Global Multi-Asset Income SGD Share Classes Schroder ISF Global Multi-Asset Income (the "Fund") is designed to help investors generate regular income regardless
More informationBeginning Date: January 2016 End Date: June Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: June 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - June 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800 Dec 2015
More informationCBOE Volatility Index and VIX Futures Trading
CBOE Volatility Index and VIX Futures Trading Russell Rhoads, CFA Disclosure In order to simplify the computations, commissions have not been included in the examples used in these materials. Commission
More informationBeginning Date: January 2016 End Date: September Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: September 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - September 2018 (Single Computation) 11400 - Yorktown Funds 11200 11000 10800 10600
More informationGlobal Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationGrant 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
More informationSPXE ProShares S&P 500 Ex-Energy ETF
ProShares S&P 500 Ex-Energy ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: SPY, IVV, VOO, IWB, SCHX Related ETF Channels: North America, U.S., Large Cap, Vanilla, Equity, Size and Style,
More informationInvestec Global Gold I Acc GBP
Fund Summary Quick Stats Citi Code AEE1 FE Crown Rating Price Date 13/07/2018 ISIN Code SEDOL Code GB00B1XFGM25 B1XFGM2 Morningstar Analyst Rating Mid Price 123.63p (+0.60p) S&P Capital IQ Grading Bid
More informationAsset allocation achieving the right mix
Asset allocation achieving the right mix Learning outcomes The objective of the presentation is to help develop your understanding of: The benefits and drawbacks of a range of asset allocation styles The
More informationHo Ho Quantitative Portfolio Manager, CalPERS
Portfolio Construction and Risk Management under Non-Normality Fiduciary Investors Symposium, Beijing - China October 23 rd 26 th, 2011 Ho Ho Quantitative Portfolio Manager, CalPERS The views expressed
More informationSchindler Capital Management, LLC / Dairy Advantage Program. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Schindler Capital Management, LLC / Dairy Advantage Program Fundamental / Ag & Livestock Performance Since August 2005 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005-11.20% 3.20% -6.67% -13.73%
More informationWhy Totus Capital? Diversified fundamental stock picking portfolio with emphasis on positive attribution from long book and short book
November 2018 Why Totus Capital? Totus Capital is an independent investment firm managing funds on behalf of high net worth individuals, unitholders of platforms and institutions Totus Capital manages
More informationOEF ishares S&P 100 A 93. The ishares S&P 100 Index Fund tracks a market-cap-weighted index of 100 largecap companies selected by the S&P Committee.
ishares S&P 100 ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: SPY, IVV, VOO, IWB, SCHX Related ETF Channels: North America, U.S., Large Cap, Broad-based, Vanilla, Equity, Size and Style Find
More informationA Novel Business Cycle Multi-Asset Allocation Strategy
BUSINESS CYCLE ASSET ALLOCATION A Novel Business Cycle Multi-Asset Allocation Strategy June, 2017 Proforma Performance Comparison AASE Strategy v. S&P500 v. Stock/Bond Portfolio Proforma Performance Comparison
More informationA Novel Business Cycle Multi-Asset Allocation Strategy
BUSINESS CYCLE ASSET ALLOCATION A Novel Business Cycle Multi-Asset Allocation Strategy May, 2017 Proforma Performance Comparison AASE Strategy v. S&P500 v. Stock/Bond Portfolio Proforma Performance Comparison
More informationROUS Hartford Multifactor US Equity ETF
Hartford Multifactor US Equity ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: GSLC, SPHD, FEX, JKD, CFO Related ETF Channels: North America, U.S., Smart-Beta ETFs, Multi-factor, Large Cap,
More informationThe Impact of Hedge Funds on the Global Foreign Exchange Markets: Overview, Implications & Trends. Foreign Exchange Contact Group
The Impact of Hedge Funds on the Global Foreign Exchange Markets: Overview, Implications & Trends Foreign Exchange Contact Group Dublin, 7th September 2006 Peter Griep, Jörg Isselmann, Stefan Bender Contents
More informationSINGLE PORTFOLIO ANALYSIS REPORT
SINGLE PORTFOLIO ANALYSIS REPORT COMPANY XYZ PRIOR TO THE ANALYSIS, A NON- DISCLOSURE AGREEMENT WILL BE SIGNED IN THE INTEREST OF BOTH PARTIES October 2015 THE ART OF ASSET ALLOCATION More conscious and
More informationVT Vanguard Total World Stock ETF
Vanguard Total World Stock ETF ETF.com segment: Equity: Global - Total Market Competing ETFs: ACWI, MJ, XMX, ACIM, DRIV Related ETF Channels: Total Market, Broad-based, Vanilla, Global, Equity, Size and
More informationGlobal 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
More informationM&G Investments. Michael McLintock and Grant Speirs
M&G Investments Michael McLintock and Grant Speirs Agenda M&G Group strategic overview Michael McLintock M&G s results and the industry Grant Speirs Business outlook and summary Michael McLintock 2 About
More informationUSEQ Invesco Russell 1000 Enhanced Equal Weight ETF
Invesco Russell 1000 Enhanced Equal Weight ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: GSLC, SPHD, FEX, JKD, CFO Related ETF Channels: North America, U.S., Smart-Beta ETFs, Large Cap,
More informationVOO Vanguard S&P 500 ETF
Vanguard S&P 500 ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: SPY, IVV, IWB, SCHX, VV Related ETF Channels: North America, S&P 500, Large Cap, U.S., Broad-based, Vanilla, Equity, Size
More informationSMMV ishares Edge MSCI Min Vol U.S.A. Small-Cap ETF
ishares Edge MSCI Min Vol U.S.A. Small-Cap ETF ETF.com segment: Equity: U.S. - Small Cap Competing ETFs: XSLV, SMLV, RPUT, IWM, IJR Related ETF Channels: Smart-Beta ETFs, U.S., Low Volatility, Small Cap,
More informationSchroder ISF Global Target Return Year-round growth, whatever the weather
Schroder ISF Global Target Return Year-round growth, whatever the weather Schroder ISF Global Target Return Schroder ISF Global Target Return (the Fund ) is designed for investors seeking to grow their
More information2015 ANNUAL RETURNS YTD
Stephen Somers, William Somers 1410 Russell Road, Suite 100, Paoli, PA 19301 USA ph. +1-484-576-3371 fax +1-610-688-9261 http://www.somersbrothers.com ANNUAL RETURNS 2011 2012 2013 2014 2015 YTD Advisor
More informationThink Of Us Before You Invest
Think Of Us Before You Invest DATE OF ALLOTMENT March 31,1996 BENCHMARK S&P BSE Sensex FUND SIZE Rs.679.21 (Rs. in Cr.) MONTHLY AVERAGE AUM Rs.668.51 (Rs. in Cr.) EXIT LOAD Nil (Compulsory lock-in period
More informationLOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
More informationFactor Leave Accruals. Accruing Vacation and Sick Leave
Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationIJR ishares Core S&P Small Cap ETF
ishares Core S&P Small Cap ETF ETF.com segment: Equity: U.S. - Small Cap Competing ETFs: SLY, VIOO, IWM, VB, SCHA Related ETF Channels: North America, U.S., Broad-based, Vanilla, S&P Small Cap 600, Small
More informationKey IRS Interest Rates After PPA
Key IRS Interest After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below are Tables I, II, and III showing official interest rates
More informationAllianz Group Fiscal Year 2012
Allianz Group Fiscal Year 2012 Michael Diekmann CEO Allianz SE Financial press conference February 21, 2013 Based on preliminary figures Overview 2012 EUR 106.4bn Total revenues EUR 9.5bn Operating profit
More information200 Years Of The U.S. Stock Market
200 Years Of The U.S. Stock Market Professor John McConnell Krannert School of Management Purdue University September 25, 2018 1 200 Years Of The U.S. Stock Market Market Overview The long term The averages
More informationWestern Pacific Multi-Manager Funds
Western Pacific Multi-Manager s FUND UPDATE NOVEMBER 2006 Summary Information Western Pacific Cautious Last Month 0.80% Western Pacific Global The Since Western inception Pacific p.a. Global 7.2% primarily
More informationSCZ ishares MSCI EAFE Small-Cap ETF
ishares MSCI EAFE Small-Cap ETF ETF.com segment: Equity: Developed Markets Ex-U.S. - Small Cap Competing ETFs: SCHC, GWX, H, FNDC, DLS Related ETF Channels: Developed Markets Ex-U.S., Broad-based, Vanilla,
More informationEQWS Invesco Russell 2000 Equal Weight ETF
Invesco Russell 2000 Equal Weight ETF ETF.com segment: Equity: U.S. - Small Cap Competing ETFs: EWSC, IWM, IJR, VB, SCHA Related ETF Channels: North America, Equal-Weighted, Smart-Beta ETFs, U.S., Broad-based,
More informationQUARTERLY FINANCIAL REPORT June 30, 2017
California Independent System Operator QUARTERLY FINANCIAL REPORT June 30, 2017 250 Outcropping Way Folsom, CA 95630 (916) 351-4000 CALIFORNIA INDEPENDENT SYSTEM OPERATOR CORPORATION QUARTERLY FINANCIAL
More informationMDY SPDR S&P Midcap 400 ETF Trust
SPDR S&P Midcap 400 ETF Trust ETF.com segment: Equity: U.S. - Mid Cap Competing ETFs: IJH, IVOO, VO, IWR, SCHM Related ETF Channels: North America, U.S., Broad-based, Vanilla, S&P Mid Cap 400, Midcap,
More informationShort Extension (130/30) Fund Strategy
Short Extension (130/30) Fund Strategy Richard Hasson Neil Brown Russell Bodill September 2009 Performance through Focus Why Select Equity Investments? Select Equity investment approach High conviction,
More informationAims to achieve the right blend of Growth and Tax Saving
Aims to achieve the right blend of Growth and Tax Saving DATE OF ALLOTMENT March 31,1996 BENCHMARK S&P BSE Sensex FUND SIZE Rs.981.23 (Rs. in Cr.) MONTHLY AVERAGE AUM Rs.939.37 (Rs. in Cr.) EXIT LOAD Nil
More informationMan AHL Diversified (Guernsey)
Man AHL Diversified (Guernsey) January 2011 AHL a market leading quantitative investment manager Strength through size, capital position, independence and global presence One of the world s largest, independent
More informationISCF ishares Edge MSCI Multifactor Intl Small-Cap ETF
ishares Edge MSCI Multifactor Intl Small-Cap ETF ETF.com segment: Equity: Developed Markets Ex-U.S. - Small Cap Competing ETFs: FDTS, SCZ, SCHC, GWX, FNDC Related ETF Channels: Developed Markets Ex-U.S.,
More informationCredit Suisse Swiss Pension Fund Index Q2 2017
Credit Suisse Swiss Pension Fund Index Q2 217 YTD 217: 3.94% Q2 217: 1.15% Positive second quarter, with slowdown in June Significant positive contribution from Swiss equities in reporting quarter Sharp
More informationPower your way to higher yields
Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will
More informationAccess income and growth from the world s fastest growing economies. Schroder ISF Emerging Multi-Asset Income
Access income and growth from the world s fastest growing economies Schroder ISF Emerging Multi-Asset Income Emerging Market (EM) assets are an excellent source for high yields, especially at a time when
More informationOTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
More informationDBEU Xtrackers MSCI Europe Hedged Equity ETF
Xtrackers MSCI Europe Hedged Equity ETF ETF.com segment: Equity: Developed Europe - Total Market Competing ETFs: HEZU, DBEZ, FLEH, HFXE, DEZU Related ETF Channels: Developed Europe, Total Market, Currency
More informationPSET Principal Price Setters Index ETF
Principal Price Setters Index ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: GSLC, SPHD, FEX, JKD, CFO Related ETF Channels: North America, Smart-Beta ETFs, Multi-factor, Large Cap, U.S.,
More informationPASSENGER REJECTION REDUCTION INITIATIVE KIRK PEREIRA. 24 th April 2018
PASSENGER REJECTION REDUCTION INITIATIVE KIRK PEREIRA 24 th April 2018 WHAT IS THIS PROJECT ABOUT? Well we are not going into that again this year! Nearly everyone in this room knows about the project
More informationFoundations of Investing
www.edwardjones.com Member SIPC Foundations of Investing 1 5 HOW CAN I STAY ON TRACK? 4 HOW DO I GET THERE? 1 WHERE AM I TODAY? MY FINANCIAL NEEDS 3 CAN I GET THERE? 2 WHERE WOULD I LIKE TO BE? 2 Develop
More informationPlease scroll to find the 2018 and 2019 global fund holiday calendars.
Please scroll to find the 2018 and 2019 global fund holiday calendars. 2018 Exchange-Traded fund holiday Vanguard Ireland-domiciled ETFs Jan Feb Mar Apr May Jun 1 2 5 12 15 25 9 12 14 15 16 19 28 20 29
More informationOQAL Oppenheimer Russell 1000 Quality Factor ETF
Oppenheimer Russell 1000 Quality Factor ETF ETF.com segment: Equity: U.S. - Large Cap Competing ETFs: PRF, FNDX, SPHQ, FTCS, RWL Related ETF Channels: North America, Smart-Beta ETFs, Large Cap, U.S., Broad-based,
More informationNL AIR France Analysis of 25-Jun-2016 Closing price of 24-Jun-2016 EUR Neutral. Risk Zone. Stars
Industrial Goods & Services - Aerospace BUS GROUP NL0000235190 France Analysis of 25-Jun-2016 Closing price of 24-Jun-2016 EUR 52.11 BUS GROUP active in the sector «Aerospace», belongs to the industry
More informationSPYV SPDR Portfolio S&P 500 Value ETF
SPDR Portfolio S&P 500 Value ETF ETF.com segment: Equity: U.S. - Large Cap Value Competing ETFs: IVE, VOOV, RPV, DVP, FVAL Related ETF Channels: North America, Smart-Beta ETFs, Large Cap, U.S., S&P 500
More informationEDHEC Asset Management Days. Workshop B: Revisiting Managed Futures & Commodities
EDHEC Asset Management Days Workshop B: Revisiting Managed Futures & Commodities Monday March 12th 12:00 1:15pm Chaired By: Valere Costello CEO, Invesdex Workshop Structure Presentation: 20 min Panelist
More informationSCIJ Global X Scientific Beta Japan ETF
Global X Scientific Beta Japan ETF ETF.com segment: Equity: Japan - Total Market Competing ETFs: FJP, GSJY, QJPN, JHDG, EWJ Related ETF Channels: Multi-factor, Smart-Beta ETFs, Single Country, Total Market,
More informationFinancial Markets 11-1
Financial Markets Laurent Calvet calvet@hec.fr John Lewis john.lewis04@imperial.ac.uk Topic 11: Measuring Financial Risk HEC MBA Financial Markets 11-1 Risk There are many types of risk in financial transactions
More informationJupiter European I Acc
Fund Summary Quick Stats Citi Code 09QA FE Crown Rating Price Date 11/01/2018 ISIN Code SEDOL Code GB00B5STJW84 B5STJW8 Morningstar Analyst Rating Gold Mid Price S&P Capital IQ Grading Platinum Bid Price
More informationM&G Global Macro Bond I Acc GBP
Fund Summary Quick Stats Citi Code 0KNZ FE Crown Rating Price Date 11/01/2019 ISIN Code SEDOL Code GB00B78PGS53 B78PGS5 Morningstar Analyst Rating Silver Mid Price 146.57p (-1.05p) S&P Capital IQ Grading
More informationUnderstanding the Principles of Investment Planning Stochastic Modelling/Tactical & Strategic Asset Allocation
Understanding the Principles of Investment Planning Stochastic Modelling/Tactical & Strategic Asset Allocation John Thompson, Vice President & Portfolio Manager London, 11 May 2011 What is Diversification
More information- HOW TO TURN LIQUIDITY AND RISK MANAGEMENT INTO BENEFITS FOR INVESTORS? -
- HOW TO TURN LIQUIDITY AND RISK MANAGEMENT INTO BENEFITS FOR INVESTORS? - - LYXOR AM, WHO ARE WE? - - A FOCUS AND FAST-GROWING ASSET MANAGER - -French Asset Manager regulated in France according to the
More informationEZA ishares MSCI South Africa ETF
ishares MSCI South Africa ETF ETF.com segment: Equity: South Africa - Total Market Competing ETFs: N/A Related ETF Channels: Size and Style, Broad-based, South Africa, Middle East and Africa, Vanilla,
More informationQUAL ishares Edge MSCI U.S.A. Quality Factor ETF
ishares Edge MSCI U.S.A. Quality Factor ETF ETF.com segment: Equity: U.S. - Total Market Competing ETFs: DGRO, MOAT, PKW, FNDB, RYJ Related ETF Channels: North America, Smart-Beta ETFs, Total Market, U.S.,
More informationEffective January 1st, 2013, the following promotional payments will be available to appropriate independent distributors:
Topics Effective January 1st, 2013, the following promotional payments will be available to appropriate independent distributors: At the level of and above 1) Title Incentive 2) Group Awards 3) Rising
More informationModeling the Tradeoff between Inventory and Capacity to Optimize Return on Assets in Production Scheduling
Modeling the Tradeoff between Inventory and Capacity to Optimize Return on Assets in Production Scheduling Authors: Advisor: Cindy Wu & Jose A Gonzalez Duhart Dr. Bruce Arntzen MIT SCM Research Fest May
More informationICO Market Report December December Unlock your Crypto Potential. 1 P a g e
December 2018 Unlock your Crypto Potential 1 P a g e Contents DISCLAIMER 3 ICO MARKET STATS (DECEMBER 18) 4 HARD CAP/SOFT CAP INFO 5 NOVEMBER VS DECEMBER STATISTICS 6 TOP 5 ICOS (DECEMBER 18) 7 AMOUNT
More informationNewton Boulevard Investment Program Performance Report June 2017
Newton Boulevard Investment Program Performance Report June 2017 1 MARKETS June was a very tricky month for equities, bonds and commodities at the same time. Equity markets finished the month in general
More informationAsset Manager Performance Comparison
Cape Peninsula University of Technology Retirement Fund August 2017 DISCLAIMER AND WARNINGS: Towers Watson (Pty) Ltd, a Willis Towers Watson company, is an authorised financial services provider. Although
More informationVGK Vanguard FTSE Europe ETF
Vanguard FTSE Europe ETF ETF.com segment: Equity: Developed Europe - Total Market Competing ETFs: EZU, IEUR, FLEE, BBEU, EURZ Related ETF Channels: Developed Europe, Europe, Broad-based, Total Market,
More informationSCHV Schwab U.S. Large-Cap Value ETF
Schwab U.S. Large-Cap Value ETF ETF.com segment: Equity: U.S. - Large Cap Value Competing ETFs: VTV, IWD, MGV, VONV, PWV Related ETF Channels: North America, Smart-Beta ETFs, Large Cap, U.S., Value, Equity,
More informationCS/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
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationAsset Manager Performance Comparison
Cape Peninsula University of Technology Retirement Fund September 2017 DISCLAIMER AND WARNINGS: Towers Watson (Pty) Ltd, a Willis Towers Watson company, is an authorised financial services provider. Although
More informationIWD ishares Russell 1000 Value ETF
ishares Russell 1000 Value ETF ETF.com segment: Equity: U.S. - Large Cap Value Competing ETFs: VONV, VTV, SCHV, MGV, PWV Related ETF Channels: North America, Smart-Beta ETFs, Large Cap, U.S., Value, Equity,
More informationIDOG ALPS International Sector Dividend Dogs ETF
ALPS International Sector Dividend Dogs ETF ETF.com segment: Equity: Developed Markets Ex-U.S. - Large Cap Competing ETFs: DOL, DOO, FNDF, CIZ, RBIN Related ETF Channels: Developed Markets Ex-U.S., Smart-Beta
More informationPY Principal Shareholder Yield Index ETF
Principal Shareholder Yield Index ETF ETF.com segment: Equity: U.S. - Total Market Competing ETFs: QUAL, DGRO, MOAT, PKW, FNDB Related ETF Channels: North America, U.S., Smart-Beta ETFs, Broad-based, Total
More informationROBO ROBO Global Robotics and Automation Index ETF
Global Robotics and Automation Index ETF ETF.com segment: Equity: Global - Total Market Competing ETFs: LEGR, ROBT, FANZ, VT, ACWI Related ETF Channels: Equal-Weighted, Smart-Beta ETFs, Total Market, Broad-based,
More informationURTH ishares MSCI World ETF
ishares MSCI World ETF ETF.com segment: Equity: Developed Markets - Total Market Competing ETFs: BOTZ, SNSR, RFDI, FDRR, JPGE Related ETF Channels: Total Market, Broad-based, Vanilla, Equity, Size and
More informationILF ishares Latin America 40 ETF
ishares Latin America 40 ETF ETF.com segment: Equity: Latin America - Large Cap Competing ETFs: N/A Related ETF Channels: Latin America, Large Cap, Broad-based, Vanilla, Emerging Markets, Equity, Size
More informationInvestor pre-close briefing. 14 March
Investor pre-close briefing 14 March Proviso Please note that matters discussed in today s presentation may contain forward looking statements which are subject to various risks and uncertainties and other
More informationCredit Suisse Swiss Pension Fund Index Q1 2017
Credit Suisse Swiss Pension Fund Index Q1 217 YTD 217: 2.76% Q1 217: 2.76% Credit Suisse Pension Fund Index starts year at all-time high Allocation to foreign equities at all-time high; allocation to Swiss
More information