Swimming Against the Tide
|
|
- Darcy Lloyd
- 6 years ago
- Views:
Transcription
1 Swimming Against the Tide Institutional hedge fund allocations shrank by 5%. So why did public pension plans increase their exposure by 2%?
2 2 // SWIMMING AGAINST THE TIDE Do public pension plans know something that other institutional investors don t? Or is there another reason why they seem to be defying industry trends? Whatever the explanation, public defined benefit plans increased their hedge fund allocations last year, even while corporate, foundation and endowment investors were trimming theirs, according to data uncovered by BNY Mellon s Asset Strategy View. Strategy Snapshot offers timely insights into changing trends in allocation behavior among institutional investors. Data for this report is generated using BNY Mellon Asset Strategy View SM, a big data solution that leverages proprietary aggregated client data to generate market intelligence about institutional investor allocations and behavior. Asset Strategy View represents over $1.7 trillion in institutional assets, which we believe is a statistically significant sample to indicate market trends. As of November 2016, hedge fund assets account for 12.3% of the $1.7 trillion in assets in the BNY Mellon institutional client universe, which includes accounts owned by defined benefit plans, corporations, foundations and endowments. Seventy-one percent of these institutional investors invested in hedge funds, with an average allocation of nearly 17%. Endowments boasted the largest hedge fund exposure, with allocations averaging just shy of 23%. At the other end of the spectrum, public plans averaged only 12.6%. A GENERAL DOWNWARD TREND WITH ONE NOTABLE EXCEPTION Over the year ending November 2016, hedge fund allocations have dropped virtually across the board. As of November 2016, the average allocation fell 5% from the same time the previous year, with foundations and endowments leading the slide. Endowments alone reduced exposures by over 9% more than any other type of institution. The pullback was especially sharp among smaller endowments (<$1 billion), which cut their allocations by just over 15%. Approximately 1% of BNY Mellon institutional clients divested their hedge fund exposure entirely, resulting in a total reduction of 5.4% across the entire universe. One type of institution bucked the trend. Public defined benefit plans actually increased their overall exposure to hedge funds, bumping up allocations an average of approximately 2% over the same time the previous year. One type of institution bucked the trend. Endowments trimmed hedge fund allocations the most, while public plans increased their exposure.
3 3 // SWIMMING AGAINST THE TIDE What is to blame for shrinking hedge fund allocations? For endowments, size mattered. Virtually all of the allocation cuts among endowments came from accounts under $1 billion. WHY ALLOCATIONS ARE GETTING SMALLER What is to blame for shrinking hedge fund allocations? The two most likely culprits are hedge funds relatively poor performance as an asset class, and secondarily, cash flow decisions. Simply put, hedge funds had a weak year among institutional investors within Asset Strategy View. For the 12 months ending November 2016, hedge funds experienced the fifth-worst performance out of 34 sub-asset classes. Their median return for the year was 1.9%, underperformed only by private energy and non-u.s. sub-asset classes except emerging markets. As asset values declined, the size of hedge fund allocations naturally dwindled. Cash flow decisions account for the rest of the story. Nearly $42 billion dollars exited hedge funds while only $36 billion entered, resulting in a net negative cash flow of $5.7 billion. On an asset-weighted basis, hedge funds suffered cash outflows for 9 out of the previous 12 months. Corporates were responsible for most of this red ink. Public pension funds were the only type of institution that made net positive contributions to hedge funds.
4 4 // SWIMMING AGAINST THE TIDE There seems to have been a real rekindling of interest in hedge funds in one segment of institutional investors Public pension funds were the only kind of institutions to add net cash to their hedge fund holdings. WHAT DOES THE DATA REALLY SAY ABOUT INVESTOR BEHAVIOR? Many headlines about hedge fund allocations have been discouraging-but a deeper dive into the data reveals a more complicated reality. Not all trends point downward: different types of institutional hedge fund investors seem to be following different paths. For example, during the 12 month period ending in November 2016, foundations and endowments saw the largest reductions in their allocations, with smaller endowments leading the way. But public pension funds moved in the opposite direction, increasing their allocations over the previous year. While it is impossible to untangle all the drivers of allocation changes, the data suggests that public pension funds expanding allocations were mostly due to net positive cash investments in hedge funds and not merely asset growth. So, despite what mainstream conventional wisdom suggests, there seems to have been a real (if small) rekindling of interest in hedge funds in one segment of institutional investors. This unexpected discovery illustrates the kind of potentially valuable insights that often lie hidden deep within the data. Fortunately, we now have the right tools to mine it. To learn more about BNY Mellon s Asset Strategy View, contact: Frances Barney, Phone: frances.barney@bnymellon.com
5 bnymellon.com BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon. The material contained in this report, which may be considered advertising, is for general information and reference purposes only and is not intended to provide or be construed as legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. This report is a financial promotion. This report, and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this report may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this report comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction. To help us continually improve our service and in the interest of security, we may monitor and / or record telephone calls. The information contained in this report is for use by wholesale clients only and is not to be relied upon by retail clients. Any discussion of tax matters contained in this report is not intended to constitute tax advice and is not intended or written to be used, and cannot be used, for the purpose of avoiding tax or penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another party any transaction or matter. For tax advice, you should consult an independent tax advisor for advice based on your particular facts and circumstances. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this report. Some information contained in this report has been obtained from third party sources and has not been independently verified. BNY Mellon makes no representation as to the accuracy or completeness of the information provided in this report. BNY Mellon recommends that professional consultation should be obtained before using any service offered by BNY Mellon. The views expressed within this report are those of the contributors only and not those of BNY Mellon or any of its subsidiaries or affiliates. BNY Mellon assumes no liability whatsoever (direct or consequential or any other form of liability) for any action taken in reliance on the information contained in this report, or for resulting from use of this report, its content, or services. Any unauthorized use of material contained in this report is at the user s own risk. Reproduction, distribution, republication and retransmission of material contained in this report is prohibited without the prior consent of BNY Mellon. Trademarks, service marks and logos belong to their respective owners.. All rights reserved.
BNY Mellon Endowments and Foundations Performance and Asset Allocation Study
BNY Mellon Endowments and Foundations Performance and Asset Allocation Study By Sarah McCarthy and Jeannette Yee Colleges, philanthropies, cultural institutions and many other non-profit organizations,
More informationOpportunities and Constraints for Sovereign Wealth and Public Pension Funds
Real Assets Opportunities and Constraints for Sovereign Wealth and Public Pension Funds With sovereign wealth and public pension funds investments in real assets set to rise by over US$400billion in the
More informationA L L T O G E T H E R E A S I E R
ALL TOGETHER EASIER 2 Simplifying and standardizing the trading of secured deposits and collateral. Expand Your Horizons At BNY Mellon, we see opportunities that others don t. Trusted with more than 20
More informationbny mellon AnD AifmD research
bny mellon AnD AifmD research AIFMD: InDustRy ReADIness: RIsK AnD compliance JAnuARy 2014 AIFMD ReseARch contents AIFMD Research 1 executive summary 2 General Preparedness for Risk and compliance obligations
More informationEnvironmental, Social and Governance Issuer Advisory Solutions SUPPORTING GLOBAL ISSUERS TO IDENTIFY AND MEET THE NEEDS OF LONG-TERM INVESTMENT
Environmental, Social and Governance Issuer Advisory Solutions SUPPORTING GLOBAL ISSUERS TO IDENTIFY AND MEET THE NEEDS OF LONG-TERM INVESTMENT Helping You Meet the Demands of an Evolving Landscape $21.4
More informationThe Common Reporting Standard (CRS) A MOVE TO GLOBAL INFORMATION REPORTING
The Common Reporting Standard (CRS) A MOVE TO GLOBAL INFORMATION REPORTING COMMON REPORTING STANDARDS // 1 CRS Service As the world becomes increasingly global the importance of automatic exchange of
More informationSOLUTIONS FOR YOUR INSURANCE BUSINESS
SOLUTIONS FOR YOUR INSURANCE BUSINESS DRIvE EFFICIENCY, ENhANCE profitability AND UNLOCK YOUR COMpANY S potential ASSEt SE Rv I CI N G the FUtURE WhAt WILL It BRING to YOUR INSURANCE BUSINESS? New challenges.
More informationMay 2018 Prime Funds
May 2018 Prime Funds HOW PRIME FUNDS ARE OUTPERFORMING OTHER MONEY MARKET INVESTMENTS ,, Since the October 2016 reforms, prime funds have consistently outperformed other money market investments by up
More information2017 Global Trends in Investor Relations
0 2017 Global Trends in Investor Relations Primacy of Geopolitical Risk Geopolitical risk is still the number one concern for companies globally. Concern is increasing regarding the impact of emerging
More informationSecurities Finance Regulatory Update BNY MELLON MARKETS 2017
Securities Finance Regulatory Update BNY MELLON MARKETS 2017 Disclosures and Disclaimers bnymellon.co m BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used
More informationThe Aerial View Fixed Income & Markets Update
The Aerial View Fixed Income & Markets Update One Year Later: A look at Asset Performance since the Election USD surged 6% in wake of Trump victory, but has languished throughout 2017 10yr UST yields followed
More informationTREASURY SOLUTIONS FOR INSURANCE COMPANIES
TREASURY SOLUTIONS FOR INSURANCE COMPANIES SERVICES TO ENHANCE YOUR EFFICIENCY AND PROFITABILITY Your operating environment is continually evolving. And the competition is always a step closer to capturing
More informationUS Tax Reform YOUR QUESTIONS ANSWERED
US Tax Reform YOUR QUESTIONS ANSWERED 2 The changes to the tax code have driven many corporate entities to reexamine their tax strategies and the associated impacts. Seizing the Tax Reform Opportunity
More informationBase Erosion Profit Shifting (BEPS)
Base Erosion Profit Shifting (BEPS) Base Erosion Profit Shifting (BEPS) The world continues to evolve and nations are becoming increasingly connected. Domestic tax laws have not kept pace with the evolution
More informationGlobal Innovation Centers. Invested in Innovation, Invested in the Future
Global Innovation Centers Invested in Innovation, Invested in the Future BNY Mellon Innovation Centers are changing the way we work. At BNY Mellon Innovation Centers, we re incubating new ideas and technologies
More informationTHE US MARKET IS RIPE FOR DISRUPTION FROM MULTI-ASSET INVESTING
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationINSIGHT BROAD OPPORTUNITIES STRATEGY
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationRIGHTSOURCING FINDING THE BEST BUSINESS MODEL FOR YOUR ASSET MANAGEMENT AND RELATED OPERATIONS
RIGHTSOURCING FINDING THE BEST BUSINESS MODEL FOR YOUR ASSET MANAGEMENT AND RELATED OPERATIONS 1 // RIGHTSOURCING This report examines the key decisions that U.S. and international asset owners must consider
More informationSupplemental Leverage Ratio May Change Following Concerns From US Banks SECURITIES FINANCE REGULATORY UPDATE
Supplemental Leverage Ratio May Change Following Concerns From US Banks SECURITIES FINANCE REGULATORY UPDATE The regulatory landscape for the securities lending and repo markets looks set to undergo limited
More informationUS Economics. RBC Capital Markets, LLC Jacob Oubina Director, Senior US Economist (212) ; ECONOMICS I RESEARCH
ECONOMICS I RESEARCH US Economics October 2015, LLC Jacob Oubina Director, Senior US Economist (212) 618-7795; jacob.oubina@rbccm.com For Required Conflicts Disclosures, please see the back of this document.
More information2019 Outlook: Don t Fight the PBOC
2019 Outlook: Don t Fight the PBOC December 18, 2018 by Team of VanEck Jan van Eck, CEO, shares his investment outlook. Watch Now Don t fight the Fed is an old investing mantra, suggesting that investments
More informationThe Aerial View Fixed Income & Markets Update
The Aerial View Fixed Income & Markets Update November Asset Class Performance While stocks rallied last month, fixed income endured mixed fortunes Growing expectations of a more aggressive Fed in 2018
More informationWhy Most Equity Mutual Funds Underperform and How to Identify Those that Outperform
Why Most Equity Mutual Funds Underperform and How to Identify Those that Outperform January 26, 2016 by C. Thomas Howard, PhD Why do most active equity mutual funds underperform? I have researched this
More informationThe Benefits of Utilizing Depositary Receipts PHARMACEUTICALS & BIOTECHNOLOGY / HEALTH CARE EQUIPMENT & SERVICES SECTORS
The Benefits of Utilizing Depositary Receipts PHARMACEUTICALS & BIOTECHNOLOGY / HEALTH CARE EQUIPMENT & SERVICES SECTORS 1 // THE BENEFITS OF UTILIZING DEPOSITARY RECEIPTS Introduction An active area of
More information2018 H1 Taiwan Life Insurance Market Overview
2018 H1 Taiwan Life Insurance Market Overview I. Life Insurance Industry Business and Financial Overview A. Business Statistics The life insurance industry in Taiwan recorded NTD 1,750.1 billion in total
More informationLetter from Linda. December 31, Valuations Have Declined Below Historical Averages
December 31, The last four months of were the most eventful for the U.S. stock market in years. After peaking on 9/20, the S&P 500 Index declined just shy of 20% by 12/24. This was the largest drop since
More informationA PATH FORWARD. Insights from the 2010 RIA Benchmarking Study from Charles Schwab
A PATH FORWARD Insights from the 2010 RIA Benchmarking Study from Charles Schwab The year 2009 marked a turning point for registered investment advisors. As an era of rapid growth came to an end, advisors
More informationRussell Survey on Alternative Investing
RUSSELL RESEARCH THE 25-26 Russell Survey on Alternative Investing A SURVEY OF ORGANIZATIONS IN NORTH AMERICA, EUROPE, AUSTRALIA, AND JAPAN EXECUTIVE SUMMARY OF KEY FINDINGS Looking for Answers In 1992,
More informationDetecting Red. Flags in a Company. By Gregory Ang, Research Analyst 1/12/2013. NUS Students Investment Society NATIONAL UNIVERSITY OF SINGAPORE
Detecting Red 1/12/2013 Flags in a Company By Gregory Ang, Research Analyst NUS Students Investment Society NATIONAL UNIVERSITY OF SINGAPORE Introduction Analyzing a company can be misleading. Easy as
More informationTransforming Super Into a Superior Benefit
THE CORPORATE SUPERANNUATION CONSULTANTS Transforming Super Into a Superior Benefit Richard Matsinger DISCLAIMER The information contained within this presentation is intended to provide general advice
More informationThe Truth about Top-Performing Money Managers
The Truth about Top-Performing Money Managers Why investors should expect and accept periods of poor relative performance By Baird s Advisory Services Research Executive Summary It s only natural for investors
More informationEvercore ISI Company Survey Update: U.S. Inventories Too Low
Company Surveys Company Survey Report July 16, 2018 Oscar Sloterbeck 212-446-9423 Oscar.Sloterbeck@evercoreisi.com James Walsh 212-446-9483 James.Walsh@evercoreisi.com Charlene Saltzman 212-446-9480 Charlene.Saltzman@evercoreisi.com
More informationThe Aerial View Fixed Income & Markets Update
The Aerial View Fixed Income & Markets Update About Last Night This week s declines in US equities were erased by yesterday s sharp gains VIX up 30% in recent weeks, but still low by historic standards
More informationHPLR Cash Machine. By A.J. Brown.
By A.J. Brown www.secretoftrading.com RISK DISCLOSURE STATEMENT / DISCLAIMER AGREEMENT Trading any financial market involves risk. This report and all and any of its contents are neither a solicitation
More informationTAKING TIME TO REFLECT
TAKING TIME TO REFLECT Significant forces shaped the fixed income and repo markets in new ways in 216. Have you had time to slow down and reflect on what has changed? At a recent webinar, BNY Mellon Markets
More informationThe Truth About Top-Performing Money Managers
The Truth About Top-Performing Money Managers Why investors should expect and accept periods of poor relative performance By Baird s Advisory Services Research Executive Summary It s only natural for investors
More informationThe Long Hard Slog BY JASON M. THOMAS
Economic Outlook August 26, 2011 The Long Hard Slog BY JASON M. THOMAS Economic data received since the end of July point to an economy that is substantially weaker than most observers would have anticipated
More informationSafe ACH Processing Myths and Facts
Safe ACH Processing Myths and Facts This white paper discusses: Fraud Statistics ACH Processing Myths & Facts NatPay s Insurance & Security NatPay s Yearly Audits NatPay s Funding/Timing Options Fraud
More informationBright Africa - Private Equity
2016 Table of contents Private equity fundraising over time 02 1 2 3 4 Africa s private equity geographic focus Africa s private equity sector focus Listed EV/EBITDA multiples 02 03 04 5 Private equity
More informationFTT Non-technical answers to some questions on core features and potential effects
FTT Non-technical answers to some questions on core features and potential effects 1. Is the FTT a tax on stock exchange transactions? How is it different from British stamp duty? The proposed FTT goes
More informationNewsletter for June 2016
Newsletter for June 2016 This month we are going back to Jeetu Panjabi, our regular guest contributor. Jeetu has a valid and interesting insight on how the global nominal GDP growth had slowed down since
More informationMid Cap: A Sweet Spot for Performance
EDUCATION Equity 101 CONTRIBUTORS Fei Mei Chan Director Index Investment Strategy feimei.chan@spglobal.com Craig Lazzara, CFA Managing Director Global Head of Index Investment Strategy craig.lazzara@spglobal.com
More informationCorporates. Credit Quality Weakens for Loan- Financed LBOs. Credit Market Research
Credit Market Research Credit Quality Weakens for Loan- Financed LBOs Analysts William H. May +1 212 98-32 william.may@fitchratings.com Silvia Wu +1 212 98-598 silvia.wu@fitchratings.com Mariarosa Verde
More informationAs featured in May 2017 A DIFFERENTIATED. Written by Jessica Ferlaino
2 As featured in May 2017 A DIFFERENTIATED APPROACH Advanced Research Investment Solutions (ARIS) is a boutique investment advisory firm located in Beverly Hills, California that utilizes an innovative
More informationCEE Capital Markets & Fixed Income Trading Ideas. September, 2014 Zachary Carvell, Head of Institutional Solutions & Product Management
& Fixed Income Trading Ideas September, 2014 Zachary Carvell, Head of Institutional Solutions & Product Management Some people are scared of spiders August 14 2 ..some people are scared of mice.. August
More informationPrivate Wealth Management. Financial Health Checklist
Private Wealth Management Financial Health Checklist Financial Checkup Being physically healthy requires more than just a well-balanced diet and regular exercise. Similarly, true financial health entails
More informationCROWDBUREAU CORPORATION TERMS OF USE. Last Update: December 10, 2017 ACCEPTANCE
CROWDBUREAU CORPORATION TERMS OF USE Last Update: December 10, 2017 ACCEPTANCE This website, www.crowdbureau.com, (the Website ), is owned and operated by CrowdBureau Corporation, a Delaware corporation.
More information2017 Investment Management Fee Survey
CALLAN INSTITUTE Survey 2017 Investment Management Fee Survey U.S. Institutional Fund Sponsors and Investment Managers Table of Contents Executive Summary 1 Key Findings 2 Respondent Group Profile 4 Total
More informationThe Waiting: Wage Growth and Inflation Finally Getting in Gear?
The Waiting: Wage Growth and Inflation Finally Getting in Gear? October 10, 2017 by Liz Ann Sonders of Charles Schwab Key Points Hurricanes impacted job growth; but not unemployment or wages, which both
More informationShared Wisdom. To be effective advisors, it s more valuable to ask all the right questions than to have all the right answers.
Shared Wisdom To be effective advisors, it s more valuable to ask all the right questions than to have all the right answers. Here s an example. The owner of a very substantial family business engaged
More informationAugust Macro Update: Slowing Growth in Employment and Consumption
August Macro Update: Slowing Growth in Employment and Consumption August 5, 2017 by Urban Carmel of The Fat Pitch The bond market agrees with the macro data. The yield curve has 'inverted' (10 year yields
More informationCREATIVE COMMONS MERCHANDISING POLICY
CREATIVE COMMONS MERCHANDISING POLICY Plain English Summary Creative Commons Trademarks belong to Creative Commons but can be used with permission. CC will provide CC-marked schwag for giving away at launch
More informationNorth Carolina Supplemental Retirement Plans First Quarter 403 (b) Performance Review. June 2015
North Carolina Supplemental Retirement Plans First Quarter 403 (b) Performance Review June 2015 Agenda Capital Markets Review First Quarter Performance Appendix Capital Markets Review Performance Summary:
More informationQ and Year-end Commentary: Markets Finish More Mixed than Headlines Suggest
Q4 2014 and Year-end Commentary: Markets Finish More Mixed than Headlines Suggest Overview The final quarter turned out to be the most interesting of 2014. It was packed with news headlines and market
More informationInvestors Missing Out on Global Fixed Income Opportunities, According to New BNY Mellon Survey
NEWS RELEASE Ben Tanner 212 635 8676 ben.tanner@bnymellon.com Investors Missing Out on Global Fixed Income Opportunities, According to New BNY Mellon Survey - Retail investors who work with financial advisors
More informationOne of the underpinnings of the gain in risk assets since last fall has been the firming signs of synchronized global growth.
The Aerial View Fixed Income & Markets Update Looking at the Economic Tea Leaves Global GDP estimates remain positive, although other data has been more mixed recently Overall strong US data needs confirmation
More informationQ Earnings Conference Call
Q3 2018 Earnings Conference Call November 15, 2018 John Vincic, Investor and Media Relations E: jvincic@dundeecorporation.com (647) 402-6375 1 Legal Disclosures The content of this document is for informational
More informationPRIVATE OFFERING MEMORANDUM
[INSERT COMPANY LOGO HERE] PRIVATE OFFERING MEMORANDUM NEW HEDGE FUND US LLC (a Delaware Limited Liability Company) Membership Interest Offering under Regulation D Rule 506(c) to Accredited Investors Only
More information2017 Q2 Small Business Credit Outlook
2017 Q2 Small Business Credit Outlook Stuck In Low Gear The data continues to signal more of the same that we ve seen for the past 8 years. Subpar growth means expansion can continue for the foreseeable
More informationSustainable Investing
Sustainable Investing Putting your money to work for purpose and performance Coen Brouwer, Director, BlackRock 23 May, 2017 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY Global growth in sustainable
More informationDifferent Classes Of Divergence
Russ Horn Presents Different Classes Of Divergence RISK DISCLOSURE STATEMENT / DISCLAIMER AGREEMENT Trading any financial market involves risk. This report and all and any of its contents are neither a
More informationThe role of Green Bonds in financing climate change mitigation Cooling the climate debate conference, Paris, 10/30/2015
The role of Green Bonds in financing climate change mitigation Cooling the climate debate conference, Paris, 10/30/2015 Sustainable Banking, Girard Mathilde Rose Antoine Crédit Agricole fully committed
More informationInvestment Bulletin. Brexit: positioning your portfolio
Investment Bulletin 5 October 2018 Brexit: positioning your portfolio With just six months to go before the UK is due to leave the EU and the shape of the country s future relationship with the continent
More informationIPAA PRIVATE CAPITAL CONFERENCE
PRIVATE CAPITAL CONFERENCE January 2017 IMPORTANT DISCLOSURES The information contained herein is provided by Prudential Capital Group ( PCG ). This document may contain confidential information and the
More informationSEPTEMBER 2016 EXPERT VIEW ESG IN CREDIT: APPLYING EXCLUSION CRITERIA TO INVESTMENT PORTFOLIOS
FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. This strategy is offered by Insight North America LLC (INA) in the United States. INA is part of Insight Investment. Performance
More informationMarket Analysis / Second Quarter 2016 I NDEPENDENT W EALTH M ANAGEMENT
Market Analysis / Second Quarter 2016 I NDEPENDENT W EALTH M ANAGEMENT Market Review Global stock markets were relatively calm for most of the quarter until everything changed in June. Upending most forecasts
More informationSynchronized Global Slowdown
January 29, 2019 Economics Morning Economic Report Jaewoo Nakajima Dick Rippe Ed.hyman@evercoreisi.com jaewoo.nakajima@evercoreisi.com dick.rippe@evercoreisi.com Stan Shipley Sean Zhang francesca.ponziani@evercoreisi.com
More informationThe Aerial View. Clues Within the Curves. Fixed Income & Markets Update
The Aerial View Fixed Income & Markets Update Clues Within the Curves Yield curve continues to flatten on anticipated Fed rate hikes amid absent inflation and wage growth Aggressive flattening may indicate
More informationWhat s in a Star Rating? How we look beyond performance to evaluate a fund
For Financial Advisor and Current Client Use Only What s in a Star Rating? How we look beyond performance to evaluate a fund F Jeff Ptak, CFA President & Chief Investment Officer Morningstar Investment
More informationMinding the Millennials
Minding the Millennials November 6, 2015 Sal Guatieri Senior Economist BMO Capital Markets Corp. (416) 359-5295 sal.guatieri@bmo.com Please refer to pages 10 to 12 for Important Disclosures. Echo Boom
More informationALTERNATIVE INVESTMENT SOLUTIONS SERVE INVESTOR NEEDS AND UNCOVER A GROWTH OPPORTUNITY
ALTERNATIVE INVESTMENT SOLUTIONS SERVE INVESTOR NEEDS AND UNCOVER A GROWTH OPPORTUNITY DIVERSIFY CLIENT ASSETS AND DIFFERENTIATE YOUR BUSINESS COMPREHENSIVE AND FLEXIBLE ALTERNATIVE INVESTMENT SOLUTIONS
More informationRecession Risk Remains Low
Recession Risk Remains Low November 5, 2018 by Urban Carmel of The Fat Pitch Summary: The macro data from the past month continues to mostly point to positive growth. On balance, the evidence suggests
More informationPREQIN SPECIAL REPORT: REAL ESTATE FUND MANAGER OUTLOOK H alternative assets. intelligent data.
PREQIN SPECIAL REPORT: REAL ESTATE FUND MANAGER OUTLOOK H2 2017 alternative assets. intelligent data. PREQIN SPECIAL REPORT: REAL ESTATE FUND MANAGER OUTLOOK FOREWORD Our latest survey of private real
More informationFINDING THE SILVER BULLET FOR MARGIN COMPRESSION 2nd edition. by Greg Wempe, Chief Client Officer, Kasasa
FINDING THE SILVER BULLET FOR MARGIN COMPRESSION 2nd edition by Greg Wempe, Chief Client Officer, Kasasa AUTHOR S NOTE: In the first edition of this paper, I addressed concerns that community financial
More informationFUNDMARKET INSIGHT REPORT
FUNDMARKET INSIGHT REPORT MAY 214 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q1 214 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the end
More informationTrading Forex Using High Probability Pattern Trade
Presents Trading Forex Using High Probability Pattern Trade Trading Forex Using High Probability Pattern Trade Published by Alzaiak Trading CC Nominee Old Tree Publishing CC Suite 509, Private Bag X503
More informationUtilizing ETFs To Build Your Business
Utilizing ETFs To Build Your Business Capitalizing on the Popularity and Efficiencies of ETFs Chris McHaney, CFA Vice President & Portfolio Manager BMO ETFs & Global Structured Investments BMO Asset Management
More informationFinancial Professional Outlook
Russell Market Research Financial Professional Outlook DATE March 2011 AUTHOR Kevin Bishopp Director, Practice Management COUNTRY United States SYNOPSIS Russell s quarterly survey of financial advisors
More informationTop Considerations Before Hiring a Private Wealth Manager
Special Commentary Top Considerations Before Hiring a Private Wealth Manager Hiring a private wealth manager can seem like a complicated decision. This is especially the case for those who may not have
More informationTradeology Presents. News And Trading
Tradeology Presents News And Trading News And Trading Published by Alaziac Trading CC Suite 509, Private Bag X503 Northway, 4065, KZN, ZA www.tradeology.com Copyright 2014 by Alaziac Trading CC, KZN, ZA
More informationCCTrack Solutions White Paper A New Age for Quantitative Trading
CCTrack Solutions White Paper A New Age for Quantitative Trading US ending QE policy will change the environment for Systematic vs. Discretionary traders as cash and volatility become more important Size
More informationNORTH YORKSHIRE COUNTY COUNCIL PENSION FUND COMMITTEE 26 FEBRUARY 2015 PERFORMANCE OF THE FUND'S PORTFOLIO FOR THE QUARTER ENDING 31 DECEMBER 2014
NORTH YORKSHIRE COUNTY COUNCIL PENSION FUND COMMITTEE 26 FEBRUARY 2015 PERFORMANCE OF THE FUND'S PORTFOLIO FOR THE QUARTER ENDING 31 DECEMBER 2014 Report of the Treasurer 1.0 PURPOSE OF REPORT 1.1 To report
More informationMain Street Report Q3 2018
Q3 2018 1 About the report The Experian/Moody s Analytics Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as providing commentary around
More informationPublic Sector Debt. Quick Hit Record net portfolio investment in January. FICC Strategy. Chart 2: Cheaper loonie attracts foreign buying
1999 1 3 7 9 11 13 1 17 19 FICC Strategy Quick Hit Record net portfolio investment in January March 18, 19 - (Vol. III, No. 36) Foreign net buying of Canadian securities returned in January with a vengeance.
More informationThe Impact of MiFID II for IROs: An Industry Panel Discussion 17 October 2017 Event Summary
On the 17 th October 2017, Nasdaq Corporate Solutions in association with the Investor Relations Society hosted an event The Impact of MiFIDI II for IROs: An Industry Panel Discussion at Nasdaq s London
More informationJanuary is now in the record books and while the waters were choppy near the end of the month, there were still many records set and broken.
The Aerial View Fixed Income & Markets Update Monthly Review A January to Remember 5.6% monthly gain in S&P 500 strongest performance since 1997 IG and HY tighter on the month, oil hits highest level since
More informationWEBSITE TERMS & CONDITIONS OF ACCESS & USE
WEBSITE TERMS & CONDITIONS OF ACCESS & USE Original Issue Date: June 2017 Approver(s): Board of Directors Owner(s): TTCM CAPITAL MARKETS LIMITED Contact Person: Chief Executive Officer Classification:
More informationINVESTMENT UPDATE. 8th September 2014
INVESTMENT UPDATE 8th September 2014 PERFORMANCE UPDATE ASSET CLASS REVIEW MOMENTUM WHAT RISK ARE YOU TAKING WITH YOUR MONEY? FINAL COMMENT PERFORMANCE UPDATE Stock markets were all up over the month,
More informationU.S. Banking Industry Liquidity Update. December 14, 2012
U.S. Banking Industry Liquidity Update December 4, Updated US banking industry LCR analysis Liquidity benchmarking results We have gathered proprietary bank data covering multiple time periods from eleven
More informationForex Trend Directive
FOREX GEMINI CODE Presents Forex Trend Directive Forex Gemini Code Published by Alaziac Trading CC Suite 509, Private Bag X503 Northway, 4065, KZN, ZA www.forexgeminicode.com Copyright 2014 by Alaziac
More informationHow Hedge Funds Can Grow Assets in Today's Tough Environment
1 HOW HEDGE FUNDS CAN GROW ASSETS IN TODAY'S TOUGH ENVIRONMENT > www.novus.com > Illustration by Jenna Arts How Hedge Funds Can Grow Assets in Today's Tough Environment By Stan Altshuller According to
More informationWealth Range Model Portfolios. Snapshot review for the period ended June 2018
Wealth Range Model Portfolios Snapshot review for the period ended June 2018 Agenda Cash-Income Solution (Cash+1%) Wealth Preserver Solution (CPI+3%) Wealth Enhancer Solution (CPI+5%) Wealth Accumulator
More informationPREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private equity industry continues to grow and evolve,
More informationTreasury s Role in Transforming Accounts Payable Into a Profit Center
Treasury s Role in Transforming Accounts Payable Into a Profit Center SYNOPSIS A white paper written & produced by Accounts Payable ( A/P ) is rarely funded at a level that matches other finance areas.
More informationMonthly Chartbook MAY 2016
Monthly Chartbook MAY 2016 Introduction Central bank policy over the last several years has become increasingly linked to financial markets. As you can see in our first chart, the S&P 500 (green line)
More informationMears Terms and Conditions of Use Agreement. Agreement Between Customer and Mears. Use of the Website. Prohibitions on Misuse
Mears Terms and Conditions of Use Agreement Agreement Between Customer and Mears Thank you for accessing the website located at mears.com, mearstransportation.com, mearsglobal.com, mearstaxi.com, or one
More informationA Recession Is Not On The Way
A Recession Is Not On The Way June 2, 2018 by Urban Carmel of The Fat Pitch June Macro Update: Unemployment Claims at a 49 Year Low Summary: The macro data from the past month continues to mostly point
More informationOutlook Intact, Despite Tariff Risk
Steel 232 232 Retaliation China 301 301 Retaliation (E) Tax Cuts Spending Repatriated Profits (E) M A R K E T P E R S P E C T I V E Keith Lerner, CFA, CMT Managing Director, Chief Market Strategist SunTrust
More informationThe Difficulty with Portable Alpha: Finding the Alpha
The Difficulty with Portable Alpha: Finding the Alpha Dave Tsujimoto Director, Alternative Investments Russell Investment Group Important Information Copyright 2006 Russell Investment Group. All rights
More informationBin Yuan Capital China Greater China Strategy Fourth Quarter 2016
Bin Yuan Capital China Greater China Strategy Fourth Quarter 2016 Market Review The Chinese stock markets had another challenging year in 2016 after an already bumpy 2015. The A-share market started by
More information