Government Pension Fund Global
|
|
- Marlene Cobb
- 5 years ago
- Views:
Transcription
1 Government Pension Fund Global Annual report 218 Oslo, 27 February 219
2 8,256 billion kroner in the fund Market value as at Billions of kroner 9, Value Percentage share 8,256 9, 8, Equity investments 5, Real estate investments , 7, 6, Fixed-income investments 2, , 6, Fixed income 5, 4, 5, 4, Real estate 3, 3, Equity 2, 2, 1, 1,
3 Inflow again in 218 Before management fees. Billions of kroner Inflow/outflow Average inflow since
4 3,666 billion kroner in total return As at Billions of kroner 9, 1,263 9, 8, 8, 7, 7, 6, 5, 3,666 6, 5, Krone rate 4, 3, 4, 3, Return 2, 1, 3,327 2, 1, Inflow (after management costs) -1, , 4
5 Return of -485 billion kroner in 218 Accumulated return as at Billions of kroner 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 3,666 4,5 4, 3,5 3, 2,5 2, 1,5 1,
6 -6.1 percent return in 218 Measured in the fund s currency basket. Percent % Annual return % -1 Accumulated annualised return since Q % % Since %
7 -9.5 percent in equity return in 218 Measured in the fund s currency basket. Percent Aksjer -1-1 Eiendom Equity investments 19.4% -9.5% Fixed-income investments 3.3%.6% Unlisted real estate investments 7.5% 7.5% Totalt 13.7% -6.1% Renter 7
8 The fund s real return Key figures measured in the currency basket. Annualised. Percent 218 Past 5 years Past 1 years Since Return on fund Annual inflation Annual management fees Annual net real return
9 226 billion kroner in cash flow Billions of kroner Fixed income Unlisted real estate Equity
10 Negative relative return in 218 Annual relative return of the fund. Percentage points Annual relative return.25% Q % % -.3% Accumulated annualised relative return -4 Since %
11 Negative contribution from all strategies in 218 Contribution. Since 213 figures are annualised. Percentage points Strategy Since 213 Fund allocation Security selection Asset management Total
12 Expected value fluctuations Expected volatility. Billion kroner (left axis) and percent (right axis) Risk measured in kroner Risk measured in percent Dec Dec Dec
13 Value fluctuations in a longer perspective Billion kroner (left axis) and percent (right axis) Risk measured in percent (left axis) Risk measured in kroner (right axis)
14 Financial markets in
15 Equity markets in 218 Measured in USD. Indexed ( = 1) FTSE Global All Cap (global) Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Source: Bloomberg 15
16 Equity markets in 218 Measured in USD (Stoxx in EUR). Indexed ( = 1) FTSE Global All Cap (global) S&P 5 (USA) MSCI Asia Pacific (Asia) Stoxx Europe 6 (Europe, EUR) 85 FTSE Global All Cap (global) S&P 5 (USA) MSCI Asia Pacific (Asia) Stoxx Europe 6 (Europe, EUR) Stoxx Europe 6 (Europe, USD) 4Q % -13.5% -11.1% -11.5% -12.8% % -4.4% -13,.% -1.3% -14.6% 8 8 Dec-17 Mar-18 Jun-18 Sep-18 Dec Stoxx Europe 6 (Europe, USD) Source: Bloomberg 16
17 Equity markets in 218 and year-to-date Measured in USD (Stoxx in EUR). Indexed ( = 1). As at FTSE Global All Cap (global) S&P 5 (USA) Dec-17 Mar-18 Jun-18 Sep-18 Dec MSCI Asia Pacific (Asia) Stoxx Europe 6 (Europe, EUR) Stoxx Europe 6 (Europe, USD) Source: Bloomberg 17
18 Emerging equity markets in 218 Measured in USD. Indexed ( = 1) FTSE All Cap FTSE EM 4Q % -6.1% % -13.2% FTSE All Cap FTSE EM Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Source: Bloomberg 18
19 Emerging equity markets in 218 and year-to-date Measured in USD. Indexed ( = 1). As at FTSE All Cap FTSE EM Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 8 Source: Bloomberg 19
20 Different stock sectors in 218 Measured in USD. Indexed ( = 1) 13 Health care Utilities Oil and gas Consumer goods Basic materials Q %.5% -21.1% -1.9% -13.8% % 1.% -13.8% -15.1% -16.5% 12 Basic materials Consumer goods 1 1 Utilities Health care 9 9 Oil and gas 8 8 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Source: FTSE 2
21 Different stock sectors last five years Measured in USD. Indexed ( = 1) 275 Technology Health care Utilities Telecommunications Oil and gas % 2.3% 1.% -1.% -13.8% 5 years (annualised) 12.7% 8.7% 6.3%.1% -4.8% Technology 2 2 Health care Utilities Telecommunications Oil and gas Source: FTSE 21
22 Development 1-year government bond yields Percent US Germany Japan UK Italy Spain Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Source: Bloomberg 22
23 Still large holdings with negative rates Percent of fixed-income investments Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 23
24 Currency markets in 218 Measured against USD. Indexed ( = 1)* EUR 1 1 GBP JPY 95 EUR GBP JPY 95 4Q % -2.3% 3.5% % -5.9% 2.7% 9 9 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 * Declining curve indicates weaker exchange rate against USD Source: WM Reuters 24
25 Currency markets in 218 Emerging markets. Measured against USD. Indexed ( = 1)* BRL RUB MXN CNY TRY 4Q % -5.6% -5.%.2% 12.9% % -17.% -.7% -5.2% -28.7% Brazil Russia Mexico China Turkey 5 5 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 * Declining curve indicates weaker exchange rate against USD Source: WM Reuters 25
26 The real estate portfolio Billions of kroner Listed real estate investments Unlisted real estate investments
27 Annual real estate investments Billions of kroner Disposals New investments Total
28 New real estate investments in 218 Office and retail Location Share (percent) Transaction amount (local currency) Transaction amount (NOK) 3 Warwick Street 25. GBP 28.8 million.3 billion 6 Holborn Viaduct 1. GBP million 3.4 billion rue la Boétie 1. EUR million 4 billion 79 avenue des Champs-Elysées 1. EUR 613. million 6 billion 51 Boylston Street 49.9 USD 29.9 million 2.5 billion 121 Seaport Boulevard 45. USD 24.8 million 1.7 billion 28
29 New real estate investments in Warwick Street, London 6 Holborn Viaduct, London rue la Boétie, Paris 79 avenue des Champs-Elysées, Paris 51 Boylston Street, Boston 121 Seaport Boulevard, Boston 29
30 Responsible investment 218 Environmental Social Governance 3
31 Stable internal management costs Management cost. Basis points Management cost 8 8 Internal management costs Internal management costs, excl. unlisted real estate
32 Costs Millions of kroner Salary, social security and other personnel-related costs 1,262 1,325 Custody costs IT services, systems, data and information Other costs Base fees to external managers Management fee excl. performance-based fees 3,872 3,84 Performance-based fees to external managers Management fee 4,544 4,728 32
33 Published on website 27 February Holding list GIPS report Monthly returns Main external service providers Overview of external managers Detailed tables on return and risk Approved issuers of government bonds 33
34 Public information available on our website Submissions to the Ministry of Finance Investment advice Discussion notes Analyses that may form the basis for the fund s investment strategy and advice to the Ministry of Finance Asset manager perspectives The fund s views and reflections on issues topical for the financial industry Expectations documents The fund s expectations to companies regarding specific focus areas Position papers Public reports The fund s position on specific ownership topics 34
35 Highlights The return was -6.1 percent in 218 Equity -9.5 percent Unlisted real estate 7.5 percent Fixed income.6 percent The return on the fund was -485 billion kroner The return on equity and fixed-income investments was.3 percentage point lower than the return on the benchmark index The market value of the fund fell to 8,256 billion kroner Asset allocation at the end of the year Equity 66.3 percent Unlisted real estate 3. percent Fixed income 3.7 percent 35
36 Government Pension Fund Global Annual report 218
GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT 2017
GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT 217 8,488 billion kroner in the fund Market value as at 31.12.217. Billions of kroner 8,488 9, 8, 7, Value Percentage share Equity investments 5,653 66.6 Fixed-income
More informationGOVERNMENT PENSION FUND GLOBAL
GOVERNMENT PENSION FUND GLOBAL THIRD QUARTER 218 26 OCTOBER 218 26/1/218 Market value increased to 8,478 billion kroner Billions of kroner. As at 3.9.218 9, Value Percentage share 9, 8, Equity investments
More informationPRESS CONFERENCE 2 November 2012
PRESS CONFERENCE 2 November 212 3Q 212 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner 4 3 5 Asset class Value Percentage fund Equities 2 247 6.3% 3 723 4 3 5 3 Fixed Income
More informationGOVERNMENT PENSION FUND GLOBAL
GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT 215 PRESS CONFERENCE OSLO, 9 MARCH 216 Market value As at 31.12.215. Billions of kroner 8, 7, Value Percentage share Equity investments 4,572 61.2 Fixed-income
More informationGOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT PRESS CONFERENCE 28 FEBRUARY 2014
213 GOVERNMENT PENSION FUND GLOBAL ANNUAL REPORT PRESS CONFERENCE 28 FEBRUARY 214 Market value Billions of kroner 6 6 5 5,38 5 Real estate investments 4 3,816 4 Fixed-income investments 3 3 Equity investments
More informationThe Current Risk Landscape. Axioma Insight Findings Melissa R. Brown, CFA
The Current Risk Landscape Axioma Insight Findings Melissa R. Brown, CFA About Axioma Axioma provides portfolio construction, risk modeling and performance attribution tools to asset managers and asset
More informationFOREIGN EXCHANGE RESERVES
FOREIGN Management of Norges Bank s foreign exchange reserves 17 AUGUST 17 REPORT FOR SECOND QUARTER 17 Contents Management of the foreign exchange reserves... 3 Foreign exchange reserves... Fixed income
More informationFOREIGN EXCHANGE RESERVES
FOREIGN Management of Norges Bank s foreign exchange reserves 4 16 FEBRUARY 17 REPORT FOR FOURTH QUARTER 16 Contents Management of the foreign exchange reserves... 3 The foreign exchange reserves... 4
More informationEconomic outlook. Address by Central Bank Governor Svein Gjedrem to invited foreign embassy representatives. Norges Bank 18 March 2004
Economic outlook Address by Central Bank Governor Svein Gjedrem to invited foreign embassy representatives Norges Bank 1 March SG Diplomat 1.. Long-term interest rates Per cent 15 1 9 Norway US Germany
More informationNBIM Quarterly Performance Report Second quarter 2007
NBIM Quarterly Performance Report Second quarter 2007 Government Pension Fund Global Norges Bank s foreign exchange reserves Investment portfolio Buffer portfolio Government Petroleum Insurance Fund Norges
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 informationINVESTMENT MANAGEMENT AT NORGES BANK DEPUTY GOVERNOR EGIL MATSEN
INVESTMENT MANAGEMENT AT NORGES BANK DEPUTY GOVERNOR EGIL MATSEN Copenhagen, 28 September 2017 Norges Bank s balance sheet 1) Norges Bank s balance sheet (excl. GPFG) 700 600 500 400 300 200 100 0 Foreign
More informationApril 21, U.S. equities 4 International equities 4 Sector Performance 5
April 21, 2017 Cross Market Overview 2 Equity Markets U.S. equities 4 International equities 4 Sector Performance 5 Fixed Income Markets U.S. fixed income returns 6 U.S. fixed income spreads 7 U.S equity
More informationMULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2
10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight
More informationP R O F E S S I O N A L S O N LY. Milan IFTA Conference "Sailing to the Future" October 2017
P R O F E S S I O N A L S O N LY Milan IFTA Conference "Sailing to the Future" October 2017 Frédéric Leroux Global Fund Manager Head of Cross Asset Team 2 The Importance of Being a Risk Manager 3 Over
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 informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationPerformance 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 informationGOVERNMENT PENSION FUND GLOBAL third QUARTER Q 2010
GOVERNMENT PENSION FUND GLOBAL third QUARTER 2 3Q 2 Third quarter of 2 in brief The Government Pension Fund Global returned 7.2 percent, or 199 billion kroner, in the third quarter, driven by gains in
More informationFOREIGN EXCHANGE RESERVES
Management of Norges Bank s foreign exchange reserves QUARTERLY REPORT 1 AUGUST 1 REPORT FOR SECOND QUARTER 1 CONTENTS Management of the foreign exchange reserves... 3 Size and composition... 4 Return...
More information1Q 18 GOVERNMENT PENSION FUND GLOBAL
1Q 18 GOVERNMENT PENSION FUND GLOBAL QUARTERLY REPORT /2018 HIGHLIGHTS First quarter 2018 in brief -1.5 % -171 billion kroner The Government Pension Fund Global returned -1.5 percent, or -171 billion kroner,
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More information2015 FUZZY DAY CONFERENCE Facts that are Not Facts. The US dollar Safe Haven Myth and the United States Hedge Fund.
2015 FUZZY DAY CONFERENCE Facts that are Not Facts The US dollar Safe Haven Myth and the United States Hedge Fund Alessio de Longis 1 The Role of Currency in Institutional Portfolios, edited by Momtchil
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationSKAGEN Tellus Statusrapport april 2017
SKAGEN Tellus Statusrapport april 2017 Key numbers as of 30 April 2017 (SEK, net of fees) April QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,03% 0,03% 0,24% 9,31% 6,62% 6,06% 5,55%
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More information1Q 16 GOVERNMENT PENSION FUND GLOBAL
1Q 16 GOVERNMENT PENSION FUND GLOBAL QUARTERLY REPORT /2016 HIGHLIGHTS First quarter 2016 in brief -0.6 % -85 Bn. KR The Government Pension Fund Global returned -0.6 percent, or -85 billion kroner, in
More informationExchanges Index Monthly Analysis
January 2019 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian
More informationFirst Quarter of the Fiscal Year Ending December 31, 2015 Unicharm Presentation Materials for Investor Meeting
First Quarter of the Fiscal Year Ending December 31, 2015 Unicharm Presentation Materials for Investor Meeting May 8, 2015 Takahisa Takahara President and CEO Unicharm Corporation Projections stated herein
More informationSKAGEN Tellus Status Report February 2017
SKAGEN Tellus Status Report February 2017 Key numbers as of 28 February 2017 EUR, net of fees February QTD 2016 1 years 3 years 5 years Since inception* SKAGEN Tellus 1,6% 0,7% 5,7% 5,5% 5,9% 4,7% 5,4%
More informationFinancial Results of FY2014 Third Quarter
Financial Results of FY2014 Third Quarter Mitsubishi Motors Corporation February 3, 2015 FY2014 Third Quarter Financial Results All-new Triton 1 FY2014 1-3Q Results Summary (vs. 1-3Q) Increased Year-on-year
More informationExchanges Index Monthly Analysis
February 2019 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian
More informationSKAGEN Tellus Statusrapport maj 2017
SKAGEN Tellus Statusrapport maj 2017 Key numbers as of 31 May 2017 SEK, net of fees May QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,37 % -1,9% 0,61 % 7,46 % 5,66 % 5,71 % 5,54 % JPM
More informationExchanges Index Monthly Analysis
March 2017 Including Quarterly Analysis FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and
More informationETF portfolio review, 30th September ETF portfolios with ESG overlay. market overview. portfolio performance
ETF portfolio review, 30th September 2017 market overview All our ETF portfolios performed better than s in September and all portfolios bar fixed-income continued to add to their gains year-to-date. Our
More informationVYMI Vanguard International High Dividend Yield ETF
Vanguard International High Dividend Yield ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: DWX, HDAW Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, High
More informationStrong Equity Inflows where Foreign Equities Benefit
Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 December 2015 Strong Equity Inflows where Foreign Equities Benefit Data in this report
More informationFund Performance - EUR March
Fund Performance - EUR March 31 2010 SCORECARD European Equity Pioneer Funds - Core European Equity A 18 Dec 2000 LU0119364239 3.44 6.22 11.86 50.48-7.70 1.91-2.66 Pioneer Funds - Core European Equity
More informationWeek 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
More informationExecutive Board meeting. 14 December 2011
Executive Board meeting December EU measures ECB Key policy rate has been reduced to. percent Measures: Liquidity operation with a maturity of months Reserve requirements reduced from to per cent Reduced
More informationDNB SICAV High Yield. Monthly report - March 2018
Monthly report - March 2018 140 120 100 80 60 40 20 0 (Net) BCGAXJPXC9 (Gross) Nov-15 May-16 Nov-16 May-17 Nov-17 Key figures Fund Index YTM 5.8 1.8 Effective duration 0.9 6.7 Credit duration 3.2 1.5 Volatility
More information2017 Fund holidays for Vanguard Investments Series plc
2017 Fund holidays for Vanguard Investments Series plc Vanguard Investment Series Plc (Irish-domiciled) *Effective 3 March 2014, Vanguard U.S. Opportunities Fund is closed to all new accounts; existing
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More informationBrazil: FX and Capital Markets Highlights of the Week
Brazil: FX and Capital Markets Highlights of the Week Monday, May 11, 1 International Market Reopens for Brazilian Issuances Brazilian currency appreciated again last week. Notwithstanding some depreciation
More informationKB Elite Multi Asset Growth Fund. Quarterly update, Q1 2014
KB Elite Multi Asset Growth Fund Quarterly update, Q1 2014 Key events in Q1 2014 January China releases economic data for 2013 showing slowest rate of growth since 1999 Russia hosts 2014 Winter Olympics
More informationFinancial Results for FY2014 First Half
Financial Results for FY2014 First Half Mitsubishi Motors Corporation October 29, 2014 FY2014 First Half Financial Results Outlander PHEV Concept-S 1 FY2014 Results Summary (vs. FY2013 ) Increased Year-on-year
More informationSchroder ISF European Equity Yield Discover yield and growth
Schroder ISF European Equity Yield Discover yield and growth * The Schroder ISF European Equity Yield (the Fund ) intends to make regular fixed distributions to investors and, if its income is insufficient
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationMonthly Market Snapshot
ly Market Snapshot NOVEMBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Equity markets recovered in November
More informationExchanges Index Monthly Analysis
December 2016 Including Quarterly Analysis FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and
More informationFX and Capital Markets
FX and Capital Markets Highlights of the Week June, 7 Weaker U.S. labor market boosts the BRL Brazilian currency rebounds Weaker figures on the U.S. labor market undermined the dollar against many currencies,
More informationThe Government Petroleum Fund Annual Report 2000
2000 The Government Petroleum Fund Annual Report 2000 May June July Aug. Sep. Oct. Nov. Dec. Table of contents Key figures 1996 2000 4 Introduction 5 The Government Petroleum Fund 1990-2000 7 Report 1.
More informationThe External Environment for Developing Countries
d Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The External Environment for Developing Countries January 2009 The World Bank Development Economics Prospects Group
More informationTrade Cost and Trade Flow MSCI World and MSCI North America constituents saw another month of net outflow in the resources sector
May 213 contact Asia Pacific +852.2846.35 Canada +1.416.874.9 EMEA +44.2.767.4 United States +1.212.588.4 info@itg.com www.itg.com Trade Cost and Trade Flow MSCI World and MSCI North America constituents
More informationTURKEY: RECENT DEVELOPMENTS January March 2018
TURKEY: RECENT DEVELOPMENTS January March 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationExchanges Index Monthly Analysis
January 2018 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian
More informationTURKEY: RECENT DEVELOPMENTS January June 2018
TURKEY: RECENT DEVELOPMENTS January June 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationCurrent Asset Review Period ended 31 December 2018
Current Asset Review Period ended 1 December 018 NET ASSET VALUE ASSET CLASS Net Asset Value S$.1 million Net Asset Value S$9.41 million NET ASSET VALUE - CURRENCY Net Asset Value S$.1 million Net Asset
More informationRisk Has Trended Down... So Should I Be Nervous?
Risk Has Trended Down... So Should I Be Nervous? Presentation to QWAFAFEW Melissa R. Brown, CFA Senior Director of Applied Research, Axioma January 8, 2013 Agenda Risk fell dramatically throughout 2012,
More informationFTSE Global Equity Index Series
FTSE Global Equity Index Series THE FTSE GLOBAL EQUITY INDEX SERIES With an unparalleled record of flexibility, transparency, consistent accuracy and the ability to meet any mandate, FTSE indices are already
More informationQuarterly Report. April June 2015
April June August 12, 1 1 Outline 1 2 Monetary Policy External Conditions 3 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks April-June 2 Monetary Policy Conduction in
More informationEconomic Outlook January, 2012
Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs
More informationNavigating the storm Investing in ideas to aid diversification
Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please
More informationSPILA Funds. Fund Performance Booklet. Performance Data. Risk Rating
Performance Data This booklet contains a number of different performance measures and time periods to help you assess the SPILA Funds fund range. The data used to arrive at the figures shown is provided
More informationCapturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
More informationWisdomTree & Currency Hedging FOR FINANCIAL PROFESSIONAL USE ONLY. FOR FINANCIAL PROFESSIONAL USE ONLY.
WisdomTree & Currency Hedging Currency Hedging in Today s World The influence of central bank policy Gauging the impact currency has had on international returns Is it expensive to hedge currency risk?
More informationAdvanced and Emerging Economies Two speed Recovery
Advanced and Emerging Economies Two speed Recovery 23 November 2 Bauhinia Foundation Research Centre Masaaki Shirakawa Governor of the Bank of Japan Slide 1 Japan s Silver Yen and Hong Kong s Silver Yuan
More informationProsper. Fund Performance Booklet. Performance Data. Risk Rating
Performance Data This booklet contains a number of different performance measures and time periods to help you assess the fund range. The data used to arrive at the figures shown is provided by Morningstar.
More informationMonetary Policy Report 1/12. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Percent. Q Q - - - - MPR / MPR / - - - - - 8 ) The output gap measures the percentage deviation between GDP
More informationEmerging markets FX and capital flows FX analyst Camilla Viland September 7th 2016
Emerging markets FX and capital flows FX analyst Camilla Viland September 7th 216 Stronger commodity currencies in 216 Argentine peso hammered EME trade weighted currencies JPMorgan indices, % change since
More informationGlobal Emerging Markets Fixed Income
Global Emerging Markets Fixed Income Amanda La Marca Product Specialist, Emerging Market Debt only intended for professional investors as defined by MiFID US$ billions AMFR_Ext_103_2014 2013 inflows into
More informationUpdate on charity funds
Newton charity seminar 2016 Update on charity funds Jeremy Wells June 2016 For Professional and Retail Charity clients only Please read the important information at the back of this material The opinions
More information32 % 39 % of all active managers outperformed their benchmark vs. 44% in 2017.
1 Informed Investor: Manager Monitor Q1 2018 Q1 2018: Difficult start of the year for active managers By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst Slight decline
More informationNavigating Emerging Market Turbulence
Navigating Emerging Market Turbulence Susan Rohe November 2018 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY Learning Objectives 1 Emerging markets: Looking beyond the volatility 2 Current landscape
More informationBrazil: FX and Capital Markets Highlights of the Week
Brazil: FX and Capital Markets Highlights of the Week Monday, April 7, 1 Currency flow remains positive Brazilian currency maintained the good performance of the previous weeks. The real kept last week
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationExchanges Index Monthly Analysis
May 2018 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities
More informationVolkswagen Group: Stability in Volatile Times
Volkswagen Group: Stability in Volatile Times Lennart Schmidt, Kai Otto, Ulrich Hauswaldt Volkswagen AG, Volkswagen Financial Services Commerzbank Investorday, Frankfurt, 16 September 2015 Disclaimer The
More informationMonetary Policy Report 3/12. Charts
Monetary Policy Report / Charts Chart. Key rates and estimated forward rates as at June and October.¹) Percent. January December ²) US Euro area³) UK 9 ) Broken lines show estimated forward rates as at
More informationThe FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Hellenic Exchanges SA
January 2013 The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd BM&F Bovespa Bolsa Mexicana
More informationGlobal Economic Prospects and the Developing Countries William Shaw December 1999
Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International
More informationShareholder Notification
Allianz Global Investors Fund Société d`investissement à Capital Variable Registered office: 6 A, route de Trèves, L-2633 Senningerberg R.C.S. Luxembourg B 71.182 Shareholder Notification The Board of
More informationExchanges Index Monthly Analysis
June 2018 Including Quarterly Analysis FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading
More informationExchanges Index Monthly Analysis
November 2018 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian
More informationSMSF Investment Seminar Sydney. 18 Oct 2010
SMSF Investment Seminar Sydney 18 Oct 2010 Important Notice This document has been prepared by Asian Masters Fund Limited (Asian Masters Fund). The material that follows is a presentation of general background
More informationFX and Capital Markets
FX and Capital Markets Highlights of the Week May, 7 BRL outperforms peer currencies during the week BRL remains virtually stable in a week of emerging market currencies depreciation Falling commodity
More informationExchanges Index Monthly Analysis
December 2017 Including Quarterly Analysis FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and
More informationMonthly Market Snapshot
ly Market Snapshot JANUARY 2017 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights The New Year continued with political
More informationThe Renminbi: Now in the Basket of Special Drawing Rights (SDR)
The Renminbi: Now in the Basket of Special Drawing Rights (SDR) Lawrence J. Lau 刘遵义 Ralph and Claire Landau Professor of Economics, The Chinese University of Hong Kong and Kwoh-Ting Li Professor in Economic
More informationCapital Market Press Conference 2013 / Frankfurt, 5 December 2013
Capital Market Press Conference 2013 / 2014 Frankfurt, 5 December 2013 Key financial figures of KfW Group (IFRS) 2013: Solid business performance, decreasing profit, very sound capital basis 2011 2012
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationChina and Hong Kong Forex Market Developments One-way appreciation carrying into the new year
China and Hong Kong Forex Market Developments One-way appreciation carrying into the new year January 218 Monthly publication Alicia Garcia Herrero Chief Economist Asia Pacific +852 39-868 alicia.garciaherrero@natixis.com
More informationPetroleum Fund of Timor-Leste
VOLUME 12 ISSUE XXXV Petroleum Fund of Timor-Leste Quarterly Report 31 December 2016 Inside This Report 1 Introduction 1 Executive Summary 2 Investment Mandate 2 Market Trends 4 Operational Management
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More informationChina and Hong Kong Forex Market Developments RMB made the nine-month peak and FX reserves further expanded
China and Hong Kong Forex Market Developments RMB made the nine-month peak and FX reserves further expanded August 217 Monthly publication Alicia Garcia Herrero Chief Economist Asia Pacific +852 39-868
More informationThe increasing importance of multi asset solutions genuine diversification to reduce total risk
The increasing importance of multi asset solutions genuine diversification to reduce total risk Ariconsult Vermögensverwaltungs-Symposium 17 September 2014 Richard Batty Fund Manager, Multi Asset This
More informationExchanges Index Monthly Analysis
October 2016 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian
More informationNOTICE TO HOLDERS OF SHARES OR UNITS IN THE FOLLOWING FUNDS
NOTICE TO HOLDERS OF SHARES OR UNITS IN THE FOLLOWING FUNDS Dear unit-holder or shareholder, Paris, 18 January 2018 The Management Company has decided to change the names of the funds shown in the table
More information