P R E S E N T S. U.S. Economic Outlook Virtuous Growth
|
|
- Ralf Page
- 6 years ago
- Views:
Transcription
1 P R E S E N T S U.S. Economic Outlook Virtuous Growth December 2013
2 Presenter Robin Wehbé, CFA, CMT Director (617) Robin is the Lead Portfolio Manager on the Global Natural Resources Long/Short Opportunity strategy, Dreyfus Natural Resources Fund and the Global Natural Resources and Global Long/Short Sector Equity strategies. He also serves as an Equity Research Analyst on The Boston Company s Global Research Team, covering the energy sector and leading the natural resources analyst team. Before joining the firm, Robin was a Research Analyst at State Street Global Advisors, covering the basic materials sector. He first started working at the company on the Global Macro Strategy Team. He holds a BS from Lehigh University and an MBA and an MSF from the Carroll School of Management at Boston College. He holds both the Chartered Financial Analyst and the Chartered Market Technician designations. He is a member of the Boston Security Analysts Society and The Market Technicians Association. 2 CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.
3 Agenda Deflationary Pressures 4 Reinvestment Story 9 Oil Example As A Deflationary Pressure 13 Appendix: Commodity Investments as an Inflation Hedge 21 3
4 Deflationary Pressures 4
5 China GDP (Quarterly % Change) Slow Growth In China China GDP vs. CRB Spot Index (3/31/00-9/30/13) CRB Spot Index China GDP (Constant Prices %YoY) China GDP (IMF Forecast) CRB Index 5 Source: FactSet Research Systems, IMF Database. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
6 Yield (%) Rising Interest Rates Should Strengthen USD & Benefit Growth Companies YR US Treasury Yield November November Bernanke's Tapering Comments - 5/22/13 6 Source: FactSet Research Systems. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
7 Natural Gas Production (Dry Gas in Trillion Cubic Feet (Tcf) U.S. Energy Production Growth U.S. Oil & Natural Gas Production 12/31/1973-7/31/2013 (Monthly) Oil Production (in Million Barrels per Day (MM b/d)) U.S. Natural Gas (Smoothed 12-Month) U.S. Oil (Smoothed 12-Month) 7 Source: data from Ned Davis Research. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
8 Percent of Nominal GDP (%) Healthy Consumer Bodes Well For Future GDP Growth 110% Components of GDP 90% 70% 50% 30% 10% -10% Net Exports Government Investment Consumption 8 Source: Bloomberg; as of 1/31/13. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
9 Reinvestment Story 9
10 US Corporate Profits ($bil) U.S. Corporations Remain Healthy 2,300 U.S. Corporate Profits vs. S&P 500 Total Debt as a % of Total Equity December 1998 September , ,900 1,700 1,500 1,300 1, S&P 500 Total Debt as a % of Total Equity Corporate Profits ($bil) S&P Debt as a % of Total Equity 10 Source: FactSet Research Systems. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
11 U.S. Has Deferred Capital Spending Over the Past Decade 20.0% Gross Fixed Capital Formation as a % of GDP 19.5% 19.0% 18.5% 18.0% 17.5% 17.0% 16.5% % of GDP 11 Source: Federal Reserve Economic Data. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
12 10YR US Treasury Yield (%) Rising Rates Hurt Dividend Yield Stocks YR US Treasury Yield vs. S&P 500 Cumulative Excess Return of Bond Proxies Versus Non-Bond Proxies November 2008 October 2013 (Monthly) 15% % 0% -8% -15% -23% Cumulative Excess Return (%) % US 10YR Treasury Yield Cumulative Excess Return - S&P 500 Equal Weighted Bond Proxies vs. Non-Bond Proxies 12 Source: FactSet Research Systems. Bond Proxies = REITs, Consumer Staples, Utilities & Telecommunication Services; Non-Bond Proxies = Financials ex-reits, Consumer Discretionary, Energy, Information Technology, & Industrials. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
13 Oil Example As A Deflationary Pressure 13
14 Price per Barrel Growing Returns the Old-Fashioned Way Price of Crude Oil (West Texas Intermediate) $160 $140 Narrowed price range focuses Energy companies on returns and growth $120 $100 $80 $60 $40 $20 $0 Price (weekly) 10-week moving average 50-week moving average 14 Source: Bloomberg, July 1999 April Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
15 Energy Thrives Beyond Oil Price Book Evolutionary lower risk Exploiting known resources differently Vast opportunity (shale and deep water) Upstream capex $700 bln for x the level of the entire 1990s * Demand is at level of elasticity and natural gas is a looming threat Prevents price-spike crisis supports a stable price outlook 15 *Source: Barclays. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
16 Price of Oil ($s per barrel) Worldwide Upstream Capital Spending (Inflation-Adjusted) 120 $ 800, Price weakness too short-lived to constrain capital spend 700, , , , , , , Worldwide Investment Brent Crude Oil Price 16 Source: Barclays, as of March Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
17 MMBOE Offshore Discoveries 30,000 25,000 Discoveries are a lead on cap spend trend has legs 20,000 15,000 10,000 5,000 0 Brazil GOM* India Middle East/ N. Africa North Sea SE Asia W. Africa ROW 17 *Gulf of Mexico. Source: Deutsche Bank and Wood MacKenzie, as of December Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
18 mmboe Period of Energy Underinvestment at an End Decades-long production declines are reversing U.S. Field Production of Crude Oil (Thousands Barrels per Day) Gulf Coast (PADD 3) West Coast (PADD 5) Midwest (PADD 2) Rocky Mountain (PADD 4) East Coast (PADD 1) 18 Source: Energy Information Administration, as of June 30, Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
19 mmboe Demand at Point of Elasticity 60 Oil consumption (m bbls per day) Oil consumption when >3% of GDP Oil consumption when >6.5% of GDP Oil expenditures as a % of GDP 9% 40 Demand Destruction 6% 20 Demand Support 3% - 0% 19 Source: Data from Bloomberg, as of June 30, Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
20 Price Ratio BTU equivalent Price Incentive for Natural Gas to Take Oil Market Share Energy equivalence 6: Source: Data from Bloomberg, as of December Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Past performance is not a guarantee for future performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
21 Appendix: Commodity Investments As An Inflation Hedge 21
22 Average Monthly Return (%) Commodity Investments As An Inflation Hedge Commodity-exposed equities have done the job in all inflation regimes 3.0 Average Monthly Return by Inflation Regime: January December < -2% (14) -2-0% (17) 0-2% (87) 2-5% (222) > 5% (176) Deflation Inflation Rate (Number of Months) Inflation CRB Commodity Index S&P 500 Natural Resources Equities S&P 500 Index 22 Sources: St. Louis Fed, Commodity Research Bureau, FactSet. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance should not be taken as any guarantee or other assurance of future results. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
23 Return Commodity Investments Through The Cycle CRB Commodity Index ranges in a wide band around inflation 30% Rolling 3-Year Returns, % 20% 15% 10% 5% 0% -5% -10% -15% U.S. Inflation CRB Commodity Index 23 Sources: St. Louis Fed, Commodity Research Bureau, FactSet. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance should not be taken as any guarantee or other assurance of future results. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
24 Return Commodity Investments Through The Cycle Natural Resources Equities follow a more positive long-term trajectory 30% Rolling 3-Year Returns, % 20% 15% 10% 5% 0% -5% -10% -15% U.S. Inflation CRB Commodity Index S&P 500 Natural Resources Equities 24 Sources: St. Louis Fed, Commodity Research Bureau, FactSet. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance should not be taken as any guarantee or other assurance of future results. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
25 Cumulative Excess Return Downside Protection Can Bring High Opportunity Cost Commodities have lagged in equity market rallies 100% Pre 1980 s S&P 500 vs. CRB Index - Cumulative Excess Return Equity Market Rallies* ( ) 400% Post 1980 s S&P 500 vs. CRB Index - Cumulative Excess Return Equity Market Rallies* ( ) 80% 350% 300% 60% 250% 40% 200% 150% 20% 100% 0% 50% 0% -20% -50% 9/66-11/68 6/70-12/72 9/74-12/76 2/78-11/80 (Oil Crisis) 7/82-8/87 11/87-5/90 10/90-12/98 8/98-8/00 9/02-10/07 (China Boom) 2/09-12/12** Average Cumulative Excess Return = 53.8% Average Cumulative Excess Return = 137.2% 25 Source: Morningstar, Bloomberg. *Equity market (S&P 500 total return) recoveries from declines of 10% or more, trough to subsequent peak. **2009 rally has not reached peak at this point. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance should not be taken as any guarantee or other assurance of future results. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
26 Correlation Commodity/Equity Correlation is Unpredictable 0.8 S&P - CRB Rolling 36-Month Correlation Falling Markets Rising Markets S&P vs. CRB Index - Rolling 36 Month Correlation 26 Source: Morningstar, Bloomberg. September 1967 December Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. Past performance should not be taken as any guarantee or other assurance of future results. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
27 Asset Weight (%) Ann. Return (%) Commodities Sit Well Below An Efficient Portfolio Set Multi-Asset Class Efficient Frontier * Max Sharpe Curve Flattens LB Corp Return/Risk ratio inverts LB Long Govt NR Index S&P 500 EAFE R2000 EM 6 4 CRB Ann. Volatility (%) 100.0% Asset Weightings of Portfolios by Volatility Level 80.0% CRB Only at the lowest risk tolerance do commodities warrant a portfolio allocation 60.0% 40.0% 20.0% S&P 500 NR Index MSCI EM MSCI EAFE R2000 LB Long Govt 0.0% 6.5% 6.9% 8.0% 9.0% 10.0% 11.0% 12.5% 15.0% 17.5% 20.0% 23.8% Projected Volatility Level (%) LB Corp Projected Return Source: Bloomberg. *Efficient Frontier based on historical monthly returns as follows: EAFE, S&P 500, Natural Resources Index, and CRB Index Jan70-May13; Barclay s Corporate Bond Index, Barclay s Long Government Bond Index Jan76-May13; Russell 2000 Jan79-May13; MSCI Emerging Markets Index Jan88-May13. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. Please see benchmark descriptions at the end of this book. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
28 Benchmark Descriptions Barclay s US Corporate Bond Index The Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. Barclay s US Long Government Bond Index This Index includes fixed income securities issued by the U.S. Treasury (not including inflation-protected bonds) and U.S. government agencies and instrumentalities, as well as corporate or dollar-denominated foreign debt guaranteed by the U.S. government, with maturities greater than 10 years. CRB Commodity Index A commodity futures price index that measures the overall direction of commodities. MSCI EAFE The MSCI EAFE Index measures the performance of developed equity markets, excluding the United States and Canada. It aims to capture 85% of the total market capitalization. MSCI EM The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010 the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Russell 2000 The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index. It includes approximately 2,000 of the smallest companies based on a combination of their market cap and current index membership. S&P 500 The S&P 500 Index measures the performance of the large-cap segment of the U.S. equity market with approximately 75% coverage of U.S. equities. S&P 500 Natural Resources Equities Comprises those companies included in the S&P 500 that are classified as Natural Resources companies. 28 Sources: Barclays Global Investors; Commodity Research Bureau; MSCI; Russell Investments; Standard & Poor s
29 Disclosure This publication or any portion thereof may not be copied or distributed without prior written approval from The Boston Company Asset Management, LLC (TBCAM). Statements are correct as of the date of the material only. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorized. The information in this publication is for general information only and is not intended to provide specific investment advice or recommendations for any purchase or sale of any specific security. Any statements of opinion constitute only current opinions of TBCAM, which are subject to change and which TBCAM does not undertake to update. Due to, among other things, the volatile nature of the markets and the investment areas discussed herein, they may only be suitable for certain investors. Some information contained herein has been obtained from third party sources that are believed to be reliable, but the information has not been independently verified by TBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment
Economic Forecast 2018
Economic Forecast 2018 Economic Outlook 2018 Featured Speaker: Daniel Morgan Senior Portfolio Manager This report has been prepared from sources and data believed to be reliable but is not guaranteed to
More informationTracking the Growth Catalysts in Emerging Markets
Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved
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 informationForecasting Emerging Markets Equities the Role of Commodity Beta
Forecasting Emerging Markets Equities the Role of Commodity Beta Huiyu(Evelyn) Huang Grantham, Mayo, Van Otterloo& Co., LLC June 23, 215 For presentation at ISF 215. The opinions expressed here are solely
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationGLOBAL EQUITY MARKET OUTLOOK
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS 2017 was an excellent year for international equities, particularly EM. We favor the United States and EM equities for tactical global asset allocations
More informationFreedom Quarterly Market Commentary // 2Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange
More informationGrowing Hardy Inflation Hedges With Natural Resource Equities
Growing Hardy Inflation Hedges With Natural Resource Equities By Robin Wehbé, CFA, CMT Portfolio Manager Global Natural Resources The Boston Company Asset Management, LLC A strengthening U.S. dollar will
More informationDecember 2014 Economic Outlook. All data as of November 30, 2014 unless otherwise noted.
December 2014 Economic Outlook All data as of November 30, 2014 unless otherwise noted. -4-2 0 2 4 6 8 10 12 14 16 18 20 22 24 Economic Outlook and Capital Markets Slow growth has characterized the current
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
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 informationGLOBAL EQUITY MARKET OUTLOOK: FAVOR U.S.; STICK WITH EM
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS U.S. economic and earnings growth continue to stand out globally and support our positive view of U.S. equities. We continue to see upside potential
More informationNORTH AMERICAN UPDATE
NORTH AMERICAN UPDATE December 6 th, 2018 INNOVATION INSIGHT GROWTH SINCE 1968 TOUGH YEAR FOR RETURNS AROUND THE WORLD Index Year-to-date Performance MSCI World -1.2% MSCI USA 3.9% MSCI Canada -3.9% MSCI
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 informationDoes Economic Growth in Emerging Markets Drive Equity Returns?
Does Economic Growth in Emerging Markets Drive Equity Returns? Conrad Saldanha, CFA Portfolio Manager Emerging Market Equities August 00 Conventional wisdom suggests that a country s economic growth should
More informationDIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
More informationCapturing Opportunity, Managing Risk
EVOLVING WORLD GROWTH FUND Capturing Opportunity, Managing Risk An Active Approach to Emerging Markets Investing THE CALAMOS DOCTRINE As the global marketplace changes, successfully investing for growth
More informationSummit Strategies Group
April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationRally in Emerging Market Equities Peaking, or Just Beginning?
Rally in Emerging Market Equities Peaking, or Just Beginning? Charlie Wilson, phd Portfolio Manager September 2017 Emerging market stocks should be a permanent part of portfolio allocation. But for those
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationINSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: A Primer on Emerging Markets Equities
INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: A Primer on Emerging Markets Equities By Philip M. Fabrizio, CFA, CFP, Area Assistant Vice President and Allen Liu, Analyst Introduction
More informationSummit Strategies Group
As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationEmerging & Frontier Markets Expanding the Opportunity Set
NORTHERN TRUST 2010 INSTITUTIONAL CLIENT CONFERENCE Reaching for the New Gold Standard of Investing Emerging & Frontier Markets Expanding the Opportunity Set Moderator: Julia Bristow Briggs Senior Investment
More informationQuarterly Investment Update
Quarterly Investment Update Second Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter
More informationEconomic and Financial Markets Monthly Review & Outlook Detailed Report October 2017
Economic and Financial Markets Monthly Review & Outlook Detailed Report October 17 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Overview of the Economy Business and economic confidence indicators
More informationQ2 Quarterly Market Review Second Quarter 2015
Q2 Quarterly Market Review Second Quarter 2015 Quarterly Market Review Second Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins
More informationEconomic and Financial Markets Monthly Review & Outlook Detailed Report January 2018
Economic and Financial Markets Monthly Review & Outlook Detailed Report January 1 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Overview of the Economy Business and economic confidence continue to
More informationThe Myth of Diversification: Risk Factors vs. Asset Classes
The Myth of Diversification: Risk Factors vs. Asset Classes Sébastien Page, CFA Executive Vice President April 2011 PIMCO Canada will retain PIMCO LLC as a subadvisor. PIMCO Canada Corp., 120 Adelaide
More informationMarket Review and Outlook. Todd Centurino, CFA
Market Review and Outlook Todd Centurino, CFA Q1 2017 Global Economy: On the Upswing Ranked Returns (%) Emerging Market Equities 11.40 European Equities 7.40 US Equities 6.10 Global Bonds 2.00 US Treasuries
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationGLOBAL MARKET OUTLOOK
GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no
More informationPortfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios
Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationSummit Strategies Group
May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57
More informationSummit Strategies Group
June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2
More informationSummit Strategies Group
August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More information2018 Emerging Markets Outlook Rally In EM Equities to Continue Particularly for Emerging Asia
2018 Emerging Markets Outlook Rally In EM Equities to Continue Particularly for Emerging Asia January 8, 2018 The natural question in the minds of most equity investors after the 30%+ returns in 2017 is:
More informationEmerging Market Debt Outlook
Emerging Market Debt Outlook Live Webcast hosted by: Luz Padilla Portfolio Manager Emerging Markets Fixed Income Fund (DBLEX/DLENX) June 15, 2010 Fund Offerings Emerging Markets Fixed Income Fund Retail
More informationT. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018
T. Rowe Price Funds Supplement to the following summary prospectuses, each as dated below (as supplemented) Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationVantage Investment Partners. Quarterly Market Review
Vantage Investment Partners Quarterly Market Review First Quarter 2016 Quarterly Market Review First Quarter 2016 This report features world capital market performance and a timeline of events for the
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More informationDividends in Emerging Markets: Buy the High, Sell the Low
Allianz Global Investors White Paper Series January 2017 Dividends in Emerging Markets: Buy the High, Sell the Low Investors are clamoring for income via bond and equity strategies in the wake of today
More informationFreedom Quarterly Market Commentary // 3Q 2017
m ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 3Q 2017 THIRD QUARTER HIGHLIGHTS DRIVERS Earnings continue to improve worldwide. PERFORMANCE Equity and fixed income markets post positive
More informationA Country Picker's Market
A Country Picker's Market February 12, 2018 by Christopher Dhanraj of ishares It s a country picker s market. The most synchronized global economy in a decade comes with an unusual counterpart: the most
More informationCalamos Evolving World Growth Fund
calamos.com Calamos Evolving World Growth Fund Companies Not Countries, an Innovative Approach Driven by Independent Thinking 2 CALAMOS EVOLVING WORLD GROWTH FUND Calamos Investments is a global investment
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell
More informationQuarterly Market Review
Q4 Quarterly Market Review Fourth Quarter 2011 Quarterly Market Review Fourth Quarter 2011 This report features world capital market performance in the last quarter. It begins with a global overview, then
More informationQuarterly Market Review. First Quarter 2015
Q1 Quarterly Market Review First Quarter 2015 Quarterly Market Review First Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins with
More information3rd Research Conference Towards Recovery and Sustainable Growth in the Altered Global Environment
3rd Research Conference Towards Recovery and Sustainable Growth in the Altered Global Environment Erdem Başçı Governor 28-29 April 214, Skopje Overview: Inflation and Monetary Policy Retail loan growth
More informationFreedom Quarterly Market Commentary // 1Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 1Q 2018 FIRST QUARTER NOTABLES DRIVERS The return of volatility PERFORMANCE Equity and fixed income markets experience losses, though just
More informationCosa ci riserva il 2008?
Cosa ci riserva il 28? Scenari e previsioni per l anno in corso Keith Wade Capo Economista The US economy today A re-assessment of risk De-leveraging Financial sector Real economy Historical precedents
More informationAddress City State Zip Phone Fax. First Name Last Name Suffix. Address City State Zip Phone Fax
Assumptions Plan Date Schedule Plan Review 6 months 1 year Other Client Marital Status Single Married Domestic Partner Long-term inflation rate Social Security increase rate Personal Data Client A Information
More informationThe Impact of Falling Energy Prices
INSIGHTS The Impact of Falling Energy Prices December 2014 203.621.1700 2014, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY * Energy prices, particularly crude oil, have fallen significantly in the
More informationCFI Multi-Strategy Equity Fund, LLC Objective and Strategy September 30, 2015
Objective and Strategy OBJECTIVE To offer an actively managed, multi-manager investment program that will provide broad exposure to global equity markets. The fund seeks to add value net of fees above
More informationAuthored by: John C. Bailer, CFA, Joseph R. Duffy & W. Charles Cook, CFA. October 2016
October 2016 Caution: Playing It Safe Poses Hidden Dangers Authored by: John C. Bailer, CFA, Joseph R. Duffy & W. Charles Cook, CFA Against a backdrop of elevated investor anxiety, defensive and high dividend
More informationInvestment Research Team Update
Economic & Market Commentary Market Update February 2015 February was a great month for global stocks! The S&P 500 ( large cap stocks) was up 5.7% and small stocks (Russell 2000) gained 5.9%. The jobs
More informationQuarterly Investment Update
Quarterly Investment Update Third Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter
More informationDan Miller - Advice & Portfolio Specialist Dan Wanstreet, CFA - Senior Advice & Portfolio Specialist
Dan Miller - Advice & Portfolio Specialist Dan Wanstreet, CFA - Senior Advice & Portfolio Specialist January 2018 Recap U.S. equities started the year off on a positive note, as recently passed tax reform
More informationSeeking Diversification Through Emerging Markets July 2009
Seeking Diversification Through Emerging Introduction The ongoing shakeout in global markets has had far-reaching consequences for equities across the world. For developed market investors seeking diversification
More informationFOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION.
2018 Global Market Outlook Press Briefing GLOBAL FIXED INCOME Mark Vaselkiv Portfolio Manager, CIO, Fixed Income November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED
More informationMarket Update: Broad Market Returns and Indicators
Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either
More informationEric C. Elbell, CFA, CAIA Area Senior Vice President. Kyongdo Min, CPA, CFA Area Vice President. April 11, 2018
Eric C. Elbell, CFA, CAIA Area Senior Vice President Kyongdo Min, CPA, CFA Area Vice President April 11, 2018 Agenda We will address three key topics: Headline events that impacted markets during the quarter
More informationMarket Correlations: Trade-Weighted Dollar
Market Correlations: Trade-Weighted Dollar March 11, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationLatin America Equities
Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12
More informationEmerging market equities
November 22, 2010 Emerging market equities Jean-Pierre Talon, FSA, FICA Introduction Focus of this presentation is to set out the rationale for a strategic bias toward emerging market equities Consider
More informationBoston Partners Managed Mutual Funds
Percentile Rankings vs. Morningstar Category: June 0, 08 Strategy Institutional Shares Ticker Overall Morningstar Rating Return Rank Return Rank Return Rank Return Rank Return Rank BP All-Cap Value Fund
More information749 Gateway Suite 501 Abilene, Texas nd Quarterly Review 2016
749 Gateway Suite 501 Abilene, Texas 79602 325-672-9230 www.compasstx.com 2 nd Quarterly Review 2016 Quarterly Market Review Second Quarter 2016 This report features world capital market performance and
More informationA LONG-TERM CASE FOR EMERGING MARKETS
A LONG-TERM CASE FOR EMERGING MARKETS An Extraordinary Long-Term Opportunity Emerging markets have displayed significant evolution in terms of economic development and capital markets deepening in the
More informationMarket Briefing: Global Markets
Market Briefing: Global Markets July 6, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box Table Of Contents Table
More informationAsset Allocation THE CHANGING FACE OF EMERGING MARKETS
PRICE PERSPECTIVE February 218 In-depth analysis and insights to inform your decision-making. Asset Allocation THE CHANGING FACE OF EMERGING MARKETS EXECUTIVE SUMMARY Emerging markets have evolved, and
More informationStrategist s Handbook: Chart Updates
Strategist s Handbook: Chart Updates February 1, 1 Dr. Edward Yardeni 1-2- eyardeni@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of Contents Stock Prices 1 S&P
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 17, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 13 13 Figure
More informationSpotlight on Emerging Markets Small Caps. SBH Quantitative International Team Research
Spotlight on Emerging Markets s SBH Quantitative Team Research 1st QUARTER 219 KEY POINTS Emerging markets () small cap equities, while currently absent from many investors portfolios, can provide a valuable
More information2016 Investment Outlook: Crosscurrents
216 Investment Outlook: Crosscurrents January 13, 216 MODERATED BY: Celia Dallas Chief Investment Strategist Wade O Brien Managing Director, Global Investment Research Christopher Hunter Managing Director,
More informationNationwide Funds. A Nationwide Financial White Paper. Executive summary
Nationwide Funds A Nationwide Financial White Paper Emerging Markets Executive summary Emerging market economies have experienced faster population and economic growth than developed markets; a trend that
More informationGlobal Equity Strategy Report
Global Investment Strategy Global Equity Strategy Report April 26, 2017 Stuart Freeman, CFA Co-Head of Global Equity Strategy Scott Wren Senior Global Equity Strategist Analysis and outlook for the equity
More informationRBC STRATEGIC GLOBAL DIVIDEND LEADERS ETF
GLOBAL EQUITY ETF RBC STRATEGIC GLOBAL DIVIDEND LEADERS ETF December 31, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationFreedom Growth Overview // 1Q 2018
m ASSET MANAGEMENT SERVICES Freedom Growth Overview // 1Q 2018 OBJECTIVE COMMENTARY 1 After a lengthy period of relative stability in the capital markets, the first quarter of 2018 marked the return of
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 14, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure
More informationWEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, Index definitions available upon request. 1 of 5. Total Return (%)
WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, 2018 U.S. Equity Index Level 1 Week MTD QTD YTD 1 Year Global Equity USD 1 Week MTD QTD YTD 1 Year S&P 500 2,762 (3.81) (2.16) 3.44 3.44 23.54 DJIA 25,521 (4.11)
More informationLOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY. msci.com
LOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI Emerging Markets Index is designed to represent the performance of large-
More informationMarket Briefing: Daily Markets Overview
Market Briefing: Daily Markets Overview September 25, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at blog. thinking outside the box Table Of Contents
More informationWisdomTree Emerging Markets Equity Income Fund (DEM) Receives 5-Star Overall Morningstar Rating TM
WisdomTree Emerging Markets Equity Income Fund (DEM) Receives 5-Star Overall Morningstar Rating TM Beating 99 Emerging Market Funds as of 9/30/10 1 Fund Focuses on Dividend-Paying Stocks of the Emerging
More informationNEWTON GLOBAL EMERGING MARKETS STRATEGY
July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of
More informationFinancial stability risks: old and new
Financial stability risks: old and new Hyun Song Shin* Bank for International Settlements 4 December 2014 Brookings Institution Washington DC *Views expressed here are mine, not necessarily those of the
More informationGMO. CFA Society, Victoria. September 30, Arjun Divecha. North America Europe Asia-Pacific
North America Europe Asia-Pacific CFA Society, Victoria September 30, 2010 Arjun Divecha Proprietary information not for distribution beyond intended recipient. Overview San Francisco Boston London Zurich
More informationWORKING TOGETHER Design Build Protect
WORKING TOGETHER Design Build Protect 2018 LWI Financial Inc. All rights reserved. LWI Financial Inc. ( Loring Ward ) is an investment adviser registered with the Securities and Exchange Commission. Securities
More informationGlobal Economic Indictors: CRB Raw Industrials & Global Economy
Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
More information