Market Update Reliance Japan Equity Fund (An Open Ended Diversified Equity Scheme)
|
|
- Chloe McKinney
- 6 years ago
- Views:
Transcription
1 Market Update Reliance Japan Equity Fund (An Open Ended Diversified Equity Scheme) Economy and Politics o Announcement season for FY2016 ending in March 2017 is nearly over. Nihon Keizai Shimbun (Nikkei) reported on the front page of its morning edition on May 13th that Japanese listed companies may be expected to post the record profits for two consecutive fiscal years in FY2017. o While there were a few negative factors including stronger Yen in FY2016, Japanese companies regained the confidence for their earning power, as the recovery in 2H enabled them to mark profit growth finally. According to the data aggregated by Nikkei, Japanese listed companies increased consolidated net profits for FY2016 (Apr-Mar) by +21% YoY. o Profit growth in FY2017 may be expected to be driven by electric appliance makers who regained global edge, as well as by trading conglomerates who are now supported by recovery in resource prices, while three major auto companies may expect profit declines due to severer competitions in the North America and decreasing effect from once-weaker Yen. Companies typically make earnings estimates based on conservative assumptions at first, which are in many cases revised up during the fiscal year unless there are major changes in the assumptions. As for FY2017, companies use an assumed exchange rate of 108 yen to USD on average, a bit firmer than current trading level of area. o That said, as far as USD/JPY FX rate is concerned, Japanese companies do not necessarily rely only on such conservativeness. They, at the same time, have become more resistant to strong Yen. Expected EPS of the Nikkei Stock Average constituent companies exceeded 1300 yen for the first time on May 10th at PER of 15.27, when the index closed at 19, and USD/JPY was at 114 area. On the other hand, expected EPS as of June 2015 was 1,250s at PER of 16.5, when the Nikkei was approaching 21,000 and USD/JPY was at 121 area. Based on our view that this is a proof of Japanese companies structural improvement to generate profits without excessive reliance on weak Yen, we may not think Japanese equities are overvalued even when the Nikkei exceeds 20,000. o Apart from their earning power, Japanese companies are at the same time promising from a perspective of development in corporate governance, we would think. o The topic of corporate governance has been less focused these days, compared to 2014 and 2015 when it gathered attention both domestically and internationally under the initiatives of Shinzo Abe s cabinet including the implementation of Japan s Corporate Governance Code. Moreover, some referred to the subject with a tone that corporate governance reform had turned out unsuccessful. That said, from a perspective of investment professionals, we have a feeling that the core of the reform is not yet completed. o Indeed, there are lots of changes and developments observed these days. For instance, the number of companies that set and disclose their target on ROE and payout ratio increased significantly in recent few years, and so did the number of companies to elect independent outside director/s. Total amount of shareholder return including share buybacks and dividends keeps on renewing the record since Japanese companies were typically notorious for low
2 o o o ROE. However, it is said that more than half of listed companies in Japan may possibly achieve their near-term target of 8+% ROE as at 1H announcements. In addition, as the Japan s Stewardship Code will be revised this year, investors eyes towards resolution matters at a company meeting are getting severer, and companies are thinking about shareholder return more proactively. According to the statistics on trading volume of TSE 1st section by investor type, foreign investors bought Japanese equities more than they sold for 5 straight weeks since the 1st week of April. This may be a resurgence of their interest in Japanese equities. Solid business performance and higher attention to shareholder return. Given the Japanese companies high cash balance, these may be the important points to note when watching the Japanese equity market for FY2017 ending in March Markets Overview (Apr 2017) o The Japanese stock market rebounded in April. o The market continued to drop in the beginning of the month, as the yen appreciated to the 108JPY/USD level on heightening geopolitical risks related to Syria and North Korea, and a comment by US President Donald Trump that the dollar was too strong. The Nikkei 225 fell to the low 18,000 level, marking its yearly low. However, the index rebounded towards the end of the month, as investor confidence improved, following the outcome of the first round of the French presidential election, and the fact that North Korea refrained from a major provocation. o The Nikkei 225 closed the month at 19,196.74( / +1.5% MoM), and TOPIX at 1,531.80( / +1.3% MoM). Among the 33 TOPIX index industry groups, Other Products, Construction, Real Estate, Retail Trade, and Rubber Products rose, while Oil and Coal Products, Marine Transportation, Mining, Fishery, Agriculture & Forestry, and Securities and Commodities Futures fell. Source: Bloomberg, RMF Internal Research. Data as on Apr 30, Outlook for Equity and Currency Markets o We may expect the market to continue to move in a relatively small range in May. o Concerns over President Trump s policies may limit the upside while continued improvements in US economic indicators and ETF purchases by the BOJ(Bank of Japan) may support the downside. o Company forecasts for FY2017 are somewhat bearish, due to uncertainty over the political and economic situation globally. We may expect market participants to become more focused on companies with clear competitive advantages, which may grow earnings whatever the business environment. Source: Bloomberg, RMF Internal Research.
3 Note: Past performance may or may not be sustained in future. Data as on Apr 30, Source: Bloomberg Note: Past performance may or may not be sustained in future. Data as on Apr 30, Source: Bloomberg
4 Japan Markets & Macro Updates: Indices Performance 28-Apr 31-Mar Abs. Change % Change YTD % Chg NIKKEI % 0.43% TOPIX % 0.87% NIKKEI 225 Top 5 Gainers Company 28-Apr 31-Mar Abs. Change % Change FURUKAWA ELEC Nonfer.Mtls 4,510 4, % KANSAI ELEC PWR Elec.Pwr&Gas 1,507 1, % SKY PERFECT JSAT Inf.&Com % KYOWA KIRIN Pharm. 1,912 1, % MINEBEA MITSUMI Elec. App. 1,611 1, % NIKKEI 225 Top 5 Decliners Company 28-Apr 31-Mar Abs. Change % Change TOHO ZINC Nonfer.Mtls % PIONEER Elec. App % JXTG HOLDINGS Oil&Coal P % FUJI ELECTRIC Elec. App % YAHOO JAPAN Inf.&Com % Currency 28-Apr 31-Mar Abs. Change % Change YTD % Chg JPY/USD % -4.58% JPY/INR % 0.90% Debt Markets Company 28-Apr 31-Mar Abs. % Change YTD % Chg 10yr JGB 0.015% 0.065% -0.05% -0.03% 20yr JGB 0.555% 0.630% -0.08% -0.02% Economic Indicator QoQ (annualized) Current Quarter Ago 2 Qtrs Ago 3 Qtrs Ago GDP (real) (Oct-Dec 16) (Jul-Sep 16) (Apr-Jun 16) (Jan-Mar 16) 1.20% 1.20% 2.20% 1.90% YoY Current Month Ago 2 Mths Ago 3 Mths Ago (Mar-17) (Feb-17) (Jan-17) (Dec-16) Industrial Production (mom,%) -2.10% 3.20% -2.10% 0.70% Core Machinery Orders (mom,%) 1.50% -3.20% 2.10% Overall Unemployment Rate 2.80% 2.80% 3.00% 3.10% Core CPI (yoy,%) 0.20% 0.20% 0.10% -0.20% Note: The above mentioned data is only for illustration purpose. Past performance may or may not be sustained in future. Source: Bloomberg
5 Reliance Japan Equity Fund - Portfolio Details (Apr 2017) Portfolio as on April 30, 2017 Company/Issuer Advertising % of Assets Dentsu Inc* 3.26 Apparel Retail Fast Retailing Co Ltd 3.15 Auto Parts & Equipment Sumitomo Elec Indust 3.07 Automobile Manufacturers Toyota Motor Corp 3.00 Building Products Daikin Industries Ltd 3.05 Chemicals Toray Industries Inc 3.20 Construction & Farm Machinery & Heavy Trucks Kubota Corp 3.15 Diversified Banks Mitsubishi UFJ Fin 3.02 Diversified Chemicals Mitsubishi Chemical 3.13 Diversified Real Estate Activities Daiwa House Industry* 3.22 Mitsui Fudosan Co 3.18 Electrical Equipment Nidec Corporation 3.10 Electronic Equipment & Instruments Hitachi Ltd 3.06 Food Products MEIJI Holdings Co. Ltd.* 3.28 Food Retail Seven And I Holdings* 3.36 Gas Utilities Tokyo Gas Co Ltd* 3.25 Household Durables Sony Corp* 3.25 IT Consulting & Other Services NTT Data Corporation 3.13 Integrated Telecommunication Services NTT Corp 3.10
6 Leisure Equipment & Products Shimano Inc* 3.32 Namco Bandai Holdings Inc 3.18 Other Diversified Financial Services Orix Corporation 3.13 Personal Products Kao Corporation 3.19 Professional Services Temp Holdings Co Ltd* 3.22 Property & Casualty Insurance Msand Ad Ins Group H 2.99 Railroads East Japan Railway* 3.23 Soft Drinks Suntory Beverage And Food Ltd* 3.34 Tires & Rubber Bridgestone Corp 3.22 Tobacco Japan Tobacco Inc 3.05 Trading Companies & Distributors Itochu Corporation 3.00 Cash and Other Receivables 5.16 Grand Total * Top 10 Holdings Sector Allocation Leisure Equipment & Products 6.49% Diversified Real Estate Activities 6.41% Food Retail 3.36% Soft Drinks 3.34% Food Products 3.28% Advertising 3.26% Household Durables 3.25% Gas Utilities 3.25% Railroads 3.23% Professional Services 3.22% Tires & Rubber 3.22% Chemicals 3.20% Personal Products 3.19% Construction & Farm Machinery & Heavy Trucks 3.15% Apparel Retail 3.15% Diversified Chemicals 3.13% IT Consulting & Other Services 3.13%
7 Other Diversified Financial Services 3.13% Electrical Equipment 3.10% Integrated Telecommunication Services 3.10% Auto Parts & Equipment 3.07% Electronic Equipment & Instruments 3.06% Tobacco 3.05% Building Products 3.05% Diversified Banks 3.02% Automobile Manufacturers 3.00% Trading Companies & Distributors 3.00% Property & Casualty Insurance 2.99% Grand Total 94.84% Note: The sectors mentioned in the table are not a recommendation to buy/sell in the said sectors. The scheme is currently holding investments in the said sectors and may or may not have future position in the same. The stocks mentioned form a part of the portfolio of the scheme and may or may not form a part of the portfolio in future. Please read Scheme Information Document carefully for more details and risk factors. Data as on Apr 30, 2017.
8 Product Label: This product is suitable for investors who are seeking*: PRODUCT LABEL Long Term Capital Growth investment in equity and equity related securities of companies listed on recognized stock exchange of Japan *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Scheme Specific Risk Factors: Trading volumes and settlement periods may restrict liquidity in equity and debt investments. Investment in Debt is subject to price, credit, and interest rate risk. Further, scheme is investing in Japan equity markets. Risk related to currency movement i.e., JPY vis-à-vis INR, risk related to taxation laws of Japan & changes therein are also applicable. The NAV of the Scheme may be affected, inter alia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The NAV may also be subjected to risk associated with investment in derivatives, foreign securities or script lending as may be permissible by the Scheme Information Document. Disclaimers: The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. Certain factual and statistical information (historical as well as projected) pertaining to Industry and markets have been obtained from independent third-party sources, which are deemed to be reliable. It may be noted that since Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) has not independently verified the accuracy or authenticity of such information or data, or for that matter the reasonableness of the assumptions upon which such data and information has been processed or arrived at; RNLAM does not in any manner assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect RNLAM s views or opinions, which in turn may have been formed on the basis of such data or information. Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision. None of the Sponsor, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Currency Abs. Change % Change YTD % Chg JPY/USD % -3.08% JPY/INR % -2.
+ + + + Japan Markets Indices Performance 31-Jan 31-Dec Abs. Change % Change YTD % Chg NIKKEI 225 23098.29 22764.94 333.35 1.46% 1.46% TOPIX 1836.71 1817.56 19.15 1.05% 1.05% NIKKEI 225 Top 5 Gainers
More informationReliance Capital Builder Fund II Series B (A Close Ended Equity Oriented Scheme)
Reliance Capital Builder Fund II Series B (A Close Ended Equity Oriented Scheme) Offer for Sale of Units at Rs.10/- per unit during the new fund offer period Tenure 3 years from the date of allotment of
More informationReliance Capital Builder Fund II Series C (A Close Ended Equity Oriented Scheme)
Reliance Capital Builder Fund II Series C (A Close Ended Equity Oriented Scheme) Offer for Sale of Units at Rs.10/- per unit during the new fund offer period Tenure 3 years from the date of allotment of
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - January
Japanese Stock Market Outlook SMAM monthly comments & views - January 2015 - Executive summary Japanese Economy SMAM forecasts the Japanese economy to bottom-out from the 1Q 2015 as private consumption
More informationPRODUCT LABEL This product is suitable for investors who are seeking*:
R*Shares Gold ETF An Open Ended Gold Exchange Traded Fund that tracks the domestic prices of gold through investments in physical gold PRODUCT LABEL This product is suitable for investors who are seeking*:
More informationReliance ETF Liquid BeES (Formerly R*Shares Liquid BeES) (An Open-Ended Liquid Scheme)
Reliance ETF Liquid BeES (Formerly R*Shares Liquid BeES) (An Open-Ended Liquid Scheme) 2 About - Reliance ETF Liquid BeES Investment objective The investment objective of the Scheme is to seek to provide
More informationJapan Fund Q1 Webex Update. April This presentation is for one-on-one use with professional investors only
Japan Fund Q1 Webex Update April 2015 This presentation is for one-on-one use with professional investors only www.polarcapital.co.uk Market And Performance Review For professional investor use only. Please
More informationMonthly Economic Report
Monthly Economic Report April 19, 2018 Copyright Mizuho Research Institute Ltd. All Rights Reserved. 1. The Japanese Economy: the business conditions DI deteriorated; FY2018 fixed investment plans were
More informationJapanese Stock Market Outlook. SMAM monthly comments & views ~ December 2014 ~
Japanese Stock Market Outlook SMAM monthly comments & views ~ December 2014 ~ Executive summary Japanese Economy Jul-Sep GDP came out at surprisingly weak headline number of -1.6% QoQ annualized. This
More informationFranklin Templeton Investment Funds Franklin Japan Fund. Fund Manager Report
Franklin Templeton Investment Funds Franklin Japan Fund Equity LU0116920520 Fund Manager Report Fund Characteristics Base Currency JPY Total Net Assets (JPY) 25,467,566,917 Fund Inception Date 01.09.2000
More informationReliance ETF Liquid BeES
Reliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in CBLO/Repo & Reverse Repo with daily Dividend and compulsory reinvestment of Dividend )
More informationReliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in CBLO/Repo & Reverse Repo with daily
Reliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in CBLO/Repo & Reverse Repo with daily Dividend and compulsory reinvestment of Dividend of
More informationSingle Stock Options: A Vibrant Sector of the Japanese Market. March, 2014 Japan Exchange Group
Single Stock Options: A Vibrant Sector of the Japanese Market March, 2014 Japan Exchange Group Agenda Recent Trends in the Options Market Japanese Options Specs Practical Trading Techniques Reference Copyright
More informationUltra Short Term Funds - UST
Ultra Short Term Funds - UST Oct 2016 Ultra Short Term Funds Ultra-short Term funds are Mutual Fund Schemes that maintains low duration and generally invest in fixed income securities with extremely short
More informationReliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in CBLO/Repo & Reverse Repo with daily
Reliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in CBLO/Repo & Reverse Repo with daily Dividend and compulsory reinvestment of Dividend )
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - November
Japanese Stock Market Outlook SMAM monthly comments & views - November 05 - Executive summary Japanese Economy Japanese economy is likely to stay under pressure from sluggish external demand for a while.
More informationReliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in Tri-Party Repo/Repo & Reverse Repo
Reliance ETF Liquid BeES (An open ended liquid scheme, listed on the Exchange in the form of an ETF, investing in Tri-Party Repo/Repo & Reverse Repo with daily Dividend and compulsory reinvestment of Dividend)
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - October
Japanese Stock Market Outlook SMAM monthly comments & views - October 2015 - Executive summary Japanese Economy Japanese economy was dragged by stalling private consumption and exports though extremely
More informationWisdomTree Japan SmallCap Dividend Fund (DFJ) Summary. Description. Historical prices (1 year) DIAMONDS* RATINGS* ETFG RISK RATING 3.
WisdomTree Japan SmallCap Dividend Fund (DFJ) Tearsheet as of 7:43 pm, April 26, 2014. Summary RATINGS* DIAMONDS* ETFG RISK RATING 3.97 ETFG REWARD RATING 5.39 Description WisdomTree Japan SmallCap Dividend
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - June
Japanese Stock Market Outlook SMAM monthly comments & views - June 2018 - Executive summary Japanese Economy Extremely cold winter and early spring ended in Japan. Consumer sentiment was negatively affected
More informationJapanese Stock Market Outlook. SMAM monthly comments & views -July
Japanese Stock Market Outlook SMAM monthly comments & views -July 2018 - Executive summary Japanese Economy GDP forecast for FY 2018 was slightly upgraded by 0.1% to 1.2% due mainly to higher starting
More informationCPSE ETF. An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] Product labels.
CPSE ETF An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Long-term capital
More informationMANAGED BY RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED (AN OPEN-ENDED INDEX EXCHANGE TRADED SCHEME) (RAJIV GANDHI EQUITY SAVINGS SCHEME (RGESS) $
MANAGED BY RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED (AN OPEN-ENDED INDEX EXCHANGE TRADED SCHEME) (RAJIV GANDHI EQUITY SAVINGS SCHEME (RGESS) $ QUALIFIED SCHEME September 2017 2 Introduction to Exchange
More informationJapan Economic Monthly
Japan Economic Monthly Signs of a Full-Scale Capital Expenditures Recovery among large Enterprises REI TSURUTA TOORU KANAHORI ECONOMIC RESEARCH OFFICE 1 SEPTEMBER (ORIGINAL JAPANESE VERSION RELEASED ON
More informationReliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme)
ssssssssss Reliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme) Contents What does Index Fund mean? Page 2 Reasons to Invest in Index Fund Page 2 Reliance Index Fund Sensex Plan Page 2
More informationAnalysis of Disclosure in Basic Policy Regarding Selection of Accounting Standards. Tokyo Stock Exchange, Inc.
Analysis of Disclosure in Basic Policy Regarding Selection of Accounting Standards Tokyo Stock Exchange, Inc. 1 I. Background Jun. 24, 2014 Japan Revitalization Strategy (Revised in 2014) 4) Promoting
More informationRBI Monetary Policy Update - RBI maintains the neutral stance with cautious outlook on inflation and growth
RBI Monetary Policy Update - RBI maintains the neutral stance with cautious outlook on inflation and growth In the latest policy meeting, the RBI kept the key policy rate unchanged at 6% and maintained
More informationFY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged -
REVISED to reflect the 2 nd QE for the Oct-Dec Qtr of 2017 FY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged - March 8, 2018 Copyright
More information3. Equity markets. (Chart 16) Global equity prices. (Chart 17) US equity market and crude oil price. (Chart 18) Equity prices of China-related sectors
. Equity markets Stock prices rose toward early March, but similar to the JGB markets, reflecting a more cautious outlook on the pace of economic recovery, had limited upward strength thereafter. The Nikkei
More informationDemonetization Drive: Biggest Economic Reform by the MODI Government
Demonetization Drive: Biggest Economic Reform by the MODI Government The historic demonetization move by the government is seen as a war on parallel economy, corruption, money laundering and to stop financing
More informationRisk Profile. Trust Facts
Legal & General Japan Index Trust Interim Manager s Short Report for the period ended 24 April 2017 Investment Objective and Policy The investment objective of this Trust is to track the capital performance
More informationMonthly Economic Insight
Monthly Economic Insight Prepared by : TMB Analytics Date: 22 February 2018 Executive Summary Synchronized global economic growth continued to brighten global economic outlook and global trade outlook.
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - November
Japanese Stock Market Outlook SMAM monthly comments & views - November 2017 - Executive summary Japanese Economy PM Abe led governing coalition parties won the lower house election on October 22nd. Current
More informationRBI Monetary Policy Update Status Quo on Rates
RBI Monetary Policy Update Status Quo on Rates After the cutting the rate by 25 bps in August policy, the RBI kept the key policy rate unchanged at 6% and maintained the neutral stance of monetary policy
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - August
Japanese Stock Market Outlook SMAM monthly comments & views - August 2016 - Executive summary Japanese Economy PM Abe announced yen 28 trillion fiscal stimulus, among which central and local government
More informationJPN Xtrackers Japan JPX-Nikkei 400 Equity ETF
Xtrackers Japan JPX-Nikkei 400 Equity ETF ETF.com segment: Equity: Japan - Total Market Competing ETFs: JPXN, DXJ, HJPX, DDJP, EWJ Related ETF Channels: Smart-Beta ETFs, Broad-based, Total Market, Single
More informationReliance ETF Long Term Gilt
Reliance ETF Long Term Gilt An Open Ended Index Exchange Traded Fund This product is suitable for investors who are seeking*: Product labels Income over long term Investments in Gilt Securities replicating
More informationJPN Xtrackers Japan JPX-Nikkei 400 Equity ETF
Xtrackers Japan JPX-Nikkei 400 Equity ETF ETF.com segment: Equity: Japan - Total Market Competing ETFs: JPXN, DXJ, HJPX, DDJP, EWJ Related ETF Channels: Smart-Beta ETFs, Total Market, Single Country, Fundamental,
More informationPortugal: surprise increase in 3Q GDP growth to 0.8% QoQ
December 6 ECONOMIC ANALYSIS Portugal: surprise increase in 3Q GDP growth to.8% QoQ Myriam Montañez The Portuguese economy grew by.8% QoQ in 3Q6, considerably more than expected (.3% QoQ). In contrast
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 informationCPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme]
CPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Long-term capital
More informationSCIJ Global X Scientific Beta Japan ETF
Global X Scientific Beta Japan ETF ETF.com segment: Equity: Japan - Total Market Competing ETFs: FJP, GSJY, QJPN, JHDG, EWJ Related ETF Channels: Multi-factor, Smart-Beta ETFs, Single Country, Total Market,
More informationThe Fund conducts its investment activities to achieve the investment performance linked to the Tokyo Stock Price Index (TOPIX).
Fund Description Open-ended Investment Trust, Japanese Equity, ETF, Index-Type The Fund conducts its investment activities to achieve the investment performance linked to the Tokyo Stock Price Index (TOPIX).
More informationJUST US Large Cap Diversified Index (JULCD) Calculation Methodology
JUST US Large Cap Diversified Index (JULCD) Calculation Methodology June 2018 Table of Contents 1 About JUST Capital... 3 2 Important References... 4 3 JUST US Large Cap Diversified Index (JULCD) Summary...
More informationRevised October 17, 2016
Revised October 17, 2016 60 ISM Manufacturing Purchasing Managers Index (September 2015 September 2016) 58 56 54 52 50 48 46 44 42 Sept-15 Oct Nov Dec Jan-16 Feb Mar Apr May Jun Jul Aug Sept Purchasing
More informationNews U Can Use. October 07, 2016
News U Can Use October 07, 2016 The Week that was 03 rd October to 07 th October Slide 2 Indian Economy Results of a private survey showed that India s manufacturing output grew at a slower pace in Aug
More informationOverview of Earnings for 1Q FY2014
Overview of Earnings for 1Q FY2014 Japan Exchange Group, Inc. July 25, 2014 I. Overview of Earnings for 1Q FY2014 (April 1 June 30, 2014) Highlights and FY2014 Forecast During 1Q FY2014, light trading
More informationEconomic Monthly [Japan]
Economic Monthly [Japan] A strong wage hike at the annual wage negotiations will be vital in overcoming deflation TOORU KANAHORI KEI SHIMOZATO ECONOMIC RESEARCH OFFICE 26 FEBRUARY 2018 (ORIGINAL JAPANESE
More informationRELIANCE RETIREMENT FUND An open ended notified tax savings cum pension scheme with no assured returns
RELIANCE RETIREMENT FUND An open ended notified tax savings cum pension scheme with no assured returns Lambi Innings Ki Taiyari 1 st Notified Retirement Fund Also Having Equity Oriented Scheme P o s i
More informationDXJS WisdomTree Japan Hedged SmallCap Equity Fund
WisdomTree Japan Hedged SmallCap Equity Fund ETF.com segment: Equity: Japan - Small Cap Competing ETFs: SCJ, DFJ Related ETF Channels: Smart-Beta ETFs, Dividend, Currency Hedged, Broad-based, Small Cap,
More informationPortugal: GDP growth forecasts for 2018 reviewed upwards to 1.7%
13 March 217 ECONOMIC ANALYSIS Portugal: GDP growth forecasts for 218 reviewed upwards to 1.7% Myriam Montañez Growth of the Portuguese economy in 4Q16 reached.6% QoQ 1, once again causing positive surprise
More informationTOREX SEMICONDUCTOR LTD. ( 6616 TSE 1st Section )
TOREX SEMICONDUCTOR LTD. ( 6616 TSE 1st Section ) Overall Management Indicator Based on the data as of May 218 June 15, 218 ( All 29 sectors ) Score Ranking Score (5 as average in all companies) 3 4 5
More informationReliance ETF NV20 (Formerly R*Shares NV20 ETF) An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme]
Reliance ETF NV20 (Formerly R*Shares NV20 ETF) An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] This product is suitable for investors who are seeking*:
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - February
Japanese Stock Market Outlook SMAM monthly comments & views - February 2017 - Executive summary Japanese Economy SMAM s GDP growth forecast was unchanged from the last month. Japanese economy historically
More informationInternational Economy Watch
International Economy Watch August AIB Treasury Economic Research Unit GDP Q- Q- Q- Q- Q- Q- Q- Q- Q- Q- Q- Q- Q- Q- Q- QoQ Change US......... -...... Eurozone -. -. -. -. -. -.......... German.... -.
More informationAsia Bond Monitor November 2018
7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on
More informationMizuho Economic Outlook & Analysis
Mizuho Economic Outlook & Analysis October 28, 215 Impact of the global economic slowdown on corporate earnings Even though the impact on ordinary profits should be limited, watch out for a dampening of
More informationReliance ETF PSU Bank BeES
Reliance ETF PSU Bank BeES An Open Ended Index Exchange Traded Scheme This product is suitable for investors who are seeking*: Product labels Long-term capital appreciation Investment in Securities covered
More informationAugust Industrial Production
Japan's Economy August Industrial Production 29 September 2017 (No. of pages: 5) Japanese report: 29 Sep 2017 Growth in production of capital goods and passenger vehicles leads overall performance Economic
More informationVietnam grew quicker than expected in 3Q
September 9, 1 Global Markets Research Economics - Vietnam Vietnam grew quicker than expected in 3Q Vietnam s economy grew.93 in the past nine months (1H: +.) as momentum in the manufacturing and services
More informationJapanese Stock Market Outlook. SMAM monthly comments & views -November
Japanese Stock Market Outlook SMAM monthly comments & views -November 2018 - Executive summary Japanese Economy SMAM down-revised forecast for FY2018 from 1.2% to 1.1% considering weak private consumption
More informationCOMMODITY DAILY. Global Market Round Up. Commodity Research - Alpha Commodity Pvt Ltd. As on Friday, April 28, 2017
Global Market Round Up Commodities traded lower with Bullion declined in evening session on stronger dollar on US tax reforms. Crude oil prices traded lower after steady trading session on supply overhang
More informationFY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track -
REVISED to reflect the 2 nd QE for the Apr-Jun Qtr of 2018 FY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track - September 10, 2018 Copyright Mizuho Research
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationOverview of Earnings for 2Q FY2013
Overview of Earnings for 2Q FY2013 Japan Exchange Group, Inc. October 23, 2013 I. Overview of Earnings for 2Q FY2013 (April 1 September 30, 2013) [Regarding JPX Earnings for previous Fiscal Year] - The
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationCMP* (Rs) 336 Upside/ (Downside) (%) 21 Bloomberg Ticker. MOIL IN Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133
4QFY17 Result Update June 06, 2017 Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133 Mixed Quarterly Performance; Volume to Remain Strong has reported a mixed performance in 4QFY17. Its blended
More informationFixed Income Markets & Strategy of Duration Funds
Fixed Income Markets & Strategy of Duration Funds Market Update: Volatile month for Indian Bonds. Bonds trade with negative bias throughout the month. Bond markets started the month on a cautious note
More informationRBI hikes by 25 bps to 6.25% - First time since Jan 2014
RBI hikes by 25 bps to 6.25% - First time since Jan 2014 RBI hiked the key policy rate by 25 bps to 6.25%, while maintaining the neutral stance of monetary policy. This is first hike since January 2014.
More informationFIXED INCOME UPDATE 1
1 FIXED INCOME UPDATE Abstract Rates are headed down on lower inflation Inflation is likely to hit the RBI s disinflationary path Bond yields may further fall on continuation of rate cuts Macro conditions
More informationMatsui Securities Co., Ltd.
Matsui Securities Co., Ltd. (First Section of TSE: 8628) Annual Results for FY217 January 218 Table of Contents Section 1 Financial Summary 6 Section 2 Results of Operation 16 Section 3 Recent Developments
More informationDXJ WisdomTree Japan Hedged Equity Fund
WisdomTree Japan Hedged Equity Fund ETF.com segment: Equity: Japan - Total Market Competing ETFs: HJPX, DDJP, DBJP, HEWJ, FLJH Related ETF Channels: Smart-Beta ETFs, Total Market, Currency Hedged, Broad-based,
More informationAxis Corporate Debt Fund. (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)
Axis Corporate Debt Fund (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds) Macro economic indicators are showing signs of stability Indicator Current* Outlook Inflation
More informationSlower take-up but most prices continue to rise
PROPERTY INSIGHTS Singapore Quarter 1, 211 Slower take-up but most prices continue to rise Market Overview Following a 14.5% GDP growth in 21, the economy is forecasted to grow by 4-6% in 211. While interest
More informationNew Fund Offer Opens on February 18, 2019 New Fund Offer Closes on February 28, 2019
New Fund Offer Opens on February 18, 2019 New Fund Offer Closes on February 28, 2019 Offer of Units of Rs. 10/- each during the New Fund Offer and Continuous offer for Units at NAV based Prices 1 The next
More informationReliance Capital Builder Fund Series C (A Close Ended Equity Oriented Scheme)
Reliance Capital Builder Fund Series C (A Close Ended Equity Oriented Scheme) Offer for Sale of Units at Rs.10/- per unit during the new fund offer period Tenure 3 Years from the date of allotment of units
More informationACUMEN. Life of CPI. Three Year Average Inflation
Life of CPI Monetary policy in India has shifted decisively to using the Consumer Price Index (CPI) based inflation rather than Wholesale Price inflation since September 2013. We look at the history of
More informationInstitutional Equities
Economy Update March CPI Inflation/February IIP 15 April 2019 CPI Inflation Inches Up To 2.86%; IIP Growth Plunges To 0.1% Consumer Price Index or CPI inflation in March 2019 stood at 2.86%, slightly above
More informationOverview of Earnings for FY2013
Overview of Earnings for Japan Exchange Group, Inc. April 28, 2014 I. Overview of Earnings for (April 1, 2013 March 31, 2014) [Regarding JPX Earnings for previous Fiscal Year] - The consolidated financial
More information< Disclaimer for the English Translation of the Delivery Prospectus of Listed Index Fund TOPIX>
< Disclaimer for the English Translation of the Delivery Prospectus of Listed Index Fund TOPIX> This document is an English translation of the Japanese Prospectus Issued upon Request (the Delivery Prospectus
More informationNestlé India Outlook Hazy; Valuations Prohibitive
Nestlé India Outlook Hazy; Valuations Prohibitive Nestlé India s net sales, EBITDA and net profit surged by 35% yoy, 67% yoy & 116% yoy to Rs23.5bn, Rs4.5bn & Rs2.7bn, respectively in 3QCY16. This growth
More informationEconomic and Revenue Update
Economic and Revenue Update A Briefing for the Money Committees Aubrey L. Layne, Jr. Secretary of Finance Commonwealth of Virginia www.finance.virginia.gov January 2018 Topics for Discussion National and
More informationFinancial Results for 1H FY16/17 (1 April 2016 to 30 September 2016)
Financial Results for 1H FY16/17 (1 April 2016 to 30 September 2016) 11 November 2016 Stock code: ADQU Important Notice This presentation is intended solely for your information only and does not constitute
More informationGlobal Inflation: Improvement
Global Inflation: Improvement Despite 4 weaker-than-expected US CPI prints, TIPS outperformed their nominal counterparts by 24bps in July. Global linkers have also begun to perform in recent weeks, with
More informationThe Effect of US Economy on SPY 10-13
SPY ETF Index Overview 3 Sectorial Analysis 3-4 Peers Comparison 5-8 SPY VS Dow Jones & Russell Index 8-9 The Effect of US Economy on SPY 10-13 Conclusion 14 Sources 14 2 Overview The SPY S&P 500 ETF tracks
More informationHundreds of Yen 10,000 8,000 6,000 4,000 2,000
Financial Highlights East Japan Railway Company and Subsidiaries Years ended March 31 26 27 28 29 21 Operating results 2,592,393 2,657,346 2,73,564 2,697, 2,573,724 Operating expenses 2,196,293 2,229,248
More informationMarket Outlook. Nifty % Sensex %
Market Outlook 22000 BSE NSE 6500 Key Indices 30-Apr-13 31-Mar-13 % Change 21000 20000 19000 18000 17000 16000 15000 6000 5500 5000 4500 4000 3500 Nifty 5930.20 5682.55 4.36% Sensex 19504.18 18835.77 3.55%
More informationDaily FX Focus 29/12/2017
Important Risk Disclosure Daily FX Focus 29/12/217 Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become
More informationIndonesia Capital Market Outlook Phillip Securities Indonesia Research Division. Sector Coverage. 30 Nov :00 10:30 am.
Indonesia Capital Market Outlook 2014 30 Nov 2013. 9:00 10:30 am. Phillip Securities Indonesia Research Division Gunawan Sutanto, Hd of Research Aditya Perdana Putra, Economist & Equity Analyst Martha
More informationCurrency Research Desk
Currency weekly 10 June 2013 Global economic review Last week, the global market ended on a negative note. A similar INDICES LAST 1 week ago % Change NIFTY 5881.00 5985.95-1.75 trend witnessed in the US
More informationCurrency Research Desk
Currency Research Desk Currency weekly October 29, 2012 Global economic review Economic performance All the Financial markets remained at tenterhook expect some of the Asian bourses. However, the two largest
More informationDaily FX Focus 24/12/2018
Important Risk Disclosure Daily FX Focus 24/12/218 Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become
More informationQuantitative and Qualitative Monetary Easing
Japan's Economy and Monetary Policy: Toward Overcoming Deflation Speech at a Meeting Held by the Naigai Josei Chousa Kai (Research Institute of Japan) in Tokyo July 29, 213 Haruhiko Kuroda Governor of
More informationNews U Can Use. September 2, 2016
News U Can Use September 2, 2016 The Week that was 29 th August to 2 nd September Slide 2 Indian Economy Government data showed that the growth of the Indian economy slowed to 7.1% in the first quarter
More informationOverview 1. Economy and Market Trends 3. 1 Economic Overview 3. 2 Stock Market 6. 3 Bond Market 9. 4 Investment Trusts Derivative Market 13
CONTENTS FACT BOOK 2018 Overview 1 Ⅰ Economy and Market Trends 3 1 Economic Overview 3 2 Stock Market 6 3 Bond Market 9 4 Investment Trusts 11 5 Derivative Market 13 6 Investor Trends 14 7 Household Financial
More informationFlash Note Japan: Macro and market outlook
FLASH NOTE Flash Note Japan: Macro and market outlook Strong growth and Abenomics mean Japanese equities continue to provide opportunities Pictet Wealth Management - Asset Allocation & Macro Research 26
More information2.1 Supply. Bank of Thailand, January Nominal Farm Income. Manufacturing Production Index (MPI)
Bank of Thailand, uary 2.1 Supply Farm income continually increased but concentrated in certain crops and regions. Service sector continued to expand, especially for tourism-related activities on the back
More informationKBank Capital Markets Perspectives 29 February 2016
KBank Capital Markets Perspectives 29 February 2016 Thailand Economic Monitor and BoT Forecast : March 2016 Thailand s economy steadied in February, though domestic demand decelerated slightly from January
More informationFinancial Results. Fourth Quarter Fiscal Year ending March May Copyright(c) Mizuho Securities Co., Ltd. All Rights Reserved.
Financial Results Fourth Quarter Fiscal Year ending March 2016 May 2016 Copyright(c) Mizuho Securities Co., Ltd. All Rights Reserved. Contents Reference Data Financial Statements - Consolidated 2 Consolidated
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More information