Rebalancing International Equities: What to Know. What to Consider.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Rebalancing International Equities: What to Know. What to Consider."

Transcription

1 Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their international equity returns relative to their domestic equity returns over recent years. This may have caused some diversified investors to minimize their rebalancing efforts, resulting in a significant U.S. equity overweight and international equity underweight. Although U.S. equities have outperformed their international counterparts in recent years, history suggests we are closer to a reversal than to another long period of U.S. dominance. As tempting as it may be to delay rebalancing, we believe it is vital to consistently rebalance to an investment portfolio s original desired asset allocation. There are potential rewards of rebalancing and potential risks of not rebalancing. A prudent investor understands both.

2 Why it may be tempting to delay rebalancing Walking away from superior performance can be difficult. Rebalancing requires discipline, a longer-term perspective, and an understanding of the potential rewards of rebalancing and the potential risks of not rebalancing. U.S. vs. International Equity Returns Growth of $10,000 Since Market Bottom in March 2009 $50,000 $45,000 $40,000 $35,000 $30,000 S&P 500 Index MSCI ACWI ex USA Since the global financial crisis, the S&P 500 Index has outperformed the MSCI ACWI ex USA by 188% cumulatively. Will this continue? $25,000 $20,000 $15,000 $10, As of December 31,. Past performance is no guarantee of future results. Source: FactSet, MSCI, Standard and Poor s. At the portfolio level, a once diversified portfolio is now out of balance and may benefit from rebalancing. 65 % Mar % S&P 500 Index MSCI ACWI ex USA 75 % Dec % A refresher on rebalancing Over time, some assets in a portfolio may outperform others, creating an allocation that s not balanced the way an investor originally intended. Rebalancing is the periodic discipline of buying and/or selling assets to maintain the desired level of allocation. The primary objectives are to potentially benefit from anticipated cyclical performance and control risk.

3 Why now may be the time to increase your international equity allocation Cyclicality of performance between U.S. and international equities Until, 2009 was the last year international equities outperformed U.S. equities. However, since 1975, the average cycle of U.S. and international equity out- or underperformance is 6.9 years. 6.9 Years: The average cycle of U.S. and international equity out- or underperformance A 40+ year look at U.S. and international return cycles 20 Source: MSCI, Standard and Poor s, FactSet as of December 31,. The chart displays the difference in rolling 5-year annualized performance of In the Current Environment, Valuations for International and Emerging Markets Equities Are More Attractive than U.S. Equities In the current cycle, based on rolling 5-year returns, U.S. equities have outperformed international equities for approximately seven years, until this past year. It is difficult to predict when the current trend will fully reverse leading to international equity outperformance. But history suggests that after a reversal, international equities may outperform for several more years International Outperformed U.S. Outperformed the S&P 500 Index and MSCI World ex USA Index. Past performance is no guarantee of future results. Valuation U.S. EAFE Emerging Markets Shiller Price to Earnings (P/E) x 20.1x 11.5x Historical CAPE Percentile 1 100th 70th 25th Price/Book (P/B) 2 3.1x 1.7x 1.6x Historical P/B Percentile 3 96th 50th 64th Source: Thomson Reuters, Robert Shiller, FactSet. Cyclically adjusted price-to-earnings ratio (CAPE) is a valuation measure that is defined as price divided by the average of ten years of earnings, adjusted for inflation. 1 MSCI EM Shiller and CAPE data as of 05/31/17. Data for S&P 500 Index and MSCI EAFE from 12/31/04-12/31/17. 2 P/B data is as of 12/31/17. 3 Data for S&P 500 Index from 02/28/01-12/31/17, MSCI EAFE from 01/31/98-12/31/17, MSCI EM from 06/30/00-12/31/17. Many investors believe that lower valuations are a contributor to equity outperformance. As the table above illustrates, Emerging Markets and Foreign Developed (represented by the MSCI EAFE Index) equities are trading at lower valuations relative to U.S. stocks, which may provide more of an opportunity for foreign equities. Not only are current U.S. valuations greater than foreign equities, but the U.S. CAPE and P/B valuations are expensive relative to U.S. history, as represented by the 100th percentile (CAPE) and 96th percentile (P/B) historical ranking. Foreign Developed and Emerging Markets equity valuations are also attractive relative to their own history as represented by the 70th (CAPE) and 50th (P/B) historical percentile ranking for the MSCI EAFE Index, and the 25th (CAPE) and 64th (P/B) historical percentile ranking for the MSCI Emerging Markets Index

4 Higher Dividend Yields for Foreign Equities May Attract Capital With global interest rates near historic lows, investors may continue to search for income in a variety of asset classes that may include global equities. As of December 31,, the dividend yields for the MSCI EAFE Index (2.94%) and the MSCI EM Index (2.21%) are significantly higher than the yield of the S&P 500 Index (1.77%), which may attract more capital to foreign equities in the current low interest rate environment. Furthermore, as of December 31,, the yield spread of the MSCI EAFE Index minus the Euro 10yr Bond yield (2.51%) is 3.15% greater than the yield spread of the S&P 500 Index minus the US 10yr Bond yield (-0.64%), which may encourage investors to take advantage of this yield discrepancy. Historical Spread of Stock Market Dividend Yield Minus the Local Government Bond 10yr Yield Spread of Stock Market Yield Minus Bond Yield (%) MSCI EAFE Index Yield - Euro 10yr Yield S&P 500 Index Yield - US 10yr Yield As of December 31,. Past performance is no guarantee of future results. Source: FactSet, MSCI, Standard and Poor s. Foreign Central Bank Policy May Remain Accommodative Many foreign central banks, such as the European Central Bank (ECB), the Bank of Japan, and the Swiss National Bank, have signaled for ongoing accommodative monetary policies and negative target short-term interest rates. The U.S. Federal Reserve (the Fed ), on the other hand, raised the target short-term interest rate in, 2016, and during several meetings in. Percentage (%) If foreign central banks maintain their extremely accommodative monetary policies while the Fed continues to raise the target short-term rate, investors may have an opportunity to benefit from this discrepancy. Put another way, given the foreign central banks encouragement for investors to invest in risk assets, foreign equities may be more desirable than U.S. equities. 1 December 31, Yield (%) 3.5 Equity Index Yield 3.0 * U.S. 10yr Govt Yield to Maturity 2.94 EMU 0.43 Current Central Bank Interest Rate Policies US Japan Eurozone Switzerland Source: FactSet, MSCI, Standard and Poor s. Past performance is no guarantee of future results. Source: Federal Reserve, Bank of Japan, ECB, Swiss National Bank, as of December 31,. * Equity Index yields for U.S. and EMU are S&P 500 and MSCI EAFE Indexes, respectively. 1 Foreign equities may be more desirable, relative to U.S. equities, given the foreign central banks encouragement for investors to invest in risk assets relative to extremely low interest bearing securities.

5 Foreign Purchasing Managers Indices (PMI) Suggest Improving Economics 65 U.S Euro Zone United Kingdom Japan China EXPANSION Oct 2014 As of December 31,. Source: Factset 2016 CONTRACTION Not only is recent foreign PMI data suggesting improving economics overseas, but it also suggests that the world is experiencing coordinated global growth for the first time in several years. Investors may attempt to capitalize on this coordinated global growth data by changing their U.S. focused asset allocation to a more global approach. The potential impact of geopolitics on U.S. and international equities Country Date Risk Geopolitical Events U.S. 08/10/17 MID-HIGH President Trump threatened "fire and fury" if North Korea's provocations continue LOW France 05/08/17 Pro-Euro/EU Emmanuel Macron was elected President LOW Germany 09/24/17 Pro-Euro/EU Angela Merkel wins her 4th term as Chancellor MID United Kingdom 07/13/17 Prime Minister Theresa May lost control of the Conservative Party MID Japan 10/22/17 Prime Minister Shinzo Abe s conservative Liberal Democratic Party maintained a supermajority MID China 10/18/17 President Xi Jinpeng's speech announced a plan to make China a "great modern socialist country" Although the crystal ball that forecasts the impact of geopolitics events on U.S. and international equities is notoriously difficult to read, significant developments took place in that may influence risk levels and bear watching. Diversified investors understand the potential benefits of allocating equity assets outside the U.S. to seek to enhance the risk/return profile of their investment portfolios. One thing we know for certain is this: The cyclicality, valuations, and economic fundamentals of the equity markets will continue to change. Given the lesson of history, the question is not if international equities will outperform their U.S. cousins, it is when. The answer may very well be soon. We believe the key is to consistently rebalance to the portfolio s original desired asset allocation.

6 About AMG Funds amgfunds.com The largest network of institutional quality boutique investment solutions through a single point of access Unrivaled access to insights of over 30 independent and autonomous investment managers More than 100 actively managed products covering the risk spectrum for investors searching beyond the index linkedin.com/company/amg-funds Diversification does not guarantee a profit or protect against a loss in declining markets. Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets. Price/book (or P/B) ratio is calculated by dividing the market price of a company s outstanding stock by its book value (total assets of a company less liabilities) and then adjusting for the number of shares outstanding. Stocks with negative book values are usually excluded from this calculation. Price/earnings (or P/E) ratio is a comparison of the company s closing stock price and its trailing 12-month earnings per share. Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime. Yield to maturity is considered a long-term bond yield, but is expressed as an annual rate. The MSCI All Country World ex-usa Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI All Country World ex-usa Index consists of 22 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the U.S. market. With 617 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the U.S. MSCI All Country World Index. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Please go to msci.com for most current list of countries represented by the MSCI indices. The S&P 500 Index is a capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 Index is proprietary data of Standard & Poor s, a division of McGraw-Hill Companies, Inc. All rights reserved. Foreign Manager s Purchasing Index definitions: U.S.: A monthly index of U.S. manufacturing compiled by the Institute of Supply Management (ISM). Previously known as the National Association of Purchasing Management (NAPM) Index, the ISM Manufacturing Index is derived from the institute s Report on Business survey of purchasing and supply executives across the nation. Euro Zone: The Eurozone Purchasing Managers Index (PMI) is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. United Kingdom: The United Kingdom purchasing managers index is a monthly survey compiled by financial information firm Markit and the Chartered Institute of Purchasing and Supply (CIPS) for the UK manufacturing, construction and services sectors. Japan: The Nikkei Japan Manufacturing Purchasing Managers Index measures the performance of the manufacturing sector and is derived from a survey of 400 industrial companies. China: The Caixin Manufacturing PMI Purchasing Managers Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The indices are unmanaged, are not available for investment and do not incur expenses. AMG Distributors, Inc., a member of FINRA / SIPC AMG Funds LLC. All rights reserved PER047

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity

San 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 information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA 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 information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA 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 information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA 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 information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA 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 information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA 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 information

Quarterly Investment Update First Quarter 2017

Quarterly 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 information

Quarterly Investment Update First Quarter 2018

Quarterly 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 information

The Current and Long- Term Case for Overseas Investing

The Current and Long- Term Case for Overseas Investing The Current and Long- Term Case for Overseas Investing Q1 2017 TP666 Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies,

More information

Global Select International Select International Select Hedged Emerging Market Select

Global 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 information

NORTH AMERICAN UPDATE

NORTH 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 information

DIVERSIFICATION. Diversification

DIVERSIFICATION. 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 information

PIMCO Research Affiliates Equity (RAE) Fundamental

PIMCO Research Affiliates Equity (RAE) Fundamental PIMCO Research Affiliates Equity (RAE) Fundamental Seek to get more from your equity allocation with a systematic strategy that captures the key benefits of a passive equity approach, with the potential

More information

IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com

IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI ACWI Index, MSCI s flagship global equity benchmark, is designed to represent

More information

Global Equity Strategy Report

Global 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 information

Market Review and Outlook. Todd Centurino, CFA

Market 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 information

All-Country Equity Allocator July 2018

All-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 information

WORKING TOGETHER Design Build Protect

WORKING 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 information

Quarterly Investment Update

Quarterly 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 information

Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios

Portfolio 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 information

TEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 11

TEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 11 TEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE Item Number: 11 SUBJECT: Special Mandate Low Carbon Strategies CONSENT: ATTACHMENT(S): 2 ACTION: X DATE OF MEETING: / 20 mins. INFORMATION: PRESENTER(S):

More information

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Overview The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index

More information

Quarterly Market Review. First Quarter 2015

Quarterly 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 information

Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016

Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Overview In USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned

More information

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: International Equities $912.3 million $36.3 million Year Founded: GIMA

More information

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Summit Strategies Group

Summit 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 information

WORKING TOGETHER Design Build Protect

WORKING TOGETHER Design Build Protect WORKING TOGETHER Design Build Protect Presenter Presenter Title, Loring Ward 2016 LWI Financial Inc. All rights reserved. LWI Financial Inc. ( Loring Ward ) is an investment adviser registered with the

More information

Q2 Quarterly Market Review Second Quarter 2015

Q2 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 information

All-Country Equity Allocator February 2018

All-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 information

Summit Strategies Group

Summit 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 information

BlackRock Developed World Index Sub-Fund

BlackRock Developed World Index Sub-Fund KEY INVESTOR INFORMATION BlackRock Developed World Index Sub-Fund A sub-fund of BlackRock Index Selection Fund Objectives and Investment Policy This document provides you with key investor information

More information

Wells Fargo Target Date Funds

Wells 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 information

Wells Fargo Target Date CITs E3

Wells 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 information

Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG

Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG February 7, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com

More information

Market Briefing: MSCI Stock Market Indexes

Market Briefing: MSCI Stock Market Indexes Market Briefing: MSCI Stock Market Indexes September 7, 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.

More information

Financial wealth of private households worldwide

Financial wealth of private households worldwide Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate

More information

Summit Strategies Group

Summit 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 information

Summit Strategies Group

Summit 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 information

Summit Strategies Group

Summit 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 information

Summit Strategies Group

Summit 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 information

EQUITY REPORTING & WITHHOLDING. Updated May 2016

EQUITY REPORTING & WITHHOLDING. Updated May 2016 EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the

More information

Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager

Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager June 2017 For professional investors only. Not suitable for retail clients 05/06/2017

More information

AMG Renaissance International Equity Fund Class N (RIEIX) Class I (RIESX) Class Z (RIELX) September 2017

AMG Renaissance International Equity Fund Class N (RIEIX) Class I (RIESX) Class Z (RIELX) September 2017 AMG Renaissance International Equity Fund Class N (RIEIX) Class I (RIESX) Class Z (RIELX) September 2017 AMG Funds Overvie The largest netork of institutional quality boutique investment solutions through

More information

Investment Webinar. Bryan Jordan, Deputy Chief Economist Nationwide Economics

Investment Webinar. Bryan Jordan, Deputy Chief Economist Nationwide Economics 1 Investment Webinar Bryan Jordan, Deputy Chief Economist Nationwide Economics Source: Charting the Markets, 3Q2015 3 3 Source: Charting the Markets, 3Q2015 4 4 Source: Charting the Markets, 3Q2015 5

More information

Invesco Indexing Investable Universe Methodology October 2017

Invesco Indexing Investable Universe Methodology October 2017 Invesco Indexing Investable Universe Methodology October 2017 1 Invesco Indexing Investable Universe Methodology Table of Contents Introduction 3 General Approach 3 Country Selection 4 Region Classification

More information

Quarterly Investment Update

Quarterly 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 information

Market Briefing: MSCI Stock Market Indexes

Market Briefing: MSCI Stock Market Indexes Market Briefing: MSCI Stock Market Indexes February 1, 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.

More information

Summit Strategies Group

Summit 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 information

Summit Strategies Group

Summit 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 information

CFI Multi-Strategy Equity Fund, LLC Objective and Strategy September 30, 2015

CFI 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 information

Summit Strategies Group

Summit 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 information

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Summary Prospectus September 28, 2018 Ticker: HDAW Stock Exchange: NYSE Arca, Inc. Before you invest, you may wish to review the Fund s prospectus, which contains more information about the Fund and its

More information

The Disconnect Continues

The Disconnect Continues The Disconnect Continues Richard Bernstein June 3, 2011 Our strategies focus on finding disconnects between investor sentiment and the reality of improvement or deterioration in fundamentals. The current

More information

IMPORTANT TAX INFORMATION

IMPORTANT TAX INFORMATION 00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information

More information

Freedom Quarterly Market Commentary // 2Q 2018

Freedom 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 information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because

More information

TRADE TENSIONS PLAYBOOK

TRADE TENSIONS PLAYBOOK LPL RESEARCH WEEKLY MARKET COMMENTARY June 25 2018 TRADE TENSIONS PLAYBOOK John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial KEY TAKEAWAYS We

More information

Vantage Investment Partners. Quarterly Market Review

Vantage 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 information

Ticker Fund Name CUSIP. Market Vectors MSCI Emerging Markets. Market Vectors MSCI Emerging Markets. Market Vectors MSCI International

Ticker Fund Name CUSIP. Market Vectors MSCI Emerging Markets. Market Vectors MSCI Emerging Markets. Market Vectors MSCI International EDGA Exchange, Inc. & EDGX Exchange, Inc. Regulatory Information Circular Circular Number: 2014-012 Contact: Jeff Rosenstrock Date: January 23, 2014 Telephone: (201) 942-8295 Subject: Market Vectors MSCI

More information

INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN

INVESTMENT 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 information

IOOF. International Equities Portfolio NZD. Quarterly update

IOOF. International Equities Portfolio NZD. Quarterly update IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their

More information

Driehaus International Small Cap Growth Fund

Driehaus International Small Cap Growth Fund DRIEHAUS CAPITAL MANAGEMENT SECOND QUARTER 208 Growth Fund KEY FEATURES Developed and emerging markets small cap exposure mark aware, not benchmark constrained Opportunistic investment approach High active

More information

WISDOMTREE RULES-BASED METHODOLOGY

WISDOMTREE RULES-BASED METHODOLOGY WISDOMTREE RULES-BASED METHODOLOGY WISDOMTREE GLOBAL DIVIDEND INDEXES Last Updated March 2018 Page 1 of 12 WISDOMTREE RULES-BASED METHODOLOGY 1. Overview and Description of Methodology Guide for Global

More information

Does Economic Growth in Emerging Markets Drive Equity Returns?

Does 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 information

COUNTRY COST INDEX JUNE 2013

COUNTRY COST INDEX JUNE 2013 COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive

More information

Global Business Barometer April 2008

Global Business Barometer April 2008 Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of

More information

Wells Fargo Absolute Return Fund

Wells Fargo Absolute Return Fund Annual Report April 30, 2018 Wells Fargo Absolute Return Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

More information

Charts for the beach. Richard Bernstein. Global Growth in Money Supply *vs. Inflation Rate. Emerging market problems are secular, not short-term.

Charts for the beach. Richard Bernstein. Global Growth in Money Supply *vs. Inflation Rate. Emerging market problems are secular, not short-term. CPI Y/Y % Charts for the beach Richard Bernstein August 9, 2013 Our basic positions are now famous (or infamous). We continue to favor US assets and to shield our portfolios from the on-going and broad

More information

INFORMATION CIRCULAR: SPDR INDEX SHARES FUNDS

INFORMATION CIRCULAR: SPDR INDEX SHARES FUNDS INFORMATION CIRCULAR: SPDR INDEX SHARES FUNDS TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications

More information

Global Banks: 1H Recap, Review & Update

Global Banks: 1H Recap, Review & Update By John Hadwen, August 2, 2018 How has the global Financials sector fared in the first half of 2018? Here are my key takeaways on the recent performance of North American and European banks, as well as

More information

FEES SCHEDULE (COPPER / GOLD)

FEES SCHEDULE (COPPER / GOLD) FEES SCHEDULE (COPPER / GOLD) Applicable from April 208 excluding discretionary management agreement and investment advisory agreement CBP Quilvest LU EN Fees Schedule Excluding Management April 208 /5

More information

Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders. Exchange-Traded Fund Symbol CUSIP #

Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders. Exchange-Traded Fund Symbol CUSIP # Information Circular: Rydex ETF Trust To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department

More information

LIBERTYQ GLOBAL DIVIDEND INDEX

LIBERTYQ GLOBAL DIVIDEND INDEX INDEX METHODOLOGY LIBERTYQ GLOBAL DIVIDEND INDEX June 2017 JUNE 2017 CONTENTS 1 Introduction... 3 2 Index Construction Methodology... 4 2.1 Defining the Eligible Universe... 4 2.1.1 Applying the Dividend

More information

To provide broad coverage of global markets that are open to foreign investment. The indexes currently represent the following countries:

To provide broad coverage of global markets that are open to foreign investment. The indexes currently represent the following countries: Dow Jones Global Index SM Industry Indexes Stated Objective To provide broad coverage of global markets that are open to foreign investment. The indexes currently represent the following countries: Australia

More information

FEES SCHEDULE (SILVER/PLATINUM)

FEES SCHEDULE (SILVER/PLATINUM) FEES SCHEDULE (SILVER/PLATINUM) Applicable from April 208 under an Investment Advisory Agreement CBP Quilvest LU EN Investment Advisory Fees Schedule April 208 /5 ADVISORY MANAGEMENT, CUSTODY FEES AND

More information

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the Act ), 1 and Rule

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the Act ), 1 and Rule This document is scheduled to be published in the Federal Register on 03/14/2016 and available online at http://federalregister.gov/a/2016-05587, and on FDsys.gov 8011-01p SECURITIES AND EXCHANGE COMMISSION

More information

TRADE TENSIONS PLAYBOOK

TRADE TENSIONS PLAYBOOK LPL RESEARCH June 25 2018 WEEKLY MARKET COMMENTARY TRADE TENSIONS PLAYBOOK John Lynch Chief Investment Strategist, LPL Financial Jefrey Buchbinder, CFA Equity Strategist, LPL Financial KEY TAKEAWAYS We

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR January 7, 2015 ETF-015-002 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: DIREXION DAILY ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16, the

More information

FOREIGN ACTIVITY REPORT

FOREIGN ACTIVITY REPORT FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in

More information

Market Briefing: Global Markets

Market 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 information

First Quarter 2018 (as of December 31, 2017) The Factor Report. What s driving factor performance?

First Quarter 2018 (as of December 31, 2017) The Factor Report. What s driving factor performance? First Quarter 2018 (as of December 31, 2017) The Factor Report What s driving factor performance? Table of Contents Page Q4 Summary..................................................................................

More information

INFORMATION CIRCULAR: DBX ETF TRUST

INFORMATION CIRCULAR: DBX ETF TRUST INFORMATION CIRCULAR: DBX ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department

More information

Information Circular: PowerShares Exchange-Traded Fund Trust II

Information Circular: PowerShares Exchange-Traded Fund Trust II Information Circular: PowerShares Exchange-Traded Fund Trust II To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders PHLX Listing Qualifications

More information

Corrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012

Corrigendum. OECD Pensions Outlook 2012 DOI:   ISBN (print) ISBN (PDF) OECD 2012 OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment

More information

Quarterly Market Review

Quarterly 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 information

INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST

INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications

More information

FTSE Global All Cap Index

FTSE Global All Cap Index FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.

More information

Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014

Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014 Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents 18 July 2014 How do we tax non-residents on capital income? Domestic design issues Tax treaty issues Interrelationship between

More information

INFORMATIONAL PACKET SEPTEMBER 30, Vident International Equity Fund VIDI

INFORMATIONAL PACKET SEPTEMBER 30, Vident International Equity Fund VIDI INFORMATIONAL PACKET SEPTEMBER 30, 2017 Vident International Equity Fund VIDI INVESTMENT FRAMEWORK Apply time-tested principles to investment research Identify sources of wealth creation Utilize time-tested

More information

INFORMATION CIRCULAR: ISHARES TRUST

INFORMATION CIRCULAR: ISHARES TRUST INFORMATION CIRCULAR: ISHARES TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department

More information

Global Economic Briefing: Global Inflation

Global Economic Briefing: Global Inflation Global Economic Briefing: Global Inflation November, 7 Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the

More information

FTSE All-World High Dividend Yield

FTSE All-World High Dividend Yield FTSE Russell Factsheet High Dividend Index Data as at: 31 August 2018 bmktitle1 The High Dividend Index comprises stocks that are characterized by higherthan-average dividend yields, and is based on the

More information

Market Correlations: Trade-Weighted Dollar

Market 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 information