Emerging markets the equities perspective. Scott Berg, T. Rowe Price

Size: px
Start display at page:

Download "Emerging markets the equities perspective. Scott Berg, T. Rowe Price"

Transcription

1 Emerging markets the equities perspective Scott Berg, T. Rowe Price

2 Audience voting about to begin Proudly supported by our Gold Industry Partner

3 Question What is your fund's weight in Emerging Markets? a) 0-10% b) 10-20% c) 20 30% d) 30% +

4 Question What has been the magnitude of the change over the last 5 years? a) Reduced b) Flat c) Increased by <10% d) Increased by more than 10%

5 Current Views on Global Equity Markets The top down wall of worry The echo effects of the global financial crisis will be with us for years to come, but the world is recovering Anemic growth in developed markets, emerging market demand robust. Inflation is a growing concern everywhere. Developed market sovereign risk is an ongoing concern. The bottom up opportunity Equity valuations are reasonable. Free cash flow levels and profitability are sound and improving. Corporate balance sheets are strong, but. Durability of profit margins is a key question for markets.

6 Question What is the weight of Emerging Market GDP as a proportion of world GDP? a) 15% b) 20% c) 25% d) 35%

7 Emerging Markets Projected to Gain Share 70 EM Shares of Global Totals Current and Projected as of 30 June MSCI ACWI Market Capitalization 55% 59% 50 GDP (in U.S. $) 44% 49% % 35% 31% % 19% 0 Current 2020 Projected 2030 Projected Source: Factset, IMF, World Bank, World Federation of Exchanges, MSCI, Goldman Sachs Global ECS Research

8 Structural Changes in Profitability, Growth 18% 16% Return on Equity 31 January 1997 through 30 June 2011 MSCI Emerging Markets ROE MSCI World ROE 10% 8% Real GDP Growth (Annual % Change) Actual data 1981 through 2010, IMF forecasts 2011 through 2016 As of 11 April 2011 Advanced Economies Emerging and Developing Economies World 14% 14.6% 6% 12% 12.1% 4% 10% 2% 8% 0% 6% -2% 4% ROE projections for 2010 and 2011 are from Morgan Stanley Source: MSCI, IMF, Morgan Stanley -4% EM profitability has been on a structural upward trend and EM companies have surpassed developed world peers on an ROE basis While EM economies account for a high and rising percentage of global GDP, they are generating an even larger share of global economic growth.

9 Estimated GDP Growth Healthier Recovery Paths Are Uneven 12% 2010 Budget Balance vs. Estimated GDP Growth As of 30 June % Country CPI (Y/Y % Change) 30 June 2007 through 30 June % 6% 3% U.S. U.K. Spain France India Canada Italy China Turkey Brazil Mexico Indonesia Russia Germany Australia 15% 10% 5% Brazil Russia China India U.S.A. Japan U.K. Germany 0% -3% Ireland Japan Portugal 0% Greece -6% -12% -10% -8% -6% -4% -2% 0% Source: The Economist, UBS Budget Balance Healthier -5% Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Substantial budget shortfalls and high unemployment rates in the developed world will continue to be a headwind to economic growth. Emerging Market growth has remained robust, leading to rising inflation levels and higher interest rates. We believe that long term stability is the target of EM central banks

10 Basis Points Improved Emerging Market Debt Positions Emerging Markets vs. G7 Public Debt (% of GDP) 30 April 2010 G7 Countries Emerging and developing economies EM Sovereign Spreads Over U.S. Treasuries Emerging Markets Bond Index Global 30 June Emerging markets are poised to benefit from better fiscal conditions in comparison to the developed world and to their own history. The re-financing of debt in local currency (as opposed to Dollars) reduces the risk of crisis catalysed by currency depreciation. Source: IMF

11 Emerging Market Valuations Are Reasonable As of 30 June 2011 Price/Earnings Ratio (x) Price/Book Value (x) 29 MSCI Emerging Markets Index IBES Average 12-Month P/E MSCI World Index IBES Average 12-Month P/E MSCI Emerging Markets P/BV MSCI World P/BV 24 Long-Term Median = 16.2x 3.5 Long-Term Median = 2.4x Long-Term Median = 12.6x Long-Term Median = 1.8x 0.5 Jan-90 Jan-93 Jan-96 Jan-99 Jan-02 Jan-05 Jan-08 Jan-11 EM Valuations are attractive, particularly following weakness in the year to date. Valuation differentials between developed and emerging markets have narrowed. Narrower discounts may be justified, by evolving sovereign factors and relative growth prospects Sources: IBES, FactSet, MSCI

12 EM Returns Driven by Earnings Growth As of 30 June Global Equity Market Returns (past 10 years) Global Equity Market Correlations (1987 through 2009) 500 MSCI World (+57.63%) MSCI Emerging Markets (393.38%) 10-Year Return vs: Starting Valuation EPS CAGR 400 Developed Markets Emerging Markets Year Return vs: Starting Valuation EPS CAGR 100 Developed Markets Emerging market equity returns have been driven by EPS growth, but valuation also matters, particularly at the extremes. Developed world equity returns are more correlated with starting valuations multiple contraction over he past 10 years has been a headwind. Source: Factset, MSCI, Goldman Sachs Global ECS Research Emerging Markets

13 Summary Trends in economic growth and new equity issuance suggest that emerging market shares of world market cap will continue to rise Emerging markets will be an important source of growth and stock ideas for global equity portfolios, particularly in a lower growth world. The drivers of EM outperformance in comparison to the developed world decreased sovereign risk, structurally higher profitability, and better relative growth prospects are likely to persist over the medium and long term Relative valuations will favor indirect exposure to the EM economies via developed market companies at certain stages of the cycle. However, direct and indirect exposure are both necessary to capture the full potential of EM growth. While there are downside risks, such as the potential for significantly higher inflation and higher interest rates, these risks are more than offset by bottomup opportunities.

14 As of 30 June 2011 Figures in USD and trillions where applicable. Equity Market Comparison Europe United Kingdom United States Japan Australia Canada Emerging Markets Brazil Russia India China 1 Year Forward PE Year Forward PE Price/Book Value ROE 13.7% 16.1% 15.6% 7.0% 14.7% 13.4% 15.6% 15.7% 16.3% 16.5% 16.6% EPS Growth 14.3% 22.3% 15.4% 27.0% 22.9% 31.3% 20.3% 28.6% 24.2% 24.4% 20.8% Estimated Net Dividend Yield 3.8% 3.6% 2.0% 2.3% 4.6% 2.5% 2.8% 3.4% 2.2% 1.3% 2.9% Ten Year Rate (Local Currency) % 3.16% 3.09% 1.18% 5.21% 3.04% n/a 6.16% 4.73% 8.54% 4.06% Source: MSCI via Factset 1 Ten Year Rate (Local Currency) is as of 7 July 2011 per The Economist.

15 As of 30 June 2011 A Sovereign Comparison Europe United Kingdom United States Japan Australia Canada Brazil Russia India China Inflation Rate (CPI) 2 2.7% 4.5% 3.6% -0.9% 3.3% 3.7% 6.6% 9.4% 8.9% 5.5% Savings Rate (as a % of GDP) % 13.2% 12.4% 24.3% 26.9% 18.9% 17.1% 29.5% 35.5% 54.3% Investment Rate (as a % of GDP) % 15.6% 16.2% 21.9% 27.3% 21.7% 19.7% 23.9% 39.2% 48.6% Current Account Balance -0.4% -1.8% -3.3% 2.4% -2.4% -2.3% -2.7% 4.8% -3.4% 3.6% (as a % of 2011 GDP) 2 Budget Balance (as a % of 2011 GDP) 2-4.3% -9.0% -9.1% -8.0% -2.5% -3.8% -2.1% -1.5% -4.8% -2.1% Debt to GDP % 69.4% 72.4% 127.8% 7.8% 35.1% 60.8% 1 9.5% % % 1 Short-term Rates % 0.83% 0.15% 0.16% 4.88% 0.92% 12.17% 8.25% 8.19% 6.33% 2010 Real GDP Growth % 1.25% 2.83% 3.94% 2.75% 3.07% 7.49% 3.96% 10.37% 10.30% Projected 2011 Real GDP Growth % 1.66% 2.76% 1.40% 2.97% 2.75% 4.46% 4.83% 8.24% 9.59% 1 As of 12 July 2011 per the CIA World Factbook (2010 est.) 2 As of 7 July 2011 per the The Economist 3 As of April 2011 release of IMF World Economic Outlook Sources: IMF, The Economist, CIA World Factbook

Review and Outlook. Review of 2011 and Outlook for the Coming Year

Review and Outlook. Review of 2011 and Outlook for the Coming Year Review and Outlook Review of 2011 and Outlook for the Coming Year Overview Review of world economy in 2011 Review of world markets in 2011 Review of Eurozone conditions i and implications for investment

More information

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

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

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

GMO. CFA Society, Victoria. September 30, Arjun Divecha. North America Europe Asia-Pacific

GMO. 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 information

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below

More 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

U.S. Global Investors Searching for Opportunities, Managing Risk

U.S. Global Investors Searching for Opportunities, Managing Risk U.S. Global Investors Searching for Opportunities, Managing Risk Frank E. Holmes CEO and CIO Susan McGee President and General Counsel Catherine Rademacher CFO Terry Badger Director of Communications GROW

More information

GLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER

GLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER GLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER Portfolio Manager at Electus AGENDA Emerging Markets (EM) Crises? EM vs Developed Markets (DM) OM GEM Fund It s the shares that matter

More information

2015 Market Review & Outlook. January 29, 2015

2015 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 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

SHAMBLING FORWARD. 02/13/2014 WORLD POPULATION 2 WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE

SHAMBLING FORWARD. 02/13/2014 WORLD POPULATION 2 WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE SHAMBLING FORWARD. WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE Shamble: To walk in an awkward, lazy, or unsteady manner, shuffling the feet FEBRUARY 12, 2014 David B. Hanson, CPA, CFA

More information

Rebalancing Economic Themes and Emerging Risks for the Balance of 2016

Rebalancing Economic Themes and Emerging Risks for the Balance of 2016 Rebalancing Economic Themes and Emerging Risks for the Balance of 2016 Page 1 Themes Oil s Not Well A world of cheap petroleum Eastern Anxiety China attempts a difficult transition Growing Prospects Central

More information

Emerging Markets Outlook

Emerging Markets Outlook Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand

More information

A LONG-TERM CASE FOR EMERGING MARKETS

A 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 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

Economic and Market Outlook

Economic and Market Outlook Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions

More information

GLOBAL FIXED INCOME OVERVIEW

GLOBAL FIXED INCOME OVERVIEW 2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields

More information

U.S. Global Investors Searching for Opportunities, Managing Risk

U.S. Global Investors Searching for Opportunities, Managing Risk U.S. Global Investors Searching for Opportunities, Managing Risk Frank E. Holmes CEO and CIO Susan McGee President and General Counsel Catherine Rademacher CFO Ryan George Investor Relations GROW Earnings

More information

Emerging market equities

Emerging 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 information

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

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

More information

F 9 STANDING COMMITTEES. B. Finance and Asset Management Committee. Investment Program Annual Update. This item is for information only.

F 9 STANDING COMMITTEES. B. Finance and Asset Management Committee. Investment Program Annual Update. This item is for information only. VII. STANDING COMMITTEES F 9 B. Finance and Asset Management Committee Investment Program Annual Update This item is for information only. Attachment Investment Program Update: A Report to the Board of

More information

International Monetary Fund

International Monetary Fund International Monetary Fund World Economic Outlook Jörg Decressin Deputy Director Research Department, IMF April 212 Towards Lasting Stability Global Economy Pulled Back from the Brink Policies Stepped

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

European Equities Outdated Model or Innovation Center? Joachim Schallmayer, Senior Portfolio Manager

European Equities Outdated Model or Innovation Center? Joachim Schallmayer, Senior Portfolio Manager European Equities Outdated Model or Innovation Center? Joachim Schallmayer, Senior Portfolio Manager Agenda 1 2 3 4 Sovereign backdrop Corporate backdrop World Market Leaders Valuation backdrop 2 Agenda

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

Global Economic Outlook John Hawksworth Chief Economist, PwC September 2012

Global Economic Outlook John Hawksworth Chief Economist, PwC September 2012 www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth

More information

TIGER: Tracking Indexes for the Global Economic Recovery By Eswar Prasad and Karim Foda

TIGER: Tracking Indexes for the Global Economic Recovery By Eswar Prasad and Karim Foda TIGER: Tracking Indexes for the Global Economic Recovery By Eswar Prasad and Karim Foda Technical Appendix Methodology In our analysis, we employ a statistical procedure called Principal Component Analysis

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

Sovereign Risks and Financial Spillovers

Sovereign Risks and Financial Spillovers Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking

More information

Global growth weakening as some risks materialise

Global growth weakening as some risks materialise OECD INTERIM ECONOMIC OUTLOOK Global growth weakening as some risks materialise 6 March 2019 Laurence Boone OECD Chief Economist http://www.oecd.org/eco/outlook/economic-outlook/ ECOSCOPE blog: oecdecoscope.wordpress.com

More information

Emerging Market Investing in a Globalizing World: Lessons for Institutional Investors

Emerging Market Investing in a Globalizing World: Lessons for Institutional Investors International Centre for Pension Management OECD Conference Centre, Paris Emerging Market Investing in a Globalizing World: Lessons for Institutional Investors Campbell R. Harvey Duke University and Investment

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

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 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan

More information

Tracking the Growth Catalysts in Emerging Markets

Tracking 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 information

The Compelling Case for Value

The Compelling Case for Value The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97

More information

The Asia Pacific Fund, Inc.

The Asia Pacific Fund, Inc. Baring Asset Management (Asia) Limited 19th Floor Edinburgh Tower 15 Queen s Road Central Hong Kong Tel: (852) 2841 1411 Fax: (852) 2868 411 The Asia Pacific Fund, Inc. Investment Outlook & Strategy www.asiapacificfund.com

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

Economic Indicators. Roland Berger Institute

Economic Indicators. Roland Berger Institute Economic Indicators Roland Berger Institute October 2017 Overview Key points Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic

More information

GLOBAL ECONOMY AND IMPLICATIONS FOR ISRAEL

GLOBAL ECONOMY AND IMPLICATIONS FOR ISRAEL GLOBAL ECONOMY AND IMPLICATIONS FOR ISRAEL Aaron Institute for Economic Policy Annual Conference May 4, 217 Craig Beaumont, European Department, IMF Outline World economic outlook (WEO) Broader trends

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 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

Global Economic Prospects: Navigating strong currents

Global Economic Prospects: Navigating strong currents Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors

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

Recent Recent Developments 0

Recent Recent Developments 0 Recent Developments 0 Global activity has slowed noticeably World Trade (annualized percent change of three month moving average over previous three month moving average) Purchasing Managers Index (PMI)

More information

Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund

Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord

More information

Progress towards Strong, Sustainable and Balanced Growth. Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction)

Progress towards Strong, Sustainable and Balanced Growth. Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction) Progress towards Strong, Sustainable and Balanced Growth Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction) Source: OECD May 2014 Forecast, Haver Analytics, Rogoff and

More information

Switzerland Economic Update QNB Group. September 2014

Switzerland Economic Update QNB Group. September 2014 Switzerland Economic Update QNB Group September 14 Switzerland Overview Switzerland s efficient capital markets, highly skilled human capital and low corporate tax rates make it the world's most competitive

More information

Nationwide Funds. A Nationwide Financial White Paper. Executive summary

Nationwide 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 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

MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2

MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight

More information

At the end of this report, we summarize some important Year-End Considerations which employers should be prepared to address.

At the end of this report, we summarize some important Year-End Considerations which employers should be prepared to address. Global Report December 2009 Retirement Plan Accounting Assumptions at 2009 This report supplements our June 2009 Global Report, which presented the results of Hewitt Associates global survey of 2008 year-end

More information

Investing in a Time of (Financial) Repression. Cyril Moullé-Berteaux, Head of Global Asset Allocation

Investing in a Time of (Financial) Repression. Cyril Moullé-Berteaux, Head of Global Asset Allocation Investing in a Time of (Financial) Repression Cyril Moullé-Berteaux, Head of Global Asset Allocation Overview Positioning for the long-term The growing Yield Bubble Europe outperformance may just be starting

More information

June Todd Hale James Russo Jonathan Banks Jean-Jacques Vandenheede

June Todd Hale James Russo Jonathan Banks Jean-Jacques Vandenheede June 20 Todd Hale James Russo Jonathan Banks JeanJacques Vandenheede Nielsen Global Scorecard Shopping measures appear to be trending upward, driven by gains in China, India, Canada and the U.S., with

More information

Goldilocks & the Three Bears, an Emerging Markets Tale

Goldilocks & the Three Bears, an Emerging Markets Tale Goldilocks & the Three Bears, an Emerging Markets Tale October 2011 The CFA Society of Pittsburgh Presented by: Brett Gallagher, Deputy Chief Investment Officer Artio Global Management LLC Emerging Markets

More information

The Future of Globalization

The Future of Globalization The Future of Globalization Isabelle Mateos y Lago, Chief Multi-Asset Strategist BlackRock Investment Institute Saturday, 18 th November 2017 Globalization has created a broader opportunity set for asset

More information

Trade and Development Board Sixty-first session. Geneva, September 2014

Trade and Development Board Sixty-first session. Geneva, September 2014 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Trade and Development Board Sixty-first session Geneva, 15 26 September 2014 Item 3: High-level segment Tackling inequality through trade and development:

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

Trends and opportunities across regions: Europe

Trends and opportunities across regions: Europe Trends and opportunities across regions: Europe Monday, 6 June 2011 Head of Institutional Fixed Income Europe Three themes shaping global opportunities I. Long term: Spheres of influence are shifting among

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

This statistical appendix presents data

This statistical appendix presents data STATISTICAL APPENDIX This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing

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

December 2014 FINANCIAL MARKET REVIEW

December 2014 FINANCIAL MARKET REVIEW December 2014 FINANCIAL MARKET REVIEW Buena Vista Investment Management LLC 241 Third Street South Wisconsin Rapids, WI 54494 715-422-0700 http://buenavistainv.com December 2014 Why Portfolios Remain Diversified

More information

Five years into the crisis. Is the world more stable or more unstable? Page 2 I Dublin, June 2013 Pioneer Investment Conference.

Five years into the crisis. Is the world more stable or more unstable? Page 2 I Dublin, June 2013 Pioneer Investment Conference. Five years into the crisis. Is the world more stable or more unstable? Page 2 I Dublin, June 2013 Pioneer Investment Conference. % of GDP The Debt Issue in Developed Markets Developed Markets Debt-to-GDP

More information

PRESS CONFERENCE 2 November 2012

PRESS CONFERENCE 2 November 2012 PRESS CONFERENCE 2 November 212 3Q 212 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner 4 3 5 Asset class Value Percentage fund Equities 2 247 6.3% 3 723 4 3 5 3 Fixed Income

More information

2016 Investment Outlook: Crosscurrents

2016 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 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 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 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

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

11 QUESTIONS FOR EQUITY INVESTORS IN 2017

11 QUESTIONS FOR EQUITY INVESTORS IN 2017 Global Equities 11 QUESTIONS FOR EQUITY INVESTORS IN 2017 January 2017 For investment professionals only. Not for further distribution. The 2 nd Longest US Bull Market In History Could This Be The Record

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

Global Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017

Global Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017 Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction

More information

SMSF Investment Seminar Sydney. 18 Oct 2010

SMSF Investment Seminar Sydney. 18 Oct 2010 SMSF Investment Seminar Sydney 18 Oct 2010 Important Notice This document has been prepared by Asian Masters Fund Limited (Asian Masters Fund). The material that follows is a presentation of general background

More information

Frontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner

Frontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner Frontier Markets and a teaser of what is to come Peter Elam Håkansson, Chairman and Partner The Frontier Markets Have the good old Emerging Markets lost their appeal? We remain convinced that Emerging

More information

Russia: Macro Outlook for 2019

Russia: Macro Outlook for 2019 October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia

More information

Stronger growth, but risks loom large

Stronger growth, but risks loom large OECD ECONOMIC OUTLOOK Stronger growth, but risks loom large Ángel Gurría OECD Secretary-General Álvaro S. Pereira OECD Chief Economist ad interim Paris, 3 May Global growth will be around 4% Investment

More information

1st Quarter Revenue. April 22, 2010

1st Quarter Revenue. April 22, 2010 1st Quarter Revenue April 22, 2010 Disclaimer This presentation contains forward looking statements. The use of the words "aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s)," "anticipate(s)"

More information

INFLECTION POINT. Why Now Is The Time To Invest In Emerging Markets. RBC GAM Fundamental Series

INFLECTION POINT. Why Now Is The Time To Invest In Emerging Markets. RBC GAM Fundamental Series INFLECTION POINT Why Now Is The Time To Invest In Emerging Markets RBC GAM Fundamental Series RBC GAM Fundamental Series Inflection Point: Why Now Is the Time to Invest in Emerging Markets 1 Executive

More information

Emerging Markets Debt: Outlook for the Asset Class

Emerging 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 information

Global Helicopter Forecast

Global Helicopter Forecast Global Helicopter Forecast C&P untapped demand is rising Key world economies are still underequipped TOP 10 Countries in 2016 ( H/C fleet in service) U.S.A. Russia Canada Brazil Australia United Kingdom

More information

Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns

Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment

More information

UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES. April 26, 2009

UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES. April 26, 2009 UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES April 26, 2009 This note provides an update of information in the paper, The State of Public Finances: Outlook and Medium-Term Policies After the

More information

Themes in bond investing June 2009

Themes in bond investing June 2009 For professional investors only Not for public distribution March 2011 Themes in bond investing June 2009 Japan outlook: Will Japanese equities jump in the Year of the Rabbit? Introduction There is no

More information

NCREIF Fall Conference 2011

NCREIF Fall Conference 2011 Courtland dpartners, Ld Ltd. NCREIF Fall Conference 2011 November 9, 2011 Courtland Partners, Ltd. 200 Public Square, Suite 2530 10866 Wilshire Blvd., Suite 830 Cleveland, OH 44114 Los Angeles, CA 90024

More information

Global Economic Prospects

Global Economic Prospects Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally

More information

Endowment Management Review

Endowment Management Review Endowment Management Review Asset Allocation Review UNIVERSITY LVX 1861 SIT WASHINGTON OF July 19, 2007 Published by the Treasury Office July 2007 Annual Asset Allocation Review Table of Contents Summary

More information

Global Themes and Risks

Global Themes and Risks The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks April 2013 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493

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

Economic Outlook January, 2012

Economic Outlook January, 2012 Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs

More information

OVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014

OVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014 OVERVIEW The EU recovery is firming Europe's economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time

More information

SEPTEMBER Overview

SEPTEMBER Overview Overview SEPTEMBER 214 Global growth. Global growth has been weaker than expected so far this year, as economic activity disappointed in a number of major countries in the first six months (Figure 1).

More information

RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003

RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003 OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican

More information

TURKEY: RECENT DEVELOPMENTS January March 2018

TURKEY: RECENT DEVELOPMENTS January March 2018 TURKEY: RECENT DEVELOPMENTS January March 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237

More information

New in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments

New in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments As in 212: Stock-take: multilaterally consistent assessment of external sector policies of the largest economies Feeds into Article IVs Draws on External Balance Assessment (EBA) methodology/other Identifies

More information

Bubble, bubble. facilitating debate on the outlook for the markets

Bubble, bubble. facilitating debate on the outlook for the markets Bubble, bubble toil and trouble? 15 February 2011 facilitating debate on the outlook for the markets Kumar Palghat ag a Managing Director Kapstream Capital Two sides to every story 3 2010 bottom line Right

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

RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.

RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia. RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11

More information

TURKEY: RECENT DEVELOPMENTS January June 2018

TURKEY: RECENT DEVELOPMENTS January June 2018 TURKEY: RECENT DEVELOPMENTS January June 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237

More information

Market Commentary for Q2 2018

Market Commentary for Q2 2018 Market Commentary for Q2 2018 Our Commitment to You: Periodically, it is helpful to the people we service, our clients, to re-affirm who we are at Crew Capital Mgmt. We don t just manage money. We help

More information