Non-traded Alternatives for Individual Investors

Size: px
Start display at page:

Download "Non-traded Alternatives for Individual Investors"

Transcription

1 Non-traded Alternatives for Individual Investors 1 CSC BD Member FINRA/SIPC

2 Risks & Suitability This material does not constitute a solicitation of an offer to sell/buy the securities described herein. Such an offering is made only by the prospectus. This material must be read in conjunction with the prospectus to fully understand the risks associated with an offering. There are no assurances that offerings will meet their stated objectives. Investing in commercial real estate or non-traded REITs is not suitable for all investors. Investors should consult a financial professional to determine whether risks associated with an investment in the shares, including illiquidity, underlying investments, failure to make distributions, and liquidation at less than the original amount invested are compatible with investment objectives. Investments in non-traded BDCs are subject to significant risks. These risks include limited operating histories, reliance on the advisors, conflicts of interests, payment of substantial fees to the advisors and their affiliates, illiquidity and liquidations at less than the original amounts invested. Investing in these products is not suitable for all investors. Investors should consult a financial professional to determine whether risks associated with an investment in the shares are compatible with their investment objectives. 2

3 Alternative Investments: Forging the Path Institutional Investors High-Net-Worth Individuals 3

4 Model Advanced by Institutions and High-Net-Worth Individuals Chart is not intended to represent actual or suggested allocations. For illustrative purposes only. 4

5 Alternative Investment Examples 5

6 Institutional Investors: Prominent University Endowments Yale Endowment Asset Allocation Harvard Endowment Asset Allocation Alternative, Alternatives 64% Traditional 46% Alternatives 39% Traditional 61% Sources: The Yale Endowment 2012 Performance, 2013 Target Asset Allocations, September Harvard Management Company Endowment Report Message from the CEO, 2013 Policy Portfolio, September Charts are for illustrative purposes only. 6

7 Institutional Investors: Prominent University Endowments 12.00% 10.00% 10-Year Historical Investment Returns 9.49% 10.60% 8.00% 6.00% 5.86% 4.00% 2.00% 0.00% Traditional 60/40 Stock/ Bond Portfolio Harvard Endowment Yale Endowment Sources: :Harvard Management Company Endowment Report Message from the CEO, September The Yale Endowment 2012 Performance, September 2012.Stock and Bond Portfolio includes S&P 500 and CITI US BIG. Past performance is no guarantee of future results. Charts are for illustrative purposes only. 7

8 Alternative Investments: Potential Benefits May offer diversification benefits Low historical correlation to stocks and bonds Reduced portfolio volatility May hedge against rising inflation Hard assets have fared well historically 8

9 Potential Benefits: Low Correlation See endnotes for dataset details. 9

10 Potential Benefits: Reduced Portfolio Volatility See endnotes for dataset details. 10

11 Potential Benefits: Inflation Hedge Sources: United States Bureau of Labor Statistics, NCREIF. Past performance is no guarantee of future results. 11

12 Potential Benefits: Inflation Hedge Floating Rate Loans Market Rates Loan Interest Increase Decrease Returns Compared to Market Stable Stable Fixed Rate Loans Fixed Fixed Decrease Increase Hypothetical in nature and provided for illustrative purposes only. All loans carry the potential risk of default. 12

13 Alternative Investments: Potential Risks Less liquid investments Complex and difficult to evaluate Some may have higher volatility and correlation to traded markets than others Values can fluctuate or be valued less frequently than traditional investments 13

14 Alternative Investments: Historical Barriers for Individuals High costs Direct ownership of alternative assets such as a multi-million dollar piece of commercial real estate is cost prohibitive Market or industry knowledge Considerable knowledge may be needed to navigate complex markets or industries Active management Direct investment in alternatives requires significant time and resources associated with daily management 14

15 Alternative Investments: Access for Individuals Traded options Higher liquidity Values influenced by market sentiment May have higher correlation to traded markets Non-traded alternatives Less liquidity Structure aligned with less liquid assets May have lower correlation and volatility to traded markets 15

16 Alternative Investments: Non-traded REITs 16

17 Alternative Investments: Non-traded BDCs 17

18 Alternative Investments: Non-traded Structure Comparison Mutual Funds REITs BDCs Underlying Investments Public Companies Real Estate Private Companies SEC registered (Public Offering) ü ü ü SEC reporting (Public Reporting) ü ü ü Tax reporting on Form 1099 ü ü ü Distribute 90% of income to avoid corporate tax ü ü ü Meets asset and diversification test ü ü ü Comply with Sarbanes-Oxley ü ü ü Non-traded REITs and BDCs are less liquid, alternative investments. Despite structural similarities to mutual funds, they are not traded on an exchange, have different fee structures and are valued less frequently. 18

19 Alternative Investments: Risk and Suitability Considerations Potential Risks and Suitability Standards Not suitable for all investors Minimum annual gross income of $70,000 and a minimum net worth of $70,000; or a minimum net worth of $250,000 (exclusive of home, home furnishings or automobiles), and some states may have higher gross income or net worth standards or may have additional limitations on allocation percentages Less liquid investments and liquidation may be less than original amount invested There is no guarantee of distributions or that distribution rates will be sustained Limited operating history and reliance on the advisor, conflicts of interest, payment of substantial fees to the advisor and its affiliates 19

20 CNL Securities Member FINRA/SIPC CNL Center at City Commons 450 South Orange Avenue Orlando, FL (407) (866) FOR BROKER/DEALER USE ONLY This is not an offer. Securities can be offered only by prospectus. Dissemination to prospective or current investors is prohibited. Broker/dealers are reminded that communications to any person must be accompanied or preceded by a prospectus in accordance with the Securities Act of 1933, as amended. Investments in non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs) are subject to significant risks. These risks include limited operating histories, reliance on the advisors, conflicts of interests, payment of substantial fees to the advisors and their affiliates, illiquidity and liquidations at less than the original amounts invested. Investing in these products is not suitable for all investors. Investors should consult a financial professional to determine whether risks associated with an investment in the shares are compatible with their investment objectives. Member FINRA/SIPC

21 Dataset Details: Correlation and Volatility Morningstar Chart Dataset Information ( ): Government bonds are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while returns in stocks, direct real estate, private debt, private equity and REITs are not guaranteed. Direct real estate trades in a private asset market, which is different in structure and function compared to the publicly-traded REIT market. Direct real estate differs from non-public REITs in many ways, as it does not incorporate brokerage fees, take into account market valuation in the event of public offering or reflect liquidity constraints. Real estate investment options are subject to certain risks, such as risks associated with general and local economic conditions, interest rate fluctuation, credit risks, liquidity risks and corporate structure. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks, and differences in accounting and financial standards. Private Debt- equally weighted composite made up of 50% Credit Suisse Leveraged Loan Index and 50% Bank of America Merrill Lynch U.S. High Yield Master II Index. U.S. Bond Index- Barclays U.S. Aggregate Bond Index which measures investment grade, U.S. dollar-denominated, fixedrate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. Domestic Stocks- Standard and Poor s 90 index from 1950 through February 1957 and the S&P 500 index thereafter. International Stocks- Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE ) Index. Traded REITS- FTSE NAREIT All Equity REIT Index Private Equity- Cambridge U.S. Private equity index which is compiled from 883 U.S. private equity funds (buyouts, growth equity, private equity energy and mezzanine funds), including fully liquidated partnerships, formed between 1986 and Direct Real Estate- Transactions-Based Index of Institutional Commercial Property Investment Performance (TBI) from the MIT Center for Real Estate from March 1985 to December 2010 and the NCREIF Transaction Based Index (NTBI) thereafter. Correlations are based on annual frequency. The data assumes reinvestment of all income and does not account for taxes or transaction costs. An investment cannot be made directly in an index. Risk is measured by annual standard deviation, which measures the fluctuation of returns around the arithmetic average return of the investment. The higher the standard deviation, the greater the variability (and thus risk) of the investment returns. The data assumes reinvestment of all income and does not account for taxes or transaction costs. An investment cannot be made directly in an index. Disclaimer: The underlying index series and weightings used to represent the private debt composite were requested by CNL Financial Group. The 1992 start date for this analysis is constrained by the maximum available historical data for the private debt composite. 21

INVEST IN SOMETHING REAL NOT FOR USE IN OHIO.

INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. TM INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. RISK FACTORS u Past performance is not a guarantee of future results. u Investing in real estate assets entails certain risks, including changes in: the

More information

Exploring Complementary Investment Opportunities: Real Estate Investment Trusts

Exploring Complementary Investment Opportunities: Real Estate Investment Trusts Exploring Complementary Investment Opportunities: Real Estate Investment Trusts 1 Traditional Investments: Stocks Bonds Treasuries Annuities Common Alternative Investments: Real Estate Investment Trusts

More information

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize We are proud to recognize Mercer Investment Consulting s Achievement as sub-advisor for Bluerock s Income+ Real Estate Fund INVESTMENT CONSULTANCY OF THE LAST 20 YEARS FINANCIAL NEWS, 2016 Providing investors

More information

Income Solutions Beyond Investment Grade Bonds

Income Solutions Beyond Investment Grade Bonds October 2017 Income Solutions Beyond Investment Grade Bonds Multiple Fixed Income Approaches Direction of interest rates Reduce Duration Limit Duration to Near Zero with: Floating rate notes (FRNs) for

More information

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize We are proud to recognize Mercer Investment Consulting s Achievement as sub-advisor for Bluerock s Income+ Real Estate Fund INVESTMENT CONSULTANCY OF THE LAST 20 YEARS FINANCIAL NEWS, 2016 Providing investors

More information

20 YEARS FINANCIAL NEWS, 2016

20 YEARS FINANCIAL NEWS, 2016 We are proud to recognize Mercer Investment Consulting s Achievement as sub-advisor for Bluerock s Total Income+ Real Estate Fund INVESTMENT CONSULTANCY OF THE LAST 20 YEARS FINANCIAL NEWS, 2016 Providing

More information

Triton Pacific Investment Corporation A Private Equity Business Development Company

Triton Pacific Investment Corporation A Private Equity Business Development Company Triton Pacific Investment Corporation A Private Equity Business Development Company Disclaimers and Risk Disclosure This is not an offer to sell nor a solicitation of an offer to buy the securities described

More information

PART TWO: PORTFOLIO MANAGEMENT HOW EXPOSURE TO REAL ESTATE MAY ENHANCE RETURNS.

PART TWO: PORTFOLIO MANAGEMENT HOW EXPOSURE TO REAL ESTATE MAY ENHANCE RETURNS. PART TWO: PORTFOLIO MANAGEMENT HOW EXPOSURE TO REAL ESTATE MAY ENHANCE RETURNS. MAY 2015 Burland East, CFA CEO American Assets Capital Advisers Creede Murphy Vice President, Investment Analyst American

More information

q merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware

q merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware Overview This Strategy seeks to provide diversified exposure among three major asset classes for a client's account with a moderately conservative target asset allocation. In normal market conditions,

More information

Institutional Opportunities for Individual Investors

Institutional Opportunities for Individual Investors Institutional Opportunities for Individual Investors This is neither an offer to sell nor a solicitation of an offer to buy shares of KBS Real Estate Investment Trust III, Inc. ("KBS REIT III"); offering

More information

University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies

University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies This Investment Policy Statement has been established by the University of North Florida Foundation, Inc. (the

More information

Risk-Efficient Investment Portfolios from AlphaSimplex Group. Strategies that put risk management first

Risk-Efficient Investment Portfolios from AlphaSimplex Group. Strategies that put risk management first Risk-Efficient Investment Portfolios from AlphaSimplex Group Strategies that put risk management first Agenda About AlphaSimplex Group (ASG) The need for active risk management Introducing the AlphaSimplex

More information

Real Estate Investment Trusts: An Industry Perspective

Real Estate Investment Trusts: An Industry Perspective Real Estate Investment Trusts: An Industry Perspective October 6, 2015 Naples, FL National Association of Real Estate Investment Trusts REITs: Building Dividends & Diversification 1875 I St, NW Suite 600,

More information

How to Think About Correlation Numbers: Long-Term Trends versus Short-Term Noise

How to Think About Correlation Numbers: Long-Term Trends versus Short-Term Noise How to Think About Correlation Numbers: Long-Term Trends versus Short-Term Noise SOLUTIONS & MULTI-ASSET MANAGED FUTURES INVESTMENT INSIGHT 2018 A Discussion on Correlation AUTHORS The primary goal for

More information

Master Limited Partnerships (MLPs)

Master Limited Partnerships (MLPs) 1Q 2017 Master Limited Partnerships (MLPs) Distinct Focus on Yield VanEck Vectors High Income Infrastructure MLP ETF (YMLI) VanEck Vectors High Income MLP ETF (YMLP) ETF disclosure This material does not

More information

Investment Perspectives. From the Global Investment Committee

Investment Perspectives. From the Global Investment Committee Investment Perspectives From the Global Investment Committee Introduction Domestic equities continued to race ahead during the fourth quarter of 2014 amid spikes in volatility, dramatic declines in oil

More information

Commercial Real Estate s Correlation to Other Asset Classes June 2015

Commercial Real Estate s Correlation to Other Asset Classes June 2015 Commercial Real Estate s Correlation to Other Asset Classes June 2015 Executive Summary The theory of diversification (Markowitz 1952) suggests that putting all of your eggs in one basket (or asset class)

More information

DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES

DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES PRUDENTIAL REAL ASSETS FUND EFFECTIVE JUNE 11, 2018, THE FUND S NEW NAME WILL BE PGIM REAL ASSETS FUND. FUND SYMBOLS WILL NOT CHANGE. Potential

More information

C2 Financial Technology Alternative Products. August 2016

C2 Financial Technology Alternative Products. August 2016 C2 Financial Technology Alternative Products August 2016 Important Disclosures The information in this Presentation relates solely to the ScoutAlpha Index Trading Program and the ScoutAlpha Electorate

More information

SAMPLE. Portfolio Insights Analysis. May 16, years, 1 month. Improve growth. Minimize impact of market volatility BENCHMARK DATE RANGE GOAL

SAMPLE. Portfolio Insights Analysis. May 16, years, 1 month. Improve growth. Minimize impact of market volatility BENCHMARK DATE RANGE GOAL May 16, 2018 Portfolio Insights Analysis ILOVEJP Sample Portfolio BENCHMARK JPMorgan 80-20 Benchmark DATE RANGE 10 years, 1 month GOAL Improve growth CONCERN Minimize impact of market volatility As the

More information

CENTER COAST MLP FOCUS FUND

CENTER COAST MLP FOCUS FUND CENTER COAST MLP FOCUS FUND MLP Investing and MLP Concentrated Mutual Funds We are pleased to provide you with the following information pertaining to master limited partnership ( MLP ) investing. MLPs

More information

A LEADING ALTERNATIVE ASSET MANAGER

A LEADING ALTERNATIVE ASSET MANAGER A LEADING ALTERNATIVE ASSET MANAGER This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Owl Rock Capital Corporation II can make

More information

Income Investing basics

Income Investing basics Income Investing basics investment options that can offer income, growth, and diversification Key questions to consider: What are your income-oriented investment options? What is the role of income in

More information

Retirement Cornerstone 17 Series B. Variable Annuity

Retirement Cornerstone 17 Series B. Variable Annuity Retirement Cornerstone 17 Series B Variable Annuity PROTECTED BENEFIT ACCOUNT INVESTMENT OPTIONS Retirement Cornerstone Series B is a combination variable and fixed annuity deferred contract issued by

More information

SFCC FOUNDATION INVESTMENT POLICY STATEMENT

SFCC FOUNDATION INVESTMENT POLICY STATEMENT SFCC FOUNDATION INVESTMENT POLICY STATEMENT I. PURPOSE OF INVESTMENT POLICY... 2 II. INVESTMENT MANAGEMENT OBJECTIVES... 2 III. SPENDING POLICY... 3 IV. RISK TOLERANCE... 3 V. RISK DISCLOSURES... 3 VI.

More information

Changing interest rates THE IMPACT ON YOUR PORTFOLIO

Changing interest rates THE IMPACT ON YOUR PORTFOLIO Changing interest rates THE IMPACT ON YOUR PORTFOLIO PGIM Investments helping investors participate in global market opportunities At PGIM Investments, we consider it a great privilege and responsibility

More information

Risk Management and Target-Date Funds

Risk Management and Target-Date Funds Risk Management and Target-Date Funds Speakers: John Galateria, Head of North America Institutional, J.P. Morgan Asset Management Dan Oldroyd, Portfolio Manager, J.P. Morgan Asset Management Participant-controlled

More information

UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017

UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017 UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017 UBS Select Treasury Institutional* ** UBS Select Government Institutional+ Metropolitan West Total Return

More information

RREEF Property Trust. Integrity I Experience I Insight. Not available for use in Ohio.

RREEF Property Trust. Integrity I Experience I Insight.  Not available for use in Ohio. RREEF Property Trust Integrity I Experience I Insight www.rreefpropertytrust.com Not available for use in Ohio. Properties pictured are owned by RREEF Property Trust. This material must be preceded or

More information

80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy

80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy 2018 80% Equity / 2% Fixed Income / 16% Alternative / 2% Allocation Strategy INVESTMENT OBJECTIVE: Designed to provide strong growth potential through strategies with the ability to adjust allocations

More information

Managed Futures as a Crisis Risk Offset Strategy

Managed Futures as a Crisis Risk Offset Strategy Managed Futures as a Crisis Risk Offset Strategy SOLUTIONS & MULTI-ASSET MANAGED FUTURES INVESTMENT INSIGHT SEPTEMBER 2017 While equity markets and other asset prices have generally retraced their declines

More information

Market & Product Opportunity S E P T E M B E R 3 0,

Market & Product Opportunity S E P T E M B E R 3 0, BOND DEBENTURE FUND Market & Product Opportunity S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett

More information

Real Estate and REITs in Pension Portfolios

Real Estate and REITs in Pension Portfolios 2018 Nareit. All rights reserved. Real Estate and REITs in Pension Portfolios November 27, 2018 Meredith Despins Senior Vice President, Investment Affairs & Investor Education Agenda 1. Real Estate: A

More information

Calamos Hedged Equity Income Fund s investment objective is to seek total return with lower volatility than equity markets.

Calamos Hedged Equity Income Fund s investment objective is to seek total return with lower volatility than equity markets. March 1, 2018 Summary Prospectus Calamos Hedged Equity Income Fund NASDAQ Symbol: CAHEX Class A CCHEX Class C CIHEX Class I CAHTX Class T Class T shares are not currently available for purchase. Before

More information

Economic Outlook. Presented: April 22, Keith B. Hembre, CFA Chief Economist & Chief Investment Strategist, FAF Advisors.

Economic Outlook. Presented: April 22, Keith B. Hembre, CFA Chief Economist & Chief Investment Strategist, FAF Advisors. Economic Outlook Presented: April 22, 2010 Presented by: Keith B. Hembre, CFA Chief Economist & Chief Investment Strategist, FAF Advisors Investment products, including shares of mutual funds, are not

More information

CION Investment Corporation A Middle Market-Focused Business Development Company

CION Investment Corporation A Middle Market-Focused Business Development Company CION Investment Corporation A Middle Market-Focused Business Development Company This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made

More information

Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS

Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS The Challenge In a market environment defined by low yields, volatility, and rising interest rates, investors are seeking

More information

Business Development Companies

Business Development Companies March 2018 Business Development Companies VanEck Vectors BDC Income ETF (BIZD ) ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of

More information

Class A: IEAAX Class C: IEACX Class W: IEAWX. SunAmerica Income Explorer Fund Explore Your Future

Class A: IEAAX Class C: IEACX Class W: IEAWX. SunAmerica Income Explorer Fund Explore Your Future Class A: IEAAX Class C: IEACX Class W: IEAWX SunAmerica Income Explorer Fund Explore Your Future Three Strategies. One Primary Goal High Current Income. Global Dividend Equities HIGH CURRENT INCOME Closed-End

More information

2016 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE

2016 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MD Family of Funds 2016 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE DISCLOSURE This annual management report of fund performance contains financial highlights but does not contain the complete annual

More information

The Myth of Diversification: Risk Factors vs. Asset Classes

The Myth of Diversification: Risk Factors vs. Asset Classes The Myth of Diversification: Risk Factors vs. Asset Classes Sébastien Page, CFA Executive Vice President April 2011 PIMCO Canada will retain PIMCO LLC as a subadvisor. PIMCO Canada Corp., 120 Adelaide

More information

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES. Table of Contents

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES. Table of Contents THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES Table of Contents 1.0 General Guidelines........ 2 1.1 Scope and Purpose....... 2 1.2 Responsibilities of The

More information

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS

More information

SUMMARY OF ASSET ALLOCATION STUDY AHIA August 2011

SUMMARY OF ASSET ALLOCATION STUDY AHIA August 2011 SUMMARY OF ASSET ALLOCATION STUDY AHIA August 2011 Expected Return 9.0% 8.5% 8.0% 7.5% 7.0% Risk versus Return Model 3 Model 2 Model 1 Current 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% Expected Risk Return 30%

More information

Amended as of January 1, 2018

Amended as of January 1, 2018 THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of January 1, 2018 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady

More information

Diversify Your Portfolio with Senior Loans

Diversify Your Portfolio with Senior Loans January 2012 Diversify Your Portfolio with Senior Loans White Paper INVESTMENT MANAGEMENT Table of Contents Introduction 2 What are Senior Loans? 2 How big is the Senior Loan market? 3 What is the performance

More information

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS

More information

Summary of Asset Allocation Study AHIA May 2013

Summary of Asset Allocation Study AHIA May 2013 Summary of Asset Allocation Study AHIA May 2013 Portfolio Current Model 1 Model 2 Model 3 Total Domestic Equity 35.0% 26.0% 24.0% 31.0% Total Intl Equity 15.0% 18.0% 17.0% 19.0% Total Fixed Income 50.0%

More information

Is Diversification Still Relevant?

Is Diversification Still Relevant? Is Diversification Still Relevant? Examining the portfolio value of managed futures and other alternative investments after a 9-year equity bull market FOR BROKER DEALER AND RIA USE ONLY. NOT TO BE USED

More information

Horizon Active Income Fund Advisor Class: AIHAX Institutional Class: AIRIX Investor Class: AIMNX

Horizon Active Income Fund Advisor Class: AIHAX Institutional Class: AIRIX Investor Class: AIMNX SUMMARY PROSPECTUS March 31, 2018 Horizon Active Income Fund Advisor : AIHAX Institutional : AIRIX Investor : AIMNX Before you invest, you may want to review the Fund s Prospectus, which contains more

More information

LOSS AVERSE INVESTING STRATEGIES UPDATE

LOSS AVERSE INVESTING STRATEGIES UPDATE PORTFOLIO MANAGERS: Patrick S. Adams, CFA Rick Garcia PHONE: 800-777-0818 EMAIL: information@pvgasset.com WEBSITE: www.pvgassetmanagement.com LOSS AVERSE INVESTING STRATEGIES UPDATE ADDRESS: 6898 S. University

More information

Rethink your income strategy

Rethink your income strategy Rethink your income strategy BlackRock Multi-Asset Income Fund (BIICX) 1 THE CHALLENGE Yields remain low Yields are low across the income landscape, with less than 25% of fixed income assets yielding over

More information

Investment Strategy On-Demand Webinar Series

Investment Strategy On-Demand Webinar Series Investment Strategy On-Demand Webinar Series Private Real Estate Options for DC Plans Jani Venter, Hewitt EnnisKnupp Viable Private Market Real Estate Vehicles for DC Plans DC Plans can now gain exposure

More information

Myths & misconceptions

Myths & misconceptions ALTERNATIVE INVESTMENTS Myths & misconceptions Many investors mistakenly think of alternative investments as being only for ultra-high-net-worth individuals and institutions. However, due to a number of

More information

Domain Gateway Austin, TX. Not For Use In Ohio

Domain Gateway Austin, TX. Not For Use In Ohio Domain Gateway Austin, TX Not For Use In Ohio This is neither an offer to sell nor a solicitation of an offer to buy shares of KBS Real Estate Investment Trust III, Inc. ( KBS REIT III ); offering is only

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus May 4, 2018 BMO Security Funds BMO Money Market Fund (series A, F, D, I, M and Advisor Series) BMO Income Funds BMO Balanced Yield Plus ETF Portfolio (series A, T6, F, D, I and Advisor

More information

FAS Monthly Economic & Market Update

FAS Monthly Economic & Market Update FAS Monthly Economic & Market Update December 2016 As of Nov 30, 2016 Copyright 2016 Financial Advisory Service, Inc. 1 Contents Economic Conditions 3 Market Conditions 4 A Leg-Up for Active Management?.....

More information

RISING RATES What You Need to Know

RISING RATES What You Need to Know RISING RATES What You Need to Know Although rising interest rates may primarily challenge those bond investments with the highest sensitivity to interest rates, we believe many parts of the global fixed

More information

Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio

Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio By Baird s Advisory Services Research Introduction Traditional Investments Domestic Equity International Equity Taxable

More information

INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS

INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS 1 TABLE OF CONTENTS CHAPTER PAGE CHAPTER I. GENERAL INFORMATION 3 SECTION 1. FUND BACKGROUND & PURPOSE 3 SECTION 2. FUND ADMINISTRATION:

More information

Factual Studies on Managed Futures Interaction with Stocks

Factual Studies on Managed Futures Interaction with Stocks Factual Studies on Managed Futures Interaction with Stocks Trading futures and options involves substantial risk of loss and is not suitable for all investors. The use of the phrase Managed Futures refers

More information

Get the Alternative Advantage

Get the Alternative Advantage Get the Alternative Advantage Alternative Investments Manage Risk and Potentially Enhance Performance Innovation is our capital. Make it yours. As an asset class, alternative investments have demonstrated

More information

Fidelity Real Estate Income Fund

Fidelity Real Estate Income Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Real Estate Income Fund Investment Approach Fidelity Real Estate Income Fund seeks above-average income and capital growth by investing in a mix

More information

Focus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets

Focus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction

More information

An Introduction to Dynamic Overlay

An Introduction to Dynamic Overlay Tactical investment strategy striving to preserve and grow client wealth An Introduction to Dynamic Overlay www.mrminv.com 12444 Powerscourt Drive Suite 350, St. Louis, MO 63131 1-(800) 233-1944 Q4 2018

More information

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement

More information

U.S. Bonds: Wield Yield with a Dynamic, Flexible Blend

U.S. Bonds: Wield Yield with a Dynamic, Flexible Blend MARKET VIEW U.S. Bonds: Wield Yield with a Dynamic, Flexible Blend August 1, 2016 1579 Views If you re looking for more income in a low-yield environment, consider the potential benefits of an agile, multi-asset-class

More information

Fortigent Alternative Investment Strategies Model Wealth Portfolios Fortigent, LLC.

Fortigent Alternative Investment Strategies Model Wealth Portfolios Fortigent, LLC. Fortigent Alternative Investment Strategies Model Wealth Portfolios Important Disclaimers The information provided is for educational purposes only and is not intended to be, and should not be construed

More information

Investment Perspectives. From the Global Investment Committee

Investment Perspectives. From the Global Investment Committee Investment Perspectives From the Global Investment Committee Crude Prices Have Declined Significantly Long-Term WTI Crude Price 1 and Month-Over-Month Change As of March 31, 2016 WTI Crude Spot Price and

More information

LIFECYCLE FUNDS Class A, Class B, and Class C Shares

LIFECYCLE FUNDS Class A, Class B, and Class C Shares December 30, 2005 Prospectus First American Strategy Funds, Inc. ASSET CLASS LIFECYCLE FUNDS LIFECYCLE FUNDS Strategy Aggressive Growth Allocation Fund Strategy Growth Allocation Fund Strategy Growth &

More information

Active Management Since 2001

Active Management Since 2001 Active Management Since 2001 PRESENTED BY John L. Smallwood, CFP Senior Wealth Advisor Smallwood Capital Management Commonwealth Financial Network Providing Investment Management of: Fee Based Brokerage

More information

A WELL-DIVERSIFIED CORE BOND PORTFOLIO

A WELL-DIVERSIFIED CORE BOND PORTFOLIO A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research

More information

LVIP PIMCO Low Duration Bond Fund. Summary Prospectus May 1, (Standard and Service Class) Investment Objective.

LVIP PIMCO Low Duration Bond Fund. Summary Prospectus May 1, (Standard and Service Class) Investment Objective. LVIP PIMCO Low Duration Bond Fund (Standard and Service Class) Summary Prospectus May 1, 2017 Before you invest, you may want to review the Fund s Prospectus, which contains more information about the

More information

REAL ESTATE DIVERSIFIED INCOME FUND. A Professionally Managed, Diversified Interval Fund Strategy

REAL ESTATE DIVERSIFIED INCOME FUND. A Professionally Managed, Diversified Interval Fund Strategy REAL ESTATE DIVERSIFIED INCOME FUND A Professionally Managed, Diversified Interval Fund Strategy Resource Real Estate Diversified Income Fund Quarterly Performance Snapshot Resource Real Estate Diversified

More information

The Black Widow Returns

The Black Widow Returns The Black Widow Returns Richard Bernstein Chief Executive and Chief Investment Officer, Richard Bernstein Advisors LLC. Sub-Advisor to the Redwood Global Equity Strategy Class Global investing is changing

More information

The Year of the Snake: Investing in a Rising Rate Environment

The Year of the Snake: Investing in a Rising Rate Environment The Year of the Snake: Investing in a Rising Rate Environment Duncan W. Richardson, CFA Chief Equity Investment Officer 13 th February 2013 1 Inflation Deflation 2 Depressing Cycle 3 Source: Baseline as

More information

Fallen Angel High Yield Bonds

Fallen Angel High Yield Bonds September 2017 Fallen Angel High Yield Bonds VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL ) ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security,

More information

Alternative Investments

Alternative Investments Alternative Investments Tap into greater opportunity with U.S. Trust 03 Sophisticated solutions to help meet your needs. 04 Complete your financial strategy. 05 Ways to access alternative investments.

More information

Blackstone brings institutionalcaliber private real estate to income-focused individuals

Blackstone brings institutionalcaliber private real estate to income-focused individuals Blackstone brings institutionalcaliber private real estate to income-focused individuals THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN, AND MUST

More information

Spectrum Report Compiled as of: November 30, 2016

Spectrum Report Compiled as of: November 30, 2016 Spectrum Report Compiled as of: November 30, 2016 Vanguard Target Retirement 2010 Fund Investor Shares Vanguard Target Retirement 2015 Fund Investor Shares Vanguard Target Retirement Income Fund Investor

More information

NorthCoast CAN SLIM Investment Strategy

NorthCoast CAN SLIM Investment Strategy NorthCoast CAN SLIM Investment Strategy For Presentation to Morgan Stanley Wealth Management Financial Advisors A growth portfolio with downside risk protection This presentation is to report on the investment

More information

Asset Class Review APR. 24, Master Limited Partnerships

Asset Class Review APR. 24, Master Limited Partnerships APR. 24, 2013 INVESTOR EDUCATION GLOBAL INVESTMENT COMMITTEE Asset Class Review OVERVIEW AUTHOR Master Limited Partnerships DESCRIPTION. Master limited partnerships (MLPs) operate physical assets such

More information

ROCHESTER INSTITUTE OF TECHNOLOGY Investment Policy

ROCHESTER INSTITUTE OF TECHNOLOGY Investment Policy ROCHESTER INSTITUTE OF TECHNOLOGY Investment Policy Revised and Approved March 10, 2014 1. Purpose The financial objective of the endowment portfolio is to provide a sustainable level of income distribution

More information

RBC Strategic Asset Allocation Models

RBC Strategic Asset Allocation Models Page 1 of United States Core Very conservative Last updated: April 17 Risk Profile 1 The focus is capital preservation. The portfolio will typically be invested mainly in fixed income and other low volatility

More information

Global Investment Committee Themes

Global Investment Committee Themes Global Investment Committee Themes The Global Investment Committee (GIC), which meets monthly to review the economic and political environment and asset allocation models for Morgan Stanley Wealth Management

More information

Mortgage and Asset Backed Securities Investment Strategy

Mortgage and Asset Backed Securities Investment Strategy Mortgage and Asset Backed Securities Investment Strategy Traditional fixed income has enjoyed an environment of falling interest rates over the past 30 years. Average of 10 & 30 Year Treasury Yields (1981

More information

Calvert Short Duration Income Fund

Calvert Short Duration Income Fund Click here to view the Fund s Prospectus Click here to view the Fund s Statement of Additional Information Summary Prospectus dated February 1, 2018 as revised April 5, 2018 Calvert Short Duration Income

More information

ENNISKNUPP CAPITAL MARKETS MODELING ASSUMPTIONS

ENNISKNUPP CAPITAL MARKETS MODELING ASSUMPTIONS ENNISKNUPP Independent advice for the institutional investor ENNISKNUPP CAPITAL MARKETS MODELING ASSUMPTIONS Updated July 2009 EnnisKnupp s capital markets modeling assumptions play a critical role in

More information

PORTFOLIO OPTIMIZATION FUNDS

PORTFOLIO OPTIMIZATION FUNDS PORTFOLIO OPTIMIZATION FUNDS DIVERSIFIED ASSET ALLOCATION SOLUTIONS UPDATED AS OF 3/31/18 MFC0639-0318 PORTFOLIO OPTIMIZATION FUNDS With thousands of mutual funds on the market today, creating a portfolio

More information

Advance with Alternative Investments. Diversification when you need it

Advance with Alternative Investments. Diversification when you need it Advance with Alternative Investments Diversification when you need it All charts are for illustrative purposes and not intended to be representative of any specific investment vehicle. Please refer to

More information

AIG 2017 SEMI-ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund High Watermark Fund

AIG 2017 SEMI-ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund High Watermark Fund 2017 SEMI-ANNUAL REPORT SunAmerica Specialty Series High Watermark Fund 2020 High Watermark Fund AIG Commodity Strategy Fund ESG Dividend Fund Focused Alpha Large-Cap Fund Focused Multi-Cap Growth Fund

More information

ishares U.S. ETF Trust

ishares U.S. ETF Trust ishares U.S. ETF Trust Statement of Additional Information Dated March 1, 2018 (as revised April 6, 2018) This Statement of Additional Information ( SAI ) is not a prospectus. It should be read in conjunction

More information

SUMMARY PROSPECTUS. May 1, 2018

SUMMARY PROSPECTUS. May 1, 2018 SUMMARY PROSPECTUS May 1, 2018 REMS INTERNATIONAL REAL ESTATE VALUE-OPPORTUNITY FUND INSTITUTIONAL SHARES (Ticker: REIFX) PLATFORM SHARES (Ticker: REIYX) Z SHARES (Ticker: REIZX).Before you invest, you

More information

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement

More information

Fixed Income Perspective: Treasury Inflation Protected Securities

Fixed Income Perspective: Treasury Inflation Protected Securities Fixed Income Perspective: Treasury Inflation Protected Securities Market Commentary August 2017 IN OUR VIEW, TREASURY INFLATION PROTECTED SECURITIES, or TIPS, are a misunderstood fixed income asset class.

More information

Why It s Not Your Grandma s Bond Market Anymore

Why It s Not Your Grandma s Bond Market Anymore Why It s Not Your Grandma s Bond Anymore Commentary November 2017 TODAY S BOND MARKET LOOKS QUITE DIFFERENT FROM A GENERATION AGO. Sources of return have evolved and certain strategies that used to work

More information

ING Strategic Allocation Portfolios Adviser Class, Class I and Class S Prospectuses dated April 7, 2008

ING Strategic Allocation Portfolios Adviser Class, Class I and Class S Prospectuses dated April 7, 2008 ING Variable Funds ING Variable Portfolios, Inc. ING VP Balanced Portfolio, Inc. ING VP Intermediate Bond Portfolio ING VP Money Market Portfolio Adviser Class, Class I and Class S Prospectuses dated April

More information

THE PRUDENTIAL SERIES FUND

THE PRUDENTIAL SERIES FUND THE PRUDENTIAL SERIES FUND PROSPECTUS APRIL 30, 2018 The Prudential Series Fund (the Trust) is an investment vehicle for life insurance companies (the Participating Insurance Companies) writing variable

More information

The Universal Institutional Funds, Inc.

The Universal Institutional Funds, Inc. Class I Prospectus April 30, 2012 The Universal Institutional Funds, Inc. U.S. Real Estate Portfolio Above average current income and long-term capital appreciation by investing primarily in equity securities

More information

Portfolio Snapshot. Sample Report. A proposal for your review. John Adams Financial Advisor Merrill Lynch Wealth Management

Portfolio Snapshot. Sample Report. A proposal for your review. John Adams Financial Advisor Merrill Lynch Wealth Management Portfolio Snapshot A proposal for your review Sample Report John Adams Merrill Lynch Wealth Management SENSITIVE CLIENT INFORMATION INSIDE Important Information This analysis is a brokerage report that

More information