Wakefield Asset Management Large Cap Equity Quarterly Commentary Q as of 3/31/2018
|
|
- Samantha Craig
- 5 years ago
- Views:
Transcription
1 Wakefield Asset Management Large Cap Equity Quarterly Commentary Q as of 3/31/2018 Gross Performance S&P Q Year 3 Years 5 Years 10 Years Since Incep on Quarter In Review Following a rapid advance during the month of January, vola lity returned to the markets and the S&P 500 declined nearly 4% during February, eventually ending down marginally for the quarter. Higher interest rates and infla on expecta ons weighed on the markets, especially defensive sectors, with Consumer Staples and Telecommunica ons Services companies pos ng the worst declines. Despite regulatory and trade related concerns, technology stocks led all sectors during the vola le quarter. Earnings expecta ons for Q remain strongly posi ve on the heels of tax reform passed in late According to data from FactSet, the first quarter saw the most companies issuing posi ve earnings guidance since they began tracking the data in That growth is being led by the Energy, Materials, Informa on Technology and Financial sectors. Year over year revenue growth also appears to be strong. Jerome Powell took over as Chair of the Federal Reserve in February. He and the Fed delivered the first of three expected rate increases this year as the FOMC looks to gradually ghten monetary policy with economic condi ons showing con nued improvement. First Quarter Performance Review The Por olio was posi ve for the quarter, with a return of 1.57% while the S&P 500 finished down 0.76%. The outperformance came despite the por olio being more than 6% underweight technology stocks, the best performing sector in the market. Holdings in the Financials (6.40% versus 0.97% for the S&P 500), Health Care (8.57% versus 1.27% for the S&P 500) and Informa on Technology (3.23% versus 3.54% for the S&P 500) sectors contributed the most to returns. Estee Lauder was the best performing posi on in the por olio during the quarter. Shares advanced 18% as the company reported earnings of $1.52 vs. a $1.48 es mate and received numerous, upward revisions to future earnings expecta ons. Motorola Solu ons was the standout performer in the Informa on Technology sector, gaining 17.12% through quarter end. The communica ons equipment company easily beat earnings es mates and issued posi ve guidance. Boeing posted a 11.76% gain during the quarter, bes ng analyst earnings es mates while receiving numerous, upward revisions to future earnings following their earnings announcement in early February. The company was seen by most investors as a large beneficiary of record defense spending, increased geopoli cal tensions and changes to the tax code. Holdings in the Energy sector detracted the most from overall returns. Refining company Andeavor accounted for nearly all the nega ve return. The company was down 19.14% during the quarter a er repor ng earnings of $0.75 vs. a $1.11 es mate giving an underwhelming forward outlook. Andeavor was sold in February and replaced with Pioneer Natural Resources. During the quarter, the por olio held 33 companies that reported earnings. 30 of those companies exceeded Wall Street es mates, while only three missed expecta ons. The por olio s earnings beat rate of 90.91% was well ahead of the 74.85% beat rate for all companies in the S&P 500. The Estee Lauder Companies Inc Motorola Solu ons Inc Boeing Co Comerica Inc Align Technology Inc Intui ve Surgical Inc Total System Services Inc Moody's Corpora on Wynn Resorts Ltd Applied Materials Inc * Sold During the Quarter ^ Bought During the Quarter Top 10 Performers Symbol EL MSI BA CMA ALGN ISRG TSS MCO WYNN AMAT Return Contribu on Andeavor * Dollar Tree Inc * General Motors Co Facebook Inc A McDonald's Corp Freeport McMoRan Inc Norfolk Southern Corp * Avery Dennison Corp Broadcom Inc NVIDIA Corp^ Bo om 10 Performers Symbol Return ANDV DLTR SMG FB MCD FCX NSC AVY AVGO NVDA Contribu on
2 Earnings Surprise Beat Comparison Holdings Repor ng Earnings in Q4 Earnings Beats Earnings Misses Earnings Met Earnings Beat % S&P % % Market Outlook Despite repeated calls for a slowdown, the U.S. economy con nues to show signs of strength with most economists expec ng GDP growth of more than 3% by this summer. Headline unemployment is also approaching sub 4%, the best level since late Ongoing concerns about labor market ghtness resul ng in rising wages and lower profit margins have yet to materialize. Tax cuts passed in late 2017 are finally being reflected in corporate earnings expecta ons. Most signs point to several quarters of growth ahead and the bull case for the economy remains largely intact. Time Period: 1/1/2018 to 3/31/2018 Cons. Discre onary Sector Return Rela ve to S&P However, there are risks to the posi ve economic outlook and we have already seen those concerns manifest themselves in the form of equity market vola lity. We remarked in our yearend 2017 le er that we expected vola lity to return this year. By mid February, the S&P 500 had already exceeded the total number of 1% or greater moves in all of Concerns seem to be moun ng that policy mistakes from the FOMC could allow infla on to run above their 2% target, resul ng in ghter monetary condi ons and a subsequent economic slowdown. Markets also remain intensely focused on rhetoric from Washington, D.C. where President Trump s promise of America First have led to tariffs on steel and aluminum. The impact of the tariffs has been very limited, but there s concern a broader trade war could erupt and halt the synchronized global expansion. Finally, we can t ignore equity market valua ons, but the recent pause in the S&P 500 s advance coupled with higher earnings revisions have brought mul ples down from extreme to well above average levels. Our investment approach should perform well if we see a rota on out of the today s market leaders, including technology companies, over the coming quarters. Cons. Staples Energy Financials Health Care Industrials Info Technology 0.3 Analyst Earnings Es mates Comparison Materials 0.3 Real Estate 0.1 Telecom Services 0.1 U li es Past performance is not indica ve of future results. Holdings presented here represent a par al list of holdings in the Large Cap Equity model por olio during the me period indicated. Trades executed in actual accounts may differ from the model depending upon the size of the account, investment objec ves and restric ons, capital contribu ons and withdrawals, the amount of transac on and related costs, the incep on date of the account and other factors. It should not be assumed that investments in the securi es iden fied were or will be profitable or that recommenda ons made in the future will be profitable or will equal the performance of the securi es presented here. A complete list of securi es purchased and sold in the last 12 months in the Large Cap Equity por olio is available upon request. Top & Bo om performances are gross returns, with contribu on calculated on a asset weighted basis. Please send informa on requests to investorrela ons@wakefieldinc.com. This report is provided as general informa on only and should not be taken as investment advice. This report shall not be construed as a recommenda on to buy or sell any security or financial instrument, or to par cipate in any par cular trading or investment strategy. Some informa on in this report was generated based on informa on from a third party and is believed to be reliable. Wakefield makes no representa on as to the accuracy or completeness of the third party informa on provided in this report. Please refer to the a ached performance presenta on for net of fee composite returns, disclosures and further informa on about Wakefield Asset Management and our Large Cap Equity strategy. Forms ADV part 1 and 2 are available upon request. Data source: Morningstar Direct, Bloomberg.
3 While the overall market is efficient, pockets of inefficiency do exist. Wakefield Asset Management offers a unique investment strategy which we believe stands apart from the mainstream investment community. Focusing on proprietary investment techniques that not only iden fy market inefficiencies, but capture those inefficiencies over me. Wakefield uses a highly disciplined and technologically advanced process for research, security selec on, implementa on, and monitoring. The resul ng por olios exhibit a unique combina on of characteris cs with posi ve near term expecta ons that, in our view, will be rewarded by the market in the period ahead regardless of market direc on. In our management and research, our goals are Focus, Crea vity, Intellectual Honesty, and Con nuous Improvement. Returns (Gross of Fee) Return 26.0% 24.0% % 20.0% 18.0% % % % % % 6.0% 4.0% 2.0% % 2.0% % Q Year 3 Years 5 Years 10 Years Since Incep on The informa on on this page is supplemental to the GIPS compliant disclosure presenta on on page 4 which also shows net performance returns. Page 1
4 Performance Rela ve to Peer Group Peer Group (5 95%): Separate Accounts/CITs U.S. Large Blend Calcula on Benchmark: Top Quar le 2nd Quar le 3rd Quar le Bo om Quar le 24.0% 22.0% 20.0% 18.0% Return 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 1 Year 3 Years 5 Years 10 Years 15 Years Top Holdings Symbol Weight % Freeport McMoRan Inc FCX 3.3 Helmerich & Payne Inc Macy's Inc Tapestry Inc Michael Kors Holdings Ltd United Rentals Inc The Estee Lauder Companies Inc Class A Applied Materials Inc State Street Corpora on HP 3.3 M 3.2 TPR 3.2 KORS 3.2 URI 3.2 EL 3.1 AMAT 3.1 STT 3.1 GICS Sector Weigh ngs Energy Materials Industrials Consumer Discre onary Consumer Staples Healthcare Financials Informa on Technology Telecom Services U li es Real Estate 2.9% 0.0% 1.9% 0.0% 2.9% 2.8% 5.7% 6.1% 6.2% 9.3% 8.6% 7.7% 9.1% 10.2% 8.8% 12.7% 13.7% 15.2% 14.7% 18.0% 17.3% 24.9% CenterPoint Energy Inc CNP 3.1 Large Cap Equity Holdings as of March 31, Holdings are subject to change at any me. Posi ons, and posi on size, may vary from account to account. A full lis ng of investment decisions made in the past year is available upon request. It should not be assumed that recommenda ons made in the future will be profitable or will equal the preformance of the securi es presented here. This holdings list should not be considered a recommenda on to buy or sell any security. The informa on on this page is supplemental to the GIPS compliant disclosure presenta on on page 4 Page 2
5 Wakefield Large Cap % Giant 17.1 Large 54.4 Mid 28.5 Small 0.0 % Giant 56.3 Large 35.1 Mid 8.6 Small 0.0 Por olio Characteris cs # of Stock Holdings Average Market Cap (Mil) Median Market Cap (Mil) P/E Ra o (TTM) P/B Ra o (TTM) Dividend Yield Ac ve Share Wakefield LCE S&P 500 TR ,894 46,724 29,254 20, Informa on Sta s cs - 5 Year Alpha Beta Sharpe Ra o R Squared Informa on Ra o Tracking Error Standard Devia on Ba ng Average Capture Ra o - 5 Year Calcula on Benchmark: 130.0% 120.0% 110.0% 100.0% Up Capture Ra o 90.0% 80.0% 70.0% 70.0% 80.0% 90.0% 100.0% 110.0% 120.0% 130.0% Down Capture Ra o Investment Growth Time Period: 5/1/1997 to 3/31/2018 1, , The informa on on this page is supplemental to the GIPS compliant disclosure presenta on on page 4 which also shows net performance returns. Returns Above Benchmark Excess Return Year 3 Years 5 Years 10 Years Since Incep on Page 3
6 Wakefield Asset Management claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared this report in compliance with the GIPS standards. Wakefield Asset Management has been independently verified for the periods July 1, 2003 through June 30, Verifica on assesses whether (1) the firm has complied with all the composite construc on requirements of the GIPS standards on a firm wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The composite has been examined for the periods July 1, 2003 through June 30, The verifica on and performance examina on reports are available upon request. Page 4
Wakefield Asset Management Large Cap Equity Quarterly Commentary Q as of 12/31/2017
Wakefield Asset Management Large Cap Equity Quarterly Commentary Q4 2017 as of 12/31/2017 Gross Performance S&P 500 Q4 2017 1 Year 3 Years 5 Years 10 Years Since Incep on 9.74 31.37 16.36 19.83 11.97 12.21
More informationWakefield Asset Management Large Cap Equity Quarterly Commentary Q as of 6/30/2018
Wakefield Asset Management Large Cap Equity Quarterly Commentary Q2 2018 as of 6/30/2018 Gross Performance S&P 500 Quarter In Review Q2 2018 YTD 1 Year 3 Years 5 Years 10 Years 1.61 3.43 3.20 2.65 21.23
More informationWakefield Asset Management Large Cap Equity Quarterly Commentary Q as of 9/30/2018
Wakefield Asset Management Large Cap Equity Quarterly Commentary Q3 2018 as of 9/30/2018 Gross Performance S&P 500 Q3 2018 YTD 1 Year 3 Years 5 Years 10 Years Since Incep on 2.72 6.01 16.33 18.41 16.46
More informationRisk / Return August January 2016 (Single Computation)
Risk / Return August 2015 - January 2016 (Single Computation) 2% Zephyr StyleADVISOR:, LLC 0% -2% -4% Return -6% -8% -10% Benchmark: Cash Equivalent: Citigroup 3-month T-bill -12% -14% 0% 2% 4% 6% 8% 10%
More informationThe Advisors Inner Circle Fund II
The Advisors Inner Circle Fund II A Class Shares PROSPECTUS June 1, 2018 Frost Total Return Bond Fund (FAJEX) Frost Credit Fund (FCFBX) Investment Adviser: Frost Investment Advisors, LLC The U.S. Securi
More informationMARKET COMMENTARY. Horizon Asia Opportunity Q Commentary. August Horizon Kinetics LLC
Horizon Asia Opportunity Q2 2018 Commentary August 2018 2018 Horizon Kinetics LLC In the second quarter of 2018, the Horizon Asia Opportunity Institutional Composite (the Strategy ) gained 1.1%, net of
More informationGuernsey Economic Overview
Guernsey Economic Overview Issue date: 19 May 17 The Guernsey Economic Overview brings together the most recent official Guernsey sta s cs and provides an overview of economic condi ons in Guernsey and
More informationBy Anne Obersteadt, CIPR Senior Researcher
R B C R F I A C By Anne Obersteadt, CIPR Senior Researcher I The is exploring the implementa on of a new and more granular risk based capital (RBC) structure for fixed income asset capital charges by 2019.
More informationHow can you describe conservative investment products in ways that are meaningful to clients?
UPSIDE/DOWNSIDE CAPTURE RATIO SPREAD by Isaac Braley, President, BTS Asset Management, Inc. How can you describe conservative investment products in ways that are meaningful to clients? Understanding measures
More informationCau ous Real Return ibasket GBP
Overview The Cau ous Real Return ibasket is an ETF mul -asset por olio with weigh ngs advised by Twenty20 Investments. The por olio will invest 100% in Exchange Traded Funds (ETFs) comprising assets in
More informationThe Fron er Line. GLI Benchmarks. Thought Leadership and insights from Fron er Advisors. Issue 103, March 2015
Thought Leadership and insights from Fron er Advisors GLI Benchmarks Issue 103, March 2015 Fron er Advisors has been at the forefront of ins tu onal investment advice in Australia for over two decades
More informationModel Por olios. STANLIB Mul - Manager. Solu ons for IFA s to - Create business value Manage advice risk be er Delight your clients
STANLIB Mul - Manager Model Por olios Solu ons for IFA s to - Create business value Manage advice risk be er Delight your clients Albert Louw Joao Frasco Who is STANLIB Mul - Manager? Generic names no
More information1 Purpose Introduction Review of policy Best Execu on Delivery of Best Execution Scope...
Order Execution Policy w w w.houseofborse.com HOUSE Of BÖRSE Limited is authorized and regulated by the Financial Conduct Authority. UK FCA Register Number: 631382. Registered in England andwale s, number:
More informationWEARS THE CAP THAT SUITS THE OCCASION
MULTICAP FUND (An open ended equity scheme investing across large cap, mid cap, small cap stocks) WEARS THE CAP THAT SUITS THE OCCASION Tata Multicap Fund aims to fit into the right role across market
More informationPERFORMING DUE DILIGENCE ON NONTRADITIONAL BOND FUNDS. by Mark Bentley, Executive Vice President, BTS Asset Management, Inc.
PERFORMING DUE DILIGENCE ON NONTRADITIONAL BOND FUNDS by Mark Bentley, Executive Vice President, BTS Asset Management, Inc. Investors considering allocations to funds in Morningstar s Nontraditional Bond
More informationForm ADV Part 2A Firm Brochure. 11A Hanson Street, Unit 3 Boston, MA Dated February 14, 2017
Item 1: Cover Page Form ADV Part 2A Firm Brochure 11A Hanson Street, Unit 3 Boston, MA 02118 978-273-3135 Dated February 14, 2017 This Brochure provides informa on about the qualifica ons and business
More informationHORIZON INVESTMENT SERVICES
HORIZON INVESTMENT SERVICES Socially Responsible Strategies 3rd Quarter 2018 SRI Assets Under Management Rise 1,778% According to US SIF The Forum for Sustainable and Responsible Investment s 2018 SRI
More informationMARKET COMMENTARY. Horizon Asia Opportunity Q Commentary
Horizon Asia Opportunity Q4 2018 Commentary January 2019 In the fourth quarter of 2018, the Horizon Asia Opportunity Institutional Composite (the Strategy ) declined 6.6%, net of fees, compared to the
More informationJunk Bonds Versus IT Projects Risk Adjusted Performance Compared
Junk Bonds Versus IT Projects Risk Adjusted Performance Compared John Helm JHelm Associates, LLC www.jhelmassociates.com Execu ve Timeslice, LLC www.execu vetimeslice.com Copyright (c) 2013 by John Helm.
More information2017 ECONOMIC AND WORKFORCE PROFILE Green Lake County
2017 ECONOMIC AND WORKFORCE PROFILE Green Lake County STATE OF WISCONSIN DETI-17957-GRL-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More information2017 ECONOMIC AND WORKFORCE PROFILE Kewaunee County
2017 ECONOMIC AND WORKFORCE PROFILE Kewaunee County STATE OF WISCONSIN DETI-17957-KEW-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationSTRATEGIC INITIATIVES STANDING COMMITTEE AGENDA
TOWN OF COLLINGWOOD STRATEGIC INITIATIVES STANDING COMMITTEE AGENDA December 7, 2016 Collingwood is a responsible, sustainable, and accessible community that leverages its core strengths: a vibrant downtown,
More informationPSG Equity Fund Class A Minimum Disclosure Document as at 30 June 2017
PSG Equity Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu
More informationMuch of the investment
The Pursuit of Average The Cost of Passive Inves ng: Updated & Revised J A F 2018 Much of the investment management industry makes a point of being average. Does any other industry or human endeavor seek
More informationNest Investments LLC. Form ADV, Part 2A Walnut Street 22nd Floor Philadelphia, PA Fax:
ITEM 1: COVER PAGE Nest Investments LLC Form ADV, Part 2A Nest Investments LLC 1845 Walnut Street 22nd Floor Philadelphia, PA 19103 855.545.3776 Fax: 215.525.4424 www.mybanknestegg.com January 1, 2018
More informationFinancial Planning Packet
Table of Contents Financial Planning Packet Direc ons...page 1 What to Expect...Page 2 Documenta on to Gather...Page 3 Investor Personality Profile...Pages 4-5 Personal Data Organizer... Pages 6-11 Privacy
More information2017 ECONOMIC AND WORKFORCE PROFILE Brown County
2017 ECONOMIC AND WORKFORCE PROFILE Brown County STATE OF WISCONSIN DETI-17957-BRW-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationISS Special Situations Research Analysis August 1, Dalian Wanda Commercial Properties (HKG:3699): proposed acquisition by Dalian Wanda Group
Analysis Dalian Wanda Commercial Properties (HKG:3699): proposed acquisition by Dalian Wanda Group Vote Recommendation: Vote FOR the delisting of H shares Executive Summary On May 30, 2016, less than 16
More information2017 ECONOMIC AND WORKFORCE PROFILE Florence County
2017 ECONOMIC AND WORKFORCE PROFILE Florence County STATE OF WISCONSIN DETI-17957-FLO-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationwhich looks like a credit card, but is electronically connected to the cardholder s bank account.
U C C T C Y F A L 1.4.1.F1 Credit is derived from the La n word credo meaning I believe. Credit is when goods, services, or money is received in exchange for a promise to pay a definite sum of money at
More informationMarch 9, March 31, 2017: Eight (Years) Is Enough? Type
April 2017 About Beacon Financial Advisors Ltd. Beacon is an independent fee only advisor with a clear mission statement: To provide our clients long term valueadded financial counsel and investment performance
More informationBloomsburg Investment Group Opinion: Corporate Summary:
Bloomsburg Investment Group Opinion: Bloomsburg Investment Group Equity Analysis Dow Chemical () Analyst: Connor Snook Class of 2018 Kris Lachapel and Nicholas Wolfgang Class of 2017 Keeyan Zimmerman class
More informationTable of Contents. Long Range Financial Plan 27. Report Introduction 1
Table of Contents Report Introduction 1 Water/Wastewater Long Range Financial Planning 2 Principles of Financial Sustainability 4 Importance of a Long Range Financial Plan 5 General Approach to Preparing
More informationValue and Fee Benchmarking Report. My Client Opera ng Company
Value and Fee Benchmarking Report My Client Opera ng Company THIS REPORT INCLUDES: Total Plan Fee Detail Fund Manager Recordkeeper Report Provided by: Brian Davis, CLU, ChFC, CFP, AIF, PPC Davis Wealth
More information10 Year Government Bond Yields. Past performance is not indicative of future results. Please see attached disclosures.
2Q 2015: Global Economic Uncertainty & Fear of Rising Interest Rates Fuel Market Volatility Improving U.S. Economic Conditions Point to an Imminent Fed Rate Hike Vola lity con nued to play a dominant theme
More informationCity of Guelph. Financial Condi on Assessment. September 24, 2015
City of Guelph Financial Condi on Assessment September 24, 2015 62 Table of Contents Exeuctive Summary Introduction 1 Trend Analysis 2 Peer Analysis 2 Questions to Consider 3 Key Indicators 4 Section 1
More informationBloomberg Survey of Economists
Bloomberg Survey of Economists December 2018 Economists Lower Rate Forecasts but Expect Economy to Con nue Growing in 2019 Economists revised their 2019 growth forecasts slightly lower and expect interest
More informationTax Saving and the essence of 'Buy Right : Sit Tight', now in one product
Tax Saving and the essence of 'Buy Right : Sit Tight', now in one product Motilal Oswal MOSt Focused Long Term Fund (An open ended equity linked saving scheme with a 3 year lock-in) Product Labeling Name
More informationReview & Retain Important Informa on regarding Changes to Merrill Lynch Re rement Accounts Not Enrolled in a Merrill Lynch Investment Advisory Program
Date: May 2017 Review & Retain Important Informa on regarding Changes to Merrill Lynch Re rement Accounts Not Enrolled in a Merrill Lynch Investment Advisory Program We are wri ng to update you on planned
More informationHORIZON. Socially Responsible Strategies
HORIZON INVESTMENT SERVICES Socially Responsible Strategies 4th Quarter 2017 SRI Assets Under Management Rise 1,264% According to US SIF The Forum for Sustainable and Responsible Investment s 2016 SRI
More informationPresentation Studio. Workbook Samples for Multiple Investments
Presentation Studio Workbook Samples for Multiple Investments Sample Presentation Studio Workbook Micro Small Mid Large Giant Holdings-Based Style Deep-Val Core-Val Core Core-GrthHigh-Grth Rolling s (Descending
More informationWE DO NOT SELL INSURANCE WE HELP YOU REDUCE COSTS WE PROVIDE YOU WITH PEACE OF MIND
WE DO NOT SELL INSURANCE WE HELP YOU REDUCE COSTS WE PROVIDE YOU WITH PEACE OF MIND Company Profile Longevity Risk Resources' history of providing risk management and insurance consul ng services dates
More informationNuance Concentrated Value Composite Perspectives
Nuance Concentrated Value Composite Perspectives March 31, 2018 Description of the Product The Nuance Concentrated Value Composite is a classic value investment product investing primarily in the equity
More informationGBGI Limited. ("GBGI" or the "Company" and, together with its subsidiary undertakings, the "Group") 2017 Full Year Results
23/04/2018 Full Year Results - RNS - London Stock Exchange Regulatory Story GBGI Limited - GBGI Full Year Results Released 07:00 23-Apr-2018 RNS Number : 7046L GBGI Limited 23 April 2018 GBGI Limited Full
More informationSTANLIB Mul - Manager
STANLIB Mul - Manager Inves ng in Unit Trusts and Model Por olios A guide in selec ng a suitable mul - manager investment vehicle Vehicle defini ons Difference between a mul - manager unit trust and model
More informationBy Michele Lee Wong, NAIC Capital Markets Bureau Manager, and Ryan Couch, NAIC Reinsurance and Surplus Lines Manager
P E H F S M I A By Michele Lee Wong, NAIC Capital Markets Bureau Manager, and Ryan Couch, NAIC Reinsurance and Surplus Lines Manager I The NAIC Financial Analysis (E) Working Group (FAWG), which coordinates
More informationChromebook Computing Devices RFP
Chromebook Computing Devices RFP May 15, 2018 NOTICE TO VENDORS EdAdvance will be receiving sealed proposals through May 31, 2018, 4:00 p.m. Eastern Time for Chromebook Compu ng Devices Tony DiLeone Director
More informationFX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC
GLOBAL FX STRATEGY FX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC EUR & JPY BULLS WERE VULNERABLE AHEAD OF FED Data in this report cover up to Tuesday Sept 16, ahead of the FOMC, Scotland s referendum,
More informationEconomic and Market Review Fourth Quarter 2017
Redstone Advisors Tax law is like the world s biggest game of chess with all sorts of weird conundrums about ethics and civics and consent of the governed built in. David Foster Wallace Financial markets
More informationMay 2017 MARKET insights
MARKET insights May s results were mixed, despite the headlines announcing frequent new highs. Tech stocks in the Nasdaq lead U.S. results, with a solid gain of +2.50%. The S&P 500 gained +1.16%, and the
More informationQuarterly Review. City of Ormond Beach Pension Plans
Sawgrass Asset Management provides active growth equity and fixed income investment management services to institutional investors Quarterly Review September 30, 2014 City of Ormond Beach Pension Plans
More information2017 ECONOMIC AND WORKFORCE PROFILE Wood County
2017 ECONOMIC AND WORKFORCE PROFILE Wood County STATE OF WISCONSIN DETI-17957-WOD-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationKey Information Memorandum & Common Application Form
A partner who understands Presenting investment options in EQUITY DEBT GOLD Key Information Memorandum & Common Application Form IDBI LIQUID FUND (ILIQF) (An open-ended liquid scheme) IDBI ULTRA SHORT
More informationPrice County DETI PRI-P P (N. 3/2016)
Price County DETI-17957-PRI-P P (N. 3/2016) Average Household Income By County Na onal and State Economic Outlook Robust economic growth a er the Great Recession remains an cipated. The recession ended
More informationFourth Quarter Market Outlook. Kim Huebner, CFA Don Powell, CFA Joseph Styrna, CFA
Fourth Quarter 2017 Market Outlook Kim Huebner, CFA Don Powell, CFA Joseph Styrna, CFA Economic Outlook Growth Increasing, Spending Modest, Low Unemployment 2017 2016 2015 2014 2013 2012 2011 GDP* Q3:
More informationEQUITY STRATEGY FOCUS January, 2018
EQUITY STRATEGY FOCUS January, 2018 IN VIEW: The Equity Landscape Equity prices are trading at levels that are more reflective of future expectations rather than current economic data. To date, U.S. consumer
More informationVoya Large Cap Growth Strategy
Separately Managed Account I For Quarter Ending June 3, 18 I Strategy Brief I 2Q 18 Voya Large Cap Growth Strategy Strategy-At-A-Glance Objective 1 Inception Date Benchmark Vehicles To outperform the Russell
More information2017 ECONOMIC AND WORKFORCE PROFILE Winnebago County
2017 ECONOMIC AND WORKFORCE PROFILE Winnebago County STATE OF WISCONSIN DETI-17957-WIN-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More information2018 Investor Highlights
2018 Investor Highlights 2018 Investor Highlights Key Messages Page 2 External Environment Page 5 Financial Performance Page 8 Group Strategy Page 17 Key Deal Successes Page 20 Key Messages 1 Key Messages
More informationBY: HUGH WOODSIDE, ASA, CFA, MANAGING DIRECTOR
GIFTING CARRIED INTERESTS: VALUATION & PLANNING PITFALLS EXPERIENCE FROM THE TRENCHES BY: HUGH WOODSIDE, ASA, CFA, MANAGING DIRECTOR Over nearly 15 years of direct involvement in the valua on of private
More information2017 ECONOMIC AND WORKFORCE PROFILE Waukesha County
2017 ECONOMIC AND WORKFORCE PROFILE Waukesha County STATE OF WISCONSIN DETI-17957-WAK-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More information2017 ECONOMIC AND WORKFORCE PROFILE Grant County
2017 ECONOMIC AND WORKFORCE PROFILE Grant County STATE OF WISCONSIN DETI-17957-GRT-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationDane County DETI DAN-P DAN (N. 3/2016)
Dane County DETI-17957-DAN-P DAN (N. 3/2016) Average Household Income By County Na onal and State Economic Outlook Robust economic growth a er the Great Recession remains an cipated. The recession ended
More informationSkyline Asset Management, L.P. Executive Summary Skyline Small Cap Value Composite June 30, 2018
Overview The composite generated a 3.8% return for the second quarter, compared to a 7.8% return for the Russell 2000 Index and an 8.3% return for the Russell 2000 Value Index. For the first six months
More informationSTRUCTURING AN ESOP TRANSACTION
For many privately held business owners, the sale of their company is a once in a life me event. Faced with this inevitable decision, you want to make the right choice. This can be a confusing and emo
More informationRegulatory Disclosures
Regulatory Disclosures STATEMENT OF PRINCIPLES ON CONFLICTS OF INTEREST WHAT YOU SHOULD KNOW ABOUT COMPLAINT HANDLING AT DESJARDINS GLOBAL ASSET MANAGEMENT FAIRNESS POLICY DECLARATION OF RISK INTRODUCTION
More informationValue Equity Q Commentary. Market Review: Performance Analysis:
S C H A F E R C U L L E N Value Equity Q4 2017 Commentary Market Review: C A P I T A L M A N A G E M E N T The U.S. equity market closed 2017 with a particularly strong quarter, with the S&P 500 up 6.6%
More informationLUTHER KING CAPITAL MANAGEMENT LKCM SMID CAP EQUITY COMPOSITE First Quarter, 2016 Update
LUTHER KING CAPITAL MANAGEMENT LKCM SMID CAP EQUITY COMPOSITE First Quarter, 2016 Update Performance ** 1 st QTR 2016 3 Years Annualized 5 Years Annualized Since Inception Annualized * LKCM SMID Cap Equity
More information2017 ECONOMIC AND WORKFORCE PROFILE Pierce County
2017 ECONOMIC AND WORKFORCE PROFILE Pierce County STATE OF WISCONSIN DETI-17957-PRC-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationmost important SBI LIFE - CAPASSURE GOLD UIN: 111N091V02
Secure your most important asset : your employees SBI LIFE - CAPASSURE GOLD UIN: 111N091V02 SBI Life CapAssure Gold plan SBI Life Insurance Company Limited (SBI Life) offers SBI Life CapAssure Gold plan,
More information2017 ECONOMIC AND WORKFORCE PROFILE Walworth County
2017 ECONOMIC AND WORKFORCE PROFILE Walworth County STATE OF WISCONSIN DETI-17957-WLW-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationFidelity 500 Index Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity 500 Index Fund Investment Approach Fidelity 500 Index Fund is a diversified domestic large-cap equity strategy that seeks to closely track the returns
More informationSpring 2016 Debenture Issue
quarterly newsle er Volume 2 Issue 1 June 2016 www.nsmfc.ca Summer is upon us! The spring debenture is over and all par cipants received their funds by May 16. With the house rising on May 20, Bill 152
More informationMid Cap Dividend Growth Strategy
Mid Cap Dividend Growth Strategy Product Level Investment Process Stock Universe Companies that have increased their dividends with market capitalizations of $1 billion to $15 billion Stock Selection Top
More information2012 ALBANY COUNTY EXECUTIVE BUDGET
2012 ALBANY COUNTY EXECUTIVE BUDGET INTRODUCTION AND HIGHLIGHTS Economic Forecast MICHAEL G. BRESLIN County Execu ve INTRODUCTION This sec on of the budget provides a survey of economic indicators and
More informationBy Jennifer Johnson, NAIC Capital Markets Manager II. This report was originally published by the NAIC Capital Markets Group on July 2, 2015.
A U.S. I R Y L I R E? By Jennifer Johnson, NAIC Capital Markets Manager II This report was originally published by the NAIC Capital Markets Group on July 2, 2015. 1 The current low interest rate environment
More informationColumbia County DETI COL-P (N. 3/2016)
Columbia County DETI-17957-COL-P (N. 3/2016) Average Household Income By County Na onal and State Economic Outlook Robust economic growth a er the Great Recession remains an cipated. The recession ended
More informationCity of Henderson/Henderson County Fiscal Court Net Profit License Tax Return
FORM NP City of Henderson/Henderson County Fiscal Court Net Profit License Tax Return City/County Acct # Period Ending Business Type Individual Corpora on Partnership LLC/Individual LLC/Partnership Other
More informationQuarterly Labour Market Report. November 2017
Quarterly Labour Market Report November 2017 MBIE 3518 November 2017 Ministry of Business, Innovation and Employment (MBIE) Hikina Whakatutuki - Lifting to make successful MBIE develops and delivers policy,
More informationCity of Henderson/Henderson County Fiscal Court Net Profit License Tax Return
FORM NP City of Henderson/Henderson County Fiscal Court Net Profit License Tax Return City/County Acct # Period Ending Business Type Individual Corpora on Partnership LLC/Individual LLC/Partnership Other
More informationFX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC
GLOBAL FX STRATEGY FX SENTIMENT REPORT COMMITMENT OF TRADERS CFTC TRADERS TURN BEARISH CAD; RETAIN BULLISH EUR BETS Data in this report cover up to Tuesday August 27 & were released Friday Aug 3. The net
More informationArizona State Retirement System
Arizona State Retirement System A Component Unit of the State of Arizona Your future motivates everything we do! 2014 Popular Annual Financial Report For Fiscal Year Ended June 30, 2014 2015 Board Meetings
More informationCommunity Bankers for Compliance 2019
Community Bankers for Compliance 2019 Providing prac cal and user friendly compliance techniques rela ng to all areas of compliance. Sponsored By:, IN February 12 & 13, 2019 May 7 & 8, 2019 August 6 &
More informationINSIGHT. IRS Proposes Regula ons to Provide Greater Clarity. In This Issue. October Eligible/Ineligible Plans. Exemp ons
October 2016 Visit the GRS website at: www.grsconsul ng.com INSIGHT IRS Proposes Regula ons to Provide Greater Clarity for Nonqualified Plans of Exempt Organiza ons In This Issue IRS Proposes Regula ons
More information2017 ECONOMIC AND WORKFORCE PROFILE Washington County
2017 ECONOMIC AND WORKFORCE PROFILE Washington County STATE OF WISCONSIN DETI-17957-WGT-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationEC World REIT COMPANY UPDATE. Well posi oned for China s new economy. Not Rated
COMPANY UPDATE EC World REIT (ECWREIT SP) Monday, 24 October 2011 Not Rated Price as of 24 Nov 2016 0.76 12M target price (S$) Previous target price (S$) Upside (%) Trading data Market Cap (S$m) 591.6
More informationBy Aaron Brandenburg, NAIC Sta s cal Informa on Manager, and Jennifer Gardner, NAIC Research Analyst II
E P /C I U C By Aaron Brandenburg, NAIC Sta s cal Informa on Manager, and Jennifer Gardner, NAIC Research Analyst II F 1: P /C U C Interpreta ons of the underwri ng cycle abound. The majority presume that
More informationBurnett County DETI BNT-P (N. 3/2016)
Burnett County DETI-17957-BNT-P (N. 3/2016) Average Household Income By County Na onal and State Economic Outlook Robust economic growth a er the Great Recession remains an cipated. The recession ended
More informationCredit Card Offer Scavenger Hunt
Page 11 1.4.1.A1 Credit Card Offer Scavenger Hunt Total Points Earned Name 16 Total Points Possible Date Percentage Class Step 1: Find and highlight each of the vocabulary words in the table below in the
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More informationPSG Equity Fund Class A 30 September 2018
PSG Equity Fund Class A Investment objec ve (summary of investment policy) The PSG Equity Fund's objec ve is to offer investors long term capital growth without assuming a greater risk, and earn a higher
More informationMid Cap Core Concentrated: Performance & Commentary
Mid Cap Core Concentrated: Performance & Commentary PERFORMANCE SUMMARY The strategy retuned -18.06% before fees in the second quarter, trailing the S&P 400 Index s return of -17.28%. Sector allocation
More informationFidelity Total Market Index Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Total Market Index Fund Investment Approach Fidelity Total Market Index Fund is a diversified domestic all-cap equity strategy that seeks to closely
More informationChange, Growth and Uncertainty
SPRING 2017 Change, Growth and Uncertainty SUMMARY ANTHONY CHAN, PHD CHIEF ECONOMIST FOR CHASE Anthony is a member of the J.P. Morgan Global Investment Committee. He travels extensively to meet with Chase
More informationGateway Active Index-Option Overwrite Composite Commentary
Overwrite Composite Commentary EQUITY MARKETS The S&P 500 Index gained 3.09% for the second quarter of, bringing its year-to-date return to 9.34%. The equity market posted positive returns each month of
More information2017 ECONOMIC AND WORKFORCE PROFILE Clark County
2017 ECONOMIC AND WORKFORCE PROFILE Clark County STATE OF WISCONSIN DETI-17957-CLK-P (R. 3/2018) Percentage of Total Popula on, Ages 65 and Older Wisconsin now has more people employed and more private
More informationMARCH 2018 Capital Markets Update
MARCH 2018 Market commentary ECONOMIC CLIMATE Hiring slowed from its fast pace last month the U.S. added 103,000 jobs to nonfarm payrolls in March, below the consensus estimate of 185,000. The U-3 unemployment
More informationNoida Toll Bridge Company Limited. ("NTBCL" or the "Company") Interim Results for the half year ended 30 September 2014
1 of 30 08-11-2016 09:38 Regulatory Story Go to market news section Noida Toll Bridge Co. Ltd. - NTBC Half Yearly Report Released 09:42 23-Dec-2014 RNS Number : 5733A Noida Toll Bridge Co. Ltd. 23 December
More informationCredit Reports and Scores
Credit Reports and Scores Advanced Level The Importance of a Credit History for Obtaining Credit Credit refers to borrowing. You have used credit if you receive money, goods, or services in exchange for
More informationMost business owners are
Client Advisor COMMITTED TO YOUR SUCCESS Spring 2013 THE CRASH DIET: GETTING A RETURN ON RISK MANAGEMENT By Jessica Kinney, CPA, CFE Fraud Specialist & Manager, Shannon & Associates & Mike Hohn, Assistant
More information