Market Update: Broad Market Returns and Indicators

Size: px
Start display at page:

Download "Market Update: Broad Market Returns and Indicators"

Transcription

1 Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either collected, sourced or otherwise provided and is not responsible for any errors, omissions, uses and interpretations. September 30,

2 Dec-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Apr-10 May-10 Jul-10 Aug-10 Oct-10 Nov-10 Jan-11 Feb-11 Apr-11 May-11 Jul-11 Aug-11 Oct-11 Nov-11 Jan-12 Feb-12 Apr-12 May-12 Jul-12 Aug-12 Oct-12 Nov-12 Jan-13 Feb-13 Apr-13 May-13 Jul-13 Aug-13 Oct-13 Nov-13 Jan-14 Feb-14 Apr-14 May-14 Jul-14 Aug-14 Market Update: Broad Market Returns and Indicators YTD 3 Year 5 Year 10 Year S&P/TSX Composite -0.59% 12.19% 20.37% 12.08% 8.67% 8.50% S&P/TSX Small Cap -9.36% 6.99% 14.37% 6.01% 7.49% 4.12% S&P 500 ($C) 6.17% 14.17% 30.47% 26.14% 16.73% 6.82% MSCI EAFE ($C) -1.19% 3.92% 13.61% 16.56% 7.51% 5.05% MSCI World ($C) 2.72% 9.48% 22.26% 20.94% 11.85% 5.85% MSCI ACWI ($C) 2.56% 9.31% 21.30% 19.59% 11.05% 6.00% MSCI Emerging Markets ($C) 1.46% 8.28% 14.06% 10.31% 5.69% 9.71% FTSE TMX Canada 91-Day T-Bill Index 0.24% 0.68% 0.93% 0.98% 0.87% 1.98% FTSE TMX Canada Universe Bond Index 1.06% 5.93% 6.33% 3.45% 4.85% 5.36% FTSE TMX Canada Long Term Bond Index 2.28% 11.62% 11.36% 4.96% 7.64% 7.39% FTSE TMX Canada Short Term Bond Index 0.37% 2.12% 2.90% 2.13% 2.90% 3.94% FTSE TMX Canada Corporate Bond Index 0.78% 5.61% 6.57% 4.75% 5.83% 5.94% CAD/USD -4.75% -5.10% -8.24% -2.50% -0.88% 1.21% Sources: evestment Alliance, FTSE TMX Global Debt Capital Markets, Bank of Canada Overview The Canadian equity market, as represented by the S&P/TSX Composite Index, declined 0.6% during the third quarter of 2014 largely due to losses in the Materials, Energy and Telecommunications sectors. U.S. equities rose 1.1% in U.S. dollar terms during the quarter as seven of the ten sectors saw gains. Returns were aided by a low level of jobless claims, increased manufacturing activity and retail sales growth. The S&P 500 ($C) Index was up 6.2% during the quarter as the Canadian dollar weakened. The Canadian fixed income market rose 1.1% during the third quarter as continued demand for bonds and accommodative monetary policy helped to bolster returns. Long-term bonds saw the largest gains during the quarter, followed by corporate bonds. International equities, as represented by the MSCI EAFE ($C) Index, fell 1.2% during the quarter, largely due to weak economic growth and low inflation in the Eurozone. The Canadian dollar declined 4.8% against the U.S. dollar during the quarter. Canada s unemployment rate was 6.8% at the end of September; down 0.3% from the end of June. Year-over-year inflation of 2.0% is in the middle of the Bank of Canada s target range of 1 to 3%. Inflation (Measured by CPI) The U.S. Federal Reserve and Bank of Canada held their overnight rates steady in the third quarter at % and 1.0% respectively. Overnight Rates 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% -0.5% -1.0% Quarterly Year over Year BoC Fed Source: Bank of Canada Sources: Bank of Canada, Federal Reserve Board September 30,

3 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Yield (%) Market Update: Canadian Fixed Income Overview The relationship between the yield to maturity and the term to maturity is outlined in the chart below. The September 2014 federal government yield curve was marginally flatter than the June 2014 curve as shorter-dated yields remained relatively flat while longerdated yields declined slightly Source: Bank of Canada September 2013 June 2014 September mo 1 Yr 2 Yr 3 Yr 5 Yr 7 Yr 10 Yr 30 Yr Source: FTSE TMX Global Debt Capital Markets Canadian Yield Curve Term "A" Corporate Yield Spread vs. Federals 1 8.0% 6.0% 4.0% 2.0% 12.0% 1 8.0% 6.0% 4.0% 2.0% 9.0% 6.0% 3.0% 1.1% 0.9% 0.9% 0.2% 0.4% 0.9% 6.3% FTSE TMX Universe Source: FTSE TMX Global Debt Capital Markets 4.5% Performance By Sector 4.5% Performance By Term Performance By Quality 0.5% 2.9% 4.0% Federal AAA/AA A BBB 0.8% 1.0% 6.7% 7.4% 2.3% 0.7% 11.3% 91 Day Treasury Bill Short (1-5 years) Mid (5-10 years) Long (10 + Years) Source: FTSE TMX Global Debt Capital Markets 1.6% 1.6% 8.4% 8.3% 0.8% 8.0% 6.6% Federal Provincial Municipal Corporate Source: FTSE TMX Global Debt Capital Markets Corporates September 30,

4 Dec-09 Market Update: Canadian Equities Overview Seven of the ten sectors within the S&P/TSX Composite Index rose over the third quarter of Top performing sectors included Consumer Staples (12.47%), Industrials (9.44%) and Health Care (7.41%) Larger cap stocks outperformed smaller cap stocks during the quarter as investor confidence weakened. Sector Returns -25% -5% 15% 35% 55% -0.59% S&P/TSX Composite 20.37% 2 1 Large Cap vs. Small Cap S&P/TSX Composite less S&P/TSX Small Cap Large Wins Energy (25.5%) Materials (11.1%) Industrials (8.7%) -6.62% % 2.75% 9.44% 19.49% 42.45% -1-2 Small Wins Consumer Discretionary (5.6%) 3.88% 22.31% -3-4 Consumer Staples (3.0%) 12.47% 29.13% Source: evestment Alliance Quarterly Year over Year Health Care (3.2%) 7.41% 28.57% Top 5 Stocks Q3 Return Contribution to TSX Return CANADIAN NATIONAL RAILWAY 14.57% 0.45% CANADIAN PACIFIC RAILWAY 20.24% 0.33% ROYAL BANK OF CANADA 4.94% 0.29% TRANSCANADA CORP % 0.26% TIM HORTONS 51.09% 0.21% Financials (34.7%) Info Technology (1.9%) Telecommunications (4.4%) -0.76% 2.67% 22.78% 3.92% 25.47% 11.43% Bottom 5 Stocks Q3 Return Contribution to TSX Return SUNCOR ENERGY % -0.39% CANADIAN NATURAL RESOURCES % -0.32% BARRICK GOLD % -0.19% CENOVUS ENERGY % -0.18% GOLDCORP % -0.17% Utilities (1.9%) Sources: TD Securities 0.40% 13.89% Sources: TD Securities, Yahoo Finance September 30,

5 Dec-09 Dec-09 October 2010 January 2011 April 2011 July 2011 October 2011 January 2012 April 2012 July 2012 October 2012 January 2013 April 2013 July 2013 October 2013 January 2014 April 2014 July 2014 Market Update: Foreign Equities U.S. Equities International Equities Global Equities -15% -5% 5% 15% 25% 35% 45% S&P % 30.47% MSCI EAFE -1.19% 13.61% MSCI World 2.72% 22.26% Energy (10.9%) -4.07% 21.89% Energy (6.9%) -6.89% 15.41% Energy (9.3%) -5.02% 19.53% Materials (3.5%) 5.21% 31.28% Materials (7.7%) -4.92% 6.40% Materials (5.5%) -2.05% 13.33% Industrials (10.5%) 3.84% 27.26% Industrials (12.5%) -2.48% 9.09% Industrials (10.9%) 0.84% 17.57% Consumer Discretionary (11.8%) 5.26% 21.80% Consumer Discretionary (11.6%) -3.94% 6.20% Consumer Discretionary (11.7%) 1.34% 14.94% Consumer Staples (9.5%) 7.03% 26.97% Consumer Staples (10.9%) -2.40% 11.60% Consumer Staples (9.7%) 2.54% 19.12% Health Care (13.3%) 10.72% 39.95% Health Care (11.2%) 5.34% 30.66% Health Care (12.4%) 8.55% 35.73% Financials (16.1%) 7.43% 29.15% Financials (25.7%) 0.03% 12.32% Financials (20.8%) 3.03% 19.13% Info Technology (18.8%) 9.99% 40.87% Information Technology (4.7%) 4.11% 17.36% Information Technology (13.0%) 8.78% 35.28% Telecommunications (2.4%) 8.21% 23.52% Telecommunication Services (4.9%) -0.56% 16.64% Telecommunication Services (3.5%) 2.45% 19.25% Utilities (3.2%) 0.83% 27.64% Utilities (3.9%) -0.81% 19.29% Utilities (3.3%) -0.29% 22.12% Sources: TD Securities Source: Pyramis Global Advisors Source: Pyramis Global Advisors Growth vs. Value ($US) Russell 1000 Growth less Russell 1000 Value Large Cap vs. Small Cap ($US) S&P 500 less Russell 2000 $US per $Cdn % 1 5.0% -5.0% -1 Growth Wins Value Wins % 1 5.0% -5.0% % Large Wins Small Wins $1.10 $1.05 $1.00 $0.95 $0.90 $0.85 Quarterly Year over Year Quarterly Year over Year Source: Russell Investments Sources: evestment Alliance, Russell Investments Source: Bank of Canada September 30,

6 Avg Allocation as a Proportion of AUM Market Update: Emerging Markets and Alternatives Emerging Markets -15.0% -5.0% 5.0% 15.0% 25.0% 35.0% 45.0% 1.46% MSCI Emerging Markets 14.06% -3.13% Energy (10.2%) 3.07% -3.76% Materials (8.3%) 1.82% 1.35% Industrials (6.6%) 13.97% -1.63% Cons. Discretionary (9.0%) 12.88% 2.44% Cons. Staples (8.3%) 7.23% Real Assets YTD 2 Year 3 Year 4 Year 5 Year IPD Canada Annual Property Index ($C) 1.44% 4.89% 9.10% 10.89% 12.24% 12.64% 11.18% NCREIF Farmland Index ($US) 1.45% 5.69% 15.48% 18.33% 18.11% 16.58% 14.30% NCREIF Timberland Index ($US) 1.47% 4.21% 10.38% 10.03% 7.37% 5.55% 3.58% YTD 2 Year 3 Year 4 Year 5 Year S&P/TSX Capped REIT ($C) -0.94% 8.90% 12.35% 1.89% 8.57% 9.44% 14.01% EPRA/NAREIT Global Real Estate Index ($C) 0.27% 12.78% 16.01% 15.96% 18.31% 11.80% 12.08% Source: evestment Alliance, Investment Property Database Commodities ($US) Change Commodity 1-Year Gold 3.28% -7.83% Silver 3.83% % Copper 1.52% -1.26% Crude Oil -6.57% % Natural Gas % 13.52% Potash 7.89% 2.50% Source: TD Securities Health Care (2.1%) 15.36% 37.73% Hedge Funds ($US) Real Estate Financials (27.5%) Info Tech (16.7%) Telecom. Services (7.7%) -1.38% 2.97% 13.82% 11.19% 15.69% 27.40% YTD 3 Year 5 Year HFN Hedge Fund Aggregate Index 0.13% 3.40% 7.23% 6.82% 5.37% HFN Long/Short Equity Index -0.92% 1.79% 6.91% 9.26% 6.04% Investors' Average Current and Target Allocations to Real Estate 12% 9.5% 9.6% 9.7% 10% 9.1% 8% 7.6% 7.7% 7.6% Utilities (3.6%) 0.80% 24.67% HFN Market Neutral Equity Index 0.07% 2.09% 4.59% 4.69% 3.41% HFN Macro Index 1.44% 2.75% 4.85% 2.44% 2.65% HFN CTA/Managed Futures Index 3.80% 6.46% 9.20% -0.49% 1.11% 6% 4% 6.7% Avg Current Allocation Avg Target Allocation Source: Dimensional Fund Advisors HFN Fixed Income (non-arbitrage) Index 1.17% 6.43% 9.50% 9.86% 9.45% HFN Fund of Funds Aggregate Index 0.64% 2.80% 6.70% 5.34% 3.28% 2% 0% MSCI Emerging Markets Country Allocation Source: evestment Alliance Source: Preqin Real Estate Spotlight, Q Indonesia, 2.7% Malaysia, 3.9% Other, 12.5% China, 19.2% High Yield Bonds ($US) YTD 2 Year 3 Year 4 Year 5 Year Private Equity Announced/Expected Private Equity Fund Launches by Geographic Focus Russia, 4.6% Mexico, 5.4% India, 7.1% South Africa, 7.4% Brazil, 10.3% Korea, 15.0% Taiwan, 11.9% Source: Dimensional Fund Advisors BofA ML US High Yield Master II 2.90% 8.97% 16.58% 14.21% 13.57% 10.81% 11.30% BofA ML Global High Yield Constrained 1.44% 7.64% 15.51% 14.55% 14.19% 10.74% 11.10% Emerging Market Debt ($US) YTD 2 Year 3 Year 4 Year 5 Year JPMorgan GBI EM Global Diversified -1.02% 5.17% 7.04% 3.75% 4.62% 3.17% 5.28% JPMorgan EMBI Global Diversified 4.30% 13.62% 19.24% 9.32% 10.50% 8.40% 8.91% Source: evestment Alliance Latin America 3% Africa 3% Europe 23% Other 8% Asia 32% North America 31% Source: Preqin Private Equity Spotlight, Q September 30,

Market Update: Broad Market Returns and Indicators

Market Update: Broad Market Returns and Indicators Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either

More information

MAY 2018 Capital Markets Update

MAY 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 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

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

Asset Strategy Consultants. MARKET ENVIRONMENT First Quarter 2017

Asset Strategy Consultants. MARKET ENVIRONMENT First Quarter 2017 MARKET ENVIRONMENT First Quarter 2017 Market Environment: Economy Economies in the U.S. and Europe continued to gain traction. Expectations for lower taxes, reduced regulation, and other pro-growth reforms

More information

WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, Index definitions available upon request. 1 of 5. Total Return (%)

WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, Index definitions available upon request. 1 of 5. Total Return (%) WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, 2018 U.S. Equity Index Level 1 Week MTD QTD YTD 1 Year Global Equity USD 1 Week MTD QTD YTD 1 Year S&P 500 2,762 (3.81) (2.16) 3.44 3.44 23.54 DJIA 25,521 (4.11)

More information

Week in Markets. FTSE Equity Indices Week MTD Jul 12 Jun 12 QTD YTD. MSCI Equity Indices Week MTD Jul 12 Jun 12 QTD YTD

Week in Markets. FTSE Equity Indices Week MTD Jul 12 Jun 12 QTD YTD. MSCI Equity Indices Week MTD Jul 12 Jun 12 QTD YTD Week ending 24 August, 20 Page 1 of 8 FTSE Equity Indices Week MTD Jul Jun QTD YTD UK FTSE All Share -1.3 3.2 1.3 4.8 4.6 8.0 15.5 FTSE -1.3 3.2 1.2 5.0 4.5 6.8 15.3 FTSE 250-1.4 3.0 2.1 3.8 5.2 15.6 17.5

More information

Investment Research Team Update

Investment Research Team Update Economic & Market Commentary Market Update February 2015 February was a great month for global stocks! The S&P 500 ( large cap stocks) was up 5.7% and small stocks (Russell 2000) gained 5.9%. The jobs

More information

APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES

APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES 16 QUARTERLY INVESTMENT STRATEGY APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers Index EMERGING ECONOMIES Purchasing Managers Index US Eurozone Japan Brazil Russia India China Industrial

More information

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005

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

SEPTEMBER 2018 Capital Markets Update

SEPTEMBER 2018 Capital Markets Update SEPTEMBER 2018 Market commentary U.S. ECONOMICS Non-farm payrolls added 134,000 jobs in September, missing the consensus estimate of 185,000. However, net revisions to the two months prior totaled +87,000

More information

Endowment Funds Performance (Year ending June 30 th, 2013)

Endowment Funds Performance (Year ending June 30 th, 2013) Endowment Funds Performance (Year ending June 30 th, 2013) prepared for Investment Subcommittee (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 Quarterly Market Overview Canadian

More information

MARCH 2018 Capital Markets Update

MARCH 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 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

Global Market Overview

Global Market Overview First Quarter 219 First Quarter 219: March Madness, or Just an Incredible Rebound? Global Market Overview MSCI All Country World S&P Russell 2 MSCI EAFE MSCI Emerging Markets MSCI ACWI ex USA Small BBgBarc

More information

Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018

Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018 March, 2018 Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018 250 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 1/1/2003

More information

Summit Strategies Group

Summit Strategies Group As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large

More information

Endowment Funds Performance (Year ending Sept 30 th, 2014)

Endowment Funds Performance (Year ending Sept 30 th, 2014) Endowment Funds Performance (Year ending Sept 30 th, 2014) prepared for University Board of Governors (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 Quarterly Market Overview

More information

January Economic Report. Month ending January 31, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved.

January Economic Report. Month ending January 31, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved. January Economic Report Month ending January 31, 2015 MARKET DASHBOARD Last Price Change % Chg. YTD % Last Price Change % Chg. YTD % S&P 500 2,055.47 67.53 3.38% 0.2% Russell Global EM 3,051.86 55.85 1.86%

More information

Global House View: Market Outlook

Global House View: Market Outlook HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity

More information

Summit Strategies Group

Summit Strategies Group April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index

More information

F U N D E V A L U A T I O N R E P O R T

F U N D E V A L U A T I O N R E P O R T F U N D E V A L U A T I O N R E P O R T Santa Barbara Foundation Performance Update M E K E T A I N V E S T M E N T G R O U P BOSTON MASSACHUSETTS CHICAGO ILLINOIS MIAMI FLORIDA PORTLAND OREGON SAN DIEGO

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

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

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Monthly Economic & Capital Market Update

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Monthly Economic & Capital Market Update Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Monthly Economic & Capital Market Update July 2015 Yield to Maturity Monthly Change Jul-63 Jul-67 Jul-71 Jul-75

More information

2008 Economic and Market Outlook

2008 Economic and Market Outlook Economic and Market Outlook Presented by: Gareth Watson Warren Jestin Vincent Delisle December 7 Economic Outlook Warren Jestin The Global Economic Landscape is Changing Rapidly Gears Down Emerging Powerhouses

More information

May Economic Report. Month ending May 31, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved.

May Economic Report. Month ending May 31, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved. May Economic Report Month ending May 31, 2015 MARKET DASHBOARD Last Price Change % Chg. YTD % Last Price Change % Chg. YTD % S&P 500 2,092.83-14.56-0.69% 1.6% Russell Global EM 3,107.98-46.78-1.48% 4.3%

More information

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005

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

April Economic Report. Month ending April 30, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved.

April Economic Report. Month ending April 30, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved. April Economic Report Month ending April 30, 2015 MARKET DASHBOARD Last Price Change % Chg. YTD % Last Price Change % Chg. YTD % S&P 500 2,108.29-19.85-0.94% 1.9% Russell Global EM 3,262.92-30.73-0.93%

More information

Global Fixed Income Opportunities Amidst Emerging Divergence

Global Fixed Income Opportunities Amidst Emerging Divergence Global Fixed Income Opportunities Amidst Emerging Divergence Benefits Canada Defined Benefit Summit December 2014 Jim Cole Phillips Hager & North Investment Management 2000 2001 2002 2003 2004 2005 2006

More information

Quarterly Investment Update

Quarterly Investment Update Quarterly Investment Update Second Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter

More information

2012 Returns. S&P/TSX Com S&P/TSX TRet Cons. Disc

2012 Returns. S&P/TSX Com S&P/TSX TRet Cons. Disc 2012 Returns % 1 Mo. 3 Mos. 6 Mos. 9 Mos. 1 Yr. YTD S&P/TSX COMPOSITE 1-YEAR S&P/TSX Com 1.6 0.9 7.2 0.3 4.0 4.0 S&P/TSX TRet 1.9 1.7 8.9 2.7 7.2 7.2 13,000 Cons. Disc. 3.9 4.9 6.4 4.9 18.7 18.7 Staples

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

DECEMBER 2018 Capital Markets Update

DECEMBER 2018 Capital Markets Update DECEMBER 2018 Market commentary U.S. ECONOMICS Nonfarm payrolls jumped by 312,000 in December, well above expectations for a 176,000 increase. The healthcare sector (+50,000) led job creation, while restaurants

More information

Asset Strategy Consultants. MARKET ENVIRONMENT Third Quarter 2016

Asset Strategy Consultants. MARKET ENVIRONMENT Third Quarter 2016 MARKET ENVIRONMENT Third Quarter 2016 Market Environment: Economy Investor angst over the unexpected vote on Brexit was short lived with a "risk on" theme returning to the markets in July and leading to

More information

Summit Strategies Group

Summit Strategies Group US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70

More information

Summit Strategies Group

Summit Strategies Group US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell

More information

A recap of last week s top economic news and what s to come.

A recap of last week s top economic news and what s to come. AGF INVESTMENTS September 11, 2017 A recap of last week s top economic news and what s to come. WEEKLY MARKET REVIEW BANK OF CANADA HIKES RATES ONCE AGAIN The Bank of Canada (BoC) held firm on its plans

More information

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global

More information

MONTHLY MARKET MONITOR (M 3 ) December 2014

MONTHLY MARKET MONITOR (M 3 ) December 2014 MONTHLY MARKET MONITOR (M 3 ) December 2014 January 5, 2014 THE LATEST MONTHLY MARKET RETURNS FROM THE RICHARDSON GMP TEAM GLOBAL MARKETS AT A GLANCE Americas Level 1mo 3mo 6mo 12mo YTD BRIC Level 1mo

More information

Eric C. Elbell, CFA, CAIA Area Senior Vice President. Kyongdo Min, CPA, CFA Area Vice President. April 11, 2018

Eric C. Elbell, CFA, CAIA Area Senior Vice President. Kyongdo Min, CPA, CFA Area Vice President. April 11, 2018 Eric C. Elbell, CFA, CAIA Area Senior Vice President Kyongdo Min, CPA, CFA Area Vice President April 11, 2018 Agenda We will address three key topics: Headline events that impacted markets during the quarter

More information

Marquette Associates Market Environment

Marquette Associates Market Environment M Marquette Associates Market Environment April 2010 U.S. Economy Fixed Income Markets U.S. Equity Markets International Equity Markets Hedge Fund Markets Real Estate Markets Private Equity and Hedge Fund

More information

RBC GLOBAL BALANCED FUND

RBC GLOBAL BALANCED FUND BALANCED FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) Sub-Advisor: RBC Global Asset Management (UK) Limited, London, England (for the European equity portion of

More information

UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I

UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I V E D I R E C T O R, P E N S I O N S M R. M I K E L

More information

OCTOBER 2018 Capital Markets Update

OCTOBER 2018 Capital Markets Update OCTOBER 2018 Market commentary U.S. ECONOMICS U.S. real GDP grew at an annualized quarterly rate of 3.5% (3. YoY) in Q3, beating expectations of 3.4%. The economy was supported by the strongest consumer

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

MONTHLY MARKET MONITOR (M 3 ) December 2015

MONTHLY MARKET MONITOR (M 3 ) December 2015 MONTHLY MARKET MONITOR (M 3 ) December 2015 January 4th, 2015 THE LATEST MONTHLY MARKET RETURNS FROM THE RICHARDSON GMP TEAM GLOBAL MARKETS AT A GLANCE Americas Level 1mo 3mo 6mo 12mo YTD BRIC Level 1mo

More information

MONTHLY MARKET MONITOR (M 3 ) January 2016

MONTHLY MARKET MONITOR (M 3 ) January 2016 MONTHLY MARKET MONITOR (M 3 ) January 2016 February 1st, 2016 THE LATEST MONTHLY MARKET RETURNS FROM THE RICHARDSON GMP TEAM GLOBAL MARKETS AT A GLANCE Americas Level 1mo 3mo 6mo 12mo YTD BRIC Level 1mo

More information

EWX SPDR S&P Emerging Markets Small Cap ETF

EWX SPDR S&P Emerging Markets Small Cap ETF SPDR S&P Emerging Markets Small Cap ETF ETF.com segment: Equity: Emerging Markets - Small Cap Competing ETFs: EEMS, DGS, FEMS Related ETF Channels: Broad-based, Vanilla, Small Cap, Emerging Markets, Equity,

More information

Fresno County Employees' Retirement Association

Fresno County Employees' Retirement Association Fresno County Employees' Retirement Association Investment Performance Review Period Ending: December 31, 2006 999 Third Avenue, Suite 3650 2321 Rosecrans Avenue, Suite 2250 Seattle, Washington 98104 El

More information

Summit Strategies Group

Summit Strategies Group May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57

More information

Summit Strategies Group

Summit Strategies Group June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2

More information

Summit Strategies Group

Summit Strategies Group August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

Global Equites declined from Concern over Trade War

Global Equites declined from Concern over Trade War Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand

More information

Claymore Presentation. Som Seif President & CEO Claymore Investments, Inc.

Claymore Presentation. Som Seif President & CEO Claymore Investments, Inc. Claymore Presentation Som Seif President & CEO Claymore Investments, Inc. Claymore ETFs: Intelligent ETFs for Canada Claymore Investments (Canada) is a subsidiary of Claymore Group (US) Designed for Canadian

More information

The Bull Market: Six Years Old And Not Over

The Bull Market: Six Years Old And Not Over The Bull Market: Six Years Old And Not Over April 22-24, 2015 FOR PROFESSIONAL USE ONLY. FURTHER DISTRIBUTION OF THE INFORMATION CONTAINED HEREIN IS PROHIBITED WITHOUT PRIOR PERMISSION. Disclosures This

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

Week in Markets. FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD. MSCI Equity Indices Week MTD Mar 17 Feb 17 QTD YTD

Week in Markets. FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD. MSCI Equity Indices Week MTD Mar 17 Feb 17 QTD YTD Week ending 7 April, 2017 Page 1 of 8 FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD UK FTSE All Share 0.6 0.6 1.2 3.1 0.6 4.7 23.5 FTSE 0.5 0.5 1.1 3.1 0.5 4.2 24.6 FTSE 250 1.5 1.5 1.4 3.5 1.5 7.0

More information

NOVEMBER 2018 Capital Markets Update

NOVEMBER 2018 Capital Markets Update NOVEMBER 2018 Market commentary U.S. ECONOMICS Non-farm payrolls added 155,000 jobs in November, missing expectations of 198,000, and the unemployment rate held steady at 3.7%. The labor force participation

More information

The Asset Allocation Decision

The Asset Allocation Decision The Asset Allocation Decision Kevin Headland, CIM Senior Investment Strategist Manulife Investments Agenda A Diverse History of Asset Allocation Asset Allocation in Practice How it Fits in Today s Market

More information

Performance and Manager Review First Quarter 2011

Performance and Manager Review First Quarter 2011 The University of Western Ontario Pension Plan Performance and Manager Review First Quarter 2011 May 19th, 2011 Presented by: Bruce Curwood, MBA, CFA, CIMA, Acc. Dir. Director, Investment Strategy Capital

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

Fixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution. Fall 2012

Fixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution. Fall 2012 Fixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution Fall 2012 U.S. 10-Year Treasury Yields October 5, 2012 16 14 12 10 8 6 4 2 1.74% 0 Jan-82 Feb-86 Mar-90 May-94 Jun-98

More information

Pooled Fund Annualized Returns Periods Ending March 31, 2018

Pooled Fund Annualized Returns Periods Ending March 31, 2018 Pooled Fund Annualized Returns Periods Ending March 31, 2018 SHORT TERM 25 20 15 10 5 1 YEARS YEARS YEARS YEARS YEARS YEAR Short Term Fund 1 2.9 2.4 1.7 0.9 0.8 0.8 FTSE TMX Canada 30 Day Treasury Bill

More information

Investment Market Update (As of July 31, 2017)

Investment Market Update (As of July 31, 2017) Investment Market Update (As of ) David Barnes, CFA, CAIA Senior Consultant Rhett Humphreys, CFA, Partner Index Performance Summary as of 07/31/2017 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 July MSCI

More information

Quarterly Market Review. First Quarter 2015

Quarterly Market Review. First Quarter 2015 Q1 Quarterly Market Review First Quarter 2015 Quarterly Market Review First Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins with

More information

Morningstar Advisor Workstation

Morningstar Advisor Workstation Morningstar Advisor Workstation Selecting a Benchmark Below outline s the applicable benchmarks to use for each CIFSC categories. These investments can be used to compare investments in Graphs, Portfolios

More information

A recap of last week s top economic news and what s to come.

A recap of last week s top economic news and what s to come. AGF INVESTMENTS September 5, 2017 A recap of last week s top economic news and what s to come. WEEKLY MARKET REVIEW CANADA REPORTS STRONG GDP GROWTH Canada s economy closed out the second quarter growing

More information

Retirement System Pension Plan Investment Performance Review Quarter Ended June 30, 2014

Retirement System Pension Plan Investment Performance Review Quarter Ended June 30, 2014 Retirement System Pension Plan Investment Performance Review Quarter Ended June 30, 2014 Investment Advisors John Spagnola, Managing Director Joseph Federico, Analyst PFM Asset Management LLC Two Logan

More information

Quarterly Investment Update

Quarterly Investment Update Quarterly Investment Update Third Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter

More information

Index Return Monitor. January 11, 2017

Index Return Monitor. January 11, 2017 Index Return Monitor January 11, 2017 BRAD BROWN, CFA INVESTMENT STRATEGY GROUP See Legal Disclaimer and Important Disclosure Footnotes at the end of this report for disclosures, including potential conflicts

More information

OUTLOOK 2014/2015. BMO Asset Management Inc.

OUTLOOK 2014/2015. BMO Asset Management Inc. OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset

More information

Market Commentary - 2nd Quarter 2017

Market Commentary - 2nd Quarter 2017 3 Months YTD 1 Year 3 Years 5 Years 1 Years As the economy picks up we will need to be gradual when adjusting our policy parameters, so as to ensure that our stimulus accompanies the recovery amid the

More information

September Economic Report. Month ending September 30, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved.

September Economic Report. Month ending September 30, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved. September Economic Report Month ending September 30, 2015 MARKET DASHBOARD 2200 2150 2100 2050 2000 1950 1900 1850 1800 1750 1700 4/6 4/20 5/4 5/18 6/1 6/15 6/29 7/13 7/27 8/10 8/24 9/7 9/21 S&P 500 :

More information

July 2012 Chartbook The Halftime Report

July 2012 Chartbook The Halftime Report Average Daily $VA LUE Traded ($Billions ) $Billions (212 ( US China Japan CHI-X London Hong Kong Germany France Canada Korea Australia Brazil Taiwan Spain India Italy $billions Switzerland Sweden Amsterdam

More information

Financial Markets Fall 2008 Economic Update

Financial Markets Fall 2008 Economic Update Financial Markets Fall 28 Economic Update October 7, 28 Jeff Rubin Chief Economist, Chief Strategist Avery Shenfeld Managing Director, Senior Economist Crash in Commodity Prices Exaggerates Growth Slowdown

More information

TEL FAX cookstreetconsulting.com

TEL FAX cookstreetconsulting.com TEL 303.333.7770 1.800.318.7770 FAX 303.333.7771 cookstreetconsulting.com Contents 1 Market Review 2 Plan Overview 3 Investment Due Diligence Appendix Appendix 3 1 Market Review 5 Q2 2017 Economic Review

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

Latin America Equities

Latin America Equities Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12

More information

Investment Grade Fixed Income Review

Investment Grade Fixed Income Review Investment Grade Fixed Income Review February 15, 2018 North Carolina Short Term Portfolio (STIF) December 31, 2017 STIF Allocation 1.40% 1.20% Monthly STIF Rate History 1.30% Repurchase Agreements 7.5%

More information

Endowment Funds Performance (Year ending March 31st, 2012)

Endowment Funds Performance (Year ending March 31st, 2012) Endowment Funds Performance (Year ending March 31st, 2012) Investment Management Committee Meeting June 20 th, 2012 (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 $ M Endowmwent

More information

2014 Annual Management Report of Fund Performance

2014 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

After the Rate Increase, What Then?

After the Rate Increase, What Then? After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization

More information

Pioneer Alternative Investments Funds of Hedge Funds. Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008

Pioneer Alternative Investments Funds of Hedge Funds. Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008 Pioneer Alternative Investments Funds of Hedge Funds Mark Barker. Co-CIO Pioneer Alternative Investments FOHFs May 2008 Evolving World of Investment Choices Traditional Investments Traditional Alternatives

More information

2014 RETURNS CANADIAN EQUITIES U.S. EQUITIES S&P/TSX Com S&P/TSX TRet. Cons. Disc.

2014 RETURNS CANADIAN EQUITIES U.S. EQUITIES S&P/TSX Com S&P/TSX TRet. Cons. Disc. 2014 RETURNS CANADIAN EQUITIES % 1 Mo. 3 Mos. 6 Mos. 9 Mos. 1 Yr. YTD S&P/TSX COMPOSITE 1-YEAR S&P/TSX Com -0.8-2.2-3.4 2.1 7.4 7.4 S&P/TSX TRet Cons. Disc. -0.4-1.5-2.0 4.2 10.6 10.6 2.2 13.4 17.2 21.8

More information

Performance and Manager Review First Quarter 2012

Performance and Manager Review First Quarter 2012 Performance and Manager Review First Quarter 2012 The University of Western Ontario Pension Plan Presented by: Bruce Curwood, MBA, CFA, CIMA, Act. Dir. Director, Investment Strategy JUNE 7, 2012 Executive

More information

Fund Performance - EUR March

Fund Performance - EUR March Fund Performance - EUR March 31 2010 SCORECARD European Equity Pioneer Funds - Core European Equity A 18 Dec 2000 LU0119364239 3.44 6.22 11.86 50.48-7.70 1.91-2.66 Pioneer Funds - Core European Equity

More information

VYMI Vanguard International High Dividend Yield ETF

VYMI Vanguard International High Dividend Yield ETF Vanguard International High Dividend Yield ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: DWX, HDAW Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, High

More information

Quarterly Market Review. Fourth Quarter 2015

Quarterly Market Review. Fourth Quarter 2015 Q4 Quarterly Market Review Fourth Quarter 2015 Quarterly Market Review Fourth Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins

More information

B-GUIDE: Market Outlook

B-GUIDE: Market Outlook Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond

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

Global Economic Prospects and the Developing Countries William Shaw December 1999

Global Economic Prospects and the Developing Countries William Shaw December 1999 Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International

More information

Portfolio Select Series. Portfolio Review First Quarter 2017

Portfolio Select Series. Portfolio Review First Quarter 2017 Portfolio Select Series Portfolio Review First Quarter 2017 Q1 Q4 3 Select Income Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed Portfolio

More information

Fourth Quarter 2015 Market Review. March 2016

Fourth Quarter 2015 Market Review. March 2016 Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001

More information

Learning objectives. Investors should leave the presentation with an ability to discuss

Learning objectives. Investors should leave the presentation with an ability to discuss Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018

More information