M&G Pan European Dividend Fund
|
|
- Rudolf Johnson
- 5 years ago
- Views:
Transcription
1 Quarterly Review M&G Pan European Dividend Fund Third quarter 2016 Fund manager Phil Cliff Overview The fund delivered a positive return during the third quarter and outperformed the MSCI Europe Index, led by Micro Focus and Covestro. During a quarter when defensive stocks were out of favour, Novartis (healthcare) and BAT (tobacco) struggled to keep up with a rising market. We concentrated the portfolio to 36 stocks following the sale of Aviva, Actelion and BP. Dividend growth continues to be robust across the portfolio, with Micro Focus and Dunelm raising their dividends by more than 15%. Performance, attribution & positioning
2 Fund performance and portfolio positioning The fund delivered a positive return during the third quarter and outperformed the MSCI Europe Index; positive contributions came from a variety of stocks. Micro Focus topped the list of contributors as the UKlisted infrastructure software company continued to deliver on a successful acquisition strategy. The purchase of Hewlett Packard Enterprise s (HPE) software business, announced in September, was well received by the market and Micro Focus shares ended the quarter 36% higher in sterling. The latest transaction provides scale in a defensive industry with high recurring revenues and strong cash generation, and there is considerable scope to improve profitability. We remain confident about the company s long-term prospects.
3 Covestro, the German chemicals business spun off by Bayer, continued its excellent start as a standalone entity. The company raised its outlook for 2016 in late July and the shares returned more than 30% in euros during the quarter. The stock has almost doubled since its IPO in October last year. Elsewhere, Prosafe in the energy sector added value after the Norwegian company successfully completed its refinancing. Nordea and Intesa Sanpaolo, two of our holdings in the banking industry, delivered returns of more than 15% in euros during a quarter when financials outperformed. We reduced both holdings in September with the result that we are now underweight in banks. GVC, the UK-listed online gaming group, rose more than 30% in sterling during the quarter. The company said organic growth opportunities from the bwin.party acquisition were greater than expected and the management team is confident that results for 2016 will be at the upper end of market expectations. The stock is up 60% this year. Sector allocation added value as our lack of exposure to utilities and telecoms, combined with our underweight in consumer staples, proved beneficial in an environment where defensive characteristics were out of favour. However, the market s rotation away from perceived safety had an impact on our own defensive holdings. Novartis (healthcare) and British American Tobacco (tobacco) were among the detractors during the quarter after the stocks were broadly flat in a rising market. We continue to be comfortable with these holdings. Other stocks were weaker in response to company announcements. Novo Nordisk, the world leader in diabetes care and insulin products, was the biggest detractor during the quarter after the Danish company lowered its guidance for Essentra, the UKbased supplier of plastic, fibre and foam products, created more uncertainty with its guidance for a revenue decline, although we have confidence in the company s ability to generate strong free cashflow over the long term. We added to both holdings on weakness. Portfolio activity There were no new purchases during the quarter, but we sold three holdings. Aviva, the UK insurer, provided a source of cash for higher-conviction ideas, while Actelion, the Swiss pharmaceutical company, left the portfolio after performing well. Actelion shares returned 40% in Swiss francs from their initial purchase in March BP, the fund s only oil major, was sold after the shares rallied more than 20% in sterling this year. Although BP is best equipped among the European oil majors for an environment of lower oil prices, we have concerns about the sustainability of the dividend. We also reduced our holding in BAE Systems, the UK defence company, which has returned 28% in sterling since its initial purchase in September last year. The proceeds from these sales were recycled into existing holdings where we have greater conviction, including Sampo, Banca IFIS and DS Smith. As a result of these transactions, the number of holdings has dropped to 36, consistent with our aim of creating a concentrated portfolio of best ideas. The fund remains underweight in consumer staples and energy, the former because of stretched valuations and the latter because of scepticism towards the dividend-paying capacity of some of the oil majors. We are overweight in industrials and consumer discretionary, although many of our holdings in these sectors, in particular RELX, have defensive characteristics. From a country perspective, the fund is overweight in the Scandinavian markets of Finland, Sweden and Denmark an outcome of bottom-up stock selection and underweight in the larger markets of France, Switzerland and Germany. Year-to-date performance After outperforming strongly in 2015, the fund has experienced a more difficult time in 2016, driven by stock-specific issues with Essentra and Prosafe. Essentra has been the biggest detractor so far this year after the international supplier of plastic, fibre and foam products lowered expectations for The company s guidance has been disappointing, but we have confidence in its ability to generate strong free cashflow over the long term and we believe that the shares are materially undervalued. We added to the stock on weakness. Prosafe, the provider of accommodation rigs for the oil & gas industry, suffered as a result of spending cuts by its client base in an environment of a lower oil price. The Norwegian company completed its refinancing in September and we continue to monitor the situation. Elsewhere, the pressure on financials, which have lagged the market significantly this year, had a knockon effect on our own holdings in the sector. Intesa Sanpaolo and Banca IFIS were prominent among the detractors as uncertainties about non-performing loans in Italy provided a headwind. We remain
4 comfortable with the capital discipline and long-term growth prospects of both companies. Dividend announcements We continue to be encouraged by the dividend growth from the fund s holdings. Micro Focus, the UK-listed software company, raised its dividend for the financial year by 38% in US dollars. The dividend has increased 11 fold since the company s IPO in 2005 and the management is committed to a progressive dividend policy. Micro Focus also announced a special dividend to accompany the news of its acquisition of HPE Software. Dunelm, the UK s leading homewares retailer, boosted its full-year dividend by 17% in sterling, having paid a special dividend earlier in the year. Outlook We live in uncertain times, but we remain optimistic. Europe continues to offer excellent opportunities for dividend growth at the individual stock level, evidenced by the continued progress of the fund s underlying holdings. The importance of being selective cannot be emphasised strongly enough. We believe the cash-generative nature of the fund s underlying holdings, their ability to grow dividends and The interim reporting season gave rise to dividend increases from some of our other UK holdings, including Saga (23%), Jupiter Fund Management (13%) and Hiscox (6%). RELX, the media business which has listings in the UK and Netherlands, reported a 6% dividend increase in euros for the Amsterdamlisted shares we own. BAT accompanied a betterthan-expected set of interim results with a 4% dividend increase in sterling and BAE Systems raised its interim dividend by a relatively modest 2% in sterling. their attractive valuation in the stockmarket stand us in good stead for the future. The fund s premium yield, which we aim to grow over time, offers a favourable proposition for long-term investors, in our view, in an environment where interest rates are low and growth is scarce. Long-term performance Please note that the fund invests mainly in company shares and is therefore likely to experience larger price fluctuations than funds that invest in bonds and/or cash.
5 152911_165211
M&G Pan European Dividend Fund. February 2016
February 2016 Returns in euros (rebased to 100 as at 12 July 2004) Phil Cliff s performance track record Ten years of excellent returns in European equities 400 Threadneedle (July 04 August 07) Pan European
More informationM&G Global Dividend Fund
Quarterly Review M&G Global Dividend Fund Fourth quarter 2017 Fund manager Stuart Rhodes FOR INVESTMENT PROFESSIONALS ONLY Overview The fund delivered positive returns and outperformed the MSCI AC World
More informationM&G Pan European Dividend Fund a sub-fund of M&G Investment Funds (7) Annual Short Report January 2018 for the year ended 31 January 2018
M&G Pan European Dividend Fund a sub-fund of M&G Investment Funds (7) Annual Short Report January 2018 for the year ended 31 January 2018 Fund information The Authorised Corporate Director (ACD) of M&G
More informationM&G Dividend Fund. a sub-fund of M&G Investment Funds (3) Interim Short Report December 2017 For the six months ended 31 December 2017
M&G Dividend Fund a sub-fund of M&G Investment Funds (3) Interim Short Report December 2017 For the six months ended 31 December 2017 Fund information The Authorised Corporate Director (ACD) of M&G Investment
More informationM&G Dividend Fund. a sub-fund of M&G Investment Funds (3) Annual Short Report June 2017 For the year ended 30 June 2017
M&G Dividend Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2017 For the year ended 30 June 2017 Fund information The Authorised Corporate Director (ACD) of M&G Investment Funds (3)
More information1 month 3 mths FYTD 1 Year Fund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and
More informationPortfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios
Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity
More informationSchroder Global Quality Fund
Q3/ Schroder Global Quality Fund Overview Portfolio objective To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices but with lower downside risks
More informationPERFORMANCE STUDY 2013
US EQUITY FUNDS PERFORMANCE STUDY 2013 US EQUITY FUNDS PERFORMANCE STUDY 2013 Introduction This article examines the performance characteristics of over 600 US equity funds during 2013. It is based on
More informationJULY 31, ANNUAL REPORT
JULY 31, 2017 2017 ANNUAL REPORT ishares Trust ishares Currency Hedged MSCI Europe Small-Cap ETF HEUS BATS ishares Edge MSCI Min Vol EAFE Currency Hedged ETF HEFV BATS ishares Edge MSCI Min Vol EAFE ETF
More informationINTERIM MANAGEMENT REPORT
17 INTERIM MANAGEMENT REPORT of Fund Performance for the period ended June 30, 2017 FÉRIQUE European Fund This Interim Management Report of Fund Performance contains financial highlights but does not contain
More informationThe SCCM International High Dividend Composite was 8.2% (net) in the 3rd Quarter versus 7.0% for MSCI EAFE.
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T International High Dividend Equity Strategy Q3 2012 Commentary Market and Economic Review Global equity markets rebounded sharply in the quarter
More informationFund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationReview of Pension Plans Performance (Period ending December 31 st, 2013)
Review of Pension Plans Performance (Period ending December 31 st, 2013) prepared for Investment Subcommittee (Note all returns and values are expressed in Canadian Dollars- CAD s) 1 Canadian Equity The
More informationDistribution Number 44
Distribution Number 44 Legal & General UK Select Equity Fund Annual Manager s Short Report for the year ended 30 September 2017 Investment Objective and Policy The Fund aims to provide long-term capital
More informationFund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices but with lower downside risks relative to the indices.
More informationSTONE & CO. EUROPLUS DIVIDEND GROWTH FUND
STONE & CO. EUROPLUS DIVIDEND GROWTH FUND Interim Management Report of Fund Performance June 30, 2017 This interim Management Report of Fund Performance contains financial highlights but does not contain
More informationFinancial Market Outlook: Stock Rally Continues with Faster & Stronger GDP Rebound, Earnings Recovery & Liquidity
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Further Stock Gains with Macro Sweet Spot & Earnings Recovery.
More informationCity of Miami General Employees & Sanitation Employees Retirement Trust
City of Miami General Employees & Sanitation Employees Retirement Trust Quarterly Investment Review Q3 2016 Contents Summary 1 Performance 2 Investment Strategy 3 Investment Strategy & Outlook 4 Account
More informationSchroder Global Value Extension Fund. Overview. Portfolio characteristics as at 31 December Quarterly Report December 2017
Overview Portfolio objective To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and equity
More informationMorgan Stanley Funds (UK)
Morgan Stanley Funds (UK) Short Report 30 September 2016 Morgan Stanley Funds (UK) 30 September 2016 1 This document is a short report of for the year ended 30 September 2016. More information about the
More informationSchroder Global Core Fund Wholesale Class. Overview. Performance to 30 June Fund characteristics as at 30 June Quarterly Report June 2018
Overview Fund objective To outperform the MSCI World ex Australia Index (net dividends reinvested) before fees across a broad range of market environments with limited index-relative risk. The Fund provides
More informationGlobal. Invesco global equity funds Investment update Six months to 30 September 2018
Invesco global equity funds Investment update Six months to 30 September 2018 Global This investment update covers the following funds: Invesco Global Equity Fund (UK) Invesco Global Equity Income Fund
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationM&G European Smaller Companies Fund Review: Third quarter, 2012
M&G European Smaller Companies Fund Review: Third quarter, 2012 Overview Fund manager Charles Anniss The third quarter of 2012 witnessed turbulent, though generally rising, markets, ending positively for
More informationBMO MSCI EAFE Index ETF (ZEA) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO MSCI EAFE Index ETF (ZEA) (the ETF ) For the 12-month period ended December 31, 2016 (the Period ) Manager: BMO Asset Management Inc. (the Manager and portfolio
More informationFinancial Market Outlook & Strategy: Stocks Bottoming On Track to Recovery. Near-term Risks
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Bottoming On Track to Recovery. Near-term Risks John Praveen
More informationM&G Global Convertibles Fund
M&G Global Convertibles Fund a sub-fund of M&G Investment Funds (7) Interim Short Report July 2017 For the six months ended 31 July 2017 Fund information The Authorised Corporate Director (ACD) of M&G
More informationPortfolio Select Series. Portfolio Review Second Quarter 2012
Portfolio Select Series Portfolio Review Second Quarter 2012 Q2 Q2 3 Select Income Advantage Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed
More informationBMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management
More informationBaring Focused International Equity Fund
Baring Focused International Equity Fund Quarterly Investment Review Q2 2018 Contents Summary 1 Performance 2 Investment Strategy 3 Investment Strategy & Outlook 4 Account Management Information 5 www.barings.com
More informationFirst Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
More informationSchroder European Alpha Plus Fund. Interim Short Report 16 March 2016 to 15 September 2016
Schroder European Alpha Plus Fund Interim Short Report 16 March 2016 to 15 September 2016 Schroder European Alpha Plus Fund Review of Investment Activities From 15 March 2016 to 15 September 2016, the
More informationUBS International Share Fund. Quarterly investment report to 31-Mar-18
UBS International Share Fund Quarterly investment report to 31-Mar-18 Performance Comments Before fees and expenses, the portfolio rose by 0.98% over the quarter, outperforming its benchmark. The portfolio
More informationInternational Equity Growth Corporate Class
This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy
More informationM&G Global Dividend Fund
M&G Global Dividend Fund 1 Stuart Rhodes, Fund Manager September 2017 Agenda 1. Dividend investing our philosophy and approach 2. Quality our defensive bucket 3. Assets our cyclical bucket 4. Rapid growth
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy May 2008
Prudential International Investments Advisers, LLC. Global Investment Strategy May 2008 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationFUND MANAGER SURVEY August 2008 Conducted on behalf of MERRILL LYNCH
B2 How do you think the region's economy will develop over the next 12 months? B3 How likely do you think it is that the economy in this region will experience recession over the next twelve months? B4
More informationBMO MSCI EAFE Hedged to CAD Index ETF (ZDM) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationT O O U R S H A R E H O L D E R S
Global Stock Fund TO OUR SHAREHOLDERS The Dodge & Cox Global Stock Fund had a total return of 21.5% for the year ended December 31, 2017, compared to a return of 22.4% for the World Index. MARKET COMMENTARY
More informationInternational High Dividend ADR Equity Strategy Q Commentary. Market and Economic Review
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T International High Dividend ADR Equity Strategy Q4 2013 Commentary Market and Economic Review Major international equity markets ended the year
More informationMSCI EAFE MSCI ACWI
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T International High Dividend Equity Strategy Q3 2017 Commentary Market and Economic Review International equity markets outperformed in the quarter
More informationM&G Global Convertibles Fund
Quarterly Review M&G Global Convertibles Fund Fourth quarter 2018 Fund manager Léonard Vinville FOR INVESTMENT PROFESSIONALS ONLY Highlights Most stockmarkets suffered sharp falls in the final quarter
More informationFranklin European Small-Mid Cap Growth Fund A (acc) EUR
Franklin European Small-Mid Cap Growth Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Growth Equity Product Details 1 Fund Assets 465,083,303.95 Fund Inception Date 03/12/2001
More informationGuinness Atkinson Dividend Builder Fund Managers Update October 2016
Quarter in review Despite world equity markets finishing almost flat over the period we witnessed significant volatility in share prices over the third quarter of 2016. In July the market had to digest
More informationUBS International Share Fund. Quarterly investment report to 30-Sep-18
UBS International Share Fund Quarterly investment report to 30-Sep-18 Performance Comments Before fees and expenses, the portfolio rose by 6.75% over the quarter, underperforming its benchmark. % Return
More informationANNUAL SHORT REPORT. Henderson Global Equity Income Fund. For the year ended 31 August 2016
ANNUAL SHORT REPORT For the year ended 31 August 2016 Henderson Global Equity Income Fund Henderson Global Equity Income Fund Short Report For the year ended 31 August 2016 Investment Fund Managers Andrew
More informationM&G Global Basics Fund
Quarterly Review M&G Global Basics Fund Third quarter 2017 Lead manager Jamie Horvat Co-manager Randeep Somel Overview The fund outperformed the composite index during the quarter, benefiting from both
More informationInvestors European Equity Fund
Interim Management Report of Fund Performance FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER, 2017 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund,
More informationM&G Dividend Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018
M&G Dividend Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018 Please note that when this document was originally published we stated, on page 5,
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationPARVEST HUMAN DEVELOPMENT
PARVEST HUMAN DEVELOPMENT EQUITY MONTHLY REPORT FOR PROFESSIONAL INVESTORS June 2018 PERFORMANCE OVERVIEW Performance at the end of June 2018 June 3M YTD Since (Gross of fees - %) 12M 24M* 36M* 60M* inc.,**
More informationBayer Annual Report To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
Bayer Annual Report 2015 39 Performance of Bayer Stock in 2015 [Graphic 2.1] (Indexed; 100 = Xetra closing price on December 31, 2014; source: Bloomberg) 130 120 110 100 90 80 Jan Feb Mar Apr May June
More informationElectric & General Investment Fund Annual Report Authorised Corporate Director s Short Report for the year ended 30 June 2017
Electric & General Investment Fund Annual Report Authorised Corporate Director s Short Report for the year ended 30 June 2017 ELECTRIC & GENERAL INVESTMENT FUND AUTHORISED CORPORATE DIRECTOR S SHORT REPORT
More informationBMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset
More informationSchroder ISF* QEP Global Quality Q Investment Report
For professional investors only Schroder ISF* QEP Global Quality Q2 2018 Investment Report * Schroder International Selection Fund is referred to as Schroder ISF throughout this document. Q2/2018 Schroders
More informationTempleton Global Fund A (Ydis) USD
Templeton Global Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $980028010.65 Fund Inception Date 28/02/1991 Number of Issuers 76 Bloomberg
More informationThe Merchants Trust PLC
The Merchants Trust PLC Home Advantage - Finding income and value in UK equities AJ Bell Retirement conference 11 December 2018 Simon Gergel Value. Shared. The UK Stock Market is not the UK economy 2/3
More informationFidelity Global ex U.S. Index Fund
QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Global ex U.S. Fund Investment Approach Fidelity Global ex U.S. Fund is a diversified international equity strategy that seeks to closely track the
More informationSchroder QEP Global Active Value Fund. Interim Short Report 21 June 2016 to 20 December 2016
Schroder QEP Global Active Value Fund Interim Short Report 21 June 2016 to 20 December 2016 Schroder QEP Global Active Value Fund Review of Investment Activities From 20 June 2016 to 20 December 2016,
More informationTempleton Euroland Fund A (acc) EUR
Templeton Euroland Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 565870786.10 Fund Inception Date 08/01/1999 Number of Issuers 58 Bloomberg
More informationPeriods Ending September 30, MSCI ACWI Small Cap Benchmark
Cumulative Excess Return % Return % Global Small Cap Quarterly Review Composite Performance Periods Ending September 30, 2018 At A Glance Inception: April 1, 2016 30 25 20 15 23.6 21.7 25.4 23.3 14.8 :
More informationM&G European Select Fund
M&G European Select Fund a sub-fund of M&G Investment Funds (1) Annual Short Report August 2017 For the year ended 31 August 2017 Fund information The Authorised Corporate Director (ACD) of M&G Investment
More informationElston Blend Model Market Update
Blend Model Market Update September 2018 Snapshot of the month The S&P/ASX 100 Accumulation Index declined -1.3% while the MSCI World ex Australia NR Index (A$) ended +0. higher. The A$ appreciated +0.
More informationOutlook & Perspective
Outlook & Perspective All data and information as of June 30, 2016 Approved for current clients. May be presented to prospective clients in a one-on-one setting only. Morningstar Investment Services LLC
More informationPortfolio and Performance Review The Swiss Helvetia Fund, Inc.
Portfolio and Performance Review The Swiss Helvetia Fund, Inc. Stefan Frischknecht, Fund Manager June 27, 2017 Agenda 01 Performance 02 Portfolio positioning 03 Outlook 04 05 Conclusion Is a Swiss only
More informationFranklin Mutual European Fund Class A, C
Franklin Mutual European Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $2,137,388,947.56 Fund Inception Date 07/03/1996 Number of Issuers 53 Investment Style Benchmark Lipper
More informationBy John Praveen, Chief Investment Strategist of Prudential International Investments Advisers, LLC.*
By John Praveen, Chief Investment Strategist of Prudential International Investments Advisers, LLC.* Financial Market Outlook: Stocks Supported by Renewed Central Bank Put but Face Headwinds from Continued
More informationFund Management Diary
Fund Management Diary Meeting held on 12 th March 2019 Earnings to weigh on emerging market equities A slowdown in both the United States and Chinese economies will weigh heavily on export growth in the
More informationPeriod End Date for Distribution:
Legal & General European Trust Interim Manager s Short Report for the period ended 28 January 2017 Investment Objective and Policy The investment objective of the Trust is to secure capital growth from
More informationThe case for investing in smaller companies. For financial advisers only
The case for investing in smaller companies For financial advisers only Smaller companies are under-researched despite their proven ability to broadly outperform their larger peers. They remain overlooked,
More informationFirst Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014
First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2014 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2014 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
More informationBlackRock Commodities Income
Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. BlackRock Commodities Income Update 15 August 218 Summary (BRCI) has a conviction-led approach
More informationAnnual Management Report of Fund Performance QuantShares Enhanced Core International Equity ETF
Annual Management Report of Fund Performance QuantShares Enhanced Core International Equity ETF September 30, 2017 Management Discussion of Fund Performance This management discussion of fund performance
More informationFidelity Nordic Fund MARKET RECAP. Key Takeaways
Fidelity Nordic Fund Key Takeaways For the semiannual reporting period ending April 30, 2017, the fund gained 11.46%, well behind the 16.04% result of the benchmark FTSE Capped Nordic Index. Within the
More informationAmerican Funds Insurance Series
American Funds Insurance Series Semi-annual report for the six months ended June 30, 2016 , from Capital Group, is the underlying investment vehicle for many variable annuities and insurance products.
More informationLegal & General UK Alpha Trust Annual Manager s Short Report for the year ended 18 June Distribution Number 24
Legal & General UK Alpha Trust Annual Manager s Short Report for the year ended 18 June 2017 Distribution Number 24 Investment Objective and Policy The investment objective of this Trust is to secure
More informationTempleton Euroland Fund A (acc) EUR
Templeton Euroland Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 581,473,382.53 Fund Inception Date 08.01.1999 Number of Issuers 56
More informationInvesco Perpetual Select Trust plc As at 31 July 2017
On 4 October 06 James Goldstone became Portfolio Manager of the UK Equity Share Portfolio. Key information Investment trust size Switching dates 65.9m February, May, August and November UK Equity Share
More informationEARNINGS OVERVIEW AND OUTLOOK. EXHIBIT 1: EUROPE EARNINGS PER SHARE (EPS) BY SECTOR % change (y/y) Cons. Disc. Care
MARKET INSIGHTS Market Bulletin 28 February 2017 European equities: Q4 earnings review and outlook for 2017 IN BRIEF With 72% of companies having reported, we estimate that Q4 2016 earnings per share (EPS)
More informationInterim Management Report of Fund Performance For the six-month period ended June 30, 2017
Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree International Quality Dividend Growth Variably Hedged Index ETF (DQI) This interim management report
More informationFinancial Market Outlook: Stocks Rebounding from July Correction, Further Gains Likely. Bond Yields Range Bound
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Rebounding from July Correction, Further Gains Likely. Bond
More informationSIM GLOBAL EQUITY INCOME FUND
SIM GLOBAL EQUITY INCOME FUND DOUW STEENEKAMP The appointed investment manager of the SIM Global Equity Income Fund is Denker Capital, a division of Sanlam Investment Management (Pty) Ltd, an authorised
More informationInternational IFRS 3. An Analysis of the International Application of IFRS 3, Business Combinations
An Analysis of the International Application of IFRS 3, Business Combinations August 2008 1. Highlights Annual Goodwill Allocation from FT Global 500 = 210bn 21bn * 3bn Other Europe, 6bn 3bn 30bn 18bn
More informationPremium (Institutional Share Class) Simple. Performance.TM. Wellesley Hills Naples
Premium (Institutional Share Class) Simple. Performance.TM Wellesley Hills Naples Our investors seek relative outperformance in bull markets and absolute performance in bear markets. The BCM strategies
More informationMarket Commentary November 2015
Market Commentary November 2015 The Federal Reserve will, most likely, raise interest rates in December The last time rates were set up was in 2006. It could lead to higher volatility in the short term
More informationInternational High Dividend Equity Strategy Q Commentary. Market and Economic Review
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T International High Dividend Equity Strategy Q4 2017 Commentary Market and Economic Review International equity markets outperformed in 2017 as
More informationSchroder ISF* US Large Cap Quarterly Fund Update
Marketing material for professional investors and advisers only Schroder ISF* US Large Cap Quarterly Fund Update Second Quarter 2018 Cumulative returns to 30 June 2018 (%) A Accumulation shares USD returns
More informationFund Management Monthly Commentary
Fund Management Monthly Commentary Covering the month of January 2019 January Market Update Margetts monthly diary discusses major economic and market developments that occur over the month. It is written
More informationM&G Global Macro Bond Fund Fourth quarter 2017
Quarterly Review M&G Global Macro Bond Fund Fourth quarter 2017 Fund manager Jim Leaviss FOR INVESTMENT PROFESSIONALS ONLY Overview Central banks in the US and UK raised interest rates in the final quarter
More informationPrudential With-Profits fund
Fund factsheet Prudential With-Profits fund This document has been produced to provide factual information on Prudential s With-Profits funds and should not be used as financial advice. If you are unsure
More informationMonthly Investment Report as at 31 January 2018 CC Marsico Global Fund - Institutional Class (APIR: CHN0001AU)
IndexName ReportingCurre ReportingCurrencyCode MSCI All Countr Australian Dollar AUD MARSICO Market Review During the month of January, global financial markets sent a powerful growth message. Stocks soared,
More informationEurozone fiscal highlights
Europe Insights Monthly update on European Markets May 18 Eurozone fiscal highlights Summary In the Spotlight. The eurozone's budget deficit shrank to -.9% of GDP in 17 (versus -1.5% in 16), its best result
More informationActive M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund)
NORTHERN FUNDS Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) 2Q 2018 Performance Review June 30, 2018 Please carefully read the prospectus
More informationPRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook September 2013 Financial Market Outlook: Stocks likely to Remain in Modest Uptrend with Low Rates & Plentiful Liquidity, Improving
More informationFidelity International Index Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity International Fund Investment Approach Fidelity International Fund is a diversified international equity strategy that seeks to closely track the
More informationJULY 31, ANNUAL REPORT
JULY 31, 2017 2017 ANNUAL REPORT ishares Trust ishares Adaptive Currency Hedged MSCI EAFE ETF DEFA BATS ishares Currency Hedged MSCI ACWI ETF HACW NYSE Arca ishares Currency Hedged MSCI ACWI ex U.S. ETF
More informationPioneer Fund. Performance Analysis & Commentary December Fourth Quarter Review. amundipioneer.com
Pioneer Fund COMMENTARY Performance Analysis & Commentary December 2017 Fund Ticker Symbols: PIODX (Class A); PYODX (Class Y) amundipioneer.com Fourth Quarter Review The Fund s Class A shares returned
More informationLegal & General UK Special Situations Trust Interim Manager's Report for the period ended 14 March 2018 (Unaudited) Distribution Number 19
Legal & General UK Special Situations Trust Interim Manager's Report for the period ended 14 March 2018 (Unaudited) Distribution Number 19 Contents Page Number Manager's Investment Reportempty 2 Authorised
More information