Legends Value. Investor Presentation I NVESTMENT N ORTHC OAST A DVISORY T EAM NORTHCOASTAM. COM
|
|
- Alannah Barnett
- 5 years ago
- Views:
Transcription
1 Legends Value Investor Presentation N ORTHC OAST A DVISORY T EAM I NVESTMENT INFO@ NORTHCOASTAM. COM
2 NORTHCOAST ASSET MANAGEMENT T HE N ORTHC OAST A DVANTAGE EXPERIENCE STABILITY Founded in 1988 $1.7 billion in AUM (as of 9/30/2017) Proprietary, quantitative, and tactical investment strategies Legacy of preserving capital during the bear markets of and 2008 Long-term portfolio performance Exclusive Agreement with Investor s Business Daily ETF Partnership with BlackRock ishares C ORE I NVESTMENT B ELIEFS MARKETS CHANGE AVOID BIG LOSSES NO ONE KNOWS THE FUTURE Even if you re on the right track, you ll get run over if you just sit there. - Will Rogers The first rule is not to lose money. The second rule is not to forget the first rule. - Warren Buffett Wall Street experts have perfected the art of being wrong with confidence. - Bennett Goodspeed 2
3 INVESTMENT PROGRAM A quantitative, rules-based stock strategy derived from the investment philosophies of three of the top value money managers in history - Benjamin Graham, Joel Greenblatt, and John Neff. BENJAMIN GRAHAM Widely considered the father of value investing Author of Security Analysis and The Intelligent Investor JOEL GREENBLATT Founder and Director of Gotham Capital Author of The Little Book That Beats the Market JOHN NEFF Manager of Vanguard s Windsor Fund ( ) Average annual return exceeded S&P 500 by 3% Stable business model Below market P/E Above average Earning Yield Above average Return on Capital Low P/E mutiples Strong Dividend, Earnings, & Sales Objective Description Equity Exposure Investment Universe Portfolio Holdings Portfolio Review Portfolio Research Long-Term Capital Appreciation All-Cap Value 100% 3,000+ stocks 30 stocks Daily Quantitative Neither Mr. Neff, Mr. Graham (deceased, 1976), nor Mr. Greenblatt are associated with NorthCoast Asset Management, and as such do not endorse NorthCoast s investment advice or choose stocks that NorthCoast recommends. NorthCoast researches top performing managers using all publicly available information, and after vetting years of data, builds portfolios based on those findings and our belief that superior performance will continue in the future. 3
4 NorthCoast seeks long-term growth through a stock scoring methodology designed to identify and invest in deep-value stocks expected to outperform in the near future 1 Construct Portfolio 2 Select Stocks 3 Manage Risk Combining the strategies of three of the top-performing value investors of all-time Stocks ranked based on the most attractive quantitative attributes and top rated stocks are selected Utilizing a comprehensive and collaborating set of risk controls to effectively minimize risk Core Long-Only Strategy (No Cash Scaling) Positive EPS Growth Positive Revision EPS Buy Low P/E vs. Market P/E Ben Graham Different Low cross-correlation among 3 styles Time-Tested Research shows that stocks exhibit common characteristics before gains Ongoing research assessment of portfolio construction ensures accuracy and relevance Primary emphasis on Earnings Yield and Return on Capital Increasing EPS and Sales Growth Attractive growth-adjusted P/E Ratio Joel Greenblatt John Neff New Account Special Handling Diversification Daily Monitoring Profit-Takes Position Sizing Sector Allocation Sustainable Research 4
5 WHY MATTERS Stocks in the top quintiles of score research have performed better over time. Legends Value selects stocks in the Top 2 Quintiles Correlation Matrix 15% 10% 5% Greenblatt Neff Graham Legends Value % s show correlation between each program. 46.3% Graham 57.7% 0% -5% -10% -15% Q1 (Top 20%) Q2 Q3 Q4 Q5 (Bottom 20%) Neff Legends Value 28.5% Greenblatt Separate program models are differentiated and complement each other Top 20% Universe Bottom 20% 50% 30% 10% -10% -30% -50% Average Legends Value stock picking is consistent across time periods Score-based model is a proprietary selection system of NorthCoast Asset Management. Data compiled from 1/1/ /31/2013 are the results of a hypothetical back-test by monthly rebalancing into of the top-scoring stocks determined by NorthCoast. The above results do not reflect actual performance. 5
6 & CHARACTERISTICS: 9/30/2017 Past Performance is not indicative of future results. Appendix for additional disclosure information. All investments involve risk, including loss of principal. Results are presented net-of-fees. Please reference the 6
7 7
8 DIFFERENT, TO MAKE A DIFFERENCE On average, the biggest 50 companies (5% of the top 1000) make up 50% of market weight. Therefore, screening through the entire universe of stocks provides the ability to differentiate the portfolio to outperform common benchmarks 60% 40% 20% 0% -20% -40% -60% Top 50 Top 1000 ex Top 50 Top 1000 ex 50 Annualized Return 3.0% 8.7% Maximum Drawdown -50.9% -56.0% Volatility 19.3% 20.2% *With similar drawdown and volatility, the Top 1000 ex 50 companies have over doubled the performance of the Top 50 companies Top 50 Top 1000 ex Source: Compustat, data from 12/31/ /31/2016. Criteria determined by market capitalization. Certain information may have been provided by third party sources and, although believed to be reliable, has not been independently verified and its accuracy or completeness cannot be guaranteed. 8
9 VALUE VS. GROWTH Throughout market cycles, value stocks and growth stocks outperform at different times 40% 30% 20% 10% 0% -10% -20% -30% -40% Growth vs. Value S&P 500 Value S&P 500 Growth % Growth vs. Value Value > Growth Growth > Value 10% 8% 6% 4% 2% 0% Creating a portfolio that combines growth and value stocks can provide consistent returns overtime Source: Bloomberg. S&P 500 Growth Index (SGX) was used for Growth. S&P 500 Value Index (SVX) was used for Value. Certain information may have been provided by third party sources and, although believed to be reliable, has not been independently verified and its accuracy or completeness cannot be guaranteed. Source: Bloomberg. S&P 500 Growth Index was used for Growth. S&P 500 Value Index was used for Value. Certain information may have been provided by third party sources and, although believed to be reliable, has not been independently verified and its accuracy or completeness cannot be guaranteed. 9
10 PORTFOLIO MANAGEMENT TEAM D AN K RANINGER P ATRICK J AMIN, CFA, FRM President & Chief Executive Officer Chief Investment Officer KEY MANAGERS Senior Vice President, GE Private Asset Management President, O Shaughnessy Capital Management Merrill Lynch, member of JET Program B.A. in Economics, Villanova University Partner, Numeric Investors (European strategies / World Fundamental Statistical Arbitrage Strategy) Partner, Portfolio Manager, Standard Pacific Capital; Global Long/Short Equity Fund Senior Quantitative Analyst, Invesco; Global Quantitative Fund M.B.A., Harvard Business School, Baker Scholar, Arthur Sachs Scholar M.S. in Telecommunications, Ecole Nationale Superieure des Telecommunications de Paris Ingenieur de I Ecole Polytechnique, Ecole Polytechnique SENIOR ANALYSTS J ULIA Z HU, CFA, FRM YAQIU L I Senior Vice President Market & Security Research Senior Vice President Portfolio Construction Vice President, Research Affiliates, LLC - Quantitative research in equity strategies and asset allocation Associate, First Quadrant, LP Conducted research on GTAA and tactical currency allocation products Master of Economics, Yale University, PhD Candidate M.B.A. with concentration in Finance, University of Southern California Climate Modeling China s National Key Lab of Atmospheric Science, Chinese Academy of Sciences M.S. in Quantitative and Computational Finance & M.S. in Statistics, Georgia Tech, PhD Candidate CFA Level III Candidate PORTFOLIO ENGINEERS S LAVA M ALKIN S UMANTH A MARCHINTA J ASON K RUGLY Senior Vice President Vice President Vice President Quantitative currency trading strategies BNP Paribas Portfolio Manager of global macro strategies Research in in Global Tactical Asset Allocation strategies Deutsche Asset Management M.S. in Statistics, Harvard University Senior Investment Analyst, Pyramis Global Advisors Quantitative research and portfolio management M.S. in Computer Engineering, Rochester Institute of Technology B.S. in Electrical Engineering, Roorkee Indian Institute of Technology Research experience with Bank of America, Merrill Lynch, Credit Suisse, Deutsche Bank M.S. in Financial Engineering, Baruch College B.S. & M.S. in Computer Science, Polytechnic Institute of New York University 10
11 DEFINITION OF STATISTICAL TERMS Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. You can think of beta as the tendency of a security's returns to respond to swings in the market. A beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. For example, if a stock s beta is 1.2, it's theoretically 20% more volatile than the market. Alpha: A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security and compares its riskadjusted performance to a benchmark index. The excess return of the security relative to the return of the benchmark index is a security's alpha. A positive alpha of 1.0 means the fund has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%. R-squared: A statistical measure that represents the percentage of a security's movements that can be explained by movements in a benchmark index. For fixed-income securities, the benchmark is the T-bill. For equities, the benchmark is the S&P 500. R-squared values range from 0 to 100. An R-squared of 100 means that all movements of a security are completely explained by movements in the index. A high R-squared (between 85 and 100) indicates the portfolio s performance patterns have been in line with the index. A portfolio with a low R-squared (70 or less) doesn't act much like the index. Standard Deviation: A measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility. Sharpe Ratio: A ratio developed by Nobel laureate William F. Sharpe to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free rate - such as that of the 10-year U.S. Treasury bond - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. The Sharpe ratio formula is: The Sharpe ratio tells us whether a portfolio's returns are due to smart investment decisions or a result of excess risk. This measurement is very useful because although one portfolio or fund can reap higher returns than its peers, it is only a good investment if those higher returns do not come with too much additional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-less asset would perform better than the security being analyzed. 11
12 DEFINITION OF STATISTICAL TERMS Up-Market Capture Ratio (Up Capture): A statistical measure of an investment manager's overall performance in up-markets. The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager's returns by the returns of the index during the up-market, and multiplying that factor by 100. Down-Market Capture Ratio (Down Capture): A statistical measure of an investment manager's overall performance in downmarkets. The down-market capture ratio is used to evaluate how well or poorly an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager's returns by the returns of the index during the down-market and multiplying that factor by 100. Correlation: Correlation is computed into what is known as the correlation coefficient, which ranges between -1 and +1. Perfect positive correlation (a correlation co-efficient of +1) implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Alternatively, perfect negative correlation means that if one security moves in either direction the security that is perfectly negatively correlated will move in the opposite direction. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Drawdown (Max Drawdown): The peak-to-trough decline during a specific record period of an investment. A drawdown is usually quoted as the percentage between the peak and the trough. For our purposes, the max drawdown refers to the maximum peak to trough decline between January 1, 2001 and the present time. * Source: Investopedia.com 12
13 DISCLOSURE INFORMATION Past Performance is not indicative of future results. All investments involve risk, including loss of principal. The firm is defined as NorthCoast Asset Management LLC. NCAM was established in 1988 and is an independent Registered Investment Advisor (RIA) registered with the Securities and Exchange Commission (SEC). The firm is a full service investment management company. The firm specializes in quantitative investment programs. NCAM is located in Greenwich, CT, and is not affiliated with any parent organization and has no other offices operating under the same brand name. Performance results shown from January 1, 2009 through March 31, 2010, are the actual results of a single-account composite managed according to the dictates of the strategy. Since April 1, 2010, actual performance results are based on widely accepted performance standards and represent the net composite time-weighted return for the strategy. Returns are presented net-of-fees. Net-of-fee returns are reduced by trading costs and the portfolio s actual management fee. Valuations are computed and performance is reported in U.S. dollars. A complete list of composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. To obtain a compliant presentation for the associated strategy, please contact one of our advisors at Single account composite performance results reflect the results of actual trading using a single client account managed in accordance with the dictates of the program. Other accounts are excluded to prevent additions, withdrawals and client mandated customizations from biasing the performance results. However actual client accounts are not insulated from these factors. Therefore actual client accounts may have experienced investment results during the corresponding time periods that were materially different from those portrayed in the model. Account statements for the single account for the period are available for inspection upon request. This information contained herein has been prepared by NCAM on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. This material is for informational and illustrative purposes only and should not be viewed as a recommendation or a solicitation to buy or sell any securities or investment products or to adopt any investment strategy. Legends Value is a strategic long-term value strategy focused on capital appreciation. The strategy aims to maintain a full investment in equity securities. The program is derived from the investment philosophies of three of the top professional money managers in history, Benjamin Graham, John Neff, and Joel Greenblatt and coupled with a proprietary stock scoring system designed to build a comprehensive value portfolio. Benchmarks - The S&P 500 Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P
14 DISCLOSURE INFORMATION This information contained herein has been prepared by NorthCoast Asset Management, LLC ("NorthCoast") on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. NorthCoast has not sought to independently verify information obtained from public and third party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. This material is for informational and illustrative purposes only and is intended solely for the information of those to whom it is distributed by NorthCoast. No part of this material may be reproduced or retransmitted in any manner without the prior written permission of NorthCoast. NorthCoast does not represent, warrant or guarantee that this information is suitable for any investment purpose and it should not be used as a basis for investment decisions. PAST DOES NOT GUARANTEE OR INDICATE FUTURE RESULTS. This material should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment products or to adopt any investment strategy. The reader should not assume that any investments in companies, securities, sectors, strategies and/or markets identified or described herein were or will be profitable and no representation is made that any investor will or is likely to achieve results comparable to those shown or will make any profit or will be able to avoid incurring substantial losses. Performance differences for certain investors may occur due to various factors, including timing of investment. Investment return will fluctuate and may be volatile, especially over short time horizons. INVESTING ENTAILS RISKS, INCLUDING POSSIBLE LOSS OF SOME OR ALL OF THE INVESTOR'S PRINCIPAL. The investment views and market opinions/analyses expressed herein may not reflect those of NorthCoast as a whole and different views may be expressed based on different investment styles, objectives, views or philosophies. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. 14
NorthCoast Growth. Tactical All-Cap Growth Strategy. Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM
NorthCoast Growth Tactical All-Cap Growth Strategy Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM 203.532.7003 INFO@ NORTHCOASTAM. COM NORTHCOAST ASSET MANAGEMENT T HE N ORTHC OAST A DVANTAGE
More informationCAN SLIM Investment Program
CAN SLIM Investment Program Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM 203.532.7000 INFO@ NORTHCOASTAM. COM NORTHCOAST ASSET MANAGEMENT An established leader in the field of tactical
More informationNorthCoast CAN SLIM Investment Strategy
NorthCoast CAN SLIM Investment Strategy For Presentation to Morgan Stanley Wealth Management Financial Advisors A growth portfolio with downside risk protection This presentation is to report on the investment
More informationTactical Growth ETF. Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM NORTHCOASTAM. COM
Tactical Growth ETF Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM 203.532.7000 INFO@ NORTHCOASTAM. COM NORTHCOAST ASSET MANAGEMENT An established leader in the field of tactical investment
More informationCAN SLIM INTERNATIONAL
CAN SLIM Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM 203.532.7000 INFO@ NORTHCOASTAM. COM 6 Glenville St Greenwich, CT 06831 jwildern@northcoastam.com www.ncamadvisors.com phone: 248.470.3600
More informationTactical Income ETF. Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM NORTHCOASTAM. COM
Tactical Income ETF Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM 203.532.7000 INFO@ NORTHCOASTAM. COM NORTHCOAST ASSET MANAGEMENT An established leader in the field of tactical investment
More informationNorthCoast ETF Portfolio Solutions
NorthCoast ETF Portfolio Solutions Investor Presentation NorthCoast Advisory Team info@northcoastam.com 800.274.5448 northcoastam.com Executive Summary PRESENTATION OVERVIEW Who is NorthCoast? What does
More informationManaged ETF Strategies with Tactical Income spotlight
Managed ETF Strategies with Tactical Income spotlight Investor Presentation 203.532.7000 INFO@ NORTHCOASTAM. COM N ORTHC OAST A SSET M ANAGEMENT An established leader in the field of tactical investment
More informationCONCENTRATED POSITIONS
NORTHCOAST ASSET MANAGEMENT CONCENTRATED POSITIONS Private Client Advisor 203.532.7000 privateclientadvisors@northcoastam.com 1 N ORTHC OAST A SSET M ANAGEMENT An established leader in the field of quantitative
More informationTactical Income ETF Strategy
Tactical Income ETF Strategy Investor Presentation N ORTHC OAST A DVISORY T EAM I NVESTMENT 203.532.7003 INFO@ NORTHCOASTAM. COM N ORTHC OAST A SSET M ANAGEMENT EXPERIENCE Based in Greenwich, CT $1.7 billion
More informationNorthCoast Growth. Investor Presentation NORTHCOASTAM. COM
NorthCoast Growth Investor Presentation 203.532.7000 INFO@ NORTHCOASTAM. COM N ORTHC OAST A SSET M ANAGEMENT EXPERIENCE Based in Greenwich, CT $1.8 billion in firm AUM (as of 6/30/2018) 30+ Professionals
More informationCAN SLIM Investment Program
CAN SLIM Investment Program Investor Presentation N ORTHC OAST I NVESTMENT A DVISORY T EAM 203.532.7003 INFO@ NORTHCOASTAM. COM N ORTHC OAST A SSET M ANAGEMENT EXPERIENCE STABILITY Based in Greenwich,
More informationNorthCoast International: A CAN SLIM strategy
NorthCoast International: A CAN SLIM strategy Investor Presentation 203.532.7000 INFO@ NORTHCOASTAM. COM N ORTHC OAST A SSET M ANAGEMENT EXPERIENCE Based in Greenwich, CT $1.8 billion in firm AUM (per
More informationNorthCoast International
NorthCoast International Investor Presentation 203.532.7000 INFO@ NORTHCOASTAM. COM N ORTHC OAST A SSET M ANAGEMENT EXPERIENCE Based in Greenwich, CT $.8 billion in firm AUM (as of 6/30/208) 30+ Professionals
More informationNorthCoast CAN SLIM Investment Strategy
NorthCoast CAN SLIM Investment Strategy A growth portfolio with downside risk protection NorthCoast CAN SLIM now available on Morgan Stanley s UMA platform This presentation is to report on the investment
More informationAnnual Returns: S&P 500 vs. ACWI ex-u.s. (Global Equities outside U.S.)
2015 Strategy Review Tactical Growth (Managed ETFs) December 31, 2015 The following report provides in-depth analysis into the successes and challenges of Tactical Growth throughout 2015, important research
More informationNavigator Global Equity ETF
CCM-17-12-3 As of 12/31/2017 Navigator Global Equity ETF Navigate Global Equity with a Dynamic Approach The world s financial markets offer a variety of growth opportunities, but identifying the right
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More information1607 GROUP AT MORGAN STANLEY
W E A L T H M A N A G E M E N T I. Overview TABLE OF CONTENTS: II. 1607 Portfolio III. 1607 Income Growth Portfolio IV. Investment Team WEALTH MANAGEMENT WEALTH MANAGEMENT O V E R V I E W Our Business:
More informationNavigator Fixed Income Total Return (ETF)
CCM-17-09-1 As of 9/30/2017 Navigator Fixed Income Total Return (ETF) Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates
More informationDoes greater risk equal greater reward?
Does greater risk equal greater reward? The simple answer is not always, which is why investors may look at lower-volatility fund options like GuideStone s Defensive Market Strategies Fund. The Fund aims
More informationCan Behavioral Factors Improve Tactical Performance?
Can Behavioral Factors Improve Tactical Performance? Feb 20, 2018 C. Thomas Howard, Ph.D. CEO and Director of Research AthenaInvest Advisors LLC More and more, Financial Advisors agree that portfolios
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationZero Beta (Managed Account Mutual Funds/ETFs)
2016 Strategy Review Zero Beta (Managed Account Mutual Funds/ETFs) December 31, 2016 The following report provides in-depth analysis into the successes and challenges of the NorthCoast Zero Beta investment
More informationModeling the Strategies of Buffett, Graham and Other Investing Greats
Modeling the Strategies of Buffett, Graham and Other Investing Greats JOHN P. REESE, FOUNDER AND CEO RESEARCH: VALIDEA. COM PRIVATE ACCOUNTS: VALIDEA CAPITAL MANAGEMENT ETF: VALIDEA MARKET LEGENDS ETF
More informationLarge Cap Low Volatility Strategy. 12/31/ Vanderbilt Beach Road, Suite 102 Naples, Florida V:
Large Cap Low Volatility Strategy 12/31/2018 999 Vanderbilt Beach Road, Suite 102 Naples, Florida 34108 V: 866-459-9998 10 Executive Summary Reduced Equity Market Risk The 50%+ downturn in the broad U.S.
More informationAlphaSolutions Blended Bull/Calendar
AlphaSolutions Blended Bull/Calendar An investment model based on trending strategies coupled with market analytics for downside risk control with predetermined investment periods Portfolio Goals Primary:
More informationOppenheimer Capital Appreciation Fund/VA Non-Service Shares
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationFIRM OVERVIEW PRESENTATION
FIRM OVERVIEW PRESENTATION AS OF MARCH 31 Q1 2016 Portfolio Managers: Robert Stein, John Eckstein, & Bryan Novak ABOUT WHO WE ARE Astor Investment Management LLC ( Astor ) is a Chicago-based, registered
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationTOPS Aggressive Growth ETF Portfolio Class 2
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
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 informationBuilding Efficient Hedge Fund Portfolios August 2017
Building Efficient Hedge Fund Portfolios August 2017 Investors typically allocate assets to hedge funds to access return, risk and diversification characteristics they can t get from other investments.
More information2017 Strategy Review. CAN SLIM Investment Program. 1 Cash Scaling
2017 Strategy Review CAN SLIM Investment Program December 31, 2017 The following report provides in-depth analysis into the objective, investment process, and the successes and challenges of the strategy
More informationNavigator High Dividend Equity
CCM-17-09-6 As of 9/30/2017 Navigator High Dividend Equity Navigate the U.S. Equity Markets with a Focus on Dividend Growth We believe it is prudent to focus on dividend growth through fundamental analysis,
More informationTower Square Investment Management LLC Strategic Aggressive
Product Type: Multi-Product Portfolio Headquarters: El Segundo, CA Total Staff: 15 Geography Focus: Global Year Founded: 2012 Investment Professionals: 12 Type of Portfolio: Balanced Total AUM: $1,422
More informationAdditional series available. Morningstar TM Rating. Funds in category. Equity style Market cap %
Sun Life BlackRock Canadian Equity Fund Series A $13.5549 Net asset value per security (NAVPS) as of January 04, 2018 $0.0452 0.33% Benchmark S&P/TSX Capped Composite Index Fund category Canadian Focused
More informationINDEX PERFORMANCE HISTORY MARKET CYCLE ANALYSIS*
OVERVIEW Index Name: Helios Alpha Index Ticker: Inception Date: September 30, 2003 S&P Launch Date: March 3, 2017 Benchmark: MSCI ACWI Index INDEX PERFORMANCE HISTORY As of: October 31, 2018 DESCRIPTION
More informationAspiriant Risk-Managed Equity Allocation Fund RMEAX Q4 2018
Aspiriant Risk-Managed Equity Allocation Fund Q4 2018 Investment Objective Description The Aspiriant Risk-Managed Equity Allocation Fund ( or the Fund ) seeks to achieve long-term capital appreciation
More informationVolatility-Managed Strategies
Volatility-Managed Strategies Public Pension Funding Forum Presentation By: David R. Wilson, CFA Managing Director, Head of Institutional Solutions August 24, 15 Equity Risk Part 1 S&P 5 Index 1 9 8 7
More informationAn Economic Perspective on Dividends
2017 An Economic Perspective on Dividends Table of Contents Corporate Outlook... 1 2 Market Environment... 3 7 Payout Ratio... 8 9 Long-term View...10 12 Global View... 13 16 Active Management... 17 Risk
More informationT. Rowe Price Blue Chip Growth Portfolio
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationSchafer Cullen Capital Management High Dividend Value
Product Type: Separate Account Manager Headquarters: New York, NY Total Staff: 56 Geography Focus: Domestic Year Founded: 1983 Investment Professionals: 21 Type of Portfolio: Equity Total AUM: $17,896
More informationINDEX PERFORMANCE HISTORY MARKET CYCLE ANALYSIS*
OVERVIEW Index Name: Helios Diversified Index Ticker: Inception Date: September 30, 2003 S&P Launch Date: March 3, 2017 : 45% MSCI ACWI / 25% BBgBarc Agg Bond / 30% Morningstar Div Alts Morningstar SecID:
More informationFayez Sarofim & Co Large Cap Equity
Product Type: Separate Account Manager Headquarters: Houston, TX Total Staff: 90 Geography Focus: Domestic Year Founded: 1958 Investment Professionals: 20 Type of Portfolio: Equity Total AUM: $22,458 million
More informationCan Behavioral Factors Improve Tactical Performance?
Can Behavioral Factors Improve Tactical Performance? More and more, Financial Advisors agree that portfolios with a tactical tilt provide increased asset allocation flexibility that can improve returns
More informationGROESBECK Investment Management Corporation. Groesbeck Investment Management Corp. 12 Route 17 North, Paramus, New Jersey
Groesbeck Investment Management Corp. 12 Route 17 North, Paramus, New Jersey 07652 201-291-7888 Growth of Income Investment Philosophy We seek to achieve four objectives: A superior dividend yield A rapid
More informationCOVERED CALL STRATEGY An enhanced income and low volatility approach to equities
COVERED CALL STRATEGY An enhanced income and low volatility approach to equities JULY, 2017 230 Park Avenue 10 th Floor Suite 61 New York, NY 10169 About us Founded in 1995, Griffin Asset Management, Inc.
More informationQ Performance Report
Q1 2018 Performance Report Generated by: NASDAQ: TIPRX (A Shares) Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose
More informationGet active with Vanguard factor ETFs
Get active with Vanguard factor ETFs Factor investing has gained attention in recent years, in part because of the rise of alternatively weighted indexes and smart-beta products. Yet factor investing has
More informationAn Introduction to Dynamic Overlay
Tactical investment strategy striving to preserve and grow client wealth An Introduction to Dynamic Overlay www.mrminv.com 12444 Powerscourt Drive Suite 350, St. Louis, MO 63131 1-(800) 233-1944 Q4 2018
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationVideo: GIC Wealth Management Perspectives
GLOBAL INVESTMENT COMMITTEE FEB.8, 2017 Video: GIC Wealth Management Perspectives Video: The Case for Active Management A new video takes a deep dive into the drivers of recent Active Manager underperformance
More informationDifferent Perspectives on Investment Performance Tweedy, Browne Global Value Fund
Different Perspectives on Investment Performance Tweedy, Browne Global Value Fund This booklet provides an historical perspective concerning the year-by-year variability of investment returns for the Tweedy,
More informationNavigator International Equity/ADR
CCM-17-09-637 As of 9/30/2017 Navigator International Navigate Global Equities with a Disciplined, Research-Backed Approach to Security Selection With heightened volatility and increased correlations across
More informationTactical Stocks-Bonds Strategy
Tactical Stocks-Bonds Strategy FACT SHEET December 31, 2017 60 State Street, Suite 700 Boston, Massachusetts 02109 team@modelcapital.com 617-854-7417 http://modelcapital.com/ FIRM S INVESTMENT PHILOSOPHY
More informationINDEX PERFORMANCE HISTORY MARKET CYCLE ANALYSIS*
Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08
More informationOpportunity Portfolio. 3 rd Quarter, 2018
Opportunity Portfolio 3 rd Quarter, 2018 Table of Contents Company Overview 3-5 Opportunity Portfolio Characteristics/Goals 6 Investment Process 7 Investment Themes 8 Risk & Sell Disciplines 9 Ten Largest
More informationSmart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation
More informationT. Rowe Price New America Growth Portfolio
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationAlphaSolutions Reduced Volatility Bull-Bear
AlphaSolutions Reduced Volatility Bull-Bear An investment model based on trending strategies coupled with market analytics for downside risk control Portfolio Goals Primary: Seeks long term growth of capital
More informationINDEX PERFORMANCE HISTORY MARKET CYCLE ANALYSIS*
OVERVIEW Index Name: Helios Dynamic Risk 13% Index Ticker: Inception Date: February 28, 2005 S&P Launch Date: March 3, 2017 Benchmark: 65% MSCI ACWI / 35% BBgBarc Agg Bond Morningstar SecID: F00000YYHJ
More informationSmart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance Factor performance diverged across regions in Q2. In the US, all factors with the exception of underperformed broad US equities. As volatility in
More informationFidelity Variable Insurance Products Real Estate Portfolio Initial Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationMainStay VP Series S&P 500 Index Portfolio Initial Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationMorgan Stanley Universal Instl Funds US Real Estate Portfolio Class I
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationGetting Smart About Beta
Getting Smart About Beta December 1, 2015 by Sponsored Content from Invesco Due to its simplicity, market-cap weighting has long been a popular means of calculating the value of market indexes. But as
More informationManaged Futures managers look for intermediate involving the trading of futures contracts,
Managed Futures A thoughtful approach to portfolio diversification Capability A properly diversified portfolio will include a variety of investments. This piece highlights one of those investment categories
More informationRoyce Capital Fund - Micro-Cap Portfolio Investment Class
Equity 6-3-216 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationTactical Long/Short Strategy
Tactical Long/Short Strategy Tactical Long/Short Strategy INVESTMENT OBJECTIVE: To seek capital appreciation in varying market environments while exhibiting less downside volatility than the S&P 500. INVESTMENT
More informationishares Edge Minimum Volatility ETFs
ishares Edge Minimum Volatility ETFs A new approach for the core of your portfolio Min Vol USA ETF Exp. Ratio: 0.15% Min Vol EAFE ETF Net Exp. Ratio: 0.20% Min Vol Emerging Markets ETF Net Exp. Ratio:
More informationSample Report PERFORMANCE REPORT I YOUR FUND
Produced on //28 Data as of 6/3/28 PERFORMANCE REPORT I 5 East 57 th Street, Floor, New York, NY 22 Tel (22) 248-532 Fax (646) 45-884 7 Seventh Avenue, Suite 2, Seattle, WA 98 Tel (26) 47-254 Fax (26)
More informationGROESBECK Investment Management Corporation. Groesbeck Investment Management Corp. 12 Route 17 North, Paramus, New Jersey
Groesbeck Investment Management Corp. 12 Route 17 North, Paramus, New Jersey 07652 201-291-7888 We seek to achieve four objectives: A superior dividend yield A rapid growth of the income stream A total
More informationSmart Beta and the Evolution of Factor-Based Investing
Smart Beta and the Evolution of Factor-Based Investing September 2016 Donald J. Hohman Managing Director, Product Management Hitesh C. Patel, Ph.D Managing Director Structured Equity Douglas J. Roman,
More informationAlphaSolutions Momentum High Equity Model
AlphaSolutions Momentum High Equity Model An investment model based on trending and momentum strategies Portfolio Goals Primary: Seeks long term growth of capital by investing in highranked Global Equity
More informationAdditional series available. Morningstar TM Rating. Funds in category 363. Fixed income % of fixed income allocation
Sun Life BlackRock Canadian Balanced Fund Investment objective Series A $12.4584 Net asset value per security (NAVPS) as of August 20, 2018 $0.0128 0.10% Benchmark Blended benchmark Fund category Canadian
More informationWhy Decades-Old Quantitative Strategies Still Work Today
Why Decades-Old Quantitative Strategies Still Work Today June 2, 2015 by John Reese Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor
More informationDelaware VIP Small Cap Value Series Standard Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationDavis Value Portfolio
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationAspiriant Defensive Allocation Fund RMDFX Q3 2018
Aspiriant Defensive Allocation Fund RMDFX Q3 2018 Investment Objective Description The Aspiriant Defensive Allocation Fund ( RMDFX or the Fund ) seeks to achieve long-term investment returns with lower
More informationW H I T E P A P E R. Sabrient Multi-cap Insider/Analyst Quant-Weighted Index DAVID BROWN CHIEF MARKET STRATEGIST
W H I T E P A P E R Sabrient Multi-cap Insider/Analyst Quant-Weighted Index DAVID BROWN CHIEF MARKET STRATEGIST DANIEL TIERNEY SENIOR MARKET STRATEGIST SABRIENT SYSTEMS, LLC DECEMBER 2011 UPDATED JANUARY
More informationGraduate Seminar: ETF Advisor Roundtable: Building a Resilient ETF Portfolio
Graduate Seminar: ETF Advisor Roundtable: Building a Resilient ETF Portfolio Matt Hougan President ETF.com Bryan Novak Director of Trading Astor Investment Management Channing Smith Managing Director Capital
More informationDividend Growth as a Defensive Equity Strategy August 24, 2012
Dividend Growth as a Defensive Equity Strategy August 24, 2012 Introduction: The Case for Defensive Equity Strategies Most institutional investment committees meet three to four times per year to review
More informationMainStay VP Series Common Stock Portfolio Initial Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationMainStay VP T. Rowe Price Equity Income Portfolio Initial Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationDifferent Perspectives on Investment Performance Tweedy, Browne Global Value Fund
Different Perspectives on Investment Performance Tweedy, Browne Global Value Fund This booklet provides an historical perspective concerning the year-by-year variability of investment returns for the Tweedy,
More informationETF Performance Guide
AdvisorShares ETF Performance Guide www.advisorshares.com 4800 Montgomery Lane, Suite 150 Bethesda, Maryland 20814 For more information, call AdvisorShares at 1.877.843.3831 or email info@advisorshares.com.
More informationMainStay VP Series International Equity Portfolio Initial Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationDIVERSIFYING VALUE: THINKING OUTSIDE THE BOX
Legg Mason Thought Leadership DIVERSIFYING VALUE: THINKING OUTSIDE THE BOX Michael J. LaBella, CFA Portfolio Manager Smart beta can be utilized within the traditional style box framework to help investors
More informationTrusted Advisor 2300 Litton Lane Hebron, KY Investment Proposal for Valued Client. Presented on July 07, 2015, by
Investment Proposal for Valued Client Presented on July 07, 2015, by Trusted Advisor 2300 Litton Lane Hebron, KY 41048 800-379-2513 Sales@ftjfundchoice.com Market Movement Strategies Investing with Confidence
More informationNeuberger Berman Advisers Management Trust Large Cap Value Portfolio Class I
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationLazard Insights. Distilling the Risks of Smart Beta. Summary. What Is Smart Beta? Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst
Lazard Insights Distilling the Risks of Smart Beta Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst Summary Smart beta strategies have become increasingly popular over the past several
More informationU.S. LOW VOLATILITY EQUITY Mandate Search
U.S. LOW VOLATILITY EQUITY Mandate Search Recommended: That State Street Global Advisors (SSgA) be appointed as a manager for a U.S. low volatility equity mandate. SSgA will be managing 10% of the Diversified
More informationMainStay VP Epoch Equity Yield Portfolio
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationFidelity Variable Insurance Products Equity-Income Portfolio Initial Class
Equity 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal
More informationAn Intro to Sharpe and Information Ratios
An Intro to Sharpe and Information Ratios CHART OF THE WEEK SEPTEMBER 4, 2012 In this post-great Recession/Financial Crisis environment in which investment risk awareness has been heightened, return expectations
More informationAlphaCentric Hedged Market Opportunity Fund
AlphaCentric Hedged Market Opportunity Fund HMXAX HMXCX HMXIX Q1 2018 Presentation Seeks to achieve capital appreciation with lower overall volatility than the equity market For Registered Investment Professional
More informationMainStay VP U.S. Government Money Market Initial Class
Fixed Income 3-31-217 This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable
More informationDIVIDEND GROWTH STRATEGY
DIVIDEND GROWTH STRATEGY The investment objective of Griffin s Dividend is long-term capital appreciation and income. The Strategy invests primarily in large and mid-capitalization dividend paying stocks
More informationAlternative Data Integration, Analysis and Investment Research
Alternative Data Integration, Analysis and Investment Research Yin Luo, CFA Vice Chairman Quantitative Research, Economics, and Portfolio Strategy QES Desk Phone: 1.646.582.9230 Luo.QES@wolferesearch.com
More information