Presentation to: City of Fresno Retirement Systems
|
|
- Miles Copeland
- 6 years ago
- Views:
Transcription
1 Presentation to: City of Fresno Retirement Systems August 27, 2013
2 Presenters Biographies City of Fresno Retirement Systems David Horsfall, CFA David is Co-Deputy Chief Investment Officer and Managing Director of Opportunistic Fixed Income. In conjunction with the CIO, David is responsible for overseeing the management of all single and multi-sector active fixed income portfolios. David also serves as the head of Standish's Fiduciary Committee and is a senior member of the firm's Counterparty Committee. Prior to being promoted to Deputy CIO in September 2008, he spent 11 years as the firm's Head of Active Fixed Income Trading. He has broad experience trading investment grade corporates, high yield corporates, emerging markets debt, liquid products (i.e., Treasuries, agencies, TIPS), structured products (i.e., ABS, CMBS), derivatives (i.e., swaps, futures, forwards, options), and global/non-us securities. He joined the firm in 1989 and has spent his entire 24-year career with Standish. David has an M.B.A. from Boston College, a B.A. from St. Lawrence University and holds the CFA designation. Daniel Lass Dan is a Senior Vice President of Standish, responsible for sales and marketing to US Public Funds. Dan joined Standish in 2009 directing marketing and sales for Coefficient Global Macro Funds. Prior to joining Standish, Dan was a Partner and Managing Director of Pareto Partners in London and in New York. Previous to Pareto, Dan was Vice President at Bankers Trust Company in Los Angeles and London and began his professional career as Deputy Director and in-house counsel to the Minneapolis Employees' Retirement Fund. Dan earned his J.D. from the University of Notre Dame and his B.S. from the University of Minnesota. Dan has over 30 years of investment industry experience and holds his Series 3, 7 and 65 securities licenses. 2 CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.
3 Agenda City of Fresno Retirement Systems I. Corporate Overview II. Team, Philosophy, & Process III. Portfolio Construction IV. Appendix 3
4 Section I.
5 Standish By The Numbers Corporate Overview 1933 Year Standish is founded 163 billion USD in assets under management 1 Dedicated exclusively to fixed income and credit solutions 185 employees Investment professionals located in U.S., U.K., & Singapore 2 U.S., regional and global mandates With clients in 35 countries 4 Source: Standish as of June 30, Assets under management (AUM) as of June 30, Standish had reported total AUM of $104 billion as of December 31, The difference is the result of a planned corporate restructuring, effective January 1, 2013, that saw the transfer to Standish of cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation. This figure includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation or The Bank of New York Mellon, and high yield assets managed by personnel of Alcentra NY, LLC acting as dual officers of Standish. Standish, Dreyfus, and Alcentra are registered investment advisers; they and The Bank of New York Mellon are wholly-owned subsidiaries of The Bank of New York Mellon Corporation. 2 Includes shared employees of BNY Mellon Asset Management (UK) Limited and MBSC Securities Corporation, both affiliates of Standish Mellon Asset Management Company LLC ("Standish"), contracted employees from the Singapore Branch of The Bank of New York Mellon, and employees of Alcentra NY, LLC acting as dual officers of Standish. These individuals may from time to time act in the capacity of shared employees of Standish, performing sales, marketing, portfolio management support, research and trading services for certain Standish managed accounts. In addition, Standish is also supported by BNY Mellon Asset Management Operations LLC ( BNYM AM Ops ) which is a legally separate entity that provides services related to all aspects of IT and operations, including front, middle and back office services through a Service Level Agreement.
6 Investment Strategies & Solutions Corporate Overview Single Sector Relative Return Emerging Markets Local Currency, US$, Corporates, Opportunistic Multi-Sector Relative Return Total Emerging Markets Global Core Plus Absolute Return Opportunistic Fixed Income Global Corporate Credit U.S., Euro & Global Global Core/Non-US Core Securitized Strategies Long Duration ABS & CMBS Mortgages U.S. Core Plus Tax Sensitive Absolute Return U.S. Core Tax-Sensitive Short, Intermediate, Long Short/Intermediate Duration TIPS U.S. & Global Cash Government U.S. & Global Stable Value Absolute FX Solutions Liability Driven Investing Insurance Client Strategies Liquidity Strategies ESG/SRI 5
7 Standish Active Fixed Income Division Corporate Overview Desmond Mac Intyre Chairman & CEO of Standish, Division Head David Leduc, CFA Chief Investment Officer David Horsfall, CFA Co-Deputy Chief Investment Officer Raman Srivastava, CFA Co-Deputy Chief Investment Officer Thomas Higgins, PhD Chief Economist & Global Macro Strategist MULTI-SECTOR PORTFOLIO MANAGEMENT OPPORTUNISTIC David Horsfall, CFA David Leduc, CFA Raman Srivastava, CFA GLOBAL FIXED INCOME 1 Raman Srivastava, CFA Brendan Murphy, CFA U.S. CORE / CORE PLUS David Bowser, CFA David Horsfall, CFA INSURANCE CLIENT STRATEGIES 4 Anthony Criscuolo, CFA James Kaniclides, CFA LIABILITY DRIVEN INVESTING 4 Andrew Catalan, CFA Matthew Fontaine, CFA SINGLE-SECTOR PORTFOLIO MANAGEMENT & RESEARCH GLOBAL SOVEREIGN / REGIONAL 1 Raman Srivastava, CFA Brendan Murphy, CFA EMERGING MARKETS DEBT 1,3 Alexander Kozhemiakin, PhD, CFA GLOBAL CORPORATE CREDIT 2 Jake Gaul, CFA Chris Barris 2 CURRENCY Federico Garcia Zamora INTEREST RATE STRATEGIES Robert Bayston, CFA SECURITIZED STRATEGIES Thomas Graf, CPA TRADING RISK MANAGEMENT COMPLIANCE ACTUARIAL SERVICES 6 1 London Includes employees from Standish Division of BNY Mellon Asset Management (UK) Limited 2 Includes employees of Alcentra NY, LLC acting as dual officer of Standish 3 Singapore Includes contracted research analysts from the Singapore Branch of The Bank of New York Mellon ; 4 Includes contracted research capabilities. Note: Some investment professionals perform the same role on more than one product team. CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.
8 Summary Performance Corporate Overview Standish Composite & Corresponding Index Q YTD 1 Year 3 Years 1 5 Years 1 10 Years 1 Since Inception 1 Composite Start Date Opportunistic Fixed Income (Gross of Fees) -1.06% 1.04% 8.00% 6.14% 10.68% 1/1/2009 Opportunistic Fixed Income (Net of Fees) -1.19% 0.79% 7.47% 5.62% 10.15% LIBOR 0.07% 0.15% 0.38% 0.39% 0.50% Excess Returns (Gross of Fees) -1.13% 0.89% 7.62% 5.75% 10.18% U.S. Long Duration Opportunistic (Gross of Fees) -6.03% -7.00% -0.21% 10.15% 11.78% 8.86% 8.77% 10/1/1997 U.S. Long Duration Opportunistic (Net of Fees) -6.08% -7.10% -0.41% 9.93% 11.56% 8.64% 8.55% Barlays U.S. Long Government/Credit Index -6.11% -7.97% -4.69% 7.01% 8.50% 6.21% 7.43% Excess Returns (Gross of Fees) 0.08% 0.97% 4.48% 3.14% 3.28% 2.65% 1.34% U.S. Core Plus (Gross of Fees) -2.34% -2.18% 1.90% 5.33% 6.97% 5.48% 8.12% 8/1/1985 U.S. Core Plus (Net of Fees) -2.41% -2.32% 1.61% 5.03% 6.66% 5.17% 7.79% Barclays U.S. Aggregate -2.32% -2.44% -0.69% 3.51% 5.19% 4.52% 7.39% Excess Returns (Gross of Fees) -0.02% 0.26% 2.59% 1.82% 1.78% 0.96% 0.73% Global Core Plus - US$ Hedged (Gross of Fees) -2.18% -1.23% 4.49% 4.75% 8.19% 6.35% 8.14% 3/1/1991 Global Core Plus - US$ Hedged (Net of Fees) -2.21% -1.29% 4.36% 4.56% 7.96% 6.06% 7.83% Barclays Global Aggregate -US$ Hedged -1.73% -1.17% 1.71% 3.47% 5.02% 4.29% 6.38% Excess Returns (Gross of Fees) -0.45% -0.06% 2.78% 1.28% 3.17% 2.06% 1.76% European Core Plus Fixed Income - Hedged (Gross of Fees) -0.37% 0.81% 9.45% 5.73% 8.89% 6.04% 6.45% 10/1/2001 European Core Plus Fixed Income - Hedged (Net of Fees) -0.41% 0.73% 9.28% 5.55% 8.69% 5.82% 6.22% Barclays Euro Aggregate - Hedged -0.39% 0.13% 6.74% 4.52% 6.09% 4.30% 4.90% Excess Returns (Gross of Fees) 0.02% 0.68% 2.71% 1.21% 2.80% 1.74% 1.55% Non-U.S. - Unhedged (Gross of Fees) -3.00% -4.79% 2.05% 6.23% 8.11% 4/1/ Non-U.S. - Unhedged (Net of Fees) -3.01% -4.81% 2.00% 6.17% 7.96% Barclays Global Aggregate -ex U.S. - Unhedged -3.08% -6.48% -3.40% 3.57% 2.65% Excess Returns (Gross of Fees) 0.08% 1.69% 5.45% 2.66% 5.46% 7 Source: Standish as of June 30, Past performance is no indication of future results. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation. * Performance returns for periods longer than 1-year are annualized. Initial composite performance inception was April 1, From September 2007 through March 2008, no portfolio qualified for the composite. Performance recommenced on April 1, Page 7
9 Section II.
10 Opportunistic Fixed Income Team Team, Philosophy, & Process David Leduc, CFA Chief Investment Officer David Horsfall, CFA Raman Srivastava, CFA Co-Deputy Chief Investment Officer Co-Deputy Chief Investment Officer OPPORTUNISTIC STRATEGY INVESTMENT RESOURCES GLOBAL SOVEREIGN / REGIONAL 1 Raman Srivastava, CFA Brendan Murphy, CFA EMERGING MARKETS DEBT 1,3 Alexander Kozhemiakin, PhD, CFA GLOBAL CORPORATE CREDIT 2 Jake Gaul, CFA Chris Barris 2 CURRENCY STRATEGIES Federico Garcia Zamora INTEREST RATE STRATEGIES Robert Bayston, CFA SECURITIZED STRATEGIES Thomas Graf, CPA MACROECONOMIC RESEARCH COMMITTEE MULTI-SECTOR INVESTMENT COMMITTEE Thomas Higgins, PhD Chief Economist & Global Macro Strategist 8 1 London Includes employees from Standish Division of BNY Mellon Asset Management (UK) Limited 2 Includes employees of Alcentra NY, LLC acting as dual officer of Standish; 3 Singapore Contracted research analysts from the Singapore branch of The Bank of New York Mellon. CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.
11 Proof Statement Team, Philosophy, & Process 10yr US Treasury Quarterly Move Standish Opportunistic FI Composite Barclays US Aggregate Barclays Long Gov't/Credit 3/31/ % 0.27% 0.12% (6.16)% 6/30/ % 11.02% 1.78% 2.78% 9/30/2009 (0.24)% 8.12% 3.74% 8.53% 12/31/ % 3.27% 0.20% (2.64)% 3/31/2010 (0.01)% 4.17% 1.78% 1.55% 6/30/2010 (0.90)% 1.99% 3.49% 8.56% 9/30/2010 (0.42)% 4.81% 2.48% 5.85% 12/31/ % 0.84% (1.30)% (5.60)% 3/31/ % 1.95% 0.42% (0.02)% 6/30/2011 (0.31)% (0.44)% 2.29% 3.30% 9/30/2011 (1.24)% (3.12)% 3.82% 15.63% 12/31/2011 (0.04)% 1.28% 1.12% 2.57% 3/31/ % 3.71% 0.30% (2.12)% 6/30/2012 (0.57)% 1.43% 2.06% 7.32% 9/30/2012 (0.01)% 3.90% 1.58% 3.10% 12/31/ % 2.88% 0.21% 0.45% 3/31/ % 2.12% (0.12)% (1.98)% 6/30/ % (1.06)% (2.32)% (6.11)% 10-Year US Treasury has risen in 9 out of the past 18 quarters (shaded) Standish Opportunistic FI composite had positive absolute returns in 8 of the 9 periods and outperformed traditional fixed income benchmarks in all 9 periods of rising Treasury yields Source: Standish as of June 30, The performance of the composite is expressed in US dollars. Past performance is no indication of future results. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation. 9
12 Team, Philosophy, & Process Opportunistic Beta Demonstrates low correlated volatility with other asset classes Opportunistic Beta since US Treasury US HY SP500 Dollar EMD LC IG 10 Source: Barclays, JP Morgan and Bloomberg as of June 30, Representative Indices; Barclays US Treasury Index, Barclays US High Yield Index, The U.S. Dollar Index (USDYX), J.P. Morgan GBI-EM Global Diversified Index, and Barclays US Credit Index, respectively.
13 Team, Philosophy, & Process Proposed Strategy Parameters Opportunistic (0-7 years) total return strategy focused on rotation among and security selection within high yield, investment grade credit, emerging markets, mortgages, and non-us bond sectors. Other sectors including municipal bonds and securitized bonds are utilized to a lesser degree. Target return: LIBOR +300 to +500 basis points per annum (gross of fees) over a 3-5 year time horizon. No financial leverage. Management Fee: 0.50% p.a. Instruments: Cash, bonds, and derivatives. Normal allocation targets 1 Net sector exposures ABS / CMBS 0% to 50% Investment Grade Corporates 0% to 70% High Yield 0% to 70% Non-Dollar 0% to 70% Emerging Markets Debt 0% to 70% Government Bonds 0% to 100% TIPS 0% to 70% Mortgage-Backed Securities 0% to 70% Bank Loans 0% to 20% Duration 0 to 7 years Credit spread duration 0 to 7 years Number of issuers 50 to 150 Tracking Error 3% to 7% p.a. 1 Allocations are subject to change at any time. 11 Please see important disclosures in Appendix.
14 Investment Philosophy Team, Philosophy, & Process We believe the value of active portfolio management is the conversion of active risk into alpha Our Approach and View: Consistent outperformance requires both top-down and bottom-up expertise. Teams of experienced professionals must use both quantitative and fundamental methods to identify value in both macro and idiosyncratic positions. The search for value drives the investment process. Purchasing securities and/or sectors that are undervalued increases the probability of positive investment outcomes. A broader opportunity set results in better returns. A portfolio s risk-adjusted performance improves with an increase in the number of strategies employed in its management. Risk management is key to long-term investment success. We take active risk that is consistent with client objectives, the strategy, and our outlook. We seek to avoid negative surprises by focusing on the implementation processes and governance. 12
15 Investment Process Overview Team, Philosophy, & Process MACRO STRATEGY Macro Scenario Development Standish Outlook CLIENT IDEA GENERATION Factor Risk Opportunities Security Selection Opportunities Evaluation Metrics Value Cyclical / Fundamental Factors Market Sentiment Key Interactions Global Macro Committee Monthly Bond Strategy Forum PORTFOLIO CONSTRUCTION Client Objectives Multi-Sector Investment Committee Monthly Single-Sector Investment Meetings Daily Investment Team Meeting Weekly market review or jam session Risk Management and Trading Analytical Tools Standish Leading Indicators The Investment Team assesses relative value, makes sector allocation decision and selects among best ideas, all while adjusting for risk budget and client preferences. Proprietary Factor Valuation Models Proprietary Ratings Models Proprietary Credit and Trend Ratings Barclays Point CRD/PortTarget 13
16 Team, Philosophy, & Process Macro Strategy Fundamental research from both emerging market and developed market economists. Standish Macro Scenarios: Utilize quantitative tools, including Standish Leading Indicators to identify global growth and inflation themes. Develop assessment of overall risk environment. Standish Outlook: Multiple scenarios are developed, then probability weighted to form a 6-month forecast. MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading Global Macro Committee Monthly Bond Strategy Forum Chief Economist Country Analysts Quantitative Analysts Standish Macro Scenarios Chief Investment Officers Sector Heads Portfolio Managers Analysts / Traders Standish Outlook Objectively assess data Independent review of external research Develop finite number of macroeconomic scenarios Debate and establish scenario probabilities Review sector model valuation indicators Review sector fundamentals 14
17 Idea Generation Team, Philosophy, & Process Multi-Sector Investment Committee Outlook is combined with Factor Valuation Factor Risk Opportunities The Multi-Sector Investment Committee synthesizes the Standish investment view with our sector research to determine Factor Risk Opportunities MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading Standish Opportunity Set Investment Grade Credit MODEL PORTFOLIO WEIGHTS, BEST IDEAS UNIVERSE High Yield Security Selection Opportunities Multi-Sector Committee SECTOR MODEL PORTFOLIOS Securitized Strategies Global Sovereigns Interest Rate Strategies INVESTMENT UNIVERSE Emerging Markets Municipals Research focused on in-depth fundamental analysis of individual securities from a broad universe Investment ideas represent multiple, unique sources of alpha generation Sector strategists develop sector model portfolios with performance accountability Sector model portfolios serve as "best ideas" pools for multi-sector portfolios or Security Selection Opportunities 15
18 Portfolio Construction Team, Philosophy, & Process Portfolio management teams utilize investment outlook, opportunity sets and client risk budget to determine client portfolio positions. Re-evaluation of Investments MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading Standish Opportunity Set CLIENT OBJECTIVES Client Portfolio Factor Risk Opportunities Security Selection Opportunities Investments CIO Team conducts monthly reviews of each portfolio management team to monitor performance, dispersion, risk allocations and provide thematic consistency across teams. 16
19 Robust Risk Management - Two Tiered Approach Team, Philosophy, & Process Standish employs a sophisticated set of risk management tools to help ensure the level of active risk in portfolios is consistent with our outlook. MACRO IDEA STRATEGY GENERATION Factor Risk Macro Scenario Opportunities Development Security Selection Standish Opportunities Outlook PORTFOLIO CONSTRUCTION Client Objectives Risk Management and Trading POINT PortTarget Zeus Active risk Proprietary reporting tool Enterprise risk Attribution Scenario analysis Tail-risk Accounts vs. desired strategy targets Enterprise querying on security attributes Compliance team and oversight committees maintain focus on seeking best execution and fiduciary responsibilities. Compares active risk of strategies Stress tests strategies Ensure consistent, active risk exposure of accounts within a strategy Implementation Governance Charles River Development Trade Order Management System (CRD) Independent Compliance group reporting to Chief Compliance Officer Seeks Best Execution Trade Levels Reviewed Daily Fiduciary Committee Performance Exception Reporting OTC Counterparty/Best Execution Committee Counterparty Monitoring Operational Review Committee GIPS Committee 17 No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
20 Section III.
21 Dynamic Sector Allocation Portfolio Construction Representative Opportunistic Fixed Income Portfolio Opportunistic Representative Account: Sector Allocation (Q Q2 2013) 100% 90% 80% Muni 70% 60% 50% 40% 30% TIPS Non-Dollar EMD High Yield CMBS ABS Investment Grade MBS Treasury 20% 10% 0% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Source: Standish as of June 30, Percentages are subject to change at any time and without notice. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ).
22 Dynamic Sector Allocation Portfolio Construction Opportunistic CTD by Sector Other Municipal CMBS ABS Local EM USD EM 0-2 HY IG Non US Sov US Sov Source: Standish as of June 30,, Percentages are subject to change at any time and without notice. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ).
23 Portfolio Characteristics Portfolio Construction Representative Opportunistic Fixed Income Portfolio Sector Distribution (%) Portfolio CTD 1 Sovereign - U.S. (Includes Futures) Sovereign - Non U.S. (Includes Futures) Corporate - IG Corporate - HY EMD U.S.$ EMD Local Currency ABS CMBS Municipal Cash Other (Options/Swaptions) Total Duration/Yield Curve Exposure (CTD) Years Years Quality Distribution (%) AA 2.0 AAA & above 17.1 A 4.2 CCC 10.6 B 9.9 BBB 39.0 BB 17.3 Currency Distribution (%) Portfolio U.S. Dollar Norwegian Krone 6.2 Polish Zloty 1.9 Nigerian Naira 1.0 Mexican Peso 1.0 Brazilian Real -1.1 Japanese Yen -1.9 Czech Republic Koruna -2.0 Canadian Dollar -2.0 New Zealand Dollar -2.9 Euro -4.8 Swedish Krona -4.8 Other -0.1 Total Country Distribution (%) Portfolio United States 61.6 Italy 7.9 Spain 5.5 Portugal 5.0 United Kingdom 3.3 Iceland 2.5 Brazil 2.0 New Zealand 1.9 Switzerland 1.3 Ireland 1.1 Other Total Summary Portfolio Average quality BBB- Average duration 1.37 yrs Yield to maturity 3.77% 20 1 CTD = Contribution to Duration. 2 Sector Distribution does not a include a negative position in High Yield CDX, which is -.65 years in spread duration. 3 Nigeria (1.01), Mexico (1.01), Turkey (0.99), Luxembourg (0.95), France (0.92), Australia (0.81), Canada (0.65), Kazkhstan (0.50), Netherlands (0.50), Chile (0.45), Bermuda (0.41), China (0.39), Hungary (0.38), Russia (0.26), Peru (0.25), India (0.01), N/A (0.19), European Monetary Union (-0.25) Source: Standish as of June 30, Representative portfolio chosen is the largest portfolio in the Composite and is not chosen to show performance. Portfolio holdings subject to change at any time. Representative account data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ).
24 Performance: Opportunistic Fixed Income Composite Portfolio Construction Opportunistic Fixed Income Composite Performance as of 6/30/13 Q YTD 1 year 3 years Since Inception Asset-weighted Gross -1.06% 1.04% 8.00% 6.14% 10.68% Asset-weighted Net -1.19% 0.79% 7.47% 5.62% 10.15% USD 3-month LIBOR 0.07% 0.15% 0.38% 0.39% 0.50% Asset-weighted Gross USD 3-month LIBOR 12% 10.68% 10% 8% 8.00% 6% 6.14% 4% 2% 0% 1.04% 0.07% 0.15% 0.38% 0.39% 0.50% -2% -1.06% Q YTD 1 year 3 years Since Inception 21 Composite performance started on January 1, Source: Standish as of June 30, Periods greater than one year are annualized. Past performance is no indication of future results. The performance of the composite is expressed in US dollars. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation.
25 Risk/Return Profile Portfolio Construction Opportunistic Fixed Income Composite vs. 3-Month LIBOR Risk Return Statistics (3 Years as of 6/30/13) Risk Return Profile (3 Years as of 6/30/13) 8 Composite Index Return (%) Std. Dev. (%) Composite R-Squared Tracking Error Information Ratio Return (%) Index Standard deviation (%) Quarterly Excess Returns (Gross) 6.0% Excess Return 4.0% 2.0% 0.0% -2.0% -4.0% Q Q Q Q Q Q Q Q Q Q Q Q Q Source: Standish as of June 30,, Composite performance is shown gross of fees. Past performance is no indication of future results. This material is accompanied by the corresponding composite disclosure for this strategy, which has been prepared and presented in compliance with the Global Investment Performance Standards (GIPS ), in the Appendix of this presentation. This data is to be considered supplemental information to the attached GIPS compliant composite presentation found in the appendix. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS )
26 Why Standish? Portfolio Construction Standish, established in 1933, is dedicated to fixed income and credit solutions; we do not manage other asset classes Long history of managing go anywhere, unconstrained fixed income strategies Over US $3.6 billion AUM in Opportunistic-type strategies* GIPS compliant performance track record since 1997 Global footprint; fully resourced and experienced investment team with research capabilities in the U.S., U.K., and Singapore Right-sized firm allows full implementation of best ideas in both cash and derivatives markets Comprehensive risk management framework designed to capture positive returns in favorable markets and limit downside in unfavorable markets, over a market cycle Detailed client reporting featuring full transparency of positions, risk exposures, and attribution of return/risk 23 * Assets under management (AUM) as of March 31, This figure includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation or The Bank of New York Mellon, wholly-owned subsidiaries of The Bank of New York Mellon Corporation.
27 Section IV.
28 Importance of Country Selection 2012 Appendix 2012 Hedged Country Returns - Developed, Core and Semi-Core Europe 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Japan AA-/Aaa U.S. Treasury AA+/Aaa Canada AAA/Aaa UK AAA/Aaa 4.58 Germany AAA/Aaa 5.48 Australia AAA/Aaa 6.26 South Korea A+/Aa France AA+/Aa Belgium AA/Aa Slovakia A2/A 2012 Hedged Country Returns - Europe Periphery 70% 60% % 40% 30% 20% 10% % Spain BBB-/Baa3 Slovenia A/Baa2 Italy BBB+/Baa2 Ireland BBB+/Ba1 Portugal BB/Ba3 24 Source: Barclays, S& P, Moody s as of December 31, 2012
29 Alpha vs. Beta in Core Europe Appendix German vs. Slovakian 10 Year Yield Yield 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% January 13, 2012 S&P downgrades Slovakia s debt from A+ to A February 13, 2012 Moody s downgrades Slovakia s debt from A1 to A2 March 2012 Euro-denominated bonds appeared to be a good value when assessed by our investment analysis framework. Late May 2012 US$ bonds widened relative to Euro bonds based on a lack of fundamental knowledge from a US perspective. This presented a basis trade opportunity into the US$ denominated bonds. 2.5% 2.0% May 10, 2012 Slovakia issued a $1.5 billion US$- denominated 10 year bond 1.5% 1.0% German 10 yr Bond Yield Slovakian 10 yr Bond Yield 25 Source: Bloomberg as of June 30, 2013.
30 Best Ideas: Deteriorating Fundamentals & JPY Weakness Appendix Basic Balance & Deficit Basic Balance (12-Month Rolling Sum 100 bn JPY) USD/JPY Basic Balance ($1 bn yen) USD/JPY spot exchange rate Value: Appreciation in JPY from moved the currency into overvalued territory based on long term fair value estimates Cyclical: Basic balance data continued to sharply decline over the course of 2012, in particular, driven by deteriorating trade a stark difference from years prior Sentiment: The Abe government, elected in December 2012 signaled a pronounced shift in sentiment towards structural reform and policy (monetary and fiscal) 26 Source: Bloomberg as of June 30, 2013.
31 Best Ideas: Taking Advantage of an Overvalued Yen Appendix $/ Long-Term History $/ inverted Positioning in $/ $/ inverted June 22, 2012 Long term structural view that JPY should weaken as current account surpluses are shrinking and the potential of a more aggressive BOJ. December 2012 The Abe elected government took office January 2013 Based on our Value, Cyclical, Sentiment framework, the Yen appeared overvalued and continued to sell off in the market. 27 Source: Bloomberg as of June 30, 2013.
32 Biographies Appendix Biographies David Leduc, CFA David is Chief Investment Officer of Active Fixed Income responsible for overseeing the management of all single and multi-sector taxable bond portfolios and strategies. Prior to this, he was Managing Director of Global Fixed Income and Senior Portfolio Manager responsible for overseeing the management of all non-us and global bond strategies. David joined Standish in 1995 as a portfolio manager and analyst for US domestic fixed income, moving from structured finance to global strategies in Prior to joining Standish, David spent seven years as an Investment Officer at State Street. He has an M.B.A. from Boston University and a B.S. from the University of Rhode Island. David holds the CFA designation and has 26 years of investment experience. David's activities with not-for-profit organizations include serving as senior representative for BNY Mellon Trust Company in its role as Corporate Trustee of the W. K. Kellogg Foundation Trust. David Horsfall, CFA David is Co-Deputy Chief Investment Officer and Managing Director of Opportunistic Fixed Income. In conjunction with the CIO, David is responsible for overseeing the management of all single and multi-sector active fixed income portfolios. David also serves as the head of Standish's Fiduciary Committee and is a senior member of the firm's Counterparty Committee. Prior to being promoted to Deputy CIO in September 2008, he spent 11 years as the firm's Head of Active Fixed Income Trading. He has broad experience trading investment grade corporates, high yield corporates, emerging markets debt, liquid products (i.e., Treasuries, agencies, TIPS), structured products (i.e., ABS, CMBS), derivatives (i.e., swaps, futures, forwards, options), and global/non-us securities. He joined the firm in 1989 and has spent his entire 24-year career with Standish. David has an M.B.A. from Boston College, a B.A. from St. Lawrence University and holds the CFA designation. Raman Srivastava, CFA Raman is Co-Deputy Chief Investment Officer and Managing Director of Global Fixed Income. In conjunction with the CIO, Raman is responsible for overseeing the management of all single and multi-sector active fixed income portfolios. As head of the Global Fixed Income team, Raman oversees all global and non-us fixed income strategies. Raman joined Standish in 2012 from Putnam Investments where he was Managing Director and Portfolio Manager for global fixed income, multi-sector fixed income and absolute return strategies. Raman earned a Masters of Science in Computational Finance degree at Carnegie Mellon University and Bachelor of Mathematics from the University of Waterloo. Raman holds the CFA designation and has over 16 years of investment experience. In 2008, Raman was named one of the top 20 rising stars of fixed income by Institutional Investor magazine. 28 CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute.
33 Opportunistic Fixed Income Composite Appendix Performance Disclosure Asset-weighted Gross Asset-weighted Net LIBOR 3 month Composite 3-Yr St Dev N/A 2 N/A 2 Benchmark 3-Yr St Dev N/A N/A Number of Portfolios 3 Composite Assets ($mm) Firm Assets ($mm) 4 104,539 86,804 78,393 63,448 Composite Dispersion 5 N/M N/M N/M N/M 1 Composite performance started on January 1, 2009; 2 Composite track record lacks the required 36 months necessary for this calculation; 3 Composite contained 5 or fewer Portfolios; 5 Internal Asset Weighted Standard Deviation. Only includes accounts which were in composite for entire calculation period. Composite Dispersion figures for years containing 5 or fewer Portfolios are considered Not Meaningful or "N/M. The Opportunistic Fixed Income composite measures the total return of all fee-paying, discretionary, fixed income portfolios whose primary investment objective is absolute return through active sector allocation among, and security selection within, the following broad-market fixed income sectors: high yield, investment grade credit, emerging markets, agency mortgages, US and Non-US Government securities, TIPS, nondollar, structured products, bank loans, and municipal bonds. Minimum portfolio size for inclusion is $25 million. The frequent use of derivatives (futures, options, forwards, short positions and other derivatives) is a significant characteristic of this investment strategy. Derivatives are used to create long and short positions, as well as to manage risk. The composite was created on January 1, No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request. The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation as well as assets managed by Alcentra NY, LLC personnel acting as dual officers of Standish. 4 Effective January 1, 2013, certain cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation were transferred to Standish. Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. The benchmark for this composite is the 3 month US dollar LIBOR Index (London- Interbank Offered Rate - British Bankers Association Fixing for U.S. Dollar). The fixing is conducted at 11:00 am (London time). The rate is an average derived from the quotations provided by the banks determined by the British Bankers Association. The top and bottom quartile is eliminated and an average of the remaining quotations is calculated to arrive at the fixing. The index is calculated on an ACT/360 basis and for value two business days after the fixing. Please note that for the overnight rate, the value date is on the same day as the fixing date, with the maturity date falling the next business day for both centers. Total return comprises income as a percentage of the original investment. This benchmark was added on January 1, The standard management fee for the style is: 0.50% of all assets. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Performance results are presented both before and after the deduction of management fees. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request. 29
34 Long Duration Opportunistic Composite Appendix Performance Disclosure Asset-weighted Gross Asset-weighted Net Barclays Long Govt/Cred Index LIBOR 3 month Composite 3-Yr St Dev Benchmark 3-Yr St Dev Number of Portfolios 1 Composite Assets ($mm) 2,676 1,778 1,472 1,250 1,081 1,150 1, Firm Assets ($mm) 4 104,539 86,804 78,393 63, , , , , , ,732 2 Composite Dispersion 3 N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M Composite performance started on October 1,1997; 1 Composite contained 5 or fewer Portfolios; 2 Please note that from September 2003 to June 2005, Standish provided non-discretionary investment management advisory services for approximately $100 billion in securities lending collateral; 3 Internal Asset Weighted Standard Deviation. Only includes accounts which were in composite for entire calculation period. Composite Dispersion figures for years containing 5 or fewer Portfolios are considered Not Meaningful or "N/M". The Long Duration Opportunistic composite measures the total return of all fee-paying, discretionary, fixed income portfolios with an effective duration primarily 11 years or greater and whose primary investment objective is absolute return through active sector allocation among, and security selection within, the following broad-market fixed income sectors: high yield, investment grade credit, emerging markets, agency mortgages, US and Non-US Government securities, TIPS, non-dollar, structured products, bank loans, and municipal bonds. Minimum portfolio size for inclusion is $25 million. Portfolios may invest in sectors outside of the index which may involve higher risk and tracking error relative to the benchmark. The frequent use of derivatives (futures, options, forwards, short positions and other derivatives) is a significant characteristic of this investment strategy. Derivatives are used to create long and short positions, as well as to manage risk. The composite was created on May 2, No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request. The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation as well as assets managed by Alcentra NY, LLC personnel acting as dual officers of Standish. 4 Effective January 1, 2013, certain cash and stable value assets previously managed by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation were transferred to Standish. Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. This composite s benchmark is the Barclays Long Government/Credit Index. The Barclays Long Government/Credit Index is comprised of dollar denominated, investment grade rated corporate and government bonds with at least $250 million par amount outstanding, a maturity of ten years or more and at least one year to final maturity. The secondary benchmark for this composite is the 3 month US dollar LIBOR Index (London-Interbank Offered Rate - British Bankers Association Fixing for U.S. Dollar). The fixing is conducted at 11:00am(Londontime).Therateisanaveragederivedfromthequotationsprovidedbythe banks determined by the British Bankers Association. The top and bottom quartile is eliminated and an average of the remaining quotations is calculated to arrive at the fixing. The index is calculated on an ACT/360 basis and for value two business days after the fixing. This benchmark was added on January 1, Some composite participants may be measured against a client mandated benchmark different from the composite benchmark. This has no impact on the implementation of the investment strategy. Composite participants are using a different pricing vendor than the composite's benchmark. The standard management fee for this style is: 0.30% of assets on the first $50 million, 0.25% of assets on the next $50 million, 0.20% of assets thereafter. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio. Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request. 30
35 US Core Plus Composite Appendix Performance Disclosure Asset-weighted Gross Asset-weighted Net Barclays US Aggregate Index Composite 3-Yr St Dev Benchmark 3-Yr St Dev Number of Portfolios Composite Assets ($mm) 3,161 2,953 3,179 3,291 3,694 4,588 4,379 4,577 2,859 3,764 Firm Assets ($mm) 3 104,539 86,804 78,393 63, , , , , , ,732 1 Composite Dispersion Composite performance started on August 1, 1985; 1 Please note that from September 2003 to June 2005, Standish provided non-discretionary investment management advisory services for approximately $100 billion in securities lending collateral; 2 Internal Asset Weighted Standard Deviation. Only includes accounts which were in composite for entire calculation period. The US Core Plus composite measures the total return of all fee-paying, discretionary, fixed income portfolios that are actively managed against broad, multi-sector indices such as the Barclays US Aggregate Bond Index and that allow at least 10% below investment grade debt and may also hold emerging market debt and non-dollar bonds. Minimum portfolio size for inclusion is $25 million. Portfolios may invest in sectors outside of the index which may involve higher risk and tracking error relative to the benchmark. Although not significant part of the composite strategy, some portfolios may have limited exposure to futures options, forwards, short positions and other derivatives. The composite was created on April 2, No portfolio with the same objectives, preferences, or constraints has been excluded unless it has not been under management for more than one full measurement period or does not meet the minimum asset size. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying portfolios are not included in this composite. The performance of the composite is expressed in US Dollars. The firm maintains a complete list and description of composites, which is available upon request. The Firm is defined as Standish Mellon Asset Management Company LLC ("Standish"), a registered investment advisor and wholly owned subsidiary of The Bank of New York Mellon Corporation. The Firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, which are other subsidiaries of The Bank of New York Mellon Corporation. 3 Effective January 1, 2009, Standish assigned investment management capabilities for clients of short duration, index and stable value strategies to The Dreyfus Corporation. Effective July 1, 2003, Standish, Mellon Bond Associates, and Certus Asset Advisors, all wholly owned subsidiaries of Mellon Financial Corporation, combined to form Standish Mellon Asset Management Company LLC. In addition to investment advisory services, Standish provides valuation, risk management, surveillance and liquidation services for distressed assets through its Global Workout Solutions business on both discretionary and non-discretionary basis. These assets are not included in the total firm AUM. The composite s benchmark is the Barclays US Aggregate Bond Index. The Barclays US Aggregate Index represents the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Some composite participants may be measured against a client mandated benchmark different from the composite benchmark. This has no impact on the implementation of the investment strategy. Some composite participants use different pricing vendors from other participants and the composite's benchmark. The standard management fee for this style is: 0.35% of assets on the first $50 million, 0.30% of assets on the next $50 million and 0.25% of assets thereafter. Through November 30, 2009 the fee for the style was 0.40% of assets on the first $50 million, 0.30% of assets on the next $50 million, and 0.25% of assets thereafter. Standish's standard fees are shown in Part 2A of its Form ADV. For historical fees, please contact Standish. Net results reflect the corresponding historical fee schedule for each measurement period, actual results may vary for each individual portfolio. During the period from 2004 through 2009 an account had not been properly assigned to the correct composite. Standish has made the necessary corrections to the affected composite. Corrections may include the number of accounts, the asset weighted dispersion or the reported return of the composite. Standish Mellon Asset Management Company LLC s claim of compliance with GIPS Standish Mellon Asset Management Company LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Standish Mellon Asset Management Company LLC has been independently verified for the periods January 1, 1994 through December 31, The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The CFA Institute has not been involved with the preparation or review of this report. Gross performance figures are time-weighted rates of return, which include the deduction of transaction costs. Both gross and net performance returns include the reinvestment of dividends and other distributions. Past performance is not an indication of future performance. Additional information regarding policies and procedures for calculating and reporting returns is available upon request. 31
Board of Trustees, Fresno County Employees Retirement Association
MEMORANDUM To: From: Cc: Board of Trustees, Fresno County Employees Retirement Association Brian Rowe, CFA, Research Associate Bee G. Lim, CFA, CAIA, Associate Director of Research Jeffrey MacLean, Chief
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $600,884,324.94 Inception Date 09/30/2015 Base Currency USD Investment
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $913,479,610.50 Inception Date 09/30/2015 Base Currency USD Investment
More informationFranklin Global Absolute Return Fixed Income Composite (AUD Hedged)
Franklin Global Absolute Return Fixed Income Composite (AUD Hedged) Absolute Return Fixed Income Product Profile Product Details Strategy Assets $482,005,922.94 Inception Date 31/10/2007 Number of Securities
More informationFranklin Flexible Alpha Bond Fund A (acc) USD
Franklin Flexible Alpha Bond Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Absolute Return Fixed Income Product Details 1 Fund Assets $484799701.66 Fund Inception Date 18/03/2016
More informationQ Global Equity. (888)
Q1 2018 Global Equity www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationQ Global Equity. (888)
Q4 2017 Global Equity www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationQ Global Equity. (888)
Q4 2018 Global Equity www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationFranklin Flexible Alpha Bond Fund. Advisor Class
Franklin Flexible Alpha Bond Fund Advisor Class Absolute Return Fixed Income Product Profile Product Details 1 Fund Assets $416,313,682.95 Fund Inception Date 08/03/2015 Number of 406 Including Cash NASDAQ
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationTempleton Global Macro Group. Franklin Templeton Investment Funds Templeton Global Bond Fund - A (Mdis) USD. Data as of 30 November 2018
Templeton Global Macro Group Data as of 30 November 2018 Franklin Templeton Investment Funds - A (Mdis) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical
More informationTempleton Global Macro Group. Franklin Templeton Investment Funds Templeton Global Bond Fund - I (acc) USD. Data as of 28 February 2019
Templeton Global Macro Group Data as of 28 February 2019 Franklin Templeton Investment Funds - I (acc) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical
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 informationQ Global Balanced. (888)
Q4 2015 Global Balanced www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a
More informationInvesco Emerging Markets Bond Fund A-SD shares
Invesco Emerging Markets Bond Fund A-SD shares January 2016 This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe and Qualified Investors in
More informationInsurance Asset Management
Insurance Asset Management January 2018 For Financial Intermediaries, Institutional and Consultant use only. Not for redistribution under any circumstances. Introducing Schroders: Delivering dedicated
More informationTempleton Global Bond Fund - I(acc) USD. Franklin Templeton Investment Funds Templeton Global Bond Fund - I(acc) USD FRANKLIN TEMPLETON INVESTMENTS
Franklin Templeton Investment Funds - I(acc) USD Data as of 31 December 2013 Source for data and information provided by Franklin Templeton Investments, as of the date of this presentation, unless otherwise
More informationT. Rowe Price Funds SICAV A Luxembourg UCITS
PROSPECTUS T. Rowe Price Funds SICAV A Luxembourg UCITS Bond Funds Asia Credit Bond Fund Diversified Income Bond Fund Dynamic Global Bond Fund Dynamic Global Investment Grade Bond Fund Emerging Local Markets
More informationPioneer Multi-Sector Credit Strategy
Pioneer Multi-Sector Credit Strategy Profile, March 2015 For Professional Investor Use Only and Not to be Distributed to the Public. Strategy Overview The Pioneer Multi-Sector Credit Strategy takes a flexible
More informationProduct Profile. Performance Data. Average Annual Total Returns (USD %) 2,
Unconstrained Fixed Income Product Profile Product Details Composite Assets $612,308,518.31 Inception Date 30/11/2005 Base Currency USD Investment Style Unconstrained Overview 1 High alpha-seeking regional
More informationNavigator Taxable Fixed Income
CCM-17-09-966 As of 9/30/2017 Navigator Taxable Fixed Navigate Fixed with Individual Bonds With yields hovering at historic lows, an active strategy focused on managing risk may deliver better client outcomes
More informationMFS Investment Management 500 Boyleston Street Boston, Massachusetts 02116
Investment Management 500 Boyleston Street Boston, Massachusetts 02116 MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS Bottom-up idea generation within a sector-neutral framework, managed by a team of
More informationPresentation The role of fixed income today. Quentin Fitzsimmons. Senior Portfolio Manager, Fixed Income T. Rowe Price
Presentation The role of fixed income today Quentin Fitzsimmons Senior Portfolio Manager, Fixed Income T. Rowe Price THE ROLE OF FIXED INCOME TODAY Quentin Fitzsimmons Global Fixed Income Portfolio Manager
More informationInternational Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions
Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: International Equities $912.3 million $36.3 million Year Founded: GIMA
More informationTempleton Global Macro. Franklin Templeton Investment Funds Templeton Global Bond Fund - A (Mdis) USD. Data as of March 31, 2018
Templeton Global Macro Data as of March 31, 2018 Franklin Templeton Investment Funds - A (Mdis) USD Table of Contents Summary...3 Historical Performance...4 Calendar Year Returns...5 Performance Risk Statistics...
More informationSTRATEGY HIGHLIGHTS As of 31 March 2018 Stable Value Strategy Total Strategy Assets: 1 $23.3 billion 2 Figures shown in U.S.
STRATEGY HIGHLIGHTS As of 31 March 018 Stable Value Strategy Total Strategy Assets: 1 $3.3 billion INVESTMENT APPROACH 100% internal management facilitates transparency and control. Yield-focused strategy.
More informationGlobal Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions
Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:
More informationFixed Income Capabilities Guide
Fixed Income Capabilities Guide All data as of 6//7 unless otherwise noted. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to,
More informationDoubleLine Core Fixed Income Fund Fourth Quarter 2017
Income Fund Fourth Quarter 2017 333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 (213) 633-8200 The Income Fund (DBLFX/DLFNX) is DoubleLine s flagship fixed income asset allocation fund. The fund seeks
More information03/03/2015. Investing in ideas Achieving genuine diversification. Agenda. Diversification dilemma. Investing in ideas.
Achieving genuine diversification TEXPERS Annual Conference David Millar, FIA Head of Multi Asset March, Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual
More informationPerformance and Risk Disclosures December 31, 2018
Performance and Risk Disclosures December 31, 2018 Rolling 1-Year Performance s Period Ending: 31 Dec 18 31 Dec 17 31 Dec 16 31 Dec 15 31 Dec 14 Global Multi-Sector Composite (gross of fees) -3.92% 8.25%
More informationGlobal Multi-Sector (GMS) Strategy
Global Multi-Sector (GMS) Strategy In today s volatile environment, the ability to allocate tactically across global markets is of ever increasing importance. Many investors may be looking to draw on a
More informationDynamic Global Bond Fund
STRATEGY HIGHLIGHTS Dynamic Global Bond Fund Total Global Fixed Income Assets: $29.6 billion 2 Total Dynamic Global Bond Assets: 1 $7,328.9 million 2 Total Fund Assets: $2,170.4 million 2 As of March 31,
More informationWhy It s Not Your Grandma s Bond Market Anymore
Why It s Not Your Grandma s Bond Anymore Commentary November 2017 TODAY S BOND MARKET LOOKS QUITE DIFFERENT FROM A GENERATION AGO. Sources of return have evolved and certain strategies that used to work
More informationTrade Finance Fixed Income Strategy
Trade Finance Fixed Income Strategy Highlights Attractive, floating rate returns Diversifies portfolios to reduce reliance on traditional performance drivers Potential for higher absolute returns versus
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More information2016 Fixed Income Asset Class Review September 22-23, Jason Weiner, Director of Fixed Income Germán Gaymer, Fixed Income Investment Analyst
2016 Fixed Income Asset Class Review September 22-23, 2016 Jason Weiner, Director of Fixed Income Germán Gaymer, Fixed Income Investment Analyst Agenda I. Fixed Income Market Environment & Performance
More informationTREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS April June 2013 During the second quarter, the U.S. dollar s nominal trade-weighted exchange value increased 1.7 percent as measured by the Federal
More informationQuarterly High Yield Market Summary
Quarterly High Yield Market Summary As of December 31, 2013 Aside from a brief respite in October, risk free rates trended higher in Q4 2013 (up 42 basis points in the 10 Year and 36 bps in the 5 Year),
More informationFranklin Australian Absolute Return Bond Fund
Absolute Return Bond Fund Absolute Return Fixed Income Product Profile Product Details Fund Assets $114,181,837.79 Fund Inception Date 22/12/2014 Number of Securities 144 Including Cash Base Currency AUD
More informationQ U.S. Sector. (888)
Q4 2018 U.S. Sector www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationConduct proprietary research Set up & down price targets Document and present investment recommendation
FOR PROFESSIONAL CLIENTS AND, IN SWITZERLAND, FOR QUALIFIED INVESTORS ONLY. IN THE MIDDLE EAST, PROVIDED SOLELY FOR USE BY THE INTENDED RECIPIENT. Mellon Dynamic Large Cap Value Strategy All information
More informationThe Myth of Diversification: Risk Factors vs. Asset Classes
The Myth of Diversification: Risk Factors vs. Asset Classes Sébastien Page, CFA Executive Vice President April 2011 PIMCO Canada will retain PIMCO LLC as a subadvisor. PIMCO Canada Corp., 120 Adelaide
More informationUnconstrained Fixed Income Strategy 1 st Quarter 2018 ALTRIUS CAPITAL MANAGEMENT, INC. TOLL FREE 855-ALTRIUS
Unconstrained Fixed Income Strategy 1 st Quarter 2018 ALTRIUS CAPITAL MANAGEMENT, INC. TOLL FREE 855-ALTRIUS WWW.ALTRIUSCAPITAL.COM Altrius Highlights FIRM OVERVIEW Altrius Capital Management, Inc. was
More informationQ U.S. Sector. (888)
Q1 2018 U.S. Sector www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationInvesting in European Asset Backed Securities. For institutional and professional investors only
Investing in European Asset Backed Securities For institutional and professional investors only Second quarter 2018 Investing in European asset backed securities Aegon Asset Management is a leading provider
More informationFor professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House
For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.
More informationFOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION.
2018 Global Market Outlook Press Briefing GLOBAL FIXED INCOME Mark Vaselkiv Portfolio Manager, CIO, Fixed Income November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED
More informationMonthly Commentary Emerging Markets Debt
HSBC Global Asset Management November 2010 Monthly Commentary Emerging Markets Debt Emerging Markets Debt Core Supplemental information and characteristics for periods ending November 30, 2010 Month Year-to-date
More informationFranklin Asia Credit Fund
Franklin Templeton Investment Funds Franklin Asia Credit Fund Fixed Income Fund Profile Fund Details Inception Date 17 November 2014 Investment Style Benchmark(s) Fixed Income JP Morgan Asia Credit Index
More informationGEF-6 REPLENISHMENT: FINANCING FRAMEWORK (PREPARED BY THE TRUSTEE)
Fourth Meeting for the Sixth Replenishment of the GEF Trust Fund April 16-17, 2014 Geneva, Switzerland GEF/R.6/Inf.11 March 28, 2014 GEF-6 REPLENISHMENT: FINANCING FRAMEWORK (PREPARED BY THE TRUSTEE) TABLE
More informationHOW TO BE MORE OPPORTUNISTIC
HOW TO BE MORE OPPORTUNISTIC HOW TO BE MORE OPPORTUNISTIC Page 2 Over the last decade, institutional investors across much of the developed world have gradually reduced their exposure to equity markets.
More informationA WELL-DIVERSIFIED CORE BOND PORTFOLIO
A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research
More informationEuroland Bond How to generate excess returns in a challenging interest rate environment
Euroland Bond How to generate excess returns in a challenging interest rate environment Standish is a brand of BNY Mellon Asset Management North America Corporation Thant Han, Director and Senior Portfolio
More informationDiscount Rates I. The Riskfree Rate. Aswath Damodaran
27 Discount Rates I The Riskfree Rate The Risk Free Rate: Laying the Foundations 28 On a riskfree investment, the actual return is equal to the expected return. Therefore, there is no variance around the
More informationNEWTON GLOBAL EMERGING MARKETS STRATEGY
July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of
More informationAMP Capital Wholesale Australian Bond Fund
AMP Capital Wholesale Australian Bond Fund Access top quality government bonds from a well-diversified, actively managed portfolio. The AMP Capital Wholesale Australian Bond Fund ( the Fund ) offers: >
More informationPerspectives June. Q) What is an absolute return fixed income strategy? Seeks to maximize risk-adjusted excess returns over a market index
PGIM FIXED INCOME Perspectives June 2017 The Return of Absolute Return Fixed Income Michael Collins, CFA Managing Director, Senior Investment Officer PGIM Fixed Income After a three-decade bull market
More informationBlackstone Alternative Alpha Fund (BAAF)
Blackstone Alternative Alpha Fund (BAAF) Blackstone For Accredited Investors Only As of February 29th, 2016 Investment approach Blackstone Alternative Alpha Fund ( BAAF or the Fund ) is a closed end registered
More informationHSBC Portfolios - World Selection 1
HSBC Portfolios - World Selection 1 J Share Class BCHGBP 28 Feb 2019 BCHGBP 28/02/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income
More informationCalamos Phineus Long/Short Fund
Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle
More informationEvolution of Fixed Income Investments: The Path to a New World Approach
Evolution of Fixed Income Investments: The Path to a New World Approach CFA Society of Pittsburgh April 21, 2011 Bill Nemerever Partner LLC Proprietary information not for distribution beyond intended
More informationNEUBERGER BERMAN INVESTMENT FUNDS PLC
The Directors of the Company whose names appear in the Management and Administration section of the Prospectus accept responsibility for the information contained in this document. To the best of the knowledge
More informationInnealta Capital Tactical ETF Portfolios
Sector and Country Rotation Portfolios Actively managed and designed to adjust to market conditions Provide exposure to domestic and international equities using ETFs Strategies based on a quantitatively-driven
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationUnconstrained Fixed-Income Investing The Alternative "Alternative"
Unconstrained Fixed-Income Investing The Alternative "Alternative" The Follies of Benchmarking Our Global Fixed Income team has managed global bond portfolios since the early 1990s. In some ways we consider
More informationTempleton Global Bond Plus Fund
Unconstrained Fixed Income Product Profile Product Details Fund Assets $139,695,848.77 Fund Inception Date 30/10/2007 Number of Securities 113 Including Cash Base Currency AUD Investment Style Unconstrained
More informationTempleton Emerging Markets Bond Fund Advisor Class
Templeton Emerging Markets Bond Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $34,588,372.19 Fund Inception Date 04/01/2013 Number of Securities 128 Including
More informationNimbus 9 PORTFOLIO MANAGEMENT
For Qualified Domestic Institutional Investors Only. Not for further distribution. Nimbus 9 STRATEGY HIGHLIGHTS As of 31 March 2018 Global Real Estate Equity Strategy Total Global Real Estate Strategy
More informationHSBC Portfolios - World Selection 1
HSBC Portfolios - World Selection 1 J Share Class AC 30 Jun 2018 AC 30/06/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income and capital
More informationMorgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation
Morgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation OVERVIEW Pacific Investment Management Company (PIMCO), the
More informationDFA 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 informationDFA 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 informationDFA 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 informationFranklin Templeton Investment Funds Templeton Global Total Return Fund - A (Mdis) USD
Templeton Global Macro Data as of February 28, 2018 Franklin Templeton Investment Funds - A (Mdis) USD Table of Contents Summary...3 Historical Performance...4 Calendar Year Returns...5 Performance Risk
More informationFranklin Global Government Bond Fund
Franklin Templeton Investment Funds Franklin Global Government Bond Fund Fixed Income Fund Profile Fund Details Inception Date 06 September 2013 Investment Style Benchmark(s) Fixed Income Citigroup World
More informationDFA 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 informationAdditional series available. Morningstar TM Rating. Funds in category. Fixed inc style Credit quality %
Sun Life Excel High Income Fund Series A Additional series available Note: On June 18, 2018, the Excel High Income Fund changed its name to the Sun Life Excel High Income Fund. $4.5462 CAD Net asset value
More informationHSBC Funds. HSBC Emerging Markets Local Debt Fund HSBC Emerging Markets Debt Fund
HSBC Funds HSBC Emerging Markets Local Debt Fund HSBC Emerging Markets Debt Fund Supplement dated March 10, 2017 to the Prospectus, dated February 28, 2017 IMPORTANT NOTICE REGARDING YOUR INVESTMENT REORGANIZATION
More informationFranklin Global Sukuk Fund
Franklin Templeton Shariah Funds Franklin Global Sukuk Fund Fixed Income Fund Profile Fund Details Inception Date 10 September 2012 Investment Style Benchmark(s) Fixed Income Dow Jones Sukuk (USD) Index
More informationTempleton Global Bond Fund
Product Profile Fourth Quarter 2017 FUND CHARACTERISTICS (AS OF 12/31/17) Fund Inception Date 7/15/88 Series O Inception Date 6/18/01 Distribution Frequency Monthly Benchmark (CAD) JP Morgan Global Government
More informationDFA 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 informationWhy Are Fixed Income ETFs Growing?
Fixed Income ETFs Why Are Fixed Income ETFs Growing? Lee Sterne, CFA Vice President, ETF Strategy Angus Stewart, CFP Director, Investment Product Michael Hodapp Fixed Income Regional Brokerage Consultant
More informationProduct Profile. Performance Data. Average Annual Total Returns (EUR %) 2,
Unconstrained Fixed Income Product Profile Product Details Composite Assets 497,872,526.09 Inception Date 30/11/2005 Base Currency USD Investment Style Unconstrained Overview 1 High alpha-seeking regional
More informationASSET ALLOCATION STRATEGIES THE ART OF DIVERSIFICATION
ASSET ALLOCATION STRATEGIES THE ART OF DIVERSIFICATION Potential Advantages of Diversification Individual asset classes tend to historically perform differently depending on market conditions. A portfolio
More informationCapital Markets and Corporate Governance Service Line Capital Markets Practice, FPD
Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for August 2011 All data are as of Wednesday, August 31, 2011. The regional indices are
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 informationTempleton Global Bond (Euro) Fund
Franklin Templeton Investment Funds Templeton Global Bond (Euro) Fund Fixed Income Fund Profile Fund Details Inception Date 29 August 2003 Investment Style Benchmark(s) Fixed Income JP Morgan Global Government
More informationMulti-asset capability Connecting a global network of expertise
Multi-asset capability Connecting a global network of expertise For Professional Clients only Solutions aligned with investors' needs We have over 25 years of experience designing multi-asset solutions
More informationAsia Total Return Fund
8 Q Important Notes:. Manulife Global Fund Asia Total Return Fund ("Manulife Asia Total Return Fund" or the Fund ) invests primarily in a diversified portfolio of fixed income securities issued by governments,
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationIndependent Accountant's Verification and Performance Examination Report
Ashland Partners & Company LLP Independent Accountant's Verification and Performance Examination Report Horizon Asset Management LLC: We have examined whether (1) Horizon Asset Management Institutional
More informationWayne County Employees' Retirement System Defined Benefit Plan
Wayne County Employees' Retirement System Defined Benefit Plan Year Ended September 30, 2012 and 2011 Financial Statements Table of Contents Page Independent Auditors' Report 1 Management's Discussion
More informationTable 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9
More informationTempleton Global Bond Fund TAP INTO A WORLD OF OPPORTUNITY
Templeton Global Bond Fund TAP INTO A WORLD OF OPPORTUNITY Franklin Templeton Investments Gain From Our Perspective Franklin Templeton s distinct multi-manager structure combines the specialized expertise
More informationT. ROWE PRICE STRATEGY HIGHLIGHTS
AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Total Global Fixed Income: $6,95.9 million Absolute Return Assets : $.2 million Investment Approach Designed to generate absolute positive returns by investing
More informationMonthly Commentary Emerging Markets Debt
HSBC Global Asset Management September 2011 Monthly Commentary Emerging Markets Debt For professional clients only Emerging Markets Debt Core (Hard Currency) Supplemental information Returns and characteristics
More informationBank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets
Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for, and Amounts Outstanding as at June 30, March, 2005 Turnover data for, Table
More informationPortfolio Management Strategies for Insurance Pools
Portfolio Management Strategies for Insurance Pools NLC RISC Trustees Conference Presented By: Kenneth Schiebel, CFA, Managing Director Mark Yasenchak, CFA, Director May 11, 2018 PFM Asset Management LLC
More information