Evolution of Fixed Income Investments: The Path to a New World Approach
|
|
- Aron O’Brien’
- 6 years ago
- Views:
Transcription
1 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 recipient.
2 State of Play A brief history of fixed income investing -- Expanding investment options -- Advances in technology -- Evolution of portfolio management Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 2
3 State of Play A brief history of fixed income investing -- Expanding investment options -- Advances in technology -- Evolution of portfolio management Problems with popular investment mandates Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 3
4 State of Play A brief history of fixed income investing -- Expanding investment options -- Advances in technology -- Evolution of portfolio management Problems with popular investment mandates New World Bond Management Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 4
5 Expanding Investment Options 1960s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 5
6 Expanding Investment Options 1960s 1970s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 6
7 Expanding Investment Options 1960s 1970s 1980s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 7
8 Expanding Investment Options 1990s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 8
9 Expanding Investment Options 1990s 2000s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 9
10 Advances in Technology 1960s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 10
11 The Yield Book
12 The Yield Book
13 Advances in Technology 1960s 1970s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 13
14 Advances in Technology 1960s 1970s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 14
15 Advances in Technology 1960s 1970s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 15
16 Advances in Technology 1960s 1970s 1980s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 16
17 Advances in Technology 1960s 1970s 1980s 1990s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 17
18 Advances in Technology 2000s 2010s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 18
19 Evolution of Portfolio Management 1950s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 19
20 Evolution of Portfolio Management 1950s 1960s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 20
21 Evolution of Portfolio Management 1950s 1960s 1970s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 21
22 Evolution of Portfolio Management 1950s 1960s 1970s 1980s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 22
23 Evolution of Portfolio Management 1990s 2000s Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 23
24 Typical Benchmark-Oriented Bond Management is Bad Index composition drifts over time; the past is not representative Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 24
25 Typical Benchmark-Oriented Bond Management is Bad Index composition drifts over time; the past is not representative Popular benchmarks represent a fraction of the fixed income market Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 25
26 Typical Benchmark-Oriented Bond Management is Bad Index composition drifts over time; the past is not representative Popular benchmarks represent a fraction of the fixed income market Most indexes have little relation to investor objectives Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 26
27 Why own Bonds? Diversify equity exposure Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 27
28 Why own Bonds? Diversify equity exposure Hedge liabilities Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 28
29 Why own Bonds? Diversify equity exposure Hedge liabilities Hedge deflation/inflation Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 29
30 Why own Bonds? Diversify equity exposure Hedge liabilities Hedge deflation/inflation Gain foreign bond and currency exposure Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 30
31 Why own Bonds? Diversify equity exposure Hedge liabilities Hedge deflation/inflation Gain foreign bond and currency exposure Provide a source of liquidity Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 31
32 View of the New World
33 What s the Right Beta? Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 33
34 What s the Right Beta? Interest rate risk is the most important Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 34
35 What s the Right Beta? Interest rate risk is the most important Beta through derivatives requires little cash Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 35
36 What s the Right Beta? Interest rate risk is the most important Beta through derivatives requires little cash Local government term structures explain most bond price moves Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 36
37 What s the Right Beta? Interest rate risk is the most important Beta through derivatives requires little cash Local government term structures explain most bond price moves Secondary exposures like credit or sector are best addressed when thinking about alpha Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 37
38 Equity Market Diversification Is it reasonable to expect bonds to offset stock market declines? Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 38
39 Equity Market Diversification Is it reasonable to expect bonds to offset stock market declines? What is the proper hedge ratio? Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 39
40 Worst Case Examples Total Return S&P 500 Quarterly % 0% -5% -10% -15% -20% -25% 4Q87 4Q08 3Q02 3Q01 3Q90 2Q02 1Q01 2Q10 1Q09 3Q81 3Q98 1Q08 3Q08 4Q00 1Q82 3Q96 3Q99 1Q80 3Q85 1Q94 4Q07 1Q03 1Q90 2Q08 2Q00 2Q84 1Q92 1Q84 2Q81 1Q05 3Q04 2Q82 2Q06 3Q00 2Q91 3Q83 Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 40 Source:, Barclays
41 Historical Diversification Total Return (75% Stock/25% Bond) S&P 500, Barclays Aggregate and Government/Credit Bond Indexes Quarterly Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 41
42 Historical Diversification 10% Total Return (75% Stock/25% Bond) S&P 500, Barclays Aggregate and Government/Credit Bond Indexes Quarterly % 0% Barclays Long U.S. Government/Credit Barclays Aggregate -5% 4Q07 2Q08-10% S&P 500 1Q09 3Q08 1Q08-15% -20% 4Q08 Recent Equity Bear Market 4Q07 through 1Q09 4Q87 4Q08 3Q02 3Q01 3Q90 2Q02 1Q01 2Q10 1Q09 3Q81 3Q98 1Q08 3Q08 4Q00 1Q82 3Q96 3Q99 1Q80 3Q85 1Q94 4Q07 1Q03 1Q90 2Q08 2Q00 2Q84 1Q92 1Q84 2Q81 1Q05 3Q04 2Q82 2Q06 3Q00 2Q91 3Q83 Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 42 Source:, Barclays
43 Hedged 75/25 Portfolio Returns Portfolio Return (75% Stock/25% Bond) S&P 500, Barclays Aggregate and Government/Credit Bond Indexes Quarterly Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 43
44 Hedged 75/25 Portfolio Returns Portfolio Return (75% Stock/25% Bond) S&P 500, Barclays Aggregate and Government/Credit Bond Indexes Quarterly % 5% 75% S&P 500/25% Barclays Aggregate 0% 4Q07 2Q08-5% -10% 1Q09 1Q08 3Q08 75% S& P 500/25% Barclays Long U.S. Government/Credit -15% -20% 4Q08 Recent Equity Bear Market 4Q07 through 1Q09 4Q87 4Q08 3Q02 3Q01 3Q90 2Q02 1Q01 2Q10 1Q09 3Q81 3Q98 1Q08 3Q08 4Q00 1Q82 3Q96 3Q99 1Q80 3Q85 1Q94 4Q07 1Q03 1Q90 2Q08 2Q00 2Q84 1Q92 1Q84 2Q81 1Q05 3Q04 2Q82 2Q06 3Q00 2Q91 3Q83 Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 44 Source:, Barclays
45 Hedged 25/75 Portfolio Returns Portfolio Return (25% Stock/75% Bond) S&P 500, Barclays Aggregate and Government/Credit Bond Indexes Quarterly Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 45
46 Hedged 25/75 Portfolio Returns 10% Portfolio Return (25% Stock/75% Bond) S&P 500, Barclays Aggregate and Government/Credit Bond Indexes Quarterly % 25% S&P 500/75% Barclays Aggregate 0% 4Q07-5% 4Q08 1Q09 1Q08 3Q08 2Q08 25% S& P 500/75% Barclays Long U.S. Government/Credit -10% -15% -20% Recent Equity Bear Market 4Q07 through 1Q09 4Q87 4Q08 3Q02 3Q01 3Q90 2Q02 1Q01 2Q10 1Q09 3Q81 3Q98 1Q08 3Q08 4Q00 1Q82 3Q96 3Q99 1Q80 3Q85 1Q94 4Q07 1Q03 1Q90 2Q08 2Q00 2Q84 1Q92 1Q84 2Q81 1Q05 3Q04 2Q82 2Q06 3Q00 2Q91 3Q83 Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 46 Source:, Barclays
47 Hedging Specific Liabilities A more-tractable problem Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 47
48 Hedging Specific Liabilities A more-tractable problem Regulatory changes are increasing the focus on liability-driven investing Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 48
49 Hedging Specific Liabilities A more-tractable problem Regulatory changes are increasing the focus on liability-driven investing It s key to determine how much hedging is desired and what form it should take Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 49
50 Hedging Specific Liabilities A more-tractable problem Regulatory changes are increasing the focus on liability-driven investing It s key to determine how much hedging is desired and what form it should take Actuaries can provide a schedule of risk-free interest rate exposures to serve as a pension benchmark Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 50
51 Sample Liability Benchmark Maturity (Years) Weight 1-1.8% 2-0.1% 5 4.1% % % % % % 100.0% Liability Value 245 million Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 51
52 Deflation/Inflation Protection What degree of protection is desired? Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 52
53 Deflation/Inflation Protection What degree of protection is desired? Scenario analysis is helpful in quantifying hedge ratios Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 53
54 Deflation/Inflation Protection What degree of protection is desired? Scenario analysis is helpful in quantifying hedge ratios If inflation falls (or rises) by X% what response is expected from bond portfolio? Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 54
55 Foreign Bond & Currency Diversification Foreign bonds: efficient way to gain non-domestic interest rate and currency exposure Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 55
56 Foreign Bond & Currency Diversification Foreign bonds: efficient way to gain non-domestic interest rate and currency exposure Additionally can provide exposure to offshore credit risks Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 56
57 Foreign Bond & Currency Diversification Foreign bonds: efficient way to gain non-domestic interest rate and currency exposure Additionally can provide exposure to offshore credit risks Excellent for hedging liabilities tied to foreign risk factors Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 57
58 Establishing a Beta Benchmark Must convert investment objectives into an investable bond benchmark Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 58
59 Establishing a Beta Benchmark Must convert investment objectives into an investable bond benchmark Assumptions about correlations between risks to be hedged and benchmark are required Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 59
60 Establishing a Beta Benchmark Must convert investment objectives into an investable bond benchmark Assumptions about correlations between risks to be hedged and benchmark are required Liability benchmarks are easy, equity hedging using bond benchmarks, more challenging Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 60
61 Equity Hedging Example A scenario approach is a useful way to frame the problem Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 61
62 Equity Hedging Example A scenario approach is a useful way to frame the problem An example: -- Expect to offset a third of S&P 500 losses in a quarter Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 62
63 Equity Hedging Example A scenario approach is a useful way to frame the problem An example: -- Expect to offset a third of S&P 500 losses in a quarter -- Assume when stocks decline, Barclays Long G/C Index rises by an amount equal to half the equity market loss Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 63
64 The Math %Stocks X Stock Return X 1/3 = %Bonds X Stock Return X 1/2 Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 64
65 The Math %Stocks X Stock Return X 1/3 = %Bonds X Stock Return X 1/2 Rearranging gives us our Stock/Bond allocation ratio %Stocks / %Bonds = 1.5 ~ 60% Stocks / 40% Bonds Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 65
66 Issues Relationship between stock and bond index returns is variable and not always negatively correlated Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 66
67 Issues Relationship between stock and bond index returns is variable and not always negatively correlated More reasonable to look at interest rate changes associated with falling stock prices and select a benchmark duration to produce the required result Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 67
68 Important Steps Provide a specific answer to the question, Why do I own bonds? Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 68
69 Important Steps Provide a specific answer to the question, Why do I own bonds? Establish an executable benchmark that captures the spirit, and in some cases the letter, of your objective Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 69
70 What About Alpha? Secondary to establishing an effective benchmark Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 70
71 What About Alpha? Secondary to establishing an effective benchmark Active strategies shouldn t compromise benchmark effectiveness in meeting investment objectives Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 71
72 What About Alpha? Secondary to establishing an effective benchmark Active strategies shouldn t compromise benchmark effectiveness in meeting investment objectives Good active bond managers can add value that is competitive with, and diversifies, equity alpha Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 72
73 Investment Management Template I. Beta Exposures Term Structure (Nominal or Inflation- Linked) Currency Credit Duration Cumulative Liquidity Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 73
74 Investment Management Template I. Beta Exposures II. Active Management Guidelines Term Structure (Nominal or Inflation- Linked) Currency Credit Duration Cumulative Liquidity Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 74
75 Investment Management Template I. Beta Exposures II. Active Management Guidelines Term Structure (Nominal or Inflation- Linked) Currency Credit Duration Cumulative Liquidity Investment Universe Performance Objectives III. Account Structure Fee Structure Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 75
76 Beta Exposures Term Structure (Nominal or Inflation-Linked) Overnight Cash 3-Month 1-Year 2-Years 15% 5-Years 10-Years 45% 20-Years 30-Years 40% 40-Years 50-Years Total 100% -OR- Average Duration U.S. Euro U.K. Japan Canada Currency 100% Credit Duration* (May be static or dynamically set as a function of relative valuation) Investment Grade High Yield Emerging 1.5 years 2 years 1 year Cumulative Liquidity Normal Stressed 1-Day 10% 5% 1-Week 25% 13% 1-Month 50% 25% 3-Months 90% 70% Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 76
77 Guidelines Active Management Guidelines Term Structure (Nominal or Inflation-Linked) Currency Credit Duration* (May be static or dynamically set as a function of relative valuation) Overnight Cash 3-Month 1-Year 2-Years 5-Years 10-Years 20-Years 30-Years 40-Years 50-Years Total -OR- Average Duration Investment Grade High Yield Emerging +/- 10% +/- 15% +/- 10% USD: +/- 35%, all developed market term structures permitted +/- 1 year USD: +/- 20%, All developed market currencies permitted +/- 20% Minimum rating: BBB, Range: +/- 2 years Minimum rating: CCC, Range: +/- 1 year No local currency exposure, Range: +/- 2 years Cumulative Liquidity 1-Day 1-Week 1-Month 3-Months U.S Treasuries, custodial sweep accounts U.S Treasuries only U.S Treasuries, foreign government bonds Government bonds, LIBOR-based AAA rated bonds Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 77
78 Structure III. Account Structure Investment Universe Derivatives permitted No: Equities, municipal bonds, convertibles Counterparties rated A or better, maximum 10% Co-mingled funds require look-through Performance Objectives Fee Structure Excess Return Information Ratio Tracking Error Horizon Base -Plus- Incentive 150 basis points, annualized, net of fees 0.4 to to 300 basis points Rolling 5 years 20 basis points -Plus- 25% of excess or return over beta, net of base fee and net of 3-month LIBOR; subject to high water mark Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 78
79 Fixed Income Can Play a Valuable Role in Endowment Portfolios Diversification: Significant outperformance in bear equity markets Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 79
80 Fixed Income Can Play a Valuable Role in Endowment Portfolios Diversification: Significant outperformance in bear equity markets Deflation/inflation hedging Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 80
81 Fixed Income Can Play a Valuable Role in Endowment Portfolios Diversification: Significant outperformance in bear equity markets Deflation/inflation hedging Adding value: Many bond strategies are more effective than equity counterparts Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 81
82 Conclusions It s critical to align portfolio beta benchmarks with investment objectives Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 82
83 Conclusions It s critical to align portfolio beta benchmarks with investment objectives Process begins by articulating explicit goals and incorporating them in an investable benchmark Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 83
84 Conclusions It s critical to align portfolio beta benchmarks with investment objectives Process begins by articulating explicit goals and incorporating them in an investable benchmark Bond beta and alpha decisions must fit within a broader asset allocation framework Proprietary information not for distribution to the public. Copyright 2011 by LLC. All rights reserved. 84
85 The End
Why 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 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 informationSchwab Indexed Retirement Trust Fund 2040
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Target Date 2036-2040 Benchmark 2040 Custom Index 1 Unit Class Inception Date Fund Inception Date 1/5/2009 Net Asset Value
More informationBenchmark Selection for Cash Portfolios
The Capital Advisor presents IV: A Corporate Treasurer s Guide to Investment Challenges Benchmark Selection for Cash Portfolios PERFORMANCE MEASUREMENT Corporate treasury managers are frequently confronted
More informationHedge Fund Overview. Concordia University, Nebraska
Hedge Fund Overview Concordia University, Nebraska AUGUST 2016 Important Information Please remember that all investments carry some level of risk, including the potential loss of principal invested. They
More informationGROWTH FIXED INCOME APRIL 2013
GROWTH FIXED INCOME APRIL 2013 BACKGROUND Most investors view fixed income investments as providing a liability-matching or defensive aspect to their total portfolio. The types of investments considered
More informationFocus On... CapitalMarkets. Senior Loans Understanding the Asset Class. What are senior loans?
CapitalMarkets Focus On... Senior Loans Understanding the Asset Class As investments based on senior loans become more popular, it is important that investors fully understand what they are and how they
More informationFINAL INVESTMENT POLICY STATEMENT (IPS) FOR FLORIDA MEMORIAL UNIVERSITY, INC.
FINAL INVESTMENT POLICY STATEMENT (IPS) FOR FLORIDA MEMORIAL UNIVERSITY, INC. Policy Compliance The Investment Policy Statement that follows is pursuant to the enactment of the Florida Uniform Prudent
More informationSwiss Bond Commission. How to hedge against rising inflation?
Swiss Bond Commission How to hedge against rising inflation? Alexandre Bouchardy, CFA November, 2011 Slide 1/18 Inflation A brief summary of the recent history 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Average
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 informationIncorporating Alternatives in an LDI Growth Portfolio
INSIGHTS Incorporating Alternatives in an LDI Growth Portfolio June 2015 203.621.1700 2015, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY * The primary objective of a liability driven investing growth
More informationUBS Conservative Income - Muni FI
Product Type: Multi-Product Portfolio Headquarters: New York, NY Total Staff: 2,329 Geography Focus: Global Year Founded: 1989 Investment Professionals: 953 Type of Portfolio: Balanced Total AUM: $627,645
More informationBuilding Efficient Return Seeking Portfolios. Jim C. Cole, VP - Fixed Income Étienne Dubé, VP - Fixed Income
Building Efficient Return Seeking Portfolios Jim C. Cole, VP - Fixed Income Étienne Dubé, VP - Fixed Income Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Solvency
More informationIndex Mandates Newsletter No. 7
Streamlining the CSIF Fund Structure Dr. Valerio Schmitz-Esser Head of Index Mandates Alain Lentz Head of Index Mandates French- Speaking Switzerland When Credit Suisse Institutional Funds (CSIF) was launched
More informationEmerging Markets Stocks Q STOCKS BONDS
Q4 US Stock Market International Developed Stocks Emerging Markets Stocks Global Real Estate US Bond Market Global Bond Market ex US Q4 2017 STOCKS BONDS 6.34% 4.23% 7.44% 2.97% 0.39% 1.10% Since Jan.
More informationAdvisor Briefing Why Alternatives?
Advisor Briefing Why Alternatives? Key Ideas Alternative strategies generally seek to provide positive returns with low correlation to traditional assets, such as stocks and bonds By incorporating alternative
More informationGIPS List of Composite Descriptions
GIPS List of Composite Descriptions Updated 5/12/14 Concentrated Growth Composite-330 Concentrated Growth portfolios, benchmarked to the Russell 1000 Growth Index, take concentrated positions in larger
More informationEXPOSURE DRAFT OF GIPS GUIDANCE STATEMENT ON BENCHMARKS
EXPOSURE DRAFT OF GIPS GUIDANCE STATEMENT ON BENCHMARKS Effective Date (expected): 1/1/2019 Public Comment Period: 10/30/2017 1/29/2018 www.gipsstandards.org 2017 CFA Institute. All rights reserved. GUIDANCE
More informationInvestment Option Summary
Investment Option Summary As of 12/31/2017 Contract/Plan ID Number: 5-21917 This document provides important information to help you compare the investment options available to you under the retirement
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 informationAsset Strategy for Matching Adjustment Business Challenges and Choices
This document is intended for use at the Insurance Investment Exchange event only. Not for onward distribution. Asset Strategy for Matching Adjustment Business Challenges and Choices June 2016 Agenda Background
More informationEvolving Equity Investing: Delivering Long-Term Returns in Short-Tempered Markets
March 2012 Evolving Equity Investing: Delivering Long-Term Returns in Short-Tempered Markets Kent Hargis Portfolio Manager Low Volatility Equities Director of Quantitative Research Equities This information
More informationIdentifying a defensive strategy
In our previous paper Defensive equity: A defensive strategy to Canadian equity investing, we discussed the merits of employing a defensive mandate within the Canadian equity portfolio for some institutional
More informationThe Evolution of Alternative Beta: Using Index-Based Investment Strategies
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 Investor Solutions The Evolution of Alternative Beta: Using Index-Based Investment Strategies This presentation may not be altered except
More information4Q17 Fixed Income BOND FUND FLEXIBLE. 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX
4Q17 Fixed Income FLEXIBLE BOND FUND 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX Flexible Bond Fund Portfolio at a Glance Highlights Dynamic
More informationFebruary 2018 The Nuveen pension de-risking solution THE BACKGROUND
February 2018 The Nuveen pension de-risking solution David R. Wilson, CFA Head of Solutions Design Nuveen Solutions Evan Inglis, FSA, CFA Senior Actuary Nuveen Solutions Nuveen, in collaboration with Wilshire
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 informationFixed Income Investing
Fixed Income Investing Understanding how fixed income can fit into an investment portfolio. Contents 1 Understanding fixed income 2 Navigating the bond markets 3 How to evaluate bonds 4 Bonds in a rising
More informationOverview of Asset/Liability Process. City of Jacksonville Police & Fire Pension Fund
Overview of Asset/Liability Process City of Jacksonville Police & Fire Pension Fund February 9, 2018 Overview of the Asset/Liability Study An asset/liability study incorporates all facets of the asset
More informationDated 28 July Issuer: Macquarie Investment Management Limited ABN AFS Licence Number
MACQUARIE FUNDS GROUP WHOLESALE POOLED FUNDS - CASH AND FIXED income Information memorandum Dated 28 July 2009 Issuer: Macquarie Investment Management Limited ABN 66 002 867 003 AFS Licence Number 237492
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: $17,896
More informationHedge Fund Index Replication. September 2013
Hedge Fund Index Replication September 2013 Introduction Hedge Fund Investing What products enable hedge fund investing? Build and manage your own portfolio of HFs Select and allocate to Funds of HFs (FoFs)
More informationGood Harbor Financial, LLC-US Tactical Core
Rating Availability Program Supported Open Diversified Managed Allocations & Masters Firm Information Location Chicago, IL Year Founded 23 Total Employees 12 Firm Assets ($mil) 6,585.96 Strategy Assets
More informationEquity Markets in a Late-Cycle Environment: Balancing Opportunity and Risk
Equity Markets in a Late-Cycle Environment: Balancing Opportunity and Risk Speaker: Olivia Engel, CFA Senior Managing Director, CIO, Active Quantitative Equity State Street Global Advisors 2 Content What
More informationThe Northern Trust Experience
The Northern Trust Experience ACCESS. EXPERTISE. SERVICE. Are Alternatives Still Alternative? November 4, 2010 Anthony M. Zanolla, CFA SVP, Senior Director of Hedge Fund Investments 2010 Northern Trust
More informationTrends in Liability Driven Investing CFA Society of Pittsburgh. January 12, Jim Moore
Trends in Liability Driven Investing CFA Society of Pittsburgh January 12, 2011 Jim Moore Pacific Investment Management Company LLC, 840 Newport Center Drive, Newport Beach, CA 92660, 949-720-6000 For
More informationLOSS AVERSE INVESTING STRATEGIES UPDATE
PORTFOLIO MANAGERS: Patrick S. Adams, CFA Rick Garcia PHONE: 800-777-0818 EMAIL: information@pvgasset.com WEBSITE: www.pvgassetmanagement.com LOSS AVERSE INVESTING STRATEGIES UPDATE ADDRESS: 6898 S. University
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 informationWorld Index. One World. One Investment
HSBC World Index Portfolios For professional clients only A range of Multi-Asset Passive Portfolios World Index. One World. One Investment We understand your business is changing The advisory market is
More informationINSIGHTS. The Factor Landscape. August rocaton.com. 2017, Rocaton Investment Advisors, LLC
INSIGHTS The Factor Landscape August 2017 203.621.1700 2017, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY Institutional investors have shown an increased interest in factor investing. Much of the
More informationWhy Managed Futures? Vittorio Faillace
Why Managed Futures? Vittorio Faillace +41 (0) 43 455 75 75 vittorio.faillace@gapzurich.ch The Case for Managed Futures In today s investment arena, with an ever-increasing need for diversification, transparency,
More informationKEEPING YOUR FUNDS ON TARGET
Northern Trust KEEPING YOUR FUNDS ON TARGET INSIDE The details explained What changed and why How investment decisions are made What this means for you BELOW Terms to know CHANGES IN BRIEF During the first
More informationASSET ALLOCATION. Insights on... MEASURE TWICE, CUT ONCE: THE IMPORTANCE OF A THOUGHTFUL INVESTMENT PLAN. Strategic Asset Allocation in 2015
Insights on... ASSET ALLOCATION MEASURE TWICE, CUT ONCE: THE IMPORTANCE OF A THOUGHTFUL INVESTMENT PLAN Strategic Asset Allocation in 2015 Global family offices typically have long investment time horizons
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 informationWhat Institutional Investors are Looking for from Hedge Funds. CTA-EXPO Chicago September 2015
What Institutional Investors are Looking for from Hedge Funds CTA-EXPO Chicago September 2015 let s look briefly at: The role hedge funds are playing in institutional portfolios Why are Institutions adding
More informationFiduciary Insights. COMPREHENSIVE ASSET LIABILITY MANAGEMENT: A CALM Aproach to Investing Healthcare System Assets
COMPREHENSIVE ASSET LIABILITY MANAGEMENT: A CALM Aproach to Investing Healthcare System Assets IN A COMPLEX HEALTHCARE INSTITUTION WITH MULTIPLE INVESTMENT POOLS, BALANCING INVESTMENT AND OPERATIONAL RISKS
More informationhedge fund indexing September 2007
hedge fund indexing With a focus on delivering absolute returns, hedge fund strategies continue to attract significant and growing assets from institutions and high-net-worth investors. The potential costs,
More informationDesigning Outcome-Focused Defined Contribution Plans: Building Sustainable Income for Retirees
Your Global Investment Authority Designing Outcome-Focused Defined Contribution Plans: Building Sustainable Income for Retirees November 2012 Stacy L. Schaus, CFP Executive Vice President, Defined Contribution
More informationIFAD After-Service Medical Coverage Scheme Trust Fund Investment Policy Statement
Document: EB 2017/122/R.32 Agenda: 10(c) Date: 31 October 2017 Distribution: Public Original: English E IFAD After-Service Medical Coverage Scheme Trust Fund Investment Policy Statement Note to Executive
More informationDelta Factors. Glossary
Delta Factors Understanding Investment Performance Behaviour Glossary October 2015 Table of Contents Background... 3 Asset Class Benchmarks used... 4 Methodology... 5 Glossary... 6 Single Factors... 6
More informationA Performance Analysis of Risk Parity
Investment Research A Performance Analysis of Do Asset Allocations Outperform and What Are the Return Sources of Portfolios? Stephen Marra, CFA, Director, Portfolio Manager/Analyst¹ A risk parity model
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 informationCash. Period Ending 06/30/2016 Period Ending 3/31/2016. Equity. Fixed Income. Other
Product Type: Multi-Product Portfolio Headquarters: Austin, TX Total Staff: 46 Geography Focus: Global Year Founded: 1996 Investment Professionals: 16 Type of Portfolio: Balanced Total AUM: $12,046 million
More informationHarbour Investment Funds Statement of Investment Policy & Objectives (SIPO)
Harbour Investment Funds Statement of Investment Policy & Objectives (SIPO) Issued by Harbour Asset Management Limited 19 June 2017 This document replaces the SIPO dated 21 st September 2016 1 HARBOUR
More informationLifePath Index 2030 Fund H
Blend Moderate Quality Inc Risk Profile This investment option may be most appropriate for someone willing to balance the risk of principal fluctuation with the potential for greater capital growth over
More informationPerspectives January 2016
Perspectives January 2016 Liability-Driven Perspectives A Hedge and a Hope The Effects of Credit Migration on Liability-Driven Investment Strategies (Part II) Tom McCartan, FIA Vice President, Liability-Driven
More informationAll Asset and All Asset All Authority PIMCO All Asset Strategy
All Asset and All Asset All Authority PIMCO All Asset Strategy A highly differentiated and diversified tactical asset allocation strategy that combines the strengths of PIMCO and Research Affiliates two
More informationDiversified Multi-Asset Strategies in a Defined Contribution Plan
INSIGHTS Diversified Multi-Asset Strategies in a Defined Contribution Plan February 2016 203.621.1700 2016, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY * Traditional public equity and fixed income
More informationMulti-Asset Income: Moderate Growth (MAP) Select UMA
J.P. Morgan Asset Management (Model Portfolio Provider) 270 Park Avenue New York, New York 10017 PRODUCT OVERVIEW Morgan Stanley Smith Barney LLC ("Morgan Stanley") is the Manager of this strategy. The
More informationTHE ADVANTAGE OF STABLE VALUE IN A RISING RATE ENVIRONMENT
JAMES MCKAY, CFA, PORTFOLIO MANAGER, STABLE VALUE MANAGEMENT, AMERIPRISE TRUST COMPANY ALICE M. FLYNN, DIRECTOR, FIXED INCOME PRODUCT MANAGER, COLUMBIA THREADNEEDLE INVESTMENTS Highlights Stable value
More informationINVESTMENT PORTFOLIO PROCEDURES 2015
INVESTMENT PORTFOLIO PROCEDURES 2015 Issued by: Chief Financial Officer Date: 1 June 2015 Last amended: 16 May 2017 Signature: Name: Mark Easson 1 Purpose and application (1) These procedures are to give
More informationGreat-West SecureFoundation(R) Bal ETF A
The volatility, when shown, Moderate The volatility measure will always be displayed. If the Moderate Quality Objective & Strategy The investment seeks long-term capital appreciation and income. The fund
More informationBlack Box Trend Following Lifting the Veil
AlphaQuest CTA Research Series #1 The goal of this research series is to demystify specific black box CTA trend following strategies and to analyze their characteristics both as a stand-alone product as
More informationDESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES
DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES PRUDENTIAL REAL ASSETS FUND EFFECTIVE JUNE 11, 2018, THE FUND S NEW NAME WILL BE PGIM REAL ASSETS FUND. FUND SYMBOLS WILL NOT CHANGE. Potential
More informationINVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS
INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS
More informationRethink your income strategy
Rethink your income strategy BlackRock Multi-Asset Income Fund (BIICX) 1 THE CHALLENGE Yields remain low Yields are low across the income landscape, with less than 25% of fixed income assets yielding over
More informationAdditional series available. Morningstar TM Rating - Funds in category. Fixed income % of fixed income allocation
Sun Life Excel India Balanced Fund Series A Additional series available Note: On June 18, 2018, the Excel India Balanced Fund changed its name to the Sun Life Excel India Balanced Fund. $5.7621 CAD Net
More informationPorter, White & Company
Porter, White & Company Considering Investment Grade Corporate Fixed Income Asset Class White Paper, July 2009, Number IM 23.1 I. 0BPurpose Fixed income investments are frequently utilized to reduce risk
More informationFixed-Income Insights
Fixed-Income Insights The Appeal of Short Duration Credit in Strategic Cash Management Yields more than compensate cash managers for taking on minimal credit risk. by Joseph Graham, CFA, Investment Strategist
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 informationPRINCIPAL LIFETIME HYBRID COLLECTIVE INVESTMENT FUNDS DISCLOSURE DOCUMENT
PRINCIPAL LIFETIME HYBRID COLLECTIVE INVESTMENT FUNDS DISCLOSURE DOCUMENT Information provided in this summary is as of October 3, 2017. This summary includes key information about the Collective Investment
More informationASSET LIABILITY MANAGEMENT POLICY
ASSET LIABILITY MANAGEMENT POLICY DECEMBER 2017 1. Introduction This Asset Liability Management (ALM) Policy establishes a framework for the sound management of ALM and sets forth the principles and practices
More informationLevendi Thornbridge Defined Return Fund
Levendi Thornbridge Defined Return Fund The Levendi Thornbridge Defined Return Fund has been developed for investors looking to achieve steady returns with less volatility than that of the global stock
More informationInvestment and Spending Policy
Investment and Spending Policy C o m m u n i t y C o l l e g e s o f N e w H a m p s h i r e F o u n d a t i o n 2 6 C o l l e g e D r i v e C o n c o r d N e w H a m p s h i r e 0 3 3 0 1 ( 6 0 3 ) 2
More informationHEDGE FUNDS AND AUTOMOBILES AN OVERVIEW
HEDGE FUNDS AND AUTOMOBILES AN OVERVIEW PETER MULDOWNEY SENIOR VICE PRESIDENT, INSTITUTIONAL STRATEGY CONNOR, CLARK & LUNN FINANCIAL GROUP CHALLENGING THE BAD RAP HIGHER FEES TRANSPARENCY COMPLEXITY 3
More informationMaximizing Portfolio Returns Through Securities Lending
Maximizing Portfolio Returns Through Securities Lending Rich Blackman, Vice President, State Street Securities Finance Mary Ellen Mullen, CFA, Principal, Bridgebay Consulting, LLC What is Securities Lending?
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 informationGreat-West SecureFoundation(R) Bal Inv
The volatility, when shown, Moderate The volatility measure will always be displayed. If the Blend Credit / Interest Rate Moderate Term ium Objective & Strategy The investment seeks long-term capital appreciation
More informationSchwab Diversified Growth Allocation Trust Fund
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Global Asset Allocation Benchmark Global Growth Custom Index 1 Unit Class Inception Date 11/21/2012 Fund Inception Date 3/7/2012
More informationAsset Allocation with Exchange-Traded Funds: From Passive to Active Management. Felix Goltz
Asset Allocation with Exchange-Traded Funds: From Passive to Active Management Felix Goltz 1. Introduction and Key Concepts 2. Using ETFs in the Core Portfolio so as to design a Customized Allocation Consistent
More information2018 FIXED INCOME OUTLOOK
LPL RESEARCH B O N D MARKET PERSPECTIVES December 5 2017 2018 FIXED INCOME OUTLOOK EXPECT FLAT TO LOW RETURNS John Lynch Chief Investment Strategist, LPL Financial Colin Allen, CFA Assistant Vice President,
More informationFixed Income: The Game Has Changed. Marc-André Gaudreau & the Dynamic Fixed Income Credit Team
Fixed Income: The Game Has Changed Marc-André Gaudreau & the Dynamic Fixed Income Credit Team Yields Near Historic Lows Traditional approach to fixed income will be challenged HISTORICAL YIELDS: 10-YR
More informationFor professional investors only. Understanding Exchange Traded Funds (ETFs)
For professional investors only Understanding Exchange Traded Funds (ETFs) What are Exchange Traded Funds (ETFs)? 3 Contents Get selective 4 Evaluating ETFs 4 Building portfolios with ETFs 4 Fixed income
More informationThe common belief that international equities can
August 2005 International Equities Are Investors Missing the Opportunity? Robert E. Ginis, CFA Senior Investment Strategist Global Quantitative Management Group Steven A. Schoenfeld Chief Investment Strategist
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 informationMonthly Bulletin May J.P. Morgan Luxembourg based fund ranges
Monthly Bulletin May 2018 J.P. Morgan Luxembourg based fund ranges Performance summary for Equity Fund Range EQUITY US A (dist) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.2 25.2 JPM America Equity A
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 informationINVESTMENT PRINCIPLES INFORMATION SHEET FOR INVESTORS HOW TO DIVERSIFY
INVESTMENT PRINCIPLES INFORMATION SHEET FOR INVESTORS HOW TO DIVERSIFY IMPORTANT NOTICE The term financial advisor is used here in a general and generic way to refer to any duly authorized person who works
More informationSeparate Account Manager Report
Nuveen Asset Management Long Municipal Bond Report Created November 06, 2009 For the Exclusive Use of PrimaGuide Subscribers and Their Clients Product Summary and Overview As of September 30, 2009 Firm
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 informationEconomic Capital Based on Stress Testing
Economic Capital Based on Stress Testing ERM Symposium 2007 Ian Farr March 30, 2007 Contents Economic Capital by Stress Testing Overview of the process The UK Individual Capital Assessment (ICA) Experience
More informationBROCHURE. Published July The first step to increasing your money is keeping it. Tactical Core US
BROCHURE Published July 2013 The first step to increasing your money is keeping it. Tactical Core US Tactical Core US Brochure 3 The first step to increasing your money is keeping it. Most investors want
More informationDestinations INVESTOR GUIDE. Multi-asset class solutions to meet a range of investor needs. Dynamic portfolios constructed from mutual funds
multi-asset class, dynamic portfolios are designed to deliver consistent returns over the long-term and help individuals stay invested. Risk-based portfolios INVESTOR GUIDE Income-focused portfolios CONSERVATIVE
More informationThe Case for Short-Maturity, Higher Quality, High Yield Bonds
PRUDENTIAL INVESTMENTS» MUTUAL FUNDS A WHITE PAPer FROM PrudenTial Fixed Income The Case for Short-Maturity, Higher Quality, High Yield Bonds The institutional asset managers behind Prudential Investments
More informationCOPYRIGHTED MATERIAL. Investment management is the process of managing money. Other terms. Overview of Investment Management CHAPTER 1
CHAPTER 1 Overview of Investment Management Investment management is the process of managing money. Other terms commonly used to describe this process are portfolio management, asset management, and money
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 informationSTATEMENT OF UNDERSTANDING
STATEMENT OF UNDERSTANDING I/We have read the following and understand the risks of investing in the indicated Third- Party Money Manager Strategies and Mutual Funds. Alpha Investment Management Bonds
More informationRisk-Efficient Investment Portfolios from AlphaSimplex Group. Strategies that put risk management first
Risk-Efficient Investment Portfolios from AlphaSimplex Group Strategies that put risk management first Agenda About AlphaSimplex Group (ASG) The need for active risk management Introducing the AlphaSimplex
More informationPractical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS
Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS The Challenge In a market environment defined by low yields, volatility, and rising interest rates, investors are seeking
More information