Australian Equities WE SEEK QUALITY, PURE AND SIMPLE.
|
|
- Suzan Horn
- 6 years ago
- Views:
Transcription
1 PRICE POINT May 2017 Timely intelligence and analysis for our clients. Australian Equities WE SEEK QUALITY, PURE AND SIMPLE. KEY POINTS Randal Jenneke, Head of Australian Equities The DNA of what we do as an investment manager is based on quality and this is the investment approach we take for investing in Australian equities. Why do we do this? Because we believe that investing in quality companies provides attractive riskadjusted returns. Coupled with a focus on growth and embedding strong valuation discipline, the power of the quality factor in generating investment returns could be significantly enhanced. High-quality, growing businesses trading at attractive long-term valuations not only compound value at a faster rate than the broader market, but also offer downside risk support, with lower potential drawdowns during periods of heightened volatility or market stress. Tom Shelmerdine Research Analyst Ryan Martyn Research Analyst Our proprietary Business Quality Assessment framework, which ranks companies based on their return on capital and earnings growth prospects, differentiates our investment approach from that of our competitors. Consistent application of this framework, alongside our valuation-based ratings system, leads to a portfolio of stocks that we believe could generate attractive alpha over time in a risk-controlled fashion. The combination of local market expertise, experience and insight, with T. Rowe Price s global research perspectives, provide us with a potential information advantage in the management of our high conviction investment portfolio. Our core objective is to create value for clients by investing in companies where we believe we have differentiated insights that the market does not yet fully understand or appreciate. Our research depth, combined with disciplined capacity management, allows us to build a highly active portfolio of Australian shares from across the market capitalisation spectrum. FOR WHOLESALE CLIENTS ONLY. NOT FOR FURTHER DISTRIBUTION.
2 A QUALITY GROWTH APPROACH AIMED AT MANAGING DOWNSIDE RISK We believe that the best long-term results for investors can be achieved by focusing on a quality growth-oriented investment strategy, combined with a strong valuation discipline. High-quality businesses not only compound value at a faster rate, but also offer the prospect of better risk-adjusted returns due to lower volatility and greater downside protection, with lower potential drawdowns. Our proprietary Business Quality Assessment (BQA) framework, which focuses on a company s return on capital profile and earnings growth prospects, differentiates our approach from that of competitors. Consistent application of this framework through the cycle, alongside our valuation-based ratings system, leads to a portfolio of stocks that we believe will compound value faster than the overall market, thereby generating alpha over time. Accordingly, our fundamental analysis focuses on identifying companies with strong competitive advantages, that are operating in industries with attractive return on capital prospects, and that are run by experienced managers who are adept at deploying capital at profitable rates of return. Our unique, consistently applied BQA analysis has proven effective in identifying outperforming stocks over time (Figure 1). Valuation discipline is also central to our investment strategy. Our strict focus in this regard helps us to avoid overpaying for companies. This valuation discipline may mean that we fail to capture some of the momentum that can sometimes replace a focus on fundamentals in certain market environments. Figure 1: Unique Business Quality Assessment analysis a proven driver of long-term excess returns Quality is defined by returns (ROE) and growth (EPS) As of 31 December 2016 Relative Median, Excess Return 1 15% 10% 5% 0% -5% A B C D E F A-D E-F -10% -15% Quality Assessment Buckets A B C D E F A-D E-F 3-year -1.00% -1.18% 0.51% 3.34% 1.76% -3.44% 0.50% 0.04% 5-year 5.82% 2.76% -2.49% -0.03% % -8.61% 1.60% % 10-year 8.79% 5.46% 4.35% 0.18% -8.40% -4.98% 4.64% -7.06% High Quality Low Quality Past performance cannot guarantee future results. 1 Relative return calculated by subtracting the median price return of each stock for each category compared to the ASX 200 Accumulation Index. The categories (A-F) are created from T. Rowe Price s BQA framework based on the ASX 200 Accumulation Index. Source: Analysis by T. Rowe Price. The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for the portfolio, and no assumptions should be made that the securities identified and discussed were or will be profitable. This information demonstrates, in part, the firm s Risk/Return analysis. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. However, the benefits of this discipline to performance through the cycle was underscored as recently as 2016, as we avoided following many peer group funds as they crowded into a number of very high-multiple, momentumdriven stocks, only to see them subsequently pull-back sharply. PRICE POINT 2 2 2
3 The BQA and valuation framework has also meant we have avoided many of the bond-proxy equity sectors, such as real estate, in recent years. This was painful while long-dated bond yields were falling, however we believe that, moving forward, this positioning will contribute positively to performance as yields rise and idiosyncratic stock fundamentals come back into focus. LOCAL + GLOBAL INSIGHTS = INFORMATION ADVANTAGE T. Rowe Price s six person strong Australian Equity investment team has nearly a century of combined investment experience. In addition to long investment careers in the Australian market (average experience across the team is over 15 years) team members have tertiary qualifications specifically related to their areas of expertise or have worked in the industry. This specific knowledge provides us with a considerable advantage in assessing investment opportunities in highly technical segments of the equity market. Of course, many Australian companies do not only operate domestically. Being able to leverage the T. Rowe Price global research platform, with its significant on the ground presence in major regions around the world, is a key competitive advantage in our analysis of Australian companies. T. Rowe Price s significant footprint in overseas markets provides unparalleled corporate access to suppliers, customers and competitors of Australian companies. This allows us to better understand and forecast the offshore revenues of Australian companies which currently make up approximately 30% of total revenues 1. This advantage is perhaps best evidenced by way of tangible examples. In early 2016, for example, Tom Shelmerdine, our metals & mining analyst, was able to discuss the outlook for China s economy following recent stimulus, with our Hong Kong-based analysts specifically covering Chinese real estate and infrastructure-related companies. Combined with his own first-hand visits to China, these discussions directly influenced his more positive view on the mining sector, compared to the general consensus, for much of Similarly, a company that our materials sector analyst Ryan Martyn covers is James Hardie Industries, a business with substantial overseas operations and earnings, and his access to our US-based teams perspectives on the US housing cycle, US-based competitors and key input costs such as softwood pulp, have been instrumental to his research. More recently, in assessing the potential threat to domestic retailers caused by Amazon s entry into Australia, we have again been able to leverage the experience of our overseas analysts in order to better understand the likely impact on traditional bricks and mortar retail. A HIGH CONVICTION, HIGH ACTIVE SHARE PORTFOLIO We seek to deliver a truly active portfolio for our clients. Our average active share of the representative portfolio for the Australia Equity Strategy* of 52% is notably higher than our peers 2. Indeed, a number of features differentiate our approach from our core Australian equity peer group. Disciplined adherence to our investment process leads to a sharply focused portfolio comprising around 35 of our highest conviction stock ideas. We manage these positions actively, being contrarian and exploiting the behavioural and psychological biases of other market participants. By maintaining a flexible, unconstrained approach, rather than rigidly adhering to the designated benchmark, we look to add considerable value by investing down the capitalisation scale, identifying quality small and mid-cap businesses that are potentially still in the relatively early stages of their growth cycle. Importantly, we maintain a strict capacity discipline, which allows us to continue to invest across the market cap spectrum, while preserving the overall integrity of the Strategy. 1 Factset, as of 31 March Zenith Approved Product List. As of 31 March * Please refer to disclosures on page 4. PRICE POINT 3 3 3
4 T. Rowe Price Australian Equity Strategy Summary A highly active, core equity strategy with a quality growth investment focus aimed at delivering strong riskadjusted returns through the cycle. High conviction portfolio comprising around 35 stocks. Active share expected to average over 50% over the long term 1. Portfolio manager with 25 years experience investing in Australian equities, plus a specialist, locally-based research team. Supported by an integrated global research platform with over 240 investment professionals 2. * The representative portfolio is an account we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. Active Share is a holdings based measure of active management representing the percentage of a portfolio's holdings that differ from those in its benchmark. Compared to tracking error, which measures the standard deviation of the difference in a manager's returns versus the Benchmark returns, Active Share allows investors to get a clearer understanding of what a manager is doing to drive performance, rather than drawing conclusions from observed returns. The greater the difference between the asset composition of a product and its benchmark, the greater the active share is. The average has been calculated from quarterly data since 30 June 2012 (the first quarter-end after inception of the strategy). 1 While it is the objective of the strategy to have an active share average over 50% over long term, there is no guarantee that this objective can be achieved. 2. As at 31 April 2017 PRICE POINT 4 4 4
5 Important Information This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recording provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The material has not been reviewed by any regulatory authority in any jurisdiction. The material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. The views contained herein are as of April 2017 and may have changed since that time. Australia Issued in Australia by T. Rowe Price International Ltd. (ABN ), Level 50, Governor Phillip Tower, 1 Farrer Place, Suite 50B, Sydney, NSW 2000, Australia. T. Rowe Price International Ltd. is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides in Australia. T. Rowe Price International Ltd. is authorised and regulated by the UK Financial Conduct Authority under UK laws, which differ from Australian laws. For Wholesale Clients only. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. in the United States, European Union, and other countries. This material is intended for use only in select countries /17
European Equity THE EUROPEAN EARNINGS SEASON CONFIRMS CORPORATE RESILIENCE
PRICE POINT April 2017 Timely intelligence and analysis for our clients. European Equity THE EUROPEAN EARNINGS SEASON CONFIRMS CORPORATE RESILIENCE KEY POINTS Dean Tenerelli Portfolio Manager, Europe Equity
More informationAustralian Equity IMPROVING OUTLOOK FOR A TRANSITIONING ECONOMY
FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. PRICE POINT December 2015 Timely intelligence and analysis for our clients. Australian Equity IMPROVING OUTLOOK FOR A TRANSITIONING ECONOMY
More informationSTRATEGY HIGHLIGHTS As of 30 June 2018 Global Metals & Mining Equity Strategy Total Strategy Assets: million 2 Figures shown in U.S.
STRATEGY HIGHLIGHTS As of 30 June 2018 Global Metals & Mining Equity Strategy Total Strategy Assets: 1 905.9 million 2 INVESTMENT APPROACH Focus on opportunities broadly within the metals and mining sector
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2017 International Concentrated Equity Strategy Total International Concentrated Equity Strategy Assets: 1 $551.1 million 2 INVESTMENT APPROACH p Seeks long-term
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 June 2018 Global Technology Equity Strategy Total Strategy Assets: 1 $14.4 billion 2 INVESTMENT APPROACH p Seeks long-term growth by investing primarily in the common
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 Asia Opportunities Equity Strategy Total Strategy Assets: 1 $284.7 million 2 INVESTMENT APPROACH p Seeking long term capital appreciation to come from
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 June 2018 Global Real Assets Equity Strategy Total Global Real Assets Equity Strategy Assets: 1 $4.6 billion 2 INVESTMENT APPROACH p The strategy seeks to improve
More information11 QUESTIONS FOR EQUITY INVESTORS IN 2017
Global Equities 11 QUESTIONS FOR EQUITY INVESTORS IN 2017 January 2017 For investment professionals only. Not for further distribution. The 2 nd Longest US Bull Market In History Could This Be The Record
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 US Growth Stock Strategy Total Large-Cap Growth Assets: $237.0 billion 2 Total Strategy Assets: 1 $92.0 billion 2 INVESTMENT APPROACH p Focus on companies
More informationEquity Investing T. ROWE PRICE S GLOBAL STOCK FUND
FUND SPOTLIGHT November 2017 In-depth analysis and insights to inform your decision-making. Equity Investing T. ROWE PRICE S GLOBAL STOCK FUND David Eiswert Portfolio Manager, Global Stock Fund EXECUTIVE
More informationPortfolio Toolkit MANAGED VOLATILITY STRATEGIES
PRICE POINT October 18 Portfolio Toolkit MANAGED VOLATILITY STRATEGIES In-depth analysis and insights to inform your decision-making. KEY POINTS Financial asset volatilities have been shown to vary through
More informationAsset Allocation THE BATTLE OF THE MULTI-ASSET STRATEGIES: BALANCED VS. ABSOLUTE RETURN
PRICE POINT July 2017 Timely intelligence and analysis for our clients. Asset Allocation THE BATTLE OF THE MULTI-ASSET STRATEGIES: BALANCED VS. ABSOLUTE RETURN KEY POINTS Balanced funds can provide managed,
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 June 2018 Europe Structured Research Equity Strategy Total Europe Structured Research Equity Strategy Assets: 1 7.7 million 2,3 INVESTMENT APPROACH p Leverage broad
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 International Core Equity Strategy Total International Core Equity Strategy Assets: 1 $29.6 billion 2 INVESTMENT APPROACH p Emphasize companies with
More informationSpecialist International Share Fund
Specialist International Share Fund Manager Profile January 2016 Adviser use only Specialist International Share Fund process process for this Fund is structured in the following steps: Step 1 Objectives:
More informationChina Equities CHINA S ALPHABET SOUP MAKING SENSE OF MSCI S A-SHARE ANNOUNCEMENT
PRICE POINT August 2017 Timely intelligence and analysis for our clients. Equities CHINA S ALPHABET SOUP MAKING SENSE OF MSCI S A-SHARE ANNOUNCEMENT KEY POINTS Index provider MSCI recently announced that,
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 Global Real Assets Equity Strategy Total Global Real Assets Equity Strategy Assets: 1 $4.7 billion 2 INVESTMENT APPROACH p The strategy seeks to improve
More informationGlobal Markets. CHINA AND GLOBAL MARKET VOLATILITY.
PRICE POINT August 015 Timely intelligence and analysis for our clients. Global Markets. CHINA AND GLOBAL MARKET VOLATILITY. EXECUTIVE SUMMARY Eric Moffett Portfolio Manager, Asia Opportunities Strategy
More informationGlobal Equities VOLATILITY, UNCERTAINTY, AND THE AGING BULL MARKET
PRICE POINT July 2016 Timely intelligence and analysis for our clients. Global Equities VOLATILITY, UNCERTAINTY, AND THE AGING BULL MARKET KEY POINTS Top-down macroeconomic news is dominating markets in
More informationAnnualized PERFORMANCE
QUARTERLY SUMMARY US Large-Cap Equity Income SMA As of December 3, 208 PORTFOLIO MANAGER: John D. Linehan JOINED FIRM: 998 INVESTMENT APPROACH Employ a conservative, value-oriented investment approach
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 September 2018 Emerging Markets Equity Strategy Total Strategy Assets: 1 $22.9 billion 2 INVESTMENT APPROACH p Employ fundamental analysis to identify companies with
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 informationMARTIN CURRIE AUSTRALIA MICROCAP
STRATEGY INSIGHT FEBRUARY 2016 FOR PROFESSIONAL CLIENTS ONLY The Martin Currie Australia MicroCap strategy aims to provide exposure to high-quality micro caps: emerging companies that are growing faster
More informationU.S. Equities AGING GRACEFULLY THE U.S. BULL MARKET HAS FURTHER TO RUN
PRICE POINT December 2016 Timely intelligence and analysis for our clients. U.S. Equities AGING GRACEFULLY THE U.S. BULL MARKET HAS FURTHER TO RUN KEY POINTS Larry Puglia Portfolio Manager, US Large-Cap
More informationTwo Style Boxes Can Be Better than One: The Case for Small-Mid Cap Equities
Investment Focus Two Style Boxes Can Be Better than One: The Case for Small-Mid Cap Equities Within US equities, investors have long used small cap stocks to diversify their large cap holdings, but we
More informationInvestment Capabilities
Investment Capabilities Global Equities Solutions April 2017 This communication is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended
More informationGlobal Fixed Income CENTRAL AND EASTERN EUROPE GROWTH CREATES RELATIVE VALUE OPPORTUNITIES
PRICE POINT October 017 Timely intelligence and analysis for our clients. Global Fixed Income CENTRAL AND EASTERN EUROPE GROWTH CREATES RELATIVE VALUE OPPORTUNITIES KEY POINTS Strong economic growth in
More informationApril The Value Reversion
April 2016 The Value Reversion In the past two years, value stocks, along with cyclicals and higher-volatility equities, have underperformed broader markets while higher-momentum stocks have outperformed.
More informationQUARTERLY SUMMARY As of March 31, 2018 U.S. Large-Cap Core Equity SMA
QUARTERLY SUMMARY As of March 3, 8 U.S. Large-Cap Core Equity SMA Annualized Three Months Year-to- Date Since Inception /3/7 U.S. Large-Cap Core Equity SMA Composite ( Pure Gross) -.6% -.6% -.6% U.S. Large-Cap
More informationEuropean Equities EUROPEAN SMALLER COMPANIES NAVIGATING SMALL-CAP IPOS
PRICE POINT November 2017 Timely intelligence and analysis for our clients. European Equities EUROPEAN SMALLER COMPANIES NAVIGATING SMALL-CAP IPOS KEY POINTS An improved political and economic environment
More informationPolitics and Markets THE FINANCIAL MARKETS AND PRESIDENTIAL ELECTIONS
FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. PRICE POINT May 2016 Timely intelligence and analysis for our clients. Politics and Markets THE FINANCIAL MARKETS AND PRESIDENTIAL ELECTIONS
More informationGlobal Equity LOOKING FOR A GROWTH CATALYST IN THE SECOND HALF
PRICE POINT June 2017 Timely intelligence and analysis for our clients. Global Equity LOOKING FOR A GROWTH CATALYST IN THE SECOND HALF KEY POINTS The reflation trade that boosted cyclical stocks in the
More informationBArings VIEWPOINTS February 2018
BArings VIEWPOINTS February 2018 Highlights Investor appetite for Emerging Markets (EM) equities has strengthened after several challenging years. We believe the strong earnings outlook, attractive valuations
More informationQUARTERLY SUMMARY As of June 30, 2018 US Growth Stock SMA
QUARTERLY SUMMARY As of June 3, 8 US Growth Stock SMA PORTFOLIO MANAGER: Joseph B. Fath JOINED FIRM: INVESTMENT APPROACH Focus on companies with double-digit earnings and cash flow growth - emphasize sustainable
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 informationRussell Investments China Equity Fund
Russell Investments China Equity Fund The most comprehensive way to capture opportunities in China FOR PROFESSIONAL CLIENTS ONLY Fund objective The Fund aims to achieve long term capital appreciation by
More informationNimbus 9 PORTFOLIO MANAGEMENT
For Qualified Domestic Institutional Investors Only. Not for further distribution. Nimbus 9 STRATEGY HIGHLIGHTS As of 30 September 2018 Emerging Markets Equity Strategy Total Strategy Assets: 1 $22.9 billion
More informationT. Rowe Price Global Equity Fund Currently Recommended
T. Rowe Price Global Equity Fund Currently Recommended 10 May 2013 Fund Facts and Features Fund Details APIR Code ETL0071AU Asset Class Global Equities Style Fundamental Active Growth Fund Size $510m Fee
More informationUS Blue Chip Growth Equity SMA
QUARTERLY SUMMARY As of December 31, 18 STRATEGY HIGHLIGHTS US Blue Chip Growth Equity SMA INVESTMENT APPROACH PORTFOLIO MANAGER: Larry J. Puglia JOINED FIRM: 199 Identify high-quality companies with leading
More informationTempleton Asian Growth ex Japan. Equity Composite
Templeton Asian Equity Product Profile Product Details Strategy Assets $4,835,954,296.20 Inception Date 31/12/2001 Base Currency USD Investment Style Overview Templeton s interest and research in emerging
More informationMarket Insights. The Benefits of Integrating Fundamental and Quantitative Research to Deliver Outcome-Oriented Equity Solutions.
Market Insights The Benefits of Integrating Fundamental and Quantitative Research to Deliver Outcome-Oriented Equity Solutions Vincent Costa, CFA Head of Global Equities Peg DiOrio, CFA Head of Global
More informationMulti Asset Managed Portfolios
Morningstar Investment Management Multi Asset Managed Portfolios What Is A Multi Asset Managed Portfolio? An investment portfolio that invests across a range of asset classes (such as Australian shares,
More informationSpecialist Diversified Fixed Income Fund
Specialist Diversified Fixed Income Fund Manager Profile January 2016 Adviser use only Investment Process Specialist Diversified Fixed Income Fund Investment process for this Fund is structured in the
More information2015 GLOBAL MARKET OUTLOOK PRESS BRIEFING WEDNESDAY, NOVEMBER 19, 2014
2015 GLOBAL MARKET OUTLOOK PRESS BRIEFING WEDNESDAY, NOVEMBER 19, 2014 MR. VASELKIV: Good morning, everyone. High yield investors are about to celebrate the sixth anniversary of what's been the most profitable
More informationGlobal Equity AN EXPANDED OPPORTUNITY SET CREATES ALPHA OPPORTUNITIES
PRICE PERSPECTIVE September 217 In-depth analysis and insights to inform your decision-making. Global Equity AN EXPANDED OPPORTUNITY SET CREATES ALPHA OPPORTUNITIES EXECUTIVE SUMMARY Pension plan sponsors
More informationMANAGING INTEREST RATE RISK WITH AN ABSOLUTE RETURN APPROACH
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. September 2017
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 informationU.S. Large-Cap Value Strategy
As of 30 Sep 20 Total U.S. Large-Cap Value Assets : $49.9 billion Total Strategy Assets 2 : $7. billion Investment Approach Focus on relative value relationships. Employ fundamental research to identify
More informationFranklin European Dividend Fund
Franklin Templeton Investment Funds Franklin European Dividend Fund Flex-Cap Blend Fund Profile Fund Details Inception Date 29 July 2011 Investment Style Flex-Cap Blend Benchmark(s) MSCI Europe Index Fund
More informationQUARTERLY SUMMARY As of March 31, 2018 U.S. Large-Cap Equity Income SMA
QUARTERLY SUMMARY As of March 3, 8 U.S. Large-Cap Equity Income SMA PORTFOLIO MANAGER: John D. Linehan JOINED FIRM: 998 INVESTMENT APPROACH Employ a conservative, value-oriented investment approach and
More informationTempleton China Fund
Franklin Templeton Investment Funds Templeton China Fund Core Value Fund Profile Fund Details Inception Date 1 September 1994 Investment Style Benchmark(s) Core Value MSCI Golden Dragon Index FUND OBJECTIVE
More informationBMO LGM Global Emerging Markets Fund
Product Disclosure Statement BMO LGM Global Emerging Markets Fund ARSN 600 336 105 29 September 2017 This Product Disclosure Statement (PDS) is issued by Perpetual Trust Services Limited, ABN 48 000 142
More informationQUARTERLY SUMMARY As of March 31, 2018 US Growth Stock SMA
QUARTERLY SUMMARY As of March 31, 18 US Growth Stock SMA INVESTMENT APPROACH Focus on companies with double-digit earnings and cash flow growth - emphasize sustainable growth, not momentum growth. Integrate
More informationJ.P. Morgan Asset Management US Investment Range
FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION. J.P. Morgan Asset Management US Investment Range A century of experience in J.P. Morgan s home market Investing with J.P. Morgan Asset
More informationishares Enhanced Strategic Balanced Portfolio 01 November 2017
ishares Enhanced Strategic Balanced Portfolio 01 November 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued
More informationLGIM s investment solutions From one of the UK s largest asset managers
For Professional Advisers LGIM s investment solutions From one of the UK s largest asset managers Legal & General Investment Management (LGIM) offers investment services across a broad spectrum of asset
More informationMan OM-IP AHL Limited
Important Dates Issue Opens 2 February 2009 Close Date 27 March 2009 Maturity Date / Investment Term Key Information 30 April 2019 / 10 years Product Type Capital guaranteed investment providing exposure
More informationThe Strength of T. Rowe Price s Investment Expertise in Emerging Markets Bonds
T. Rowe Price EMERGING MARKETS BONDS The Strength of T. Rowe Price s Investment Expertise in Emerging Markets Bonds T. Rowe Price has established a position as one of the leading franchises among asset
More informationFranklin European Growth Fund
Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index
More informationBuilding an Income Portfolio: Time for a New Approach?
Building an Income Portfolio: Time for a New Approach? With market volatility and low interest rates set to persist for some time, investors may have to rethink their income strategy to adapt to this new
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 informationTempleton Emerging Markets Smaller Companies Fund
Franklin Templeton Investment Funds Templeton Emerging Markets Smaller Companies Fund Core Value Fund Profile Fund Details Inception Date 18 October 2007 Investment Style Benchmark(s) Core Value MSCI Emerging
More informationMacquarie-Globalis BRIC Adv Fund H
Macquarie-Globalis BRIC Adv Fund H Analysts: Lee Comper; Ben Sheehan Products Facts Manager Macquarie Investment Fund type Wholesale Investment Trusts Boutique No Management Limited APIR code MAQ0473AU
More informationishares Enhanced Strategic Aggressive Portfolio Issue date: 01 April 2019
ishares Enhanced Strategic Aggressive Portfolio Issue date: 01 April 2019 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared
More informationInvestor Presentations
Investor Presentations A company s investor presentation serves as a leading source of information for institutional money managers and is a vital tool to engage with investors. Companies should be acutely
More informationNEWTON GLOBAL EQUITY INCOME STRATEGY. February 2019
February 2019 NEWTON GLOBAL EQUITY INCOME STRATEGY This document is for professional investors only. Newton claims compliance with the Global Investment Performance Standards (GIPS ). Please read the important
More informationFranklin European Growth Fund
Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index
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 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 informationZurich Investments Australian Property Securities Portfolio
Zurich Investments Australian Property Securities Portfolio 8 March 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared
More informationFranklin European Growth Fund
Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index
More informationUS Blue Chip Growth Equity SMA
QUARTERLY SUMMARY STRATEGY HIGHLIGHTS As of September 3, 18 US Blue Chip Growth Equity SMA INVESTMENT APPROACH PORTFOLIO MANAGER: Larry J. Puglia JOINED FIRM: 199 Identify high-quality companies with leading
More informationQUARTERLY SUMMARY As of March 31, 2018 US Blue Chip Growth Equity SMA
QUARTERLY SUMMARY As of March 31, 18 US Blue Chip Growth Equity SMA INVESTMENT APPROACH Identify high-quality companies with leading market positions in fertile growth fields. Integrate fundamental research
More informationManaged. Managed Model Profiles Account. Sterling Managed Investments. 3 July 2017
Managed Managed Model Profiles Account 3 July 2017 Sterling Managed Investments Sterling Conservative Model Sterling Balanced Model Sterling Growth Model Sterling Australian Equities Model Netwealth Investments
More informationThe HSBC Global Investment Funds Menu
The HSBC Global Investment Funds Menu Your Selection Simplified July 2012 For professional clients only www.globalfunds.hsbc.com This Fund Menu provides an overview of HSBC Global Investment Funds and
More informationTHE LITHIUM BATTERY BOOM AND ITS IMPACT ON RAW MATERIALS
PRICE POINT October 2018 THE LITHIUM BATTERY BOOM AND ITS IMPACT ON RAW MATERIALS Timely intelligence and analysis for our clients. Randal Jenneke Portfolio Manager, Australia Equity Strategy T. Rowe Price
More informationBUILDING EQUITY PORTFOLIOS WITH STYLE JULY 2014
BUILDING EQUITY PORTFOLIOS WITH STYLE JULY 2014 WE BELIEVE THAT IT IS IMPORTANT TO FOCUS ON THE UNDERLYING DRIVERS OF RETURN 2 INTRODUCTION Much has been written recently about smart beta, advanced beta,
More informationU.S. Small-Cap Stocks: Why This Cycle Is Not So Different. Presenters: Hugh Evans, Steph Jackson, Jack Laporte, Greg McCrickard, and David Wagner
U.S. Small-Cap Stocks: Why This Cycle Is Not So Different Presenters: Hugh Evans, Steph Jackson, Jack Laporte, Greg McCrickard, and David Wagner 15% 12% Annualized Asset Class Returns since 1926 1 12.8%
More informationMulti-asset capabilities WE BELIEVE IN LONG-TERM INVESTING. July For investment professionals only. Not for further distribution.
Multi-asset capabilities WE BELIEVE IN LONG-TERM INVESTING. July 2017 For investment professionals only. Not for further distribution. Our primary emphasis isn t on getting bigger; it s on getting better.
More informationLazard Insights. Capturing the Small-Cap Effect. The Small-Cap Effect. Summary. Edward Rosenfeld, Director, Portfolio Manager/Analyst
Lazard Insights Capturing the Small-Cap Effect Edward Rosenfeld, Director, Portfolio Manager/Analyst Summary Historically, small-cap equities have outperformed large-cap equities across several regions.
More informationFund Guide. Emerging Market Debt Unconstrained Fund. August 2016
Fund Guide Emerging Market Debt Unconstrained Fund August 2016 This document is for investment professionals only and should not be distributed to or relied upon by retail Usage statementclients. It is
More information23 November 2011 GLOBAL VALUE INVESTORS
Global Value Investors Limited Level 5 261 George Street Sydney NSW 2000 PO Box H104 Australia Square Sydney NSW 1215 Ph +61 2 8222 1100 Fax +61 2 8222 1199 ABN 76 111 397 392 AFSL 308107 www.gvi.com.au
More informationQUARTERLY SUMMARY As of March 31, 2018 US Value Equity SMA
QUARTERLY SUMMARY As of March 31, 18 US Value Equity SMA INVESTMENT APPROACH Focus on relative value relationships. Employ fundamental research to identify large and medium sized companies with improving
More information2015 Global Market Outlook Press Briefing WELCOME. Edward Giltenan Head of Global Public Relations
2015 Global Market Outlook Press Briefing WELCOME Edward Giltenan Head of Global Public Relations All is NOT Quiet on the Global Front Western Sanctions Likely to Push Russia Toward Increased Self-Reliance
More informationIssue date: 7 November 2018
Issue date: 7 November 2018 This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued by Diversa Trustees Limited (ABN 49 006 421 638, AFSL 235153, RSE Licence No. L0000635)
More informationPortfolio Report. AMS Balanced Fund. Report data as at 31 May 2018 Portfolio inception Nov 2014
Portfolio Report Report data as at 31 May 2018 Portfolio inception Nov 2014 AMS Balanced Fund Portfolio Objective The investment objective of the AMS Balanced Fund is to provide returns (before fees and
More informationDeconstructing Dividends: Five Reasons to Consider Small- and Mid-Cap Dividend-Paying Stocks
Deconstructing Dividends: Five Reasons to Consider Small- and Mid-Cap Dividend-Paying Stocks Dividend-paying stocks historically outperform the market with less risk and low correlation with other investment
More informationPortfolio construction: The case for small caps. by David Wanis, Senior Portfolio Manager, Smaller Companies
For professional investors only Schroders Portfolio construction: The case for small caps by David Wanis, Senior Portfolio Manager, Smaller Companies Looking solely at passive returns available to investors
More informationINSIGHT ON MULTI-ASSET
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. INSIGHT ON MULTI-ASSET
More informationAMP Capital Asian Equity Growth Fund
Dated: 23 June 2010 Issued by AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Product Disclosure Statement For investments through a master trust or wrap platform Contents About AMP Capital
More informationFranklin European Growth Fund
Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index
More informationINTERNATIONAL EQUITIES
2018 Global Market Outlook Press Briefing INTERNATIONAL EQUITIES Justin Thomson Portfolio Manager, CIO, Equity November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS
More informationNo use buying the best house in a bad neighbourhood
No use buying the best house in a bad neighbourhood Why an active approach to emerging markets is crucial; emerging markets go right or wrong at a country level. We believe the single most important investment
More informationThe MFS Investment Process. Benefiting investors since 1924
The MFS Investment Process Benefiting investors since 1924 OUR GUIDING PRINCIPLES Actively aligned with investors needs Continuity Collective expertise Active risk management In sync on a long term philosophy,
More informationMicrocaps. Microcap describes the share market. segment of the smallest investable stocks. While exact definitions vary, the representative market
Microcaps Microcap describes the share market segment of the smallest investable stocks. While exact definitions vary, the representative market capitalisation for Australian Microcaps is stocks below
More informationCorporate profile. Strong foundations Positive momentum. years being listed as Dexus
Corporate profile Strong foundations Positive momentum years being listed as Dexus Company overview Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading
More informationMYNORTH RETIREMENT FUND
MYNORTH RETIREMENT FUND MyNorth Retirement Fund is a diversified investment solution designed and managed specifically with retirees needs in mind. The Fund leverages AMP Capital Multi-Asset Group capability
More informationJupiter European Opportunities
1 Jupiter European Opportunities investment trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent
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 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 information