Adverse Active Alpha SM Manager Ranking Model
|
|
- Gwen Fields
- 6 years ago
- Views:
Transcription
1 CONSULTING GROUP INVESTMENT ADVISOR RESEARCH DECEMBER 3, 2013 Adverse Active Alpha SM Manager Ranking Model MATTHEW RIZZO Vice President Introduction Investment professionals almost universally consider alpha to be the holy grail of money management in terms of performance measurement. After all, why endeavor to actively manage investments if the results are no better or worse than the indices? Why pay fees for active management when one can pay lower fees to passively index a portfolio? Of course, the answer is that active money managers hope to outperform. Our analysis indicates that over time perhaps on average about 50% to 60% of active domestic stock pickers outperform their respective indices before fees. But how do you find these managers in advance? In order to improve our odds of adding alpha to client portfolios, Consulting Group Investment Advisor Research (CG IAR) recently incorporated the proprietary in-house Adverse Active Alpha SM manager ranking model into our research process. The model attempts to identify active equity money managers with strong stock picking skills and the ability to outperform indices and peers. Our back tests show Adverse Active Alpha top-decile-ranked managers outperformed their respective benchmarks from year-end 2000 through 2012 by 460 basis points annualized in the large cap growth category and greater than 320 basis points in the large cap value category. Because of our conviction in the efficacy of the rankings and the model s unique properties, we filed a patent application for the proprietary in-house process that is now pending. Adverse refers to the ability to outperform in a variety of market environments and when conditions are difficult for active manager relative performance. Difficult periods are times when active management does not perform well relative to the index, as opposed to down market periods. At various times, active management has experienced difficult relative performance periods in up, down, and flat markets. We developed a set of factors to help discern which periods were more difficult for active managers that we utilize to identify managers able to overcome these headwinds and outperform in the face of adversity. Active refers to managers with high active share i.e., managers whose portfolios look different from the index and moderate to low tracking error. In this way, the ranking seeks to find managers that are active, but not taking outsized factor bets, such as large sector or industry bets and that have some degree of style consistency. The combination of high active share and low tracking error is fairly uncommon among active managers, but we believe these traits may point toward managers with strong stock picking skills. Alpha refers to the ability to add value relative to an index and/or peers. Back tests indicate that highly ranked managers as a group outperformed the index and style peer group over subsequent periods and relative to active share alone. By combining the adverse component with the active component, we believe we increase the odds of finding some of the most proficient stock pickers. This report is only to be used in connection with investment advisory programs and not brokerage accounts. This is not a "research report" as defined by FINRA Rule 2711 and was not prepared by the Research Departments of Morgan Stanley Smith Barney LLC or its affiliates. INVESTMENT PRODUCTS: NOT FDIC INSURED*NO BANK GUARANTEE*MAY LOSE VALUE 2013 Morgan Stanley Smith Barney LLC. Member SIPC. Consulting Group is a business of Morgan Stanley Smith Barney LLC.
2 ADVERSE ACTIVE ALPHA RESULTS Positive alpha is the desired end to our quest. So what is the alpha potential for our model? In a back test looking at the model rankings as of the end of year-end 2000, managers in the large cap growth category ranking in the top decile (top 10%) outperformed the Russell 1000 Index by 460 basis points annually over the following 13 calendar years. Top-decile-ranked large cap value managers outperformed the Russell 1000 Value Index by more than 320 basis points over the same time period. Additionally, relative performance declines significantly after the first quintile (top 20%), which we expect given that the model is intended to find only the top stock pickers and looks for managers with specific characteristics. Of course, some managers with rankings below the top quintile performed well. However, the results were more random and hard to predict. Also interesting to note is that within the large cap value space, the top quintile ranked managers included seven of the ten top performing managers over the subsequent 13-year time frame. 1 Table 1 ADVERSE ACTIVE ALPHA LARGE CAP GROWTH BACK TEST RESULTS FOR THE YEARS 2000 THROUGH 2012 Decile As can be seen in Table 3, top-decile-ranked managers on average also exhibited lower volatility than their benchmarks. Table 3 ADVERSE ACTIVE ALPHA LARGE CAP GROWTH AND VALUE VOLATILITY FOR THE YEARS 2000 THROUGH 2012 Annualized Performance Relative to Russell 1000 Annualized Performance Relative to Average Manager Top Decile Deciles 2 through Table 2 ADVERSE ACTIVE ALPHA LARGE CAP VALUE BACK TEST RESULTS FOR THE YEARS 2000 THROUGH 2012 Annualized Performance Annualized Performance Decile Relative to Russell 1000 Relative to Average Value Manager Top Decile Deciles 2 through Russell 1000 Annualized Standard Deviation Annualized Standard Deviation Value Russell 1000 Value Chart 1 HOW OFTEN IS ADVERSE ACTIVE ALPHA RIGHT? SUCCESS RATE FOR MANAGERS IN TOP TWO DECILES FOR THE PERIOD FROM DECEMBER 2000 THROUGH % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Value Percentage that Outerformed Index Percentage that Outperformed Peer Group WHY USE THE ADVERSE AND ACTIVE COMPONENTS TOGETHER? Our contention is that by using either of the components above independently (Adverse or Active), one can derive a pool of managers with higher alpha generating potential. However, by combining the two components together, one increases the odds of finding a pool of stock pickers with the ability and demonstrated skill to outperform benchmarks and peers going forward. Not only does the model look for managers that are truly different from the index, but it then goes further and identifies managers that have performed well even in times when active managers have struggled and mitigates market effects to find highly skilled stock pickers, as opposed to those that simply ride the tide when the majority of active managers are outperforming. We believe that the back tested performance results are compelling and the process sufficiently unique to justify filing the Adverse Active Alpha ranking model for patent protection. Of course, not all of the highly ranked individual managers will outperform. However, we believe the odds of achieving success are greater and the alpha potential is meaningfully higher. HOW DID THE RESULTS COMPARE TO ACTIVE SHARE ALONE? While the performance results look compelling for managers that score well using the Adverse Active Alpha methodology, one key question is how the results compare to using active share alone. Results of certain studies have shown that investment managers with higher active share performed better than those with lower active share over time. 2 Since active share is one component of the Adverse Active Alpha model, some might wonder how its results compare to simply using active share alone. 2
3 Using the same time period noted above for our back test yearend 2000 through year-end 2012 we can compare the Adverse Active Alpha results to those of active share alone. In order to do this, we simply ranked the managers by their year-end 2000 active share scores and then looked at the subsequent performance results by decile. Chart 2 ADVERSE ACTIVE ALPHA VERSUS ACTIVE SHARE ALONE ANNUALIZED RELATIVE PERFORMANCE FOR YEAR 2000 TO % 4% 3% 2% 1% 0% Within the large cap growth space, the top decile measured by year-end 2000 active share outperformed the benchmark by an impressive 3.73% annualized over the period measured. However, the top decile measured by the year-end Adverse Active Alpha score outperformed by 4.60% annualized. Within large cap value, the top decile as measured by active share outperformed by 1.83% while the top decile Adverse Active Alpha managers outperformed by 3.26%. This analysis reveals that using the Adverse Active Alpha scores resulted in a meaningful pickup in performance within both style categories. THE MECHANICS OF ADVERSE ACTIVE ALPHA ADVERSE Value Adverse Active Alpha Active Share Alone The adverse component of the model awards higher scores to managers that performed well in markets adverse toward active managers (i.e. periods when the majority of managers underperformed). We do this by breaking down managers performance track records into snapshots of time and scoring each time period based on a number of factors that help determine how difficult it has been for active managers to outperform. Scoring track records based on the most significant factors, we attempt to neutralize their effects on active manager performance and find managers that have performed well while others struggled. We also consider the percentage of money managers that have outperformed their respective indexes in any given period as a measure of the degree of difficulty. ACTIVE The active component of the ranking model views more favorably managers with high active share. Active share measures how different a manager s portfolio is from its index. The active share calculation sums the absolute values of each portfolio holding weight minus the benchmark weight and divides by two. For purposes of the ranking model, active share is calculated relative to each manager s style benchmark. Much work has been done on this subject within the financial community. But suffice to say that most studies, as well as our own work, indicate that as a group, active managers with higher active share outperform the market over time. This is not to say that every manager with high active share will outperform, but that as a group it is a good universe from which to choose. As such, one component of Adverse Active Alpha looks for managers with high active share. Along with high active share, we also look for managers with moderate to low tracking error. Tracking error measures how closely a portfolio s return follows its index return and is calculated by taking the standard deviation of the manager excess return relative to its style benchmark. By limiting tracking error, we attempt to find managers that are not seeking to outperform based on factor bets such as large sector or industry bets. While such bets may at times be profitable, they tend to be more unpredictable and can often turn quickly. Additionally, processes that emphasize factor bets are often less repeatable. As noted by Antti Petajisto, one of the pioneers of active share, factor bets generate large volatility with respect to the index even with relatively small active positions Funds that focus on factor bets have also lost money for their investors. He also notes that Most of the outperformance came from the stock pickers and that active stock picking funds (higher active share funds) tended to exhibit skill, but funds taking factor bets did not. 3 As noted above, factor bets can at times be quite profitable. The question is how likely they are to be repeatable in the future and predictable in advance. When looking back at past performance (either abnormally strong or weak), it is quite likely that one might find a manager or two with large factor exposure such as a large bet on the technology sector in the top performer ranks (or bottom). However, the question is what is the likelihood of those managers performing well in the future? Often, these managers are unable to repeat their strong performance. WHAT KIND OF MANAGERS SCORE WELL? A question that often comes up is what kind of managers typically score well according to the Adverse Active Alpha rankings? The most common characteristic is that the managers emphasize fundamental, bottom-up stock picking, as opposed to more quantitative based options. Otherwise, the managers can vary by sub-style within their respective categories. Although some of the managers are fairly concentrated, they are not typically highly concentrated. 3
4 Looking at the average characteristics for the top-decile managers as of year-end 2012, we can get an idea of what kind of managers rank well. Overall, the large cap growth managers are fairly concentrated although not overly so and they on average have slight market capitalization discount to the index, although this is not uncommon for the large cap growth universe as a whole. In terms of valuation, price/earnings and price/book ratios are at a discount to the index, while the price/sales ratio is in line with the index. Table 5 ADVERSE ACTIVE ALPHA LARGE CAP GROWTH MANAGER PORTFOLIO CHARACTERISTICS Top Decile Adverse Active Alpha Managers Russell 1000 Number of Holdings Average Market Cap 29,990 42,784 P/E Ratio Price/Book Price/Sales CONCLUSION The Adverse Active Alpha ranking model shows impressive results in pointing toward active money managers with the ability to deliver outperformance on a going forward basis. Back tested performance in the large cap space showed positive results relative to benchmarks and peers. However, we would emphasize that we consider the rankings a good start to an overall comprehensive due diligence process. While highly ranked managers performed well as a group in our back tests, not all of the managers will outperform. Additionally, highly ranked managers can have differing risk profiles that might not be suitable for all investors. Factors such as manager turnover and changes to investment process can partially or fully negate a positive Adverse Active Alpha ranking. With that said, it would be difficult to make the case that the model does not point toward generally desired active manager characteristics such as strong performance in a variety of market environments and high active share. And so in the ever elusive quest for alpha, Adverse Active Alpha appears a good place to start. As can be seen in Table 6, top ranked large cap value managers generally were not overly concentrated, but did as a group have a market capitalization discount relative to the Russell 1000 Value Index. Valuation characteristics were generally in line with those of the index. Table 6 ADVERSE ACTIVE ALPHA LARGE CAP VALUE MANAGER PORTFOLIO CHARACTERISTICS Top Decile Adverse Russell Active Alpha 1000 Value Value Managers Number of Holdings Average Market Cap 33,996 46,154 P/E Ratio Price/Book Price/Sales Performance for style categories based on Morningstar style categories adjusted by CG IAR for style consistency where appropriate. 2 Cremers, Martijn, and Petajisto, How Active is Your Fund Manager? A New Measure That Predicts Performance, AFA 2007 Chicago Meetings Paper; EFA 2007 Ljubljana Meetings Paper; Yale ICF Working Paper No , available at SSRN: 3 Petajisto, Antti, Active Share and Mutual Fund Performance, Financial Analysts Journal, Volume 69, Number 4, July/August
5 GLOSSARY OF TERMS Active Share is a measure of the percentage of stock holdings in a manager s portfolio that differ from the benchmark index; Active Share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the manager s portfolio versus the weight of each holding in the benchmark index and dividing by two. Alpha measures the difference between a portfolio s actual returns and its expected performance, given its level of risk as measured by Beta. A positive Alpha figure indicates the portfolio has performed better than its Beta would predict. A negative Alpha indicates the portfolio s underperformance given the expectations established by the Beta. The accuracy of the Alpha is therefore dependent on the accuracy of the Beta. Alpha is often viewed as a measurement of the value added or subtracted by a portfolio s manager. Average Capitalization the total capitalization of the portfolio divided by the number of securities in a portfolio. Dividend Yield annual dividend per share divided by price per share. Dividend Yield for the portfolio is a weighted average of the results for the individual stocks in the portfolio. EPS Forecast a measure of one year earnings (cash flow or dividends) per share growth from the prior fiscal year (FY0) to the current fiscal year (FY1) using analyst consensus forecasts. is expressed as a percent. The FY1 EPS (earnings per share) growth rate for the portfolio is a weighted average of the forecasts for the individual stocks in the portfolio. EPS 5 Year Historical The weighted average annualized earnings per share growth for a portfolio over the past five years. Excess Return represents the average quarterly total return of the portfolio relative to its benchmark. A portfolio with a positive Excess Return has on average outperformed its benchmark on a quarterly basis. This statistic is obtained by subtracting the benchmark return from the portfolio s return. Historical EPS - calculated by regressing over time the quarterly earnings per share for the past 20 quarters to determine the share's historical growth rate in earnings. The quarterly historical growth rate for each share is then annualized and the Historical EPS shown in this report is the weighted average of these results. Market Cap ($M) the average portfolio market capitalization (market price multiplied by shares outstanding), weighted by the proportion of the portfolio s assets invested in each stock. Median Cap by Portfolio Weight the midpoint of market capitalization (market price multiplied by shares outstanding) of a portfolio s stock holdings, weighted by the proportion of the portfolio s assets invested in each stock. Stocks representing half of the portfolio s holdings are above the median, while the rest are below it. P/E - Forecast 12-Mo. The price/earnings ratio for the stock based on the most recent closing price divided by the annual mean expected earnings for the current fiscal year (FY1 EPS forecast). P/E for the portfolio is a weighted average of the results for the individual stocks in the portfolio. P/E Trailing 12-Mo. the current price of a stock divided by the most recent 12 months trailing earnings per share. P/E for the portfolio is a weighted average of the results for the individual stocks in the portfolio. Price-to-Book price per share divided by book value per share. Price-to-Book for the portfolio is a weighted average of the results for the individual stocks in the portfolio. Price-to-Sales Price to sales is calculated by dividing a stock's current price by its revenue per share for the trailing 12 months. Standard Deviation quantifies the volatility associated with a portfolio s returns. The statistic measures the variation in returns around the mean return. Unlike Beta, which measures volatility relative to the aggregate market, Standard Deviation measures the absolute volatility of a portfolio s return. Tracking Error represents the Standard Deviation of the Excess Return. This provides a historical measure of the variability of the portfolio s returns relative to its benchmark. A portfolio with a low Tracking Error would have quarterly Excess Returns that have exhibited very low volatility. IMPORTANT DISCLOSURES The foregoing information, analysis, opinions, and conclusions are those of Morgan Stanley Wealth Management. They represent the views of Morgan Stanley Wealth Management as of the date set forth above and are based upon such information obtained from various sources as Morgan Stanley Wealth Management has deemed relevant. There is no guarantee that all relevant information has been obtained, reviewed, or considered. Morgan Stanley Wealth Management has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in the fund or portfolio. Consequently, the opinions and conclusions of Morgan Stanley Wealth Management set forth above have not been reached with reference to the circumstances of any such investor. Each such investor, therefore, should weigh the opinions and conclusions of Morgan Stanley Wealth Management therein against its own investment objectives and goals. Report for Use Only in Investment Advisory Programs This report is only to be used in Morgan Stanley Wealth Management investment advisory programs and not in connection with brokerage accounts. CG IAR Services Only Apply to Certain Investment Advisory Programs CG IAR evaluates certain investment products for the purposes of some but not all of Morgan Stanley Wealth Management s investment advisory programs (as described in more detail in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management). If you do not invest through one of these investment advisory programs, Morgan Stanley Wealth Management is not obligated to provide you notice of any CG IAR status changes even though it may give notice to clients in other programs. Strategy May Be Available as a Separately Managed Account or Mutual Fund Strategies are sometimes available in Morgan Stanley Wealth Management investment advisory programs both in the form of a separately managed account ( SMA ) and a mutual fund. These may have different expenses and investment minimums. Your Financial Advisor or Private Wealth 5
6 Advisor can provide more information on whether any particular strategy is available in more than one form in a particular investment advisory program. Consider Your Own Investment Needs This report is not intended to be a client-specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold or sell securities (includes securities of Morgan Stanley, and/or their affiliates if shown in this report). Do not use this report as the sole basis for investment decisions. Do not select an asset class or investment product based on performance alone. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon. Performance and Other Portfolio Information General Past performance does not guarantee future results. There is no guarantee that this investment strategy will work under all market conditions. As a result of recent market activity, current performance may vary from the performance referenced in this report. Benchmark index Depending on the composition of your account and your investment objectives, any indices shown in this report may not be an appropriate measure for comparison purposes and are therefore presented for illustration only. Indices are unmanaged. They do not reflect any management, custody, transaction or other expenses, and generally assume reinvestment of dividends, accrued income and capital gains. Past performance of indices does not guarantee future results. You cannot invest directly in an index. Performance of indices may be more or less volatile than any investment product. The risk of loss in value of a specific investment (such as with an investment manager or in a fund) is not the same as the risk of loss in a broad market index. Therefore, the historical returns of an index will not be the same as the historical returns of a particular investment product. Other data Portfolio analysis may be based on information on less than all of the securities held in the portfolio. For equity portfolios, the analysis typically reflects securities representing at least 95% of portfolio assets. This may differ for other strategies, including those in the fixed income and specialty asset classes, due to availability of portfolio information. Other data in this report is accurate as of the date this report was prepared unless stated otherwise. Data in this report may be calculated by the investment manager, Morgan Stanley Wealth Management or a third party service provider, and may be based on a representative account or a composite of accounts. Securities holdings Holdings are subject to change daily, so any securities discussed in this report may or may not be included in your portfolio if you invest in this investment product. Your portfolio may also include other securities in addition to or instead of any securities discussed in this report. Do not assume that any holdings mentioned were, or will be, profitable. Sources of Data Material in this report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. Third party data providers make no warranties or representations relating to the accuracy, completeness or timeliness of the data they provide and are not liable for any damages relating to this data. Asset Class and Other Risks Investing in stocks, mutual funds and exchange-traded funds ( ETFs ) entails the risks of market volatility. The value of all types of investments may increase or decrease over varying time periods. Nondiversification: For a portfolio that holds a concentrated or limited number of securities, a decline in the value of these investments would cause the portfolio s overall value to decline to a greater degree than a less concentrated portfolio. Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than those that diversify among a broad range of sectors. Value and growth investing also carry risks. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. International securities may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Small- and mid- capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. 6
7 No Tax Advice Morgan Stanley Wealth Management and its affiliates do not render advice on tax and tax accounting matters to clients. This material was not intended or written to be used, and it cannot be used or relied upon by any recipient, for any purpose, including the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. If any investments in this report are described as tax free, the income from these investments may be subject to state and local taxes and (if applicable) the federal Alternative Minimum Tax. Realized capital gains on these investments may be subject to federal, state and local capital gains tax. Please consult your personal tax and/or legal advisor to learn about any potential tax or other implications that may result from acting on a particular recommendation. Conflicts of Interest CG IAR s goal is to provide professional, objective evaluations in support of the Morgan Stanley Wealth Management investment advisory programs. We have policies and procedures to help us meet this goal. However, our business is subject to various conflicts of interest. For example, ideas and suggestions for which investment products should be evaluated by CG IAR come from a variety of sources, including our Morgan Stanley Wealth Management Financial Advisors and their direct or indirect managers, and other business persons within Morgan Stanley Wealth Management or its affiliates. Such persons may have an ongoing business relationship with certain investment managers or mutual fund companies whereby they, Morgan Stanley Wealth Management or its affiliates receive compensation from, or otherwise related to, those investment managers or mutual funds. For example, a Financial Advisor may suggest that CG IAR evaluates an investment manager or fund in which a portion of his or her clients assets are already invested. While such a recommendation is permissible, CG IAR is responsible for the opinions expressed by CG IAR. See the conflicts of interest section in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management for a discussion of other types of conflicts that may be relevant to CG IAR s evaluation of managers and funds. In addition, Morgan Stanley Wealth Management, MS&Co., managers and their affiliates provide a variety of services (including research, brokerage, asset management, trading, lending and investment banking services) for each other and for various clients, including issuers of securities that may be recommended for purchase or sale by clients or are otherwise held in client accounts, and managers in various advisory programs. Morgan Stanley Wealth Management, managers, MS&Co., and their affiliates receive compensation and fees in connection with these services. Morgan Stanley Wealth Management believes that the nature and range of clients to which such services are rendered is such that it would be inadvisable to exclude categorically all of these companies from an account Morgan Stanley Smith Barney LLC. Member SIPC. Consulting Group is a business of Morgan Stanley Smith Barney LLC. 7
Adverse Active Alpha SM : Adding Value Through Manager Selection
WEALTH MANAGEMENT INVESTMENT RESOURCES SEPTEMBER 29, 2015 Adverse Active Alpha SM : Adding Value Through Manager Selection MATTHEW RIZZO Executive Director Morgan Stanley Wealth Management Matthew.Rizzo@ms.com
More informationThe Intersection of Adverse Active Alpha SM and the CG IAR Focus List
CONSULTING GROUP INVESTMENT ADVISOR RESEARCH MAY 5, 2014 The Intersection of Adverse Active Alpha SM and the CG IAR Focus List MATTHEW RIZZO Executive Director Matthew.Rizzo@ms.com +1 302 888-4105 Introduction
More informationAmerican Funds Growth (MAPS) Select UMA American Funds (Model Portfolio Provider)
American Funds (Model Portfolio Provider) 333 S Hope Street, 52nd Floor Los Angeles, California 90068 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities Growth-oriented $1,677.4 billion $1.0
More informationMid Cap Value Fiduciary Services EARNEST Partners, LLC
EARNEST Partners, LLC 1180 Peachtree St. - Suite 2300 Atlanta, Georgia 30309 Style: Sub-Style: Firm AUM: Firm Strategy AUM: US Mid Cap Value Traditional Value $20.1 billion $64.0 billion Year Founded:
More informationTurner Investments 1205 Westlakes Drive - Suite 100 Berwyn, Pennsylvania 19312
Turner Investments 1205 Westlakes Drive - Suite 100 Berwyn, Pennsylvania 19312 PRODUCT OVERVIEW The investment objective of the Turner Select portfolio is to outperform the Russell 1000 Growth Index over
More informationRetirement Distribution Income: Enhanced (MAP) Select UMA American Funds (Model Portfolio Provider)
American Funds (Model Portfolio Provider) 333 S Hope Street, 52ND Floor Los Angeles, California 90068 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Multi Asset Global Multi Asset Income $1,706.1
More informationCustom Russell 3000 / Interm Laddered Muni (60/40) Select UMA Parametric Portfolio Associates
Parametric Portfolio Associates 1918 8th Avenue, Suite 3100 Seattle, Washington 98101 Style: Sub-Style: Firm AUM: Firm Strategy AUM: US Multi Asset Balanced Blend Tax Favored $959 billion Year Founded:
More informationSummary of Opinion: research.
CONSULTING GROUP INVESTMENT ADVISOR RESEARCH JANUARY 8, 2014 MICHAEL DELLI PAOLI Vice President Michael. Del/i. Paoli@ms. corn +1 212 296-0912 INVESTMENT STYLE: BENCHMARK: CG IAR RESEARCH STATUS PRODUCT
More informationCustom S&P500/MSCI EAFE ADR/Int Ldr Corp 30/30/40 Select UMA Parametric Portfolio Associates
Parametric Portfolio Associates 1918 8th Avenue, Suite 3100 Seattle, Washington 98101 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Multi Asset $226.4 billion Year Founded: GIMA Status: Firm Ownership:
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 informationGlobal Multi Asset Global Tactical Asset Alloc $346.8 billion
Columbia (Model Portfolio Provider) 225 Franklin Street Boston, Massachusetts 02110 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Multi Asset Global Tactical Asset Alloc $346.8 billion Year Founded:
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 informationCustom S&P 500 / Short Laddered Muni (60/40) Select UMA Parametric Portfolio Associates
Parametric Portfolio Associates 1918 8th Avenue, Suite 3100 Seattle, Washington 98101 Style: Sub-Style: Firm AUM: Firm Strategy AUM: US Multi Asset Balanced Blend Tax Favored $231.5 billion Year Founded:
More informationMorgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation
Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit
More informationAsset Allocation Portfolios
Asset Allocation Portfolios Christopher Eckert Senior Vice President Wealth Management Senior Portfolio Manager Financial Advisor 320 Post Road West Westport, CT 06880 phone: 203-222-4057 toll-free: 866-740-7841
More informationMorgan Stanley Wealth Management. Insights to Customize Your Portfolio
Morgan Stanley Wealth Management Insights to Customize Your Portfolio Overview: Institutional-caliber advice for individual clients STRENGTH OF A LARGE, GLOBAL FINANCIAL INSTITUTION As an advisor to institutions
More informationPreferred Securities (Custom) Select UMA Managed Advisory Portfolios Solutions
Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Preferred Securities Sub-Style: Firm AUM: $912.3 million Firm Strategy AUM: Year Founded: GIMA Status: Firm
More informationSeparately Managed Accounts. Investment Advisory Solutions for Today s Complex Markets
Separately Managed Accounts Investment Advisory Solutions for Today s Complex Markets Contents Consulting Group Overview Resources The GIC and Global Investment Manager Analysis Separately Managed Accounts
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 informationConnors Investors Services Covered Call Strategy
CONSULTING GROUP INVESTMENT ADVISOR RESEARCH APRIL 3, 2014 Connors Investors Services Covered Call Strategy APPROVED LIST RESEARCH REPORT BRIAN GLANZ Vice President Brian.Glanz@ms.com +1 302 888-4146 STRATEGY
More informationCGCM Ultra-Short Term Fixed Income Fund (TSDUX)
CGCM Ultra-Short Term Fixed Income Fund (TSDUX) Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit quality
More informationLazard Insights. Interpreting Active Share. Summary. Erianna Khusainova, CFA, Senior Vice President, Portfolio Analyst
Lazard Insights Interpreting Share Erianna Khusainova, CFA, Senior Vice President, Portfolio Analyst Summary While the value of active management has been called into question, the aggregate performance
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 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 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 informationGetting Smart About Beta
Getting Smart About Beta December 1, 2015 by Sponsored Content from Invesco Due to its simplicity, market-cap weighting has long been a popular means of calculating the value of market indexes. But as
More information1607 GROUP AT MORGAN STANLEY
W E A L T H M A N A G E M E N T I. Overview TABLE OF CONTENTS: II. 1607 Portfolio III. 1607 Income Growth Portfolio IV. Investment Team WEALTH MANAGEMENT WEALTH MANAGEMENT O V E R V I E W Our Business:
More informationComparative Profile. Style Map. Managed Account Select
Comparative Profile Managed Account Select Quarterly Highlights The S&P 500 Index was virtually flat in the second quarter, gaining 0.10% as concerns about the end of the Federal Reserve s QE2 program,
More informationDividend Growth as a Defensive Equity Strategy August 24, 2012
Dividend Growth as a Defensive Equity Strategy August 24, 2012 Introduction: The Case for Defensive Equity Strategies Most institutional investment committees meet three to four times per year to review
More informationWealth Management Perspectives
Wealth Management Perspectives Covered Calls 1 Can Provide Downside Support CBOE S&P 500 Buy Write Index vs S&P 500 Dispersion of Returns Data as of June 1, 1989 to October 31, 2016 160 140 144 120 Count
More informationSchwab Institutional Large Cap Value Trust Fund (Closed to new investors)
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Large Value Benchmark Russell 1000 Value Index 1 Unit Class Inception Date 1/3/2002 Fund Inception Date 1/3/2002
More informationTranslating Factors to International Markets
LEADERSHIP SERIES Translating Factors to International Markets Strategies that combine the potential diversification benefits of international exposure with the portfolio-enhancing benefits of factors
More informationAn Economic Perspective on Dividends
2017 An Economic Perspective on Dividends Table of Contents Corporate Outlook... 1 2 Market Environment... 3 7 Payout Ratio... 8 9 Long-term View...10 12 Global View... 13 16 Active Management... 17 Risk
More informationDIVERSIFYING VALUE: THINKING OUTSIDE THE BOX
Legg Mason Thought Leadership DIVERSIFYING VALUE: THINKING OUTSIDE THE BOX Michael J. LaBella, CFA Portfolio Manager Smart beta can be utilized within the traditional style box framework to help investors
More informationWealth Management Perspectives
Wealth Management Perspectives What Is Social Security? Social Security provides a safety net for eligible Americans that can supplement a pension, personal investments, and savings. Your Social Security
More informationGlobal Investment Committee Themes
Global Investment Committee Themes The Global Investment Committee (GIC), which meets monthly to review the economic and political environment and asset allocation models for Morgan Stanley Wealth Management
More informationWhy Dividends? Market Commentary January 2018
Why Dividends? Market Commentary January 2018 OVER THE YEARS, INVESTOR APPETITE FOR DIVIDENDS has waxed and waned. Historically, research in dividend investing has measured everything from performance
More informationIncorporating Factor Strategies into a Style- Investing Framework
LEADERSHIP SERIES Incorporating Factor Strategies into a Style- Investing Framework Passive investors can gain targeted exposure to value and growth companies with factor strategies. Darby Nielson, CFA
More informationMorgan Stanley Pathway Alternative Strategies Fund (TALTX)
Morgan Stanley Pathway Alternative Strategies Fund (TALTX) Objective: Seeks to Generate Long-Term Growth Across Market Cycles with Reduced Correlation to the Equity and Fixed Income Markets KEY STATISTICS
More informationIn this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin
December 2017 Death, Taxes and Short-Term Underperformance: International Funds In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin Since the Brandes Institute
More informationSchwab Institutional Small Cap Trust Fund (Closed to new investors)
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Small Blend Benchmark Russell 2000 Index 1 Unit Class Inception Date 6/24/2004 Fund Inception Date 6/25/2004
More informationAdditional information about Independent Solutions Wealth Management, LLC also is available on the SEC s website at
Independent Solutions Wealth Management, LLC 6631 Main Street Suite B, Williamsville, NY 14221 (716) 568-8566 www.iswealthmanagement.com March 28, 2011 This Brochure provides information about the qualifications
More informationTHE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES
Morgan Stanley 20 Linden Place Red Bank, NJ 07701 (732) 936-3400 THE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY THE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY DISCRETIONARY MANAGEMENT INVESTMENT
More informationDeath, Taxes and Short-Term Underperformance: Emerging Market Funds
Death, Taxes and Short-Term Underperformance: Emerging Market Funds In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin March 2018 Since the Brandes Institute first
More informationMANAGED ACCOUNTS. Capital Directions. A guided approach to financial achievement
MANAGED ACCOUNTS Capital Directions A guided approach to financial achievement CAPITAL DIRECTIONS A UNIFIED MANAGED ACCOUNT THAT COMBINES FLEXIBILITY, SIMPLICITY, AND DISCIPLINE With a Capital Directions
More informationHigh-conviction strategies: Investing like you mean it
BMO Global Asset Management APRIL 2018 Asset Manager Insights High-conviction strategies: Investing like you mean it While the active/passive debate carries on across the asset management industry, it
More informationq merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware
Overview This Strategy seeks to provide diversified exposure among three major asset classes for a client's account with a moderately conservative target asset allocation. In normal market conditions,
More informationActive vs. Passive: An Update
Catholic Responsible Investing ACTIVE MANAGEMENT Active vs. Passive: An Update I n June 2015, CBIS published The Importance of Conviction, a white paper that reviewed the state of active equity management
More informationInvestment Perspectives. From the Global Investment Committee
Investment Perspectives From the Global Investment Committee Crude Prices Have Declined Significantly Long-Term WTI Crude Price 1 and Month-Over-Month Change As of March 31, 2016 WTI Crude Spot Price and
More informationHEARTLAND VALUE FUND
HEARTLAND VALUE FUND An investor should consider the Fund s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can
More informationMorgan Asset Projection System (MAPS)
Morgan Asset Projection System (MAPS) The Projected Performance chart is generated using JPMorgan s patented Morgan Asset Projection System (MAPS) The following document provides more information on how
More informationMutual Funds through the Lens of Active Share
Mutual Funds through the Lens of Active Share John Bogle, founder of The Vanguard Group, is famous for his opinion that index funds are unequivocally the best way to invest. Indeed, over the last decade,
More informationEquities: Enhancing the Core/Satellite Framework
Equities: Enhancing the Core/Satellite Framework March 13, 2015 by Sabrina Callin, Andrew Pyne of PIMCO In a lower-returning environment, investors may need to look beyond traditional active or passive
More informationSchwab Institutional Large Cap Growth Trust Fund
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Large Growth Benchmark Russell 1000 Growth Index 1 Unit Class Inception Date 10/1/2002 Fund Inception Date 10/1/2002
More informationA Snapshot of Active Share
November 2016 WHITE PAPER A Snapshot of Active Share With the rise of index and hedge funds over the past three decades, many investors have been debating about the value of active management. The introduction
More informationApril The Value of Active Management.
April 2010 t h e F O C U S A B r a n d e s P u b l i c a t i o n The Value of Active Management www.brandes.com In the aftermath of the credit crisis and extreme price volatility, some investors have questioned
More informationGlobal Investment Committee Themes
Global Investment Committee Themes The Global Investment Committee (GIC), which meets monthly to review the economic and political environment and asset allocation models for Morgan Stanley Wealth Management
More informationUnited Methodist Foundation - Balanced Fund June 30, 2017
United Methodist Foundation - Balanced Fund June 30, 2017 Fund Overview Description The objective of the Balanced Fund is to obtain the greatest possible return on invested funds at the lowest possible
More informationInvestment Comparison
Investment Data as of 1/31/217 PAGE 2 OF 7 Fi36 FIDUCIARY SCORE OVERVIEW INVESTMENT ClearBridge Small Cap Value I MassMutual Premier Small Cap Opps R5 ishares Russell 2 Small-Cap Idx Instl Victory Integrity
More informationDo your spouse, son and daughter have the ability to carefully manage substantial inherited assets?
Trust Services Trust Services Do your trusts contain checks and balances to protect future generations? Do your spouse, son and daughter have the ability to carefully manage substantial inherited assets?
More informationDURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY April 29, 2016 ECONOMIC LANDSCAPE
ECONOMIC LANDSCAPE The risk-on rotation that took hold in early February continued through the end of the first quarter and has spilled over to the month of April. What has changed? Global recession fears
More informationReturns on Small Cap Growth Stocks, or the Lack Thereof: What Risk Factor Exposures Can Tell Us
RESEARCH Returns on Small Cap Growth Stocks, or the Lack Thereof: What Risk Factor Exposures Can Tell Us The small cap growth space has been noted for its underperformance relative to other investment
More informationTHE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES
Morgan Stanley 20 Linden Place Red Bank, NJ 07701 (732) 936-3400 THE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES
More informationWhat Criteria Should Be Used To Hire and Fire Investment Managers?
? Ronald L Fishbein Managing Director Wealth Advisor Senior Investment Management Consultant 702 King Farm Blvd. Ste. 500 Rockville, MD 20850 Ronald.L.Fishbein@morganstanley.com The above question is a
More informationHow to Assess Real Exchange Rate Overvaluation
JANUARY 2018 INTERNATIONAL EQUITY WHITEPAPER How to Assess Real Exchange Rate Overvaluation Leila Heckman, Ph.D., Founder John Mullin, Ph.D., Chief Strategist For More Information (917) 386-6261 www.heckmanglobal.com
More informationThe Power of Mid-Caps: Investing in a Sweet Spot of the Market
Mid-Cap White Paper The Power of Mid-Caps: Investing in a Sweet Spot of the Market We believe U.S. mid-cap companies offer untapped potential for investors. In this paper, we discuss the merits of allocating
More informationINSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: Is Active Management Still Worth the Fees? By Joseph N. Stevens, CFA INTRODUCTION
INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: Is Active Management Still Worth the Fees? By Joseph N. Stevens, CFA INTRODUCTION As of December 31, 2014, more than 30% of all US Dollar-based
More informationAllocation Advisors Active/Passive Portfolios
Global Portfolio Management Allocation Advisors Active/Passive Portfolios An Integrated Approach to Managing Active & Passive Investments Introducing the Allocation Advisors Active/Passive Portfolios:
More informationInvestment Process. The Filla Latzke Group at Morgan Stanley. 2 Active or Passive. 3 Navigating Today s Markets. 4 Choosing Investment Managers
2 Active or Passive 3 Navigating Today s Markets 4 Choosing Investment Managers 5 Retirement Income Strategy The Filla Latzke Group at Morgan Stanley Investment Process Active or Passive? We Prefer Active
More informationEquity Volatility and Covered Call Writing
December 2017 Equity Volatility and Covered Call Writing Executive Summary Amid uncertainty in the markets and investor desire for lower volatility, investors may want to consider a covered call strategy
More informationHow to evaluate factor-based investment strategies
A feature article from our U.S. partners INSIGHTS SEPTEMBER 2018 How to evaluate factor-based investment strategies Due diligence on smart beta strategies should be anything but passive Original publication
More informationProspectus. RMB Mendon Financial Services Fund RMBKX (Class A) RMBNX (Class C) RMBLX (Class I)
MAY 1, 2018 Prospectus RMB FUNDS RMB Fund RMBHX (Class A) RMBJX (Class C) RMBGX (Class I) RMB Mendon Financial Services Fund RMBKX (Class A) RMBNX (Class C) RMBLX (Class I) RMB Mendon Financial Long/Short
More informationThe Tripod Strategy or Belmont Ave. Youngstown, OH
(Bottom L-R: Russ Spitz, Josh Blumental, Top L-R: Scott Murray, Amanda Wood, Dan Betts) The Tripod Strategy 330-759-6770 or 1-800-535-0017 5048 Belmont Ave. Youngstown, OH 44505 www.fa.smithbarney.com/buckeyegroup
More informationDo we believe SMAs help boost after-tax returns?
FIDELITY PERSONALIZED PORTFOLIOS: Equity Separately Managed Accounts It s not what you earn it s what you keep. Is your portfolio primed for success? With Fidelity Personalized Portfolios, we think so.
More informationWealth Management Perspectives
Wealth Management Perspectives Tax Tables To Help You in Your Investment Decisions 2018 Edition Federal Report, 2018 Edition Married Couple Filing Joint Return (MFJ) If Taxable Income is: OVER: But Not
More informationWealth Management Perspectives
Wealth Management Perspectives Consider More Aggressive Cash Management As of October 2017 Over the past year, the Fed s actions have driven rates over 1% inside a 2-year maturity. Investors now have the
More informationGlossary of General Investment-Related Terms
Glossary of General Investment-Related Terms 12b-1 Fee: A fee assessed on certain mutual funds or share classes permitted under an SEC rule to help cover the costs associated with marketing and selling
More informationCREF Money Market Account
CREF Money Market Account Money Market As of 9/30/2017 Account Net Assets $9.55 Billion Inception Date 4/24/2015 CUSIP 194408217 Symbol QCMMIX Industry Average imoneynet Money Fund Averages - All Government
More informationConsulting Group: An Introduction
2 Disciplined Investment Process 3 Investment Advisory Programs 5 Global Resources, Local Perspective product consulting group Consulting Group: An Introduction summary The last several years have proven
More informationHypothetical Economic and Financial Scenario Analysis for 2012
JANUARY 2012 MARKET COMMENTARY GLOBAL INVESTMENT COMMITTEE Hypothetical Economic and Financial Scenario Analysis for 2012 David M. Darst, CFA Chief Investment Strategist IN BRIEF As we have done since
More informationThe Truth About Top-Performing Money Managers
The Truth About Top-Performing Money Managers Why investors should expect and accept periods of poor relative performance By Baird s Advisory Services Research Executive Summary It s only natural for investors
More informationUMA Model Portfolios Professional Advice for Your Unified Managed Account
UMA Model Portfolios Professional Advice for Your Unified Managed Account B The introduction of unified managed accounts has helped many investors to consolidate and streamline their investment portfolios.
More informationForm ADV Program Brochure Morgan Stanley Smith Barney LLC. Graystone Consulting. June 30, 2014
Form ADV Program Brochure Morgan Stanley Smith Barney LLC Graystone Consulting June 30, 2014 2000 Westchester Avenue Purchase, NY 10577 Tel: (914) 225-1000 Fax: (614) 283-5057 www.morganstanleyclientserv.com
More informationThe Collins Savrann Group at Morgan Stanley. Helping You Identify and Achieve Your Unique Goals
The Collins Savrann Group at Morgan Stanley Helping You Identify and Achieve Your Unique Goals 600 Longwater Drive Suite 202 Norwell, MA 02061 781-681-4972 / MAIN 800-326-5951 / TOLL-FREE 781-681-4950
More informationTax Management Services for Select UMA
Tax Management Services for Select UMA Seeking to Improve After-Tax Returns With Unified Managed Accounts According to the Investment Company Institute, Mutual Funds distributed $398 billion in capital
More informationThe Long & Short of It Quarterly Newsletter Second Quarter 2018
The Long & Short of It Quarterly Newsletter Second Quarter 2018 Value vs. Growth: A Primer Are Value Stocks Ready to Grow Again? the Barron s cover article from April 28, 2018 lamented the recent performance
More informationDeactivating Active Share
Deactivating Active Share Andrea Frazzini Jacques Friedman Lukasz Pomorski April 21, 2016 AQR Capital Management, LLC Two Greenwich Plaza Greenwich, CT 06830 p: +1.203.742.3600 w: aqr.com Active Share
More informationWealth Management Perspectives
Wealth Management Perspectives A Donor-Advised Fund can Simplify Your Philanthropic Giving A donor-advised fund (DAF) is a private fund administered by a third party and created for the purpose of managing
More information9/1/ /1/1977 9/1/ /1/ /1/1963
CAPITAL IDEAS It Pays to Collect Dividends Executive Summary Dividend income makes up a significant portion of total return over long time periods. 18.0% 16.0% 14.0% 12.0% 10.0% Figure 1: Dividend Yield
More informationFidelity Low-Priced Stock Fund
QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2014 Fidelity Low-Priced Stock Fund Investment Approach Fidelity Low-Priced Stock Fund implements an opportunistic approach, rooted in a strict valuation bias that
More informationPlan for Your Future. Morgan Stanley Can Help You Achieve Your Financial Goals
Plan for Your Future Morgan Stanley Can Help You Achieve Your Financial Goals 2 MORGAN STANLEY 2016 What Are Your Hopes and Dreams? REGARDLESS OF WHAT STAGE YOUR LIFE IS IN moving ahead in your career,
More informationWealth Management Perspectives
Wealth Management Perspectives Paying for Education: What Are the Options? CASH FLOW STUDENT LOANS REFINANCING, HOME EQUITY LOANS PERSONAL LOANS TAX- ADVANTAGED INVESTMENTS Such as a 529 Plan TAXABLE INVESTMENTS
More informationACTIVE MANAGEMENT AND EMERGING MARKETS EQUITIES
ACTIVE MANAGEMENT AND EMERGING MARKETS EQUITIES Together They Work RBC Global Asset Management (UK) Limited Active Management and Emerging Markets Equities: Together They Work 1 Introduction One important
More informationFactor Investing. Fundamentals for Investors. Not FDIC Insured May Lose Value No Bank Guarantee
Factor Investing Fundamentals for Investors Not FDIC Insured May Lose Value No Bank Guarantee As an investor, you have likely heard a lot about factors in recent years. But factor investing is not new.
More informationFactor Analysis: What Drives Performance?
Factor Analysis: What Drives Performance? February 2014 E. William Stone, CFA CMT Managing Director, Investment & Portfolio Strategy Chief Investment Strategist Chen He Portfolio Strategist Paul J. White,
More informationWealth Management Perspectives
Wealth Management Perspectives Asset Class Returns: s Can Help Mitigate Risk As of June 30, 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD Managed Futures 10-Yrs ('07-'16) Ann. Return
More informationMorgan Stanley Target Equity Balanced Index
Morgan Stanley Target Equity Balanced Index Targeting Equity and Bond Allocation in a Balanced Way The Target Equity Balanced Index (the TEBI Index ) invests dynamically between Equities and Bonds in order
More informationGlossary Of Investment-Related Terms
Glossary Of Investment-Related Terms PART 1 General Investment-Related Terms 12b-1 Fee: A fee assessed on certain mutual funds or share classes permitted under an SEC rule to help cover the costs associated
More informationMid Cap Core Concentrated: Performance & Commentary
Mid Cap Core Concentrated: Performance & Commentary PERFORMANCE SUMMARY The strategy retuned -18.06% before fees in the second quarter, trailing the S&P 400 Index s return of -17.28%. Sector allocation
More informationAI: Weighted Sector Strategy DEC
KEN STERN & ASSOCIATES DEC 31 2016 1 Tactical Rebalanced AI: Strategy DEC 31 2016 Ken Stern & Associates Strategy seeks to track the investment results of the Morgan Stanley Capital International USA Investable
More information