LEGG MASON GLOBAL MULTI CAP GROWTH PORTFOLIOS (MDA 4)
|
|
- Fay Wilson
- 6 years ago
- Views:
Transcription
1 1Q 2018 Separately Managed Accounts LEGG MASON GLOBAL MULTI CAP GROWTH PORTFOLIOS (MDA 4) INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
2 Introduction Legg Mason Underlying strategies in proposed portfolio Legg Mason Global Multi Cap Portfolios 40% ClearBridge Portfolios 30% ClearBridge Multi Cap Portfolios 30% ClearBridge ADR Portfolios 2
3 Introduction Legg Mason Meet our investment managers Having honed their expertise over many decades and market cycles, our global asset managers offer specialized capabilities across a scope of asset classes and strategies Each skilled team operates with independent vision to help deliver powerful financial solutions for both individuals and institutions Investing with conviction Acting with conviction and discipline, we look beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income, equity, and alternative solutions Real estate investment specialists Clarion Partners is a leading private equity and debt real estate investment manager established in 1982 Clarion invests in the Americas across a broad range of property types and risk profiles, with the goal of consistently creating value for its clients Quality-focused equity Global investment manager with over 50 years of experience and long-tenured portfolio managers who seek to build income, high active share or low volatility portfolios Global alternative investments One of the world s largest hedge fund investors, recognized as a global leader in structuring comprehensive alternative investment strategies for institutional and high net worth clients Active equity specialists An active equity specialist that builds global, stock-driven portfolios based on fundamental research, devoting all of its resources to delivering optimum investment outcomes and superior client relationships Systematic investment solutions QS Investors is a quantitative asset manager that provides multi-asset class and global equity solutions Their approach unites intellectual and academic precision with the power of data and technology in their quest to elevate the certainty of outcomes they deliver Global listed infrastructure investing RARE is a dedicated infrastructure investment manager focused on global listed infrastructure investments Established in 2006, RARE has grown to become one of the largest listed infrastructure managers globally Small-cap equity Known for its disciplined, valueoriented approach to managing small-caps An asset class pioneer, the firm s founder is one of the longest-tenured active managers income One of the world s leading global fixed income managers Founded in 1971, the firm is known for team management, proprietary research and a long-term fundamental value approach Active share is a measure of the percentage of stock holdings in a manager s portfolio that differs from the benchmark index 3
4 Introduction Multiple Discipline Account Multiple Discipline Account ( MDA ) -- Potential benefits Diversification Multiple investment styles in single account Ongoing monitoring of asset allocation with rebalancing as deemed appropriate 1 Simplified, convenient portfolio administration Single point of contact for portfolio management Consolidation of positions into one statement Flexibility and choice Greater accommodation of special instructions Tax harvesting potential 2 Diversification does not assure a profit or protect against market loss Asset Allocation does not assure a profit or protect against market loss 1 The Overlay Portfolio Management process is conducted by the MDA style managers and a service provider on behalf of Legg Mason Private Portfolio Group, LLC 2 Depends on individual tax situation Please see Disclaimer for important tax information 4
5 Introduction Multiple Discipline Account Diversification By investing in more than one asset class, investors may have the potential over time to enhance overall portfolio returns and manage risk Calendar year returns of varied market indices BEST PERFORMANCE WORST PERFORMANCE % 170% % 4603% 4271% 3917% 3807% 3003% 2975% 2869% 467% 107% 2371% 2225% 2070% 1649% 1548% 1431% 1088% 630% 419% 124% The above table is presented for informational purposes only and does not represent performance of any portfolio or mutual fund Past performance is no guarantee of future results Please see Performance End Notes for important additional information An investor cannot invest directly in an index is represented by the FTSE 3-Month US Treasury Bill is represented by the Bloomberg Barclays US Government/Credit Bond 300% 237% 476% 378% 1181% 1163% 1143% 723% 705% 549% 474% -017% -142% -978% 570% 180% is represented by the Russell 1000 is represented by the Russell % 3721% 1402% 1265% 1210% 707% 526% 491% 471% 415% 2686% 2348% 2225% 2022% 1579% 1335% 1066% 907% -2892% -3685% -3700% -3844% -3844% -3854% -4306% -4432% 3447% 3421% 3246% 2646% 2058% 1969% 452% 016% 1851% 1805% 1790% 1751% 1600% 1581% 1526% 1459% 482% 2909% 2638% 2475% 2450% 1671% 1551% 1506% 821% 659% 013% 874% 264% 211% 039% 008% -138% -165% -291% -550% -1173% is represented by Russell MidCap is represented by Russell MidCap 007% 4330% 3574% 3452% 3348% 3346% 3253% 3239% 2329% 005% -235% 1475% 1369% 1345% 1305% 1190% 599% 560% 422% 003% -020% -039% -138% -383% -478% -747% -448% is represented by the Russell 2000 is represented by the Russell % 138% 015% 003% 3021% 2562% 2527% 2217% 2183% 1366% 1334% 784% 400% 3174% 2000% 1734% 1196% 1132% 733% 708% 305% 151% 027% -965% % -1552% -1566% -2210% -2741% -2788% -3026% 084% is represented by the MSCI EAFE The Broad Market is represented by the Source: Legg Mason As of 12/31/2017 Diversification does not assure a profit or protect against market loss All investments involve risks, including possible loss of principal Investing in non-us companies involves risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuations, political and economic developments, foreign taxation and differences in auditing and other financial standards investing may not be suitable for everyone These risks are magnified in emerging markets Stocks of small- and mid-capitalization companies tend to involve more risk and volatility than stocks of larger companies As interest rates rise, bond prices fall reducing the value of fixed income investments See definitions slide for index definitions Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges 5
6 Introduction Multiple Discipline Account MDA Portfolios are designed to access multiple managers with compatible styles Multiple managers Single manager vs Unknown Styles Complementary portfolios Complementary Styles x4 Asset allocation Planned x4 Client reporting x1 x4 Portfolio review/re-balancing x1 x4 Manager firm selection x1 For illustrative purposes only MDA style allocations may be rebalanced to or toward the approximate target allocations when actual allocations vary from these targets Rebalancing is generally done with the investment manager s approval 6
7 Your investment portfolio ClearBridge Portfolios Overview The (LCG) investment portfolios seek out high-quality, large-company stocks that can provide the potential for superior long-term performance Portfolio positioning Designed for investors seeking long-term capital appreciation through investments in largecapitalization companies with the potential for high future earnings growth Long-term, buy-and-hold approach results in lower portfolio turnover Objectives Seeks long-term growth of capital Key differentiators Experienced investment team Looks to invest in world-class companies possessing strong financials, dominant positions, innovation, and best-in-class products and services, led by results-oriented management teams with strong track records and sound future plans Portfolios typically concentrated in 35 to 45 stocks Stock and sector weightings are by-products of the bottom-up fundamental research-driven stock selection process Points of Differentiation Concentrated, low turnover approach Bottom-up driven investment decisions Diversification across growth spectrum (cyclical, stable, select) Philosophy Invest in leadership companies where we believe the market price underestimates the magnitude of future growth Use stock selection as primary driver identify category leaders with characteristics to sustain that position Find secular tailwinds to support multi-year investment opportunities, allowing for compounding of earnings and cash flow Perform rigorous analysis to understand company fundamentals, key competitive dynamics and industry structure Believe the best business models win over time Identify barriers to entry and prefer companies with innovation prowess, regardless of size Look for businesses that protect and grow market share consistently Gravitate to self-funding business models with significant recurring revenue Seek businesses with the ability to generate superior free cash flow over time Stress test the sustainability of profitability and growth Take a disciplined approach to valuation RISKS: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met While most investments are in US companies, investments may also be made in ADRs and other securities of non-us companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards These risks are magnified in emerging markets Diversification does not assure a profit or protect against market loss Managers seek to keep portfolio turnover low to allow for the positive compounding effect of dividends over time, although market, security and other investment considerations may cause turnover to be higher from time to time Also, all capitalization ranges will not necessarily be represented in an individual account 7
8 Your investment portfolio ClearBridge Portfolios investment process Idea generation Sector analysts and PMs each propose companies with attractive business models and good long-term growth prospects for further review Idea generation is an ongoing and continual process, but also consider mid- and small-capitalization companies and ADR s of foreign companies opportunistically Fundamental analysis Analysts and PMs work together to understand the durability of a company s growth and profit Meet with target company management, competitors and industry experts Determine appropriate entry price Portfolio construction Own companies with a range of growth and volatility Maintain high active share Monitor sector weightings and correlations among current holdings Risk management/ Evaluation discipline Assess risk regularly The investment process may change over time The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios There is no guarantee investment objectives will be achieved 8
9 Your investment portfolio Multi Cap ClearBridge Multi Cap Portfolios Overview The Multi Cap (MCG) portfolios seek out growth company stocks with the potential for aboveaverage long-term earnings and/or cash flow growth Portfolio positioning Designed for investors seeking a growth portfolio with the ability to invest in all market capitalizations 1 Offers a long-term buy-and-hold strategy, which may reduce portfolio turnover Key differentiators We believe a true growth portfolio should consist of stocks that can be held not for a quarter or two, but for many years so that earnings and/or cash flow growth can compound over time Portfolios typically concentrated in generally holdings Sector concentrations can be significant, but are a by product of the bottom-up fundamental researchdriven stock selection process Philosophy We believe that: An all-capitalization portfolio that seeks a low turnover approach to portfolio construction allows earnings and/or cash flow to compound does not force sell decisions based upon market capitalization Intensive, bottom-up investment process seeks inefficiently-priced companies with strong fundamentals, incentive-driven management teams, dominant positions in niche markets and/or goods or services customers are practically compelled to use Objectives The strategy seeks to: achieve long-term capital appreciation through investment in large-, mid- and small- capitalization stocks that have the potential for above average long-term earnings and/or cash flow growth select companies that can be held for long periods of time 1 All market capitalization ranges will not necessarily be represented in an individual account Diversification does not assure a profit or protect against market loss Managers seek to keep portfolio turnover low to allow for the positive compounding effect of dividends over time, although market, security and other investment considerations may cause turnover to be higher from time to time Also, all capitalization ranges will not necessarily be represented in an individual account Risks: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met Certain limits on the amount of investment in any one company may cause individual investment portfolios to vary from each other, and thus the performance results of such portfolios may also vary from each other, particularly when combined with the price volatility of stocks in such portfolios In additon to investments in large-capitalization companies, investments may be made in speculative and/or small-cap and mid-cap companies which involve a higher degree of risk and volatility than investments in larger, more established companies In addition, because the investments may be concentrated in a limited number of industries and companies, the portfolios may involve heightened risk While most investments are in US companies, investments may also be made in ADRs and other securities of non-us companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards These risks are magnified in emerging markets 9
10 Your investment portfolio Multi Cap ClearBridge Multi Cap Portfolios investment process Define the investment universe Consider companies across the market capitalization spectrum that we believe have the potential for aboveaverage long-term earnings and/or cash flow growth Perform bottom-up fundamental analysis Emphasize companies with significant franchise value, material ownership stake by management, strong balance sheets and ubiquitous products or services Determine buy-list Identify companies that may be inefficiently priced and/or overlooked by Wall Street at time of position initiation Maintain concentrated portfolio with long-term horizon Construct a low-turnover portfolio of generally holdings concentrated by industry and issuer Allow earnings and/or cash flow growth to compound Review holdings continuously Re-examine a current holding when long-term deterioration in company or industry fundamentals is seen as a significant possibility, valuation is excessive or new idea provides better risk/return prospects Market, security and/or other investment considerations may result in higher turnover from time to time The investment process may change over time The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios There is no guarantee investment objectives will be achieved 10
11 Your investment portfolio ADR ClearBridge ADR Portfolios Philosophy We believe international equities may vary significantly from fair value due to macroeconomic/exogenous factors and companyspecific endogenous issues Objectives We seek long-term capital appreciation, complemented by issuer and portfolio risk management Our strategy aims to outperform the MSCI EAFE over a full market cycle Through fundamental analysis, we seek to identify companies with superior capital appreciation prospects Risks: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies Investments may also be made in ADRs and other securities of non-us companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards These risks are magnified in emerging markets ADRs are US traded securities that represent shares of a foreign-based corporation held by a custodian and they entitle the shareholder to all dividends, net of local withholding taxes, and capital gains that would be paid on the company s ordinary shares Diversification does not assure a profit or protect against market loss The MSCI EAFE (Europe, Australasia, Far East) is a free-float-adjusted, market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada As of April 2002 the MSCI EAFE consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom It is calculated on a total return basis divided by net dividends, with foreign taxes withheld An investor cannot invest directly in an index The index is not managed and not subject to management or brokerage commission Dividends are subject to reinvestment 11
12 Your investment portfolio ADR ClearBridge ADR Portfolios investment process Define the investment universe Consider companies that have strong balance sheets and good management, offer unique products or services, or have strong niche positions locally or globally Apply fundamental analysis Use a bottom-up approach to evaluate current and future prospects and ensure that accounting compliance, data accuracy and global comparability goals are met Select securities and construct portfolio Build a diversified portfolio with approximately 30 to 50 stocks across 10 to 20 countries Complement larger core holdings (approximately 80-90%) with tactical investments (approximately 10-20%) in smaller companies Monitor continuously Re-examine a current holding when unit growth/earnings deteriorate, valuation exceeds expectations, and when there is an adverse acquisition or a loss of franchise or market share Actual percentages may vary due to economic conditions and other factors Managers may deviate from these allocations in order to seek to meet these objectives Diversification does not assure a profit or protect against market loss The investment process may change over time The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios There is no guarantee investment objectives will be achieved 12
13 Strategy characteristics & performance Equity Portfolio characteristics Equity Portfolio characteristics as of March 31, 2018 Market capitalization (%) Characteristics Portfolio Above $50B $25 - $50B $10 - $25B $3 - $10B 0 - $3B Portfolio Number of Holdings 132 Dividend Yield 114 Forecasted P/E Ratio -1 Year 1905 Price/Book Ratio 515 Long-Term EPS 1542 Weighted Median Market Capitalization 5557 Weighted Average Market Capitalization Source: FactSet Portfolio characteristics are based on a model portfolio, not an actual client account The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy The model portfolio assumes no withdrawals, contributions or client-imposed restrictions Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors Please see Endnotes for additional information Please see appendix for term definitions P/E ratio Year 1 and Long-term EPS growth are provided by I/B/E/S, are inherently limited and should not be used as an indication of future performance Yields and dividends represent past performance and there is no guarantee they will continue to be paid 13
14 Strategy characteristics & performance Equity Portfolio characteristics Equity Portfolio characteristics as of March 31, 2018 Sector weightings (%) Information Technology 3124 Health Care 176 Consumer Discretionary 1313 Industrials 922 Financials 831 Consumer Staples 753 Materials 524 Energy 432 Real Estate 071 Telecommunication Services 00 Utilities 00 Top Holdings Portfolio UnitedHealth Group Inc 477 Comcast Corp 331 Amazoncom Inc 261 Alphabet Inc 255 Biogen Inc 187 Microsoft Corp 185 TE Connectivity Ltd 175 Anadarko Petroleum Corp 165 Autodesk Inc 155 Visa Inc 154 Total Source: FactSet Portfolio characteristics are based on a model portfolio, not an actual client account The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy The model portfolio assumes no withdrawals, contributions or client-imposed restrictions Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors 14
15 Strategy characteristics & performance Performance Performance Calendar-year total returns gross and net of fees (%) ending December Global Multi Cap (gross) Global Multi Cap (net) Mix Annualized rates of return gross and net of fees (%) as of March 31, 2018 PRELIMINARY MTH QTR YTD 1-year 3-year 5-year 7-year 10-year 15-year 20-year Global Multi Cap (gross) Global Multi Cap (net) Mix The Mix consists of the following: 40% Russell 1000, 30% Russell 3000 and 30% MSCI EAFE (Net) The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward) Please visit wwwleggmasoncom for the latest performance figures YTD numbers are not annualized Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges Past performance is no guarantee of future results YTD numbers are not annualized Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance Net performance includes the deduction of a 30% annual wrap fee, which is the maximum anticipated wrap fee for equity and balanced portfolios Actual fees may vary For fee schedules, contact your financial professional, or if you may enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (LMPPG), refer to LMPPG s Form ADV disclosure document Returns reflect the reinvestment of dividends and other earnings Please see Performance Endnotes for additional important information regarding the portfolio s performance and for effects of fees Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs 15
16 Strategy characteristics & performance Performance Risk/return profile (%) Gross of fees (based on 10-year period ending March 31, 2018) Modern portfolio statistics as of March 31, 2018 Annualized rate of return (%) Global Multi Cap Mix Global Multi Cap (MDA 4) Mix Annualized return (%) Annualized standard deviation (%) Sharpe ratio Beta 105 N/A N/A Alpha 119 N/A N/A R-squared 097 N/A N/A Risk (% annualized standard deviation) The Mix consists of the following: 40% Russell 1000, 30% Russell 3000 and 30% MSCI EAFE (Net) The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward) Please visit wwwleggmasoncom for the latest performance figures YTD numbers are not annualized Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges Past performance is no guarantee of future results Investments involve risk of loss Alpha, Beta, and R-squared are shown versus the Mix Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges Please see appendix for term definitions Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance Actual fees may vary For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC ( LMPPG ), refer to LMPPG s Form ADV disclosure document Returns reflect the reinvestment of dividends and other earnings Please see Performance Endnotes for additional important information regarding the portfolio s performance and for effects of fees Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs 16
17 Strategy characteristics & performance Performance Up/Down market capture ratios (%) Gross of fees (based on 10-year period ending March 31, 2018) 2 Global Multi Cap Mix Up 73 positive months Down 47 negative months The Mix consists of the following: 40% Russell 1000, 30% Russell 3000 and 30% MSCI EAFE (Net) The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward) Please visit wwwleggmasoncom for the latest performance figures YTD numbers are not annualized Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance Actual fees may vary For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC ( LMPPG ), refer to LMPPG s Form ADV disclosure document Please see appendix for term definitions Please see Performance Endnotes for additional important information regarding the portfolio s performance and for effects of fees Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs Past performance is no guarantee of future results 17
18 Strategy characteristics & performance Performance of $100,000 Gross of fees (based on 10-year period ending March 31, 2018) $300,000 Global Multi Cap Mix $231,617 $268,504 $250,000 $200,000 $150,000 $100,000 $50,000 $ The Mix consists of the following: 40% Russell 1000, 30% Russell 3000 and 30% MSCI EAFE (Net) For illustrative purposes only Assumes no withdrawals or contributions These statistics are based on gross-of-fees quarterly composite returns, were calculated assuming reinvestment of dividends and income, and take into account both realized and unrealized capital gains and losses Past performance is no guarantee of future results All investments involve risk, including the loss of principal Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance Actual fees may vary For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC ( LMPPG ), refer to LMPPG s Form ADV disclosure document Please see Performance Endnotes for additional important information regarding the portfolio s performance and for effects of fees Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs 18
19 Appendix Investment Management Team Investment management team Richard Freeman Managing Director, Portfolio Manager Industry since 1976 Firm since 1983 New York University MBA in Finance Brooklyn College BS in Accounting Member of the ClearBridge Investments Operating/Investment Committee Shearson American Express - Portfolio Manager of the Shearson Aggressive Fund Portfolio Manager of Mid/italization Portfolios Chemical Bank -- Vice President, Trusts and Investments Evan Bauman Managing Director, Portfolio Manager Industry since 1996 Firm since 1996 Duke University BS in Mathematics Drexel Burnham Lambert -- Vice President, Research 19
20 Appendix Investment Management Team Investment management team Elisa Mazen Managing Director, Portfolio Manager Industry since 1986 Firm since 2008 Head of Global Douglass College, Rutgers University BA in economics and finance Member of the Douglass College Investment Committee Oppenheimer Capital, division of Allianz Global Investors Managing Director and head of international and global equity Clemente Capital Inc Portfolio Manager Mitchell Hutchins Asset Management Thor Olsson Director, Portfolio Manager Industry since 1997 Firm since 2000 La Salle University BA in Economics Co-manager ADR SMA Pilgrim Baxter - Fund Analyst Michael Testorf, CFA Managing Director, Portfolio Manager Industry since 1987 Firm since 2015 Wirtschaftsakademie Hamburg BA in Business and Economics (Academy of Business and Administration, Hamburg, Germany) Member of the CFA Institute Senior Portfolio Manager, Senior Partner - R Squared Capital Management Senior Portfolio Manager Artio Global Management LLC/Julius Baer Investment Management Vice President, Senior Equity Sales Julius Baer Securities Assistant Vice President, European Equity Sales BZW Securities Senior Portfolio Manager, Head of European Equity Team United Nations Joint Staff Pension Fund Senior Portfolio Manager, Vice President COMMERZBANK AG Pawel Wroblewski CFA, Director, Portfolio Manager Industry since 1996 Firm since 2008 Columbia University MBA Warsaw School of Economics MA in Finance Member of the CFA Institute Allianz Global Investors - Equity Research Analyst, Oppenheimer Capital division CA-IB Securities - Senior Research Analyst Credit Suisse First Boston - Research Associate Deloitte & Touche - Auditor 20
21 Appendix Investment Management Team Investment management team Peter Bourbeau Managing Director, Portfolio Manager Industry since 1991 Firm since 1991 Fordham University MBA University of Florida BSBA Margaret Vitrano Managing Director, Portfolio Manager Industry since 1996 Firm since 1997 University of Pennsylvania MBA in Finance Duke University BA in Public Policy studies and Art History Citigroup Research Analyst for consumer discretionary sector 21
22 Appendix Performance Endnotes Performance Endnotes Performance calculation Legg Mason Global Multi Cap Portfolios composite performance has the approximate target allocation of the following investment styles: 40% ClearBridge, 30% ClearBridge Multi Cap and 30% ClearBridge ADR The Mix is comprised of 40% Russell 1000, 30% Russell 3000 and 30% MSCI EAFE (Net) indices, rebalanced monthly Unlike the indices included in the Mix, investment styles included in MDA portfolios are not automatically rebalanced each month Performance returns for periods prior to January 2006 are based on the performance of a composite of accounts from a formerly-affiliated sponsor channel, which represented an overwhelming majority of the strategy s retail assets under management during such periods Such pre-2006 returns were calculated on an equal-weighted basis where each portfolio contributed an equal weight to the resulting composite return regardless of its asset size Performance returns for periods subsequent to January 2006 are based on the composite performance of all discretionary retail managed accounts in the strategy Such post-2005 returns were calculated on an assetweighted basis where each portfolio contributed to the resulting composite return proportionately based on asset size Fees Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance Net performance includes the deduction of a 30% annual wrap fee, which is the maximum anticipated wrap fee for equity and balanced portfolios Actual fees may vary For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC ( LMPPG ), refer to LMPPG s Form ADV disclosure document definitions The Russell 1000 measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values (A price-to-book ratio is the price of a stock compared to the difference between a company s assets and liabilities) The Russell 3000 measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values The Russell 3000 is composed of the 3,000 largest US companies based on total market capitalization, and represents the vast majority of the investable US market The MSCI EAFE (Europe, Australasia, Far East) is a free-float-adjusted, market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada As of April 2002 the MSCI EAFE consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom It is calculated on a total return basis divided by net dividends, with foreign taxes withheld The is a capitalization-weighted, composite index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries The portfolio composition typically varies from that of the above-noted, unmanaged indices Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges Past performance is no guarantee of future results 22
23 Appendix Definitions Definitions Definitions The Bloomberg Barclays US Government/Credit Bond tracks the performance of the overall bond market and is a broad measure of the performance of government and corporate fixed-rate debt issues FTSE 3-Month US Treasury Bill is an index based upon the average monthly yield of the 90-Day Treasury Bills Treasury bills are secured by the full faith and credit of the US Government and offer a fixed rate of return The MSCI EAFE (Europe, Australasia, Far East) is an unmanaged index of common stocks of companies located in Europe, Australasia and the Far East The MSCI World is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets The MSCI World ex US consists of the following 22 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and, the United Kingdom The Russell 1000 consists of the 1000 largest securities in the Russell 3000, and this large cap (market-oriented) index is highly correlated with the The Russell 1000 measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values (A priceto-book ratio is the price of a stock compared to the difference between a company s assets and liabilities) The Russell 1000 measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values The Russell 2000 is comprised of the 2,000 smallest companies in the Russell 3000 The Russell 2000 measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values The Russell 2000 measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values The Russell 3000 is comprised of the 3,000 largest US companies based on total market capitalization, and represents the vast majority of the investable US market The Russell 3000 measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values The Russell MidCap consists of the 800 smallest companies in the Russell 1000 as ranked by total market capitalization The Russell MidCap measures the performance of those Russell MidCap companies with higher price-to-book ratios and higher forecasted growth values The Russell MidCap measures the performance of those Russell MidCap companies with lower price-to-book ratios and lower forecasted growth values The stock are also members of the Russell 1000 The is a capitalization weighted, composite index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries The /FTSE is an index of stocks representing approximately half of the market capitalization of the stocks in the that, on a growth-value spectrum, have been identified as falling either wholly or partially within the value half of the spectrum based on a number of factors Until December 16, 2005, when Standard & Poor s changed both the name of the index and its calculation methodology, the index was called the / BARRA Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges 23
24 Appendix Term Definitions Definitions Term definitions Market Capitalization measures the number of outstanding common shares of a given corporation multiplied by the latest price per share Weighted Median Market Capitalization represents the value at which half the portfolio s market capitalization weight falls above and half falls below Weighted Average Market Capitalization represents the average value of the companies held in the portfolio When that figure is weighted, the impact of each company s capitalization on the overall average is proportional to the total market value of its shares Dividend Yield is determined by dividing a stock s annual dividends per share by the current market price per share Dividend yield is a financial ratio that shows how much a company pays out in dividends P/E (Year 1) is the previous day s closing price of the stock divided by the consensus earnings per share (EPS) of fiscal year 1 (FY1) provided by I/B/E/S Forecasts are inherently limited and should not be relied upon as indicators of future performance The Price-to-Book ratio (P/B) is a stock s price divided by the stock s per share book value Earnings Per Share (EPS) is the portion of a company s profit allocated to each outstanding share of a common stock The Sharpe Ratio is a risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk The higher the Sharpe Ratio, the better the portfolio s historical adjusted performance Alpha is a measure of the difference between actual returns and expected performance, given the level of risk as measured by Beta, where Beta measures sensitivity to benchmark movements R-Squared measures the strength of the linear relationship between the portfolio and its benchmark R-squared at 10 implies perfect linear relationship and zero implies no relationship exists Standard Deviation is based on quarterly data Standard deviation is a measure of the variability of returns; the higher the standard deviation, the greater the range of performance (ie, volatility) The Capture Ratios measure a manager s composite performance relative to the benchmark, considering only those quarters that are either positive (Up) or negative (Down) for the benchmark An Up Market Capture Ratio greater than 10 indicates a manager who has outperformed the benchmark in the benchmark s positive quarters A Down Market Capture Ratio of less than 10 indicates a manager who has outperformed the relative benchmark in the benchmark s negative quarters 24
25 Brandywine Global Clarion Partners ClearBridge Investments EnTrustPermal Martin Currie QS Investors RARE Infrastructure Royce & Associates Western Asset Legg Mason is a leading global investment company committed to helping clients reach their financial goals through long-term, actively managed investment strategies A broad mix of equities, fixedincome, alternatives and cash strategies invested worldwide leggmasoncom A diverse family of specialized investment managers, each with its own independent approach to research and analysis Over a century of experience in identifying opportunities and delivering astute investment solutions to clients Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment adviser Client portfolios are managed based on investment instructions or advice provided by one or more of the following Legg Mason-affiliated sub-advisers: ClearBridge Investments, LLC and Western Asset Management Company Management is implemented by LMPPG, the designated subadviser or, in the case of certain programs, the program sponsor or its designee Investments for the program(s) discussed herein are traded primarily in US markets and unless otherwise noted, equity and fixed income investments for such program(s) are primarily of US issuers In addition, unless otherwise noted, indexes referred to herein represent groups of securities that are issued primarily by US issuers IMPORTANT TAX INFORMATION: Legg Mason, Inc, its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law Any such taxpayer should seek advice based on the taxpayer s particular circumstances from an independent tax advisor Gross-of-fees performance results shown herein do not reflect deduction for investment management fees and transaction costs The performance of individual client accounts will vary and will be reduced by such fees and costs Please review the effect of fees and transaction costs on account performance with your financial professional Investments are not obligations of, and are not guaranteed by, LMPPG or any other Legg Mason, Inc affiliate or subsidiary; are not FDIC or government insured; and are subject to risks, including possible loss of the principal amount invested Professional money management may not be suitable for all investors Multiple Discipline Account is a registered service mark of Morgan Stanley Smith Barney, LLC ( MSSB ) and is used under license by Legg Mason Private Portfolio Group ( LMPPG ) LMPPG is not affiliated with MSSB Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional 2018 Legg Mason Investor Services, LLC, member FINRA, SIPC Legg Mason Investor Services, LLC and ClearBridge Investments are subsidiaries of Legg Mason, Inc FN SMA0043 PPG-Q118-V1
CLEARBRIDGE LARGE CAP GROWTH PORTFOLIOS
1Q 2018 Separately Managed Accounts CLEARBRIDGE LARGE CAP GROWTH PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment managers
More informationLEGG MASON DIVIDENDS & GROWTH PORTFOLIOS (MDA 3)
3Q 2017 Separately Managed Accounts LEGG MASON DIVIDENDS & GROWTH PORTFOLIOS (MDA 3) INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Underlying strategies
More informationCLEARBRIDGE ALL CAP GROWTH PORTFOLIOS
4Q 2017 Separately Managed Accounts CLEARBRIDGE ALL CAP GROWTH PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment managers
More informationLEGG MASON GLOBAL ALL CAP PORTFOLIOS (MDA 7A)
3Q 2017 Separately Managed Accounts LEGG MASON GLOBAL ALL CAP PORTFOLIOS (MDA 7A) INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Underlying strategies in
More informationLEGG MASON ALL CAP BLEND PORTFOLIOS (MDA 0)
1Q 2018 Separately Managed Accounts LEGG MASON ALL CAP BLEND PORTFOLIOS (MDA 0) INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Underlying strategies in proposed
More informationLEGG MASON BALANCED INCOME PORTFOLIOS
4Q 2017 Separately Managed Accounts LEGG MASON BALANCED INCOME PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers Having
More informationLEGG MASON DIVIDEND STRATEGY BALANCED PORTFOLIOS
2Q 2018 Separately Managed Accounts LEGG MASON DIVIDEND STRATEGY BALANCED PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers
More informationCLEARBRIDGE APPRECIATION PORTFOLIOS
4Q 2017 Separately Managed Accounts CLEARBRIDGE APPRECIATION PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment managers
More informationLEGG MASON BALANCED INCOME W/MUNIS PORTFOLIOS
4Q 2017 Separately Managed Accounts LEGG MASON BALANCED INCOME W/MUNIS PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers
More informationCLEARBRIDGE INTERNATIONAL VALUE ADR PORTFOLIOS
4Q 2017 Separately Managed Accounts CLEARBRIDGE INTERNATIONAL VALUE ADR PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment
More informationCLEARBRIDGE DIVIDEND STRATEGY PORTFOLIOS
3Q 2018 Separately Managed Accounts CLEARBRIDGE DIVIDEND STRATEGY PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Disclosure Merrill Lynch Disclosure Investing involves
More informationCLEARBRIDGE LARGE CAP VALUE ESG PORTFOLIOS
1Q 2018 Separately Managed Accounts CLEARBRIDGE LARGE CAP VALUE ESG PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment managers
More informationCLEARBRIDGE APPRECIATION ESG PORTFOLIOS
3Q 2017 Separately Managed Accounts CLEARBRIDGE APPRECIATION ESG PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment managers
More informationCLEARBRIDGE DIVIDEND STRATEGY ESG PORTFOLIOS
3Q 2017 Separately Managed Accounts CLEARBRIDGE DIVIDEND STRATEGY ESG PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment
More informationWESTERN ASSET MUNICIPAL BOND LADDERS
1Q 2018 Separately Managed Accounts WESTERN ASSET MUNICIPAL BOND LADDERS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers Having
More informationCLEARBRIDGE DIVIDEND STRATEGY ESG PORTFOLIOS
4Q 2017 Separately Managed Accounts CLEARBRIDGE DIVIDEND STRATEGY ESG PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction About Legg Mason Meet our investment
More informationClearBridge Multi Cap Growth Portfolios
Q417 Separately Managed Accounts Quarterly Attribution Report ClearBridge Multi Cap Growth Portfolios Quarterly Attribution Report (SUPPLEMENTAL INFORMATION) (TO BE USED ONLY IN CONJUNCTION WITH PRODUCT
More informationWESTERN ASSET GSM 5-YEAR PORTFOLIOS
4Q 2017 Separately Managed Accounts WESTERN ASSET GSM 5-YEAR PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers Having
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 informationDIVERSIFICATION BY DESIGN
Legg Mason US Diversified Core ETF (Ticker: UDBI) Legg Mason Developed Ex-US Diversified Core ETF (Ticker: DDBI) Legg Mason Emerging Markets Diversified Core ETF (Ticker: EDBI) DIVERSIFICATION BY DESIGN
More informationWESTERN ASSET ACTIVE BOND GOV/CORP PORTFOLIOS
4Q 2017 Separately Managed Accounts WESTERN ASSET ACTIVE BOND GOV/CORP PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers
More informationWESTERN ASSET CURRENT MARKET MUNI PORTFOLIOS
3Q 2017 Separately Managed Accounts WESTERN ASSET CURRENT MARKET MUNI PORTFOLIOS INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Introduction Legg Mason Meet our investment managers
More informationA GUIDE TO SEPARATELY MANAGED ACCOUNTS
At the forefront of SMAs A GUIDE TO SEPARATELY MANAGED ACCOUNTS Separately managed accounts (SMAs) play an important role in providing investors choice in how they access professional investment management.
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 informationNuance Mid Cap Value Fund (NMVLX)
Value Fund (NMVLX) Third Quarter Investment Objective The Value Fund seeks long term capital appreciation. The performance focus is on absolute return and Sharpe vs the Russell Midcap Value, primary benchmark,
More informationSEPARATELY MANAGED ACCOUNTS
Offering Guide Leadership and Innovation SEPARATELY MANAGED ACCOUNTS Today s complex markets require different approaches ones that can provide greater financial freedom, active management and tax control.
More informationBONDS WITHOUT BORDERS
BONDS WITHOUT BORDERS Discover opportunities in global bond markets While U.S. fixed income investors have traditionally stayed close to home, there are compelling reasons for venturing farther afield.
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 informationGlobal Equity Strategy Report
Global Investment Strategy Global Equity Strategy Report April 26, 2017 Stuart Freeman, CFA Co-Head of Global Equity Strategy Scott Wren Senior Global Equity Strategist Analysis and outlook for the equity
More informationShare class (Symbol): A (SHRAX), C (SAGCX), FI (LMPFX), I (SAGYX), IS (LSIFX) THE NUMBERS BEHIND THE NAME
ClearBridge Aggressive Growth Fund Share class (Symbol): A (SHRAX), C (SAGCX), FI (LMPFX), I (SAGYX), IS (LSIFX) THE NUMBERS BEHIND THE NAME When a Fund has been around for three decades sometimes a name
More informationFund Attribution and Characteristics Report
Fund Attribution and Characteristics Report Fidelity Worldwide Fund as of December 31, 2004 Information reflects the fund s investments up to December 31, 2004 and may not be representative of current
More informationRules-Based Investing
Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationPremium (Institutional Share Class) Simple. Performance.TM. Wellesley Hills Naples
Premium (Institutional Share Class) Simple. Performance.TM Wellesley Hills Naples Our investors seek relative outperformance in bull markets and absolute performance in bear markets. The BCM strategies
More informationASSET ALLOCATION STRATEGIES THE ART OF DIVERSIFICATION
ASSET ALLOCATION STRATEGIES THE ART OF DIVERSIFICATION Potential Advantages of Diversification Individual asset classes tend to historically perform differently depending on market conditions. A portfolio
More informationCalamos Phineus Long/Short Fund
Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle
More informationMANAGE PORTFOLIO VOLATILITY THROUGH DYNAMIC ASSET ALLOCATION
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Share class (Symbols): Class I (QDMSIX/52467M793), Class II (QDMSTX/52467M785) MANAGE PORTFOLIO VOLATILITY THROUGH DYNAMIC ASSET ALLOCATION A portfolio
More informationStay on Track with TARGET
Stay on Track with TARGET Whether you re spending time with your family or focusing on your career, your time is valuable. The time you spend searching for that hot dot or keeping abreast of market events
More informationA SIMPLE, BALANCED APPROACH TO GROWTH
QS Asset Allocation A SIMPLE, BALANCED APPROACH TO GROWTH For investors who prefer a simple and accessible approach to growth-oriented investing, QS Asset Allocation are a smart option. Each of the four
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationPIMCO Research Affiliates Equity (RAE) Fundamental
PIMCO Research Affiliates Equity (RAE) Fundamental Seek to get more from your equity allocation with a systematic strategy that captures the key benefits of a passive equity approach, with the potential
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 informationGLOBALLY DIVERSIFIED INCOME
Cultivating the Growth of the Dividend GLOBALLY DIVERSIFIED INCOME Thornburg Investment Income Builder Fund With a dual focus on current dividend generation and capital appreciation over time, Thornburg
More informationYOUR CLIENTS ARE LOOKING FOR A TARGET DATE ADVANTAGE
Legg Mason Total Advantage Funds Wilmington Trust, N.A. YOUR CLIENTS ARE LOOKING FOR A TARGET DATE ADVANTAGE Nine out of 10 retirees and pre-retirees agree that it is important to take steps to avoid major
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
Portfolio A diversified 403(b) portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies
More informationDreyfus Index Funds. Dreyfus S&P 500 Index Fund. Dreyfus Midcap Index Fund, Inc. Dreyfus Smallcap Stock Index Fund
Dreyfus Index Funds Prospectus March 1, 2013 Dreyfus S&P 500 Index Fund Ticker Symbol: PEOPX Dreyfus Midcap Index Fund, Inc. Ticker Symbol: PESPX Dreyfus Smallcap Stock Index Fund Ticker Symbol: DISSX
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More 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 informationUNDERSTANDING CLOSED-END FUNDS
Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors
More informationInnealta Capital Tactical ETF Portfolios
Sector and Country Rotation Portfolios Actively managed and designed to adjust to market conditions Provide exposure to domestic and international equities using ETFs Strategies based on a quantitatively-driven
More informationAdverse Active Alpha SM Manager Ranking Model
CONSULTING GROUP INVESTMENT ADVISOR RESEARCH DECEMBER 3, 2013 Adverse Active Alpha SM Manager Ranking Model MATTHEW RIZZO Vice President Matthew.Rizzo@ms.com +1 302 888-4105 Introduction Investment professionals
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 informationFossil Fuel Investment and Divestment: Choices for a Responsible Investor
PRESENTATION FOR Fossil Fuel Investment and Divestment: Choices for a Responsible Investor APRIL 2014 Stephanie R. Leighton, CFA Portfolio Manager 617-532-6667 sleighton@trilliuminvest.com Two Financial
More informationRecognize the Relative Advantages of Natural Resource Equities vs. Commodities
Recognize the Relative Advantages of Natural Resource Equities vs. Commodities Investors look to the commodity market to provide three primary benefits: portfolio diversification, inflation protection,
More informationCLEARBRIDGE DIVIDEND STRATEGY PORTFOLIOS
2Q 2018 Separately Managed Accounts Product Commentary CLEARBRIDGE DIVIDEND STRATEGY PORTFOLIOS Michael Clarfeld, CFA, Scott Glasser, Diane Keady and Peter Vanderlee, CFA Portfolio Managers Dividend Strategy
More informationWESTERN ASSET CURRENT MARKET MUNI PORTFOLIOS
1Q 2018 Separately Managed Accounts Product Commentary WESTERN ASSET CURRENT MARKET MUNI PORTFOLIOS Executive summary The municipal ("muni") bond market posted a negative return but outperformed its taxable
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 informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationBlackstone Alternative Alpha Fund (BAAF)
Blackstone Alternative Alpha Fund (BAAF) Blackstone For Accredited Investors Only As of February 29th, 2016 Investment approach Blackstone Alternative Alpha Fund ( BAAF or the Fund ) is a closed end registered
More 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 informationHistorical Price Returns
ANNUITIES SINGLE PREMIUM DEFERRED Brighthouse Shield Level 10 SM Annuity Historical Price Returns Over the long term, history has shown that equities can be a powerful way to help grow your assets and
More informationFranklin Equity Group International Small Cap Update Investment Forum Materials / Not for Public Distribution
Franklin Equity Group International Small Cap Update EDWIN LUGO, CFA Senior Vice President, Portfolio Manager Franklin Equity Group Franklin Templeton Institutional, LLC June 5, 2013 Agenda Organization
More informationNORTHERN EQUITY INDEX FUNDS YOUR PROSPECTUS INSIDE
NORTHERN EQUITY INDEX FUNDS YOUR PROSPECTUS INSIDE JULY 31, 2009 NORTHERN FAMILY OF FUNDS RISK/REWARD POTENTIAL When building a sound Northern Funds investment strategy, you ll want to select a mix of
More informationManaged Accounts. FTA/Morningstar Multi-Discipline 75/25 Strategy. First Quarter 2018
Managed Accounts FTA/Morningstar Multi-Discipline 75/25 Strategy First Quarter 2018 Firm Profile First Trust Advisors L.P./First Trust Portfolios L.P. Established in 1991; privately owned Over 700 employees
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationMarket Overview As of 4/30/2018
Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
More informationMarket Overview As of 11/30/2018
Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
More information1000G 1000G HY
Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
More informationQuestions and answers about Russell Tax-Managed Model Strategies allocation changes
MAY 11, 2015 Questions and answers about Russell Tax-Managed Model Strategies allocation changes Summary The global financial markets are dynamic, never constant nor predictable. We believe investors should
More informationMarket Overview As of 1/31/2019
Asset Class Leadership Periodic Table Worst Best 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 2 18.88 16.71 15.51 15.12 15.06 11.15 7.84 7.28 4.98 2.64 2.11 0.39-2.91-5.50-13.71 20.14
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 informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationSCHOLARS CHOICE 529 COLLEGE SAVINGS PROGRAM
1Q 2018 Performance Summary SCHOLARS CHOICE 529 COLLEGE SAVINGS PROGRAM INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Scholars Choice Performance Date YTD 1 Yr 3 Yr 5 Yr 10 Yr
More informationMarket Overview As of 8/31/2017
Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
More informationMarket Overview As of 10/31/2017
Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
More informationDimensions of Equity Returns in Europe
RESEARCH Dimensions of Equity Returns in Europe November 2015 Stanley Black, PhD Vice President Research Philipp Meyer-Brauns, PhD Research Size, value, and profitability premiums are well documented in
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationFirst Quarter 2018 (as of December 31, 2017) The Factor Report. What s driving factor performance?
First Quarter 2018 (as of December 31, 2017) The Factor Report What s driving factor performance? Table of Contents Page Q4 Summary..................................................................................
More informationTHE CASE FOR ACTIVE IN FIXED INCOME NOW
Legg Mason Thought Leadership THE CASE FOR ACTIVE IN FIXED INCOME NOW Finding attractive opportunities in today s fixed-income markets is not an easy task, with already-low yields and persistent uncertainty
More informationFidelity International Index Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity International Fund Investment Approach Fidelity International Fund is a diversified international equity strategy that seeks to closely track the
More informationGIPS List of Composite Descriptions
GIPS List of Composite Descriptions Updated 5/12/14 Concentrated Growth Composite-330 Concentrated Growth portfolios, benchmarked to the Russell 1000 Growth Index, take concentrated positions in larger
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationRebalancing International Equities: What to Know. What to Consider.
Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their
More informationMid Cap Dividend Growth Strategy
Mid Cap Dividend Growth Strategy Product Level Investment Process Stock Universe Companies that have increased their dividends with market capitalizations of $1 billion to $15 billion Stock Selection Top
More informationWHO WANTS TO BE A MILLIONAIRE? MATSON MONEY INVESTOR EDUCATION SERIES
WHO WANTS TO BE A MILLIONAIRE? MATSON MONEY INVESTOR EDUCATION SERIES TABLE OF CONTENTS page 3 page 4 page 6 page 7 page 9 page 10 WHO WANTS TO BE A MILLIONAIRE? MILLIONAIRE FACTS I LL CATCH UP LATER THE
More informationMercados Globales Larrain Vial
Mercados Globales Larrain Vial Investec Asset Management Thanos Papasavvas Head of Currency Management March 2007 Currency Management an alternative source of alpha This presentation has been prepared
More informationHSBC USA Inc. Buffered Accelerated Market Participation Securities TM ( Buffered AMPS )
Filed Pursuant to Rule 433 Registration No. 333-202524 May 2, 2016 FREE WRITING PROSPECTUS (To Prospectus dated March 5, 2015, Prospectus Supplement dated March 5, 2015, Equity Index Underlying Supplement
More informationNimbus 9. STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 European Stock Fund Total Fund Assets: $1.
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 Total Fund Assets: $1.1 billion 1 INVESTMENT APPROACH p Fundamental research is critical to successfully identify and
More informationMSCI EAFE Index. An index that provides access to developed markets outside the United States. Nationwide New Heights Fixed Indexed Annuities
Nationwide New Heights Fixed Indexed Annuities International Index Option Guide MSCI EAFE Index An index that provides access to developed markets outside the United States MSCI EAFE The MSCI EAFE Index
More informationGlobal Investment Strategy Report
Global Investment Strategy Global Investment Strategy Report June 5, 2017 Tracie McMillion, CFA Head of Global Asset Allocation Strategy Weekly market insights from the Global Investment Strategy team»
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 informationInvesting With Impact Platform and Select UMA. Balanced Portfolio Equity Portfolio
Investing With Impact Platform and Select UMA Balanced Portfolio Equity Portfolio Overview Investing With Impact Portfolios Part I What is Investing with Impact? Timeline of Investing with Impact Investing
More informationThe Year of the Snake: Investing in a Rising Rate Environment
The Year of the Snake: Investing in a Rising Rate Environment Duncan W. Richardson, CFA Chief Equity Investment Officer 13 th February 2013 1 Inflation Deflation 2 Depressing Cycle 3 Source: Baseline as
More informationFACTOR INVESTING: Targeting your investment needs. Seek to enhance returns Manage risk Focused outcomes
FACTOR INVESTING: Targeting your investment needs Seek to enhance returns Manage risk Focused outcomes 1 Table of Contents Introduction What is factor investing? How to use factors in a portfolio Fidelity
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 informationSchwab Indexed Retirement Trust Fund 2040
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Target Date 2036-2040 Benchmark 2040 Custom Index 1 Unit Class Inception Date Fund Inception Date 1/5/2009 Net Asset Value
More information