Investment Update UK Institutional Funds April 2018
|
|
- Tiffany Porter
- 6 years ago
- Views:
Transcription
1 Investment Update UK Institutional Funds April 2018 This communication is intended for investment professionals only and must not be relied on by anyone else. After some deceleration in global activity into the spring, prospects for the world economy look rather good for the rest of this year and into Business surveys have eased back in recent weeks, but are still at solid levels on a historical basis. Positive drivers include lower unemployment in many countries, supporting consumer spending, while healthier banking systems and more upbeat business confidence are encouraging companies to invest. In addition, US tax cuts and spending increases will materially boost US economic growth. Although central banks are raising interest rates (in the US and UK) or withdrawing some monetary support (in Europe and China) they are doing so gradually. There are potential problems ahead, however, noticeably whether lowlevel trade conflicts between the US and China turn into something more serious. Against this backdrop, the outlook for corporate profits is favourable. As long as central bank tightening remains moderate, then a pro-risk approach is indicated. The House View is overweight in most equity markets. Exceptions involve developed Asia, given concerns about the potential extent of China s slowdown, and the UK, where political uncertainty is undermining business profitability. Fixed income markets are responding to mixed signals about the pace of economic growth but also some signs of higher inflation in the US, even if it looks contained in other major economies. Looking ahead, the Federal Reserve has indicated that it will tighten monetary policy steadily. Some investors are also considering the ECB ending quantitative easing (in 2018) and even raising interest rates (in 2019). Our portfolios are underweight in most government bond markets, except some European peripheral markets. Even with expected rate increases, we prefer some high-yielding bond markets and inflationlinked bonds as a precaution against any inflation surge. Within commercial real estate, we have taken steps to neutralise our positions across all the major regions. Although global property remains an attractive asset class in a world of moderate growth, valuations mean that the bulk of future returns should come from rents. We maintain a small overweight position in European ex-uk REITs, as the region should benefit as the domestic economic growth environment improves. Generally, we prefer offices and logistics to the retail sector, which remains under structural pressure from the rise of e-commerce. Among the major currencies, we hold a small overweight position in the Japanese yen, are neutral in the euro and the US dollar, and favour a small underweight position in sterling. This partly reflects cross-border capital flows, partly valuation measures, and partly to act as a diversifier. For example, the yen usually benefits when investor uncertainty falls and provides protection due to its characteristics as a longer duration asset. Pension Managed Fund Standard Life Multi Asset Managed (20-60% Shares) Pension Fund Fund % Fund % UK Equities 28.2 UK Equities 26.4 European Equities 15.8 UK Fixed Interest 17.8 North American Equities 18.9 Overseas Bonds 17.6 UK Fixed Interest 6.7 European Equities 8.0 Overseas Bonds 8.5 North American Equities 8.1 Pacific Basin Equities 2.9 Pacific Basin Equities 2.1 Japanese Equities 5.7 Japanese Equities 4.5 Property 2.4 Property 1.5 Emerging Market 4.3 Index Linked 2.6 Index Linked 2.1 Cash & Other 11.6 Cash & Other 4.8 Pension Stock Exchange Fund Fund % UK Equities 29.1 North American Equities 18.4 European Equities 15.5 UK Fixed Interest 7.0 Overseas Bonds 9.4 Pacific Basin equities 3.0 Japanese Equities 7.0 Emerging Market 4.5 Index Linked 2.1 Cash & Other 4.1
2 Investment Indices* - Annual growth up to 01/04/2018 Over last 12 months % Over last 3 years % (p.a.) Over last 5 years % (p.a.) FTSE All World ex UK Index FTSE All Share Index S&P 500 Composite Index FTSE World Europe ex UK Index Tokyo SE (Topix) Index ( ) FTSE World Asia Pacific ex Japan Index ( ) FTSE Actuaries UK Conventional Gilts All Stocks Index** FTSE British Government Index-Linked All Stocks Index *Total return indices include reinvested income. **Formerly the FTSE British Government All Stocks Index. Annualised Growth All figures are gross of annual management charges. Performance figures are calculated on a gross basis over periods to 1 April Size of Fund ( 000) 1 Year % 3 Years % p.a. 5 Years % p.a. Managed Funds Managed 876, Stock Exchange 42, Multi Asset Managed (20-60% Shares) 2,622, Equity Funds European 624, Japanese 2,280, North American 554, UK Equity 2,133, Overseas 78, Pacific Basin 708, Global Equity 60/40 6, Global Equity 50/50 1,326, Bonds Funds UK Mixed Bond 81, Global Mixed Bond 2,155, Long Corporate Bond 549, Long Bond 30, Gilt 1,349, Corporate Bond 3,183, Index-Linked 724, Specialist Funds Global Absolute Return Strategies 12,690, Annuity Purchase*** 673, Ethical 668, Pooled Property* 3,141, Long Lease Property 2,164, Money Market (formerly the Sterling Fund) 979, Deposit & Treasury (formerly the Managed Cash Fund) 731, Tracker Funds** Overseas Equity Tracker 561, Global Equity Tracker 654, Source: Standard Life Investments *This data is only available on a calendar quarter basis (31 March, 30 June, 30 September & 31 December). Please note that the Fund returns are all now shown on a net of fees basis. All constituents of the AREF/IPD UK Pooled Property Fund Index are now reporting on a consistent basis. **On 2 April 2012, Standard Life announced the appointment of Vanguard Asset Management Limited to manage their tracker funds. The appointment follows the decision by Standard Life Investments to close its OEIC tracker sub funds in order to focus on active fund management. The fund names, fund management charges and risk profiles will remain the same. The transfer of the underlying investments was finalised on 29 June *** No data available for this fund as it is currently under re-structure/strategy change process.
3 House View - 1 April 2018 Risk The Global Investment Group remains focused on a pro-cyclical stance favouring risk assets. However, as valuations have become more extended and the economic cycle has matured, portfolios have sought diversification in specific asset classes. Government Bonds UK Gilts Neutral The outlook for interest rates remains mixed while the economy faces both higher inflation and slower economic activity, complicated by Brexit negotiations. US Treasuries Underweight Bonds have priced in most, but not all, the expected interest rate increases. Therefore, bonds should sell off moderately unless there is a major deterioration in inflation. European Bonds Neutral While the economy is expanding steadily, the ECB has signalled a slow approach to tapering bond purchases against a backdrop of muted inflation. Japanese Bonds Underweight Our portfolios are funding other risk positions out of Japanese bonds, reflecting the market with the lowest yield yet strict yield curve control from the Bank of Japan. Global Inflation Linked Debt Overweight This asset class provides both downside protection against any risk-off moves as well as a degree of protection against any future inflation increase. Global Emerging Market Debt Overweight Local currency yields are more attractive due to emerging markets sensitivity to the pick-up in global growth, improvements in the balance of payments and attractive spreads to global government bonds. Corporate Bonds Investment Grade Underweight QE supports UK bonds, but it has driven European yields to unattractive levels. US credit spreads are now tight and provide little protection should Treasury yields increase. High Yield Debt Overweight US yields are attractive and the asset class can deliver a positive total return even with moderate spread widening. European spreads are approaching their pre-crisis lows. Equities UK Equities Underweight UK economic growth expectations are weakening and Brexit remains a longer-term threat. Companies with relatively modest growth prospects dominate the FTSE 100 Index. US Equities Overweight Improving company profits and proposed tax cuts support the market, with attractive opportunities among the technology and financial sectors, for example. European Equities Overweight Corporate earnings are improving following a widespread pick-up in economic growth across the region and stronger international trade flows. Euro appreciation continues to restrain interest in European stocks. Japanese Equities Overweight The market looks attractive as easy monetary policy and fiscal stimulus are helped by efforts to improve corporate governance, share buybacks and business investment. However, yen strength periodically remains a concern. Developed Asian Equities Neutral The improvement in the global economy supports this market, but Chinese policy tightening risks curbing fixed asset investment and property demand, which is a large driver for the region. Emerging Market Equities Overweight Global growth improvements, especially for key sectors such as Asian technology, support the asset class. A tightening bias in China may prove to be a headwind. Real Estate UK - Neutral The UK real estate cycle is at a mature stage and expectations of further capital growth are limited. Income remains attractive, although risks are elevated should conditions turn recessionary or political uncertainty grows. Europe Overweight Stronger economic growth and low levels of new supply support European property. The ECB s policy stance also supports valuations. North America - Neutral The US market has low vacancies across most sectors and markets, although the sizeable retail sector is coming under more pressure. Asia Pacific Neutral An attractive yield margin remains, but yields have bottomed in most markets. Income returns are driven by modest rental growth on the back of low vacancies and healthy tenant demand.
4 Other Assets Foreign Exchange Overweight, Neutral $,, Underweight The major currencies are within normal valuation ranges. We currently only favour the yen, which can act as a diversifier against the risk of a decline in global activity. Global Commodities Neutral While the slow improvement in global growth supports commodities, they are very sensitive to Chinese policy tightening and some commodities, such as oil, face an uncertain demand/supply balance. Cash Cash Underweight With global yields still extremely low, we still see better opportunities in risk assets.
5 Important Information Growth figures for Investment Indices include reinvested income, and are expressed in sterling. For comparison purposes these figures do not allow for any taxes, charges and dealing costs. The FTSE All-Share Index, FTSE All-Share Index and FTSE World Europe ex UK Index are calculated solely by FTSE International Limited. FTSE International Limited does not sponsor, endorse or promote this product. All copyright in the index values and constituent list vests in FTSE International Limited. Standard Life Investments Limited has obtained full licence from FTSE International Limited to use such copyright in the creation of this product. FTSE, FT-SE and Footsie are trade marks of Exchange and FT and are used by FTSE International Limited under licence. FTSE All-Share is a trade mark of FTSE. Cash and Other for example, may include bank and building society deposits, other money market instruments such as Certificates of Deposits (CDs), Floating Rate Notes (FRNs) including Asset Backed Securities (ABSs) and allowances for tax, dividends and interest due if appropriate. Past Performance is not a guide to future performance. The price of shares and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. These funds may only be accessed through policies issued by Standard Life Assurance Limited. To find out more about our funds visit our website aberdeenstandard.com. Alternatively, please speak to your usual contact at Standard Life Investments. *Any data contained herein which is attributed to a third party ( Third Party Data ) is the property of (a) third party supplier(s) (the Owner ) and is licensed for use by Standard Life Aberdeen**. Third Party Data may not be copied or distributed. Third Party Data is provided as is and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life Aberdeen** or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. **Standard Life Aberdeen means the relevant member of the Standard Life Aberdeen group, being Standard Life Aberdeen plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. FTSE, FT-SE, Footsie, [ FTSE4Good and techmark] are trade marks jointly owned by the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited ( FTSE ) under licence. [ All-World, All- Share and All-Small are trade marks of FTSE.] The Fund is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ), by the London Stock Exchange Plc (the Exchange ), Euronext N.V. ( Euronext ), The Financial Times Limited ( FT ), European Public Real Estate Association ( EPRA ) or the National Association of Real Estate Investment Trusts ( NAREIT ) (together the Licensor Parties ) and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE EPRA NAREIT Developed Index (the Index ) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, none of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. FTSE is a trade mark of the Exchange and the FT, NAREIT is a trade mark of the National Association of Real Estate Investment Trusts and EPRA is a trade mark of EPRA and all are used by FTSE under licence. Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Standard Life Investments Limited is authorised and regulated by the Financial Conduct Authority. Calls may be monitored and/or recorded to protect both you and us and help with our training Standard Life Aberdeen, images reproduced under licence
Investment Update Retail Pension November 2018
Investment Update Retail Pension November 2018 This communication is intended for investment professionals only and must not be relied on by anyone else. Investment Indices - Annual growth up to 01/11/2018
More informationInvestment Report. Standard Life Corporate Investment Proposition MyFolio Managed Pension Funds Report Q2 2018
Investment Report Standard Life Corporate Investment Proposition Q2 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q3 2018 OEIC Ret MyFolio Market Ratings MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three growth and
More informationQuarterly Range Report
Quarterly Range Report Active Plus Range - Q3 2018 Pension Insured Funds S4 Retail Active Plus There are five Active Plus Pension Funds, ranging from lower through to higher risk (I to V). Each fund invests
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q1 2019 Pension Insured Funds S4 Retail MyFolio Market MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three
More informationQuarterly Range Report
Quarterly Range Report MyFolio Multi-Manager Income Range - Q1 2018 Pension Insured Funds S4 Retail MyFolio Multi-Manager Income MyFolio is a flexible solution consisting of 25 multi-asset, fund-of-funds,
More informationInvestment Report. Corporate Investment Proposition Active Plus Funds Report. Standard Life. Corporate Investment Proposition Active Plus Funds Report
Investment Report Standard Life Corporate Investment Proposition Q1 2018 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationFeb. IA Global Equity Income Sector. 28 February Fund Information * Composition by Country. Top Ten Holdings. OEIC Fund. Equity Fund.
Feb 2019 Global Equity Income Fund 28 February 2019 The fund aims to provide income and some capital growth over the longer term by investing predominantly in the shares of companies listed on global stock
More informationMyFolio Multi-Manager Income V Fund
Q1 2017 MyFolio Multi-Manager Income V Fund 31 March 2017 The fund aims to provide an income-focused return with some capital appreciation over the longer term, investing mainly in a range of collective
More informationQuarterly Range Report
Quarterly Range Report MyFolio Managed Range - Q2 2018 OEIC Platform 1 MyFolio Managed Ratings MyFolio is a flexible solution consisting of 25 multi-asset, fund-of-funds, split into five ranges (three
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q1 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationNov. IA Global Equity Income Sector. 30 November Fund Information * Composition by Country. Top Ten Holdings. OEIC Fund. Equity Fund.
Nov 2018 Global Equity Income Fund 30 November 2018 The fund aims to provide income and some capital growth over the longer term by investing predominantly in the shares of companies listed on global stock
More informationInvestor s Guide Clerical Medical Pension Funds
Investor s Guide Clerical Medical Pension Funds Contents Introduction 1 Clerical Medical funds managed by Aberdeen Standard Investments 2 Clerical Medical funds managed by other fund managers 3 Pension
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q3 2016 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationInvestment Report. Standard Life Corporate Investment Proposition Passive Plus Funds Report Q3 2018
Investment Report Standard Life Corporate Investment Proposition Q3 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q3 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationMyFolio Multi-Manager Income IV Fund
Q1 2017 MyFolio Multi-Manager Income IV Fund 31 March 2017 The fund aims to provide an income-focused return with some capital appreciation over the longer term, investing mainly in a range of collective
More informationInvestor s Guide Clerical Medical Group Pension Funds
Investor s Guide Clerical Medical Group Pension Funds Contents Introduction Clerical Medical lifestyle investment programmes Clerical Medical unit-linked group pension funds: Funds managed by a subsidiary
More informationStand-alone Risk Exposure %
- Nov 2017 Global Absolute Return Fund 30 November 2017 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to
More informationStand-alone Risk Exposure % Closed 0.8
Dec 2016 Global Absolute Return Fund 31 December 2016 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationStand-alone Risk Exposure %
Feb 2018 Global Absolute Return Fund 28 February 2018 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationInvestment Report. Standard Life Good to Go Default Growth Fund Active Plus III Report Q3 2018
Investment Report Standard Life Good to Go Default Growth Fund Active Plus III Report Q3 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed
More informationStand-alone Risk. Contribution to Returns % Weighting (risk based %) Exposure % Market Returns Strategies
Nov 2018 Global Absolute Return Fund 30 November 2018 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationGlobal Absolute Return Strategies Fund
Q3 2018 Global Absolute Return Fund 30 September 2018 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationStand-alone Risk Exposure % Closed Closed Closed
Jan 2019 Global Absolute Return Fund 31 January 2019 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationInvestment Report. Corporate Investment Proposition Active Plus III Fund Report
Investment Report Standard Life Good to Go Default Growth Fund Active Plus III Report Q3 2017 Corporate Investment Proposition 1 Good to Go Good to Go, our auto-enrolment proposition for small to medium
More informationJanuary Standard Life Ireland MyFolio Market funds Combined updates and commentary
January 2018 Standard Life Ireland MyFolio Market funds Combined updates and commentary Standard Life Ireland MyFolio Market I Fund update January 2018 Performance Cumulative return Annualised return Fund
More informationAnalysing Allocation Trends in the Global Insurance Industry
This communication is intended for investment professionals only and must not be relied on by anyone else. Analysing Allocation Trends in the Global Insurance Industry Bruce Porteous Investment Director
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationInvestment Report. Standard Life Corporate Investment Proposition Active Plus Funds Report Q3 2018
Investment Report Standard Life Corporate Investment Proposition Q3 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More information02/12 Your Pension Funds
Your Pension Funds Standard Life offers a wide choice of professionally managed investment linked funds to allow you to achieve the balance you require between volatility and growth potential. This document
More informationEXAMPLE was a weaker year for real estate. Full-year returns are unlikely to match the double figures achieved in 2017.
This summary provides market commentary from our investment experts, and details any changes made to Portfolio 5 during the fourth quarter of 2018. The commentary is intended to give you a general overview
More informationStand-alone Risk Exposure %
Mar 2018 Global Absolute Return Fund 31 March 2018 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationINDIVIDUAL AND GROUP PENSIONS INVESTMENT OPTIONS. This is an important document. Please keep it safe for future reference.
INDIVIDUAL AND GROUP PENSIONS INVESTMENT OPTIONS This is an important document. Please keep it safe for future reference. 2 Individual AND GROUP pensions Investment options INVESTMENT OPTIONS This document
More informationHSBC World Selection Portfolio Quarterly Report Q4 2018
HSBC World Selection Portfolio Quarterly Report Q4 2018 Date: January 2019 This commentary provides a high-level overview of the recent economic environment and is for information purposes only. It is
More informationInvestment Update Global Real Estate Fund Quarterly Update March 2016
The Global Real Estate Fund quarterly update provides an overview of the market; fund performance, positioning and portfolio changes; and the fund manager s outlook for the months ahead. Economic Overview
More informationYour investment options guide
Your investment options guide The James Hay Self Invested Personal Pension and The Standard Life Flexible Pension Plan Important information Before making your investment choices please make sure you read
More informationHow to choose the right investment options for your pension
How to choose the right investment options for your pension Contents 02 Section 1 Information and guidance 02 Important information 05 Guidance notes 11 Section 2 Where you can invest your money 13 Full
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS Fourth Quarter 2016 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationMyFolio. Understanding risk and reward. February 2015
MyFolio Understanding risk and reward February 2015 The opinions expressed are those of Standard Life Investments as of January 2014 and are subject to change at any time due to changes in market or economic
More informationRoyal Ordnance Pension Scheme. Your investment choices
Royal Ordnance Pension Scheme Your investment choices Contents 02 Important information you should read 05 Guidance notes 08 Where you can invest your money 09 Lifestyle Profiles 13 Core fund range This
More informationAbsolute Return Global Bond Strategies Fund
Apr 2018 Absolute Return Global Bond Strategies Fund 30 April 2018 The fund aims to provide positive investment returns in the form of income and capital growth in all market conditions over the medium
More informationAbsolute Return Global Bond Strategies Fund
Nov 2017 Absolute Return Global Bond Strategies Fund 30 November 2017 The fund aims to provide positive investment returns in the form of income and capital growth in all market conditions over the medium
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy & Outlook For 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy & Outlook For 2009 December 17, 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact:
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy April 2017 Stock Markets likely to Grind Higher as Expectations of Strong Earnings Growth & Improving Global GDP
More informationEquities vs. fixed income: timing asset allocation shifts
Despite the economic environment remaining supportive, asset market volatility has risen as central bank liquidity is being withdrawn Concerns over the effects policy changes will have on fixed income
More informationGlobal Absolute Return Strategies Fund
Q2 2017 Global Absolute Return Fund 30 June 2017 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long term.
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PIOEF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a diversified portfolio
More informationTarget Funds. SEMIANNual REPORT
SEMIANNual REPORT November 30, 2017 T. Rowe Price Target Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks
More informationFP CAF International Equity Fund
FP CAF International Equity Fund Short Report for the year ended 30 April 2016 Investment Objective and Policy The Fund aims to achieve capital growth over the medium to longer term which is in excess
More informationEXAMPLE Portfolio 3. Commentary Fourth Quarter 2017
This summary provides market commentary from our investment experts, and details any changes made to Portfolio 3 during the fourth quarter of 2017. The commentary is intended to give you a general overview
More informationEconomic Outlook. DMS Economic Outlook for next 12 months
Economic Outlook DMS Economic Outlook for next 12 months GDP growth will be modest at approximately 2.5%, but the economy will experience periods of unstable growth. Consumer confidence will improve as
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PISGIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To seek capital growth and income by investing in a portfolio of Shariahcompliant growth and dividend
More informationRisk Managed Passive Range Guide. An introduction to the Risk Managed Passive range
Risk Managed Passive Range Guide An introduction to the Risk Managed Passive range An introduction to the Risk Managed Passive range This brochure covers the main features of our Risk Managed Passive range
More informationBreakdown of Unitholdings of PGF as at 31 January 2018
Fund Information Fund Name Public Growth Fund () Fund Category Equity Fund Investment Objective To achieve long-term capital appreciation with income considered incidental. Fund Performance Benchmark The
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy May 2008
Prudential International Investments Advisers, LLC. Global Investment Strategy May 2008 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationWhat are the changes to the funds available to me (UP960)?
What are the changes to the funds available to me (UP960)? The changes listed below will be made to the funds between July 2018 and the end of the year. We will update the information we have online with
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PIEMOF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth through investments in Shariah-compliant companies with mid and small market
More informationFinancial Market Outlook: Stocks Rebounding from July Correction, Further Gains Likely. Bond Yields Range Bound
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Rebounding from July Correction, Further Gains Likely. Bond
More informationRetirement Funds. SEMIANNual REPORT
SEMIANNual REPORT November 30, 2017 T. Rowe Price Retirement Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks
More informationHIGH LEVEL ENTRY OPEN ENDED INVESTMENT COMPANY (OEIC) FUNDS SUPPLEMENTARY INVESTOR INFORMATION DOCUMENT. Important information you need to read.
HIGH LEVEL ENTRY OPEN ENDED INVESTMENT COMPANY (OEIC) FUNDS SUPPLEMENTARY INVESTOR INFORMATION DOCUMENT Important information you need to read. THIS SUPPLEMENTARY INVESTOR INFORMATION DOCUMENT (SIID) IS
More informationQuarterly market summary
Quarterly market summary 3rd Quarter 2017 Economic overview Economic data released during the quarter seemed to signal a continuation of synchronised global recovery in almost all regions. This is being
More informationStand-alone Risk Exposure %
Dec 2017 Global Absolute Return Fund 31 December 2017 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationBULL MARKETS DON T DIE OF OLD AGE
BULL MARKETS DON T DIE OF OLD AGE Issue #11 September/October 2017 Multi asset views from RLAM Royal London Asset Management manages 106.2 billion in life insurance, pensions and third party funds*. The
More informationNovember PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy November 2015 John Praveen, PhD Chief Investment Strategist FOR MORE INFORMATION CONTACT: Theresa Miller Phone:
More informationAbsolute Return Global Bond Strategies Fund
Feb 2019 Absolute Return Global Bond Strategies Fund 28 February 2019 The fund aims to provide positive investment returns in the form of income and capital growth in all market conditions over the medium
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PAIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long term period by investing in a portfolio of investments
More informationHSBC GIF Managed Solutions - Asia Focused Conservative Quarterly fund report Q3 2014
HSBC GIF Managed Solutions - Asia Quarterly market review Volatility picked up in markets in the third quarter as it became clear that policy was diverging between the major economies. A major feature
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy John Praveen, PhD Chief Investment Strategist FOR MORE INFORMATION CONTACT: Mayura Hooper Phone: 973-367-7930 Email:
More information3 Jan Executive Summary
Executive Summary Key Macroeconomic Takeaways Continued recovery is expected for 2011, but the pace of growth is likely to be slower than recent trends. Asset Class Allocation Increased risk appetite is
More informationVolume 8, Issue 10 Mar 10, 2008
Volume 8, Issue 10 Mar 10, 2008 >> SUMMARY ECONOMIC OVERVIEW US : 75 bp interest rate cut appearing likely this month EUROPE : Neutral policy stance reaffirmed last week JAPAN : Slowing US economy likely
More informationJun. IA Global Equity Income Sector. 30 June Fund Information * Composition by Country. Top Ten Holdings. OEIC Fund. Equity Fund.
Jun 2018 Global Equity Income Fund 30 June 2018 The fund aims to provide income and some capital growth over the longer term by investing predominantly in the shares of companies listed on global stock
More informationThe All-In-1 Investment Bond and Guaranteed Capital Bond
The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 This information does not constitute investment
More informationFinancial Market Outlook: Stock Rally Continues with Faster & Stronger GDP Rebound, Earnings Recovery & Liquidity
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Further Stock Gains with Macro Sweet Spot & Earnings Recovery.
More informationASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND. Quarterly Report 31 March For professional investors only, not for retail investors
ASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND Quarterly Report 31 March 2018 For professional investors only, not for retail investors Contents CONTENTS ROYAL LONDON GMAP BALANCED FUND 3 2 PAGE Royal
More informationPrudence Bond Prudence Managed Investment Bond
Prudence Bond Prudence Managed Investment Bond Fund Guide Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone's different so
More informationDistribution Number 26
Distribution Number 26 Multi-Index Income 4 Fund (a Sub-fund of Legal and General Multi-Index Funds) Interim Manager s Short Report for the period ended 15 February 2018 Investment Objective and Policy
More informationInvestment Update Global Real Estate Fund Quarterly Update Q4 2016
The Global Real Estate Fund quarterly update provides an overview of the market; fund performance, positioning and portfolio changes; and the fund manager s outlook for the months ahead. Economic Overview
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PIADF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To provide income by investing in a portfolio of stocks in domestic and regional markets that complies
More informationKBC INVESTMENT STRATEGY PRESENTATION. Defensive August 2017
KBC INVESTMENT STRATEGY PRESENTATION August 2017 Investment climate Key rate trends and outlook 2,0 2,0 1,5 VS EMU 1,5 0,5 0,5 0,0 0,0-0,5-0,5 - - 07-2012 07-2013 07-2014 07-2015 07-2016 07-2017 07-2018
More informationMarket volatility to continue
How much more? Renewed speculation that financial institutions may report increased US subprime-related losses has sent equity markets tumbling. How much more bad news can investors expect going forward?
More informationAVIVA INVESTORS PORTFOLIO FUNDS ICVC
AVIVA INVESTORS PORTFOLIO FUNDS ICVC SHORT REPORT For the year ended 28 February 2015 Contents Aviva Investors Multi-Manager Flexible Fund 2 Aviva Investors Multi-Manager 40-85% Shares Fund 8 Aviva Investors
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationInvestment strategy update Fundamentals remain solid despite strong volatility
For intermediaries only. Not for further distribution. 07 February 2018 Investment strategy update Fundamentals remain solid despite strong volatility Key takeaways Global market volatility picked up strongly
More informationSCOTTISH WIDOWS INVESTMENT SOLUTIONS AND CLERICAL MEDICAL LIFE FUNDS INVESTOR S GUIDE
SCOTTISH WIDOWS INVESTMENT SOLUTIONS AND CLERICAL MEDICAL LIFE FUNDS INVESTOR S GUIDE PAGE 2 INTRODUCTION PAGE 3 SCOTTISH WIDOWS INVESTMENT SOLUTIONS (SWIS) LIFE FUNDS MANAGED BY ABERDEEN ASSET MANAGEMENT
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy March 2017 Global Stock Markets Rally likely to Continue, Driven by Strong Earnings & Strengthening GDP Growth.
More informationforward PERSPECTIVES The Next Chapter: Lower Returns and Higher Volatility Bruce Cooper, CFA TD Asset Management Ken Miner, CFA TD Asset Management
forward PERSPECTIVES The Next Chapter: Lower Returns and Higher Volatility Bruce Cooper, CFA TD Asset Management Ken Miner, CFA TD Asset Management December 2014 The Next Chapter: Lower Returns and Higher
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PeFAF) Fund Category Mixed Asset Fund Investment Objective To achieve capital growth over the medium to long-term period through a portfolio allocation across equities and fixed
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name Public Growth Balanced Fund () Fund Category Balanced Fund Investment Objective To achieve capital growth over the medium to long-term period through a balanced asset allocation
More informationAbsolute Return Global Bond Strategies Fund
Jan 2019 Absolute Return Global Bond Strategies Fund 31 January 2019 The fund aims to provide positive investment returns in the form of income and capital growth in all market conditions over the medium
More informationTime to adjust the sails
Time to adjust the sails EXECUTIVE SUMMARY 2018 Mid-Year Capital Market Outlook Brent Joyce CFA Chief Investment Strategist Andrew O Brien CFA Manager, Investment Strategy The World At Large The pessimist
More informationSep. IA Global Equity Income Sector. 30 September Fund Information * Composition by Country. Top Ten Holdings. OEIC Fund. Equity Fund.
Sep 2018 Global Equity Income Fund 30 September 2018 The fund aims to provide income and some capital growth over the longer term by investing predominantly in the shares of companies listed on global
More informationFund guide. Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Flexible Investment Plan
A Fund guide Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Flexible Investment Plan Introduction to this guide We know that choosing which fund may be best for you
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy February 2017 Global Stock Market Rally likely to Continue with Solid Q4 Earnings & Stronger 2017 Earnings, ECB
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy March 2010
Prudential International Investments Advisers, LLC. Global Investment Strategy March 2010 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationStand-alone Risk Exposure %
Feb 2018 Global Absolute Return Fund 28 February 2018 The fund aims to provide positive investment returns in all market conditions over the medium to long term. The fund is actively managed, with a wide
More informationWith-Profits Fund. Investment Report 2014
With-Profits Fund Investment Report 2014 With-Profits Fund Investment Report 2014 This information does not constitute investment advice and we recommend that you speak to a suitably qualified financial
More informationOutlook for Economic Activity and Prices
Not to be released until : p.m. Japan Standard Time on Saturday, October 31, 15. October 31, 15 Bank of Japan Outlook for Economic Activity and Prices October 15 (English translation prepared by the Bank's
More informationPublic Select Mixed Asset Growth Fund (PSMAGF) Breakdown of Unitholdings of PSMAGF as at 30 April 2018
Fund Information Fund Name (PSMAGF) Fund Category Mixed Asset Fund Investment Objective To achieve capital growth over the medium to long-term period primarily through a portfolio allocation across equities
More informationWhat next for the US dollar?
US dollar exchange rates are key drivers of the global economy and investment markets, particularly given the dollar s status as the global reserve currency. It is therefore important to understand the
More information