Presentation Global private equity trends

Size: px
Start display at page:

Download "Presentation Global private equity trends"

Transcription

1 Presentation Global private equity trends Alex Scott Partner Pantheon Ventures

2 Global Private Equity Trends Alex Scott July 2018

3 Hitting the headlines IPOS ARE DWINDLING, SO IS THE NUMBER OF PUBLIC COMPANIES FLOOD OF CASH TRIGGERS BUYOUT BUBBLE FEARS 25

4 Private markets AUM is in excess of $5 trillion $ billion 6,000 5,000 4,000 3,791 3,917 4,228 4,553 5,106 2,133 3,000 2,000 1, ,279 1,985 3,035 1,857 2,758 1,611 1,688 2,234 2,256 2,454 1,341 1,241 1,036 1, , ,973 2,180 2,229 2,370 2, ,468 1,421 1,574 1,722 1,794 1, , Private Equity AUM Other Private Assets AUM Source: Preqin May 2018, other private assets include private debt, real estate, natural resources and infrastructure. There is no guarantee that these market conditions will continue. 26

5 PE remains relatively small versus other asset classes globally Debt Markets 43.1% Developed Markets Public Equity 38.2% Emerging Markets Public Equity 7.1% Real Estate 7.0% Private Equity 3.4% Commodities & Real Goods 0.4% Source: Strategic Asset Allocation Over The Long Term, Calculating the Global Market Portfolio, October 1,

6 PE remains relatively small as a % of GDP Private equity as % of GDP 1.7% 1.3% 0.8% 0.8% 0.6% 0.4% 0.4% 0.3% 0.2% 0.2% 0.1% United States Canada Israel UK France Germany Korea India Italy Japan Brazil Public market cap as % of GDP 127% 92% 71% 63% 36% 30% 24% S&P 500 (US) FTSE 100 (UK) Nikkei 225 (Japan) CAC 40 (France) Shanghai Comp. (China) DAX 30 (Germany) Nifty 50 (India) Source: Invest Europe 2017 European Private Equity Activity; EMPEA Industry Statistics Year-end 2017, CVCA VC & PE Canadian Market Overview, Bloomberg; market caps based on latest available on 25 May GDP based on World Bank, Bloomberg or central bank/government data. There is no guarantee that these market conditions will continue. 28

7 Global fundraising back to record levels, driven by large buyouts $ billion < $2 billion buyout > $2 billion buyout Growth Venture Other Source: Preqin, as of May Labels for Other includes balanced, special situations and turnaround funds. There is no guarantee that these market conditions will continue. 29

8 Dry powder continues to grow, dominated by large/mega funds $ billion 450 Mega & large Mid & small year growth 5-year CAGR Venture Distressed PE & mezzanine Mega & large buyout % 13% Growth Mid & small buyout % 10% 200 Venture % 12% Distressed PE & Mezz % 8% 50 Growth % 12% 0 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Total 635 1,087 71% 11% Source: Preqin, as of May There is no guarantee that these market conditions will continue. 30

9 Investment activity is robust $ billion Buyout Venture Source: Preqin Private Equity online, downloaded March 15, 2018, Buyout includes growth capital. There is no guarantee that these market conditions will continue. 31

10 Exits have come off the peak of 2015 U.S. buyout Europe buyout # of exits 1,600 1,400 # of exits 1,600 1,400 1,200 1, ,200 1, Corporate Acquisition IPO Secondary Buyout Corporate Acquisition IPO Secondary Buyout Source: Pitchbook, U.S. PE Breakdown Q4 2017, European PE Breakdown Q. There is no guarantee that these market conditions will continue. 32

11 PE industry has been net cash flow positive for seven years $ billion Q Called ($bn) Distributed ($bn) Net cashflows ($bn) Source: Preqin, as of May data includes only to September Past performance is not indicative of future results. Future returns are not guaranteed and a loss of principal may occur. 33

12 Valuations are being pushed up U.S. purchase price multiples European purchase price multiples 9.1x 4.2x 7.7x 3.9x 8.5x 8.8x 8.7x 8.8x 3.9x 3.9x 3.6x 3.5x 9.7x 3.9x 10.3x 4.7x 10.0x 4.6x 10.7x 4.9x 10.1x 5.6x 8.4x 8.5x 8.8x 8.8x 3.9x 4.2x 4.7x 4.2x 8.3x 4.8x 10.1x 10.0x 5.7x 5.7x 10.9x 11.1x 5.5x 6.2x 5.0x 3.8x 4.6x 4.9x 5.1x 5.3x 5.7x 5.6x 5.4x 5.8x 4.5x 4.5x 4.3x 4.2x 4.5x 3.5x 4.3x 4.2x 5.4x 4.8x Debt/EBITDA Equity/EBITDA Valuation/EBITDA Debt / EBITDA Equity / EBITDA Valuation / EBITDA Source: S&P Capital IQ, M&A Stats, December Past performance is not indicative of future results. Future returns are not guaranteed and a loss of principal may occur. 34

13 How are Managers mitigating the current market environment? Expanding the opportunity set Creating more value through operational improvement Greater focus on industry sectors and strategy Pantheon opinion 35

14 Growing operating teams U.K. mid-market manager U.S. growth manager 2009 Execution = 14 Origination = 2 Operating = Execution = 23 Operating = Execution = 16 Origination = 3 Operating = Execution = 44 Operating = 25 Source: Manager materials. Examples for illustrative purposes. Execution Origination Operating 36

15 Greater manager specialization Shift from generalist to sector-focused teams Sector-focused funds Operating specialists Pantheon opinion. Please refer to slide 17 for case study disclosure on regarding deals completed by Pantheon. 37

16 Managers have a number of levers to pull Operational Value add Tech enablement Management Enabling growth Sales optimization Digitalization Increasing team bandwidth Investing in R&D for new product innovation Supply chain and procurement Use of AI and big data Strengthening finance and operational functions Expanding outside core markets Working capital improvement E-commerce penetration Talent management Strategic M&A to add new products or geographies Pantheon opinion 38

17 Private versus public performance by quartile & vintage year By IRR 30% 25% 20% 15% 10% 5% 0% -5% -10% Lower Quartile Median Upper Quartile MSCI World PME i) large dispersion of returns; ii) median performance outperforms PME in most years; iii) top quartile funds significantly outperform median fund performance Past performance is not indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Source: Thomson One and Bloomberg. All data to March, Thomson Quartile data relates to all Private Equity across all regions from the Thomson One database. 39

18 Conclusion Investors are allocating more capital to private equity in search of growth, diversification and higher returns Private equity continues to grow, evolve and seek out new investment opportunities Managers are increasingly sophisticated, using a range of tools and resources to boost growth and value in companies Remaining highly selective and accessing high quality managers is key Pantheon opinion 40

19 Disclosure 1 case studies These case studies are examples of specific private transactions made by Pantheon funds / clients and are designed to assist prospective investors / clients to understand Pantheon s investment management style / strategy. It should NOT be regarded as a recommendation. Pantheon makes no representation or forecast about the performance, profitability or success of such transaction. Information concerning the performance of portfolio investments is available upon request, subject to confidentiality requirements. You should not assume that future recommendations will be profitable or will equal the performance of past recommendations. The statements above reflect the views and opinions of Pantheon as of the date of the investment analysis. Please also note that all performance numbers quoted in these case studies are net of underlying fund fees, carry and expenses and gross of Pantheon fund fees, carry and expenses. Pantheon does not calculate performance net of Pantheon fund fees, carry and expenses at the underlying fund investment level. Past Performance is not indicative of future results. Future results are not guaranteed, and a loss of principal may occur. A list of all investments are available upon request. 41

20 Non-U.S. Disclosure This document and the information contained herein has been prepared and distributed by Pantheon and is the proprietary information of Pantheon; it may not be reproduced, provided or disclosed to others, without the prior written permission of Pantheon. This document is distributed by Pantheon which is comprised of operating entities principally based in San Francisco, New York, London and Hong Kong. Pantheon Ventures Inc. and Pantheon Ventures (US) LP are registered as investment advisers with the U.S. Securities and Exchange Commission ( SEC ) and Pantheon Securities LLC, is registered as a limited purpose broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ( FINRA ) and the Securities Investor Protection Corporation ( SIPC ). Pantheon Ventures (UK) LLP is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Pantheon Ventures (HK) LLP is regulated by the Securities and Futures Commission ( SFC ) in Hong Kong. In Hong Kong, this document is distributed by a licensed representative of Affiliated Managers Group (Hong Kong) Limited, a corporation licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activity, on the basis that you are a Professional Investor as defined in the Securities and Futures Ordinance. By accepting this document you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to a person who is not a Professional Investor as defined in the Ordinance. The registrations and memberships described above in no way imply that the SEC, FINRA, SIPC, FCA of the SFC have endorsed any of the referenced entities, their products or services, or this material. This information is intended only for distribution in Australia to persons who wholesale clients under section 761G of the Corporations Act 2001 (Cth) ("Wholesale Clients"). By receiving this document you represent and warrant that you are a Wholesale Client. Pantheon Ventures (UK) LLP is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in relation to any financial services provided in Australia to Wholesale Clients under ASIC Class Order 03/1099. Pantheon Ventures (UK) LLP is regulated by the FCA under the laws of England and Wales, which differ from Australian laws. Pantheon Ventures (UK) LLP relies on the Australian Corporations (Repeal and Transitional Instrument) 2016/396 which grants transitional continuance relief to foreign financial services providers relying on Australian Class Order 03/1099 in order to provide financial services to Wholesale Clients in Australia. By accepting this document you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to a person who is not a Professional Investor as defined in the Ordinance. This document is a marketing communication, and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nothing in this document constitutes an offer or solicitation to invest in a fund managed or advised by Pantheon or recommendation to purchase any security or service. The information contained in this document has been provided as a general market commentary only and does not constitute any form of legal, tax, securities or investment advice. It does not take into account the financial objectives, situation or needs of any persons, which are necessary considerations before making any investment decision. Unless stated otherwise all views expressed herein represent Pantheon s opinion. The general opinions and information contained in this publication should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. The research data included in this publication is based upon information derived from public sources that are believed by Pantheon to be reliable, but Pantheon does not guarantee their accuracy or completeness. Pantheon does not undertake to update this document, and the information and views discussed may change without notice. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics and results of any transaction or investment. In general, alternative investments such as private equity or infrastructure involve a high degree of risk, including potential loss of principal invested. These investments can be highly illiquid, charge higher fees than other investments, and typically do not grow at an even rate of return and may decline in value. These investments are not subject to the same regulatory requirements as registered investment products. 42

21 Non-U.S. Disclosure In addition, past performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur. Market and exchange rate movements may cause the capital value of investments, and the income from them, to go down as well as up and the investor may not get back the amount originally invested This presentation may include forward-looking statements. All projections, forecasts or related statements or expressions of opinion are forward-looking statements. Although Pantheon believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct, and such forward-looking statements should not be regarded as a guarantee, prediction or definitive statement of fact or probability. Pantheon has taken reasonable care to ensure that the information contained in this document is accurate at the date of publication. However, no warranty or guarantee (express or implied) is given by Pantheon as to the accuracy of the information in this document, and to the extent permitted by applicable law, Pantheon specifically disclaims any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use. In Australia, this document and the information contained herein is intended only for wholesale clients under section 761G of the Corporations Act 2001 (Cth) ("Wholesale Clients"). By receiving this document you represent and warrant that you are a Wholesale Client. Pantheon Ventures (UK) LLP is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in relation to the provision of any financial product advice regarding the financial products which are referred to in this document under ASIC Class Order 03/1099 and is regulated by the FCA under UK laws, which differ from Australian laws. This document and the information contained herein is directed only at: (i) persons outside the United Kingdom and (ii) persons in the United Kingdom and who are investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, persons falling within any of the categories of persons described in Article 49(2)(a) to (d) of that Order or other persons to whom it may lawfully be communicated in accordance with that Order. No other person in the United Kingdom should access this document and the information it contains, or act or rely upon by it. In all jurisdictions other than the United Kingdom, this document is intended only for institutional investors to whom this document can be lawfully distributed without any prior regulatory approval or action. Any reference to the title of Partner in these materials refers to such person s capacity as a partner of Pantheon Ventures (UK) LLP. In addition, any reference to the title of Partner for persons located in the United States refers to such person s capacity as a limited partner of Pantheon Ventures (US) LP. Copyright Pantheon All rights reserved. PVL

22 Presentation Global private equity trends Alex Scott Partner Pantheon Ventures

Introduction to Private Equity

Introduction to Private Equity Introduction to Private Equity www.pantheonprivatewealth.com October 2014 1 Private equity defined Market overview Types of private equity Value creation Structure guide Accessing private equity Evaluating

More information

Quarterly Asset Class Report Private Equity

Quarterly Asset Class Report Private Equity Quarterly Asset Class Report canterburyconsulting.com Canterbury Consulting ( CCI ) is an SEC registered Investment Adviser. Information pertaining to CCI's advisory operations, services, and fees is set

More information

Quarterly Asset Class Report Private Equity

Quarterly Asset Class Report Private Equity Quarterly Asset Class Report canterburyconsulting.com Canterbury Consulting ( CCI ) is an SEC registered Investment Adviser. Information pertaining to CCI's advisory operations, services, and fees is set

More information

Albourne Update Private Equity SDCERA Board of Retirement. February 20 th 2014

Albourne Update Private Equity SDCERA Board of Retirement. February 20 th 2014 Albourne Update Private Equity SDCERA Board of Retirement February 20 th 2014 Agenda 1) Program History 2) Current allocation vs. targets 3) Portfolio composition 4) Performance 5) Future Pacing 6) Market

More information

Private Equity Overview

Private Equity Overview Private Equity Overview Presentation to VACo/VML Pooled OPEB Trust Annual Meeting September 9, 2016 John Shearburn Managing Director Legal Considerations This presentation (this Presentation ) is being

More information

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Overview The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index

More information

State of play: Global and NZ economic update. Michael Gordon Acting Chief Economist NZ July 2017

State of play: Global and NZ economic update. Michael Gordon Acting Chief Economist NZ July 2017 State of play: Global and NZ economic update Michael Gordon Acting Chief Economist NZ July 17 Contributions to world growth, pre- and post-crisis 7 Advanced Other China 7 Westpac forecasts 3 3 1 1-1 -1

More information

Private Equity. Panel Detail: Monday, May 2, :30 AM - 10:45 AM

Private Equity. Panel Detail: Monday, May 2, :30 AM - 10:45 AM Private Equity Panel Detail: Monday, May 2, 211 9:3 AM - 1:45 AM Speakers: Leon Black, Founding Partner, Apollo Management, LP David Bonderman, Founding Partner, TPG Capital Jonathan Nelson, CEO and Founder,

More information

Private Equity Trends

Private Equity Trends Third Quarter 2018 INSTITUTE Private Equity Trends Analyzing private equity activity through all the stages of the investment cycle, from fundraising to exits. Fundraising: Mild Slowdown Driven by Fewer

More information

Markets catch-up to the Fed. Market Insight

Markets catch-up to the Fed. Market Insight Markets catch-up to the Fed The shift higher and steepening in the US Treasury yield curve since the turn of the year primarily reflects the market catching up with the Federal Reserve s (Fed) guidance

More information

Enhancing Value through Responsible Investment

Enhancing Value through Responsible Investment Enhancing Value through Responsible Investment Responsible Investment is about incorporating ESG considerations into our due diligence and ongoing monitoring. Effective integration contributes to real

More information

Morgan Stanley Financial Services Conference

Morgan Stanley Financial Services Conference Morgan Stanley Financial Services Conference Glenn Youngkin, Managing Director and Chief Operating Officer June 2012 Important Information This presentation has been prepared by The Carlyle Group L.P.

More information

Canadian Equity Strategy

Canadian Equity Strategy INVESTMENT STRATEGY I RESEARCH Canadian Equity Strategy The U.S. Election Oct-16 RBC Dominion Securities Inc. Matthew Barasch (Chief Canadian Equity Strategist) (416) 842-7857 matt.barasch@rbccm.com This

More information

Global ex US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013

Global ex US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013 Global ex US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013 The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index rose 6.5%

More information

Major Bulk Commodities: Trends and Outlook

Major Bulk Commodities: Trends and Outlook Major Bulk Commodities: Trends and Outlook June 19, 2013 Christopher LaFemina European Metals and Mining Equity Research US: 212 336 7304 UK: +44 (0)207 029 8131 clafemina@jefferies.com Jefferies LLC Seaborne

More information

FEG INSIGHT WHAT IS YOUR PRIVATE EQUITY RISK APPETITE? NOVEMBER NATHAN C. WERNER, CFA, CAIA Senior Vice President Director of Private Equity

FEG INSIGHT WHAT IS YOUR PRIVATE EQUITY RISK APPETITE? NOVEMBER NATHAN C. WERNER, CFA, CAIA Senior Vice President Director of Private Equity FEG INSIGHT NOVEMBER 2017 WHAT IS YOUR PRIVATE EQUITY RISK APPETITE? NATHAN C. WERNER, CFA, CAIA Senior Vice President Director of Private Equity As we approach the end of the year, the avalanche of holiday

More information

Breaking Out ECONOMIC RESEARCH. Robert Kavcic, Senior Economist June 8, 2018

Breaking Out ECONOMIC RESEARCH. Robert Kavcic, Senior Economist June 8, 2018 Robert Kavcic, Senior Economist June 8, 2018 Breaking Out Equity markets posted modest gains this week, with little in the way of major market-moving economic data. The S&P 500 rose 1.6% on broad-based

More information

THE U.S. MIDDLE MARKET

THE U.S. MIDDLE MARKET THE U.S. MIDDLE MARKET An alternative source of income, growth and diversification ALTERNATIVE THINKING FS Investment Solutions, LLC (member FINRA/SIPC) is an affiliated broker-dealer that serves as the

More information

The evolution of U.S. buyouts from a cottage investment business into a

The evolution of U.S. buyouts from a cottage investment business into a U.S. Small Buyouts: Private Equity s Best Kept Little Secret FEBRUARY 2017 The evolution of U.S. buyouts from a cottage investment business into a multi-trillion-dollar industry has created what we believe

More information

Global ex US PE / VC Benchmark Commentary

Global ex US PE / VC Benchmark Commentary Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2014 Overview During the third quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital

More information

Cocos: Not to be ignored

Cocos: Not to be ignored Cocos: Not to be ignored Cocos have performed positively this year, however, risk premiums have room to decline and carry remains a powerful driver of returns going forward. Cocos are no longer a niche

More information

Little Fun in Q1. underperforming. With the first quarter in the bag, here is a look at Current. Performance (percent)

Little Fun in Q1. underperforming. With the first quarter in the bag, here is a look at Current. Performance (percent) Robert Kavcic, Senior Economist March 29, 2018 Little Fun in Q1 Equity markets struggled again this week, with ongoing weakness in technology weighing on broader market sentiment. The S&P 500 fell 0.1%,

More information

Lazard Insights. China A-Shares: A New Chapter for EM Investors. Summary. John Burge, Director, Product Manager

Lazard Insights. China A-Shares: A New Chapter for EM Investors. Summary. John Burge, Director, Product Manager Lazard Insights China A-Shares: A New Chapter for EM Investors John Burge, Director, Product Manager Summary MSCI s recent announcement regarding A-share inclusion in the Emerging Markets Index opens a

More information

Perspectives JAN Market Preview: Private Equity

Perspectives JAN Market Preview: Private Equity Perspectives JAN 2019 2019 Market Preview: Private Equity POISED FOR ROBUST DEPLOYMENT Private equity investors in 2018 benefited from strong overall industry performance, with U.S. funds up 8.3% YTD.

More information

CRYPTO UTOPIA Is there a $1 Trillion Opportunity? Suitable only for professional investors

CRYPTO UTOPIA Is there a $1 Trillion Opportunity? Suitable only for professional investors CRYPTO UTOPIA Is there a $1 Trillion Opportunity? Suitable only for professional investors General Disclaimer Please note that the information and data presented herein is based on reliable sources and,

More information

INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 MARCH 2015

INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 MARCH 2015 INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 MARCH 21 COMMENTARY Funded status of pension plans dips in first quarter The solvency position of Canadian

More information

BLACKROCK GLOBAL ETP LANDSCAPE

BLACKROCK GLOBAL ETP LANDSCAPE BLACKROCK GLOBAL ETP LANDSCAPE SEPTEMBER The opinions expressed are as of September 30th and may change as subsequent conditions vary. Summary BlackRock ETP Research A cross-regional team analyzing global

More information

ASSUMPTION vs REALITY AT BARINGS, WE BELIEVE THAT IDENTIFYING HIGH-QUALITY PRIVATE EQUITY MANAGERS

ASSUMPTION vs REALITY AT BARINGS, WE BELIEVE THAT IDENTIFYING HIGH-QUALITY PRIVATE EQUITY MANAGERS January 2019 DON T JUDGE A PRIVATE EQUITY FUND BY ITS NUMBER ASSUMPTION vs REALITY AT BARINGS, WE BELIEVE THAT IDENTIFYING HIGH-QUALITY PRIVATE EQUITY MANAGERS EARLY IN THEIR FIRM LIFECYCLE CAN DELIVER

More information

The infrastructure equity cycle

The infrastructure equity cycle UBS Asset Management The infrastructure equity cycle Infrastructure white paper series Part 3 Institutional investor interest in the infrastructure sector is at record highs. This paper takes a closer

More information

Eyes on the Earnings Season

Eyes on the Earnings Season Robert Kavcic, Senior Economist July 13, 2018 Eyes on the Earnings Season Equity markets rallied this week ahead of what should be a strong Q2 earnings season. The S&P 500 rose 1.5%, led by technology,

More information

SEPTEMBER 2017 Private Equity Outlook

SEPTEMBER 2017 Private Equity Outlook SEPTEMBER 2017 Table of contents VERU.S.INVESTMENTS.COM SEATTLE 206 622 3700 LOS ANGELES 310 297 1777 SAN FRANCISCO 415 362 3484 Executive summary 3 Market update: Other 19 Fund finance: Subscription credit

More information

Central Banking on Some Relief

Central Banking on Some Relief Robert Kavcic, Senior Economist January 4, 2019 Central Banking on Some Relief Equity markets rallied this week on continued signals that North American central banks will lay off their tightening cycles

More information

Perspectives JAN Market Preview: Private Equity

Perspectives JAN Market Preview: Private Equity Perspectives JAN 2018 2018 Market Preview: Private Equity RELATIVE OPPORTUNITY FUELING GROWTH Private equity investors in 2017 benefited from strong overall industry performance, with U.S. funds up 12%

More information

Australia Private Equity & Venture Capital Index and Benchmark Statistics. June 30, 2017

Australia Private Equity & Venture Capital Index and Benchmark Statistics. June 30, 2017 Australia Private Equity & Venture Capital Index and Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge

More information

HY markets a closer look under the hood

HY markets a closer look under the hood HY markets a closer look under the hood Despite a recent wobble, global leveraged credit markets, at first glance, appear to be in a relatively sound place. But on closer inspection, the entire high yield

More information

Nerves of Steel ECONOMIC RESEARCH. Robert Kavcic, Senior Economist March 2, Market Performance as of March 2, 2018

Nerves of Steel ECONOMIC RESEARCH. Robert Kavcic, Senior Economist March 2, Market Performance as of March 2, 2018 Robert Kavcic, Senior Economist March 2, 2018 Nerves of Steel Equity markets slumped this week on growing risk of a U.S.-led global trade spat. The S&P 500 fell 2.0%, with all sectors in the red, though

More information

The Q Preqin Quarterly Update Private Debt

The Q Preqin Quarterly Update Private Debt The 215 Preqin Quarterly Update Private Debt Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising North America-focused funds dominate 215 fundraising.

More information

Temperature Check ECONOMIC RESEARCH. Robert Kavcic, Senior Economist September 14, Market Performance as of September 14, 2018

Temperature Check ECONOMIC RESEARCH. Robert Kavcic, Senior Economist September 14, Market Performance as of September 14, 2018 Robert Kavcic, Senior Economist September 14, 2018 Temperature Check Equity markets were mostly higher this week, with the S&P 500 adding 1.2% on the back of gains in telecom, technology and industrials.

More information

Running Into Resistance

Running Into Resistance Robert Kavcic, Senior Economist September 7, 2018 Running Into Resistance Equity markets slumped this week, with the S&P 500 down 1% and the Nasdaq giving up 2.6%, both pulling back from record highs.

More information

SGX - MKE Singapore Corporate Day 2017

SGX - MKE Singapore Corporate Day 2017 SGX - MKE Singapore Corporate Day 2017 Investor Relations 25 August 2017 Singapore Exchange Who We Are A diversified exchange group that runs key market infrastructure including the Singapore stock market

More information

Earnings Juiced Buyback Boost?

Earnings Juiced Buyback Boost? Robert Kavcic, Senior Economist October 27, 2017 Earnings Juiced Buyback Boost? Equity markets pushed further into record territory this week, with even the TSX getting into the act. The S&P 500 rose 0.2%

More information

GS Global ECS Credit Strategy Research. March 31, Alberto Gallo, CFA Goldman, Sachs & Co

GS Global ECS Credit Strategy Research. March 31, Alberto Gallo, CFA Goldman, Sachs & Co The Goldman Sachs Group, Inc. Goldman Sachs Research The CLO market shows signs of life GS Global ECS Credit Strategy Research March 31, 11 Alberto Gallo, CFA Goldman, Sachs & Co. 1-917-33-31 alberto.gallo@gs.com

More information

Private Equity. How to unlock the potential of private companies? David Maréchal Private Equity Investment Manager. 18 September 2014 München

Private Equity. How to unlock the potential of private companies? David Maréchal Private Equity Investment Manager. 18 September 2014 München Private Equity How to unlock the potential of private companies? David Maréchal Private Equity Investment Manager 18 September 2014 München Table of contents 1 Private Equity An overview 3 2 Why invest

More information

Light Sweet Crude O Mine

Light Sweet Crude O Mine Robert Kavcic, Senior Economist May 11, 2018 Light Sweet Crude O Mine Equity markets rallied this week, with little in the way of major market-moving data. The S&P 500 rose 2.4%, with widespread strong

More information

US PE / VC Benchmark Commentary Quarter Ending March 31, 2017

US PE / VC Benchmark Commentary Quarter Ending March 31, 2017 US PE / VC Benchmark Commentary Quarter Ending March 31, 2017 Overview US private equity and venture capital funds had a good first quarter in 2017, as indicated by the Cambridge Associates LLC benchmark

More information

Cambridge Associates LLC Australia Private Equity & Venture Capital Index And Selected Benchmark Statitics Private Investments.

Cambridge Associates LLC Australia Private Equity & Venture Capital Index And Selected Benchmark Statitics Private Investments. CAMBRIDGE ASSOCIATES LLC Cambridge Associates LLC Australia Private Equity & Venture Capital Index And Selected Benchmark Statitics Private Investments December 31, 2010 Official Performance Benchmark

More information

Private Equity Overview

Private Equity Overview Private Equity Overview June 10, 2010 State Universities Retirement System Rob Parkinson, Associate Agenda Asset Class Overview Market Update SURS Private Equity Portfolio Asset Class Overview Benefits

More information

An introduction. May 2018

An introduction. May 2018 An introduction May 2018 Our strategy To grow our specialist asset management activities 2 Invest selectively Grow assets under management Manage portfolios to maximise value Generate strong shareholder

More information

Earnings High. meeting did little to suggest anything but the central bank Current. Performance (percent)

Earnings High. meeting did little to suggest anything but the central bank Current. Performance (percent) Robert Kavcic, Senior Economist October 19, 2018 Earnings High Equity markets steadied this week, with most indices firming after last week s deep selloff. The S&P 500 was flat, with a definitively defensive

More information

Winter is coming June 2016 quarter Westpac McDermott Miller Consumer Confidence Index: 106.0

Winter is coming June 2016 quarter Westpac McDermott Miller Consumer Confidence Index: 106.0 June 16 Winter is coming June 16 quarter Westpac McDermott Miller Consumer Confidence : 6. Consumer confidence has fallen for a second quarter. Confidence is now well below the peak reached in 14, and

More information

US Economics. RBC Capital Markets, LLC Jacob Oubina Director, Senior US Economist (212) ; ECONOMICS I RESEARCH

US Economics. RBC Capital Markets, LLC Jacob Oubina Director, Senior US Economist (212) ; ECONOMICS I RESEARCH ECONOMICS I RESEARCH US Economics October 2015, LLC Jacob Oubina Director, Senior US Economist (212) 618-7795; jacob.oubina@rbccm.com For Required Conflicts Disclosures, please see the back of this document.

More information

Africa Private Equity & Venture Capital Index and Benchmark Statistics

Africa Private Equity & Venture Capital Index and Benchmark Statistics Official Performance Benchmark of Africa Private Equity & Venture Capital Index and Benchmark Statistics Composition and History of the Africa Private Equity & Venture Capital Index The Africa Private

More information

INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 DECEMBER 2014

INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 DECEMBER 2014 INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 DECEMBER 214 COMMENTARY Lump of coal for pension plan sponsors 214 has turned out to be a disappointing year

More information

PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q Content includes:

PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q Content includes: PREQIN QUARTERLY UPDATE: INFRASTRUCTURE Q1 218 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Deals Fund

More information

A pivotal year

A pivotal year www.numis.com 2018 - A pivotal year Time to act to capitalise on success in European scale-ups Analysts: Nick James @NickJamesLDN n.james@numis.com +44 (0)20 7260 1284 This research was prepared & approved

More information

Equity Rally Stalls. & gas shares, while rate-sensitive Current. utilities managed a modest gain (the Price 1 Week 1 Month 3 Months 1 Year YTD 2018

Equity Rally Stalls. & gas shares, while rate-sensitive Current. utilities managed a modest gain (the Price 1 Week 1 Month 3 Months 1 Year YTD 2018 Carl Campus, Economist March 8, 2019 Equity Rally Stalls Equity markets were mired in red this week as weak economic data and caution from several central banks amped up global growth concerns, culminating

More information

Powell Play ECONOMIC RESEARCH. Robert Kavcic, Senior Economist November 30, Market Performance as of November 30, 2018

Powell Play ECONOMIC RESEARCH. Robert Kavcic, Senior Economist November 30, Market Performance as of November 30, 2018 Robert Kavcic, Senior Economist November 30, 2018 Powell Play Equity markets firmed this week, helped by a less hawkish tint to Fed commentary. The Nasdaq added more than 5%, while the S&P 500 jumped 4.8%

More information

PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK

PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private equity industry continues to grow and evolve,

More information

Nomura Investors Day 2010

Nomura Investors Day 2010 Nomura Investors Day 2010 May 10, 2010 Kenichi Watanabe President and CEO Nomura Holdings, Inc. 1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2010 Nomura Holdings, Inc. All

More information

Peace & Doves ECONOMIC RESEARCH. Carl Campus, Economist April 27, Market Performance as of April 27, 2018

Peace & Doves ECONOMIC RESEARCH. Carl Campus, Economist April 27, Market Performance as of April 27, 2018 Carl Campus, Economist April 27, 2018 Peace & Doves War, huh, yeah What is it good for? Absolutely nothing... That was the sentiment on Friday as the leaders from North and South Korea pledged lasting

More information

Chart 2: Fixed Asset Investment (FAI) Year-over-year % change, 3MMA. Chart 1: China Real GDP Growth 12% QoQ Annualized 70% 10% Infrastructure 50%

Chart 2: Fixed Asset Investment (FAI) Year-over-year % change, 3MMA. Chart 1: China Real GDP Growth 12% QoQ Annualized 70% 10% Infrastructure 50% Chart 1: China Real GDP Growth 12% 1 YoY QoQ Annualized 8% 6% 4% 2% 1Q11 1Q12 1Q13 1Q14 Source: NBS, FactSet J.P. Morgan Asset Management. Chart 2: Fixed Asset Investment (FAI) Year-over-year % change,

More information

ABF Pan Asia Bond Index Fund (2821) An ETF listed on the Stock Exchange of Hong Kong

ABF Pan Asia Bond Index Fund (2821) An ETF listed on the Stock Exchange of Hong Kong Important information: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iboxx ABF

More information

Environmental, Social and Governance Policy. November 2017

Environmental, Social and Governance Policy. November 2017 Environmental, Social and Governance Policy November 2017 Table of Contents 1. Introduction... 1 2. What Are ESG Risks?... 1 3. United Nations Principles for Responsible Investment ( PRI )... 2 4. Governance

More information

Market Bulletin. The LIBOR spike. May 1, In brief. What is LIBOR and why does it matter?

Market Bulletin. The LIBOR spike. May 1, In brief. What is LIBOR and why does it matter? Market Bulletin May, 8 The LIBOR spike In brief One of the most important interest rates in global financial markets, U.S. LIBOR, has spiked causing some investors to fear that there is a fundamental problem

More information

Further Along the Tightening Path

Further Along the Tightening Path Robert Kavcic, Senior Economist June 15, 2018 Further Along the Tightening Path Equity markets were mixed this week alongside a solid run of U.S. economic data, a widely-expected Federal Reserve rate hike

More information

Red October ECONOMIC RESEARCH. Robert Kavcic, Senior Economist October 26, Market Performance as of October 26, 2018

Red October ECONOMIC RESEARCH. Robert Kavcic, Senior Economist October 26, Market Performance as of October 26, 2018 Robert Kavcic, Senior Economist October 26, 2018 Red October Stocks extended their slump this week, with the S&P 500 cracking well below its 200-day moving average and entering correction territory. The

More information

2Q 30 JUNE 2018 MFS INTERNATIONAL SMALL-MID CAP EQUITY (USD)*

2Q 30 JUNE 2018 MFS INTERNATIONAL SMALL-MID CAP EQUITY (USD)* 2Q 30 JUNE 2018 MFS INTERNATIONAL SMALL-MID CAP EQUITY (USD)* INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title David Antonelli (30 yrs.) Portfolio Manager Peter Fruzzetti (24 yrs.) Portfolio

More information

EQUITY RESEARCH. OSFI releases draft of revisions to B-20 mortgage guidelines. For Required Non-U.S. Analyst and Conflicts Disclosures, see page 3.

EQUITY RESEARCH. OSFI releases draft of revisions to B-20 mortgage guidelines. For Required Non-U.S. Analyst and Conflicts Disclosures, see page 3. EQUITY RESEARCH July 7, 2017 Canadian Mortgage Industry OSFI releases draft of revisions to B-20 mortgage guidelines RBC Global Equity Team Click here for contributing analysts' contact information OSFI

More information

Crude for Thought. crude relentlessly jumped 13% this year alone to extend its highest level Current. Performance (percent)

Crude for Thought. crude relentlessly jumped 13% this year alone to extend its highest level Current. Performance (percent) Priscilla Thiagamoorthy, Economic Analyst April 20, 2018 Crude for Thought The S&P 500 snapped a three-day winning streak to end the week on a whimper as disappointing earnings by some of the world s largest

More information

How are emerging market corporates impacted by weaker domestic currencies?

How are emerging market corporates impacted by weaker domestic currencies? Insight How are emerging market corporates impacted by weaker domestic currencies? October 2015 The diverse nature of the emerging market corporate universe means that an environment of weaker emerging

More information

TSX Bucking the Bearishness

TSX Bucking the Bearishness Robert Kavcic, Senior Economist June 22, 2018 TSX Bucking the Bearishness Equity markets were mixed this week, with escalating trade concerns weighing on risk appetite. The S&P 500 dipped 0.6%, with gains

More information

Mid-Year Survey of Hedge Fund Investor Sentiment. Summer Capital Services. Credit Suisse

Mid-Year Survey of Hedge Fund Investor Sentiment. Summer Capital Services. Credit Suisse Credit Suisse Capital Services Mid-Year Survey of Hedge Fund Investor Sentiment Summer 2017 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the

More information

The VIX Is In. Performance (percent) Price 1 Week 1 Month 3 Months 1 Year YTD 2017

The VIX Is In. Performance (percent) Price 1 Week 1 Month 3 Months 1 Year YTD 2017 Robert Kavcic, Senior Economist February 9, 2018 The VIX Is In Equity markets slumped into correction territory this week, with a steep and broad-based selloff continuing across most major indices. The

More information

AMERICAN INVESTMENT COUNCIL. Performance Update 2017 Q3

AMERICAN INVESTMENT COUNCIL. Performance Update 2017 Q3 AMERICAN INVESTMENT COUNCIL Performance Update 2017 Q3 Private Equity Performance Benchmarks (as of September 30, 2017) Private Equity Benchmark Returns (Horizon IRR) 1 1-Year 3-Year 5-Year 10-Year BISON

More information

Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016

Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Overview In USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned

More information

Nasdaq or Bust ECONOMIC RESEARCH. Robert Kavcic, Senior Economist September 21, Market Performance as of September 21, 2018

Nasdaq or Bust ECONOMIC RESEARCH. Robert Kavcic, Senior Economist September 21, Market Performance as of September 21, 2018 Robert Kavcic, Senior Economist September 21, 2018 Nasdaq or Bust Equity markets rallied this week, flying in the face of an escalating trade war between the U.S. and China, while there was little progress

More information

Slow progress. Westpac McDermott Miller Employment Confidence Index, March March 2018

Slow progress. Westpac McDermott Miller Employment Confidence Index, March March 2018 Slow progress Westpac McDermott Miller Employment Confidence, March 18 29 March 18 The Westpac McDermott Miller Employment Confidence rose two points in March to 11.9, its highest level since 8. Perceptions

More information

The January Effect ECONOMIC RESEARCH. Robert Kavcic, Senior Economist February 2, Market Performance as of February 1, 2019

The January Effect ECONOMIC RESEARCH. Robert Kavcic, Senior Economist February 2, Market Performance as of February 1, 2019 Robert Kavcic, Senior Economist February 2, 2019 The January Effect Equity markets rallied this week, stoked by a much more dovish-than-expected shift by the Federal Reserve. The S&P 500 rose 1.6%, while

More information

Westpac McDermott Miller Consumer Confidence Index

Westpac McDermott Miller Consumer Confidence Index Westpac McDermott Miller Consumer Confidence Consumer confidence down 5.1 points to 3.5 in September Michael Gordon, Senior Economist +64 9 336 567 Dominick Stephens, Chief Economist +64 9 336 5671 Consumer

More information

Part 3: Private Equity Strategies

Part 3: Private Equity Strategies Private Equity Education Series Part 3: Private Equity Strategies Reports in this series Report Highlights Page Part 1: What is Private Equity (PE)? Part 2: Investing in Private Equity Part 3: Private

More information

US Rates Outlook: The Fed s Third Mandate

US Rates Outlook: The Fed s Third Mandate US Rates Outlook: The Fed s Third Mandate April 2016 Gennadiy Goldberg US Rates Strategist gennadiy.goldberg@tdsecurities.com 1 (212) 827-7180 Lopsided employment picture rapidly improving 2 Wage inflation:

More information

Workers in demand. Westpac McDermott Miller Employment Confidence Index, December Michael Gordon, Senior Economist

Workers in demand. Westpac McDermott Miller Employment Confidence Index, December Michael Gordon, Senior Economist Workers in demand Westpac McDermott Miller Employment Confidence, December 18 Michael Gordon, Senior Economist +64 9 336 67 Confidence in the labour market rose strongly in December, reaching its highest

More information

Convertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds.

Convertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds. Insights Convertibles To convexity... and beyond! November 2013 Convertible bonds can provide investors with the upside potential of equities with added benefits of lower price volatility and protection

More information

Real Estate Index and Selected Benchmark Statistics. June 30, 2015

Real Estate Index and Selected Benchmark Statistics. June 30, 2015 Real Estate Index and Selected Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates research

More information

PREQIN PRIVATE CAPITAL PERFORMANCE DATA GUIDE

PREQIN PRIVATE CAPITAL PERFORMANCE DATA GUIDE PREQIN PRIVATE CAPITAL PERFORMANCE DATA GUIDE INTRODUCTION Preqin was founded in 2003 and pioneered the use of the Freedom of Information Act (FOIA) to collect fund level returns data from public pension

More information

Market Bulletin. 4Q17 earnings update: Let s talk about taxes. January 31, In brief. Safety in earnings

Market Bulletin. 4Q17 earnings update: Let s talk about taxes. January 31, In brief. Safety in earnings Market Bulletin January 31, 2018 4Q17 earnings update: Let s talk about taxes In brief While higher volatility may be on the horizon, healthy earnings growth should prevent minor pullbacks from becoming

More information

PREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q Insight on the quarter from the leading provider of alternative assets data

PREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q Insight on the quarter from the leading provider of alternative assets data PREQIN QUARTERLY UPDATE: NATURAL RESOURCES Q2 217 Insight on the quarter from the leading provider of alternative assets data Content includes: Fundraising Funds in Market Institutional Investors Fund

More information

Market Bulletin. A fresh take on UK equities. November In brief HOW TO PROFIT FROM THE UK ECONOMIC RECOVERY? AUTHORS

Market Bulletin. A fresh take on UK equities. November In brief HOW TO PROFIT FROM THE UK ECONOMIC RECOVERY? AUTHORS Market Bulletin November A fresh take on UK equities In brief Domestic equities play a key role in most UK investors portfolios, accounting for of their holdings on average. The UK macro environment is

More information

Westpac Corporate Lending Portal

Westpac Corporate Lending Portal Westpac Corporate Lending Portal Fast, efficient and secure online loan management Westpac Institutional Bank Date: 22 August 2018 Commercial in Confidence 2018 Contents Overview... 5 Functionality @ August

More information

An Overview of Private Equity Investing

An Overview of Private Equity Investing An Overview of Private Equity Investing White Paper October 2017 Not For financial FDIC Insured professional May Lose and Value accredited No Bank investor Guarantee use only. For Not financial FDIC Insured

More information

Private Equity Fund of Funds Process and Review

Private Equity Fund of Funds Process and Review Private Equity Fund of Funds Process and Review March 2012 Andrew Junkin, CFA, CAIA Managing Director Tom Toth, CFA Managing Director Introduction Key Terms Capital (VC) Illiquid investments in high potential,

More information

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return

More information

Bull Market: From Longest to Strongest?

Bull Market: From Longest to Strongest? Robert Kavcic, Senior Economist August 24, 2018 Bull Market: From Longest to Strongest? To much fanfare, the U.S. equity bull market became the longest (but not yet strongest) in post-war history this

More information

2017 European Private Equity Activity

2017 European Private Equity Activity Disclaimer The information contained in this report has been produced by Invest Europe, based on data collected as part of the European Data Cooperative (EDC) and other third party information. While Invest

More information

NZ rates decoupling from US?

NZ rates decoupling from US? NZ rates decoupling from US? Westpac Strategy Imre Speizer, Auckland September The correlation between long term NZ yields and long term US yields has weakened. One explanation is unsynchronised RBNZ and

More information

US, by style US, by style US, by style US, by style

US, by style US, by style US, by style US, by style Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Global Equity Risk Premia Wednesday, December 12, 2017 Global

More information

Itinerari Previdenziali Conference. June 2017

Itinerari Previdenziali Conference. June 2017 Itinerari Previdenziali Conference June 2017 Hamilton Lane Overview Hamilton Lane works with sophisticated institutional investors to access the full spectrum of private markets Firm Spotlight What We

More information

S&P Dow Jones Disclaimer

S&P Dow Jones Disclaimer S&P Dow Jones Disclaimer S&P Dow Jones Disclaimer: The State Street Liquid Private Equity Sector Select Investable Indices (the Index ) is the property of State Street Bank and Trust which has contracted

More information

Buy Primary Health Properties #

Buy Primary Health Properties # Buy Primary Health Properties # PHP Data Price 107p Target price 125p Market cap 478m Dec 15 EPRA NAV 88p Free float 100% Index FTSE SmallCap Sector Real Estate Next news Aug - Interims UK portfolio 100%

More information

US, by style US, by style US, by style US, by style

US, by style US, by style US, by style US, by style Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Global Equity Risk Premia Monday, June 19, 2017 Global leader-board:

More information