Presentation The role of fixed income today. Quentin Fitzsimmons. Senior Portfolio Manager, Fixed Income T. Rowe Price

Size: px
Start display at page:

Download "Presentation The role of fixed income today. Quentin Fitzsimmons. Senior Portfolio Manager, Fixed Income T. Rowe Price"

Transcription

1 Presentation The role of fixed income today Quentin Fitzsimmons Senior Portfolio Manager, Fixed Income T. Rowe Price

2 THE ROLE OF FIXED INCOME TODAY Quentin Fitzsimmons Global Fixed Income Portfolio Manager 18 July 2018 For Professional Clients only. Not for further distribution.

3 Fixed Income Should Be Simple 1 2 INCOME 3 DOWNSIDE RISK MANAGEMENT 4 DIVERSIFICATION FROM EQUITIES LIABILITY & CASH FLOW MATCHING 3

4 What Income, What Capital Preservation? As of 31 May 2018 YIELD TO MATURITY (%) 10 9 Current 10-Year UK Gilt Yield: 1.35% 8 7 Yield Breakeven: % 6 5 Estimated impact of a 1% increase in 10-year yield: -9.70% UK Gilts UK Corporate Bonds 0 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Source: Bank of America Merrill Lynch. Analysis by T. Rowe Price 4

5 Let s Talk About Diversification As of 31 May 2018 FTSE ALL SHARES EQUITY MARKET DRAWDOWNS > 10% JAN 1999 MAR % 20% 10% Percentatge Return 0% -10% -20% -30% -40% Cumulative UK Equity Performance Cumulative UK Gilts Performance Cumulative UK Non-Gilts Performance Cumulative European High Yield Performance (GBP Hedged) -50% Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Past performance is not a reliable indicator of future performance. Indexes referred to: FTSE ALL SHARES Total Return Index, Bloomberg Barclays UK Gilt Index, UK Non-Gilt Index and Euro High Yield GBP Hedged Index. Source: Bloomberg Finance L.P. Data from Jan-1999 to Mar Returns in UK Sterling. 5

6 More Volatility Accidents To Be Expected As of 31 May 2018 VIX INDEX LEVEL Financial Crisis (318 Days) LTCM (211 Days) Asian Crisis (69 Days) Dotcom bust (113 Days) '02 Crash (206 Days) Eurozone Crises I & II (107 & 112 Days) Chinese Devaluation (28 Days) Vol Shock (6 Days) Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Sources: VIX; analysis by T. Rowe Price. 6

7 Is A Move Away From Traditional Fixed Income Investing the Answer? TRADITIONAL APPROACH NON-TRADITIONAL APPROACH Benchmark Return Target Cash Plus Return Target Defined by Benchmark Constituents Ability to Invest Broadly Influenced by Benchmark Weights Flexible Position Sizes Mostly Long Positions Mix of Long and Short Positions Unconstrained Multi-asset Credit Active Alpha Absolute Return Alternative Flexible Bonds Opportunistic Dynamic 7

8 Capturing Opportunities in Different Cycles As of 31 May 2018 ILLUSTRATIVE INTEREST RATE CYCLE MONETARY POLICY ACTIONS cuts 38 hikes MONETARY POLICY ACTIONS cuts 34 hikes MONETARY POLICY ACTIONS 2018-YTD 31 cuts 22 hikes South Africa Interest Rates Going Down Peru Colombia Brazil Russia Indonesia Serbia Chile Malaysia Thailand Israel Australia Sweden Eurozone Developed Countries Developing Countries Interest Rates Stable China US Hong Kong Canada UK Czech Republic Hungary Philippines Poland Romania Interest Rates Going Up Egypt Argentina Mexico Turkey The Monetary Policy Actions charts show the number of rate cuts and rate hikes made by all central banks globally. Country classifications in the chart are in line with IMF groupings as of reporting date. Sources: IMF, CB Rates and T. Rowe Price. 8

9 Becoming More Selective in Credit As of 31 May 2018 CORPORATE HEATMAP U.S. Corporates European Corporates Emerging Markets Corporates Leveraged Loans Market Weight Yield to Maturity Spread Market Weight Yield to Maturity Spread Market Weight Yield to Maturity Spread Market Weight Yield to Maturity Spread AAA 2.0% 3.5% % 0.7% % 2.9% 68 N/A N/A N/A AA 7.8% 3.3% % 0.5% % 3.7% 98 N/A N/A N/A A 42.5% 3.7% % 0.8% % 4.4% 162 N/A N/A N/A BBB 47.7% 4.2% % 1.2% % 5.1% 231 N/A N/A N/A IG Index 100.0% 3.9% % 1.0% % 205 N/A N/A N/A BB 42.9% 5.5% % 3.0% % 6.3% % 5.0% 275 B 41.9% 7.2% % 5.9% % 7.8% % 6.3% 421 CCC and Below 15.2% 10.3% % 9.3% % 11.8% % 13.0% 1157 HY Index 100.0% 6.9% % 4.0% % 7.2% % 6.0% 391 Past performance cannot guarantee future results. Sources: BofA/ML, S&P, and J.P. Morgan Chase & Co. U.S. Investment Grade represented by the Bloomberg Barclays U.S. Corporate Index; U.S. High Yield represented by the J.P. Morgan US High Yield Index; European Investment Grade represented by the Bloomberg Barclays Euro Aggregate Corporate Index; European High Yield represented by the BofA/ML European Currency High Yield Const. ex Sub. Fin. Index; Emerging Markets Corporate Index represented by the JPM CEMBI Broad Diversified Index, and Bank Loans by the J.P. Morgan Leveraged Loan Index. 9

10 Factoring Geo-Political Risk As of 31 May 2018 MARCH MARCH MAY JULY SEPTEMBER OCTOBER NOVEMBER ITALY RUSSIA UK MEXICO SWEDEN BRAZIL US Presidential Elections Local Elections General Elections GUESS WHICH BOND MARKET I AM 140 GUESS WHICH CURRENCY I AM % % Dec-17 Jan-18 Feb-18 Mar-18 Apr Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Source: Bloomberg. Analysis by T. Rowe Price 10

11 And The Cost of Hedging Back Into UK Sterling As of 31 May MONTH US LIBOR VS. 3-MONTH UK LIBOR (%) 5 Hedging US assets back into UK Sterling has increased. However 4 3 starting point UK Libor also going up 2 cost of hedging has increased because US assets have become more attractive 1 0 US Libor A true global bond approach should not depend on a particular market -1 UK Libor Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Source: ICE; analysis by T. Rowe Price. 11

12 Coherent Portfolio Construction is Essential To Deliver Stable Returns Return Seeking Positions Core Stable Positions Defensive Positions High conviction positions with strong potential for capital gains or with high income characteristics Positions with small but steady Income/gain potential and low risk profile Positions with defensive characteristics and unlikely to perform unless in a risk averse environment Vulnerable to risk aversion scenario Less affected by risk aversion scenario Benefits from risk aversion scenario 12

13 Targeting Risk Through Different Angles is Key PORTFOLIO ANALYSIS Ex-Ante Risk Scenario Analysis Ex-Post Attribution Using Different Correlation Inputs Using Different Volatility Inputs Performance Activity Thematic breakdown Risk Appetite vs. Risk Hedging POSITION ANALYSIS 13

14 In Conclusion 1. DEFINE ROLE OF FIXED INCOME 2. LOOK FOR GLOBAL APPROACH 3. FOCUS ON PORTFOLIO CONSTRUCTION Sustainable Performance Capital preservation Income generation Diversification Local Expertise Access to Research Full Universe Liquidity Filtering Best Ideas Strength of Conviction Risk Management Think Worst Case Scenario! 14

15 APPENDIX

16 Fixed Income At T. Rowe Price As of 31 March The total fixed income assets under management of the T. Rowe Price group of companies. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. 2. Research & Analysis includes credit analysts, associate analysts, and quantitative research analysts. Trading includes traders and trading analysts, Portfolio management includes portfolio managers, and associate portfolio managers. Counts do not include Fixed Income associates who support Fixed Income investments (Portfolio Specialists, Management, and Economists). Count, additionally, does not include associates with Stable Value Analyst role. 3. Includes Portfolio specialists and does not include trading analysts, or economists. Head of International Fixed Income Trading included in both Global Investment Grade and Global High Yield counts due to dual trading coverage. 4. Staff figurers include associates who joined the firm though acquisition in May 2017 and whose trading and research in our Philadelphia office remains fully separate and distinct from T. Rowe Price s existing High Yield platform. Numbers may not be total due to rounding. 16

17 Important Information Bank of America (BofA) Merrill Lynch - BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indices "as is", makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend [Company], or any of its products or services. This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction. Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction. EEA - Issued in the European Economic Area by T. Rowe Price International Limited, 60 Queen Victoria Street, London EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. All rights reserved. C1N1GEKCG

18 Presentation The role of fixed income today Quentin Fitzsimmons Senior Portfolio Manager, Fixed Income T. Rowe Price

FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION.

FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION. 2018 Global Market Outlook Press Briefing GLOBAL FIXED INCOME Mark Vaselkiv Portfolio Manager, CIO, Fixed Income November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED

More information

Emerging Market Debt Environment. October 2014

Emerging Market Debt Environment. October 2014 Emerging Market Debt Environment October 2014 EM Dollar Debt Posts Gains after Difficult 2013 2 EM vs. DM Growth Stabilizing at Lower Spread Real GDP Growth Rate Differential: Emerging Market Premium over

More information

EXPLORING THE FUTURE OF FIXED INCOME IN DC PLANS

EXPLORING THE FUTURE OF FIXED INCOME IN DC PLANS EXPLORING THE FUTURE OF FIXED INCOME IN DC PLANS Lorie Latham, CFA Senior Defined Contribution Strategist Wyatt Lee, CFA Asset Allocation Portfolio Manager Terry Moore, CFA Fixed Income Portfolio Specialist

More information

DIVERSIFICATION. Diversification

DIVERSIFICATION. Diversification Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out

More information

Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges

Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges Monthly Bulletin May 2018 J.P. Morgan Luxembourg based fund ranges Performance summary for Equity Fund Range EQUITY US A (dist) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.2 25.2 JPM America Equity A

More information

Learning objectives. Investors should leave the presentation with an ability to discuss

Learning objectives. Investors should leave the presentation with an ability to discuss Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018

More information

Emerging Market Debt attractive yield with solid fundamentals

Emerging Market Debt attractive yield with solid fundamentals For professional use only Not for Public distribution Emerging Market Debt attractive yield with solid fundamentals November 2012 Kevin Daly, Senior Portfolio Manager EMD Aberdeen Asset Management Table

More information

GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK

GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK 1 Global Market Outlook Press Briefing GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK Alan Levenson, Ph.D. Chief U.S. Economist November 1, 17 FOR 1 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED

More information

Bond Basics July 2007

Bond Basics July 2007 Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy

More information

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index

More information

GLOBAL MARKET OUTLOOK

GLOBAL MARKET OUTLOOK GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no

More information

Emerging Market Debt: Smoke but no fire

Emerging Market Debt: Smoke but no fire Emerging Market Debt: Smoke but no fire November 2014 Edwin Gutierrez, Head of Emerging Market Sovereign Debt Aberdeen Asset Management For Professional Investors only Not for public distribution Smoke

More information

Quarterly Market Review. First Quarter 2015

Quarterly Market Review. First Quarter 2015 Q1 Quarterly Market Review First Quarter 2015 Quarterly Market Review First Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins with

More information

Tracking the Growth Catalysts in Emerging Markets

Tracking the Growth Catalysts in Emerging Markets Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved

More information

Global Select International Select International Select Hedged Emerging Market Select

Global Select International Select International Select Hedged Emerging Market Select International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country

More information

Q2 Quarterly Market Review Second Quarter 2015

Q2 Quarterly Market Review Second Quarter 2015 Q2 Quarterly Market Review Second Quarter 2015 Quarterly Market Review Second Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins

More information

Summit Strategies Group

Summit Strategies Group April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index

More information

The Bank of America Merrill Lynch Global Bond Index Rules. PIMCO Global Advantage Government Bond Index Fine Specifications

The Bank of America Merrill Lynch Global Bond Index Rules. PIMCO Global Advantage Government Bond Index Fine Specifications PIMCO Global Advantage Government Bond Index Fine Specifications July 2017 1 Index Overview The PIMCO Global Advantage Government Bond Index history starts on December 31, 2003. The index has a level of

More information

Emerging Markets Debt: Outlook for the Asset Class

Emerging Markets Debt: Outlook for the Asset Class Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to

More information

Summit Strategies Group

Summit Strategies Group As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large

More information

UNDISCOVERED OPPORTUNITIES IN EMERGING MARKET CORPORATE BONDS

UNDISCOVERED OPPORTUNITIES IN EMERGING MARKET CORPORATE BONDS UNDISCOVERED OPPORTUNITIES IN EMERGING MARKET CORPORATE BONDS Emerging market corporate debt offers investors a high-quality universe of securities that exhibit higher yields and lower correlation than

More information

The role of inflation-linked bonds. September 2004

The role of inflation-linked bonds. September 2004 The role of inflation-linked bonds September 2004 Table of contents Who we are & our experience Inflation linked bonds: characteristics Performance and risks Applications in a portfolio Simulations and

More information

Quarterly Investment Update First Quarter 2017

Quarterly Investment Update First Quarter 2017 Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging

More information

Vantage Investment Partners. Quarterly Market Review

Vantage Investment Partners. Quarterly Market Review Vantage Investment Partners Quarterly Market Review First Quarter 2016 Quarterly Market Review First Quarter 2016 This report features world capital market performance and a timeline of events for the

More information

Latin America Equities

Latin America Equities Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12

More information

Summit Strategies Group

Summit Strategies Group US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70

More information

Summit Strategies Group

Summit Strategies Group US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell

More information

Quarterly Investment Update First Quarter 2018

Quarterly Investment Update First Quarter 2018 Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market

More information

Threadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited

Threadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited Details before Details after 01/12/2011 US Equities American 01/12/2011 Walter Scott & Partners Limited American 01/12/2011 The US Equities Portfolio seeks to achieve capital appreciation by investing

More information

The Fertile Soil of Corporate Bond Market

The Fertile Soil of Corporate Bond Market Oct 09 Sep 10 Aug 11 Jul 12 Jun 13 May 14 Oct 09 Apr 10 Oct 10 Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Basis Points Basis Points PERSPECTIVES The Fertile Soil of Corporate Bond Market May 2014

More information

July 2012 Chartbook The Halftime Report

July 2012 Chartbook The Halftime Report Average Daily $VA LUE Traded ($Billions ) $Billions (212 ( US China Japan CHI-X London Hong Kong Germany France Canada Korea Australia Brazil Taiwan Spain India Italy $billions Switzerland Sweden Amsterdam

More information

Quarterly Investment Update

Quarterly Investment Update Quarterly Investment Update Third Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter

More information

This statistical appendix presents data

This statistical appendix presents data This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing additional data that

More information

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: International Equities $912.3 million $36.3 million Year Founded: GIMA

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

NORTH AMERICAN UPDATE

NORTH AMERICAN UPDATE NORTH AMERICAN UPDATE December 6 th, 2018 INNOVATION INSIGHT GROWTH SINCE 1968 TOUGH YEAR FOR RETURNS AROUND THE WORLD Index Year-to-date Performance MSCI World -1.2% MSCI USA 3.9% MSCI Canada -3.9% MSCI

More information

11 QUESTIONS FOR EQUITY INVESTORS IN 2017

11 QUESTIONS FOR EQUITY INVESTORS IN 2017 Global Equities 11 QUESTIONS FOR EQUITY INVESTORS IN 2017 January 2017 For investment professionals only. Not for further distribution. The 2 nd Longest US Bull Market In History Could This Be The Record

More information

Emerging Market Debt Outlook

Emerging Market Debt Outlook Emerging Market Debt Outlook Live Webcast hosted by: Luz Padilla Portfolio Manager Emerging Markets Fixed Income Fund (DBLEX/DLENX) June 15, 2010 Fund Offerings Emerging Markets Fixed Income Fund Retail

More information

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back

More information

Investment Grade Fixed Income Review

Investment Grade Fixed Income Review Investment Grade Fixed Income Review February 15, 2018 North Carolina Short Term Portfolio (STIF) December 31, 2017 STIF Allocation 1.40% 1.20% Monthly STIF Rate History 1.30% Repurchase Agreements 7.5%

More information

This statistical appendix presents data

This statistical appendix presents data STATISTICAL APPENDIX This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing

More information

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.

More information

FTSE Global Equity Index Series

FTSE Global Equity Index Series FTSE Global Equity Index Series THE FTSE GLOBAL EQUITY INDEX SERIES With an unparalleled record of flexibility, transparency, consistent accuracy and the ability to meet any mandate, FTSE indices are already

More information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.

More information

M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015

M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015 M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing

More information

Creating a More Efficient Fixed Income Portfolio with Asia Bonds

Creating a More Efficient Fixed Income Portfolio with Asia Bonds Creating a More Efficient Fixed Income Portfolio with Asia Bonds Creating a More Efficient Fixed Income Portfolio with Asia Bonds Drawing upon different drivers for performance, Asia fixed income can improve

More information

Chart Collection for Morning Briefing

Chart Collection for Morning Briefing Chart Collection for Morning Briefing February 12, 219 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box 25 Figure

More information

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review June 30, 2018 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective: Total

More information

T. Rowe Price Funds SICAV A Luxembourg UCITS

T. Rowe Price Funds SICAV A Luxembourg UCITS PROSPECTUS T. Rowe Price Funds SICAV A Luxembourg UCITS Bond Funds Asia Credit Bond Fund Diversified Income Bond Fund Dynamic Global Bond Fund Dynamic Global Investment Grade Bond Fund Emerging Local Markets

More information

Quarterly Market Review

Quarterly Market Review Q4 Quarterly Market Review Fourth Quarter 2011 Quarterly Market Review Fourth Quarter 2011 This report features world capital market performance in the last quarter. It begins with a global overview, then

More information

Forecasting Emerging Markets Equities the Role of Commodity Beta

Forecasting Emerging Markets Equities the Role of Commodity Beta Forecasting Emerging Markets Equities the Role of Commodity Beta Huiyu(Evelyn) Huang Grantham, Mayo, Van Otterloo& Co., LLC June 23, 215 For presentation at ISF 215. The opinions expressed here are solely

More information

Monthly Commentary Emerging Markets Debt

Monthly Commentary Emerging Markets Debt HSBC Global Asset Management September 2011 Monthly Commentary Emerging Markets Debt For professional clients only Emerging Markets Debt Core (Hard Currency) Supplemental information Returns and characteristics

More information

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for August 2011 All data are as of Wednesday, August 31, 2011. The regional indices are

More information

Quarterly Investment Update

Quarterly Investment Update Quarterly Investment Update Second Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter

More information

Summit Strategies Group

Summit Strategies Group May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57

More information

Summit Strategies Group

Summit Strategies Group June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2

More information

Summit Strategies Group

Summit Strategies Group August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

This statistical appendix presents data

This statistical appendix presents data This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing additional data that

More information

FTSE Global All Cap Index

FTSE Global All Cap Index FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.

More information

All-Country Equity Allocator February 2018

All-Country Equity Allocator February 2018 Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February

More information

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:

More 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

Dynamic Global Bond Fund

Dynamic Global Bond Fund STRATEGY HIGHLIGHTS Dynamic Global Bond Fund Total Global Fixed Income Assets: $29.6 billion 2 Total Dynamic Global Bond Assets: 1 $7,328.9 million 2 Total Fund Assets: $2,170.4 million 2 As of March 31,

More information

Market Review and Outlook. Todd Centurino, CFA

Market Review and Outlook. Todd Centurino, CFA Market Review and Outlook Todd Centurino, CFA Q1 2017 Global Economy: On the Upswing Ranked Returns (%) Emerging Market Equities 11.40 European Equities 7.40 US Equities 6.10 Global Bonds 2.00 US Treasuries

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for July 2011 All data are as of Friday, July 29, 2011. The regional indices are based

More information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because

More information

Performance Review May 17, 2018

Performance Review May 17, 2018 Performance Review May 17, 2018 Cost-Efficiencies Initiative Update Goal: Obtain $100 million of incremental cost-efficiencies for the NCRS investment program, consistent with fiduciary requirements and

More information

Supplement. for the. Emerging Markets Equity Fund

Supplement. for the. Emerging Markets Equity Fund Supplement for the Emerging Markets Equity Fund 16 November 2017 Principal Global Investors Funds This Supplement contains specific information in relation to the Emerging Markets Equity Fund (the "Fund"),

More information

Reasons why: Emerging market (EM) corporate bonds

Reasons why: Emerging market (EM) corporate bonds Reasons why: Emerging market (EM) corporate bonds February 2017 Low yield in developed market bonds can pose a significant challenge for fixed-income investors. This has forced many investors to move down

More information

GLOBAL FIXED INCOME OVERVIEW

GLOBAL FIXED INCOME OVERVIEW 2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields

More information

FTSE All-World High Dividend Yield

FTSE All-World High Dividend Yield FTSE Russell Factsheet High Dividend Index Data as at: 31 August 2018 bmktitle1 The High Dividend Index comprises stocks that are characterized by higherthan-average dividend yields, and is based on the

More information

This statistical appendix presents data on

This statistical appendix presents data on c h a p t e r X STATISTICAL APPENDIX This statistical appendix presents data on financial developments in key financial centers and emerging and other markets. It is designed to complement the analysis

More information

All-Country Equity Allocator July 2018

All-Country Equity Allocator July 2018 Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A

More information

Date of Latest Changes

Date of Latest Changes Emerging Capital Markets Update for May 2011 All data are as of Tuesday, May 31, 2011. The regional indices are based on an average of major EM countries in each region where the data are available. Summary

More information

Bonds: Emerging Markets Are Back

Bonds: Emerging Markets Are Back MARKET VIEW Bonds: Emerging Markets Are Back March 27, 2017 1072 Views Amid a brighter outlook for global growth and expectations of a less hawkish U.S. Federal Reserve, dollar-denominated EM corporate

More information

FTSE Global All Cap Index

FTSE Global All Cap Index FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.

More information

HOW TO BE MORE OPPORTUNISTIC

HOW TO BE MORE OPPORTUNISTIC HOW TO BE MORE OPPORTUNISTIC HOW TO BE MORE OPPORTUNISTIC Page 2 Over the last decade, institutional investors across much of the developed world have gradually reduced their exposure to equity markets.

More information

Some Historical Examples of Yield Curves

Some Historical Examples of Yield Curves 3 months 6 months 1 year 2 years 5 years 10 years 30 years Some Historical Examples of Yield Curves Nominal interest rate, % 16 14 12 10 8 6 4 2 January 1981 June1999 December2009 0 Time to maturity This

More information

Brazil. 1993: billion % 2012: trillion % 2018 (estimated): trillion (estimated): trillion.

Brazil. 1993: billion % 2012: trillion % 2018 (estimated): trillion (estimated): trillion. For investment professionals only - Not for use by retail investors Emerging world order Emerging Market Debt by the Numbers April 2013 The economic face of the world is changing and Aberdeen believes

More information

Chart Collection for Morning Briefing

Chart Collection for Morning Briefing Chart Collection for Morning Briefing December 19, 216 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 38 36

More information

Market Correlations: Expected Inflation in TIPS

Market Correlations: Expected Inflation in TIPS Market Correlations: in TIPS April, 8 Dr. Edward Yardeni 56-97-768 eyardeni@ Joe Abbott 7-497-56 jabbott@ Mali Quintana 48-664- aquintana@ Please visit our sites at www. blog. thinking outside the box

More information

Seeking Diversification Through Emerging Markets July 2009

Seeking Diversification Through Emerging Markets July 2009 Seeking Diversification Through Emerging Introduction The ongoing shakeout in global markets has had far-reaching consequences for equities across the world. For developed market investors seeking diversification

More information

FTSE All-World ex Coal Index Series

FTSE All-World ex Coal Index Series FTSE Russell Factsheet FTSE All-World ex Coal Index Series Data as at: 29 March 2019 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off

More information

1.1. STOXX TOTAL MARKET INDICES

1.1. STOXX TOTAL MARKET INDICES STOXX INDEX LIST A-Z 1. TOTAL MARKET INDICES 1/14 1.1. STOXX TOTAL MARKET INDICES Regional indices STOXX BRIC TMI STOXX Developed and Emerging Markets TMI STOXX Developed Markets TMI STOXX Emerging Markets

More information

Outlook and Strategy Income Funds

Outlook and Strategy Income Funds Q 3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best

More information

US Economic Indicators: Import Prices, PPI, & CPI

US Economic Indicators: Import Prices, PPI, & CPI US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of

More information

Chart Collection for Morning Briefing

Chart Collection for Morning Briefing Chart Collection for Morning Briefing November 14, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure

More information

Market Correlations: CRB Raw Industrials Spot Price Index

Market Correlations: CRB Raw Industrials Spot Price Index Market Correlations: Spot Price Index December 15, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.

More information

Franklin Templeton Investment Funds Templeton Emerging Markets Bond Fund - A (Qdis) USD

Franklin Templeton Investment Funds Templeton Emerging Markets Bond Fund - A (Qdis) USD Templeton Global Macro Group Data as of 30 November 2018 Franklin Templeton Investment Funds - A (Qdis) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical

More information

The Science of Finance GEMX. Randolf Tantzscher / Istanbul / June 2012

The Science of Finance GEMX. Randolf Tantzscher / Istanbul / June 2012 The Science of Finance GEMX Randolf Tantzscher / Istanbul / June 2012 GEMX Index Family Current countries GEMX Overall Asia EEMEA LatAm China India Indonesia Malaysia Philippines Sri Lanka Thailand Egypt

More information

THOUGHTS FOR 2018 DECEMBER 2017

THOUGHTS FOR 2018 DECEMBER 2017 FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. THOUGHTS FOR 218 DECEMBER 217 > After years of sustained

More information

NEWTON GLOBAL EMERGING MARKETS STRATEGY

NEWTON GLOBAL EMERGING MARKETS STRATEGY July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of

More information

Nimbus 9 PORTFOLIO MANAGEMENT

Nimbus 9 PORTFOLIO MANAGEMENT Nimbus 9 STRATEGY HIGHLIGHTS As of 30 June 2018 Europe Structured Research Equity Strategy Total Europe Structured Research Equity Strategy Assets: 1 7.7 million 2,3 INVESTMENT APPROACH p Leverage broad

More information

FTSE Annual Country Classification Review Published: 26 September 2018

FTSE Annual Country Classification Review Published: 26 September 2018 FTSE Classification of Markets FTSE Annual Country Classification Review Published: 26 September 2018 Headlines China A to be assigned Secondary Emerging market status commencing June 2019 Iceland to be

More information

Market Briefing: Daily Markets Overview

Market Briefing: Daily Markets Overview Market Briefing: Daily Markets Overview September 25, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at blog. thinking outside the box Table Of Contents

More information