STRATEGY HIGHLIGHTS As of 31 March 2018 Stable Value Strategy Total Strategy Assets: 1 $23.3 billion 2 Figures shown in U.S.
|
|
- Ursula McCarthy
- 5 years ago
- Views:
Transcription
1 STRATEGY HIGHLIGHTS As of 31 March 018 Stable Value Strategy Total Strategy Assets: 1 $3.3 billion INVESTMENT APPROACH 100% internal management facilitates transparency and control. Yield-focused strategy. Proprietary research supports broad diversification across sectors and credit spectrum. Fixed income portfolios are wrapped by benefit-responsive contracts, which provide daily liquidity at book value provisions for various transactions. Seek to add value through portfolio customization, sector rotation, and security selection. PORTFOLIO CONSTRUCTION Duration generally managed within.0 to 4.0 target range Actively managed short, intermediate and longer duration wrapped fixed income portfolios Wrap instruments include both synthetic contracts and separate account contracts with high quality counterparties Opportunistic allocation to traditional GICs based on relative value Average credit quality target is AA- or better BENCHMARK Hueler Analytics Pooled Fund Universe PORTFOLIO MANAGEMENT Antonio L. Luna, CFA Head of Stable Value and Portfolio Manager 4 years of investment experience; years with T. Rowe Price. B.S., Towson University M.S., Johns Hopkins University Robert A. Madore 37 years of investment experience; 16 years with T. Rowe Price. B.A., University of Connecticut Benjamin Gugliotta, J.D. 1 years of investment experience; 15 years with T. Rowe Price. L.L.M., University of Baltimore J.D., University of Baltimore, School of Law B.A., St. Mary s College of Maryland Cheryl A. Mickel, CFA 8 years of investment experience; 8 years with T. Rowe Price. B.S., University of Baltimore M.B.A., Loyola University Maryland Jason T. Collins, CFA 16 years of investment experience; 1 years with T. Rowe Price. B.S., Excelsior College M.B.A., University of Texas Michael F. Reinartz, CFA 17 years of investment experience; 1 years with T. Rowe Price. B.S., Towson University Brian J. Brennan, CFA 31 years of investment experience; 17 years with T. Rowe Price. B.S., Trinity College M.A., Trinity College Joseph K. Lynagh, CFA 4 years of investment experience; 7 years with T. Rowe Price. B.S., Loyola University Maryland M.S.F., Loyola University Maryland 1 Includes T. Rowe Price common trust funds and other stable value portfolios. Assets reported are as of 31 March 018 and were current on date of production.
2 PORTFOLIO CHARACTERISTICS Representative Portfolio Hueler Analytics Pooled Fund Universe 1 Duration 3.13 Years.74 Years Allocation Cash Equivalents 4.90% 6.57% Synthetic Investment Contracts Separate Accounts Guaranteed Investment Contracts Other CREDIT QUALITY Representative Portfolio Hueler Analytics Pooled Fund Universe 1 ABS 13.% 1.0% U.S. Agencies Credits CMBS MBS Private Placements U.S. Treasuries GIC/GIC-Separate Account Cash Other The Hueler Pooled Fund Universe ( Universe ) is provided by Hueler Analytics, a Minnesota-based consulting firm, which has developed the Universe for use as a comparative database to evaluate collective trust funds and other pooled vehicles with investments in GICs and other stable value instruments. The Universe is comprised of pooled stable value funds with common investment objectives of stability of principal; the number of participating funds in the Universe may vary over the different historic periods. Total return performance is calculated by taking the straight average of the monthly returns of the funds participating in the Universe during each month which are then linked to derive the index returns for all other time periods. Universe rates of return are reported gross of management fees. For the Stable Value Representative Portfolio, the cash sector allocation represents the reserve balance and cash position in the SIC portfolios. Totals may not add due to rounding.
3 PERFORMANCE VS. ILLUSTRATIVE INDICES Annualized Gross of Fees Three Months T. Rowe Price Stable Value Common Trust Fund 1, 0.56%.0%.16%.3% 3.03% Stable Value Separate Account Composite Hueler Analytics Pooled Fund Universe Net of Fees T. Rowe Price Stable Value Common Trust Fund (Net of 45 bps) 0.45% 1.75% 1.70% 1.77%.56% Stable Value Separate Account Composite (Net of.5 bps) Lipper Money Market Funds Index Past performance cannot guarantee future results. 1 The T. Rowe Price Stable Value Common Trust Fund is our largest stable value portfolio and is a component of the Hueler Analytics Pooled Fund Universe. The T. Rowe Price Stable Value Common Trust Fund (the Trust ) is not a mutual fund. It is a common trust fund established by the T. Rowe Price Trust Company under Maryland banking law, and its units are exempt from registration under the Securities Act of The Trust are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company. Although the Trust seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the Trust. 3 The Stable Value Separate Account Composite includes all discretionary separately managed institutional portfolios for which the Stable Asset Management Group employs a stable value investment strategy. Portfolios range in size up to $1.4 billion USD, and are comprised primarily of investment contracts, and may include marketable short-term, fixed-income securities and cash reserves. The composite performance is for the dollar weighted average of various separate account clients of T. Rowe Price Associates, Inc. s Stable Asset Management Group. It reflects the book value performance of all discretionary separately managed institutional portfolios in the composite. Portfolio results are based on valuation of investment contracts at book value and include reinvested earnings. Investment return will vary. Net of Fees performance reflects the deduction of the highest full mandate fee without benefit of break points. Partial mandate fees may be higher which could result in lower performance. Information regarding the Stable Asset Management Group s advisory fee schedules is available in T. Rowe Price Associates, Inc. s Form ADV. There is no standard industry-wide benchmark for stable value portfolios. 4 The Hueler Analytics Pooled Fund Universe ( Universe ) is provided by Hueler Analytics, a stable value data and research firm, which has developed the Universe for use as a comparative database to evaluate collective trust funds and other pooled vehicles with investments in GICs and other stable value instruments. The Universe is comprised of pooled stable value funds with common investment objectives of stability of principal; the number of participating funds in the Universe may vary over the different historic periods. Total return performance is calculated by taking the straight average of monthly returns of the funds participating in the Universe during each month which are then linked to derive the index returns for all other time periods. Universe rates of return are reported gross of management fees. 5 The Lipper Money Markets Funds Index (the Lipper Index ) is an equally weighted performance index of the largest qualifying funds in this Lipper category. Lipper index gross of fees performance data is not available. Source for Lipper data: Lipper, Inc. The Stable Value Strategy is not a money fund. The Lipper index appears for illustrative purposes only. Differences between compared investments may include objectives, holdings, sales and management fees, liquidity, volatility, and tax features and other features, which may result in differences in performance. One Year Three Years Five Years Ten Years
4 FEE SCHEDULE Stable Value Client Master (USD) Composite The Stable Value Client Master (USD) Composite combines accounts included in the Stable Value Synthetic Only (USD) Composite and Stable Value GIC Permissible (USD) Composite. The master composite reports market value performance for stable value accounts which seek to protect investors against fluctuations in principal value while providing an attractive level of current income through investment primarily in diversified portfolios of Guaranteed Investment Contracts (GICs), Bank Investment Contracts (BICs), and Synthetic Investment Contracts (SICs), including underlying securities supporting such contracts. (Created December 010). Separate Account First $50 million Next $50 million.5 basis points 0 basis points Above $100 million 17.5 basis points on all assets 1 Above $50 million 1.5 basis points on all assets 1 Above $500 million 11 basis points on all assets 1 Above $1 billion 10 basis points on all assets 1 Minimum separate account size $50 million ¹ A transitional credit is applied to the fee schedule as assets approach or fall below the break point. Accounts below $100 million are required to use the building block trusts as an underlying investment.
5 GIPS DISCLOSURE GIPS Disclosure Stable Value Client Master (USD) Composite Period Ended March 31, 018 Figures Shown in U.S. dollar YTD 018 Gross Annual Returns (%) Net Annual Returns (%) Citigroup 3 Month Treasury Bill (%) Composite 3 Yr St. Dev. N/A N/A Citigroup 3 Month Treasury Bill 3 Yr St. Dev Composite Dispersion N/A N/A 0.30 N/A 0.1 N/A N/A N/A Comp. Assets (Millions) 6,83.9 5, ,58.0 6, , , , ,115.9 # of Accts. in Comp Total Firm Assets (Billions) ,000. 1,0.8 1 Reflects deduction of highest applicable fee schedule without benefit of breakpoints. Investment return and principal value will vary. Past performance cannot guarantee future results. Monthly composite performance is available upon request. See below for further information related to net of fee calculations. T. Rowe Price (TRP) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ). TRP has been independently verified for the 1 year period ended June 30, 017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm wide basis and () the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S., international, and global strategies but excluding the services of the Private Asset Management group. The minimum asset level for equity portfolios to be included in composites is $5 million and prior to January 00 the minimum was $1 million. The minimum asset level for fixed income and asset allocation portfolios to be included in composites is $10 million; prior to October 004 the minimum was $5 million; and prior to January 00 the minimum was $1 million. Valuations are computed and performance reported in U.S. dollars. Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule appropriate to you for this mandate, without the benefit of breakpoints. Gross and net performance returns are net of nonreclaimable withholding taxes on dividends, interest income, and capital gains. Effective June 30, 013, portfolio valuation and assets under management are calculated based on the closing price of the security in its respective market. Previously portfolios holding international securities may have been adjusted for after market events. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Dispersion is measured by the standard deviation across asset weighted portfolio returns represented within a composite for the full year. Dispersion is not calculated for the composites in which there are five or fewer portfolios. Some portfolios may trade futures, options, and other potentially high risk derivatives which generally represent less than 10% of a portfolio. Benchmarks are taken from published sources and may have different calculation methodologies, pricing times, and foreign exchange sources from the composite. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow greater than or equal to 15% of portfolio assets. The temporary removal of such an account occurs at the beginning of the measurement period in which the significant cash flow occurs and the account re enters the composite on the last day of the current month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. The firm's list of composite descriptions and/or a presentation that adheres to the GIPS standards are available upon request.
6 ADDITIONAL DISCLOSURES Portfolio Construction: There is no guarantee that the investment will remain within the anticipated ranges of exposure. Diversification exhibits may not add to 100% due to exclusion or inclusion of cash. Sources for credit quality: Moody s Investors Service; if Moody s does not rate a security, then Standard & Poor s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody s or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. Certain numbers in this report may not equal stated totals due to rounding. All data is accurate as of the report production date. The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. Information regarding the representative portfolio and, where applicable, the other accounts in the composite is available upon request. Please see the GIPS Disclosure page for additional information on the composite. USA - Issued in the USA by T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD, 10, which is regulated by the U.S. Securities and Exchange Commission. For Institutional Investors only. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc. All rights reserved
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 informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 June 2018 Global Technology Equity Strategy Total Strategy Assets: 1 $14.4 billion 2 INVESTMENT APPROACH p Seeks long-term growth by investing primarily in the common
More informationU.S. Large-Cap Value Strategy
As of 30 Sep 20 Total U.S. Large-Cap Value Assets : $49.9 billion Total Strategy Assets 2 : $7. billion Investment Approach Focus on relative value relationships. Employ fundamental research to identify
More informationAnnualized PERFORMANCE
QUARTERLY SUMMARY US Large-Cap Equity Income SMA As of December 3, 208 PORTFOLIO MANAGER: John D. Linehan JOINED FIRM: 998 INVESTMENT APPROACH Employ a conservative, value-oriented investment approach
More informationQUARTERLY SUMMARY As of June 30, 2018 US Growth Stock SMA
QUARTERLY SUMMARY As of June 3, 8 US Growth Stock SMA PORTFOLIO MANAGER: Joseph B. Fath JOINED FIRM: INVESTMENT APPROACH Focus on companies with double-digit earnings and cash flow growth - emphasize sustainable
More informationUS Blue Chip Growth Equity SMA
QUARTERLY SUMMARY As of December 31, 18 STRATEGY HIGHLIGHTS US Blue Chip Growth Equity SMA INVESTMENT APPROACH PORTFOLIO MANAGER: Larry J. Puglia JOINED FIRM: 199 Identify high-quality companies with leading
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2017 International Concentrated Equity Strategy Total International Concentrated Equity Strategy Assets: 1 $551.1 million 2 INVESTMENT APPROACH p Seeks long-term
More informationUS Blue Chip Growth Equity SMA
QUARTERLY SUMMARY STRATEGY HIGHLIGHTS As of September 3, 18 US Blue Chip Growth Equity SMA INVESTMENT APPROACH PORTFOLIO MANAGER: Larry J. Puglia JOINED FIRM: 199 Identify high-quality companies with leading
More informationQUARTERLY SUMMARY As of March 31, 2018 US Blue Chip Growth Equity SMA
QUARTERLY SUMMARY As of March 31, 18 US Blue Chip Growth Equity SMA INVESTMENT APPROACH Identify high-quality companies with leading market positions in fertile growth fields. Integrate fundamental research
More informationNimbus 9 PORTFOLIO MANAGEMENT
For Qualified Domestic Institutional Investors Only. Not for further distribution. Nimbus 9 STRATEGY HIGHLIGHTS As of 31 March 2018 Global Real Estate Equity Strategy Total Global Real Estate Strategy
More informationQUARTERLY SUMMARY As of March 31, 2018 U.S. Large-Cap Equity Income SMA
QUARTERLY SUMMARY As of March 3, 8 U.S. Large-Cap Equity Income SMA PORTFOLIO MANAGER: John D. Linehan JOINED FIRM: 998 INVESTMENT APPROACH Employ a conservative, value-oriented investment approach and
More informationQUARTERLY SUMMARY As of March 31, 2018 US Growth Stock SMA
QUARTERLY SUMMARY As of March 31, 18 US Growth Stock SMA INVESTMENT APPROACH Focus on companies with double-digit earnings and cash flow growth - emphasize sustainable growth, not momentum growth. Integrate
More informationQUARTERLY SUMMARY As of March 31, 2018 U.S. Large-Cap Core Equity SMA
QUARTERLY SUMMARY As of March 3, 8 U.S. Large-Cap Core Equity SMA Annualized Three Months Year-to- Date Since Inception /3/7 U.S. Large-Cap Core Equity SMA Composite ( Pure Gross) -.6% -.6% -.6% U.S. Large-Cap
More informationSTRATEGY HIGHLIGHTS As of 30 June 2018 Global Metals & Mining Equity Strategy Total Strategy Assets: million 2 Figures shown in U.S.
STRATEGY HIGHLIGHTS As of 30 June 2018 Global Metals & Mining Equity Strategy Total Strategy Assets: 1 905.9 million 2 INVESTMENT APPROACH Focus on opportunities broadly within the metals and mining sector
More informationNimbus 9 PORTFOLIO MANAGEMENT
For Qualified Domestic Institutional Investors Only. Not for further distribution. Nimbus 9 STRATEGY HIGHLIGHTS As of 30 September 2018 Emerging Markets Equity Strategy Total Strategy Assets: 1 $22.9 billion
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 June 2018 Global Real Assets Equity Strategy Total Global Real Assets Equity Strategy Assets: 1 $4.6 billion 2 INVESTMENT APPROACH p The strategy seeks to improve
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 International Core Equity Strategy Total International Core Equity Strategy Assets: 1 $29.6 billion 2 INVESTMENT APPROACH p Emphasize companies with
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 US Growth Stock Strategy Total Large-Cap Growth Assets: $237.0 billion 2 Total Strategy Assets: 1 $92.0 billion 2 INVESTMENT APPROACH p Focus on companies
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 30 September 2018 Emerging Markets Equity Strategy Total Strategy Assets: 1 $22.9 billion 2 INVESTMENT APPROACH p Employ fundamental analysis to identify companies with
More informationT. ROWE PRICE STRATEGY HIGHLIGHTS
Total Strategy Assets : $8.0 billion AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Investment Approach Single decision maker provides clear accountability. Identify best ideas by assessing companies in
More informationQUARTERLY SUMMARY As of March 31, 2018 US Value Equity SMA
QUARTERLY SUMMARY As of March 31, 18 US Value Equity SMA INVESTMENT APPROACH Focus on relative value relationships. Employ fundamental research to identify large and medium sized companies with improving
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 Global Real Assets Equity Strategy Total Global Real Assets Equity Strategy Assets: 1 $4.7 billion 2 INVESTMENT APPROACH p The strategy seeks to improve
More informationT. ROWE PRICE STRATEGY HIGHLIGHTS
AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Total Strategy Assets : $. billion Investment Approach Single decision-maker provides clear accountability. Identify best ideas by assessing companies in a
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS As of 31 December 2018 Asia Opportunities Equity Strategy Total Strategy Assets: 1 $284.7 million 2 INVESTMENT APPROACH p Seeking long term capital appreciation to come from
More informationT. ROWE PRICE STRATEGY HIGHLIGHTS
AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Total Global Fixed Income: $6,95.9 million Absolute Return Assets : $.2 million Investment Approach Designed to generate absolute positive returns by investing
More informationIntermediate Municipal Bond
Second Quarter 2018 1 Investment Objective The Composite seeks to maximize current income exempt from federal income tax consistent with the preservation of capital. To achieve this objective, the composite
More informationT. ROWE PRICE STRATEGY HIGHLIGHTS AS OF31 DEC 2010
AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Investment Approach Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates. Focus on franchise strength, management
More informationThe Strength of T. Rowe Price s Investment Expertise in Emerging Markets Bonds
T. Rowe Price EMERGING MARKETS BONDS The Strength of T. Rowe Price s Investment Expertise in Emerging Markets Bonds T. Rowe Price has established a position as one of the leading franchises among asset
More informationIndependent Accountant's Verification and Performance Examination Report
Ashland Partners & Company LLP Independent Accountant's Verification and Performance Examination Report Horizon Asset Management LLC: We have examined whether (1) Horizon Asset Management Institutional
More informationMorgan Dempsey Capital Management, LLC Verification and Midcap Institutional Composite Performance Examination Report.
Verification and Midcap Institutional Performance Examination Report December 31, 2017 Verification and Performance Examination Report We have verified whether Morgan Dempsey Capital Management, LLC (the
More informationCampbell Newman Asset Management, Inc. Verification Report. September 30, 2018
Campbell Newman Asset Management, Inc. Verification Report September 30, 2018 Ms. Mary C. Brown, President Campbell Newman Asset Management, Inc. Verification Report We have verified whether Campbell Newman
More informationShort Municipal Bond. Second Quarter Investment Objective. Investment Philosophy. Investment Process. Performance Summary 1
Second Quarter 2018 1 Investment Objective The Composite seeks to maximize current income exempt from federal income tax consistent with the preservation of capital. To achieve this objective, the composite
More informationShort Intermediate Municipal Bond
Second Quarter 2018 1 Investment Objective The Composite seeks to maximize current income exempt from federal income tax consistent with the preservation of capital. To achieve this objective, the composite
More informationRaub Brock Capital Management, LP Verification and Raub Brock Dividend Growth Portfolio Composite Performance Examination Report.
Raub Brock Capital Management, LP Verification and Raub Brock Dividend Growth Portfolio Composite Performance Examination Report December 31, 2017 Verification and Performance Examination Report Mr. Richard
More information1Q 31 MARCH 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD)
1Q 31 MARCH 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (29 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA
More informationQuarterly High Yield Market Summary
Quarterly High Yield Market Summary As of December 31, 2013 Aside from a brief respite in October, risk free rates trended higher in Q4 2013 (up 42 basis points in the 10 Year and 36 bps in the 5 Year),
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TRHYX CUSIP: 77958B204 As of December 31, 2018 Institutional High Yield Fund Total High Yield Assets: $29.0 billion 2 Total High Yield Bond Strategy Assets: 1 $16.9
More informationSmall Cap Value Composite GIPS Table
Small Cap Value Composite GIPS Table Total Total Russell 3-Year 3-Year Total Total Total Gross Net 2000 Value Number of Composite Composite Russell 2000 Composite Assets Equity Assets Firm Assets Year/
More informationBroadview Advisors, LLC Verification Report. December 31, 2017
Broadview Advisors, LLC Verification Report December 31, 2017 Verification Report Broadview Advisors, LLC 330 East Kilbourn Ave, Suite 1475 Milwaukee, WI 53202 We have verified whether Broadview Advisors,
More informationNimbus 9 PORTFOLIO MANAGEMENT PORTFOLIO SPECIALISTS
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TRBCX CUSIP: 77954Q106 As of June 30, 2018 Total Large-Cap Growth Assets: $208.4 billion 2 Total Strategy Assets: 1 $84.5 billion 2 Total Fund Assets: $50.1 billion
More informationOffering Circular. T. Rowe Price Stable Value Common Trust Fund. Profile of the T. Rowe Price Stable Value Common Trust Fund ( trust )
T. Rowe Price Stable Value Common Trust Fund Sponsored by T. Rowe Price Trust Company Offering Circular July 1, 2012 Profile of the T. Rowe Price Stable Value Common Trust Fund ( trust ) What is the trust
More informationQ U.S. Sector. (888)
Q4 2018 U.S. Sector www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationHorizon Asset Management Institutional Verification and Large Cap - Institutional Composite Performance Examination Report.
Horizon Asset Management Institutional Verification and Large Cap - Institutional Composite Performance Examination Report December 31, 2017 Horizon Asset Management LLC Verification and Performance Examination
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TILCX CUSIP: 45775L200 As of December 31, 2018 Total Large-Cap Value Assets: $98.3 billion 2 Total Strategy Assets: 1 $20.7 billion 2 Total Fund Assets: $3.6 billion
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: N/A CUSIP: 77955H105 As of September 30, 2018 Total International Growth Equity Strategy Assets: 1 $21.2 billion 2 Total Portfolio Assets: $327.4 million 2 INVESTMENT
More informationS&P 500 Optimal Weight Strategy. 9/30/ Vanderbilt Beach Road, Suite 102 Naples, Florida V:
S&P 500 Optimal Weight Strategy 9/30/2018 999 Vanderbilt Beach Road, Suite 102 Naples, Florida 34108 V: 866-459-9998 10 Executive Summary Sector Momentum, Income, Broad U.S. Equity Exposure Existing financial
More informationTHE PRUDENT SPECULATOR STRATEGY
THE PRUDENT SPECULATOR STRATEGY All-Cap Value Strategy Growth of a Hypothetical $100,000 Investment Performance from March 10, 1977- June 30, 2016 TPS: 17.70% S&P 500: 10.78% John Buckingham leads a team
More informationHorizon Asset Management Institutional Verification and Small Cap - Institutional Composite Performance Examination Report.
Horizon Asset Management Institutional Verification and Small Cap - Institutional Composite Performance Examination Report December 31, 2017 Horizon Asset Management LLC Verification and Performance Examination
More informationLarge Cap Low Volatility Strategy. 12/31/ Vanderbilt Beach Road, Suite 102 Naples, Florida V:
Large Cap Low Volatility Strategy 12/31/2018 999 Vanderbilt Beach Road, Suite 102 Naples, Florida 34108 V: 866-459-9998 10 Executive Summary Reduced Equity Market Risk The 50%+ downturn in the broad U.S.
More informationIndependent Accountant's Verification and Performance Examination Report
Ashland Partners & Company LLP Independent Accountant's Verification and Performance Examination Report Horizon Asset Management LLC: We have examined whether (1) Horizon Asset Management Institutional
More informationGIPS -Compliant Presentation Checklist
GIPS -Compliant Presentation Checklist Composite: Compliance Approval: Date: Period: Performance Approval: Date: Included Compliance Statement [4.A.1] Once a FIRM has met all the REQUIREMENTS of the GIPS
More informationCorporate Bond Strategy
Corporate Bond Strategy I. Overview "We believe a company s value depends on its long-term ability to generate cash, which in turn, can fund growth, stock repurchases and dividends." Firm Overview Established
More information4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD)
4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (30 yrs.) Portfolio Manager Soami Kohly, CFA, FSA,
More information3Q 30 SEPTEMBER 2018 MFS CANADIAN SHORT TERM FIXED INCOME (CAD)
3Q 30 SEPTEMBER MFS CANADIAN SHORT TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (29 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA
More informationSMALL CAP VALUE EQUITY
SMALL CAP VALUE EQUITY 4Q16 Philosophy Mesirow Financial Equity Management offers institutional investment strategies focused exclusively on small cap value and small-mid cap value equities. We believe
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TRLGX CUSIP: 45775L408 As of September 30, 2018 Total Large-Cap Growth Assets: $222.6 billion 2 Total Strategy Assets: 1 $42.7 billion 2 Total Fund Assets: $18.3 billion
More informationPerformance and Risk Disclosures December 31, 2018
Performance and Risk Disclosures December 31, 2018 Rolling 1-Year Performance s Period Ending: 31 Dec 18 31 Dec 17 31 Dec 16 31 Dec 15 31 Dec 14 Global Multi-Sector Composite (gross of fees) -3.92% 8.25%
More informationIndependent Accountant's Verification and Performance Examination Report
Ashland Partners & Company LLP Independent Accountant's Verification and Performance Examination Report Board of Directors Matson Money, Inc.: We have examined whether (1) Matson Money, Inc. (the "Firm")
More informationNimbus 9. STRATEGY HIGHLIGHTS Ticker: RPIHX CUSIP: 77956H559 As of June 30, 2018 Global High Income Bond Fund Total Fund Assets: $99.
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: RPIHX CUSIP: 77956H559 As of June 30, 2018 Total Fund Assets: $99.6 million 1 INVESTMENT APPROACH p Integrates fundamental research and holistic capital structure considerations
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: PRHYX CUSIP: 741481105 As of September 30, 2017 Total High Yield Assets: $29.8 billion 2 Total High Yield Bond Strategy Assets: 1 $20.9 billion 2 Total Fund Assets:
More information4Q 31 DECEMBER 2018 MFS CAN ADIAN FIXED INCOME (CAD)
4Q 31 DECEMBER 2018 MFS CAN ADIAN FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (30 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA (25
More informationSMID Low Volatility Strategy. 6/30/ Vanderbilt Beach Road, Suite 102 Naples, Florida V:
SMID Low Volatility Strategy 6/30/2018 999 Vanderbilt Beach Road, Suite 102 Naples, Florida 34108 V: 866-459-9998 10 Executive Summary Reduced Equity Market Risk The 50%+ downturn in the broad U.S. equity
More informationFocused growth equity 4Q 2008
Comparative Performance Annualized Returns (%) Trailing Period Performance 4Q08 1 Year 3 Year 5 Year 7 Year 10 Year Inception* Focused Growth (Gross of Fees) -22.6-38.5-15.6-8.2-5.6-3.0 6.3 Focused Growth
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $600,884,324.94 Inception Date 09/30/2015 Base Currency USD Investment
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $913,479,610.50 Inception Date 09/30/2015 Base Currency USD Investment
More informationQ Global Equity. (888)
Q4 2018 Global Equity www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationMorgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation
Morgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation OVERVIEW Pacific Investment Management Company (PIMCO), the
More informationQ Global Equity. (888)
Q1 2018 Global Equity www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationNimbus 9 PORTFOLIO MANAGEMENT
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TRCEX CUSIP: 74144Q880 As of June 30, 2018 Total Assets: $190.9 million 1 INVESTMENT APPROACH p Emphasize companies with a favorable combination of growth prospects
More informationQ U.S. Sector. (888)
Q1 2018 U.S. Sector www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationInvestors Have Allocated Less to Value
Investors Have Allocated Less to Value by Over $1 Trillion Compared to 10 Years Ago Equity Asset Under Management $20,000,000,000,000 $18,000,000,000,000 $16,000,000,000,000 $14,000,000,000,000 $12,000,000,000,000
More informationStrategy Based Investment Portfolios. Summary of Strategy Based Investment Portfolios Composite Performance
Strategy Based Investment Portfolios Summary of Strategy Based Investment Portfolios Performance Strategy Based Investing (SBI) Global Growth Annual Returns Net of Fees Average Annual Returns Through 12/31/16
More informationThe State of New York Deferred Compensation Board Stable Income Fund INVESTMENT POLICIES AND GUIDELINES. Table of Contents
The State of New York Deferred Compensation Board Stable Income Fund INVESTMENT POLICIES AND GUIDELINES June 12, 2009 Table of Contents I. Investment Objectives II. Investment Strategy A. Permitted Investments
More informationQ Global Equity. (888)
Q4 2017 Global Equity www.westendadvisors.com info@westendadvisors.com (888) 500-9025 1 WestEnd Advisors Overview The cornerstone of our investment process is that the macroeconomic environment is a key
More informationNimbus 9 PORTFOLIO MANAGEMENT PORTFOLIO SPECIALISTS
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TRVLX CUSIP: 779578103 As of December 31, 2018 Total Large-Cap Value Assets : $98.3 billion 2 Total US Value Equity Strategy Assets: 1 $42.7 billion 2 Total Fund Assets:
More informationCorporate Bond Strategy
Corporate Bond Strategy I. Overview "We believe a company s value depends on its long-term ability to generate cash, which in turn, can fund growth, stock repurchases and dividends." Firm Overview Established
More information3Q 30 SEPTEMBER 2018 MFS CANADIAN MONEY MARKET (CAD)
3Q 30 SEPTEMBER 2018 MFS CANADIAN MONEY MARKET (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Cindy Neville, CFA (15 yrs.) Fixed Income Trader Jeremy Bau, CFA (10 yrs.) Fixed
More informationSYMONS CAPITAL MANAGEMENT
SYMONS Managing U.S. Equity Portfolios Since 1983 And Building Durable Wealth Through Risk Management Symons Value 3rd Quarter 2018 650 Washington Road, Suite 800, Pittsburgh, PA 15228 412-344-7690 1 www.symonscapital.com
More informationGlobal Investment Performance Standards (GIPS ) Fundamentals of Compliance. Webinar 22 April 2015
Global Investment Performance Standards (GIPS ) Fundamentals of Compliance Webinar 22 April 2015 Agenda for Fundamentals of Compliance Webinar 1. GIPS Standards Objectives 2. Benefits of GIPS Compliance
More informationGOAL ENGINEER SERIES PORTFOLIO HIGHLIGHTS:
GOAL ENGINEER SERIES The Goal Engineer Series combines Northern Trust s asset allocation, portfolio construction and risk management expertise with Engineered Equity TM and active fixed income strategies
More informationNavigator Taxable Fixed Income
CCM-17-09-966 As of 9/30/2017 Navigator Taxable Fixed Navigate Fixed with Individual Bonds With yields hovering at historic lows, an active strategy focused on managing risk may deliver better client outcomes
More informationCOVERED CALL STRATEGY An enhanced income and low volatility approach to equities
COVERED CALL STRATEGY An enhanced income and low volatility approach to equities JULY, 2017 230 Park Avenue 10 th Floor Suite 61 New York, NY 10169 About us Founded in 1995, Griffin Asset Management, Inc.
More informationGIPS 2010 DISCLOSURE & STATISTIC CHECKLIST
GIPS 2010 DISCLOSURE & STATISTIC CHECKLIST General Disclosure and Statistical Reporting Requirements: Claim of Compliance: Choose 1 of 3 options appropriate for your firm: For firms that are verified:
More informationDividend Income Strategy. 999 Vanderbilt Beach Road, Suite 102 Naples, Florida V:
Dividend Income Strategy 3/31/2018 999 Vanderbilt Beach Road, Suite 102 Naples, Florida 34108 V: 866-459-9998 10 Executive Summary Experienced Specialists Since it s inception on October 1 st, 2007,The
More informationWhy Are Fixed Income ETFs Growing?
Fixed Income ETFs Why Are Fixed Income ETFs Growing? Lee Sterne, CFA Vice President, ETF Strategy Angus Stewart, CFP Director, Investment Product Michael Hodapp Fixed Income Regional Brokerage Consultant
More informationTrade Finance Fixed Income Strategy
Trade Finance Fixed Income Strategy Highlights Attractive, floating rate returns Diversifies portfolios to reduce reliance on traditional performance drivers Potential for higher absolute returns versus
More informationPNC Investment Contract Fund
PNC Investment Contract December 31, 2013 Class Y Unit Value $3.46 Total Net Assets $426.2 million Portfolio Management Team Thomas Musmanno BlackRock Capital Management, Inc. Began Managing : June 30,
More informationNimbus 9. STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 European Stock Fund Total Fund Assets: $1.
Nimbus 9 STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 Total Fund Assets: $1.1 billion 1 INVESTMENT APPROACH p Fundamental research is critical to successfully identify and
More informationGlobal Multi-Sector (GMS) Strategy
Global Multi-Sector (GMS) Strategy In today s volatile environment, the ability to allocate tactically across global markets is of ever increasing importance. Many investors may be looking to draw on a
More informationSUNCOAST EQUITY MANAGEMENT
U.S. Equity Large Q1 2018 OBJECTIVE (SEM) is an independent investment management firm that invests in U.S. listed equities. Our objective is to produce rates of total return in excess of the S&P 500 and
More informationFocused Advantage Equity Portfolios Q2 2018
Focused Advantage Equity Portfolios Q2 2018 A Proven Approach At Hillman Capital Management, Inc., we have engineered a discipline through which we seek to invest in strong companies when we believe their
More informationYield-at-Cost: Seeing the Whole Picture
Yield-at-Cost: Seeing the Whole Picture Market Commentary January 2019 PHOTOREALISTIC PORTRAITS BUILT UP OF TINY DOTS of color make little sense from a vantage point very near the canvas; the isolated
More informationNavigator Fixed Income Total Return (ETF)
CCM-17-09-1 As of 9/30/2017 Navigator Fixed Income Total Return (ETF) Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates
More informationNavigator Tax Free Fixed Income
CCM-17-12-967 As of 12/31/2017 Navigator Tax Free Fixed Income Navigate Tax-Free Fixed Income with Individual Municipal Bonds With yields hovering at historic lows, an active strategy focused on managing
More informationOpportunity Portfolio. 3 rd Quarter, 2018
Opportunity Portfolio 3 rd Quarter, 2018 Table of Contents Company Overview 3-5 Opportunity Portfolio Characteristics/Goals 6 Investment Process 7 Investment Themes 8 Risk & Sell Disciplines 9 Ten Largest
More informationMorgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation
Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit
More informationGlobal Low Volatility Equity
Marketing Communication Global Low Volatility Equity Investment objectives Outperform with significantly less variability Reduce volatility Maintain standard deviation of 3% to 4% less than index Outperform
More informationAn Introduction to Dynamic Overlay
Tactical investment strategy striving to preserve and grow client wealth An Introduction to Dynamic Overlay www.mrminv.com 12444 Powerscourt Drive Suite 350, St. Louis, MO 63131 1-(800) 233-1944 Q4 2018
More information2nd Quarter 2018 Webcast
2nd Quarter 2018 Webcast Classic Large Cap Value Equity Presented by James J. Clarke Director of Fundamental Research & Portfolio Manager This material may not be reproduced or used in any form or medium
More informationProduct Profile. Performance Data. Average Annual Total Returns (USD %) 2,
Unconstrained Fixed Income Product Profile Product Details Composite Assets $612,308,518.31 Inception Date 30/11/2005 Base Currency USD Investment Style Unconstrained Overview 1 High alpha-seeking regional
More information