MANAGING INVESTMENTS IN AN EVER-CHANGING WORLD
|
|
- Abigail Hodge
- 5 years ago
- Views:
Transcription
1 MANAGING INVESTMENTS IN AN EVER-CHANGING WORLD When the facts change, change your mindset OMRI THOMAS MANAGER OF THE NEDGROUP INVESTMENTS OPPORTUNITY FUND The world we live in today is changing at a sometimes dizzying pace and often forces us in completely unexpected directions. In the last year alone, we have witnessed the UK vote in support of Brexit, Donald Trump tweeting himself into the US presidential seat, and Marine Le Pen gaining largely unanticipated support in the French election polls. Locally, we have seen the continued domino effects of President Zuma s cabinet reshuffle in March. However, we also know that in the face of such uncertainty lies opportunity. Although we are still facing more uncertainties, such as the various upcoming European elections, we are also starting to see some economic green shoots. This is especially true in the US, with growth and inflation picking up. IAIN POWER MANAGER OF THE NEDGROUP INVESTMENTS MANAGED FUND This contest between elevated risk levels and a better return environment certainly makes achieving our goal of providing clients with great long-term performance more challenging. However, we believe that it is through times like these that our partnerships with outstanding fund managers can deliver real long-term value for our investors.
2 We asked Portfolio Managers Omri Thomas from Abax Investments and Iain Power from Truffle Asset Management to explain how they manage the risks of today s evolving world to protect and grow investors money. Nedgroup Investments Opportunity Fund Omri Thomas, Abax Investments Prepare for all outcomes We are constructing an all-weather portfolio and specifically look for assets with asymmetric return profiles, i.e. assets with a payoff profile skewed to the upside. How do we do this? We make full use of our extensive toolkit We have the ability to look beyond the traditional asset classes (equity, bonds, cash), and value a much broader range of assets and strategies to generate growth for our clients. Our equity allocation currently includes both domestic and global exposure, commodities, and structured notes. Our fixed income allocation includes floating and fixed rate bonds, domestic and global exposure, as well as convertible bonds and preference shares. We are active asset allocators The Fund s asset allocation has varied widely over time, depending on where we find opportunities. Since the inception of the Fund more than five years ago, our net effective equity allocation, for example, has ranged between 28% and 60%. We are skilled stock selectors The Fund s equity allocation is currently 55%, which is close to the maximum allowable exposure of 60%, despite equity markets in general being fully valued. This (some might say unexpectedly) high equity weight is explained by the current rolling 12-month cross-sectional volatility (CSV) of the FTSE/JSE All Share Index. CSV measures the extent to which the performance of the underlying stocks of the index varies. A low CSV indicates that most companies are heading in the same direction and a high CSV means that most stock prices are heading in different directions at various speeds. In this environment, there are a lot of opportunities for active managers to add alpha through their skill of selecting stocks that are expected to outperform the market. Diversification is key In our portfolio construction process, we look for stocks with return profiles that are not dependent on or exposed to the same factors. We do this to reduce concentrated exposure to any single risk event. Currently, our six largest holdings (almost 20% of the Fund) have a low to negative correlation to each other, indicating that there is not a strong relationship between the share price movements of these companies. If anything, they tend to move in opposite directions. We take out insurance policies If a stock offers significant upside, but we aren t comfortable with the level of downside, we use derivatives to put protection in place. Currently just over 20% of the domestic equity exposure of the Fund is protected against some downside. An example is Naspers. At the beginning of this year when the stock was trading at R2 150, we put a 3-month structure in place to protect us against the share price falling to R1 995 over this time period, at the cost of limiting our upside to R In other words, we do not share in the first 7% of downside should the share price fall, but will still partake in 16% share price growth over the 3-month period, as shown in the graph below Naspers daily share price DEC- 15 MAR - 16 JUN - 16 SEP - 16 DEC - 16 MAR - 17 NASPERS HEDGE FLOOR HEDGE CAP Source: Abax Investments
3 We manage currency exposure carefully We use currency futures in a similar fashion, by hedging some of our offshore currency exposure back to local currency after a period of rand weakness. This allows us to retain the attractive international asset without exposing ourselves to a potential currency reversal. After Nenegate in December 2015, when the rand traded at R16.50 against the US dollar, we put structures in place to hedge 10% of the Fund held in US dollars at the time. These structures protected us against rand strength beyond the R15.80 level, while we maintained the upside of further rand weakness all the way to R Put differently, our downside was limited to less than 5% while we kept our upside potential at 25%. As the rand strengthened towards the R12.50 levels earlier this year, we unwound these positions and currently do not have any of our offshore currency exposure hedged. Given the fundamentals of South Africa and its political instability, we feel the risk of currency weakness exceeds that of further strength. We invest in structured notes We are very excited about the opportunity offered by the current levels of the EURO STOXX 50 Index. The Index has underperformed the S&P 500 by approximately 40% over the last five years and is trading at a discount of approximately 30% to its own all-time high. Many EURO STOXX companies earn their revenue in US dollars, but pay costs in euros, which is very beneficial to European margins at the current weak exchange rate. As a result, we believe the EURO STOXX Index offers great upside, although we are concerned about equity market levels. By investing in EURO STOXX notes we get some capital protection, while participating in geared upside exposure. We currently hold six different EURO STOXX structures constructed with four different banks, with a total weight of 9% of the Fund. We invest in hybrid securities The Royal Bafokeng Platinum convertible bond (3% position) is another recent addition to the Fund. It is a 5-year instrument with an asymmetric return profile and an annual coupon rate of 7%. However, should the share price increase by more than 30%, we will effectively swap our 7% annual coupon for the capital growth from a rising share price beyond this point. If the share price does not rise, or if it falls, we will continue to receive our 7% annual coupon. The biggest risk to this instrument is complete failure of Royal Bafokeng Platinum in which case we won t get our coupon, return of capital or share price growth. To avoid this scenario, we have conducted extensive research and have determined that the odds of complete failure are very low. We are therefore comfortable with accepting this credit risk within the Fund. We manage the Fund s duration and yield The current overall gross fund yield is almost 5%, which means we only need to achieve capital growth in line with inflation to maintain our rolling 3-year performance target of CPI + 5%. We have achieved the 5% running yield through opportunistic duration management and investing in high-yield assets, such as Delta property at 12%. Nedgroup Investments Balanced Fund Iain Power, Truffle Asset Management Focus on protecting against capital loss We define risk as the potential for losing clients money. As a result, limiting downside is a crucial part of our portfolio construction process. We do not want to lose capital over a 3-year rolling period. The result of our approach is a diversified portfolio of assets with low correlation to each other. How do we do this? We build portfolios from the bottom up We do not have a specific asset allocation target. Instead, we look at where we can find value in the market. For a stock to be included in the portfolio, the expected rate of return must be higher than our CPI target. This barrier to entry enables us, from the bottom up, to build a portfolio that is expected to beat its CPI target over the longer term. In addition, we focus on stocks with prospective return distributions that are skewed to the upside. We determine this by ranking the expected return as well as considering it in the context of the worst-case scenario for the company. We will invest significantly in the shares at the top of our ranking table, but not without giving due consideration to the non-quantifiable risk factors. It is therefore possible that we will completely avoid or limit our investment in a share that is high on the ranking table. We manage risk by diversifying We believe that superior performance should be achieved by the cumulative impact of many small gains rather than from a few big bets. We therefore hold many independent positions to protect the portfolio from overexposure to a single idiosyncratic risk factor.
4 We build in insurance through derivatives We employ derivatives as hedging instruments at both a single-stock and asset-class level. FirstRand is an example of a single-stock protection structure we have in place. It protects us against the share price falling below R46.08 and also allows us to partake in any upside, up to R This hedge is proving to be quite valuable in the current environment. In a similar way, we have also hedged some of our equity exposure due to the current valuation levels, which are near or at all-time highs. Overall, global and domestic risks have increased significantly relative to history, and from our experience we know that the market is not good at pricing political risks. We therefore believe an active risk management strategy is critical. We have built in a hedge against a French election surprise We have learnt from Brexit! PIMCO (Pacific Investment Management Company, LLC) recently shared the results of their use of artificial intelligence on social media to try and get a clearer view on what the general public is really saying about Marine Le Pen. In their view, the chance of Le Pen being victorious is much greater than the 15% the polls are suggesting. Because we know the outcome could surprise everyone, we have reduced our European exposures and hedged our euro exposure into US dollars. We are wary of a Chinese deleveraging Due to the risk of a financial crisis in China and the impact this will have on commodity producers, we currently have low weightings in diversified miners. We were prepared for the cabinet reshuffle in South Africa Before the recent cabinet reshuffle, we were already positioned to mitigate the severe impact that an event like this would have on South Africa and especially our currency. We followed a barbell approach with our domestic equity exposure. This entailed holding domestic banks and insurance companies, as well as rand-hedged industrial stocks such as Naspers and Sappi. Going forward, we expect domestic financials to perform well in a stable economic environment, while industrials with overseas earnings exposure will benefit from a weakening rand. In addition, we hold the maximum offshore exposure. We have hedged our US exposure on over-optimism about Trump The S&P 500 was already at an all-time high before the US election and has shot up even further since Trump was elected. We are not yet convinced that he will be successful in his infrastructure investment or tax cut plans and many of his policies will be difficult to implement. As a result, we believe there is currently too much good news priced in. With volatility levels as low as they are (as shown in the graph below), derivative structures are cheap. We have used this opportunity to hedge some of our US exposure. This was achieved by purchasing a put option the right to sell at a predetermined price on the S&P 500. This will help to protect the portfolio against adverse movements in the US market Source: Bloomberg The common theme is that opportunities exist, but not without risk. A cautious approach to capital market investment therefore appears to be the most prudent course of action at this time. A closer examination of the positioning of our other Best of Breed funds will show that this stance has been broadly adopted. But it is certainly not over yet. Hold on to your seats, as it could be a wild ride for all asset classes in 2017, including the traditional safe haven of nominal government bonds.
5 Nedgroup Collective Investments (RF) Proprietary Limited is the company that is authorised in terms of the Collective Investment Schemes Control Act to administer the Nedgroup Investments unit trust Portfolios. Unit trusts are generally medium to long term investments. The value of your investment may go down as well as up. Past performance is not necessarily a guide to future performance. Nedgroup Investments does not guarantee the performance of your investment and even if forecasts about the expected future performance are included you will carry the investment and market risk, which includes the possibility of losing capital. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending. Certain unit trust funds may be subject to currency fluctuations due to its international exposure. Nedgroup Investments has the right to close unit trust funds to new investors in order to manage it more efficiently. For further information on the unit trust funds, including awards, fees and charges, please visit our website A money market fund is not a bank deposit. The total return to the investor is made up of interest received and any gain or loss made on any particular instrument held. In most cases the return will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of a capital loss. The Nedgroup Investments Money Market Fund aims to maintain a constant price of 100 cents per unit. The yield is calculated using an annualised seven day rolling average as at the relevant dates provided for in the fund fact sheet. Excessive withdrawals from the fund may place the fund under liquidity pressures and that in such circumstances a process of ring-fencing of withdrawal instructions and managed pay-outs over time may be followed. A schedule of fees and charges and maximum commissions is available on request from Nedgroup Investments. This document is of a general nature and intended for information purposes only. Whilst we have taken all reasonable steps to ensure that the information in this document is accurate and current on an ongoing basis, Nedgroup Investments shall accept no responsibility or liability for any inaccuracies, errors or omissions relating to the information and topics covered in this document.
WILL LISTED PROPERTY WEATHER THE STORMS?
WILL LISTED PROPERTY WEATHER THE STORMS? Locally and globally uncertainty abounds - and looks set to continue. At the same time, global interest rates seem to be at long-term lows and there is speculation
More informationQUARTERLY REPORT NEDGROUP INVESTMENTS CORE GUARDED FUND
QUARTERLY REPORT NEDGROUP INVESTMENTS CORE GUARDED FUND Has my investment grown? Over the past three months your investment has experienced a drop-in value due to poor market returns. For every R10 000
More informationQUARTERLY REVIEW NEDGROUP INVESTMENTS CORE GUARDED FUND
QUARTERLY REVIEW NEDGROUP INVESTMENTS CORE GUARDED FUND A good start to the year for your investment The start of 2019 has seen a sharp rebound in local and global equities from the sell-offs in late 2018.
More informationNFP 2019 Model Portfolio Accreditation
NFP 2019 Model Portfolio Accreditation Objective of the assessment The purpose of the assessments is to ensure that Nedbank financial planners are equipped with the knowledge and understanding of investment
More informationNEDGROUP INVESTMENTS OPPORTUNITY FUND. Quarter One, 2019
NEDGROUP INVESTMENTS OPPORTUNITY FUND Quarter One, 2019 For the period ended 31 March 2019 NEDGROUP INVESTMENTS OPPORTUNITY FUND Performance to 31 March 2019 Nedgroup Investments Opportunity Fund 1 ASISA
More informationActive and Passive arrows in the advisor s quiver. Jannie Leach Head of Core Investments
Active and Passive arrows in the advisor s quiver Jannie Leach Head of Core Investments 1 Active AND Passive Active versus passive debate old news Benchmarking a problem Active and passive are inextricable
More informationSA LISTED PROPERTY. Bridge Fund Managers May 2017
SA LISTED PROPERTY Bridge Fund Managers May 2017 Performance Equities Bonds Listed property Cash 10 Years (p.a.) 9.8% 8.1% 13.4% 7.3% 5 Years (p.a.) 12.7% 7.3% 15.3% 6.2% 3 Years (p.a.) 6.3% 7.9% 13.8%
More informationALPHAWEALTH PRIME SMALL & MID CAP FUND COMMENTARY MONTH OF NOVEMBER December 2018
ALPHAWEALTH PRIME SMALL & MID CAP FUND COMMENTARY MONTH OF NOVEMBER 2018 3 December 2018 AlphaWealth (Pty) Ltd. Reg. No.: 2004/026495. An authorised financial services provider - FSP Licence No. 13808.
More informationNEDGROUP INVESTMENTS BRAVATA WORLDWIDE FLEXIBLE FUND. Quarter Four, 2017
NEDGROUP INVESTMENTS BRAVATA WORLDWIDE FLEXIBLE FUND Quarter Four, 2017 For the period ended 31 December 2017 NEDGROUP INVESTMENTS BRAVATA WORLDWIDE FLEXIBLE FUND FUND PERFORMANCE The fund had a subdued
More informationQuarterly Strategy Note April THE CASE FOR SHORT SELLING IN HEDGE FUNDS by Richard Hasson
Neil Brown & Richard Hasson Co-Heads Quarterly Strategy Note April 2017 THE CASE FOR SHORT SELLING IN HEDGE FUNDS by Richard Hasson Brief Overview of South African Hedge Funds and the Regulatory Environment:
More informationNEDGROUP INVESTMENTS BALANCED FUND. Quarter 2, 2018
NEDGROUP INVESTMENTS BALANCED FUND Quarter 2, 2018 For the period ended 30 June 2018 MARKET OVERVIEW A BETTER QUARTER FOR EQUITIES The second quarter of 2018 was a significantly better quarter for domestic
More informationNEDGROUP INVESTMENTS VALUE FUND. Quarter One, 2018
NEDGROUP INVESTMENTS VALUE FUND Quarter One, 2018 For the period ended 31 March 2018 NEDGROUP INVESTMENTS VALUE FUND SOUTH AFRICAN INVESTMENT OUTLOOK Growth should improve but remain at low levels Public
More informationNEDGROUP INVESTMENTS OPPORTUNITY FUND. Quarter One, 2018
NEDGROUP INVESTMENTS OPPORTUNITY FUND Quarter One, 2018 For the period ended 31 March 2018 NEDGROUP INVESTMENTS OPPORTUNITY FUND PERFORMANCE Performance to 31 March 2018 Nedgroup Investments Opportunity
More informationALPHAWEALTH PRIME SMALL & MID CAP FUND COMMENTARY FEBRUARY March 2018
ALPHAWEALTH PRIME SMALL & MID CAP FUND COMMENTARY FEBRUARY 2018 1 March 2018 AlphaWealth (Pty) Ltd. Reg. No.: 2004/026495. An authorised financial services provider - FSP Licence No. 13808. www.alphawealth.co.za
More informationTarget Funds. SEMIANNual REPORT
SEMIANNual REPORT November 30, 2017 T. Rowe Price Target Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks
More informationRetirement Funds. SEMIANNual REPORT
SEMIANNual REPORT November 30, 2017 T. Rowe Price Retirement Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks
More informationThe Benefits of a Diversified Precious-Metals Exposure
The Benefits of a Diversified Precious-Metals Exposure July 26, 2016 by Robert Huebscher ETF Securities provides accessible investment solutions, enabling investors to intelligently diversify their portfolios
More informationA GUIDE TO INVESTING
A GUIDE TO INVESTING 2 A Guide to Investing Saving or investing? Saving is generally considered to be the habit of putting away small amounts of money on a regular basis, usually for a specific purpose.
More informationPRUDENTIAL PORTFOLIO MANAGERS UNIT TRUSTS LIMITED ANNUAL REPORT
PRUDENTIAL PORTFOLIO MANAGERS UNIT TRUSTS LIMITED ANNUAL REPORT MANAGING DIRECTOR S REPORT 31 DECEMBER 2017 Dear Investor, 2017: A surprisingly good year for SA investors In the face of poor economic conditions
More informationNedgroup Investments NPW Fund of Funds
Nedgroup Investments NPW Fund of Funds 2018 The Nedbank Private Wealth Fund of Funds A range of three actively managed multi-asset solutions, which mainly follow a specialist building blockapproach. Nedgroup
More informationValueWalk Interview With Chris Abraham Of CVA Investment Management
ValueWalk Interview With Chris Abraham Of CVA Investment Management ValueWalk Interview With Chris Abraham Of CVA Investment Management Rupert Hargreaves: You run a unique, value-based options strategy
More informationMulti-Asset Outlook 2017: More Growth, More Inflation, More Politics
Multi-Asset Outlook 2017: More Growth, More Inflation, More Politics January 11, 2017 by Paul O Connor of Henderson Global Investors Paul O Connor, Head of Multi-Asset, reviews 2016 s lessons, and details
More informationGIC Markets Library. From the Global Investment Committee
GIC Markets Library From the Global Investment Committee BREXIT Now What? Discussion Points Financial and betting markets were wrong; by a 52% to 48% margin on high voter turnout, UK voters have elected
More informationMONTHLY PORTFOLIO REPORT May 2015
Funds MONTHLY PORTFOLIO REPORT May 2015 5 th Floor, Protea Place, 40 Dreyer Street, Claremont. Postnet Suite 64, Private Bag X1005, Claremont, 7735. T +27 (0)21 492 0200 DIRECTORS: DP du Plessis (Chairman)
More informationMonthly
Monthly Report @globalallocatio Morningstar Rating TM NAV DECEMBER 2016 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION Global Allocation Fund* 105,43 2,33% 13,17% 13,17% 35,20% 127,66% 177,83% 350.000 Performance
More informationThird Quarter Market Review
Third Quarter Market Review The S&P 500 continued its winning streak, with the index appreciating in value by 3.96% for the quarter (see chart below). This market barometer was up all three months of the
More informationCiti Dynamic Asset Selector 5 Excess Return Index
Multi-Asset Index Factsheet & Performance Update - 31 st August 2016 FOR U.S. USE ONLY Citi Dynamic Asset Selector 5 Excess Return Index Navigating U.S. equity market regimes. Index Overview The Citi Dynamic
More informationTranscript of Questions and Answers from the Media Conference 26 August, 2008, Singapore
TEMASEK REVIEW 2008 Transcript of Questions and Answers from the Media Conference 26 August, 2008, Singapore Temasek Holdings spokespeople present: Michael Dee, Senior Managing Director, International
More informationAustralian Fixed income
INVESTMENT MANAGEMENT Australian Fixed income An alternative approach MAY 2017 macquarie.com Important information For professional investors only not for distribution to retail investors. For recipients
More informationAlternative Fixed Income A Total Return Approach To Bond Funds
Introduction Alternative Fixed Income A Total Return Approach To Bond Funds Arrow Dynamic Income Fund ASFFX ASFTX ASFNX TM TARGETING PORTFOLIO SOLUTIONS Fixed Income: Is Hisry Deceiving? Fixed income investments
More informationModule 4 Introduction Programme. Attitude to risk
Module 4 Introduction Programme module 4 Attitude to risk In this module we take a brief look at the risk associated with spread betting in comparison to other investments. We also take a look at risk
More informationCalamos Phineus Long/Short Fund
Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle
More information2019 Outlook: Don t Fight the PBOC
2019 Outlook: Don t Fight the PBOC December 18, 2018 by Team of VanEck Jan van Eck, CEO, shares his investment outlook. Watch Now Don t fight the Fed is an old investing mantra, suggesting that investments
More informationHow much yield is enough? Responding to a shift in the global bond landscape
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h 12 O c t o b e r 2 0 1 8 V o l u m e 9 79 How much yield is enough? Responding to a shift in the global bond landscape Written by: Denzil Burger, Portfolio
More informationPSG Equity Fund Quarterly Portfolio Commentary as at 30 September 2018 by Shaun le Roux and Greg Hopkins
PSG Equity Fund Quarterly Portfolio Commentary as at 30 September 2018 by Shaun le Roux and Greg Hopkins Current context Emerging markets have underperformed dramatically in 2018, weighed down by rising
More informationFOURTH QUARTER EARNINGS SEASON
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS We expect a solid fourth quarter earnings season and believe a 14 16% year-over-year increase in S&P 5 earnings is achievable. Economic surprises, strong
More informationDiversifying with the Defined Risk Strategy Executive Summary. Marc Odo, CFA, CAIA, CIPM, CFP
Diversifying with the Defined Risk Strategy Executive Summary Marc Odo, CFA, CAIA, CIPM, CFP EXECUTIVE SUMMARY VERSION 2 This executive summary provides the key takeaways of applying the DRS to additional
More informationThe dynamic nature of risk analysis: a multi asset perspective
The dynamic nature of risk analysis: This document is for Professional Clients in the UK only and is not for consumer use. Challenges for multi asset investing Multi asset portfolios with return and volatility
More informationLow Correlation Strategy Investment update to 31 March 2018
The Low Correlation Strategy (LCS), managed by MLC s Alternative Strategies team, is made up of a range of diversifying alternative strategies, including hedge funds. A distinctive alternative strategy,
More informationLow Correlation Strategy Investment update to 31 December 2017
The Low Correlation Strategy (LCS), managed by MLC s Alternative Strategies team, is made up of a range of diversifying alternative strategies, including hedge funds. A distinctive alternative strategy,
More informationInvestment Guide. IPE Super s. 30 September Things to consider 7 Investment risks 8 Your investment options 13 Managing your investments
IPE Super s Investment Guide www.ipesuper.com.au 1800 257 135 30 September 2017 Contents 2 Important information 3 Member Investment Choice 4 Things to consider 7 Investment risks 8 Your investment options
More information4Q17 Fixed Income BOND FUND FLEXIBLE. 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX
4Q17 Fixed Income FLEXIBLE BOND FUND 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX Flexible Bond Fund Portfolio at a Glance Highlights Dynamic
More informationManaged Futures: A Real Alternative
Managed Futures: A Real Alternative By Gildo Lungarella Harcourt AG Managed Futures investments performed well during the global liquidity crisis of August 1998. In contrast to other alternative investment
More informationMomentum Positive Return Fund
investments Momentum Positive Return Fund Capital preservation with cautious equity exposure wealth Momentum Positive Return Capital preservation with cautious equity exposure Introduction The Momentum
More informationSCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS
SCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS SCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS BUILD ON OUR WELL-ESTABLISHED PENSION PORTFOLIO FUNDS. THEY AIM FOR BETTER POTENTIAL RETURNS FOR BROADLY
More informationRECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 30 April 2015
RECM MONEY MARKET FUND (Class A) The RECM Money Market Fund is a money market unit trust that provides a sensible cash portfolio with very competitive fees. The Fund aims to maximise interest income, preserve
More informationThe Hartford Target Retirement Funds
The Hartford Target Retirement Funds Sub-advised by Hartford Investment Management 2011 First Quarter Review Economic Review Asset Class Highlights Outlook Performance Review Economic Review Despite substantial
More informationFiduciary Insanity? Reflecting on the Lasting Impacts of the 2008 Financial Crisis. Marc Odo, CFA, CAIA, CIPM, CFP October 2018 Swan Insights
Fiduciary Insanity? Reflecting on the Lasting Impacts of the 2008 Financial Crisis Marc Odo, CFA, CAIA, CIPM, CFP October 2018 Swan Insights The financial press has been awash with articles commemorating
More informationINVESTMENT GUIDE. Investing for your future
INVESTMENT GUIDE Investing for your future March 2019 Contents Page Define what type of investor you are 4 Look at your investment options 10 Useful things you should know 27 Making your investment choice
More informationPIMCO TRENDS Managed Futures Strategy Fund: Seeking a Smoother Ride in an Uncertain World
April 2017 PIMCO TRENDS Managed Futures Strategy Fund: Seeking a Smoother Ride in an Uncertain World Trend-following, the primary approach used in managed futures strategies, has generally delivered strong
More informationLDI MONTHLY WRAP. Monthly Market Update. July 2018 LDI Monthly Wrap MARKET CONDITIONS AS AT COB 30 JUNE 2018 KEY EVENTS AND DATA SUPPLY
LDI MONTHLY WRAP Monthly Market Update MARKET CONDITIONS AS AT COB 30 JUNE 2018 Rates Maturity Monthly change (bps) 10y 30y 50y 10y 30y 50y Gilt Yields 1.28% 1.73% 1.57% +5.7 +4.6 +7.8 Gilt Real Yields
More informationPersonal Finance REBALANCING CAN HELP MITIGATE MARKET RISK
PRICE PERSPECTIVE February 17 In-depth analysis and insights to inform your decision-making. Personal Finance REBALANCING CAN HELP MITIGATE MARKET RISK EXECUTIVE SUMMARY The global equity markets have
More informationNavigating the storm Investing in ideas to aid diversification
Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please
More informationDoes short-term investment performance matter?
Does short-term investment performance matter? September 2017 Most clarity clients invest for long-term growth, whether this is in a SIPP, ISA or taxable investment funds. In line with this long-term view,
More informationEquity Investing Evolved Manage risk, stay invested
Equity Investing Evolved Manage risk, stay invested HSBC Buffered Strategies Are you on track to meet your retirement and investment goals? Have extreme market swings prevented you from investing? Would
More informationNEDGROUP INVESTMENTS PROPERTY FUND. Quarter One, 2018
NEDGROUP INVESTMENTS PROPERTY FUND Quarter One, 2018 For the period ended 31 March 2018 NEDGROUP INVESTMENTS PROPERTY FUND PERFORMANCE Performance to 31 March 2018 Nedgroup Investments Property Fund 1
More informationModule 5. Attitude to risk. In this module we take a look at risk management and its importance. TradeSense US, April 2010, Edition 3
Attitude to risk Module 5 Attitude to risk In this module we take a look at risk management and its importance. TradeSense US, April 2010, Edition 3 Attitude to risk In the previous module we looked at
More informationNEDGROUP INVESTMENTS OPPORTUNITY FUND. Quarter Four, 2017
NEDGROUP INVESTMENTS OPPORTUNITY FUND Quarter Four, 2017 For the period ended 31 December 2017 NEDGROUP INVESTMENTS OPPORTUNITY FUND The final quarter of 2017 was an eventful one for South African markets.
More informationFactor Investing. Fundamentals for Investors. Not FDIC Insured May Lose Value No Bank Guarantee
Factor Investing Fundamentals for Investors Not FDIC Insured May Lose Value No Bank Guarantee As an investor, you have likely heard a lot about factors in recent years. But factor investing is not new.
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationOutlook & Perspective
Outlook & Perspective All data and information as of June 30, 2016 Approved for current clients. May be presented to prospective clients in a one-on-one setting only. Morningstar Investment Services LLC
More informationMan AHL Diversified Futures Ltd
Man AHL Diversified Futures (the "Company") is a futures and options fund and will invest, without limitation, into sectors including stocks, bonds, currencies, interest rates, energies, metals, credit
More informationPERSPECTIVES JANUARY Our investment managers discuss insights, themes, and trends that may shape the markets.
PERSPECTIVES JANUARY 2018 Our investment managers discuss insights, themes, and trends that may shape the markets. MFC0448-0118 Are low levels of volatility and continued growth sustainable? In times like
More informationFIVE KEYS TO EMERGING MARKET OUTLOOK John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS We favor emerging market and U.S. equities for tactical asset allocations based primarily on our outlooks for global economic growth and earnings. We
More informationSchroder ISF Global Conservative Convertible Bond. Schroder ISF Asian Convertible Bond
Marketing material for professional investors and advisors only. Convertible Bonds Schroder ISF 1 Global Convertible Bond Schroder ISF Global Conservative Convertible Bond Schroder ISF Asian Convertible
More information6/11/12 Spanish bank rescue announced. 6/6/12 China cuts interest rates, fueling best day for U.S. stocks in 2012
Trade History Tactical Opportunities Portfolio LPL Financial Research MODEL WEALTH PORTFOLIOS December 31, 2012 The LPL Financial Research asset allocation process, coupled with a strong security selection
More informationA HIGH YIELDING RESILIENT ECONOMY:
A HIGH YIELDING RESILIENT ECONOMY: January 2017 BetaShares Strong Australian Dollar Fund (hedge fund) (ASX: AUDS) The BetaShares Strong Australian Dollar Fund (hedge fund) (ASX: AUDS) and the BetaShares
More informationCOMMODITIES AND A DIVERSIFIED PORTFOLIO
INVESTING INSIGHTS COMMODITIES AND A DIVERSIFIED PORTFOLIO As global commodity prices continue to linger in a protracted slump, investors in these hard assets have seen disappointing returns for several
More informationINVESTMENT UPDATE. July 2017 PERFORMANCE UPDATE
INVESTMENT UPDATE July 2017 PERFORMANCE UPDATE ASSET CLASS REVIEW HAPPY BIRTHDAY WOODFORD WHAT RISK ARE YOU TAKING WITH YOUR MONEY? FINAL COMMENT PERFORMANCE UPDATE It is unusual to find most of the major
More informationMarch Trade Ideas: «Fairly Soon» Means May or June
March Trade Ideas: «Fairly Soon» Means May or June Author: Nick Korzhenevsky, senior analyst with AMarkets Company Summary: The Fed continues with its hawkish rhetoric but cautious actions. Three rate
More informationEuroView: Looking beyond the shortterm
October 2016 EuroView: Looking beyond the shortterm risks Rory Bateman, Head of UK & European Equities While we are encouraged by the European equity market recovery since the UK s EU referendum, the total
More informationRECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 31 January 2015
RECM MONEY MARKET FUND (Class A) Minimum Disclosure Document - Period ended 31 January 2015 The RECM Money Market Fund is a money market unit trust that provides a sensible cash portfolio with very competitive
More informationAre commodities still a valid inflation hedge in this low price environment?
Are commodities still a valid inflation hedge in this low price environment? Tim Pickering CIO and Founder Research Support: Ken Corner, Jason Ewasuik Auspice Capital Advisors, Calgary, Canada The views
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationPSG Equity Fund Quarterly portfolio commentary as at 31 December 2018 by Shaun le Roux, Greg Hopkins and Gustav Schulenburg
PSG Equity Fund Quarterly portfolio commentary as at 31 December 2018 by Shaun le Roux, Greg Hopkins and Gustav Schulenburg Current context 2018 was a tough year for most investors. After a Ramaphoric
More informationAthena Wealth Management. March 2017 Investment Research Report
Athena Wealth Management March 2017 Investment Research Report Summary The Trump rally began to run out of fuel in March. But the MSCI emerging market index still recorded a growth of 2.35%, performed
More informationFranklin Fund Allocator Series
Annual Report May 31, 2017 Franklin Fund Allocator Series Franklin NextStep Conservative Fund Franklin NextStep Moderate Fund Franklin NextStep Growth Fund Sign up for electronic delivery at franklintempleton.com/edelivery
More informationDerivatives and hedging primer
A.1 Introduction This primer will introduce you to some of the reasons why companies adopt hedging stgies, the hedgeable exposures and risks that companies face and some common hedge stgies that are used
More informationCauseway Convergence Series: Value and Earnings Estimates Revisions A Powerful Pairing
Causeway Convergence Series: Value and Earnings Estimates Revisions A Powerful Pairing > AUGUST 2018 NEWSLETTER Causeway s dual research perspective combines insights from fundamental and quantitative
More informationHow You Can Beat the Average Hedge Fund by 65% to 80% over 10 Years. The Market Realist Research Team Presents:
The Market Realist Research Team Presents: How You Can Beat the Average Hedge Fund by 65% to 80% over 10 Years www.marketrealist.com Market Realist Inc., 568 Broadway 11th Floor, New York, NY 10012 TABLE
More informationHSBC Global Asset Management, India Creating Wealth through Asset Allocation. March 2018
HSBC Global Asset Management, India Creating Wealth through Asset Allocation March 2018 1 Why invest? 2 Changing social demographics Stress at work leading to early retirement People are living longer
More informationFor creating a sound investment strategy.
Five Rules For creating a sound investment strategy. 5 Part one of the two-part guide series Saving Smart for Retirement. The most important decision you will probably ever make concerns the balancing
More informationPortfolio Select Series. Portfolio Review First Quarter 2017
Portfolio Select Series Portfolio Review First Quarter 2017 Q1 Q4 3 Select Income Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed Portfolio
More informationDescription of Nature of Financial Instruments and Inherent Risk
Description of Nature of Financial Instruments and Inherent Risk Applicable from for Danske Bank A/S Estonia branch, Danske Bank A/S Latvia branch and Danske Bank A/S Lithuania branch 1. GENERAL INFORMATION
More informationManaged Futures managers look for intermediate involving the trading of futures contracts,
Managed Futures A thoughtful approach to portfolio diversification Capability A properly diversified portfolio will include a variety of investments. This piece highlights one of those investment categories
More informationMLC Horizon 1 - Bond Portfolio
Horizon 1 - Bond Portfolio Annual Review September 2009 Investment Management Level 12, 105 153 Miller Street North Sydney NSW 2060 review for the year ending 30 September 2009 Page 1 of 11 Important information
More informationFor professional investors and advisers only. Schroders. Liquid Alternatives
For professional investors and advisers only Schroders Liquid Alternatives Introduction What are liquid alternatives? 4 How do they work? 5 Performance characteristics 6 How to apply liquid alternatives
More informationShort Extension (130/30) Fund Strategy
Short Extension (130/30) Fund Strategy Richard Hasson Neil Brown Russell Bodill September 2009 Performance through Focus Why Select Equity Investments? Select Equity investment approach High conviction,
More informationNEDGROUP INVESTMENTS RAINMAKER FUND. Quarter Four, 2017
NEDGROUP INVESTMENTS RAINMAKER FUND Quarter Four, 2017 For the period ended 31 December 2017 NEDGROUP INVESTMENTS RAINMAKER FUND MARKET AND FUND PERFORMANCE REVIEW 2017 drew to a dramatic close in South
More informationHow to generate income in a low interest rate environment?
How to generate income in a low interest rate environment? Nov 2017 Since mid-2013, global market volatility has become more pronounced and frequent, while interest rates have remained low. Given the increasing
More informationMonthly Report. NAV NOVEMBER YEAR 3 YEARS 5 YEARS SINCE INCEPTION Global Allocation Fund* 102,30-4,68% -2,97% -0,71% 12,60% 92,82% 169,58%
Monthly Report NAV NOVEMBER 2017 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION Global Allocation Fund* 102,30-4,68% -2,97% -0,71% 12,60% 92,82% 169,58% 350.000 Performance of 100.000 March 31, 2006 to November
More informationAllianz Global Investors Premier Funds
Product Highlights Sheet dated 29 April 2011 Allianz Global Investors Premier Funds AllianzGI Asia Balanced Fund AllianzGI Choice Equity Fund AllianzGI Enhanced Income & Growth Fund AllianzGI US High Yield
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationCor Capital Fund MONTHLY REPORT & FACT SHEET 31 OCTOBER MTD: -3.7% 12M: -2.0% 3yr Ann: 4.7% 3yr Vol: 7.4% Description
MONTHLY REPORT & FACT SHEET 31 OCTOBER 218 MTD: -3.7% 12M: -2.% 3yr Ann: 4.7% 3yr Vol: 7.4% Description The Cor Capital Fund is an Australian registered managed investment scheme that seeks to generate
More informationMANAGED FUTURES INDEX
MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JULY 2017 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P
More informationKey Features. (incorporating the Simplified Prospectus) and Terms & Conditions for Jupiter s Unit Trusts and Individual Savings Accounts
Key Features (incorporating the Simplified Prospectus) and Terms & Conditions for Jupiter s Unit Trusts and Individual Savings Accounts September 211 The Financial Services Authority is the independent
More informationIncome Fund Update: Building Resiliency in Volatile Markets
Income Fund Update: Building Resiliency in Volatile Markets January 28, 2019 by Dan Ivascyn, Alfred Murata of PIMCO SUMMARY During the fourth quarter of 2018, high quality assets were the key drivers of
More informationGuide to Risk and Investment - Novia
www.canaccord.com/uk Guide to Risk and Investment - Novia This document is important. Its purpose is to help with understanding investment in financial markets, the associated risks and the potential returns.
More informationOutcome-based investing. An introduction to our innovative investment philosophy
Outcome-based investing An introduction to our innovative investment philosophy Page 2 of 16 investments outcome-based investing 2017 An investment approach to support you on your journey to financial
More information