CRYPTO UTOPIA Is there a $1 Trillion Opportunity? Suitable only for professional investors
|
|
- Verity Sherman
- 5 years ago
- Views:
Transcription
1 CRYPTO UTOPIA Is there a $1 Trillion Opportunity? Suitable only for professional investors
2 General Disclaimer Please note that the information and data presented herein is based on reliable sources and, or opinion of Autonomous Research LLP (herein referred to as Autonomous ). The material within this document has been prepared for information purposes only. This material does not give a Research Recommendation and/or Price Target and thus applicable regulatory Research Recommendation disclosures relating to the same are not included herein. This communication is not a product of the Research department of Autonomous although there may be links or references to Research reports and products. This communication has been issued and approved for distribution in the U.K. by Autonomous Research LLP only to, and directed at, a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ) or b) by high net worth entities and other person to whom it may otherwise lawfully be communicated, falling within 49(1) of the Order together Relevant Persons. This material is intended only for investors who are "eligible counterparties" or "professional clients", and must not be redistributed to retail investors. This communication is not intended to be acted on or relied upon by retail investors. Retail investors who through whatever means or media receive this material should note that the services of Autonomous are not available to them and should not rely on the contents to make any investment decision. Autonomous shall not be liable for any loss, including any consequential loss which may result from reliance on the information or incurred in respect of any action taken. You are advised to seek your own legal, tax or financial advice accordingly. Autonomous makes every effort to use reliable comprehensive information, but makes no representation that is accurate or complete. Autonomous assumes no responsibility to update any of the contents or opinions contained and therefore accepts no responsibility for any actions taken on receipt of this communication. The information contained herein and any opinion expressed does not constitute an offer or an invitation to make an offer to buy or sell any securities or financial instrument or derivative relating thereto. The information is not intended to provide personal recommendation or investment advice and it does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Note that income from securities and other financial instruments as well as their value may fall as well as rise and investors may lose their investments. Past performance is not a guarantee for future performance. In Europe: Autonomous Research LLP is authorised and regulated by the Financial Conduct Authority in the United Kingdom (500498). Registered in England & Wales No OC This information is provided for your sole use. For the protection of persons (other than a client) who are not authorised to receive this communication, it may not be reproduced in whole or in part by any means except for the personal reference of the intended recipient. No part of this material may be reproduced, distributed or transmitted or otherwise made available without prior consent of Autonomous. Any unauthorised disclosure is strictly prohibited. Copyright Autonomous Research LLP. All rights reserved. The use of external logos are not authorized by, sponsored by, or associated with the trademark owner. Any trademarks and service marks contained herein are the property of their respective owners. 2
3 Autonomous NEXT brings together a fundamental cashflow view with an innovation growth lens 3
4 Macro View on Asset Class
5 September to Date has seen $18 Billion in ICO funding, vs $8B+ for last year, but... Investment in Crypto-Economy ($mm) Venture Investors Corporate Venture ICO Rolling EOS 22.8B 3,025 3,205 Large Private Raises 10.4B ,507 7, B 0.6B 1.0B 1.3B , , YTD Source: Autonomous NEXT, Various for ICO, Pitchbook for VC 5
6 ... much of that funding is in large private raises, with equity investing starting to make a comeback Monthly Investment in Crypto-Economy ($mm) Venture into Equity ICOs EOS Large Private Token Sales Source: Autonomous NEXT, Various for ICO, Pitchbook for VC, EOS Scan 6
7 Europe is approximately 20-40% of the offering activity and 10-30% of the investment amount ICO Bench ICO Rating Pitchbook Singapore Russia Switzerland Estonia UK USA Australia India South Korea China Singapore Russia Estonia Switzerland UK US Asia Europe Americas ICOs $ ICOs $ Equity Financing $ Source: ICO Bench, ICO Rating, Pitchbook 7
8 Increasing diversification in the types of ICOs, with apps and vertical use cases supplementing fat protocols All Initial Coin Offerings by Industry (USD Equivalent, $1MM+ raises, ex EOS/Telegram) 26M 8M 227M 6.4B 7.1B ,118 1, Media & Social Gaming & Gambling Vertical App Use Cases Internet of Things & People ,075 1, Finance: Markets Finance: Investments Finance: Banking & Payments Facilitating Economic Activity & Speculation , , Jun-18 Cloud Core Tech Cryptocurrency Fat Protocol Thesis Of Future Infrastructure Source: Autonomous NEXT 8
9 Crypto Asset Complex taxonomy of different crypto assets Unified Token Taxonomy Floating General Monetary Instrument Coin Protocol Token Fixed Asset-backed Where instruments cross categories, we highlight a primary and secondary category Central Bank Coin Ownership Internal App Object External Data or IP Application Utility Token Decentralized Application Enterprise Chain Economic Right Activity Right Equity Coupon Referral Share Reward License Security Token Debt Real Estate DAO / Economic Share Derivative Tokenized Financial Instrument Insurance Contract Digital Asset Enterprise Chain Securities & Assets Tokenized Commodity Digital Collectible Source: Autonomous NEXT 9
10 Macro View on Investors
11 Emergence of institutional investors with broad strategies 8 Crypto Funds by Inception Year and Strategy (Oct 2018) Prior Ecosystem Funds Fund of Funds Token Basket AI / Quant Index Trading Venture Protocol or Exchange Corporate venture Legal wrapper Fat fees Token of tokens Manager selection Arbitrage Machine learning Passive beta Small, mid, large Technical charts Market movement MV=PQ Team + Narrative Source: Autonomous NEXT
12 Decentralized but not equally distributed 100% 90% 80% 70% 60% 50% 40% Crypto Fund by Strategy (October 2018) 389 AUM 14 % % 32 2% 1% 3% 31 6% % Ecosystem Fund Fund of Funds Token Basket AI / Quant Index $10-12 Billion +$2B Grayscale + $500MM Exante + BTC Futures Top 50 funds hold 77% of known AUM Top 10 hold 37% 75% of funds are lurkers 30% 20% 10% 0% 182 Number 58% % of AUM Trading Liquid Venture Primarily: Liquid Venture Trading Ecosystem 12
13 UK and Switzerland lead on fund location in Europe Crypto Funds Top Countries Crypto Funds Top Cities US UK 10.0% 3.6% 53.8% 52.6% New York San Francisco London 5.5% 16.3% 11.1% 14.1% 11.9% 36.7% Switzerland Singapore Australia China Russia 6.0% 0.9% 4.1% 1.8% 3.8% 1.6% 3.3% 12.6% 3.1% 7.0% Los Angeles Singapore Chicago Zug Moscow Hong Kong George town 5.9% 1.3% 5.3% 2.8% 3.8% 2.2% 3.8% 0.8% 3.1% 10.6% 2.8% 0.9% 2.5% 2.7% Cayman Islands Germany 2.6% 5.6% 1.7% 1.8% Beijing Dubai Boston 2.2% 1.4% 2.2% 0.4% 1.9% 6.9% South Africa Other 1.4% 0.2% 10.0% 12.3% Washington La Jolla Other 1.9% 0.3% 1.9% 4.9% 11.4% 20.6% Count AUM 13
14 We are early in the traditional value chain, but late in the digital value chain Custody of Asset Institutional Capital Markets Fund Manufacturing Wealth Management Systems Turnkey Asset Management Platforms Institutional Sales Financial Advisors Client Assessment / Customization Traditional Retail Adoption Source: Autonomous Research, Investment Company Institute 2016, State Street 2015, World Wealth Report
15 Given global asset allocations, maintaining $500 billion in crypto value does not require much change US Wealth Management (2016) Allocation to Alternatives for $1MM+ Households 125MM ~$40T $3.2 Investable assets 14% 13% 16% 10% 9% $ mm+ $1mm- 10mm $250k-1mm 19% 18% 25% 27% 18% 25% 14% 17% 31% 31% Alternative Investments Real Estate Equities 88.4 $8.5 $100k-250k 16% 17% 18% 18% 16% Fixed Income $2.6 $5.6 <$100k 27% 26% 24% 27% 27% Cash and Cash Equivalents Households Investable Assets ($T) A global allocation to Alternatives of 10% is $5-10 trillion 5% allocation within Alternatives to crypto is $500 billion $500 billion Source: Autonomous NEXT, World Wealth Report 15
16 Valuation Frameworks
17 Human Meme or Electricity? Going from 0 to 1. Image Source: Pexels 17
18 Tokenize what again? Equity? Food? Tables? Coupons? Image Source: Pexels 18
19 Valuation approaches (i.e., nothing works) Chart Reading Metcalfe s Law MV = PQ Community Quant Philosophy NTV + Ratios Venture Capital Store of Value Options Theory Source: Autonmous NEXT 19
20 A guide to not making ridiculous claims, by understanding what a particular growth multiple implies in terms of size Growth Multiple Description 1x Rough size of today s crypto markets is $300 billion 5x US paper currency in circulation is $1.6 trillion 20x Total tech marketcaps on the Nasdaq in the DotCom bubble reached $3.2 trillion, out of $6.7 trillion total 25x All gold ever mined at today's prices is valued at $7.6 trillion 33x Global foreign exchange reserves stand at $10 trillion 270x All equities of all public companies are worth $80 trillion Source: Autonomous NEXT, Pixabay, LA Times 1,700x 17,000x All asset classes including alternatives and real estate come to $500 trillion, equal to the net present value of global GDP The statistical value of all human life on the planet, based on per country estimates, is $5 quadrillion 20
Understanding the Crypto Fund Ecosystem. Suitable only for professional investors
Understanding the Crypto Fund Ecosystem Suitable only for professional investors General Disclaimer Please note that the information and data presented herein is based on reliable sources and, or opinion
More informationPresentation Global private equity trends
Presentation Global private equity trends Alex Scott Partner Pantheon Ventures Global Private Equity Trends Alex Scott July 2018 Hitting the headlines IPOS ARE DWINDLING, SO IS THE NUMBER OF PUBLIC COMPANIES
More informationUS Rates Outlook: The Fed s Third Mandate
US Rates Outlook: The Fed s Third Mandate April 2016 Gennadiy Goldberg US Rates Strategist gennadiy.goldberg@tdsecurities.com 1 (212) 827-7180 Lopsided employment picture rapidly improving 2 Wage inflation:
More informationMAXIMUM E X C H A N G E W H I T E P A P E R
W H I T E P A P E R Table of Contents 1. Introduction to Maximum Exchange And Maximum Tokens 2. The Concept of Maximum Exchange And Maximum Tokens 3. Key Features of the Maximum Exchange 4. ICO 5. Affiliate
More informationICO Market Monthly Analysis October
ICO Market Monthly Analysis October 2018 https://icobench.com report@icobench.com Introduction ICO Market Analysis October 2018 We are pleased to introduce you to our new ICO Market Monthly Report with
More informationTHE TRANSFORMATION OF INVESTMENT ADVICE: DIGITAL ADVISERS AS FIDUCIARIES
THE TRANSFORMATION OF INVESTMENT ADVICE: DIGITAL ADVISERS AS FIDUCIARIES Jennifer L. Klass and Eric L. Perelman Wharton Pension Research Counsel 2018 Symposium: The Disruptive Impact of FinTech on Retirement
More informationMission & Vision. bankex.com
Business Plan Mission & Vision BANKEX Proof-of-Asset protocol (PoA) is a standard that enables a new generation of assets and contracts creating decentralized capital markets. We are building Internet
More informationMARKET RESEARCH REPORT
Q1 MARKET RESEARCH REPORT 218 Report is prepared by Cryptology Labs: Konstantin Zherebtcov. Head of Cryptology Labs Daria Patanina. Analyst at Cryptology Labs cryptology.com Contents Total Market Capitalization
More informationRIALTO.AI Q Report. Q Report
Q3 2018 Report CONTENTS FOREWORD MARKET REPORT PROGRESS REPORT AI TRADING BOT FUTURE PLANS LEGAL DISCLAIMER 3 4 8 11 12 13 2 FOREWORD While the crypto market, as measured by total market capitalization,
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 30 October 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce
More informationF50 s 2018 VC Blockchain Report
F50 s 2018 VC Blockchain Report Proposed Table of Contents 1. 2. 3. 4. 5. Introduction to Blockchain a. current state of Blockchain industry Statistics/Facts Sheets Blockchain trend bullet points below)
More informationTechnology. Internet The Mobile App Economy. Citigold Private Client 4Q Selection is key...
Technology Internet The Mobile App Economy Selection is key... After generating over 120% returns in 2013, Citi s Internet index of 79 companies is down 2.3% YTD through 10 October 2014, as compared to
More informationFTSE Emerging incl. China Overseas
FTSE Emerging incl. China Overseas non-r/qfii GDP Weighted Index Do you weight for the China A-shares inclusion? As the opening up of the Chinese equities market continues, international market participants
More informationICO Market Analysis September
ICO Market Analysis September 2018 https://icobench.com report@icobench.com Introduction ICO market analysis September 2018 We are pleased to introduce you to our new ICO Market Monthly Report with analytics
More informationM&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS
M&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner February 12, 2019 2019 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions Cross-border
More informationJune Vanguard Equity Index Fund Benchmark Changes Overview of the Transition Process
June 2015 Vanguard Equity Index Fund Benchmark Changes Overview of the Transition Process Table of Contents 1. Introduction 3 2. How are the existing and destination indexes different? 3 3. How will the
More informationTAX ISSUES IN M&A TRANSACTIONS
MORGAN LEWIS 2018 M&A ACADEMY PRESENTS: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner March 6, 2018 2018 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions
More informationQuickLaunch University Webinar Series Initial Coin Offerings: Recent Developments and Legal Considerations for Startups
QuickLaunch University Webinar Series Initial Coin Offerings: Recent Developments and Legal Considerations for Startups November 7, 2017 Attorney Advertising Speakers Glenn Luinenburg Partner WilmerHale
More informationTempleton Asian Growth ex Japan. Equity Composite
Templeton Asian Equity Product Profile Product Details Strategy Assets $4,835,954,296.20 Inception Date 31/12/2001 Base Currency USD Investment Style Overview Templeton s interest and research in emerging
More informationFriends Provident International fund risk warning Top holdings - as at 31/05/ % 38.7% Source: FE
OLAB fund factsheet FPI Asia Pacific Equity GBP June 2018 This factsheet is for information only and should not be considered a financial promotion. The information shown should not be relied upon for
More information2Q 30 JUNE 2018 MFS EUROPEAN VALUE EQUITY (USD)
2Q 30 JUNE 2018 MFS EUROPEAN VALUE EQUITY (USD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Benjamin Stone (22 yrs.) Portfolio Manager Pablo de la Mata (14 yrs.) Portfolio Manager
More informationHOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY. msci.com
HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI EAFE Index is designed to represent the performance of large- and mid-cap securities
More informationDigital Coin Offerings: Recent SEC Guidance and Tax Considerations
Digital Coin Offerings: Recent SEC Guidance and Tax Considerations October 31, 2017 MORRISON & FOERSTER LLP 2017 mofo.com Overview Background What Is a Blockchain? What Is a Smart Contract? Cryptocurrencies
More information3Q 30 SEPTEMBER 2018 MFS EUROPEAN EQUITY EX U.K. (USD)
3Q 30 SEPTEMBER 2018 MFS EUROPEAN EQUITY EX U.K. (USD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Matthew Barrett, ASIP (22 yrs.) Portfolio Manager Gabrielle Gourgey (23 yrs.) Institutional
More informationInitial Coin Offerings A strategic perspective on ICOs
September 2017 Briefing Document Initial Coin Offerings A strategic perspective on ICOs Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr
More informationBlockchain. Technologies. Team Overview. Seyfarth Shaw Blockchain Technologies 1
Blockchain Technologies Team Overview Seyfarth Shaw Blockchain Technologies 1 By the Numbers 11 40+ 84 % Our Blockchain Technologies team comprises attorneys across 11 practice areas including Corporate,
More informationICO Market Monthly Analysis February
ICO Market Monthly Analysis February 2019 https://icobench.com report@icobench.com Introduction ICO Market Analysis February 2019 We are pleased to introduce you to our new ICO Market Monthly Report with
More informationThe Blockchain-Based Commodities Exchange
The Blockchain-Based Commodities Exchange Problem Existing commodity exchanges are exclusive, expensive and inefficient Executive Summary Innovation Our aim CTC Tokens Blockchain technology gives us an
More informationFunding Outside VCs What Are The Alternatives?
Funding Outside VCs What Are The Alternatives? Jean-Michel Deligny, Managing Director jmd@go4venture.com 2014 Summer Meeting, Barcelona 17 London Paris New York San Francisco 48 Charles Street Berkeley
More informationIT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com
IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI ACWI Index, MSCI s flagship global equity benchmark, is designed to represent
More informationThe NAFTA Success. February Millan Mulraine Deputy Head, US Research & Strategy TD Securities (USA) LLC
The NAFTA Success February 2015 Millan Mulraine Deputy Head, US Research & Strategy TD Securities (USA) LLC Did You Hear That Giant Sucking Sound? ROSS PEROT [to BUSH]: You implement NAFTA, the Mexican
More informationCryptoassets as a new asset class. Opportunities and Challenges for Investors, Asset Managers and Regulators
Cryptoassets as a new asset class Opportunities and Challenges for Investors, Asset Managers and Regulators Cryptoassets are a new Asset Class Fundamentally different from all existing asset classes First
More informationGlobal Property & REIT Quantitative Analysis
Global Property & REIT Quantitative Analysis 4th Quarter 2012 2n S&P Dow Jones Indices Quantitative Analysis Global Property & REIT Page 1 Contents S&P Global Property & REIT 3 S&P Developed Property &
More informationTable Of Content I. LEGAL COMPLIANCE II. CRYPTOCURRENCY TADING & MINING III. BITPENTA LIMITED IV. BITPENTA INITIAL COIN OFFERING
WHITE PAPER Table Of Content I. LEGAL COMPLIANCE a. Purpose b. Tokens Are Not Legally Binding Investment c. Uncertainties II. CRYPTOCURRENCY TADING & MINING a. Investing In Cryptocurrency b. Cloud Mining
More informationBlockchain Law and Supply Chain Management
AMCHAM MORNING BRIEFING BLOCKCHAIN TECHNOLOGY Ho Chi Minh City 26 October 2018 American Chamber of Commerce in Vietnam Blockchain Law and Supply Chain Management Brief Regulatory Overview and Outlook Manfred
More informationNavigating Emerging Market Turbulence
Navigating Emerging Market Turbulence Susan Rohe November 2018 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY Learning Objectives 1 Emerging markets: Looking beyond the volatility 2 Current landscape
More informationMulti Asset Indices Selection and Rebalance Dates
30 Jan 2017 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future selection and rebalance dates of various Multi-Asset Indices
More informationDFA 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 informationDFA 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 informationDFA 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 informationDFA 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 informationHong Kong s SFC Issues Significant Announcements on the Regulation of Virtual Assets
Latham & Watkins Financial Regulatory Practice 6 November 2018 Number 2406 Hong Kong s SFC Issues Significant Announcements on the Regulation of Virtual Assets The SFC has outlined its regulatory approach
More informationMulti Asset Indices Selection and Rebalance Dates
29 January 2015 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future dates of selection and rebalance of various Multi-Asset
More informationMASTER INVESTOR SHOW APRIL
MASTER INVESTOR SHOW APRIL 2016 TWITTER @USTEWART WWW.7IM.CO.UK BREXIT - GREXIT - OR FIRE EXIT? APRIL 2016 TWITTER @USTEWART WWW.7IM.CO.UK GREAT START TO A NEW YEAR! A TOUGH START TO 2016 US -10.5% Europe
More informationFPI Aberdeen Global Asia Pacific Equity EUR
OLAB fund factsheet FPI Aberdeen Global Asia Pacific Equity EUR June 2018 This factsheet is for information only and should not be considered a financial promotion. The information shown should not be
More informationDEBT FINANCING FOR EARLY STAGE VENTURES
DEBT FINANCING FOR EARLY STAGE VENTURES Matthew E. Schernecke May 16, 2018 2018 Morgan, Lewis & Bockius LLP Morgan Lewis Technology May-rathon 2018 Morgan Lewis is proud to present Technology May-rathon,
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationThe Development of Microinsurance and the Role of Credit Rating Agencies
ADB FSD CoP The Development of Microinsurance and the Role of Credit Rating Agencies Andrea E. Keenan Vice President Research & Ratings Criteria A.M. Best - Oldwick, NJ Disclaimer AM Best Company (AMB)
More informationFTSE 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 informationNEUBERGER BERMAN Environmental, Social and Governance Policy
NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in
More information3Q 30 SEPTEMBER 2018 MFS U.K. EQUITY (USD)
3Q 30 SEPTEMBER MFS U.K. EQUITY (USD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Christopher Jennings, CFA (20 yrs.) Portfolio Manager David Shindler (17 yrs.) Portfolio Manager
More informationBLOCKCHAIN IN HEALTHCARE TECHNOLOGY
BLOCKCHAIN IN HEALTHCARE TECHNOLOGY Jonelle Saunders May 21, 2018 2018 Morgan, Lewis & Bockius LLP Blockchain in Healthcare Technology Morgan Lewis Technology May-rathon 2018 Morgan Lewis is proud to present
More informationPrivate Equity Overview
Private Equity Overview Presentation to VACo/VML Pooled OPEB Trust Annual Meeting September 9, 2016 John Shearburn Managing Director Legal Considerations This presentation (this Presentation ) is being
More 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 informationTiberius Coin Lite Paper v3.8.1
Tiberius Coin Lite Paper v3.8.1 SEPTEMBER 2018 Tiberius Coin Lite Paper v3.8.1 INTRODUCTION The Tiberius Coin grants the holder direct ownership of a special basket of metals, chosen for their unique industrial
More informationMove to T+2 settlement cycle: Singapore market
Move to T+2 settlement cycle: Singapore market Lum Yong Teng 20 May 2015 Singapore Exchange Contents 1 Overview of Singapore market 2 Drivers for SGX to move to T+2 settlement cycle 3 Benefits for the
More informationTwentyFour Multi-Sector Bond Strategies
TwentyFour Multi-Sector Bond Strategies September 2017 TwentyFour Multi-Sector Bond Strategy Overview Goal Aims to provide an attractive level of income along with an opportunity for capital growth Concept
More informationSGX - MKE Singapore Corporate Day 2017
SGX - MKE Singapore Corporate Day 2017 Investor Relations 25 August 2017 Singapore Exchange Who We Are A diversified exchange group that runs key market infrastructure including the Singapore stock market
More informationEMERGING MARKETS HARNESSING CURRENCY RETURNS
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. EMERGING MARKETS
More informationLOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY. msci.com
LOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI Emerging Markets Index is designed to represent the performance of large-
More informationCryptF. White Paper. Date: December 6th, 2017 Version: 0.94 ENG
CryptF White Paper Date: December 6th, 2017 Version: 0.9 ENG CrytpF is creating new set of cryptocoins, the first ever to be backed by stocks and bonds. We present an opportunity for all social classes
More informationFTSE 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 informationTALENT-DRIVEN BUSINESS GLOBAL EQUITY TEAM. Management GLOBAL VALUE TEAM. Human Capital. Information Technology CREDIT TEAM
Artisan Partners Firm Fact Sheet 2Q 2018 For US Institutional Investors and MiFID Eligible Counterparties Not for Onward Distribution Who We Are Artisan Partners is a global investment management firm
More informationMIXED MESSAGES. KEY POINTS The ANZ Truckometer indexes lifted in August.
ANZ RESEARCH 11 September 18 CONTACT: Sharon Zollner Chief Economist Telephone: +6 9 357 9 Email: Sharon.Zollner@anz.com The next issue of the ANZ Truckometer is scheduled for release on 9 October 18 at
More information2Q 30 JUNE 2018 MFS GLOBAL EQUITY (AUD)
2Q 30 JUNE 2018 MFS GLOBAL EQUITY (AUD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Roger Morley (21 yrs.) Portfolio Manager Ryan P. McAllister, CFA (15 yrs.) Portfolio Manager Ben
More informationDFA 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 informationSecurities Finance Regulatory Update BNY MELLON MARKETS 2017
Securities Finance Regulatory Update BNY MELLON MARKETS 2017 Disclosures and Disclaimers bnymellon.co m BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used
More informationInitial Coin Offerings (ICO) Capability Statement. October 2018
Initial Coin Offerings (ICO) Capability Statement October 2018 Initial Coin Offerings ICO market snapshot 2017 witnessed the emergence of Initial Coin Offerings (ICOs) as a new capital-raising phenomenon
More informationABF Pan Asia Bond Index Fund (2821) An ETF listed on the Stock Exchange of Hong Kong
Important information: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iboxx ABF
More informationFTSE Environmental Opportunities Index Series
FTSE Russell Factsheet Opportunities Index Series Data as at: 29 June 2018 bmktitle1 The Opportunities Index Series measures the performance of global companies that have significant involvement in environmental
More informationAll-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 informationFPI Templeton BRIC USD. April OLAB fund factsheet. Fund objective
OLAB fund factsheet FPI Templeton BRIC USD April 2018 This factsheet is for information only and should not be considered a financial promotion. The information shown should not be relied upon for buying
More informationValue and Profitability Premiums Across Sectors
Professional Use RESEARCH MATTERS Namiko Saito, PhD Senior Researcher Dimensional Fund Advisors September 2018 Value and Profitability Premiums Across Sectors Investors can use information contained in
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE Russell Factsheet FTSE All-World ex Fossil Fuels Index Series Data as at: 31 October 2018 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and
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 informationS&P Dow Jones Disclaimer
S&P Dow Jones Disclaimer S&P Dow Jones Disclaimer: The State Street Liquid Private Equity Sector Select Investable Indices (the Index ) is the property of State Street Bank and Trust which has contracted
More informationFROM VIE TO SAFE: TECH INVESTMENTS INTO AND FROM CHINA
TECHNOLOGY MAY-RATHON FROM VIE TO SAFE: TECH INVESTMENTS INTO AND FROM CHINA Maurice Hoo May 2, 2017 2017 Morgan, Lewis & Bockius LLP AGENDA Investments in Chinese companies general Investments in Chinese
More informationDB Liquid Mortgage-Backed Security Index
12 January 2012 DBIQ Index Guide DB Liquid Mortgage-Backed Security Index Summary The DB Liquid Mortgage-Backed Security Index aims to provide investors with a simple way to track the performance of the
More informationTABLE OF CONTENT. 6. Affiliate 6.1. Career & Binary Plan. 1. Introduction / About COINZAI
WHITEPAPER TABLE OF CONTENT 1. Introduction / About COINZAI 2. What is COINZAI? 2.1. COINZAI Eco System 2.2. Global Mission 3. Specification / Figures - Data - Facts 4. Initial Coin Offering (ICO) 4.1.
More informationFTSE Global Small Cap Index
FTSE Russell Factsheet FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide,
More information2017 Sohn Investment Conference
2017 Sohn Investment Conference May 2017 The Divided Kingdom: A Broken Growth Model Dependent on imports: ½ of UK exports go to the EU vs 15% EU exports to UK; ½ of energy and food are imported Weak public
More informationETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018
ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange
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 informationHOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY. msci.com
HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI EAFE Index is designed to represent the performance of large- and mid-cap securities
More informationDisclaimer. 2 Disclaimer
Whitepaper v1.0 Disclaimer THIS WHITEPAPER DOES NOT CONSTITUTE LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU SHOULD ALWAYS CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISER BEFORE
More informationDOES YOUR PORTFOLIO REFLECT EUROPE? THE MODERN INDEX STRATEGY. msci.com
DOES YOUR PORTFOLIO REFLECT EUROPE? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI Europe Index is designed to represent the performance of large- and mid-cap equities
More informationOutlook 2018 in 2 minutes
Outlook 2018 in 2 minutes TURNING UP THE HEAT Economy Policy 2 UK Outlook clouded by rising inflation and slowing consumption BOE policy dependent on Brexit talks 4 China Rebalancing towards domestic consumption
More informationSignature Perspectives Dynamic Global Asset Allocation
Signature Perspectives Dynamic Global Asset Allocation Signature Funds Portfolios Dynamic Global Asset Allocation As of 30 June 2012 Performance Review Investment Objective Seeks capital appreciation over
More informationFTSE 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 informationINVESTMENT OBJECTIVE 14.05% Year to Date (YTD)
MIRAE ASSET ASIA PACIFIC EQUITY "A" ACC ISIN LU0336300859 Structure: Fund Group: Fund Mgmt. Co.: UCI: Classification Allfunds Category: Asia ex-japan General Eq. European Fund Classification: - Fund Benchmark:
More informationINTRODUCING GOLDUSA. Initial Security Token Offering (STO) for GOLDUSA Tokens
INTRODUCING GOLDUSA Initial Security Token Offering (STO) for GOLDUSA Tokens Your opportunity to be part of the GOLD STANDARD in the second generation of cryptocurrencies: GOLD-ASSET-BACKED SECURITY TOKENS
More informationNew Zealand economic and travel outlook. Michael Gordon Senior Economist Westpac NZ
New Zealand economic and travel outlook Michael Gordon Senior Economist Westpac NZ Key points 1. Global economy prospects and challenges 2. Shifting travel patterns 3. Local economic outlook 4. Christchurch
More informationANZ-Roy Morgan NZ Consumer Confidence
Index ANZ Research ANZ-Roy Morgan NZ Consumer Confidence 1 December 18 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. Hark the
More informationEUE3 vs. EUE2 July 2009 Model Structure Comparison
EUE3 vs. EUE2 Model Structure Comparison This document compares the re-estimated Barra European Equity Model (EUE3) to its predecessor, EUE2. We compare model structure, asset coverage, factors and descriptors
More informationWhite Paper v1.0 EARLY DRAFT
monyx White Paper v1.0 EARLY DRAFT LAST UPDATE: December 19 th, 2017 The Future of Investing The first investment platform that aims to outperform Bitcoin on a risk-adjusted basis through state-of-the-art
More informationMay Global Growth Strategy
May 2012 Global Growth Strategy Jones Lang LaSalle Global Growth Strategy G1 G3 Build our local and regional leasing and capital markets businesses G5 Connections Capture the leading share of global capital
More informationMan AHL Diversified (Guernsey) USD
Product fact sheet at 31 March 2014 NAV per unit USD 1.0849 Total NAV USD 243,448,833 Risk/return profile 1 The share class will aim to deliver target double-digit annualised return, for a target annualised
More informationWHITE PAPER. Smart Investments Into Crypto Technologies and Blockchain
WHITE PAPER Smart Investments Into Crypto Technologies and Blockchain CONTENT What is CryptoFund 03 Market Review 04 Issues Identification and Management 05 How CryptoFund Works 06 Investment Strategy
More informationGlobal ex US PE / VC Benchmark Commentary
Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2014 Overview During the third quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital
More information