Year Fund Category TCM Vietnam High Dividend Equity Fund (FINALIST) Specialist Management Group of the Year

Size: px
Start display at page:

Download "Year Fund Category TCM Vietnam High Dividend Equity Fund (FINALIST) Specialist Management Group of the Year"

Transcription

1 Frontier Markets

2 Introduction TRUSTUS Capital Management Boutique Investment Company Established in 1978 TCM Investments Funds TRUSTUS Wealth Management Independently owned 21 employees Focus on High Dividend Strategies TCM High Dividend Equity Funds Strong trackrecord More than 10 years experience in Frontier Markets 2

3 Award winning Year Fund Category 2017 TCM Investment Funds (WINNER) Boutique Management Group of the Year (Single Strategies) 2016 TCM Vietnam High Dividend Equity Fund (FINALIST) Specialist Management Group of the Year 2015 TCM Vietnam High Dividend Equity Fund (FINALIST) Specialist Management Group of the Year Emerging Markets Single Country Fund Emerging Markets Single Country Fund Year Fund Category 2016 TCM Vietnam High Dividend Equity Fund (FINALIST) Best ASEAN Fund Year Fund Category 2015 TCM Vietnam High Dividend Equity Fund (FINALIST) Emerging Equity Fund 2014 TCM Global Frontier High Dividend Equity Fund (WINNER) Emerging Market Fund 3

4 Frontier Markets Characteristics

5 All markets have been Frontier Markets United States 1792 People s Republic of China 1980 Colombia until

6 Frontier Markets at a glance World Land Mass: 24% World GDP: 7% Frontier Markets World Population: 19% World Market Cap: 2% Sources: United Nations, World Bank, FactSet, EIU. 6

7 Why Invest in Frontier Markets?

8 Why invest in Frontier Markets? Frontier Markets: is a global theme is much more than a commodity or oil bet is worth the risk/reward profile improving politics and governance reclassification to Emerging Markets offers opportunities liquidity is improving are less affected by rising intrest rates devaluations tend to boost stock markets no exposure by your Emerging Markets investments have outperformed Emerging Markets valuations are relative attractive... demographics; younger, faster growing and urbanizing 8

9 1. A Global Theme A FAIR REPRESENTATION OF ALL GLOBAL REGIONS Europe Africa Middle East Asia Latin America Bulgaria3 Botswana3 Bahrain1 Bangladesh1 Argentina1 Bosnia3 Egypt2 Iran Cambodia Chile2 Croatia1 Ghana3 Iraq Georgia Colombia2 Cyprus Kenya1 Jordan1 Indonesia2 Ecuador Czech Rep. 2 Mauritius1 Kuwait1 Malaysia2 Jamaica3 Estonia1 Morocco1 Lebanon1 Myanmar Peru2 Georgia Namibia Oman1 Pakistan2 Panama3 Kazakhstan1 Nigeria1 Qatar2 Phillipines2 Trinidad & Tobago3 Latvia Tanzania Saudi Arabia3 Sri Lanka1 Lithuania1 Tunisia1 U. A. E. 2 Thailand2 Romania1 Zambia Vietnam1 Serbia1 Slovakia Slovenia1 Ukraine3 Zimbabwe3 WAEMU4 1. Member of the MSCI Frontier Market Index 2. Country with Emerging Markets status with < 3% weighting in MSCI Emerging Markets Index 3. MSCI Standalone Market Index 4. WAEMU West African Economic and Monetary Union consists of the following countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Latin America & Caribbean 22% Middle East 30% Europe 9% Africa 25% Asia 14% Source: MSCI. Pie chart depicts MSCI weights by region. 9

10 2. Much more than a commodity or oil bet ENERGY AND MATERIALS REPRESENT 12% OF THE FRONTIER MARKETS INDEX % weight in MSCI FM Index Financials 44,3% Telecommunications Consumer Staples Energy Real Estate Industrials Materials Utilities Health Care Information Technology Consumer Discretionary 13,4% 11,4% 8,0% 6,8% 4,0% 4,1% 3,7% 2,8% 1,0% 0,4% 0% 10% 20% 30% 40% 50% Oil importing countries Oil exporting countries Sources: TCM, MSCI 10

11 3. The risk/reward profile is worth it FACT: FRONTIER MARKETS ARE ONE OF THE LEAST VOLATILE EQUITY CLASSES AND LOW CORRELATIONS. THIS GIVES MAJOR DIVERSIFICATON BENEFITS 16% MSCI WORLD ANNUALIZED 5YR RETURN IN USD (% PER ANNUM) 14% 12% 10% 8% 6% 4% 2% TCM GL FRONTIER HIGH DIV MSCI FRONTIER MARKET MSCI JAPAN MSCI AC ASIA x JAPAN MSCI EUROPE MSCI EM 0% MSCI Emerging Markets Europe M MSCI EM LATIN AMERICA -2% 8% 13% 18% 23% Sources: TCM, Bloomberg STANDARD DEVIATION 5YR (% PER ANNUM) 11

12 4. Improving politics and governance FACT: PERCEPTIONS HAVE IMPROVED OVER THE PAST 5 YEARS Frontier Africa, Asia, Europe and Latin America improve beyond World Average. Frontier Middle East stays behind. Source: 12

13 5. Reclassification to EM offers opportunities OVER THE LAST 10 YEARS ONLY 3 UPGRADES TO EM Country Reclassification Year moved CATCH THE STRONG RUN BEFORE THE EM PERFORMANCE DISAPPOINTS! 280 Pakistan FM to EM 2017 Qatar FM to EM United Arab Emirates FM to EM 2014 Morocco EM to FM MSCI UNITED ARAB EMIRATES Argentina EM to FM MSCI QATAR Jordan EM to FM MSCI PAKISTAN Source: Factset, MSCI. MSCI Upgrade announcement MSCI Upgrade date 13

14 6. Liquidity is improving IMPROVED LIQUIDITY OVER THE LAST 5 YEARS Source: HSBC, Thomson Reuters Datastream, MSCI. * Based upon MSCI Index constituents 14

15 7. Less affected by rising intrest rates FRONTIER MARKETS ARE HISTORICALLY LESS AFFECTED BY THE FED INTREST RATE CYCLE Source: MSCI, Bloomberg 15

16 8. Devaluations tends to boosts stock markets DEVALUATION OF FRONTIER MARKETS CURRENCIES CAN GIVE A BOOST TO FRONTIER MARKETS STOCKS AND INDICES 5 Year Currency Devaluation Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 USD-NGN X-RATE 130,5% USD-EGP X-RATE 179,5% USD-KZT X-RATE 121,1% USD-ARS X-RATE 278,9% Sources: TCM, Bloomberg 16 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 5 Year Index Performance (Total Return in USD) NIGERIA STCK EXC ALL SHR -27,5% EGX 30 INDEX 10,5% ARGENTINA MERVAL INDEX(RS) 177,8% Kazakhstan KASE Stock Ex 30,7%

17 9. EM investments minimal exposure to FM GLOBAL EMERGING MARKETS PORTFOLIOS HAVE MINIMAL, IF ANY EXPOSURE TO FRONTIER MARKETS The 15 largest actively managed Emerging Markets Funds measured by AuM had an average exposure of 0.83% to Frontier Markets (2017) Research done within the Morningstar universe, which include all domiciles To invest in Frontier Markets you need a dedicated Frontier Markets investment 17

18 10. Have outperformed Emerging Markets FACT: ON A LONG TERM BASIS FM HAVE PERFORMED BETTER THAN EM, EVEN AFTER THE UNDERPERFORMANCE OF FM AGAINST EM IN THE RECENT RISK-ON RALLY Year indexed Total Return performance of MSCI FM & MSCI EM in USD Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 MSCI FRONTIER MARKET 53,13% MSCI EM 26,84% Sources: TCM, Bloomberg 18

19 11. Valuations relative attractive FRONTIER MARKETS HAVE STILL PLENTY OF ROOM TO RUN WHILE VALUATIONS ARE RELATIVELY ATTRACTIVE VERSUS EMERGING MARKETS Sources: TCM, Bloomberg 19

20 12. Demographics POPULATION IN FM ARE YOUNGER, FASTER GROWING AND URBANIZING - DEPENDENCY RATIO* OF FM IS AT LEVELS OF EM 30 YEARS AGO DEPENDENCY RATIO IS DEPENDENT POPULATION AS % OF THE INDEPENDENT POPULATION Sources: TCM, United Nations Population Division 20

21 Why invest in Frontier Markets? Instability and uncertainty in Frontier Markets have made room for improving politics, peace, investments and growth. The opportunities in these markets will become significantly larger over time. Frontier Markets is a must have for diversified portfolios, because correlations are still low. Not only with Developed Markets, but also among Frontier countries. Besides low correlation, volatility is lower than one might expect. Valuations in Frontier Markets are attractive compared with Developed and Emerging Markets. Companies deliver results and high dividend yield. Demographic developments is in favour of Frontier Markets, where working age population is growing and dependency ratio is declining. 21

22 Disclaimer No rights may be derived from this presentation. You are referred to the prospectus and KIID for the fund's terms and conditions. The manager has obtained a license for the fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision. Do not expose yourself to unnecessary risks. Read the KIID. 22

INVESTING IN FRONTIER MARKETS EQUITY

INVESTING IN FRONTIER MARKETS EQUITY INVESTING IN FRONTIER MARKETS EQUITY by Geraldine Miniaou, CFA, Senior Research Analyst Pavilion Advisory Group The International Finance Corporation (IFC) used the term frontier markets for the first

More information

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)

More information

Emerging & Frontier Markets Expanding the Opportunity Set

Emerging & Frontier Markets Expanding the Opportunity Set NORTHERN TRUST 2010 INSTITUTIONAL CLIENT CONFERENCE Reaching for the New Gold Standard of Investing Emerging & Frontier Markets Expanding the Opportunity Set Moderator: Julia Bristow Briggs Senior Investment

More information

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Fiscal operational guide: FRANCE ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Albania Algeria Argentina Armenia 2006 2006 From 1 March 1981 2002 1 1 1 All persons 1 Legal

More information

Why Invest In Emerging Markets? Why Now?

Why Invest In Emerging Markets? Why Now? Why Invest In Emerging Markets? Why Now? 2017 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1997

More information

Why Invest In Emerging Markets? Why Now?

Why Invest In Emerging Markets? Why Now? Why Invest In Emerging Markets? Why Now? 2018 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1998

More information

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime A F R I C A WA T C H TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia

More information

UBI Pramerica SGR. US Economic Environment. Richard K. Mastain, Senior Vice President Jennison Associates LLC. April 2008

UBI Pramerica SGR. US Economic Environment. Richard K. Mastain, Senior Vice President Jennison Associates LLC. April 2008 UBI Pramerica SGR US Economic Environment Richard K. Mastain, Senior Vice President Jennison Associates LLC Subadvisor to Certain UBI Pramerica SGR Funds April 2008 Notice This presentation is for informational

More information

Guide to Treatment of Withholding Tax Rates. January 2018

Guide to Treatment of Withholding Tax Rates. January 2018 Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective"

CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective" Eric Chow HSBC Securities Services June 2011 2 Agenda About HSBC Securities Services (HSS) Introducing

More information

Annex Supporting international mobility: calculating salaries

Annex Supporting international mobility: calculating salaries Annex 5.2 - Supporting international mobility: calculating salaries Base salary refers to a fixed amount of money paid to an Employee in return for work performed and it is determined in accordance with

More information

HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES

HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES AT A GLANCE GEOGRAPHY 77 COUNTRIES COVERED 5 REGIONS Americas Asia Pacific Central & Eastern

More information

S&P Frontier Indices Methodology

S&P Frontier Indices Methodology S&P Frontier Indices Methodology S&P Dow Jones Indices: Index Methodology October 2017 Table of Contents Introduction 3 Highlights 3 Index Family 3 How to Use this Document 5 Eligibility Criteria 6 Country

More information

Emerging Markets Outlook

Emerging Markets Outlook Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand

More information

JPMorgan Funds statistics report: Emerging Markets Debt Fund

JPMorgan Funds statistics report: Emerging Markets Debt Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Debt Fund Data as of November 30, 2016 Must be preceded or accompanied by a prospectus. jpmorganfunds.com

More information

DOMESTIC CUSTODY & TRADING SERVICES

DOMESTIC CUSTODY & TRADING SERVICES Pricing Structure DOMESTIC CUSTODY & TRADING SERVICES A flat custody fee of 20bps per account type per year is applicable to all holdings and cash, the custody fee is collected each month but will be capped

More information

City of Fresno Retirement System

City of Fresno Retirement System City of Fresno Retirement System Emerging Markets Educational Presentation December 16, 2013 Don Stracke, CFA, CAIA, Senior Consultant Allan Martin, Partner Tony Ferrara, Senior Analyst Table of Contents

More information

Consultation on the Potential Creation of Frontier Markets Indices. August 2007

Consultation on the Potential Creation of Frontier Markets Indices. August 2007 Consultation on the Potential Creation of Frontier Markets Indices August 2007 Table of Contents Summary Page 3 Proposed Frontier Markets Universe Page 5 Proposed Frontier Markets Indices Page 9 Opportunity

More information

Scale of Assessment of Members' Contributions for 2008

Scale of Assessment of Members' Contributions for 2008 General Conference GC(51)/21 Date: 28 August 2007 General Distribution Original: English Fifty-first regular session Item 13 of the provisional agenda (GC(51)/1) Scale of Assessment of s' Contributions

More information

Dutch tax treaty overview Q3, 2012

Dutch tax treaty overview Q3, 2012 Dutch tax treaty overview Q3, 2012 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, July 14,

More information

SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER

SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER DEBBI.MARCUS@UNILEVER.COM RUTGERS SCHOOL OF MANAGEMENT AND LABOR RELATIONS NJ/NY CENTER FOR EMPLOYEE OWNERSHIP AGENDA

More information

2019 Daily Prayer for Peace Country Cycle

2019 Daily Prayer for Peace Country Cycle 2019 Daily Prayer for Peace Country Cycle Tuesday January 1, 2019 All Nations Wednesday January 2, 2019 Thailand Thursday January 3, 2019 Sudan Friday January 4, 2019 Solomon Islands Saturday January 5,

More information

T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018

T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018 T. Rowe Price Funds Supplement to the following summary prospectuses, each as dated below (as supplemented) Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets

More information

Supplementary Table S1 National mitigation objectives included in INDCs from Jan to Jul. 2017

Supplementary Table S1 National mitigation objectives included in INDCs from Jan to Jul. 2017 1 Supplementary Table S1 National mitigation objectives included in INDCs from Jan. 2015 to Jul. 2017 Country Submitted Date GHG Reduction Target Quantified Unconditional Conditional Asia Afghanistan Oct.,

More information

Frontier Markets The Global Emerging Markets of tomorrow

Frontier Markets The Global Emerging Markets of tomorrow Frontier Markets The Global Emerging Markets of tomorrow Edward Evans Emerging Markets Equity Product Manager Schroders February 2014 For Professional Investors and Advisors only. MSCI Frontier Markets

More information

Introduction to Frontier Markets

Introduction to Frontier Markets Investment Research Introduction to Frontier Markets Rahwa Senay, Senior Vice President, Research Analyst For many market participants frontier markets remain unexplored. These economies are generally

More information

Instruction Deadline. *Settlement Cycle

Instruction Deadline. *Settlement Cycle Argentina Equity & Fixed Income T+0-T+2 SD+1 2:30 SD+1 2:30 Fixed Income (MAECLEAR) T+0-T+2 SD 23:00 SD 23:00 Physical T+0-T+2 SD 23:00 SD 23:00 Australia Equity T+2 SD 5:30 SD 10:30 Fixed Income T+2 SD

More information

WGI Ranking for SA8000 System

WGI Ranking for SA8000 System Afghanistan not rated Highest Risk ALBANIA 47 High Risk ALGERIA 24 Highest Risk AMERICAN SAMOA 74 Lower Risk ANDORRA 91 Lower Risk ANGOLA 16 Highest Risk ANGUILLA 90 Lower Risk ANTIGUA AND BARBUDA 76 Lower

More information

Emerging Fixed Income A New Dawn. Simon Lue-Fong March 2007 I Lima

Emerging Fixed Income A New Dawn. Simon Lue-Fong March 2007 I Lima Emerging Fixed Income A New Dawn Simon Lue-Fong March 2007 I Lima Table of contents 1. The Changing Landscape Emerging USD Bonds have had a spectacular ride But where next? EMERGING USD BOND SPREADS SINCE

More information

Request to accept inclusive insurance P6L or EASY Pauschal

Request to accept inclusive insurance P6L or EASY Pauschal 5002001020 page 1 of 7 Request to accept inclusive insurance P6L or EASY Pauschal APPLICANT (INSURANCE POLICY HOLDER) Full company name and address WE ARE APPLYING FOR COVER PRIOR TO DELIVERY (PRE-SHIPMENT

More information

Legal Indicators for Combining work, family and personal life

Legal Indicators for Combining work, family and personal life Legal Indicators for Combining work, family and personal life Country Africa Algeria 14 100% Angola 3 months 100% Mixed (if necessary, employer tops up social security) Benin 14 100% Mixed (50% Botswana

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475

More information

Country Documentation Finder

Country Documentation Finder Country Shipper s Export Declaration Commercial Invoice Country Documentation Finder Customs Consular Invoice Certificate of Origin Bill of Lading Insurance Certificate Packing List Import License Afghanistan

More information

Fernanda Ruiz Nuñez Senior Economist Infrastructure, PPPs and Guarantees Group The World Bank

Fernanda Ruiz Nuñez Senior Economist Infrastructure, PPPs and Guarantees Group The World Bank Fernanda Ruiz Nuñez Senior Economist Infrastructure, PPPs and Guarantees Group The World Bank Mikel Tejada Consultant. Topic Leader Procuring Infrastructure PPPs The World Bank 2018 ICGFM 32nd Annual International

More information

Institutional Frontier Markets Equity Fund

Institutional Frontier Markets Equity Fund SUMMARY PROSPECTUS PRFFX March 1, 2018 T. Rowe Price Institutional Frontier Markets Equity Fund A fund seeking long-term growth of capital through investments in equity securities of frontier market companies.

More information

Emerging Markets Stock Fund

Emerging Markets Stock Fund SUMMARY PROSPECTUS PRMSX PRZIX Investor Class I Class March 1, 2018 T. Rowe Price Emerging Markets Stock Fund A fund seeking long-term growth of capital through investments in common stocks of companies

More information

EMBARGOED UNTIL GMT 1 AUGUST

EMBARGOED UNTIL GMT 1 AUGUST 2016 Global Breastfeeding Scorecard: Country Scores EMBARGOED UNTIL 00.01 GMT 1 AUGUST Enabling Environment Reporting Practice UN Region Country Donor Funding (USD) Per Live Birth Legal Status of the Code

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, July

More information

Kentucky Cabinet for Economic Development Office of Workforce, Community Development, and Research

Kentucky Cabinet for Economic Development Office of Workforce, Community Development, and Research Table 2 Kentucky s Exports to the World -- Inclusive of Year to Date () Values in $ Thousands 2016 Year to Date Total All Countries $ 29,201,010 $ 30,857,275 5.7% $ 20,030,998 $ 20,925,509 4.5% Canada

More information

GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK. Portfolio Analysis and Historical Allocations

GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK. Portfolio Analysis and Historical Allocations GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK Portfolio Analysis and Historical Allocations Statistical Annex #2 30 October 2008 Midterm Review Contents Table 1: Historical

More information

Dutch tax treaty overview Q4, 2013

Dutch tax treaty overview Q4, 2013 Dutch tax treaty overview Q4, 2013 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, November

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, October

More information

2 Albania Algeria , Andorra

2 Albania Algeria , Andorra 1 Afghanistan LDC 110 80 110 80 219 160 2 Albania 631 460 631 460 1 262 920 3 Algeria 8 628 6,290 8 615 6 280 17 243 12 570 4 Andorra 837 610 837 610 1 674 1 220 5 Angola LDC 316 230 316 230 631 460 6

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, October

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919

More information

Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX

Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX Summary Prospectus October 31, 2017 Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX Before you invest, you may want

More information

The Budget of the International Treaty. Financial Report The Core Administrative Budget

The Budget of the International Treaty. Financial Report The Core Administrative Budget The Budget of the International Treaty Financial Report 2016 The Core Administrative Budget Including statements of amounts due and received for The Working Capital Reserve and The Third Party Beneficiary

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, December

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, February

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, January

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, April

More information

Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received

Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received Agenda Item 7-B Long Association List of Jurisdictions Surveed for Which a Has Been Received Jurisdictions Region IFAC Largest 29 G10 G20 EU/EEA IOSCO IFIAR Surve Abu Dhabi Member (UAE) Albania Member

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789

More information

(ISC)2 Career Impact Survey

(ISC)2 Career Impact Survey (ISC)2 Career Impact Survey 1. In what country are you located? Albania 0.0% 0 Andorra 0.0% 1 Angola 0.0% 0 Antigua and Barbuda 0.0% 0 Argentina 0.3% 9 Australia 2.0% 61 Austria 0.2% 6 Azerbaijan 0.0%

More information

Investing in Frontier Markets

Investing in Frontier Markets For professional and institutional investor use only. Investing in Frontier Markets December 2012 Introduction Investors who have benefited from the boom in emerging markets over recent years are now on

More information

YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017

YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017 YUM! Brands, Inc. Historical Financial Summary Second Quarter, 2017 YUM! Brands, Inc. Consolidated Statements of Income (in millions, except per share amounts) 2017 2016 2015 YTD Q3 Q4 FY FY Revenues Company

More information

Moving the Needle The Optimization Opportunity with Frontier Markets Larry Speidell May 2018

Moving the Needle The Optimization Opportunity with Frontier Markets Larry Speidell May 2018 Moving the Needle The Optimization Opportunity with Frontier Markets Larry Speidell May 2018 E motion is a bad guide to asset allocation. Behavioral finance research has shown that many investors overpay

More information

Clinical Trials Insurance

Clinical Trials Insurance Allianz Global Corporate & Specialty Clinical Trials Insurance Global solutions for clinical trials liability Specialist cover for clinical research The challenges of international clinical research are

More information

The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times

The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times International Monetary Fund October 215 Fiscal Monitor The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times Tidiane Kinda Fiscal Affairs Department Vienna, November 26, 215 The views

More information

Withholding Tax Rates 2014*

Withholding Tax Rates 2014* Withholding Tax Rates 2014* (Rates are current as of 1 March 2014) Jurisdiction Dividends Interest Royalties Notes Afghanistan 20% 20% 20% International Tax Albania 10% 10% 10% Algeria 15% 10% 24% Andorra

More information

MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS. Afghanistan $135 $608 $911 1 March Albania $144 $2,268 $3,402 1 January 2005

MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS. Afghanistan $135 $608 $911 1 March Albania $144 $2,268 $3,402 1 January 2005 MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS (IN U.S. DOLLARS FOR COST ESTIMATE) COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Afghanistan $135 $608 $911 1 March 1989 Albania

More information

Frontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner

Frontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner Frontier Markets and a teaser of what is to come Peter Elam Håkansson, Chairman and Partner The Frontier Markets Have the good old Emerging Markets lost their appeal? We remain convinced that Emerging

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING

More information

ANNEX. to the. Report from the Commission to the European Parliament and the Council

ANNEX. to the. Report from the Commission to the European Parliament and the Council EUROPEAN COMMISSION Brussels, 29.11.2017 COM(2017) 699 final ANNEXES 1 to 3 ANNEX to the Report from the Commission to the European Parliament and the Council on data pertaining to the budgetary impact

More information

Annual Report on Exchange Arrangements and Exchange Restrictions 2011

Annual Report on Exchange Arrangements and Exchange Restrictions 2011 Annual Report on Exchange Arrangements and Exchange Restrictions 2011 Volume 1 of 4 ISBN: 978-1-61839-226-8 Copyright 2010 International Monetary Fund International Monetary Fund, Publication Services

More information

ONLINE APPENDIX (DE NEVE AND WARD, HAPPINESS AT WORK)

ONLINE APPENDIX (DE NEVE AND WARD, HAPPINESS AT WORK) ONLINE APPENDIX (DE NEVE AND WARD, HAPPINESS AT WORK) HTTP://WORLDHAPPINESS.REPORT/ 1 WORLD HAPPINESS REPORT 2017 Table A6.1: Social Comparison Effects of Unemployment Life Evaluation Positive Affect Negative

More information

Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database

Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database Atif Mian Princeton University and NBER Amir Sufi University of Chicago Booth School of Business

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226

More information

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF %

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS IN U.S. DOLLARS FOR COST ESTIMATE COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Afghanistan $135 $608 $911 1 March 1989 Albania $166

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, August

More information

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF %

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS IN U.S. DOLLARS FOR COST ESTIMATE COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Afghanistan $158 $1,659 $2,489 1 August 2007 Albania

More information

Hoi Wai Cheng, Dawn Holland, Ingo Pitterle

Hoi Wai Cheng, Dawn Holland, Ingo Pitterle Hoi Wai Cheng, Dawn Holland, Ingo Pitterle United Nations, GEMU/DPAD/DESA Project LINK Meeting 21-23 October 2015, New York Demand-side role Direct impact on the price level and terms of trade Secondary

More information

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF %

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS IN U.S. DOLLARS FOR COST ESTIMATE COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Afghanistan $165 $1,733 $2,599 1 August 2007 Albania

More information

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF %

COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Effective 1 July 2012 Page 1 MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS IN U.S. DOLLARS FOR COST ESTIMATE COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % * Afghanistan $188 $1,974

More information

Afghanistan $135 $608 $911 1 March Albania $144 $2,268 $3,402 1 January Angola $286 $5,148 $7,722 1 January 2003

Afghanistan $135 $608 $911 1 March Albania $144 $2,268 $3,402 1 January Angola $286 $5,148 $7,722 1 January 2003 MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS (IN U.S. DOLLARS FOR COST ESTIMATE) COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Afghanistan $135 $608 $911 1 March 1989 Albania

More information

Afghanistan $135 $608 $911 1 March Albania $144 $2,268 $3,402 1 January Algeria $208 $624 $936 1 March 1990

Afghanistan $135 $608 $911 1 March Albania $144 $2,268 $3,402 1 January Algeria $208 $624 $936 1 March 1990 MAXIMUM MONTHLY STIPEND RATES FOR FELLOWS AND SCHOLARS (IN U.S. DOLLARS FOR COST ESTIMATE) COUNTRY DSA(US$) MAX RES RATE MAX TRV RATE EFFECTIVE DATE OF % Afghanistan $135 $608 $911 1 March 1989 Albania

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929

More information

( Euro) Annual & Monthly Premium Rates. International Healthcare Plan. Geographic Areas. (effective 1st July 2007) Premium Discount

( Euro) Annual & Monthly Premium Rates. International Healthcare Plan. Geographic Areas. (effective 1st July 2007) Premium Discount Annual & Monthly Premium Rates International Healthcare Plan (effective 1st July 2007) ( Euro) This schedule contains information on Your premiums for the International Healthcare Plan in Euros. Simply

More information

1.1 LIST OF DAILY MAXIMUM AMOUNT PER COUNTRY WHICH IS DEEMED TO BEEN EXPENDED

1.1 LIST OF DAILY MAXIMUM AMOUNT PER COUNTRY WHICH IS DEEMED TO BEEN EXPENDED 1 SUBSISTENCE ALLOWANCE FOREIGN TRAVEL 1.1 LIST OF DAILY MAXIMUM AMOUNT PER COUNTRY WHICH IS DEEMED TO BEEN EXPENDED Albania Euro 97 Algeria Euro 161 Angola US $ 312 Antigua and Barbuda US $ 220 Argentina

More information

Why Corrupt Governments May Receive More Foreign Aid

Why Corrupt Governments May Receive More Foreign Aid Why Corrupt Governments May Receive More Foreign Aid David de la Croix Clara Delavallade Online Appendix Appendix A - Extension with Productive Government Spending The time resource constraint is 1 = l

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE1 7SR Telephone: +44 (0)20 7735 711 Fax: +44 (0)20 7587 3210 1 January 2019 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS

More information

France Country Profile

France Country Profile France Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving France EU Member State Yes Double Tax Treaties With: Albania Algeria Andorra

More information

The Changing Wealth of Nations 2018

The Changing Wealth of Nations 2018 The Changing Wealth of Nations 2018 Building a Sustainable Future Editors: Glenn-Marie Lange Quentin Wodon Kevin Carey Wealth accounts available for 141 countries, 1995 to 2014 Market exchange rates Human

More information

Trends, like horses, are easier to ride in the direction they are going

Trends, like horses, are easier to ride in the direction they are going 2050 Hindsight. Trends, like horses, are easier to ride in the direction they are going - John Naisbitt, Megatrends, 1982 CFA Society San Diego Lawrence Speidell Chief Investment Officer, CEO Frontier

More information

SECURITIES AND EXCHANGE COMMISSION FORM 497. Filing Date: SEC Accession No (HTML Version on secdatabase.

SECURITIES AND EXCHANGE COMMISSION FORM 497. Filing Date: SEC Accession No (HTML Version on secdatabase. SECURITIES AND EXCHANGE COMMISSION FORM 497 Definitive materials filed under paragraph (a), (b), (c), (d), (e) or (f) of Securities Act Rule 497 Filing Date: 1999-05-12 SEC Accession No. 0000201196-99-000105

More information

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS. Resolution No General Capital Increase

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS. Resolution No General Capital Increase INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 663 2018 General Capital Increase WHEREAS the Executive Directors, having considered the question of enlarging the

More information

TIMID GLOBAL GROWTH: THE NEW NORMAL?

TIMID GLOBAL GROWTH: THE NEW NORMAL? TIMID GLOBAL GROWTH: THE NEW NORMAL? 1 THE IMF FORECASTS GLOBAL GROWTH OF ~ 3.% IN 1/1, with a pickup in advanced economies and stabilization in emerging markets According to the IMF, global growth is

More information

Index of Financial Inclusion. (A concept note)

Index of Financial Inclusion. (A concept note) Index of Financial Inclusion (A concept note) Mandira Sarma Indian Council for Research on International Economic Relations Core 6A, 4th Floor, India Habitat Centre, Delhi 100003 Email: mandira@icrier.res.in

More information

GS Emerging Markets Debt Blend Portfolio

GS Emerging Markets Debt Blend Portfolio Factsheet as at : November 12, 2018 GS Emerging Markets Debt Blend Portfolio Fund objective The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest

More information

CREDIT INSURANCE. To ensure peace, you must be prepared for war. CREDIT INSURANCE FUNDAMENTAL SOLUTION IN CREDIT RISK MANAGEMENT

CREDIT INSURANCE. To ensure peace, you must be prepared for war. CREDIT INSURANCE FUNDAMENTAL SOLUTION IN CREDIT RISK MANAGEMENT FUNDAMENTAL SOLUTION IN CREDIT RISK MANAGEMENT I would like to extend my relations with that customer... I would like to enter a new market... We have high exposure for that customer... We have delayed

More information

n O v e m b e R Securities Industry And Financial Markets Global Addendum 2007 Volume I I No. New York n Washington n London n Hong Kong

n O v e m b e R Securities Industry And Financial Markets Global Addendum 2007 Volume I I No. New York n Washington n London n Hong Kong ReseaRch RePORT n O v e m b e R 2 7 Securities Industry And Financial Markets Global Addendum 27 Volume I I No. 1 New York n Washington n London n Hong Kong SIFMA RESEARCH AND POLICY DEPARTMENT Michael

More information

International trade transparency: the issue in the World Trade Organization

International trade transparency: the issue in the World Trade Organization Magalhães 11 International trade transparency: the issue in the World Trade Organization João Magalhães Introduction I was asked to participate in the discussion on international trade transparency with

More information

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement

More information

IMPENDING CHANGES. Subsistence Allowances

IMPENDING CHANGES. Subsistence Allowances IMPENDING CHANGES Subsistence Allowances This document serves to keep stakeholders informed of impending changes regarding the amount of a subsistence allowance deemed to have been expended in terms of

More information