Endowment Funds Performance (Year ending June 30 th, 2014)
|
|
- Gertrude Ball
- 5 years ago
- Views:
Transcription
1 Endowment Funds Performance (Year ending June 30 th, 2014) prepared for Investment Subcommittee (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1
2 Quarterly Market Overview Equity markets remained resilient through the first half of 2014 despite a number of geopolitical risks. Canadian Equity The S&P/TSX index was a strong performer once again advancing more than 6.1% in the quarter. All sectors except healthcare finished higher in the period. The leading sectors Energy, Materials and Industrials. Energy was a strong performer, posting double digit returns over the quarter. The relatively strong performance of small cap stocks lifted the small cap index ahead of the broader market over the period. U.S. Equity US equities continue to hit record highs as the Federal Reserve winds down its quantitative easing program. The S&P 500 was up 1.5% for the quarter and up 7.4% year to date. Within the S&P 500 Utilities, Energy and Health care were the strongest performers year to date, while Consumer Discretionary, Telecom and Industrials were the weakest. Value stocks outperformed growth stocks and large cap indices outperformed small cap indices for the first half of International Equity Foreign investment returns were hampered by currency effects, as the Canadian dollar appreciated against most major currencies over the quarter. The loonie gained 3.6% vs the USD during the second quarter finishing close to US$0.94. The MSCI EAFE ( CAD) was up just 0.5%. European equities were positive in the quarter even though Q1 GDP growth was sluggish. The ECB cut rates and introduced measures to boost lending to small business. Japan recovered some of its early losses over the last two months advancing 2.9% in the quarter. Emerging markets on the whole recovered sharply from first quarter declines. The MSCI emerging markets index (CAD) was up 3.0% for the quarter. Fixed Income Bonds also extended their gains from the first quarter. The bond universe gained 2.0% for the quarter and 4.8% year to date. The yield on the Canada 10 year stood at 2.3% at he end of June as compared to 2.4% at the end of Q1. Corporate spreads were unchanged over the quarter, while the yield curve flattened slightly. REAL ESTATE : The IPD index returned 4.5% for the quarter. A steady level of investment activity and availability of capital remains prevalent in the market. 2
3 Endowment Results Overview (Gross Returns for the 12 Months Ended June 30 th, 2014) The Total Plan returned 19.9% for the last 12 months reflecting strong equity returns across asset classes. Canadian Equity Outperformed the SPTSX index by 0.2%. Within the industry sectors, Materials was the largest contributor to relative outperformance. Manager stock selection led to outperformance. Outperformance within the energy sector also benefitted the portfolio. Strong commodity prices in Q2 of this year aided the gains in the energy sector. The largest detractor to relative performance came from the consumer discretionary sector. The minimal exposure to the health care sector also detracted from performance. U.S. Equity Outperformed the S&P 500 index by 2.9% Exposure to US small and mid cap stocks continued to benefit the portfolio, however tear to date small cap has underperformed other size segments. The most significant contributor to outperformance was the Energy sector, which added 1.2% over the period. Other sectors that aided results over the period included consumer staples and telecom, while health care and technology detracted from overall performance. International Equity Outperformed the MSCI EAFE (Net) index by 4.6% After consistently outperforming the index for the last few years Tweedy Browne underperformed (by 0.1%) as a result of their rising cash reserves. LSV had better relative performance beating the index by 4.2%. LSV s Emerging Markets mandate beat the index by 4.8%. The portfolio s small cap bias relative to the benchmark was a detractor whereas the value style bias was a positive contributor over the period. Emerging market stocks look cheap compared to developed market countries, particularly after the run up in developed market stocks over the past several years. Fixed Income 5.5% versus 5.3% for the Dex Bond Universe. This is a passive mandate and normal variance to the index is expected to be relatively small Infrastructure On May 16 th, 2013 the Investment Subcommittee hired Brookfield Asset Management Inc. as the Infrastructure manager committing $19 million to Brookfield Infrastructure Fund II Approximately $ 7.9 mill of the $ 19 mill has been called thus far. 3
4 Total Endowment Portfolio Vs Benchmark (Gross Of Fees) Annualized Periods Ending June 30 th, 2014 Endowment Policy Benchmark : 30% DEX Bond Universe + 20% S&P/TSX Composite + 25% S&P 500 ($CAD) + 20% MSCI EAFE Net ($CAD) + 5% MSCI Emerging Markets Index 4
5 Asset Class Performance Annualized Periods Ending June 30 th, 2014 YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr % % % % % % % % % % % Total Gross of Fees *Total Net of Fees Total Fund ex Currency Overlay (Gross) **Endowment Benchmark Canadian Equity S&P/TSX Comp Index US Equity S&P 500 Total Return Index ($CAD) Non-North American Equity MSCI EAFE Net ($CAD) Fixed Income Dex Bond Universe **Endowment Policy Benchmark: 30% DEX Bond Universe + 20% S&P/TSX Composite + 25% S&P 500 ($CAD) + 20% MSCI EAFE Net ($CAD) + 5% MSCI Emerging Markets Index 1 Currency hedging manager was added in November 2010 * 9-10 Year Net of Fee returns are internal estimates 5
6 Endowment Fund Results: Relative to Endowment Policy Benchmark (for the 12 Months Ended June 30 th, 2014) Endowment Fund Policy Benchmark: 30% DEX Bond Universe + 20% S&P/TSX Composite + 25% S&P 500 ($CAD) + 20% MSCI EAFE Net ($CAD) + 5% MSCI Emerging Markets Index 12 month Total Gross Portfolio return of 19.9% versus Composite Benchmark returns of 19.2%. The chart below summarizes the attribution of returns relative to the Benchmark. The selection effect measures the investment manager s ability to select securities within a given segment relative to a benchmark. The allocation effect measures the value added by deviating from the benchmark weights. The combined effect is the Net Management Effect. The Chart below shows positive security selection and negative allocation effect stemming from cash. % Performance Attribution by Asset Class Allocation Effect Selection Effect Net Management Effect Total Fund Canada Equity US Equity International Equity Fixed Income Cash Note : Emerging Market equity is combined with EAFE equity and shown as international equity. Cash return includes currency hedging effect. 6
7 Endowment Asset Mix as of June 30 th, 2014 (Total Assets $ Million) EM Equity $16.8M, 5% EAFE Equity, $60.5M, 19% Actual Infrastructure $5.2M, 2% Cash $16.8M, 5% Canadian Fixed Income, $80.3M, 25% EAFE Equity 20% Policy EM Equity 5% Cash 0% Canadian Fixed Income 30% U.S. Equity, $75.5M, 24% Canadian Equity, $61.9M, 20% U.S. Equity 25% Canadian Equity 20% 5.00% Asset Allocation vs. Policy 0% 2% 0.00% 0% 1% 1% 5.00% Cash 5% Canadian Fixed Income Canadian Equity U.S. Equity EAFE Equity EM Equity Infrastructure Note : Cash includes manager residual cash balances. Internal cash balance of $ 762 k and a positive currency hedging position of $ 1.4 mill 7
8 Endowment Currency Exposure as of June 30 th, % 90.00% 80.00% 70.00% Other 60.00% Swiss Franc 50.00% Japanese Yen British Pound 40.00% 30.00% Canadian Dollar, 45.9% Canadian Dollar, 72.4% Euro Currency U.S. Dollar Canadian Dollar 20.00% 10.00% 0.00% June 30th 2014 Unhedged June 30th 2014 Hedged Currency June 30 th, 2014 Unhedged % Gross Exposure (CAD in millions ) Hedge (CAD in millions) June 30 th, 2014 Hedged % Net Hedged Exposure (CAD in millions) Canadian Dollar 45.9 $144.7 $ $229.4 U.S. Dollar 37.2 $ $ $60.2 Euro Currency 6.6 $20.8 -$ $10.2 British Pound 3.5 $11.0 -$ $5.6 Japanese Yen 2.3 $7.3 -$ $3.7 Swiss Franc 2.5 $7.9 -$ $3.9 Other 2.1 $6.7 $ $4.1 8
9 Growth of Endowment Assets Net Annual Returns and Market Values at June 30 th, 2014 $M Endowment Market Value $350 $300 $250 $200 $150 $100 $50 8.5% $ % $ % $182.3 $166.7 $ % -8.8% 8.1% $ % $215.8 $ % 14.5% $ % $ % 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Net Annual Returns $ % Heritage General Total % CAD$ Return (Net) Total Endowment portfolio increased $ 54.1 M to $ M consisting of: Net additions of $2.8 M Annual return (net of investment management fees) of 19.4% compares to 14.5 % for the same period in
Endowment Funds Performance (Year ending Sept 30 th, 2014)
Endowment Funds Performance (Year ending Sept 30 th, 2014) prepared for University Board of Governors (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 Quarterly Market Overview
More informationEndowment Funds Performance (Year ending June 30 th, 2013)
Endowment Funds Performance (Year ending June 30 th, 2013) prepared for Investment Subcommittee (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 Quarterly Market Overview Canadian
More informationReview of Pension Plans Performance (Period ending December 31 st, 2013)
Review of Pension Plans Performance (Period ending December 31 st, 2013) prepared for Investment Subcommittee (Note all returns and values are expressed in Canadian Dollars- CAD s) 1 Canadian Equity The
More informationEndowment Funds Performance (Year ending March 31st, 2012)
Endowment Funds Performance (Year ending March 31st, 2012) Investment Management Committee Meeting June 20 th, 2012 (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 $ M Endowmwent
More informationEndowment Funds Performance (Year ending March 31 st, 2013)
Endowment Funds Performance (Year ending March 31 st, 2013) Investment Management Committee Meeting May 16 th, 2013 (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 Total Endowment
More informationPerformance Review. University of Guelph Pension Plans. 4 th Quarter 2014
Performance Review University of Guelph Pension Plans 4 th Quarter 2014 Prepared by: Pavilion Advisory Group Ltd. 1250 René-Lévesque Blvd. West, Suite 4030 Montreal, Quebec H3B 4W8 Canada Pension Plans
More informationThe Total Endowment Funds returned 13.1% for the last 12 months versus 15.2% for the benchmark.
Review University of Guelph Endowment Funds Prepared by: Pavilion Advisory Group Ltd. 1250 René-Lévesque Blvd. West, Suite 4030 Montreal, Quebec H3B 4W8 Endowment Funds Results Overview (Gross Returns
More informationPerformance Review. University of Guelph Endowment Funds. 2 nd Quarter 2018
Performance Review University of Guelph Endowment Funds 2 nd Quarter 208 Prepared by: Pavilion Advisory Group Ltd. 250 René-Lévesque Blvd. West, Suite 4030 Montreal, Quebec H3B 4W8 Canada Endowment Funds
More informationPortfolio Select Series. Portfolio Review Second Quarter 2012
Portfolio Select Series Portfolio Review Second Quarter 2012 Q2 Q2 3 Select Income Advantage Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed
More informationA recap of last week s top economic news and what s to come.
AGF INVESTMENTS September 11, 2017 A recap of last week s top economic news and what s to come. WEEKLY MARKET REVIEW BANK OF CANADA HIKES RATES ONCE AGAIN The Bank of Canada (BoC) held firm on its plans
More informationFebruary 20, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come U.S. inflation moves higher U.S. consumer prices rose a sizable 0.5% in January, the largest monthly increase in five years. Inflation effects
More informationA recap of last week s top economic news and what s to come.
AGF INVESTMENTS September 5, 2017 A recap of last week s top economic news and what s to come. WEEKLY MARKET REVIEW CANADA REPORTS STRONG GDP GROWTH Canada s economy closed out the second quarter growing
More informationPerformance and Manager Review First Quarter 2012
Performance and Manager Review First Quarter 2012 The University of Western Ontario Pension Plan Presented by: Bruce Curwood, MBA, CFA, CIMA, Act. Dir. Director, Investment Strategy JUNE 7, 2012 Executive
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationPortfolio Strategist Update from The Dreyfus Corporation
Portfolio Strategist Update from The Dreyfus Corporation Active Opportunity ETF Portfolios As of Dec. 31, 2017 Ameriprise Financial Services, Inc. (Ameriprise Financial) is the investment manager for Active
More informationPerformance and Manager Review First Quarter 2011
The University of Western Ontario Pension Plan Performance and Manager Review First Quarter 2011 May 19th, 2011 Presented by: Bruce Curwood, MBA, CFA, CIMA, Acc. Dir. Director, Investment Strategy Capital
More informationQuarterly Market Review
Quarterly Market Review THEMES FOR THE QUARTER Emerging Markets the Standout in Mixed Q1 Global Equity Returns Developed Markets Positive; Australia and NZ Negative Value Premium Positive in Emerging Markets;
More informationFebruary 26, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come Annual inflation rate slows in Canada Canadian inflation rose 0.7% in January, though the annualized pace slowed to 1.7%, from 1.9% previously,
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationAugust 27, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come Fed Chairman stays the course U.S. Federal Reserve (Fed) Chairman Jerome Powell delivered a highly anticipated speech at the Jackson Hole symposium
More informationJune 4, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come Canada responds with tariffs on U.S. goods Previously set exemptions on steel and aluminum tariffs against Canada, Mexico and the European Union
More informationApril 16, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come U.S. inflation inches higher U.S. inflation fell 0.1% in March as gasoline prices declined 4.9%. On an annualized basis, however, inflation rose
More informationIndex Return Monitor. January 11, 2017
Index Return Monitor January 11, 2017 BRAD BROWN, CFA INVESTMENT STRATEGY GROUP See Legal Disclaimer and Important Disclosure Footnotes at the end of this report for disclosures, including potential conflicts
More informationJanuary market performance. Equity Markets Price Indices Index
Global Central Banks continue to lower interest rates. The RBA cuts the cash rate by 25bp to 2.25% (February 2015). The ECB finally announces Quantitative Easing 60b per month. Oil prices declined again
More informationCapital Market Review
Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days
More informationOct 1, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come Canada and the U.S. reach trade agreement Canada and the U.S. reached a last minute trade deal that will result in a new trilateral agreement
More informationAlberta Heritage Savings Trust Fund Room 434, Street Edmonton, Alberta TKK 2C3. Phone: (780)
Alberta Heritage Savings Trust Fund Room 434, 9515-107 Street Edmonton, Alberta TKK 2C3 Phone: (780) 427-5364 SECOND Q U A R T E R U P D A T E SEPTEMBER 30, 2005 Alberta Heritage Savings Trust Fund QUARTER
More information2016 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2016 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationGROWTH AND INCOME CLASS (GWLIM)
Annual Management Report of Fund Performance For the Year Ended March 31, This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial
More informationAsset Strategy Consultants. MARKET ENVIRONMENT Second Quarter 2016
MARKET ENVIRONMENT Second Quarter 2016 Market Environment: U.S. Economy The 2nd quarter was reasonably uneventful and markets were relatively placid until June 23rd, when British voters narrowly approved
More informationMarket Commentary - 2nd Quarter 2017
3 Months YTD 1 Year 3 Years 5 Years 1 Years As the economy picks up we will need to be gradual when adjusting our policy parameters, so as to ensure that our stimulus accompanies the recovery amid the
More informationZenith Monthly Market Report Zenith Monthly Market Report (30 June 2010)
Zenith Monthly Market Report (30 June 2010) Market Indicators Market Indicator End of Month Previous Month 1 Month Change 12 Months Ago 12 Month Change Interest Rates Overnight Cash 4.50 4.50 0.00% 3.00
More informationJanuary 15, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come U.S. headline inflation slips while core prices rise U.S. inflation moderated to 2.1% year over year after prices rose only 0.1% in December.
More informationFive investment themes for 2014
December th, 1 Five investment themes for 1 MARTIN LEFEBVRE Asset Allocation and Investment Strategist (1) 1 87 martin.lefebvre@bnc.ca Monthly review November was another good month for the stock market.
More informationPerformance and Manager Review Third Quarter 2011
The University of Western Ontario Pension Plan Performance and Manager Review Third Quarter 2011 December 14, 2011 Presented by: Bruce Curwood, MBA, CFA, CIMA, Acc. Dir. Director, Investment Strategy Executive
More informationSeptember 4, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come NAFTA making progress A bilateral trade agreement between the U.S. and Mexico was announced on Monday, putting pressure on Canada to join the
More informationSeptember 2017 Investment Report
September 2017 Investment Report Highlights The Federal Reserve (Fed) left interest rates unchanged in September but confirmed that it will begin to slowly and predictably reduce its holdings of U.S. Treasury
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationWILSHIRE MUTUAL FUNDS
WILSHIRE MUTUAL FUNDS SEMI-ANNUAL REPORT (Unaudited) LARGE COMPANY GROWTH PORTFOLIO LARGE COMPANY VALUE PORTFOLIO SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO WILSHIRE 5000 INDEX SM FUND
More informationEndowment Fund Annual Report
Endowment Fund Annual Report April 30 2017 Summary: Endowment Portfolio, Fiscal 2016-2017 (May 1, 2016 to April 30, 2017) 1 1 The University Endowment Portfolio The University of Guelph endowment portfolio
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationMay market performance. Index. Index. Global economies
JUNE 2016 The recovery in equity and commodity prices from February lows continued into May with the third straight month of equity and commodity price rises. Oil prices continued to move higher, up another
More informationJULY 31, ANNUAL REPORT
JULY 31, 2017 2017 ANNUAL REPORT ishares Trust ishares Adaptive Currency Hedged MSCI EAFE ETF DEFA BATS ishares Currency Hedged MSCI ACWI ETF HACW NYSE Arca ishares Currency Hedged MSCI ACWI ex U.S. ETF
More informationHigh Dividend Value Equity Q Commentary. Market Review:
S C H A F E R C U L L E N High Dividend Value Equity Q3 2016 Commentary Market Review: C A P I T A L M A N A G E M E N T In the third quarter of 2016, the S&P 500 and Russell 1000 Value returned 3.9% and
More informationDecember 2017 Investment Report
December 2017 Investment Report Highlights Total nonfarm payroll employment increased by 228,000 in November. Employment continued its upward trend in professional and business services, manufacturing
More informationWEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, Index definitions available upon request. 1 of 5. Total Return (%)
WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, 2018 U.S. Equity Index Level 1 Week MTD QTD YTD 1 Year Global Equity USD 1 Week MTD QTD YTD 1 Year S&P 500 2,762 (3.81) (2.16) 3.44 3.44 23.54 DJIA 25,521 (4.11)
More informationCapital Markets Outlook 100 LOWDER BROOK DRIVE SUITE 1100 WESTWOOD MA FAX
M E K E T A I N V E S T M E N T G R O U P 00 LOWDER BROOK DRIVE SUITE 00 WESTWOOD MA 02090 78 47 3500 FAX 78 47 34 Investors are faced with three primary issues in the near-term: ) historically low bond
More informationQUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs as at March 31, 2018
QUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs For use by advisors only SSQ GIF Strategy: These funds are for investors seeking to maximize returns through active management without straying from the risk
More informationBMO Low Volatility International Equity ETF (ZLI) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE (ZLI) (the ETF ) For the 12-month period ended December 31, 2018 (the Period ) Manager: BMO Asset Management Inc. (the Manager and portfolio manager ) Management
More informationNovember 27, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come Canadian retail sales disappoint Canadian retail sales disappointed in September. Retail sales rose 0.1% in September, after dropping 0.1% in
More information2015 ANNUAL REPORT FOR THE UNIVERSITY OF REGINA TRUST AND ENDOWMENT FUND
2015 ANNUAL REPORT FOR THE UNIVERSITY OF REGINA TRUST AND ENDOWMENT FUND The University of Regina Trust & Endowment Fund Overview The University of Regina Trust & Endowment Fund (TEF) consists of 365 nonexpendable
More informationMARKET REPORT THE MONTHLY A SNAPSHOT OF THE KEY POINTS FOR AUGUST. Bonds continue to Rally. ISSUE 8 August 2014
ISSUE 8 August 2014 THE MONTHLY MARKET REPORT A SNAPSHOT OF THE KEY POINTS FOR AUGUST The RBA held the overnight cash rate steady at 2.50% for the 12th consecutive Month in August. Short term fixed income
More informationEconomic and Capital Market Update November 2017
Economic and Capital Market Update November 2017 Oct-69 Oct-73 Oct-77 Oct-81 Oct-85 Oct-89 Oct-93 Oct-97 Oct-01 Oct-05 Oct-09 Oct-13 Oct-17 November 30, 2017 Economic Perspective Economy Global economic
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More informationFebruary market performance. Index. Index. Global economies
March 2016 Global equity markets continued to correct through February but stage an early March recovery Oil prices staged a strong recovery from mid-february up 37% China economic data continued to consolidate
More informationFresno County Employees' Retirement Association
Fresno County Employees' Retirement Association Investment Performance Review Period Ending: December 31, 2006 999 Third Avenue, Suite 3650 2321 Rosecrans Avenue, Suite 2250 Seattle, Washington 98104 El
More informationSEPTEMBER 2018 Capital Markets Update
SEPTEMBER 2018 Market commentary U.S. ECONOMICS Non-farm payrolls added 134,000 jobs in September, missing the consensus estimate of 185,000. However, net revisions to the two months prior totaled +87,000
More informationStatement of Investment Policy For The Royal Institution For The Advancement of Learning/ McGill University. Endowment Fund
Statement of Investment Policy For The Royal Institution For The Advancement of Learning/ McGill University Endowment Fund Last revised: Executive Committee October 28, 2016 Minute 5.1 Full history appears
More informationNovember 12, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come Welcome to Gridlock: Markets sigh with relief U.S. midterm elections delivered on a much-anticipated outcome: the Democrats wrested control of
More informationFund Quarterly Commentary TD Emerald Low Volatility Global Equity Non-Taxable Investors Pooled Fund Trust Commentary September 30, 2018
Fund Quarterly Commentary TD Emerald Low Volatility Global Equity Non-Taxable Investors Pooled Fund Trust Commentary September 30, 208 Fund Strategy Over the long term, the TD Emerald Low Volatility Global
More informationLeith Wheeler Investment Funds Quarterly Review December 31, 2016
Leith Wheeler Investment Funds Quarterly Review December 31, 2016 MER 3 Mo. 1 Yr 3 Yrs 5 Yrs 10 Yrs % % % % % % LW Canadian Equity Fund 1.49 8.3 28.9 6.3 10.9 5.4 LW Canadian Dividend Fund 1.49 9.4 29.6
More informationNovember 2017 Investment Report
November 2017 Investment Report Highlights The U.S. economy continued to strengthen as hiring rebounded following the hurricanes in Florida and Texas. Employers added 261,000 jobs in October, the most
More informationFebruary market performance. Equity Markets Index Price Indices. Property Index Price Index
MARCH 2017 In February, global equity markets continued to trend higher boosted by optimism about US growth and reasonably good economic and corporate earnings data. In the United States, the Standard
More informationMARKET REPORT THE MONTHLY A SNAPSHOT OF THE KEY POINTS FOR SEPTEMBER. September was a tough month for nearly all major world markets
ISSUE 9 September 2014 THE MONTHLY MARKET REPORT A SNAPSHOT OF THE KEY POINTS FOR SEPTEMBER The RBA held the overnight cash rate steady at 2.50% for the 13th consecutive Month in September. The 3 Month
More informationInternational & Global Commentaries
International & Global Commentaries Market Review International Equity Global Select Looking Ahead Market Review In aggregate, global equities posted positive returns in the first quarter, with developed
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationJUNE 2017 QUARTERLY MARKET COMMENTARY
JUNE 2017 QUARTERLY MARKET COMMENTARY Market Commentary Australia: The Reserve Bank of Australia (RBA) left the cash rate unchanged at 1.5% in the June quarter The Australian seasonally adjusted unemployment
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationQuarterly market summary
Quarterly market summary 4th Quarter 2017 Economic overview Further evidence of synchronised global economic improvement was signalled by higher measures of economic activity and company profits, along
More informationOctober 9, A recap of last week s top economic news and what s to come
A recap of last week s top economic news and what s to come U.S. job growth slumps, while Canada records highest job numbers this year The U.S. Labor Department released its official hiring and unemployment
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationCounsel Managed High Yield portfolio
Counsel Managed High Yield portfolio annual management report of fund performance For the year ended March 31, 2017 Fund Manager Counsel Portfolio Services Inc. Sub-advisor PanAgora Asset Management Inc.
More information2014 Annual Management Report of Fund Performance
BMO SelectTrust Growth Portfolio (the Fund ) For the 12-month period ended December 31, (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: BMO Asset Management Inc.
More informationThe curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." -Friedrich August von Hayek 3 Months YTD 1 Year 3 Years 5 Years 10 Years S&P
More informationMarket Update: Broad Market Returns and Indicators
Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either
More informationINSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Currency Conundrum Assessing the Currency Hedge Decision for Institutional Investors
INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Currency Conundrum Assessing the Currency Hedge Decision for Institutional Investors By Philip M. Fabrizio, CFA INTRODUCTION Over the past few years, the
More informationMERRY CHRISTMAS, YA FILTHY ANIMAL AND A HAPPY NEW YEAR. - HOME ALONE 2: LOST IN NEW YORK (1992)
INVESTMENT STRATEGY GROUP INDEX RETURN MONITOR January 05, 2018 MERRY CHRISTMAS, YA FILTHY ANIMAL AND A HAPPY NEW YEAR. - HOME ALONE 2: LOST IN NEW YORK (1992) BRAD BROWN, CFA Investment Strategy Group
More informationOCTOBER 2018 Capital Markets Update
OCTOBER 2018 Market commentary U.S. ECONOMICS U.S. real GDP grew at an annualized quarterly rate of 3.5% (3. YoY) in Q3, beating expectations of 3.4%. The economy was supported by the strongest consumer
More informationMARCH 2018 Capital Markets Update
MARCH 2018 Market commentary ECONOMIC CLIMATE Hiring slowed from its fast pace last month the U.S. added 103,000 jobs to nonfarm payrolls in March, below the consensus estimate of 185,000. The U-3 unemployment
More informationQUARTERLY PERFORMANCE OF THE SSQ STRATEGY GIFs As at March 31, 2017
QUARTERLY PERFORMANCE OF THE SSQ STRATEGY GIFs For advisors' use only SSQ Strategy GIFs: These funds are for investors seeking to maximize returns through active management without straying from the risk
More informationTodd International Intrinsic Value Review
Todd International Intrinsic Value Review Since 3Q 2014 YTD 1 Year 3 Year* 5 Year* 7 Year* Inception (10/01/05) Intl Intrinsic Value (Gross) -2.92% 0.98% 9.22% 16.74% 9.90% 2.79% 7.08% (Net) -3.12% 0.35%
More informationDIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JANUARY 2019 INVEST WITH AUSPICE. AUSPICE Capital Advisors
DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.69-0.18-0.11
More informationGMO. Oklahoma Municipal A/C# Quarter Ending June 30, Investment Management Review. Client Relationship Manager
Oklahoma Municipal A/C# 7000374400 Quarter Ending June 30, 2008 Client Relationship Manager Katie Burke (617) 346-7692 Katie.Burke@gmo.com Investment Management Review Table of Contents Quarter Ending
More informationNEWSLETTER. Fund Review for February Information about the York University Pension Fund
February 2018 NEWSLETTER Information about the York University Pension Fund Fund Review for 2017 Most equity markets across the globe posted a positive return in year 2017. The Canadian Equity Market performed
More informationMarquette Associates Market Environment
M Marquette Associates Market Environment April 2010 U.S. Economy Fixed Income Markets U.S. Equity Markets International Equity Markets Hedge Fund Markets Real Estate Markets Private Equity and Hedge Fund
More informationDECEMBER 2018 Capital Markets Update
DECEMBER 2018 Market commentary U.S. ECONOMICS Nonfarm payrolls jumped by 312,000 in December, well above expectations for a 176,000 increase. The healthcare sector (+50,000) led job creation, while restaurants
More informationMarket Update: Broad Market Returns and Indicators
Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either
More informationEconomic and Financial Markets Monthly Review & Outlook Detailed Report January 2018
Economic and Financial Markets Monthly Review & Outlook Detailed Report January 1 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Overview of the Economy Business and economic confidence continue to
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationEconomic and Financial Markets Monthly Review & Outlook Detailed Report. June 2014
Economic and Financial Markets Monthly Review & Outlook Detailed Report June 1 Overview of the Economy In the U.S., the Federal Reserve s Beige Book report on the economy through late May indicated that
More informationStrategic Advisers International II Fund (to be renamed Strategic Advisers Fidelity International Fund)
Strategic Advisers International II Fund (to be renamed Strategic Advisers Fidelity International Fund) Key Takeaways For the fiscal year ending February 28, 2018, the Fund gained 22.01%, outpacing the
More informationQuarterly market summary
Quarterly market summary 3rd Quarter 2017 Economic overview Economic data released during the quarter seemed to signal a continuation of synchronised global recovery in almost all regions. This is being
More informationAnnual General Meeting
Annual General Meeting November 1, 2012 Prepared by Aon Hewitt Consulting Presentation to U of S Non-Academic Pension Plan Aon Hewitt and the University of Saskatchewan Two decade relationship Services
More informationIndex Return Monitor. April 13, The 1st Quarter Roller-Coaster Ride
Index Return Monitor April 13, 2016 BRAD BROWN, CFA & ALLAN BISHOP INVESTMENT STRATEGY GROUP See Legal Disclaimer and Important Disclosure Footnotes at the end of this report for disclosures, including
More informationNVIT Investor Destinations Funds
NVIT Investor Destinations Funds Nationwide VIT Quarterly Asset class: Allocation Share class Class II Strategy Overview The NVIT Investor Destinations Funds (NVIT ID Funds) consist of seven risk-based
More informationMonthly Market Snapshot
ly Market Snapshot FEBRUARY 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights February was a rollercoaster ride for
More informationInternational High Dividend ADR Equity Strategy Q Commentary. Market and Economic Review
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T International High Dividend ADR Equity Strategy Q4 2013 Commentary Market and Economic Review Major international equity markets ended the year
More informationINVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY
H ENot A L T H WPeer E A L T H Reviewed C A R E E R INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 3/9/21 IMPORTANT NOTIFICATION FINAL RELE ASE OF SUMMARY PUBLICATION
More informationCounsel Global Small Cap
Counsel Global Small Cap annual management report of fund performance For the year ended March 1, 18 Fund Manager Counsel Portfolio Services Inc. Sub-advisors Mackenzie Financial Corporation Invesco Canada
More informationFund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and
More information