Investor Views on Investment and Borrowing
|
|
- Ashley Lewis
- 5 years ago
- Views:
Transcription
1 Investor Views on Investment and Borrowing Highlights from the : Highlighted findings Survey conducted: July - August 2014 Report released: November 2014 Reproduction strictly prohibited Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 1
2 Thank you I would like to thank all the survey respondents who participated in our Your efforts enable us to produce research reports that provide most large Australian financial services organisations with an opportunity to develop better products and services for investors. This extract of highlighted findings from the report gives investors who participated in the research an opportunity to see some of the results from the survey. I hope you find it interesting. Many Thanks, Mark Johnston Principal Investment Trends Suite 2102, Goldfields House 1 Alfred Street SYDNEY NSW 2000 Australia 2015 Investment Trends 2
3 Table of contents Methodology & scope 4 Margin lending market 5 Growth dynamics 6 Share market outlook 7 Investor sentiment 8 Risk mitigation measures 9 Barriers to using margin lending 10 Intended use of margin lending 11 Rationale behind intended increase 12 Number of margin calls 13 Margin call resolution 14 About Investment Trends Investment Trends 3
4 Methodology & scope This report is based on an online survey of 3,244 investors conducted in July and August Investors were recruited via invitations sent by: Investment Trends to investors on its opt-in panel Leading margin lenders to clients in their database We received valid responses from 1,875 current margin lending investors, 104 prospective margin lending investors who had not had a margin loan before, 494 dormant investors who had stopped using margin lending in the past but may come back over the next 12 months, and 175 former investors who had stopped using margin lending completely. Maximum sampling error is +/-2.3% for current investors (9 confidence interval, centre of the range). Sampling error will be higher when analysing smaller groups. Where appropriate, respondents were post weighted slightly to remove any sampling bias and ensure correct distribution by provider of most recent margin loan. The report builds on seven prior annual studies of margin lending investors, so extensive tracking information is used to illustrate how the market has evolved over time Investment Trends 4
5 Margin lending market The total margin lending market grew year-on-year for the first time since the GFC, reaching $11.9 billion According to the RBA, there were 70,000 current margin lending clients as of September 2014, down from 78,000 last year. Despite the fall in the number of investors, in dollar terms the margin lending market grew by $679 million to $11.9 billion in the 12 months to September Growth was achieved because falling investor numbers were offset by larger loan balances. Average loan size rose from $143,000 in September 2013 to $169,000 in September A significant increase in the usage of margin lending among remaining investors outweighed the impact of the continued fall in the number of current margin lending clients Margin lending market size and dynamics (Source: Money and Credit Statistics, RBA) Total number of clients Average loan size per client ($) Total volume (RHS, $m) 300,000 $60, , , , , , , , ,000 75,000 50,000 25,000 - Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited. $50,000 $40,000 $30,000 $20,000 $10, Investment Trends 5 $0 4
6 Growth dynamics Direct investor channel grew the most followed by the broker channel, while the planner channel shrank The breakdown of the growth reveals that most of the growth in the margin lending market was investor driven. In the 12 months to September 2014, the direct investor channel and the full service stockbroker channel of the margin lending market experienced the highest year-on-year growth since the GFC, with total outstanding margin debt increasing by $726 million in the direct investor channel and by $302 million in the broker channel. Total margin debt held through financial planners shrank by $348 million during this period. The broker channel of the margin lending market grew by $302 million to $3.2 billion in the year to September 2014, the direct channel grew by $726 million to $5.1 billion, but the planner channel shrank by $348 million to $3.6 billion Margin debt outstanding by channel (Money and Credit Statistics, RBA) 18,000 Broker Direct Financial planner 16,000 14,000 -$14bn (-80%) Total ($m) 12,000 10,000 8,000 6,000 4,000 2,000 0 Sep-03 Jan-04 May-04 -$6.9bn (-58%) Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 -$8.9bn (-7) Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited. May-14 Sep Investment Trends 6 $5.1b $3.6b $3.2b 5
7 Share market outlook Despite rising markets, investors average return expectations decoupled from the market performance The ALL ORDS index rose to a six year high, improving 19% between June 2013 and June However, investors' annual capital gain expectations fell despite market performance. Investors were expecting an average annual share market return (excluding dividends) of as of August 2014, whereas they were expecting or higher return a year prior when the market was lower than the current level. Return expectations are a great indicator of what investors are thinking in terms of their short term investment decisions. All Ordinaries Index rose to a six year high in June Average return expectation has decoupled from the stock market Average return expectation (excluding dividends) vs ALL ORDINARIES Among share traders ALL ORDS Average return exp. of ALL ORDS over the next 12 m. ALL ORDINARIES % Oct 09 Dec 09 Feb 10 8% 7% Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11 Apr 11 Jun 11 Aug 11 Oct 11 3% 3% 2% Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited. 3% 3% Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 7% 2013 survey 8% 7% Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec survey Feb 14 Apr 14 Jun 14 Aug % 10% 8% 2% 0% Average return expectation (excluding dividends) Investment Trends 7
8 Investor sentiment 78% of current margin lending investors are likely to view margin lending as an easy way to borrow to invest With improved market performance, current margin lending investors are likely to view margin lending as an easy way to borrow to invest, with 78% agreeing with this statement. Only 2 think property is a safer bet than shares at the moment. 31% of current margin lending investors perceive Australian shares to be undervalued. While three fourths (78%) of current margin lending investors believe margin lending is an easy way to borrow to invest, the majority (78%) of them still think most investors are unaware of how to use it in bear markets Q7 Do you agree or disagree with the following statements? Among current margin lending investors % who agree: 31% 2 58% 61% 78% 78% 27% 11% 39% 8% 1 20% 7% 13% 20% 1 3% 13% Strongly disagree Somewhat disagree 3 53% 50% Neutral 27% 43% 42% Somewhat agree 28% 3% 19% 1 19% 2 28% Strongly agree Australian shares are currently undervalued Property is a safer bet than shares at the moment People at my age should consider gearing as a way of boosting their retirement savings I would be inclined to borrow (more) for investing if my original investment value was protected Most investors are unaware of how to successfully use margin lending in a bear market Margin lending is an easy way to borrow to invest Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 8
9 Risk mitigation measures Margin lending investors say they undertake numerous measures to mitigate the risk of margin loans A typical margin lending investor considers 3.5 different measures to mitigate the risk associated with margin loans. The top 5 measures are: Gear conservatively (6) Diversify investments (6) Monitor investments and loan balance frequently (4) Maintain a low loan to value ratio (4) Invest only in blue chip shares (3) Gearing conservatively, diversifying investments, monitoring investments and loan balance frequently, and maintaining a low LVR are widely used measures to manage the risk involved in margin lending Q23 How do you mitigate/manage the risk involved in margin lending? Among current margin lending investors [n=1586] 0% 10% 20% 30% 40% 50% 60% 70% Gear conservatively Diversify investments 6 6 Monitor investments and loan balance frequently Maintain a low loan to value ratio 4 4 Invest only in blue chip shares Reinvest the income from my investments 32% 3 Make regular interest payments 27% Use fixed interest rate loans 13% Invest in managed funds 7% Invest in Exchange Traded Funds Use options Use capital guaranteed investments Other Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 9
10 Barriers to using margin lending Three quarters of current margin lending investors say risk aversion is a barrier to using margin lending more When asked what holds them back from borrowing more, 62% of current margin lending investors say they are comfortable with their current level of debt. A third (31%) say they prefer keeping a buffer and a quarter (2) say they are becoming more conservative as they get older. Compared to 2013, fewer margin lending investors see volatility and high interest rates as barriers, with only 20% (down 10% pts from 2013) saying interest rates are too high and 1 (down 10% pts) saying recent market volatility is a barrier. More current users are likely to cite risk aversion as a barrier to increasing their use of margin lending Q29 What prevents you from borrowing more money on your existing margin loan? (Multiple responses permitted) Among investors who currently have a margin loan 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Comfortable with current level of debt Prefer to keep a buffer/safety margin I'm becoming more conservative as I get older I'm waiting for the right investment opportunity I'm waiting for a market correction Risk of margin calls Interest rates are too high Already borrowing the maximum Other forms of borrowing are cheaper Can't afford the interest payments Just haven't got around to it Lack of protected/no-margin-call loans Recent market volatility Many of my securities are not on approved list Prefer to use equity in my home instead Prefer to use equity in an inv. property instead Too risky/volatile stock market Too complicated/time consuming Other Nothing 2013 [n=1102] 2014 [n=1565] Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 10
11 Intended use of margin lending Nearly half of current margin lending users plan to increase their use of margin lending in 2015 Many users, especially those who began borrowing (again) within the last year, plan to increase their usage of gearing over the next 12 months. 4 of current users intend to increase their use of margin lending in the next 12 months. The interest level is even higher among new users (those who started using margin lending in the last 12 months) and returning users (who had stopped using margin lending in the past, but returned to it again within the last 12 months). 6 of new users and 60% of returning users intend to increase their use of margin lending in New and returning margin lending investors are more likely to be planning to increase the use of margin lending over the next 12 months Q24 Do you intend to increase or decrease your level of margin loan borrowings over the next 12 months? By New vs. returning vs. continuing investors Among current margin lending investors Net*: 61% 43% 2 29% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 27% 47% 23% 42% 19% 18% Started using ML within last year [n=108] 10% 12% 12% Returned to ML within last year [n=52] *Net: % willing to increase - % willing to decrease. 39% 33% 3 10% 11% Continuing ML users [n=1005] Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited. 38% All current ML users [n=1165] Decrease substantially Decrease slightly Maintain Increase slightly Increase substantially Investment Trends 11
12 Rationale behind intended increase Investors increasingly say low borrowing levels, confidence in market outlook and current low interest rate environment are the reasons for their intention to increase the use of margin lending While half (52%) of current margin lending users say they see good buying opportunities, investors increasingly think they should borrow more as their assets increase in value. The top 3 increasingly cited reasons in 2014 are: My current borrowing levels are low 41% (up 7% pts from 2013) I'm confident about the market outlook 37% (up pts) I'll borrow while interest rates are still low 22% (up pts) Users planning to borrow more increasingly cited capital gain, market outlook and low interest rate among the reasons for doing so Q24 Do you intend to increase or decrease your level of margin loan borrowings over the next 12 months? Increase substantially, 11% Good buying opportunities Q25 Why do you say that you intend to increase your level of margin borrowing? Among investors who currently have a margin loan 0% 10% 20% 30% 40% 50% 60% 70% I'll borrow more as my inv. increase in value Increase slightly, 3 My current borrowing levels are low I'm confident about the market outlook I'll borrow while interest rates are still low Assets are still undervalued Maintain, 38% I'm getting back into the market The recovery is under way Decrease slightly, 12% Decrease substantially, Industry average [n=1503] Markets have stabilised I intend to buy property Other 2012 [n=356] 2013 [n=475] 2014 [n=722] Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 12
13 Number of margin calls Compared to 2013, fewer current margin lending investors received a margin call Amidst improved market performance at the time of the survey, the proportion of current margin lending investors who received a margin call over the previous 12 months was the lowest observed since % of margin lending investors did not receive any margin call over the last 12 months to September 2014 (up from 89% in 2013). The average number of margin calls (among those who received a margin call within the prior 12 months) increased slightly to 2.4 (from 2.3 in 2013). The proportion of current investors who received a margin call over the last year is the lowest observed since 2008 Q72 How many margin calls have you received in the last 12 months? Among investors who currently have a margin loan Average*: % None 90% 80% One 70% 60% 50% 53% 6 79% 7 81% 89% 93% Two Three 40% 12% Four 30% 11% 12% 7% Five 20% 12% 11% 11% 9% 10% 8% 3% More than five 10% 3% 3% 3% 0% 3% 2008 [n=459] 2009 [n=924] 2010 [n=1170] 2011 [n=1378] 2012 [n=934] 2013 [n=1147] 2014 [n=1518] *Among those who received any margin call. Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 13
14 Margin call resolution Three quarters of margin call recipients resolved their margin calls by adding cash In 2014, investors were much more likely to resolve their margin loans by adding cash. 7 of margin call recipients say they added cash to the portfolio (up from 63% in 2013), while 28% say they sold assets (down from 40%). 11% of margin call recipients both added cash and sold assets to resolve their margin calls in Three fourths (7) of margin lending investors who received a margin call resolved it by adding cash Q76 How did you handle this [most recent] margin call? (Multiple responses permitted) Among current investors who received a margin call within last 12 months 2013 [n=115] 2014 [n=101] 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% I added cash I sold assets The margin lender sold assets to cover the loan I took no action and stock prices recovered I added managed funds as security Sold assets Added cash I added more assets as security 17% 11% 6 I paid out the margin loan Other Copyright Pty Limited. Investment & Borrowing Survey: Highlighted findings. Reproduction strictly prohibited Investment Trends 14
15 About Investment Trends Investment Trends is a specialist research organisation which provides new business insights and decision support information to many leading financial services organisations. We combine analytical rigour and strategic thinking with the most advanced market research and statistical techniques to help our clients gain competitive advantage. Investment Trends is headed by Mark Johnston. Mark has been a leading industry analyst in the brokerage, CFD, FX and wealth management industry since Investment Trends is an Australian company which has grown into a global research organisation servicing clients in Australia, Asia, Europe and the USA. Our work is focused on helping clients answer three fundamental questions: 1. How does the market currently work? 2. How is the market evolving? 3. How do I improve business outcomes: Acquire more customers Retain more existing customers Increase revenue per customer Prioritise technology and process investments Investment Trends clients include many of the leading banks, investment platform providers, online brokers, FX and CFD providers, as well as major industry regulators Investment Trends 15
16 Investment Trends Reports Investment Trends produces annual syndicated reports on a range of financial services markets. Our reports cover self-managed super funds, planner technology, alternative investments, investor needs, margin lending, planners, direct equities and trading behaviour, among other topics. Self Managed Super Funds Superannuation Retirement Investor Report (Aus) Accountant Report (Aus) Planner Report (Aus) Member Sentiment and Comm s Report (Aus) Member Engagement Report (Aus) Retirement Income Report (Aus) Retirement Planner Report (Aus) Investor Needs Product Margin Lending High Net Worth Investor Report (Aus) Investor Product Needs Report (Aus) Limited Advice/ Intra Fund Advice Report (Aus) CFD, FX, Online Broking Reports (see next page) Capital Protected Products Report (Aus) Exchange Traded Funds Report (UK & Aus) Investor Report (Aus) Broker Report (Aus) Planner Report (Aus) Planner/ Adviser Technology Other Planner Customised Research Planner Technology Report (UK & Aus) Platform Report (Aus) Planning Software Report (Aus) Planner Business Model Report (UK & Aus) Adviser Product & Marketing Needs Report (Aus) Planner Direct Equities & SMA Report (Aus) Planner Risk Report (Aus) Custom research projects (via focus groups, interviews, online surveys) Client Experience Optimisation (Satisfaction trackers) Institutional research Online Broking Leveraged retail trading products Australia Bi-annual 1 st Half 2 nd Half 2 separate reports CFD FX Singapore Includes remisier CFD & FX UK CFD, FX & Financial Spread Betting Germany CFD & FX France CFD & FX US FX Hong Kong Global Covering Australia, France, Germany, Singapore, UK & US FX & Warrants Covering Australia, France, Germany, Singapore, UK & US 2015 Investment Trends 16
17 Investment Trends Pty Ltd ABN: ACN: Suite 2102, Goldfields House 1 Alfred Street SYDNEY NSW 2000 Australia Phone: +61 (0) Fax: +61 (0) E: sales@investmenttrends.com.au Copyright 2015 Investment Trends Pty Limited. All rights reserved. The material in this study ( Investment and Borrowing Survey: Highlighted findings ) contains proprietary information including copyright material and trademarks, the rights to which must be respected. Investment Trends owns the copyright in the design, selection, arrangement, production, and presentation of the Report, as well as in the material originally developed by or for Investment Trends. You may use copyright material for your personal or internal use within your business. Otherwise, and except as permitted by law, no copying, publication, modification or commercial exploitation of the Report is permitted without the prior written permission of the owner. Except for any rights under any legislation in Australia or any other relevant jurisdiction which cannot be excluded or limited, Investment Trends does not provide a warranty with the Report or give an assurance as to its accuracy or reliability. Investment Trends shall not be liable for any damages you suffer, or which are claimed against you by a third party, arising out of use of the Report Investment Trends 17
2016 Self Managed Super Fund: Investor Survey
Highlights from the Report released: April 2016 Reproduction strictly prohibited Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited. 1 2016 Investment Trends
More information2016 Self Managed Super Fund: Accountant & Planner Surveys
Highlights from the Report released: April 2016 Reproduction strictly prohibited 1 2016 Investment Trends 1 Thank you I would like to thank all the survey respondents who participated in our 2016 Self
More informationFor personal use only
10 August 2017 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationDAC Wealth Builder: $10,000 Growth from Inception
DAC Wealth Builder: $10,000 Growth from Inception $13,500 $13,416 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017
More informationAMP Capital Wholesale Australian Bond Fund
AMP Capital Wholesale Australian Bond Fund Access top quality government bonds from a well-diversified, actively managed portfolio. The AMP Capital Wholesale Australian Bond Fund ( the Fund ) offers: >
More informationDAC Wealth Protector: $10,000 Growth from Inception
DAC Wealth Protector: $10,000 Growth from Inception $11,600 $11,661 $11,400 $11,200 $11,000 $10,800 $10,600 $10,400 $10,200 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016
More informationNew S&P/ASX indices measure the returns from franking credits
In 2000, franking credits became fully refundable to low tax Australian investors, helping to supplement the returns for superannuation funds and tax exempt investors. For tax exempt investors such as
More informationResults November Atradius Payment Practices Barometer. International survey of B2B payment behaviour Core results Asia-Pacific
Results November 2012 Atradius Payment Practices Barometer International survey of B2B payment Core results Asia-Pacific Copyright Atradius N.V. 2012 Atradius Disclaimer This report is provided for information
More informationDerivatives Spot. Third round of LP restrictions making its mark. March 21, Overview
March 21, 212 Derivatives Spot Analyst Trisha Sung trisha.sung@samsung.com 822 22 7823 Gyun Jun gyun.jun@samsung.com 822 22 744 ETF RESEARCH ELW market risk and opportunities Third round of LP restrictions
More informationFor personal use only
18 August 2016 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationResults presentation. Half year ended 30 September 2017
Results presentation Half year ended 30 September 2017 Agenda 1 Key highlights 2 Financials 3 Regulation 4 Strategic progress 5 Q&A H1 2018 Analyst presentation ǀ Pg 2 Key highlights Net operating income
More informationTHE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2017
THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY GENERAL REPORT FOR AUSTRALIA, MAINLAND CHINA, HONG KONG, INDONESIA, MALAYSIA, NEW ZEALAND, SINGAPORE AND VIETNAM Legal notice CPA Australia Ltd ( CPA
More information4. MACQUARIE SECURITIES GROUP
4. MACQUARIE SECURITIES GROUP Roy Laidlaw Group Head Macquarie Group Limited Operational Briefing 5 February 2009 Presentation to Investors and Analysts 49 Three Divisions Macquarie Securities Group Sales
More informationMNI China Auto Purchase Sentiment July Insight and data for better decisions
MNI China Auto Purchase Sentiment July 216 Insight and data for better decisions 2 MNI China Auto Purchase Sentiment - July 216 MNI China Auto Purchase Sentiment The MNI China Auto Purchase Sentiment Report
More informationFor personal use only
Level 43, Grosvenor Place 225 George Street, Sydney NSW 2000 PO Box N43, Grosvenor Place, NSW 1220 1300-iShares (1300 474 2737) ishares.com.au ISHARES 4 March 2015 Market Announcements Office ASX
More informationWestpac Private Bank. Investor sentiment. Insights into the investment intentions of wealthy Australians. Quarter 3, 2013
Outstanding New Wealth/Investment Adviser Westpac Private Bank Investor sentiment indicator Insights into the investment intentions of wealthy Australians Quarter 3, 213 $1 Million - $3 Million Outstanding
More informationAre you prepared for the perfect storm? UBS Self Funding Instalments. November 2007
Are you prepared for the perfect storm? UBS Self Funding Instalments November 2007 Important Information Any prices or quotations contained herein are indicative only and this presentation does not constitute
More informationWhy is Totus Capital different?
Contents Why is Totus Capital different? 4 Totus Capital 5 Portfolio Manager profile 6 Performance 7 Portfolio snapshot 8 Organisational structure 9 The Totus Capital edge 10 Totus Alpha Fund 12 Fund summary
More informationModule Four: Instalment warrants & Self Managed Super Funds (SMSFs)
Module Four: Instalment warrants & Self Managed Super Funds (SMSFs) Disclaimer: This material contains information only. ASX does not represent or warrant that it is complete or accurate. The information
More informationU.S. Corporate Issuers: Lending Surges Amid A Decline In Credit Risk In 1Q17
U.S. Corporate Issuers: Lending Surges Amid A Decline In Credit Risk In 1Q17 S&P Global Fixed Income Research Apr. 2017 Permission to reprint or distribute any content from this presentation requires the
More informationOctober Atradius Payment Practices Barometer. International survey of B2B payment behaviour Survey results for Asia Pacific
October 2015 Atradius Payment Practices Barometer International survey of B2B payment behaviour Survey results for Asia Pacific Survey design for Asia Pacific SURVEY DESIGN SURVEY RESULTS STATISTICAL APPENDIX
More informationResults presentation. Year ended 31 March 2016
Results presentation Year ended 31 March 2016 Introduction Peter Cruddas - Group Chief Executive Officer Introduction Key Highlights Successful IPO Strong growth across all key metrics and significant
More informationLeverage our expertise in your client s portfolios For adviser use only.
Grow your business with SMAs Leverage our expertise in your client s portfolios For adviser use only. What are SMAs? Separately Managed Accounts (SMAs) are a way of directly investing in equities and other
More informationWOMEN AND PAY DAY 2018
WOMEN AND PAY DAY 2018 Jan 2018 Women and Pay Day Lending An Update The latest results from the Digital Finance Analytics Household Survey, based on research from 52,000 households over the past 12 months.
More informationLME Copper: Reflecting global supply and demand in the copper price. Matthew Chamberlain Metal Bulletin Copper Conference 26 February 2015
LME Copper: Reflecting global supply and demand in the copper price Matthew Chamberlain Metal Bulletin Copper Conference 26 February 2015 Copper price Copper volumes and volatility Percentage Thousand
More informationYour investment options explained
Your investment options explained for the BHP Billiton Superannuation Fund (Fund) Pension Division Issued by the Trustee: PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243357 Fund: BHP Billiton Superannuation
More informationInvestor pre-close briefing. 14 March
Investor pre-close briefing 14 March Proviso Please note that matters discussed in today s presentation may contain forward looking statements which are subject to various risks and uncertainties and other
More informationHong Kong s Experience
Cross Border Issues IMF Conference on Operationalizing Systemic Risk Monitoring Washington, D. C. 26 May 21 Hong Kong s Experience Dong He Executive Director (Research) Hong Kong Monetary Authority 1 Outline
More informationMLC Horizon 1 - Bond Portfolio
Horizon 1 - Bond Portfolio Annual Review September 2009 Investment Management Level 12, 105 153 Miller Street North Sydney NSW 2060 review for the year ending 30 September 2009 Page 1 of 11 Important information
More informationAn Introduction to trading CitiFirst GSL MINIs OPPORTUNITY.
OPPORTUNITY www.citifirst.com.au/minis GSL MINIS MINIS INSTALMENTS SELF FUNDING INSTALMENTS TURBOS TRADING WARRANTS An Introduction to trading CitiFirst GSL MINIs For more information and to subscribe
More informationAttitudes towards New Zealand s financial markets. Investor confidence research May 2018
Attitudes towards New Zealand s financial markets Investor confidence research May 2018 Contents C3 Background C4 Summary C7 Findings C7 Confidence in New Zealand s financial markets C19 Investment types
More informationMonthly Bulletin of Economic Trends: Households and Household Saving
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Household Saving November 2018 Released at 11am on 22 November 2018 Housing and households Consumption
More informationInvestment Returns. As at 30 April Employer Super investment funds. Integra Super 2-3 Integra Annuity & Pension 4 Market data and performance 5
Investment Returns As at 30 April 2018 Employer Super investment funds Integra Super 2-3 Integra Annuity & Pension 4 Market data and performance 5 Integra Super as at: 30 April 2018 Profile 1 - Defensive
More informationResults presentation. For the year ended 31 March 2014
Results presentation For the year ended 31 March 214 The year in review 2 Improving operating environment Results impacted by strength of sterling against other operating currencies Equity markets Interest
More informationAsia s strongest brand in banking, banking the world s strongest economies
Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationRMBS ARREARS STATISTICS
RMBS ARREARS STATISTICS Australia (Excluding Non-Capital Market Issuance) At February 9, RMBS Performance Watch Australia at February 9, Australia Prime Standard & Poor's Rating Services Mortgage Performance
More informationDAC Short Term: $10,000 Growth from Inception
DAC Short Term: $10,000 Growth from Inception $10,900 $10,909 $10,800 $10,700 $10,600 $10,500 $10,400 $10,300 $10,200 $10,100 $10,000 11/2014 02/2015 05/2015 08/2015 11/2015 02/2016 05/2016 08/2016 11/2016
More informationInstalment strategies
Course #: Title Course 4 Instalment strategies Topic 1: Leverage and diversification... 3 Gearing level... 4 Topic 2: Leverage and diversification (continued)... 6 Diversification... 6 Topic 3: Enhanced
More informationPortfolio Toolkit MANAGED VOLATILITY STRATEGIES
PRICE POINT October 18 Portfolio Toolkit MANAGED VOLATILITY STRATEGIES In-depth analysis and insights to inform your decision-making. KEY POINTS Financial asset volatilities have been shown to vary through
More informationMid-Year Survey of Hedge Fund Investor Sentiment
Mid-Year Survey of Hedge Fund Investor Sentiment Credit Suisse Capital Services July 2014 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit
More informationAUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook. Ken Hanton May 2018
AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook Ken Hanton May 2018 Australian Bond Market Source: Australian Fixed Income Securities in a Low Rate World. Christopher Kent, RBA, Assistant
More informationTurnover Behaviour of the Hong Kong Stock Market Joseph Lee and Yan Yuhong 1 October 2002
Turnover Behaviour of the Hong Kong Stock Market Joseph Lee and Yan Yuhong 1 October 2002 Summary Turnover of the Hong Kong stock market has declined recently. The purpose of the paper is to explore the
More informationANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Weekly change, % Four-week average Budget. Budget. Budget. Budget.
Index ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 29 MAY 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist +91 80 6795 3801 mustafa.arif@anz.com David
More informationMelissa Gow \ Director \ 9 May 2012
The Science of Finance Securities Lending Market Update CASLA Melissa Gow \ Director \ 9 May 2012 Scale of the Equity Securities Lending Market 12.0 Global Equities 10,000,000 Long-Short Ratio 11.0 10.0
More informationHow To Spot Contrarian Trading Opportunities Using Sentiment Analysis
How To Spot Contrarian Trading Opportunities Using Sentiment Analysis oandamt4.com Forex Indices Commodities Precious Metals Bonds How to spot contrarian trading opportunities using sentiment analysis
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 informationANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Figure 1. ANZ-Roy Morgan Australian Consumer Confidence and inflation expectations
ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 17 APRIL 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist +91 80 6795 3801 mustafa.arif@anz.com David Plank
More informationCredit Suisse First Boston Asian Investment Conference
Credit Suisse First Boston Asian Investment Conference Philip Chronican Chief Financial Officer Westpac Banking Corporation 25 March 2004 Westpac at a glance Established 1817 Top 100 bank globally 1 Core
More informationAustralian Banks. Money Talks vertically challenged AUSTRALIA. Inside. Majors average short positions and banks index
Jun- Dec- Jun- Dec- Jun- Dec- Jun-1 Dec-1 Jun-11 Dec-11 Jun-1 Dec-1 Jun-1 Dec-1 Jun-1 Dec-1 Jun- Dec- AUSTRALIA Repricing generally follows an election s Nov Aug 1 Sep 1 1-1 Source: RBA, Macquarie Research,
More informationModule One: The Basic Mechanics of ASX Quoted Instalments
Module One: The Basic Mechanics of ASX Quoted Instalments Disclaimer: This material contains information only. ASX does not represent or warrant that it is complete or accurate. The information is for
More informationU.S. Treasury Market
U.S. Treasury Market David Beker Presentation prepared by Joseph Shatz and Catherina Wijaya Refer to important disclosures on page 29 Merrill Lynch does and seeks to do business with companies covered
More informationAMSTERDAM - NEW YORK - SINGAPORE - CLUJ
Analyst presentation Q2 2016 earnings AMSTERDAM - NEW YORK - SINGAPORE - CLUJ Disclaimer This presentation is prepared by Flow Traders N.V. and is for information purposes only and the material contained
More informationJanuary 2019 Data Release
Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
More informationHalf year financial results
8 August 2018 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationResults Presentation. Half Year Ended 30 November 2018
Results Presentation Half Year Ended 30 November 2018 Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), may contain forward-looking statements about the Company and its subsidiaries
More informationAuscap Long Short Australian Equities Fund Newsletter June 2018
Auscap Long Short Australian Equities Fund Auscap Asset Management Limited Disclaimer: This newsletter contains performance figures and information in relation to the Auscap Long Short Australian Equities
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationIMLA Mortgage Market Tracker Index Q3 2017
IMLA Mortgage Market Tracker Index Q3 2017 Prepared for the Intermediary Mortgage Lenders Association (IMLA) October 2017 Agenda 1 2 3 4 Background & methodology Executive summary Business volumes and
More informationSpecialist International Share Fund
Specialist International Share Fund Manager Profile January 2016 Adviser use only Specialist International Share Fund process process for this Fund is structured in the following steps: Step 1 Objectives:
More informationTerm Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits
Deposit Review November 2016 Term Deposits Jack Pobjoy Credit Analyst (+61) 3 9670 8615 jack.pobjoy@bondadviser.com.au While global interest rate volatility continues, term deposit (TD s) rate spreads
More informationFor personal use only
ASX RELEASE. 21 April 2016 Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 Via ASX Online AGM Presentation Materials We attach a copy of the presentation materials that will be
More informationBT Financial Group. David Clarke CEO BT Financial Group. 29 July 2004
BT Financial Group David Clarke CEO BT Financial Group 29 July 2004 BTFG significant progress over the year A single, modern, wealth management company Well balanced, diversified business mix Performing
More informationIPD Global Quarterly Property Fund Index 4Q 2013 results report March 2014
IPD Global Quarterly Property Fund Index 4Q 2013 results report March 2014 Sponsored by RESEARCH Introduction The IPD Global Quarterly Property Fund Index results improved in the fourth quarter of 2013
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationOECD-ADBI Roundtable on Capital Market Reform in Asia, Tokyo. Session Measures taken by supervisors or regulators short selling restrictions
OECD-ADBI Roundtable on Capital Market Reform in Asia, Tokyo Session 3.1.2 Measures taken by supervisors or regulators short selling restrictions 2 March 2009 Keith Lui, Executive Director, Securities
More informationSpecial Edition. Special Edition. of the Credit Suisse Swiss Pension Fund Index
Special Edition Special Edition of the Credit Suisse Swiss Pension Fund Index Pension Fund Index loses 1.83 percent in January 2015 January s negative performance is also reflected in the asset allocation
More informationWestpac Banking Corporation
Westpac Banking Corporation As at 30 September Australia's First Bank Established 1817 Net profit 2,818m 2,874m Cash ROE 21% Tier 1 ratio 7.2% Total assets Total deposits 260bn 149bn Customers 8.3m Credit
More informationThe Sage Business Index 2013
The Sage Business Index 2013 01 - www.businessindex.sage.com Sage Group PLC Contents 00 Contents 01 About the Sage Business Index 02 Introduction 03 Executive summary of global findings Attitudes to risk
More informationThe Cash Rate and the Consumer: A Modern Australian Socio-Politico-Economic Saga
The Cash Rate and the Consumer: A Modern Australian Socio-Politico-Economic Saga Author Worthington, Andrew Charles, Valadkhani, A. Published 2013 Journal Title Consumer Interests Annual Copyright Statement
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 informationRelease date: 14 August 2018
Release date: 14 August 218 UK Finance: Mortgage Trends Update June 218 House purchase activity slows in June but remortgaging activity remains high Key data highlights: There were 34,9 new first-time
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018
PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and
More informationOperational Briefing Presentation to Investors and Analysts. 17 February 2015
Operational Briefing Presentation to Investors and Analysts 17 February 2015 Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (Macquarie) and
More informationGS Global ECS Credit Strategy Research. March 31, Alberto Gallo, CFA Goldman, Sachs & Co
The Goldman Sachs Group, Inc. Goldman Sachs Research The CLO market shows signs of life GS Global ECS Credit Strategy Research March 31, 11 Alberto Gallo, CFA Goldman, Sachs & Co. 1-917-33-31 alberto.gallo@gs.com
More informationANZ SHARE INVESTMENT LOAN
ANZ SHARE INVESTMENT LOAN JUNE 2018 CONTENTS Benefits at a glance 3 The importance of creating wealth 3 Borrowing to create wealth 4 How a share investment loan actually works 5 How to use a share investment
More informationA S X S P O T L I G H T
A S X S P O T L I G H T B L U E S K Y A L T E R N A T I V E I N V E S T M E N T S L I M I T E D M A Y 2 0 1 4 Private Equity Private Real Estate Hedge Funds Real Assets blueskyfunds.com.au Page 1 DISCLAIMER
More informationDaily Leverage Certificates on Index and Single Stocks
JAN 2019 Daily Leverage Certificates on Index and Single Stocks SOLUTIONS IN GLOBAL MARKETS CROSS ASSET INVESTING HEDGING FINANCING Presented by: Keith Chan Head of Cross Asset Listed Distribution Asia
More informationApril 2018 Data Release
April 2018 Data Release The Home Purchase Sentiment Index (HPSI) is a composite index designed to track consumers housing-related attitudes, intentions, and perceptions, using six questions from the National
More informationWestpac Banking Corporation
Westpac Banking Corporation David Morgan Chief Executive Officer March 2007 Westpac Banking Corporation at a glance Australia s first bank est. 1817 Top 50 bank globally 1 Consistent earnings growth Strong
More informationZenith Monthly Economic Report October 2011
Zenith Monthly Economic Report October 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
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 informationBuy-Back Tender. Commonwealth Bank of Australia ACN This is an important document.
Commonwealth Bank of Australia ACN 123 123 124 Buy-Back Tender This is an important document. If you are in any doubt as to the action you should take, you should consult your legal, financial or other
More informationThe Power of Protection Confidence in the future. Global Report
The Power of Protection Confidence in the future Global Report Contents 4 Foreword 6 Key findings 8 A positive outlook 10 Planning for the future 14 Sufficiently prepared? 18 Taking responsibility 22 Practical
More informationSupercharge your trading strategy with sentiment analysis
Supercharge your trading strategy oandamt4.com Forex Indices Commodities Precious Metals Bonds One reason many traders struggle is the lack of clear guidelines that assist in decision making. Frequent
More informationBT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009
BT Personal Portfolio Service: Superannuation and Pension Annual Report for the year ended 30 June 2009 Contents 3 Recent developments and changes 6 Investment overview 9 Understanding the risks of investing
More informationASET FlexShares Real Assets Allocation Index Fund
FlexShares Real Assets Allocation Index Fund ETF.com segment: Equity: Global - Total Market Competing ETFs: QXGG, FVC, DWLV, VT, ACWI Related ETF Channels: Trend-Following, Size and Style, Smart-Beta ETFs,
More informationMonthly Bulletin of Economic Trends: Households and Housing
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Housing November 2017 Released on 24 November 2017 Outlook for Australia 1 Economic Activity Actual
More informationJanuary 2018 Data Release
January 2018 Data Release The Home Purchase Sentiment Index (HPSI) is a composite index designed to track consumers housing-related attitudes, intentions, and perceptions, using six questions from the
More informationThe new benchmark in platform solutions.
The new benchmark in platform solutions. A better way to invest, manage and protect your clients future financial wellbeing. Award Winning In 2013, 2014 and 2015 netwealth was awarded Investment Trends
More informationTHE ASEAN BUSINESS OUTLOOK SURVEY 2011
THE ASEAN BUSINESS OUTLOOK SURVEY 2011 SINGAPORE REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 Copyright Standards This
More informationRussell Survey on Alternative Investing
RUSSELL RESEARCH THE 25-26 Russell Survey on Alternative Investing A SURVEY OF ORGANIZATIONS IN NORTH AMERICA, EUROPE, AUSTRALIA, AND JAPAN EXECUTIVE SUMMARY OF KEY FINDINGS Looking for Answers In 1992,
More informationTHE ASEAN BUSINESS OUTLOOK SURVEY 2011
THE ASEAN BUSINESS OUTLOOK SURVEY 2011 THAILAND REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 Copyright Standards This
More informationResults Presentation For the half year ended 31 December 2009
100 YEARS OF BANKING ON AUSTRALIA S FUTURE Media Presentation FOR THE HALF YEAR ENDED 31 DECEMBER 2011 Ian Narev Chief Executive Officer Results Presentation For the half year ended 31 December 2009 10
More informationMACQUARIE GROUP ANNOUNCES $A871M FULL YEAR PROFIT
Macquarie Group Limited ABN 94 122 169 279 No.1 Martin Place Telephone (61 2) 8232 3333 Sydney NSW 2000 Facsimile (61 2) 8232 7780 GPO Box 4294 Internet http://www.macquarie.com.au Sydney NSW 1164 AUSTRALIA
More informationAll you need to know about the Golden Cross
All you need to know about the Golden Cross Golden Cross means market base-building to higher returns A Golden Cross is when the 50-day moving average crosses above the 200-day moving average on the S&P
More informationFigure 1. ANZ Heavy Traffic Index and GDP. Heavy traffic index, 3-month avg (LHS) Figure 2. ANZ Light Traffic Index and GDP
ANZ Research ANZ NZ Truckometer 1 March 19 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. CONTACT: Sharon Zollner Chief Economist
More informationResults Presentation. Full Year Ended 31 st May 2018
Results Presentation Full Year Ended 31 st May 2018 Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), may contain forward-looking statements about the Company. Such forward-looking
More informationRivkin Blue Chip Strategy
Strategy Summary Every quarter (at the start of January, April, July and October), Rivkin Local will recommend a strategy of ten stocks to be held for 12 months. We simply tell you what to buy, at what
More informationAustralian Dollar Outlook
Thursday, 12 July 2018 Australian Dollar Outlook Uncertainty Creeps In A multitude of factors have placed downward pressure on the Australian dollar in recent months. These include a lift in downside risks
More information