Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.
|
|
- Melinda Brooks
- 5 years ago
- Views:
Transcription
1
2 Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. Sir John Templeton, Templeton Funds Founder and Former Chairman iv Time to Take Stock franklintempleton.com.au
3 The pullback of the stock market in 2008 left a lasting impression on many investors. Although there s evidence that post-crisis pessimism has started to fade, billions of dollars remain sitting in low-yielding savings instruments. 1 It s time to take stock of the current situation facing investors, the human behavior that helped land us here and how investors can position their portfolios to reach their long-term goals. 1] The Investor s Dilemma See why investors today face a difficult dilemma at current yields, their investments in many traditional fixed-income vehicles are essentially at a standstill, while their long-term investment goals continue to require capital growth. 2] How We Got Here Learn about the instinctive behaviors that impact how we make decisions. Having a greater understanding of these behaviors may help you make better decisions when it comes to investing. 3] What Most Investors Are Missing While it may feel like the economy is still struggling, there are many positive developments around the globe that may surprise you. 4] Taking the Next Step Review simple strategies for getting back into the market, at your own pace, with your financial adviser using Franklin Templeton funds. 1. Source: Credit Union Savings Deposits, Online Savings Accounts, 6-Month Fixed Term Deposits, Reserve Bank of Australia, as at 31/12/14. franklintempleton.com.au Time to Take Stock 1
4 1] The Investor s Dilemma Market volatility may have led many investors to flee the stock market into fixed-income investments such as savings accounts and fixed term deposits. Relatively low interest rates, along with increased demand, has helped keep yields low. For investors, this means their investments may essentially be at a standstill, but their goals buying a home, saving for children s education, retirement and so on may still require capital growth. THE $10,000 TRUTH As at 31 December 2014, if you invested $10,000 in a credit union savings account, online savings account or a six-month fixed term deposit for one year, you would earn enough to buy the items in the chart below. Factor in inflation and taxes and these yields look even worse. After One Year, a $10,000 Investment Would Equal 2 Yields as at 31 December % 2.50% Trip to the Grocery Store Concert Tickets 0.00% Credit Union Savings Account Online Savings Account 6-Month Fixed Term Deposit This chart is for illustrative purposes only and does not reflect the performance of any Franklin Templeton fund. Past performance does not guarantee future results. 2. Source: Credit Union Savings Deposits, Online Savings Accounts, 6-Month Fixed Term Deposits, Reserve Bank of Australia, as at 31 December Time to Take Stock franklintempleton.com.au
5 2] How We Got Here WE RE ONLY HUMAN The field of behavioral finance examines the psychological and behavioral variables that can come into play with investing. As humans, our decisions can be influenced by emotions, biases and assumptions, especially when it comes to money. Recognizing you may be subject to these factors may help you make better investment decisions. AVAILABILITY BIAS Our thinking is greatly influenced by what is personally most relevant, recent or dramatic. And little has been more dramatic than the unprecedented events of the 2008/2009 global financial crisis. LINGERING PESSIMISM GUIDES PEOPLE S MONEY With the proliferation of bad news over recent years, investors are still feeling the pain, as shown below by the significant outflows from Australian equity funds over the last three years. Net Flows into Australian Equity Funds 3 As at 31 December 2014 (Billions AUD) $14.04 The investor s chief problem and even his worst enemy is likely to be himself. BENJAMIN GRAHAM $ $ $2.19 -$3.86 -$ $ Source: 2015 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Source: S&P Index Data Services S&P Dow Jones Indices LLC. All rights reserved. franklintempleton.com.au Time to Take Stock 3
6 THE DISCONNECT BETWEEN PERCEPTION AND REALITY Each year since 2012, Franklin Templeton has conducted a survey to gauge investor sentiment and asked Australians how the Australian stock market finished at the end of the previous year and how they expected the stock market to perform in the following year. The percentage of respondents surveyed in 2013 and 2014 who answered that the Australian stock market was down or flat are below. PERCEPTION What Investors Believe Happened Percentage of Survey Respondents Who Said the Australian Stock Market Was Down or Flat Last Year 4 48% % 2014 Percentage of Survey Respondents Who Said the Australian Stock Market Was Going To Be Down or Flat Next Year 4 34% % 2014 REALITY How the Market Performed Investors have continued to take money out of equity funds, in part due to the belief that stock markets locally and across the globe have performed poorly in recent years. But have they? As shown in the charts below, stocks had strong returns in 2012 and 2013, indicating a misperception about the stock markets. MSCI World Index, MSCI Europe Index, S&P/ASX 200 Index and S&P 500 Index Annual Returns 5 60% 40% 20% 0% MSCI World Index MSCI Europe Index S&P/ASX 200 Index S&P 500 Index This chart is for illustrative purposes only and does not reflect the performance of any Franklin Templeton fund. Past performance does not guarantee future results. 4. The Franklin Templeton Global Investor Sentiment Survey ( ), designed in partnership with ORC International. Each survey included over 500 Australian adult respondents. 5. Source: 2015 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Source: S&P Index Data Services S&P Dow Jones Indices LLC. All rights reserved. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. 4 Time to Take Stock franklintempleton.com.au
7 LOSS AVERSION Studies have shown that the pain of a loss is much stronger than the reward felt from a gain. In fact, the desire to avoid market losses has caused many investors to move their money out of stocks and into low-yielding fixed-income vehicles, trading potential market losses for potential negative real returns once the impact of inflation is factored in. PERCEIVED SAFETY MAY COME AT A COST As investors, we may make financial decisions to avoid the pain of loss. The $534.4 billion currently sitting in cash equivalents is evidence of this behavior. 6 However, this perceived safety may come at a cost. The chart below shows the average online savings account yield over the past seven years along with the inflation-adjusted yield. Although some investors may consider online savings accounts a more secure investment option while they wait out stock market volatility, they may not be aware of the potential erosion of their purchasing power. Online Savings Accounts Average Yield Before and After Inflation 7 Period Ended 31 December % 6% 4% 2% 0% 2.50% 0.80% Inflation Adjusted -2% Online Savings Accounts Online Savings Accounts Inflation Adjusted This chart is for illustrative purposes only and does not reflect the performance of any Franklin Templeton fund. The Big Bite of Inflation. If you held your money in cash, it would take 27 years to cut its purchasing power in half (based on the 5-year average inflation rate of 2.58% as at 31 December 2014) Source: Credit Union Savings Deposits, Online Savings Accounts, 6-Month Fixed Term Deposits, Reserve Bank of Australia, as at 31/12/ Source: Reserve Bank of Australia, as at 31/12/14. Inflation is based on Australian Bureau of Statistics data and represented by year-over-year changes of the Australia Consumer Price Index plotted on a quarterly basis. 8. Source: Australian Bureau of Statistics data. Based on the 5-year average inflation rate of 2.58% as represented by the Consumer Price Index as at 31 December franklintempleton.com.au Time to Take Stock 5
8 HERDING As social animals, it s not easy to stand behind an opinion that differs from the majority. We are programmed to follow the crowd and tend to assume the consensus view to be correct. Unfortunately, when it comes to investing, herd mentality may significantly impact long-term results. THE PROBLEM OF GOING WITH THE FLOW In the chart below, the orange line represents performance of the MSCI World Index since 30 June 1999 and the green shading represents flows into global equity funds. Generally, when the MSCI World Index performed well, there was an influx of money to global equity funds (buying high) and when the market pulled back, investors withdrew their money from equities (selling low) and many rushed into bond funds. Investors Following the Herd Historically Bought High and Sold Low MSCI World Index, Global Equity Mutual Funds 9 Growth of a $10,000 Investment (AUD) vs. Total Net Flows (AUD, Billions) (Rolling 12-Month Periods as at 31 December 2014) Growth of a $10,000 Investment $18,000 Total Net Flows (Billions) $800 BUYING HIGH $12,000 $400 $6,000 $0 Global Equity Funds (RHS) MSCI World Index (LHS) SELLING LOW $ $400 This chart is for illustrative purposes only and does not reflect the performance of any Franklin Templeton fund. Past performance does not guarantee future results. 9. Source: 2015 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Source: S&P Index Data Services S&P Dow Jones Indices LLC. All rights reserved. 6 Time to Take Stock franklintempleton.com.au
9 INVESTOR RETURNS HAVE BEEN SIGNIFICANTLY LOWER THAN MARKET RETURNS Herd-like behavior may have caused many investors to pull their money out of equities at the wrong time and miss some of the best days in the market. This may help explain why the 20-year average annual return of the S&P 500 Index for the period ended 31 December 2013 was higher than the average equity investor s return. Investor Returns vs. Market Returns 20-Year Period Ended 31 December % 5.0% To buy when others are despondently selling and to sell when others are buying requires the S&P 500 Index Average Equity Investor s Annualised Return This chart is for illustrative purposes only and does not reflect the performance of any Franklin Templeton fund. Past performance does not guarantee future results. greatest fortitude and pays the greatest ultimate rewards. SIR JOHN TEMPLETON 10. Source: 2015 Morningstar; Quantitative Analysis of Investor Behavior, 2014, DALBAR, Inc. (most recent data available). Indexes are unmanaged and one cannot invest directly in an index. franklintempleton.com.au Time to Take Stock 7
10 3] What Most Investors Are Missing... The truth is there are positive things happening around the globe that many investors may not realize....about THE GLOBAL ECONOMY World Gross Domestic Product Total Growth ( ) 11 $80T $75.6 Trillion World Exports Total Growth ( ) 12 $24T $23.4 Trillion $40T $11.6 Trillion $12T $2.1 Trillion $ $ THE WORLD S MIDDLE CLASS IS PROJECTED TO REACH BY THE YEAR BILLION Asia Is Leading the Way Percentage of Middle Class in the West and Asia 14 90% 60% 30% 0% 493 Million 66 Million Million 140 Million Million 278 Million Billion 1.0 Billion 2025 West Asia China Expected to Add 7 Megacities by Current Megacity (10M+ Residents) Chongqing, Beijing, Shanghai Projected Megacity Chengdu, Tianjin, Wuhan, Hangzhou, Guangzhou, Dongguan, Shenzhen 11. Source: World Bank: World Development Indicators: World Bank national account data, and OECD National Accounts data files as at 31/12/ Source: 2015 World Bank, as at 31/12/13. Most recent data available. 13. Middle Class Data: Homi Kharas, Brookings Institution, 2012; Population Data: World Bank: Health Nutrition and Population Statistics, Population estimates and projections. 14. Source: Surjit S. Bhalla, Second Among Equals: The Middle Class Kingdoms of India and China, May Source: McKinsey Global Institute, Urban World: Mapping the Economic Power of Cities, March Time to Take Stock franklintempleton.com.au
11 ...ABOUT THE GLOBAL ECONOMY A Simple but Powerful Relationship GLOBALIZATION URBANIZATION DID YOU KNOW? Asia has more consumers than Europe, North America, Latin America and Africa combined. 16 LIFESTYLE CHANGES & REPLACEMENT DEMAND Commodity Demand Large Infrastructure Projects Public Housing, Works Increase Transport Lines Sufficient Food Consumerism Rising Wages Higher Spending Power Demand for Luxury Goods...ABOUT GLOBAL STOCKS The Importance of Global Diversification: Leaders Rotate Top Performing Stock Markets of Developed Countries ( ) 17 Rank Finland Belgium Ireland Sweden Norway 2 Ireland Germany New Zealand Denmark Australia 3 USA Denmark USA Hong Kong Singapore Top Performing Stock Markets Including Developing Countries ( ) 17 Rank Greece Turkey Ireland Thailand Brazil 2 Finland Philippines Indonesia Peru Indonesia 3 Ireland Egypt New Zealand Chile Russia 16. Source: International Labour Organization. As at 31 December Consumers are represented by the economically active population of specific countries/regions as defined by the International Labour Organization. 17. Source: 2015 Morningstar, Morgan Stanley Capital International Inc. Developed countries based on the MSCI World Index and developing countries based on MSCI All Country World Index. The performance of countries and unmanaged indexes does not reflect expenses and may not correspond to performance of a mutual fund, which may be actively managed and incur expenses. MSCI makes no expressed or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. franklintempleton.com.au Time to Take Stock 9
12 4] Taking the Next Step Volatility has kept many investors on the sidelines in low-yielding investments. While playing it safe may make sense for investors with short time horizons, this approach leaves long-term investors at risk of not achieving their investment goals. Armed with the knowledge that we make decisions based on emotion, and that there are many positive signs that point to a potentially bright future for equities, now may be a good time to talk to your financial adviser about stepping back into the stock market. STRATEGIES TO RE-ENTER THE MARKET STEP Search for Yield. If you still aren t sure about the equity market, it might make sense to search for yield through global fixed income strategies. No matter how you choose to get back into the market stepping, walking or sprinting Franklin Templeton has the funds to get you started. 10 Time to Take Stock franklintempleton.com.au
13 WALK Build a Position. Move more confidently and develop a plan to systematically move your money off the sidelines and back into the market with equity funds. SPRINT Capitalise on Opportunity. Talk to your financial adviser about ways to take advantage of potential opportunities before the rest of the herd. FIXED INCOME AND EQUITY SOLUTIONS Franklin Templeton Investments Australia Limited offers the following world-class equity and fixed income solutions for advisers and their clients: Fixed Income Franklin Templeton Multisector Bond Fund Templeton Global Bond Plus Fund Franklin Templeton Global Aggregate Bond Fund Franklin Australian Absolute Return Bond Fund Equity Franklin Global Growth Fund Franklin Templeton Australian Equity Fund Templeton Global Equity Fund franklintempleton.com.au Time to Take Stock 11
14 About Franklin Templeton Investments Franklin Templeton Investments had more than $1,077 billion (AUD) in assets under management as at 31 December 2014, and more than 9,000 employees worldwide. Franklin Templeton in Australia In 1987, Franklin Templeton Investments Australia Limited opened to serve the Australian market. We currently represent Fixed Income, Equity and Real Asset Investments to both institutional and retail investors. With offices in Sydney and Melbourne, we provide our clients with local perspective and support. Unwavering Focus on Investment Excellence Since 1947, Franklin Templeton has remained focused on one goal: delivering exceptional investment management for our shareholders. Our portfolio managers take a long-term view, leveraging disciplined, time-tested strategies and assessing risk as vigorously as they seek reward. Global Perspective with Local Expertise Our global investing perspective is built on decades of experience navigating the world s local markets. A pioneer in international investing, we have developed an extensive network of research offices, trading platforms and investment professionals that spans the globe. Strength and Stability Franklin Templeton s conservative approach to investing has helped us thrive through the many ups and downs of market cycles over the past 65 years, and has resulted in strong long-term performance of our products and the enduring financial stability of our firm. A Valued Partner We strive to be a valued partner to financial advisers and their clients by providing superior service and a comprehensive array of products that can help them achieve their long-term financial goals. 12 Time to Take Stock franklintempleton.com.au
15 franklintempleton.com.au Time to Take Stock 13
16 Franklin Templeton Investments Australia Limited Level Collins Street Melbourne VIC 3000 Australia Level 30, Aurora Place 88 Phillip Street Sydney NSW 2000 Australia Freecall: Franklin Templeton Investments Australia Limited (ABN ) (Australian Financial Services Licence Holder No ) issues this publication for information purposes only and not investment or financial product advice. It expresses no views as to the suitability of the services or other matters described herein to the individual circumstances, objectives, financial situation or needs of any recipient. You should assess whether the information is appropriate for you and consider obtaining independent taxation, legal, financial or other professional advice before making an investment decision. A Product Disclosure Statement (PDS) for any Franklin Templeton funds referred to in this document is available from Franklin Templeton at Level 19, 101 Collins Street, Melbourne, Victoria, 3000 or or by calling The PDS should be considered before making an investment decision Franklin Templeton Investments. All rights reserved. You may only reproduce, circulate and use this document (or any part of it) with the consent of Franklin Templeton Investments. TSAU B 03/15
Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.
Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. Sir John Templeton, Templeton Funds Founder and Former Chairman Not FDIC Insured May Lose Value No Bank Guarantee
More informationBull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.
Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. Sir John Templeton, Templeton Funds Founder and Former Chairman The pullback of the stock market in 2008
More informationBull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.
Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. Sir John Templeton Templeton Funds Founder and Former Chairman The pullback of the stock market in 2008 left
More informationGlobal Investor Sentiment Survey
2014 Global Investor Sentiment Survey K E Y I N S I G H T S About the Survey The Franklin Templeton Global Investor Sentiment Survey, conducted by ORC International, included responses from 11,113 individuals
More informationGlobal Investor Sentiment Survey
2014 Global Investor Sentiment Survey K E Y I N S I G H T S - G L O B A L Our results indicate that by many measures investors are optimistic about the year ahead. Following 2013, a year that saw the global
More informationRISING RATES WHAT YOU NEED TO KNOW
RISING RATES WHAT YOU NEED TO KNOW Although rising interest rates may primarily challenge those bond investments with the highest sensitivity to interest rates, we believe many parts of the global fixed
More informationSIX BARRIERS TO INVESTMENT SUCCESS. Uncovering your behavioral biases. Not FDIC Insured May Lose Value No Bank Guarantee
SIX BARRIERS TO INVESTMENT SUCCESS Uncovering your behavioral biases Not FDIC Insured May Lose Value No Bank Guarantee CAKE OR SALAD? Every day we are faced with decisions some are easier to make than
More informationRediscover. Opportunities
Rediscover GL BAL Opportunities If you search worldwide, you will find more and better bargains than by studying only one nation. Sir John Templeton Templeton funds founder and former chairman iv Rediscover
More informationREVOLUTIONIZE YOUR PORTFOLIO. Capitalizing on GL BAL. Trends
REVOLUTIONIZE YOUR PORTFOLIO Capitalizing on GL BAL Trends The World Is Changing In a complex world that is constantly evolving, we try to understand the forces of change and that our world will be very
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More information2015 Global Investor Sentiment Survey KEY INSIGHTS & FINDINGS HONG KONG
KEY INSIGHTS & FINDINGS HONG KONG Hong Kong findings How are investors feeling about their financial prospects in today s complex, global economy? For the past five years, we ve fielded our Global Investor
More informationIT S EASY TO FORGET. Five Forgotten Truths about Value Investing
IT S EASY TO FORGET Five Forgotten Truths about Value Investing GROWTH VS. VALUE Perceptions about growth and value vary, but after a period of relative outperformance by one investment style over the
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More informationWORKING TOGETHER Design Build Protect
WORKING TOGETHER Design Build Protect Presenter Presenter Title, Loring Ward 2016 LWI Financial Inc. All rights reserved. LWI Financial Inc. ( Loring Ward ) is an investment adviser registered with the
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationWORKING TOGETHER Design Build Protect
WORKING TOGETHER Design Build Protect 2018 LWI Financial Inc. All rights reserved. LWI Financial Inc. ( Loring Ward ) is an investment adviser registered with the Securities and Exchange Commission. Securities
More informationIT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com
IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI ACWI Index, MSCI s flagship global equity benchmark, is designed to represent
More informationPrinciples for successful long-term investing
MARKET INSIGHTS Principles for successful long-term investing Using Market Insights to achieve better client outcomes 2Q 2016 MARKET INSIGHTS WAS FOUNDED IN 2004 IN THE WAKE OF THE FALLOUT FROM THE TECH
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More informationIOOF. International Equities Portfolio NZD. Quarterly update
IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their
More informationGlobal Portfolio Trading. INTRODUCING Our Trading Solutions
Global Portfolio Trading INTRODUCING Our Trading Solutions PVP s Portfolio Trading team supports clients through every stage of the trading process Program Trading Keeping pace with PVP Research s expanding
More informationThe Disconnect Continues
The Disconnect Continues Richard Bernstein June 3, 2011 Our strategies focus on finding disconnects between investor sentiment and the reality of improvement or deterioration in fundamentals. The current
More informationEmerging market equities
November 22, 2010 Emerging market equities Jean-Pierre Talon, FSA, FICA Introduction Focus of this presentation is to set out the rationale for a strategic bias toward emerging market equities Consider
More informationQuarterly Market Review
Q4 Quarterly Market Review Fourth Quarter 2011 Quarterly Market Review Fourth Quarter 2011 This report features world capital market performance in the last quarter. It begins with a global overview, then
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationMarket Briefing: Global Markets
Market Briefing: Global Markets July 6, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box Table Of Contents Table
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationGlobal Equity Strategy Report
Global Investment Strategy Global Equity Strategy Report April 26, 2017 Stuart Freeman, CFA Co-Head of Global Equity Strategy Scott Wren Senior Global Equity Strategist Analysis and outlook for the equity
More informationRebalancing International Equities: What to Know. What to Consider.
Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their
More informationTempleton Asian Growth ex Japan. Equity Composite
Templeton Asian Equity Product Profile Product Details Strategy Assets $4,835,954,296.20 Inception Date 31/12/2001 Base Currency USD Investment Style Overview Templeton s interest and research in emerging
More informationDIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
More informationGMO. CFA Society, Victoria. September 30, Arjun Divecha. North America Europe Asia-Pacific
North America Europe Asia-Pacific CFA Society, Victoria September 30, 2010 Arjun Divecha Proprietary information not for distribution beyond intended recipient. Overview San Francisco Boston London Zurich
More informationInvestment Newsletter
INVESTMENT NEWSLETTER September 2016 Investment Newsletter September 2016 CLIENT INVESTMENT UPDATE NEWSLETTER Relative Price and Expected Stock Returns in International Markets A recent paper by O Reilly
More informationReducing home bias and portfolio volatility through global investing
Home bias White paper Reducing home bias and portfolio volatility through global investing Key highlights Home bias is the tendency for investors to favor or overweight domestic investments in their portfolios
More informationNEUBERGER BERMAN INVESTMENT FUNDS PLC
The Directors of the Company whose names appear in the Management and Administration section of the Prospectus accept responsibility for the information contained in this document. To the best of the knowledge
More informationWeathering Uncertain Markets
Weathering Uncertain Markets Key principles for lifetime investing Introduction Managing an investment portfolio for the long term is partly a test of willpower. Your emotions and instincts will be urging
More informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More information10 PRINCIPLES FOR INVESTMENT SUCCESS. Templeton Maxims
10 PRINCIPLES FOR INVESTMENT SUCCESS Templeton Maxims Gain from Our Perspective By bringing together multiple, world-class investment teams in a single firm, Franklin Templeton Investments is able to offer
More informationPIMCO Research Affiliates Equity (RAE) Fundamental
PIMCO Research Affiliates Equity (RAE) Fundamental Seek to get more from your equity allocation with a systematic strategy that captures the key benefits of a passive equity approach, with the potential
More informationCharts for the beach. Richard Bernstein. Global Growth in Money Supply *vs. Inflation Rate. Emerging market problems are secular, not short-term.
CPI Y/Y % Charts for the beach Richard Bernstein August 9, 2013 Our basic positions are now famous (or infamous). We continue to favor US assets and to shield our portfolios from the on-going and broad
More informationPortfolio Construction
Portfolio Construction The benefits of portfolio diversification with ETFs 2 ETF Securities Investment building blocks for a changing world Portfolio Construction 3 In a world where investors are seeking
More informationDoes Economic Growth in Emerging Markets Drive Equity Returns?
Does Economic Growth in Emerging Markets Drive Equity Returns? Conrad Saldanha, CFA Portfolio Manager Emerging Market Equities August 00 Conventional wisdom suggests that a country s economic growth should
More informationGlobal Emerging Markets. Outlook March 2006
Global Emerging Markets Outlook Market Performance from 31.12.1998 to 31.01.2006 360 310 260 210 160 110 60 98 Jun-99 99 Jun-00 00 Jun-01 01 Jun-02 02 Jun-03 03 Jun-04 04 Jun-05 05 MSCI World MSCI EM S&P500
More informationFranklin Australian Absolute Return Bond Fund
Absolute Return Bond Fund Absolute Return Fixed Income Product Profile Product Details Fund Assets $114,181,837.79 Fund Inception Date 22/12/2014 Number of Securities 144 Including Cash Base Currency AUD
More informationBanking Reform Program. Report on Consumer Study Wave Two
Banking Reform Program Report on Consumer Study Wave Two Banks success is inextricably tied to the economy. When Australia does well, banks do well. Australia s banks are key to Australia s economic success.
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationTempleton Growth Fund, Ltd.
Templeton Growth Fund, Ltd. A PIONEER IN GLOBAL INVESTING Since 1954 FRANKLIN TEMPLETON INVESTMENTS Gain From Our Perspective At Franklin Templeton Investments, we re dedicated to one goal: delivering
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationA Classic Barometer. Insights April Richard Bernstein, Chief Executive and Chief Investment Officer. A classic barometer says US ok; EM not.
, Chief Executive and Chief Investment Officer Advisors Independent investment advisor with a unique top-down, macro approach to investing with quantitative security selection. A Classic Barometer $2.9B
More informationPrinciples for successful long-term investing
MARKET INSIGHTS Principles for successful long-term investing Using Market Insights to achieve better outcomes 4Q 2016 MARKET INSIGHTS WAS FOUNDED IN 2004 IN THE WAKE OF THE FALLOUT FROM THE TECH BUBBLE.
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 informationFreedom Quarterly Market Commentary // 2Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationRules-Based Investing
Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:
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 informationDIVERSIFICATION BY DESIGN
Legg Mason US Diversified Core ETF (Ticker: UDBI) Legg Mason Developed Ex-US Diversified Core ETF (Ticker: DDBI) Legg Mason Emerging Markets Diversified Core ETF (Ticker: EDBI) DIVERSIFICATION BY DESIGN
More information10 PRINCIPLES FOR INVESTMENT SUCCESS. Templeton Maxims
10 PRINCIPLES FOR INVESTMENT SUCCESS Templeton Maxims By bringing together multiple, world-class investment teams in a single firm, Franklin Templeton Investments is able to offer specialised expertise
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
More informationSummit Strategies Group
May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57
More informationSummit Strategies Group
June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2
More informationSummit Strategies Group
August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationTAMING THE BEAST. How to harness emerging markets and sleep at night October RARE Infrastructure Limited ABN AFSL
TAMING THE BEAST How to harness emerging markets and sleep at night October 2017 RARE Infrastructure Limited ABN 84 119 339 052 AFSL 307727 Contents 1 RARE and the Emerging Markets Opportunity 2 Pure Exposure
More informationGlobal Economic Briefing: Global Liquidity
Global Economic Briefing: Global Liquidity December 21, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationGlobal ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015
Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Overview The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationAddress City State Zip Phone Fax. First Name Last Name Suffix. Address City State Zip Phone Fax
Assumptions Plan Date Schedule Plan Review 6 months 1 year Other Client Marital Status Single Married Domestic Partner Long-term inflation rate Social Security increase rate Personal Data Client A Information
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 30 October 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce
More informationPerformance Derby: MSCI Regions & Countries STRG, STEG, & LTEG
Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG February 7, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
More informationSummit Strategies Group
As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell
More informationQuarterly Conference Call
Morgan Stanley Quarterly Conference Call January 29 th, 2018 The Citrus Group at Morgan Stanley CRC 2004847 Overview Introduction Fixed Income - 4th Quarter and 2017 Recap - Outlook Equities - 4th Quarter
More informationMarket Correlations: CRB Raw Industrials Spot Price Index
Market Correlations: Spot Price Index December 15, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.
More informationGlobal Economic Indictors: CRB Raw Industrials & Global Economy
Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
More informationFTSE Global Equity Index Series
Methodology overview FTSE Global Equity Index Series Built for the demands of global investors Indexes for a global market The FTSE Global Equity Index Series (FTSE GEIS) includes objective, rules-based
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationWORKING TOGETHER. Design Build Protect FOCUS ON PLANNING
WORKING TOGETHER Design Build Protect FOCUS ON PLANNING Do You Have the Plan That s Right for You? Achieving financial comfort, taking care of family, planning for a secure retirement, mitigating taxes,
More informationSummit Strategies Group
April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index
More informationInternational Securities Trading now you can invest across the world
International Securities Trading now you can invest across the world International Securities Trading iii Contents Welcome 2 Trade international securities with CommSec and Pershing 2 International trading
More informationGlobal Investment Trends Survey May A study into global investment trends and saver intentions in 2015
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
More informationInvesco Wholesale Global Targeted Returns Fund. A unique approach to tackle today s investment challenges
Invesco Wholesale Global Targeted Returns Fund A unique approach to tackle today s investment challenges They say ideas come out of nowhere We say they can come from anywhere The Invesco Wholesale Global
More informationQ2 Quarterly Market Review Second Quarter 2015
Q2 Quarterly Market Review Second Quarter 2015 Quarterly Market Review Second Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationGlobal Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions
Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:
More informationMarket Briefing: MSCI Stock Market Indexes
Market Briefing: MSCI Stock Market Indexes September 7, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www.
More informationLOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY. msci.com
LOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI Emerging Markets Index is designed to represent the performance of large-
More informationWhat Are Consumer and Investor Confidence Signaling?
Veronica Willis Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS What Are Consumer and Investor Confidence Signaling? September 19, 2017 Key Takeaways» Consumer and investor
More informationA CASE FOR GLOBAL LISTED REAL ESTATE SECURITIES IN A MIXED ASSET PORTFOLIO
A CASE FOR GLOBAL LISTED REAL ESTATE SECURITIES IN A MIXED ASSET PORTFOLIO MAY 2015 EXECUTIVE SUMMARY Access to Growing Global Markets The number of listed real estate companies world-wide continues to
More informationNo one ever grew wealth being scared
No one ever grew wealth being scared Richard Bernstein Chief Executive and Chief Investment Officer, Richard Bernstein Advisors LLC. Sub-Advisor to the Redwood Global Equity Strategy Class There is an
More informationDiversification unbound: Gaining international exposure with closed-end funds 2018
Diversification unbound: Gaining international exposure with closed-end funds 2018 Key points Diversifying internationally gives investors the freedom and flexibility to access a broader range of opportunities
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More information