ABU DHABI INVESTMENT AUTHORITY

Size: px
Start display at page:

Download "ABU DHABI INVESTMENT AUTHORITY"

Transcription

1 ABU DHABI INVESTMENT AUTHORITY Managing More of its Assets Internally and Taking a More Active Approach to Investing Than Ever Before SPECIAL REPORT sales@ipreo.com

2 As Sovereign Wealth Funds have grown in size and visibility over the years, investor relations teams have increasingly sought out ways to target and engage the decision makers behind these significant pools of capital. The basic thesis has been that SWFs are sitting on tremendous asset bases and are able to take top ownership in select stories, with less turnover than your standard investment manager - in theory, the perfect investor target for IR teams. However, a combination of external/internal asset management strategies, scant public ownership disclosure and less visibility at the traditional investor meeting places, have historically stood as hurdles to engagement. Moreover, without a clear view of ownership, IR teams have been hard pressed to make the case for access to management without a clear view of the ROI for that time and access. To combat these historical barriers, a positive recent trend across several SWFs has included significant outreach and direct corporate access programs, which has led to growing awareness and visibility into the SWF community. This has allowed for increased intelligence on the institutions and their strategies as well as a willingness by issuers to provide access to top management team members. With this trend of increased engagement in mind, Ipreo collaborated with the investment team at the Abu Dhabi Investment Authority to provide issuers with a view into the institution s investment strategy and recent moves to bring an increasing amount of capital under in-house active management. BUT FIRST, A BRIEF BACKGROUND ON THE SWF ADIA was established by the Government of the Emirate of Abu Dhabi in 1976, as a way to invest the nation s assets (financial surplus from oil exports) with a focus on long-term value creation. The Government of the Emirate of Abu Dhabi provides ADIA with the funds that are allocated for investment and surplus to its budgetary requirements and its other funding commitments. The main driver of inflows and/or outflows are largely tied to the nation s chief export, oil. And, in the SWF s history, any sort of withdrawal has occurred infrequently. Here is where the SWF significantly differs from your typical mutual, pension or hedge fund. With a different liability profile, the fund is able to invest for the long-term across more than two dozen asset classes and sub-categories, and capital flows are not linked to the ebbs and flows of outside investors and themes, such as the flight from active to passive, that have acted to the detriment of typical stock-picking funds. In short, steady capital inflows need to be put to work in varied investment ideas, and the fund is managing more money in-house and managing more actively than ever before. 2

3 How much capital are we talking about AND HOW IS IT BEING MANAGED? Although the fund does not publicly disclose AUM or holdings, the Sovereign Wealth Institute estimates that the fund is managing over $792B in AUM, making it the third largest Sovereign Wealth Fund (just behind China Investment Corp. and the Government Pension Fund of Norway). To compare the SWF to a well-known U.S. active manager, the largest active mutual fund manager in North America, Fidelity Management & Research Company, manages $801B in EAUM, with reported total assets of $1.1T. As with many large institutions, ADIA manages a diversified portfolio, which includes quoted equities, fixed income, real estate, private equity, alternatives and infrastructure assets. Narrowing the focus to the equities investment departments, the fund breaks this into three main strategies: Indexed Funds manages the largest proportion of ADIA s equities with the objective of achieving index returns with the flexibility to add value within approved guidelines. External Equities oversees the activities of external investment managers who employ active strategies to invest in global equity markets. IED (Internal Equities Department) is the most relevant department for corporate issuers. IED invests directly in global equity markets and actively manages these investments in order to generate returns that outperform the relevant benchmarks. And this department is growing, as the firm has strategically hired top talent from well-known buy-side firms in-house. 3

4 Can you tell us more about the INTERNAL EQUITIES DEPARTMENT (IED)? IROs take notice: this is the group you want to be reaching out to. This division bases its investment decisions on bottom-up fundamental research and organizes its portfolios on a geographic, sector and/or thematic basis. Meeting with IR and management is a fundamental part of this process. Each team or portfolio in this department is led by a Portfolio Manager, backed by a deputy PM, and consists of analysts as well as sector and/or country specialists. It is important to note that these teams can take a long-term investment horizon and look to support corporates in building shareholder value over time. In contrast to the growing focus and scrutiny on quarterly earnings reports and short-term trading, a significant portion of ADIA s IED capital is looking to be patient and ideally can be supportive of management teams with strategies that may take time to deliver growth. Are all of IED s Portfolios BASED ON LONG-TERM BUY AND HOLD STRATEGIES? No, not quite. IED has portfolios that are both short term and long term in nature. The shortterm portfolios seek to identify and invest in mis-priced stocks and then exit the investment when the shares are fully valued, common to many other investors. In addition, IED runs a number of portfolios which take a longer-term view based on an assessment of a company s long-term prospects and its ability to realize them, combined with major macro and industry-wide trends. The firm employs a range of sophisticated strategies and has spent considerable time and resources building out in-house capabilities to rival any asset manager in the world. IED s investment universe is large and diverse. It does not have top-down driven sector biases, so it is able to invest across sectors and regions. It operates as a conglomerate of multiple independent portfolios, providing significant flexibility by employing a variety of different investment styles. And this range of abilities is growing. In the past three years, IED has nearly doubled the number of investment professionals in the team, added a number of new mandates US, High Conviction Global Alpha, UK, and European Growth, for instance and have more planned. 4

5 How does an equity research IDEA LEAD TO A TANGIBLE INVESTMENT? The investment process starts at the sector-focused portfolio managers/analysts, who identify compelling stock ideas through bottom-up, fundamental research. At this point, there may be contact with the issuer to answer key questions. Stock recommendations are then subjected to a collaborative and iterative vetting process by other team members. Final decision-making authority for individual stocks and portfolio management (construction and risk allocation) rests with the head of each of the various teams. To help color their views, the teams do use external research providers, including sellside research, to enhance their knowledge of industry and company trends. However, sell-side research is not typically used as a source of investment ideas. The common perception is that SWFS only invest in MEGA CAP BLUE CHIPS. IS THAT THE CASE FOR ADIA? IED can and does invest in small, mid-and large-cap companies. Yes, that means you! When considering an investment, one of the key criteria IED assesses is a stock s liquidity profile to ensure it is consistent with the relevant portfolio s risk guidelines. There are also some natural limitations to investing in certain small-cap stocks, common to many other large institutional investors, but these are a function of practical considerations rather formal constraints. That means, if you are a publicly listed equity with a compelling story to tell, this team is interested and ADIA may present a dynamic new relationship and key target that should be considered as part of any issuer s annual investor outreach plan. 5

6 If an issuer prioritizes time to engage with ADIA WHAT IS THE TYPICAL SIZE OF A POSITION ADIA WILL TAKE IN ITS HOLDINGS? The IED has no clear restrictions in the size of the investment it can make. As a diversified investor, ADIA s holdings in individual stocks tend to track weightings in market indices. However, the fund is able to take larger stakes in companies and will do so when it has built trust in management via engagement and understanding in the long-term value proposition. The firm does not disclose holdings, but will confirm with corporate teams when a position has been initiated. If, after engagement, the IED team shares that they are involved in your story, chalk it up as a win. Due to ADIA s longer term investment horizons, it can offer a valuable source of patient capital for corporates embarking on strategic initiatives, seeking to raise capital or requiring stability during volatile market conditions. As it pertains to voting, ADIA exercises its voting rights in certain circumstances to protect its interests or to oppose motions that may be detrimental to shareholders as a body. What should corporate teams know about IED S EXPECTATIONS FOR CONTACT WITH MANAGEMENT? First and foremost, interaction with management is extremely important and valued by the team. If you want ADIA to invest a significant amount of capital in your company, management access is a must. Like many active stock-pickers, the team encourages interaction to build a better understanding of the story, the long-term strategy and its drivers. This does not mean that ADIA proactively communicates with all the issuers in which it invests, but the difference between a short-term investment and long-term interest often hinges on interaction and an ongoing dialogue with the corporate management team. 6

7 What can a corporate team expect WHEN ENGAGING WITH THE IED TEAM AT ADIA? In regards to engagement, meeting with the ADIA team is similar to meeting with any buy-side team that has the ability to take a concentrated stake. They will come well prepared with their top people, and you should consider doing the same. A usual approach is for ADIA s sector Portfolio Manager and/or Head of Team to represent ADIA at meetings with corporates. The team prefers to meet with 1-2 C-level executives from the issuer s side. Portfolio Managers are deeply involved in the sectors and geographies they cover and are supported by detailed market research, meaning IED s representatives thoroughly prepare for engagements with corporates. Moreover, the team views meetings as a two-way street, and IED s large investment universe, global nature and access to research means its teams can often offer views on macro and micro trends that issuers often find useful. Sometimes it is tough to get buy-in from management to take a long flight to UAE, WHAT ARE OTHER VENUES AND WAYS CORPORATE TEAMS CAN ENGAGE WITH THE ADIA TEAM? For IED team members covering certain geographies, travel to the key sector conferences and to current and potential holdings HQs is part of the standard research process. If the management team is traveling to the region or has business in the area, IED regularly invites executives to visit ADIA headquarters in Abu Dhabi. These engagements can be highly productive in building a long-term relationship with multiple members of the ADIA team. However, given the geographies in play, the team also uses video conference technology on a regular basis and would usually expect to interact with issuers of significant positions at least two times per year in a face-to-face forum or video teleconference. 7 INTERESTED? WE THOUGHT SO. As the team has grown at a rapid pace and is looking to engage with corporate teams, a central contact address has been created for IED to assist with issuers wishing to engage with ADIA: InternalEquities@adia.ae

8 FIND OUT MORE ABOUT IPREO We work as an extension of our clients Investor Relations teams Ipreo is a leading global provider of financial services technology, data and analytics. We support all participants in the capital-raising process including banks, public and private companies, institutional and individual investors, as well as research, asset management and wealth management firms. Our extensive suite of investor relations services provides our corporate clients with unparalleled cross-asset class surveillance, investor targeting, buy-side perception studies, transaction analysis and predictive analytics. Additionally, Ipreo s BD Corporate IR workflow platform offers the most accurate and comprehensive database covering global institutional contacts, profiles, and ownership data. Our critical insights and flexible solutions help our clients run more effective investor relations programs. Ipreo is private-equity held by Blackstone and Goldman Sachs Merchant Banking Division, and has more than 1100 employees supporting clients in every major financial hub around the world. 8

IPREO S CORPORATE ACCESS SURVEY

IPREO S CORPORATE ACCESS SURVEY www.ipreo.com 1 IPREO S CORPORATE ACCESS SURVEY 2016 www.ipreo.com 2 Corporate Access Survey Report 2016 Who is Ipreo? Ipreo powers the networks that connect capital to ideas. We are a leading global provider

More information

Our cultural values The three ADIA cultural values that we encourage employees to demonstrate are: Prudent Innovation. Mission. Disciplined Execution

Our cultural values The three ADIA cultural values that we encourage employees to demonstrate are: Prudent Innovation. Mission. Disciplined Execution Our cultural values The three ADIA cultural values that we encourage employees to demonstrate are: Prudent Innovation ADIA s Mission Disciplined Execution Effective Collaboration Overview Our Cultural

More information

THINK BROADLY. ACT DECISIVELY.

THINK BROADLY. ACT DECISIVELY. THINK BROADLY. ACT DECISIVELY. COMPLEX CHALLENGES. INNOVATIVE SOLUTIONS. TODAY S COMPLEX, EVER-EVOLVING MARKETS CALL FOR AN INVESTMENT PARTNER WITH THE RESOURCES AND VISION TO LOOK AT THE INTERWOVEN GLOBAL

More information

Investor Presentations

Investor Presentations Investor Presentations A company s investor presentation serves as a leading source of information for institutional money managers and is a vital tool to engage with investors. Companies should be acutely

More information

Senior management and investor relations

Senior management and investor relations RESEARCH REPORT Senior management and investor relations It is rare to find senior management members at a listed company who are indifferent to the perception of their company in the investment community.

More information

Fixed Income. Drawing on a spectrum of global fixed income opportunities to meet a range of client goals

Fixed Income. Drawing on a spectrum of global fixed income opportunities to meet a range of client goals 1 Fixed Income Drawing on a spectrum of global fixed income opportunities to meet a range of client goals August 2018 For professional investors only. Switzerland: For Qualified Investors only. Not for

More information

The taxonomy of Sovereign Investment Funds

The taxonomy of Sovereign Investment Funds www.pwc.com/sovereignwealthfunds The taxonomy of Sovereign Investment Funds May 2015 SWF s operating in an evolving political environment The increasing influence and relevance of Sovereign Investors (SIs)

More information

CASE STUDY: Investor Relations Roadmap

CASE STUDY: Investor Relations Roadmap CASE STUDY: Investor Relations Roadmap How a major brand developed a data-driven IR strategy www.ipreo.com IDENTIFYING THE OBJECTIVE From start to finish, the roadmap allows for a clear path toward achieving

More information

Global Equity Fund Money Manager and Russell Investments Overview January 2018

Global Equity Fund Money Manager and Russell Investments Overview January 2018 Money Manager and Russell Investments Overview January 2018 RUSSELL INVESTMENTS APPROACH Russell Investments uses a multi-asset approach to investing, combining asset allocation, manager selection and

More information

IPREO OVERVIEW. January 2017

IPREO OVERVIEW. January 2017 IPREO OVERVIEW January 2017 WHO IS IPREO? Ipreo is the global leader in providing market intelligence, data, and technology solutions to all participants in the global capital markets, including sell-side

More information

Templeton Africa Fund

Templeton Africa Fund Franklin Templeton Investment Funds Templeton Africa Fund Core Value Fund Profile Fund Details Inception Date 4 May 2012 Investment Style Benchmark(s) Core Value Dow Jones Titans Africa 50 Index FUND OBJECTIVE

More information

Emerging wealth Capturing the long-term growth dynamics of the emerging markets

Emerging wealth Capturing the long-term growth dynamics of the emerging markets Emerging wealth Capturing the long-term growth dynamics of the emerging markets Originally published by Watson Wyatt Worldwide Emerging wealth Capturing the long-term growth dynamics of the emerging markets

More information

As the private equity industry

As the private equity industry A Hands-On Role for Institutional Investors in Private Equity By Markus Massi, Vinay Shandal, Mark Harris, and Kathleen Bellehumeur As the private equity industry continues its run of strong performance

More information

J U P I T E R 2018 Interim Results

J U P I T E R 2018 Interim Results J U P I T E R 2018 Interim Results Introduction 1 Maintaining shareholder returns Delivering growth through investment excellence Net Management Fees Underlying Earnings per Share Net Sales Investment

More information

Institutional Investors and Austrian Stocks in 2015

Institutional Investors and Austrian Stocks in 2015 Institutional Investors and Austrian Stocks in 2015 After a very challenging year for financial markets, international institutional investors remained the largest stakeholders in the ATX prime at year-end

More information

Institutional Investors and Austrian Stocks in 2017

Institutional Investors and Austrian Stocks in 2017 Institutional Investors and Austrian Stocks in 2017 Institutional Investors and Austrian Stocks in 2017 After an eventful year 2017, institutional investors remain the largest group of investors in the

More information

Morningstar Investment Services Managed Portfolios

Morningstar Investment Services Managed Portfolios Morningstar Investment Services Managed Portfolios Mutual Fund Portfolios ETF Portfolios Select Stock Baskets A Team You Can Trust The Insight of Your Financial Advisor, The Strength of Morningstar At

More information

INVESTOR TARGETING DECEMBER 2015

INVESTOR TARGETING DECEMBER 2015 INVESTOR TARGETING DECEMBER 2015 RECENT BUY-SIDE TRENDS IN EUROPE Continued growth in low cost ETFs; ETF AUM has surpassed $3tn in the first half of 2015 Vanguard attracted $30bn in inflows in Q3 (Lipper)

More information

It s Closing Time. Trading Strategy. Volume Curves Shift More into the Close. Key Points

It s Closing Time. Trading Strategy. Volume Curves Shift More into the Close. Key Points ( ( Trading Strategy It s Closing Time Victor Lin Victor.lin@credit-suisse.com 1-86-76 Market Commentary 12 September 217 Key Points Over the past decade, an increasing proportion of stock volume has moved

More information

INVESTING AT THE HEART OF TOMORROW

INVESTING AT THE HEART OF TOMORROW INVESTING AT THE HEART OF TOMORROW CONTENT PAGE 4 Message from Fullerton 6 8 9 15 Who we are Our Story Our Business Our People 2 MESSAGE Dear Valued Partner, Over the last 20 years, the world has become

More information

A Plan for Your Client. A Program for Your Business

A Plan for Your Client. A Program for Your Business A Plan for Your Client. A Program for Your Business www.incomeconductor.com The Next Generation of Retirement Income Planning Designed to help you build a specialized business in an explosive market IncomeConductor

More information

Introduction Forest Avenue, Suite 130 Chico, CA PH:

Introduction Forest Avenue, Suite 130 Chico, CA PH: Introduction Pinyon Pine Capital (PPC) is a registered investment advisory firm that began managing client accounts in March of 2011. The firm has three investment strategies: long-only, highly concentrated

More information

Institutional Investors and Austrian Stocks in 1H 2015

Institutional Investors and Austrian Stocks in 1H 2015 Institutional Investors and Austrian Stocks in 1H 2015 International institutional investors remained the largest stakeholders in the ATX prime in the first half of 2015, but the index has seen major shifts

More information

Franklin European Growth Fund

Franklin European Growth Fund Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index

More information

GLOBAL INFRASTRUCTURE FUND

GLOBAL INFRASTRUCTURE FUND GLOBAL INFRASTRUCTURE FUND Money Manager and Russell Investments Overview March 2019 Russell Investments approach Russell Investments uses a multi-asset approach to investing, combining asset allocation,

More information

Developing the next generation of talented asset managers. March 27, 2014

Developing the next generation of talented asset managers. March 27, 2014 Developing the next generation of talented asset managers March 27, 2014 Facilitating opportunity Grow and diversify the pool of talented entrepreneurial managers to the benefit of the asset management

More information

Understanding ETF Liquidity

Understanding ETF Liquidity Understanding ETF Liquidity 2 Understanding the exchange-traded fund (ETF) life cycle Despite the tremendous growth of the ETF market over the last decade, many investors struggle to understand the mechanics

More information

Next-gen quant-enabled advisory and investment platform

Next-gen quant-enabled advisory and investment platform Link to Article on website Next-gen quant-enabled advisory and investment platform Julien Le Noble, co-founder of Smartfolios, talks to Hubbis about how the company s quant-enabled investment engines and

More information

Goldman Sachs Presentation to Bernstein Strategic Decisions Conference

Goldman Sachs Presentation to Bernstein Strategic Decisions Conference Goldman Sachs Presentation to Bernstein Strategic Decisions Conference Comments by Gary Cohn, President and Chief Operating Officer May 31, 2012 Slide 2 Thanks Brad, good morning to everyone. Slide 3 In

More information

Franklin European Dividend Fund

Franklin European Dividend Fund Franklin Templeton Investment Funds Franklin European Dividend Fund Flex-Cap Blend Fund Profile Fund Details Inception Date 29 July 2011 Investment Style Flex-Cap Blend Benchmark(s) MSCI Europe Index Fund

More information

H at a glance - Financials. Financials

H at a glance - Financials. Financials Financials Revenues and EBITDA grew in tandem at the rate of 17% to CHF 659 million and CHF 437 million, respectively. Sustained fundraising and realizations drive H1 financials Favorable, long-term underlying

More information

Q IPREO REGIONAL FLOW OF FUNDS SERIES

Q IPREO REGIONAL FLOW OF FUNDS SERIES Q4 2017 IPREO REGIONAL FLOW OF FUNDS SERIES Flow of Funds: Market Overview S&P Developed REIT Index (ex-japan, with dividends, USD base) started with a 0.8% drop in October, gaining 3% in November and

More information

Templeton China Fund

Templeton China Fund Franklin Templeton Investment Funds Templeton China Fund Core Value Fund Profile Fund Details Inception Date 1 September 1994 Investment Style Benchmark(s) Core Value MSCI Golden Dragon Index FUND OBJECTIVE

More information

Unlocking insights. Brave new world Megatrends and long term themes: sustainable investing for the future has come of age

Unlocking insights. Brave new world Megatrends and long term themes: sustainable investing for the future has come of age Unlocking insights Brave new world Megatrends and long term themes: sustainable investing for the future has come of age Bruno Bertocci is a managing director and senior portfolio manager at UBS Asset

More information

February The Fund Guide. Investing your money with confidence

February The Fund Guide. Investing your money with confidence February 2018 The Fund Guide Investing your money with confidence Allow us to introduce ourselves. We are Zurich. We are part of a global insurance group with Swiss roots. We are one of Ireland s most

More information

Morningstar Investment Services. Asset Allocation Solutions

Morningstar Investment Services. Asset Allocation Solutions Morningstar Investment Services Asset Allocation Solutions A Team You Can Trust The Insight of Your Financial Advisor, The Strength of Morningstar At Morningstar Investment Services, we understand there

More information

Investment Capabilities

Investment Capabilities Investment Capabilities Global Equities Solutions April 2017 This communication is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended

More information

Specialist International Share Fund

Specialist 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 information

LGIM s investment solutions From one of the UK s largest asset managers

LGIM s investment solutions From one of the UK s largest asset managers For Professional Advisers LGIM s investment solutions From one of the UK s largest asset managers Legal & General Investment Management (LGIM) offers investment services across a broad spectrum of asset

More information

OFFICE SOLUTION SUITE

OFFICE SOLUTION SUITE >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> BLOOMBERG FOR FAMILY OFFICES A Bloomberg Professional Service Offering FAMILY OFFICE SOLUTION SUITE CONTENTS 03 NETWORK 03 MARKET INSIGHT

More information

Goldman Sachs Presentation to Sanford C. Bernstein Strategic Decisions Conference Comments by Gary Cohn, President & COO May 28, 2014.

Goldman Sachs Presentation to Sanford C. Bernstein Strategic Decisions Conference Comments by Gary Cohn, President & COO May 28, 2014. Goldman Sachs Presentation to Sanford C. Bernstein Strategic Decisions Conference Comments by Gary Cohn, President & COO May 28, 2014 Slide #1 Thank you, and good morning everyone. I ll begin by talking

More information

Growth in a low return world

Growth in a low return world Growth in a low return world Morgan Stanley European financials conference Massimo Tosato Executive Vice-Chairman 19 March 2013 Performance 2012 Investing for long-term growth Investment performance: 71%

More information

Centralised Portfolio Management

Centralised Portfolio Management Centralised Management December 2014 At its heart, Centralised Management is a simple concept portfolio implementation and execution is separated from investment idea generation and managed through a single

More information

Russell Investments Emerging Markets Equity Fund

Russell Investments Emerging Markets Equity Fund Russell Investments Emerging Markets Equity Fund Seizing the full range of emerging opportunities FOR PROFESSIONAL CLIENTS ONLY Fund objective The Fund aims to deliver strong and consistent excess returns

More information

How PE Operating Partners Are Paid, Hired Special Report: All About PE Operating Partners

How PE Operating Partners Are Paid, Hired Special Report: All About PE Operating Partners How PE Operating Partners Are Paid, Hired Special Report: All About PE Operating Partners David Snow, Privcap: Today, we are joined by Joe Healey and Ben Sanders of Korn Ferry. Gentlemen, welcome to Privcap.

More information

Hamilton Lane Incorporated - Investor Presentation. Spring 2017

Hamilton Lane Incorporated - Investor Presentation. Spring 2017 Hamilton Lane Incorporated - Investor Presentation Spring 2017 A Compelling Growth Story Value Drivers Established and leading market position Proven record of growth over many years Strong industry tailwinds

More information

Disciplined Alpha: Building Consistent Alpha, Bond by Bond

Disciplined Alpha: Building Consistent Alpha, Bond by Bond MANAGER INSIGHT Disciplined Alpha: Building Consistent Alpha, Bond by Bond By Lynne Royer, Head of the Loomis Sayles Disciplined Alpha Fixed Income Team and William Stevens KEY TAKEAWAYS The Disciplined

More information

Franklin European Growth Fund

Franklin European Growth Fund Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index

More information

CHAPTER 13 STRUCTURE OF THE INVESTMENT INDUSTRY. by Larry Harris, PhD, CFA

CHAPTER 13 STRUCTURE OF THE INVESTMENT INDUSTRY. by Larry Harris, PhD, CFA CHAPTER 13 STRUCTURE OF THE INVESTMENT INDUSTRY by Larry Harris, PhD, CFA LEARNING OUTCOMES After completing this chapter, you should be able to do the following: a Describe needs served by the investment

More information

INVESTING IN HUMAN PROGRESS 10 OVER 10 DIVIDEND. INVESTMENT STRATEGY by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers

INVESTING IN HUMAN PROGRESS 10 OVER 10 DIVIDEND. INVESTMENT STRATEGY by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers INVESTING IN HUMAN PROGRESS 10 OVER 10 DIVIDEND TM INVESTMENT STRATEGY by Dr. Ian Mortimer and Matthew Page, CFA Fund Co-managers TM I N V E S T M E N T R E S E A R C H S E R I E S 1. I N T R O D U C T

More information

U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT

U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT PRICE PERSPECTIVE February 2017 In-depth analysis and insights to inform your decision-making. U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT T. Rowe Price has demonstrated

More information

Templeton Emerging Markets Fund

Templeton Emerging Markets Fund Franklin Templeton Investment Funds Templeton Emerging Markets Fund Core Value Fund Profile Fund Details Inception Date 28 February 1991 Investment Style Benchmark(s) Core Value MSCI Emerging Markets Index

More information

Building Efficient Hedge Fund Portfolios August 2017

Building Efficient Hedge Fund Portfolios August 2017 Building Efficient Hedge Fund Portfolios August 2017 Investors typically allocate assets to hedge funds to access return, risk and diversification characteristics they can t get from other investments.

More information

Capital Advisory Group Institutional Investor Survey

Capital Advisory Group Institutional Investor Survey INSIGHTS Global Capital Advisory Group 2018 Institutional Investor Survey Capital Advisory Group This material is provided by J.P. Morgan s Capital Advisory Group for informational purposes only. It is

More information

STRATEGY INSIGHT JAPAN LONG/SHORT

STRATEGY INSIGHT JAPAN LONG/SHORT STRATEGY INSIGHT JAPAN LONG/SHORT FEBRUARY 2018 FOR PROFESSIONAL CLIENTS ONLY In today s markets, investors are increasingly seeking greater stability in returns and managed volatility as well as a focus

More information

Interview With John Khabbaz of Phoenician Capital

Interview With John Khabbaz of Phoenician Capital Interview With John Khabbaz of Phoenician Capital Interview With John Khabbaz of Phoenician Capital To start off, can you tell us a bit about Phoenician Capital and the team working at the fund? Phoenician

More information

Templeton Emerging Markets Smaller Companies Fund

Templeton Emerging Markets Smaller Companies Fund Franklin Templeton Investment Funds Templeton Emerging Markets Smaller Companies Fund Core Value Fund Profile Fund Details Inception Date 18 October 2007 Investment Style Benchmark(s) Core Value MSCI Emerging

More information

Morningstar. Managed PortfoliosSM. Mutual Fund Portfolios. ETF Portfolios. Select Stock Baskets

Morningstar. Managed PortfoliosSM. Mutual Fund Portfolios. ETF Portfolios. Select Stock Baskets Morningstar Managed PortfoliosSM Mutual Fund Portfolios ETF Portfolios Select Stock Baskets A Team You Can Trust The Insight of Your Financial Advisor, The Strength of Morningstar At Morningstar Investment

More information

How Hedge Funds Can Grow Assets in Today's Tough Environment

How Hedge Funds Can Grow Assets in Today's Tough Environment 1 HOW HEDGE FUNDS CAN GROW ASSETS IN TODAY'S TOUGH ENVIRONMENT > www.novus.com > Illustration by Jenna Arts How Hedge Funds Can Grow Assets in Today's Tough Environment By Stan Altshuller According to

More information

The HSBC Global Investment Funds Menu

The HSBC Global Investment Funds Menu The HSBC Global Investment Funds Menu Your Selection Simplified July 2012 For professional clients only www.globalfunds.hsbc.com This Fund Menu provides an overview of HSBC Global Investment Funds and

More information

ETFs: Broad Usage Increases Amongst European Institutional Investors

ETFs: Broad Usage Increases Amongst European Institutional Investors ETFs: Broad Usage Increases Amongst European Institutional Investors GREENWICH ASSOCIATES CONTENTS Executive Summary 3 European Institutions: Leading the World in ETF Investing 3 Institutions Adopt ETFs

More information

evestment: The evolution of hedge fund investing Institutions evolve investments at varying speed The challenges of manager selection and fee pressure

evestment: The evolution of hedge fund investing Institutions evolve investments at varying speed The challenges of manager selection and fee pressure April 2015 evestment: The evolution of hedge fund investing Institutions evolve investments at varying speed The challenges of manager selection and fee pressure Guide to strategic direction of asset flows

More information

swfinstitute.org SOVEREIGN WEALTH FUND INSTITUTE SWF ASSET ALLOCATION REPORT SOVEREIGN WEALTH ASSET ALLOCATION

swfinstitute.org SOVEREIGN WEALTH FUND INSTITUTE SWF ASSET ALLOCATION REPORT SOVEREIGN WEALTH ASSET ALLOCATION SOVEREIGN WEALTH FUND INSTITUTE swfinstitute.org SWF ASSET ALLOCATION REPORT 2012 2010 SOVEREIGN WEALTH ASSET ALLOCATION A Commitment to Providing Un-Biased Reasearch on Sovereign Wealth Funds and other

More information

For professional investors only. Welcome to BMO Global Asset Management

For professional investors only. Welcome to BMO Global Asset Management For professional investors only Welcome to BMO Global Asset Management Welcome In a complex and interconnected world, identifying the right investments can be a daunting task. At BMO Global Asset Management,

More information

Factor Investing: 2018 Landscape

Factor Investing: 2018 Landscape Factor Investing: 2018 Landscape Growth expected to continue The factor investing landscape has proliferated in recent years. Today, the factor industry is $1.9 trillion in AUM and has grown organically

More information

Fund Guide. Short Duration Credit Fund

Fund Guide. Short Duration Credit Fund Fund Guide Short Duration Credit Fund March 2017 This document is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended for use in jurisdictions

More information

Square Mile Managed Portfolio Service Investment Process

Square Mile Managed Portfolio Service Investment Process For professional advisers only Square Mile Managed Portfolio Service Investment Process www.squaremileresearch.com Follow us: @SquareMileICR Square Mile Investment Consulting & Research Limited INVESTMENT

More information

Performance and Innovation

Performance and Innovation Performance and Innovation Blackstone Chairman s Letter 2018 Another Standout Year 2018 was a year of two starkly different market backdrops. The first nine months were characterized by a persistent move

More information

Compliance with Japan s Stewardship Code

Compliance with Japan s Stewardship Code Compliance with Japan s Stewardship Code November 2017 Revised Asuka Asset Management Co., Ltd. Asuka Asset Management Co., Ltd. (hereinafter we or us ) hereby announces our decision for our management

More information

Franklin European Growth Fund

Franklin European Growth Fund Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index

More information

15285 AccessIntroBookEngCover 4/3/06 12:34 PM Page 1 ACCESS A NEW LEVEL OF PORTFOLIO MANAGEMENT

15285 AccessIntroBookEngCover 4/3/06 12:34 PM Page 1 ACCESS A NEW LEVEL OF PORTFOLIO MANAGEMENT 15285 AccessIntroBookEngCover 4/3/06 12:34 PM Page 1 ACCESS A NEW LEVEL OF PORTFOLIO MANAGEMENT 15285 AccessIntroBookEngCover 4/3/06 12:34 PM Page 2 15285 AccessIntroBookEngCover 4/3/06 12:34 PM Page 3

More information

NORTHGATE EQUITY STRATEGY POOL. Asset Management Solutions For Discerning Investors

NORTHGATE EQUITY STRATEGY POOL. Asset Management Solutions For Discerning Investors NORTHGATE EQUITY STRATEGY POOL Asset Management Solutions For Discerning Investors OPEN THE GATEWAY TO NORTH AMERICA S TOP COMPANIES North America s top companies always find a way to adapt and thrive.

More information

Franklin European Small Mid Cap Growth Fund

Franklin European Small Mid Cap Growth Fund Franklin Templeton Investment Funds Franklin European Small Mid Cap Growth Fund Core Growth Fund Profile Fund Details Inception Date 3 December 2001 Investment Style Benchmark(s) Core Growth MSCI Europe

More information

HOW ESG DRIVES INVESTMENT DECISIONS: Perspectives from the Buy Side

HOW ESG DRIVES INVESTMENT DECISIONS: Perspectives from the Buy Side QIAN CHEN Associate Director Head of European Operations Perception Analytics HOW ESG DRIVES INVESTMENT DECISIONS: Perspectives from the Buy Side January 2017 AS THE LANDSCAPE OF ESG INTEGRATION EVOLVES,

More information

Principal Global Investors. Investment expertise with a purpose

Principal Global Investors. Investment expertise with a purpose Principal Global Investors Investment expertise with a purpose 1 Whether you re investing personally or on behalf of your business, you want an investment manager who empowers you to reach your financial

More information

Local Government Pension Scheme: Opportunities for Collaboration, Cost Savings and Efficiencies

Local Government Pension Scheme: Opportunities for Collaboration, Cost Savings and Efficiencies Local Government Pension Scheme: Opportunities for Collaboration, Cost Savings and Efficiencies Cheshire West and Chester Council s Response Local Government Pension Scheme: Opportunities for collaboration,

More information

Alternative Investment Strategies

Alternative Investment Strategies Alternative Investment Strategies Bringing together opportunities across the alternative investments spectrum to meet investor goals August 2018 For professional investors only. Switzerland: For Qualified

More information

Investments. ALTERNATIVES Build alternative investment portfolios. EQUITIES Build equities investment portfolios

Investments. ALTERNATIVES Build alternative investment portfolios. EQUITIES Build equities investment portfolios Investments BlackRock was founded by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one that focused many

More information

Sigma Select Equities Portfolio

Sigma Select Equities Portfolio Sigma Select Equities Portfolio 8 March 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued by HUB24 Custodial

More information

Portfolio Management Consultants Supporting Enterprises, Advisors, and their Clients

Portfolio Management Consultants Supporting Enterprises, Advisors, and their Clients Portfolio Management Consultants Supporting Enterprises, Advisors, and their Clients Envestnet PMC is the ultimate advisor to the advisor. We offer an objective, unbiased approach to research, coupled

More information

Responsible Investment

Responsible Investment June 2015 Schroders Responsible Investment Global and International Equities At Schroders, Responsible principles drive our investment decisions and the way we manage funds. From choosing the right assets

More information

DFM International Investor Roadshow in London connects listed companies with institutions in charge of US$ 3 trillion under management

DFM International Investor Roadshow in London connects listed companies with institutions in charge of US$ 3 trillion under management DFM International Investor Roadshow in London connects listed companies with institutions in charge of US$ 3 trillion under management Essa Kazim: International institutions are increasingly looking at

More information

Responsible Investing at Parametric

Responsible Investing at Parametric April 2017 Jennifer Sireklove, CFA Director, Investment Strategy at Parametric Principles-based investing has a long history in the United States, and recently there has been a surge of interest in incorporating

More information

Blowing It The career implications of becoming a whistleblower

Blowing It The career implications of becoming a whistleblower CFA_J-F-11_Cover_CFA_cover 12/22/10 9:10 AM Page 1 M&A among advisory firms Ethics and issuer-paid research What makes great analysts so great? Now hiring: India s investment industry Professional development

More information

Franklin European Growth Fund

Franklin European Growth Fund Franklin Templeton Investment Funds Franklin European Growth Fund Flex-Cap Growth Fund Profile Fund Details Inception Date 29 December 2000 Investment Style Flex-Cap Growth Benchmark(s) MSCI Europe Index

More information

INVESTMENT POLICY. January Approved by the Board of Governors on 12 December Third amendment approved with effect from 1 January 2019

INVESTMENT POLICY. January Approved by the Board of Governors on 12 December Third amendment approved with effect from 1 January 2019 INVESTMENT POLICY January 2019 Approved by the Board of Governors on 12 December 2016 Third amendment approved with effect from 1 January 2019 1 Contents SECTION 1. OVERVIEW SECTION 2. INVESTMENT PHILOSOPHY-

More information

Multi-asset capability Connecting a global network of expertise

Multi-asset capability Connecting a global network of expertise Multi-asset capability Connecting a global network of expertise For Professional Clients only Solutions aligned with investors' needs We have over 25 years of experience designing multi-asset solutions

More information

Strategic Planning Developing an IR Plan

Strategic Planning Developing an IR Plan Webinar Series Strategic Planning Developing an IR Plan 3. Measuring the Success of Your Program August 20, 2009 4-5 p.m. ET Keith Mabee Vice Chairman, Dix & Eaton 1 Agenda 1. August 6 Introduction The

More information

Franklin Asia Credit Fund

Franklin Asia Credit Fund Franklin Templeton Investment Funds Franklin Asia Credit Fund Fixed Income Fund Profile Fund Details Inception Date 17 November 2014 Investment Style Benchmark(s) Fixed Income JP Morgan Asia Credit Index

More information

Board of Trustees, Fresno County Employees Retirement Association

Board of Trustees, Fresno County Employees Retirement Association MEMORANDUM To: From: Cc: Board of Trustees, Fresno County Employees Retirement Association Brian Rowe, CFA, Research Associate Bee G. Lim, CFA, CAIA, Associate Director of Research Jeffrey MacLean, Chief

More information

QUIC RESEARCH REPORT. Financial Institutions Group. Canadian asset managers: An Introduction An Overview of the Canadian Asset Management Space

QUIC RESEARCH REPORT. Financial Institutions Group. Canadian asset managers: An Introduction An Overview of the Canadian Asset Management Space QUIC RESEARCH REPORT Financial Institutions Group David Chan Neil Shah Adam Carnicelli Ioulia Malamoud An Overview of the Canadian Asset Management Space Introduction An asset manager partakes in the management

More information

Wespath Analytical Insights ESG Integration in External Asset Manager Selection

Wespath Analytical Insights ESG Integration in External Asset Manager Selection Wespath Analytical Insights ESG Integration in External Asset Manager Selection Uncovering Managers ESG Strengths in the Search Process a division of Wespath Benefits and Investments, a general agency

More information

IPE Awards 2018 Category Guidance

IPE Awards 2018 Category Guidance IPE Awards 2018 Category Guidance COUNTRY/REGIONAL AWARDS For your country or regional award, you should present a general, detailed overview of your recent activity in the past 12-15 months, focusing

More information

Generalist vs. Industry Specialist: What are the trends and where does the advantage lie?

Generalist vs. Industry Specialist: What are the trends and where does the advantage lie? Generalist vs. Industry Specialist: What are the trends and where does the advantage lie? Generalist vs. Industry Specialist: What are the trends and where does the advantage lie? When we debate the generalist

More information

BlackRock Reports Full Year 2017 Diluted EPS of $30.23, or $22.60 as adjusted Fourth Quarter 2017 Diluted EPS of $14.07, or $6.

BlackRock Reports Full Year 2017 Diluted EPS of $30.23, or $22.60 as adjusted Fourth Quarter 2017 Diluted EPS of $14.07, or $6. Tom Wojcik, Investor Relations 212.810.8127 212.810.5596 Brian Beades, Media Relations BlackRock Reports Full Year 2017 Diluted EPS of $30.23, or $22.60 as adjusted Fourth Quarter 2017 Diluted EPS of $14.07,

More information

Q&A with Tom Zaccagnino

Q&A with Tom Zaccagnino MARCH 2018 V OL. 6 ISS U E 176 R E P O R T Q&A with Tom Zaccagnino Founder of Muirfield Investment Partners. Principle Series: Please join Family Office Insights for this luncheon on Thursday, March 29

More information

Our $18 Trillion Economy Requires a Large and Diverse U.S. Banking Industry

Our $18 Trillion Economy Requires a Large and Diverse U.S. Banking Industry Our $18 Trillion Economy Requires a Large and Diverse U.S. Banking Industry An $18 trillion economy must have a banking system large enough, diverse enough and integrated enough to meet the needs of local,

More information

CORE CAPABILITIES LIABILITY DRIVEN INVESTMENT

CORE CAPABILITIES LIABILITY DRIVEN INVESTMENT FOR PROFESSIONAL CLIENTS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. CORE CAPABILITIES LIABILITY DRIVEN INVESTMENT LIABILITY

More information

CORESHARES SCIENTIFIC BETA MULTI-FACTOR STRATEGY HARVESTING PROVEN SOURCES OF RETURN AT LOW COST: AN ACTIVE REPLACEMENT STRATEGY

CORESHARES SCIENTIFIC BETA MULTI-FACTOR STRATEGY HARVESTING PROVEN SOURCES OF RETURN AT LOW COST: AN ACTIVE REPLACEMENT STRATEGY CORESHARES SCIENTIFIC BETA MULTI-FACTOR STRATEGY HARVESTING PROVEN SOURCES OF RETURN AT LOW COST: AN ACTIVE REPLACEMENT STRATEGY EXECUTIVE SUMMARY Smart beta investing has seen increased traction in the

More information

How to be Factor Aware

How to be Factor Aware How to be Factor Aware What factors are you exposed to & how to handle exposure Melissa Brown MD Applied Research, Axioma Omer Cedar CEO, Omega Point 1 Why are we here? Case Study To Dissect the Current

More information