EQUITY HIGH YIELD & PREMIUM INCOME FUND.
|
|
- Rosalyn Shepherd
- 6 years ago
- Views:
Transcription
1 EQUITY HIGH YIELD & PREMIUM INCOME FUND
2 Fund Facts Incorporated August 2007 Opened to Investors December 2013 Minimum Investment $/ / 10,000 Fees Tiered Fee Structure Dealing Frequency: Daily Investment Manager Castlestone Management Inc. Investment Advisor Castlestone Management LLC Administrator Circle Investment Support Services B.V. Broker Dealer and Custodian Macquarie Equities Limited, Interactive Brokers LLC Domicile British Virgin Islands Auditors Deloitte Ltd. EQUITY HIGH YIELD & PREMIUM INCOME FUND OVERVIEW Long only, daily traded, liquid, completely transparent fund that does not use leverage Equity fund focusing on semi-monopolistic, price inelastic, high dividend yield stocks that have large capitalizations, quality balance sheets, stated dividend policies and are therefore naturally defensive type stocks. Targeted dividend yield 4% to 6% The Fund receives Annual, Semi-Annual and Quarterly Dividends. Targeted premium income 8% to 12% The Fund aims to enhance the return to investors by writing covered calls against the underlying securities. The Fund collects a premium by writing covered calls and retains all the benefits of owning the underlying stock, such as dividends and voting rights. Stocks like: GlaxoSmithKline, AT&T, CME Group, Sydney Airport, Bouygues, Deutsche Telekom, Wells Fargo and AstraZeneca, targeted weightings of 2% to 6% and the currency is hedged, reducing FX risk. Regulator British Virgin Islands Financial Services Commission
3 FUND PERFORMANCE COMPARISONS SINCE2014 WHY INVEST? 15% 10% 5% 0% -5% -10% -15% Schroder International Global Dividend Max - Distribution -20% Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Castlestone Equity High Yield & Premium Income Allianz Global Investors High Payout Fund Source: Castlestone Management & Bloomberg. Equity High Yield & Premium Income Fund AAS class shares. Data range: 9 December April 2017 Note: Past performance cannot be relied on as a guide to future performance.
4 EQUITY HIGH YIELD & PREMIUM INCOME FUND WHAT INVESTORS ARE LOOKING FOR NOW Liquidity The entire portfolio can be liquidated almost instantly, so you feel safe that you can get your money out Exchange Traded Transparency No Leverage The holdings should be exchange traded, in order to ensure transparency and liquidity Complete transparency of the holdings, making sure you understand what you own Does not employ leverage which can distort returns (positively or negatively)
5 TOTAL RETURN PREDICTABLE INCOME VS. UNPREDICTABLE RETURNS Equities rise Dividend Yield 4-6% Premium Income 8-12% Capital appreciation /depreciation Total Return Equities fall
6 EQUITY HIGH YIELD & PREMIUM INCOME FUND PORTFOLIO HOLDINGS Source: Castlestone Management. Note: Past performance cannot be relied on as a guide to future performance.
7 SEMI-MONOPOLISTIC, HIGH DIVIDEND STOCKS TRANSPARENCY OF PORTFOLIO HOLDINGS EXAMPLE* Portfolio % Dividend Yield Option Yield Income - 30 Day Option Yield Income -Annual Mkt Cap Billions $ Industry Sector Country Subgroup Sector Target Income CHL US CHINA MOBILE 2.86% 2.99% 0.86% 6.88% $ Communications CN Telecom Services 9.86% DTE GY DEUTSCHE TELEKOM 3.54% 3.65% 0.93% 7.44% $88.30 Communications DE Telephone-Integrated 11.09% ORA FP ORANGE 2.32% 4.43% 0.96% 7.68% $42.94 Communications FR Telephone-Integrated 12.11% T US AT&T INC 3.23% 4.89% 0.86% 6.86% $ Communications US Telephone-Integrated 11.75% TLS AU TELSTRA CORP 2.48% 10.52% 0.76% 6.10% $37.55 Communications AU Telephone-Integrated 16.62% VOD LN VODAFONE 3.57% 5.82% 0.86% 6.88% $78.23 Communications GB Cellular Telecom 12.70% VZ US VERIZON 2.92% 4.89% 0.91% 7.28% $ Communications US Telephone-Integrated 12.17% TOTAL TELCOM 20.92% AZN LN ASTRAZENECA 3.44% 4.73% 0.89% 7.12% $29.12 Consumer, Non-cyc GB Medical-Drugs 11.85% GSK LN GLAXOSMITHKLINE 2.61% 5.02% 0.95% 7.60% $ Consumer, Non-cyc GB Medical-Drugs 12.62% IMB LN IMPERIAL BRANDS 3.75% 4.06% 0.95% 7.60% $53.19 Consumer, Non-cyc GB Tobacco 11.66% PFE US PFIZER INC 3.58% 3.78% 0.92% 7.36% $ Consumer, Non-cyc US Medical-Drugs 11.14% PG US PROCTOR & GAMBLE 1.87% 3.07% 0.85% 6.80% $ Consumer, Non-cyc US Household Products 9.87% PM US PHILIP MORRIS 1.91% 3.69% 1.02% 8.14% $ Consumer, Non-cyc US Tobacco 11.84% TOTAL CONSUMER NON-CYCLICAL 17.17% ALV GY ALLIANZ 3.71% 4.33% 0.98% 7.84% $91.93 Financial DE P&C Insurance 12.17% ANZ AU AUST AND NZ BANK 1.92% 7.15% 1.10% 8.81% $70.42 Financial AU Commer Banks Non-US 15.96% BNP FP BNP PARIBAS 3.79% 4.03% 0.97% 7.76% $33.17 Financial FR Diversified Banking Inst 11.79% CBA AU C' BANK AUSTRALIA 3.06% 6.97% 0.86% 6.86% $ Financial AU Commer Banks Non-US 13.83% CME US CME GROUP INC 2.13% 2.21% 0.86% 6.88% $40.66 Financial US Finance-Other Services 9.09% HSBA LN HSBC HLDGS PLC 1.42% 6.14% 1.00% 8.01% $ Financial GB Diversified Banking Inst 14.15% MUV2 GY MUNICH RE 1.75% 4.59% 0.56% 4.48% $84.60 Financial DE Reinsurance 9.07% SAN SM BANCO SANTANDER 3.90% 3.46% 0.76% 6.08% $25.52 Financial SP Commer Banks Non-US 9.54% WBC AU WESTPAC BANKING 1.85% 7.76% 1.02% 8.16% $87.13 Financial AU Commer Banks Non-US 15.92% WFC US WELLS FARGO 2.92% 2.77% 1.01% 8.08% $ Financial US Diversified Banking Inst 10.85% TOTAL FINANCIAL 26.44% BA/ LN BAE SYSTEMS PLC 2.52% 3.37% 0.95% 7.62% $86.01 Industrial GB Aerospace/Defense 10.99% EN FP BOUYGUES 2.87% 4.08% 1.12% 8.96% $10.84 Industrial FR Infrastructure 13.04% SYD AU SYDNEY AIRPORT 3.73% 4.58% 1.00% 7.98% $11.42 Industrial AU Airport Develop/Maint 12.56% TCL AU TRANSURBAN GROUP 1.98% 4.38% 1.01% 8.08% $18.61 Industrial AU Public Thoroughfares 12.47% TOTAL INDUSTRIAL 11.10% AEP US AMERICAN ELECTRIC 2.57% 3.48% 0.95% 7.61% $33.39 Utilities US Electric-Integrated 11.08% AGL AU AGL ENERGY LTD 2.20% 3.95% 0.94% 7.55% $13.46 Utilities AU Utility Networks 11.50% CNA LN CENTRICA PLC 1.69% 5.96% 1.10% 8.84% $16.02 Utilities GB Gas-Distribution 14.80% DUK UN DUKE ENERGY CORP 3.44% 4.15% 1.15% 9.22% $57.72 Utilities US Electric-Integrated 13.36% ED US CON EDISON 3.66% 3.49% 1.16% 9.28% $24.12 Utilities US Electric-Integrated 12.77% ELE SM ENDESA 3.95% 6.08% 1.05% 8.40% $15.35 Utilities SP Electric-Integrated 14.48% NG/ LN NATIONAL GRID PL 2.60% 4.30% 1.15% 9.22% $54.97 Utilities GB Gas-Distribution 13.53% VIE FP VEOLIA ENVIRONMENT 3.54% 4.57% 1.10% 8.80% $96.40 Utilities FR Water 13.37% TOTAL UTILITY 23.65% TOTAL % 4.67% 7.66% 12.33% *Portfolio holdings data, weightings & holdings are subject to change. This data is an example and for illustrative purposes only. Note: Past performance cannot be relied on as a guide to future performance
8 REINVESTING DIVIDENDS OVER THE LONG TERM DIVIDENDS REINVESTED 1000% 900% 800% 700% S&P 500 Total Return Index S&P 500 Index 600% 500% 400% 300% 200% 100% 0% Dec-90 Feb-92 Apr-93 Jun-94 Aug-95 Oct-96 Dec-97 Feb-99 Apr-00 Jun-01 Aug-02 Oct-03 Dec-04 Feb-06 Apr-07 Jun-08 Aug-09 Oct-10 Dec-11 Feb-13 Apr-14 Source: Bloomberg and Castlestone Management. Data range January 1990 December 2014 Note: Past performance cannot be relied on as a guide to future performance.
9 DIVIDENDSTOCKS OUTPERFORM DIVIDEND STOCKS HAVE HISTORICALLY OUTPERFORMED IN BULL & BEAR MARKETS 30 Bull & Bear Markets Returns of stocks in 15 Bull and 14 Bear markets from S&P Dividend Payers S&P Equal Weight Index S&P Non-Dividend Payers Source: Bloomberg and Blackrock Data from 1972 covering 15 bear and bull markets Note: Past performance cannot be relied on as a guide to future performance
10 DEFENSIVE STOCKS THROUGH THE BUSINESS CYCLE STANDARD BUSINESS CYCLE Economic recovery Stock prices rise Short-term rates fall Bond prices fall Economy begins overheating Services Technology Transport Commodity prices rise Capital Goods Inflation rises Energy Basic Materials Standard Business Cycle Approximately 4 Years Short term interest rates rise Defensive Sectors Consumer Staples Stock prices fall Utilities Commodity prices fall Financials Consumer Cyclicals GDP decreases Property values fall Recession Bond prices rise Inflation falls Source: Note: Past performance cannot be relied on as a guide to future performance. Business cycle from expansion to contraction showing what happens in financial markets (outside the curve) and how investors invest (inside the curve).
11 INVESTMENT DECISION PROCESS WHY BUY THE EQUITY HIGH YIELD & PREMIUM INCOME FUND? STOCK SELECTION OPTION WRITING IMPLEMENTATION & EXECUTION - Semi-monopolistic - Price inelastic - Dividend yield 4% - 6% - Strong balance sheets - Diversification by sector, industry and country - Management of Option writing - Aiming to write 0.50% - 1.5% per month - Ex dividend date - Currency risk (currency hedging) - American or European options - Execution of portfolio - Currency and corporate risk management - Liquidity
12 EXAMPLE: SYDNEY AIRPORT WHY BUY THE EQUITY HIGH YIELD & PREMIUM INCOME FUND? Source: Bloomberg and Castlestone Management. Note: Past performance cannot be relied on as a guide to future performance.
13 EXAMPLE: SYDNEY AIRPORT WHY BUY THE EQUITY HIGH YIELD & PREMIUM INCOME FUND? Share Price as of 2 nd May = $7.05 Dividend Yield = ($0.15*2)/ $7.05 = 4.40% Payment = Semi Annual Dividend = $0.15*2 = $0.30 Source: Bloomberg and Castlestone Management. Note: Past performance cannot be relied on as a guide to future performance.
14 EQUITY HIGH YIELD & PREMIUM INCOME FUND WHY INVEST? Long-only, liquid, completely transparent, simple to understand, daily traded, unleveraged and currency hedged portfolio The Fund will invest in stocks that are semi-monopolistic, have inelastic demand, strong balance sheets, quality fundamentals and a high dividend yield (targeted yield 4% to 6%) Outperformance with premium income strategy: with the aim of enhancing the return to investors by writing covered call options (targeted premium income 8% to 12%) Since the Fund is unleveraged and long-only, the Fund may/likely will decline when equity markets decline Predictable income vs. unpredictable returns Alternative to developed market stocks in a portfolio
15 DISCLAIMER Disclaimer: This document is intended for and directed at investment professionals and is not intended for retail customer use. Persons who do not have professional experience in matters relating to investments should not rely on it. Note: Please be aware that hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Past performance cannot be relied on as a guide to future performance. This document is intended for and directed at investment professionals and is not intended for retail customer use. Persons who do not have professional experience in matters relating to investments should not rely on it. This document is not offering to sell any product. Any transaction requires our subsequent formal agreement which will be subject to internal approvals and binding transaction documents. Castlestone Management Inc. and Castlestone Management LLC ( We ) will not be liable for any use you make of any information in this document. We are not your advisor or fiduciary. We are not recommending or making any representations as to suitability of any product or the tax, legal or accounting treatment of any product. We are not responsible for information stated to be obtained or derived from third party sources. All opinions are given as of the date hereof and are subject to change. We are not obliged to inform you of any such changes. Any projections and opinions expressed herein are expressed solely as general market commentary and do not constitute investment advice or guaranteed return. They represent the views of Castlestone Management at the time of publication and are subject to change without notice. Any simulated performance data and/or past performance data contained herein is not a reliable indicator of future performance. Income from investments may fluctuate and investors may not recoup the amount originally invested. Any forward-looking statements concerning the financial condition, results of operations and businesses of Castlestone Management expressed or implied, are based on management's current expectations and assumptions, which may change without notice, and are no guarantee of future results, performance or events. Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgement in making their investment decisions. This document is confidential. No part of it may be reproduced, distributed or transmitted without Castlestone Management s written permission. Neither this document nor any copy of it may be distributed, directly or indirectly, in the United States of America or its territories or possessions (the United States or to any US Person as defined in Regulations under the United States Securities Act of 1933 (as amended)). Any failure to comply with these restrictions may constitute a violation of United States securities law. This is not exhaustive; other regional-specific wording may apply. If in doubt, please consult with Castlestone Management s Compliance department. Castlestone Management Inc. is regulated by the British Virgin Islands Financial Services Commission. Castlestone Management LLC is a registered investment adviser in the state of New Jersey. Being registered does not imply a certain level of skill or training. Investment in any Fund involves significant risks. A prospective or continuing investor should not invest in any Fund unless satisfied that it and/or its investment representative or professional adviser has/have asked for and received all information which would enable it or both of them to evaluate the risks in terms of an investment or continued investment in the Fund. This document has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Castlestone Management LLC is available on the United States Securities and Exchange Commission s website at This scheme has been entered into the List of Restricted Schemes by the Monetary Authority of Singapore under paragraph 2(3) of the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2009 for distribution to institutional and accredited investors. No invitation to the public in Hong Kong to buy or subscribe for any product is permitted to be made. You should consult your own attorney, business adviser and tax adviser as to legal, business, tax and related matters concerning any of the contents of this document. This document has not been delivered for registration to the Registrar of Companies in Hong Kong, its contents have not been reviewed by any regulatory authority in Hong Kong, nor has the product been authorised by the Securities and Futures Commission. Accordingly, this document must not be issued, circulated or distributed in Hong Kong other than (1) in circumstances which do not constitute it as a prospectus as defined in the Companies Ordinance (Cap.32) or which do not constitute an offer to the public within the meaning of that ordinance, or (2) to professional investors as defined in the Securities and Futures Ordinance (Cap.571) and the Securities and Futures (Professional Investor) Rules made thereunder. Unless permitted by the securities laws of Hong Kong, no person may issue in Hong Kong, or have in its possession for issue in Hong Kong, this document or any other advertisement, invitation or document relating to any products other than to a professional investor as defined in the Securities and Futures Ordinance (Cap.571) and the Securities and Futures (Professional Investor) Rules made thereunder.
Aliquot Precious Metals Fund. March 2012
Aliquot Precious Metals Fund March 2012 Aliquot Precious Metals Contents About Castlestone Management Fund overview Conclusion Appendix Source: Castlestone Management 2 www.castlestonemanagement.com Who
More informationIntelligent Portfolio (IQ ~ Asset Allocation) Fund presentation
Intelligent Portfolio (IQ ~ Asset Allocation) Fund presentation DECEMBER 2010 Intelligent Portfolio (IQ ~ Asset Allocation) What is this Fund? Why should you invest in Intelligent Portfolio (IQ ~ Asset
More informationETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018
ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange
More informationPower your way to higher yields
Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will
More informationAlgo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
More informationPower. Schroder Asian Income. your way to higher yields. p.a.
Schroder Asian Income POTENTIAL PAYOUTS 6% PAID MONT HLY* p.a. Power your way to higher yields * It is Schroder Investment Management (Singapore) Ltd s (the Manager s ) current intention to declare distributions
More informationU.S. EQUITIES: VALUATION & FUNDAMENTALS
LM Market Insight: U.S. EQUITIES: VALUATION & FUNDAMENTALS DEC 2015 THIS MATERIAL IS ONLY FOR DISTRIBUTION IN THOSE COUNTRIES AND TO THOSE RECIPIENTS LISTED. PLEASE REFER TO THE DISCLOSURE INFORMATION
More informationHighlights from the 17-April CoT survey of IMM leveraged funds
Highlights from the 17-April CoT survey of IMM leveraged funds Greg Anderson, CFA, PhD - Global head of FX strategy gregory.anderson@bmo.com +1 212 65 149 April 2, 218 Long-GBP is the most concentrated
More informationSchroder Asian Income Monthly Fund Update
Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund
More informationKB Elite Multi Asset Balanced Fund
KB Elite Multi Asset Balanced Fund Quarterly update, Q4 2014 For professional use only Key events in Q4 2014 October Islamic state forces besiege the Syrian border town of Kobane Bank of Japan announces
More information11,000 10,500 10,000 9,500. 9,000 Dec Source: Bloomberg. Cash
Commentary Growth of $, INCOME REINVESTED PORTFOLIO COMMENTARY The big news in markets for the month of June centred around the UK's decision to leave the European Union, this generally impacted equity
More informationS-Network International Sector Dividend Dogs Index
S-Network International Sector Dividend Dogs Index June 2015 2015 S-Network Global Indexes, 267 Fifth Avenue, New York, NY 10016. Index Rationale Well-Qualified Universe of Index Candidates Captures Stocks
More informationNasdaq Victory US 100 Large High Div Vol Wt L/C TR
Nasdaq Victory US 100 Large High Div Vol Wt L/C TR The Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Total Return Index is based on the Nasdaq Victory U.S. Large Cap High
More informationUOB Structured Deposit TOP Deposit (USD)
Matured on 22 January 2010 Initial Reference Price Observation Date(5), 15 Janaury 2010 DJ Global Titans 50 DJGT 202.67 175.89-13.2136% Exxon Mobil Corporation XOM UN USD 61.54 69.11 12.3009% General Electric
More informationHighlights from the 10-July CoT survey of IMM leveraged funds
Highlights from the 1-July CoT survey of IMM leveraged funds Greg Anderson, CFA, PhD - Global head of FX strategy gregory.anderson@bmo.com +1 212 65 149 July 13, 218 Short-NZD the biggest side with short-eur
More informationFor personal use only
Level 43, Grosvenor Place 225 George Street, Sydney NSW 2000 PO Box N43, Grosvenor Place, NSW 1220 1300-iShares (1300 474 2737) ishares.com.au ISHARES 4 March 2015 Market Announcements Office ASX
More informationWHY INVEST IN PRECIOUS METALS TODAY? FEBRUARY 2009
WHY INVEST IN PRECIOUS METALS TODAY? FEBRUARY 2009 WHERE WE ARE TODAY Contraction of bank lending Excessive leverage Forced unwinding has pushed many asset prices below their fundamental values Repatriation
More informationMarkets catch-up to the Fed. Market Insight
Markets catch-up to the Fed The shift higher and steepening in the US Treasury yield curve since the turn of the year primarily reflects the market catching up with the Federal Reserve s (Fed) guidance
More informationIMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S.
IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the Information Memorandum
More informationBMO Global Asset Management Income Leaders ETFs
For professional investors only Exchange Traded Funds BMO Global Asset Management Income Leaders ETFs Contact us Client Services +44 () 711 4444 client.service@bmogam.com bmogam.com/etfs ZILS BMO MSCI
More informationUOB Structured Deposit Titans12 Deposit (SGD)
Matured on 8 March 2011 Stock Name (1 Dec 2005) Performance 1 March 2011 Return Dow Jones Global Titans 50 Index DJGT 198.2 185.72-6.2967% Exxon Mobil Corporation XOM UN USD 59.35 84.8 42.8812% General
More informationSchroder Asian Income Monthly Fund Update
Monthly Fund Update Fund Performance As at 30 April 2016, in SGD 1 month Year to date 1 Year 3 Years (p.a.) Since launch* (p.a.) Fund (Bid-Bid) (%) Fund (Offer-Bid) (%) 0.9 1.9-2.3 2.3 8.0-4.1-3.2-7.2
More informationWhat s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School Financial Planning Association ~ June 12, 2012
What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School Financial Planning Association ~ June 12, 2012 Important Information This presentation represents the opinion of
More informationPut Warrant Linked to DAX Issued by UBS AG, London Branch
Put Warrant Linked to DAX Issued by UBS AG, London Branch SVSP/EUSIPA Product Type: Warrant (2100) This Product does not represent a participation in any of the collective investment schemes pursuant to
More informationFinal Term Sheet (Series No. 009)
Final Term Sheet (Series No. 009) Fixed rate Green Bonds due 27 June 2023 Current at 21 June 2018 Important notice This is a summary only. Full details of the offer are contained in the Product Disclosure
More informationHigh Yield Equity Income List Strategy
Thomas P. Christopher, Equity Sector Analyst High Yield Equity Income List Strategy Holdings by Sector January 4, 2018 High Yield Equity Income List Strategy overview: The High Yield Equity Income List
More informationWhat s Inside. Sector Analysis. Constituent Analysis. Distribution Analysis. Performance as of 9/30/17
ALPS INTERNATIONAL DIVIDEND DOGS ETF QUARTERLY SCORECARD IDOG ETF Stats Ticker: IDOG Underlying Index: IDOGXTR Listing Exchange: NYSE Arca CUSIP: 00162Q 718 Fund Inception: 6/27/2013 Dividends Paid: Quarterly
More informationChinaAMC China Opportunities Fund Fund Factsheet
ChinaAMC China Opportunities Fund Fund Factsheet As of 30 November 2012 37/F, Bank of China Tower, 1 Garden Road, Hong Kong This Fund has not been authorized by the Hong Kong Securities and Futures Commission
More informationUS Rates Outlook: The Fed s Third Mandate
US Rates Outlook: The Fed s Third Mandate April 2016 Gennadiy Goldberg US Rates Strategist gennadiy.goldberg@tdsecurities.com 1 (212) 827-7180 Lopsided employment picture rapidly improving 2 Wage inflation:
More informationEffective Investment Policy and Strategies
Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.
HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its
More informationANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Weekly change, % Four-week average Budget. Budget. Budget. Budget.
Index ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 29 MAY 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist +91 80 6795 3801 mustafa.arif@anz.com David
More informationMIXED MESSAGES. KEY POINTS The ANZ Truckometer indexes lifted in August.
ANZ RESEARCH 11 September 18 CONTACT: Sharon Zollner Chief Economist Telephone: +6 9 357 9 Email: Sharon.Zollner@anz.com The next issue of the ANZ Truckometer is scheduled for release on 9 October 18 at
More informationCAD 1,060,000 Float-to-Fixed Switchable Notes due 26 May 2011 Final Terms & Conditions
CAD 1,060,000 Float-to-Fixed Switchable Notes due 26 May 2011 Final Terms & Conditions This is an amended termsheet correcting the swap terms. This term sheet is provided for discussion and/or information
More informationTHE CASE FOR BNKS AUGUST 2016
AUGUST 2016 BetaShares Global Banks ETF - Currency Hedged (ASX: BNKS) Safe as houses? The case for diversifying banking sector exposure through the BetaShares Global Banks ETF Currency Hedged (ASX Code:
More informationDividend Report. December 2018
Warning: Aberdeen Global has the discretion to determine the and rate of dividend to be distributed. The dividends are not guaranteed and may be investment income, gains or at the discretion of the Board
More informationVAM INTERNATIONAL REAL ESTATE EQUITY FUND
FEBRUARY 2019 VAM INTERNATIONAL REAL ESTATE EQUITY FUND E CLASS FUND DETAILS OBJECTIVE The investment objective of the Fund is to achieve significant capital appreciation over each full market cycle. To
More informationMulti Asset Indices Selection and Rebalance Dates
29 January 2015 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future dates of selection and rebalance of various Multi-Asset
More informationAUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook. Ken Hanton May 2018
AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook Ken Hanton May 2018 Australian Bond Market Source: Australian Fixed Income Securities in a Low Rate World. Christopher Kent, RBA, Assistant
More informationGlobal Economic and Market Trends Prof. Jeremy J. Siegel ~ The Wharton School Nasdaq OMX Stock Exchange 15 th Anniversary Conference Tallinn, Estonia
Global Economic and Market Trends Prof. Jeremy J. Siegel ~ The Wharton School Nasdaq OMX Stock Exchange 15 th Anniversary Conference Tallinn, Estonia ~ May 20, 2011 Important Information This presentation
More informationAlphaSolutions Sector Rotation Model
AlphaSolutions Sector Rotation Model An investment model based on trending and momentum strategies Portfolio Goals Primary: Seeks long term growth of capital by investing in highranked U.S. Equity Sectors
More informationFor personal use only
ASF GROUP LIMITED ACN 008 924 570 Non-Renounceable Rights Issue - Offer Document For a non-renounceable pro-rata offer to Eligible Shareholders of up to 55,880,000 New Shares at an issue price of $0.18
More informationGlobal Portfolio Flows and Impact on European Markets Investment Implications of a Low Yield Environment
April, 2015 DATA Global Portfolio Flows and Impact on European Markets Investment Implications of a Low Yield Environment Carlos Egea Chief Trading Desk Strategist carlos.egea@morganstanley.com Elaine
More informationANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Figure 1. ANZ-Roy Morgan Australian Consumer Confidence and inflation expectations
ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 17 APRIL 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist +91 80 6795 3801 mustafa.arif@anz.com David Plank
More informationLinked to the Eurozone Consumer Price Index Issued by UBS AG, through its Jersey Branch
UBS Capital Protected Note linked to Inflation (EUR) Linked to the Eurozone Consumer Price Index Issued by UBS AG, through its Jersey Branch 5y Note SSPA/EUSIPA: Capital Protection without Cap (1100) ISIN:
More informationInvestors Have Allocated Less to Value
Investors Have Allocated Less to Value by Over $1 Trillion Compared to 10 Years Ago Equity Asset Under Management $20,000,000,000,000 $18,000,000,000,000 $16,000,000,000,000 $14,000,000,000,000 $12,000,000,000,000
More informationPRICING SUPPLEMENT NO.11 FIXED RATE BONDS DUE 2025
PRICING SUPPLEMENT NO.11 FIXED RATE BONDS DUE 2025 Current at 26 February 2018 This Pricing Supplement sets out the key terms of an offer by Transpower New Zealand Limited (Transpower) for an offer of
More information6/19/2014 All Time High $ /31/13 1/31/14 2/28/14 3/31/14 4/30/14 5/31/14 6/30/14 7/31/14 8/31/14 9/30/14 10/31/14 11/30/14 12/31/14
IDOG ETF Stats Ticker: Underlying Index: Listing Exchange: IDOG IDOGXTR NYSE Arca CUSIP: 00162Q 718 Fund Inception: 6/27/2013 Dividends Paid: Quarterly Most Recent Dividend**: $0.1630 Gross Expense Ratio:
More informationAsian Investment Grade Credit Class A
Schroder Asian Investment Grade Credit Class A Capture yields from Asia s premium bonds *Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Investment
More informationGlobal Tactical Asset Allocation
Global Tactical Asset Allocation This material is solely for informational purposes to be viewed in conjunction with this presentation. The information presented should not be construed as representative
More informationMan AHL Diversified Markets EU
This material is of a promotional nature. Man AHL Diversified Markets EU FUND AIM Man AHL Diversified markets EU provides investors access to the AHL Diversified Programme. It aims to generate returns
More informationSchroder ISF Global Target Return Year-round growth, whatever the weather
Schroder ISF Global Target Return Year-round growth, whatever the weather Schroder ISF Global Target Return Schroder ISF Global Target Return (the Fund ) is designed for investors seeking to grow their
More informationFigure 1. ANZ Heavy Traffic Index and GDP. Heavy traffic index, 3-month avg (LHS) Figure 2. ANZ Light Traffic Index and GDP
ANZ Research ANZ NZ Truckometer 1 March 19 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. CONTACT: Sharon Zollner Chief Economist
More informationHSBC Global Investment Funds - Economic Scale Global Equity
HSBC Global Investment Funds - Economic Scale Global Equity SG Share Class 31 May 2018 31/05/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning
More informationMan AHL Diversified (Guernsey) USD
Product fact sheet at 31 March 2014 NAV per unit USD 1.0849 Total NAV USD 243,448,833 Risk/return profile 1 The share class will aim to deliver target double-digit annualised return, for a target annualised
More informationInvestment Returns. As at 30 April Employer Super investment funds. Integra Super 2-3 Integra Annuity & Pension 4 Market data and performance 5
Investment Returns As at 30 April 2018 Employer Super investment funds Integra Super 2-3 Integra Annuity & Pension 4 Market data and performance 5 Integra Super as at: 30 April 2018 Profile 1 - Defensive
More informationThe Russell 1000 Pure Domestic Exposure Index Targeted exposure to US economic growth
Insights The Russell 1000 Pure Domestic Exposure Index Targeted exposure to US economic growth The economic outlook for the US is looking up. Since the Global Financial Crisis (GFC), the US economy has
More informationRecent Asia experiences with capital flows
Recent Asia experiences with capital flows Rob Subbaraman, Chief Economist Asia Ex-Japan December 2007 Asia ex-japan's total balance of payments % of GDP 10 8 6 4 2 0-2 -4 1996 1997 1998 1999 2000 2001
More informationBH-DG Systematic Trading LLP
Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods
More informationFidelity Global Telecommunications Fund
Fidelity Global Telecommunications Fund Semi-Annual Management Report of Fund Performance September 30, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not
More informationPortfolio Management Services
2017 / Q1 Portfolio Management Services 1 单击此处添加文字内容 ABF Absolute Return Focus Portfolio 2 单击此处添加文字内容 ABF Systematic Trading Portfolio 3 单击此处添加文字内容 ABF Dynamic Portfolio 单击此处添加文字内容 4 Gold Portfolio 5 单击此处添加文字内容
More informationAuscap Asset Management The Long and the Short of it
Auscap Asset Management The Long and the Short of it Asset Strategy Forum October/November 2017 Auscap Asset Management Limited ACN 158 929 143 AFSL 428014 ARSN 615 542 213 Who are we? 2 Auscap Long Short
More informationDFA Global Equity Portfolio (F Class) Characteristics Report Second Quarter 2017
DFA Global Equity Portfolio (F Class) Characteristics Report Second Quarter 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationMemory Express (Multi) Certificate Linked to NOKIA OYJ and SAP SE
Memory Express (Multi) Certificate Linked to NOKIA OYJ and SAP SE Issued by Cash settled / EUR EUSIPA Product Type: Express Certificate (1260) / ISIN: DE000UW85GL2 Public offer Final Termsheet Information
More informationAUCKLAND INTERNATIONAL AIRPORT LIMITED. Terms Sheet: for fixed rate bonds due 9 November November 2015.
AUCKLAND INTERNATIONAL AIRPORT LIMITED Terms Sheet: for fixed rate bonds due 9 November 2022 2 November 2015. Terms Sheet for fixed rate bonds This Terms Sheet is prepared in respect of an offer by Auckland
More informationEconomic outlook and issuers' perspectives on the covered bonds market. Michael Schulz Head of Fixed Income Research
Economic outlook and issuers' perspectives on the covered bonds market Michael Schulz Head of Fixed Income Research 1 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15
More informationCall Warrant Linked to ABB Issued by UBS AG, Zurich
Call Warrant Linked to ABB Issued by UBS AG, Zurich SVSP/EUSIPA Product Type: Warrant (2100) / SIX Symbol: ABBMUB This Product does not represent a participation in any of the collective investment schemes
More informationFinancial Year Summary
Mr Israel Lewis 1 PIER STREET PERTH WA 6000 Financial Year Summary Summary Information A/C 157211 Holdings valuation at start of period Holdings valuation at end of period +/- $11,062,132.02 $11,062,132.02
More informationANNUAL REPORT JUNE 30,
ANNUAL REPORT JUNE 30, 2 0 1 7 International High Dividend High Dividend Equity Small Cap Value Value Emerging Markets High Dividend Enhanced Equity Income TABLE OF CONTENTS Shareholder Letter...1 Fund
More informationYour gateway to Asia s strong growth potential. Schroder Asian Income
Your gateway to Asia s strong growth potential Asian economies rank amongst the fastest-growing and most dynamic globally. The region is set to remain as the world s growth engine for years to come. (the
More informationNew Paradigm or Same Old?
New Paradigm or Same Old? Megan Greene Chief Economist, Portfolio Solutions Group October 2017 For a discussion of the risks associated with this strategy, please see the Investment Considerations page
More informationMan AHL Diversified plc
NAV per unit USD 88.19 Total NAV USD 988,635,806 No. units 11,209,426 Against a backdrop of the beginning of the end to QE, December proved to be a slightly volatile month for the fund, with gains in stocks,
More informationMulti Asset Indices Selection and Rebalance Dates
30 Jan 2017 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future selection and rebalance dates of various Multi-Asset Indices
More informationRussell 2000 Index Options
Interactive Brokers Webcast Russell 2000 Index Options April 20, 2016 Presented by Russell Rhoads, Senior Instructor Disclosure Options involve risks and are not suitable for all investors. Prior to buying
More informationMay 2018 Program Commentary
May 2018 Program Commentary FORT Global UCITS Diversified Fund Month-to-Date Year-to-Date Ann. Since Inception FORT Global UCITS Diversified Fund USD Class B -0.34% -0.76% 3.18% FORT Global UCITS Diversified
More informationWESTPAC SUBORDINATED NOTES II
WESTPAC SUBORDINATED NOTES II PROSPECTUS issuer Westpac Banking Corporation abn 33 007 457 141 Date of this PROSPECTUS 18 July 2013 ARRANGERS Westpac Institutional Bank UBS JOINT LEAD MANaGERS AND joint
More informationDemand for sovereign bonds: The importance of diversity
Demand for sovereign bonds: The importance of diversity ECB Bond Market Contact Group 1 July 2014 Christoph Rieger, Head of Interest Rate and Credit Research, +49 69 136 87664 Key themes (1) Core: Investor
More informationHSBC Portfolios - World Selection 1
HSBC Portfolios - World Selection 1 J Share Class BCHGBP 28 Feb 2019 BCHGBP 28/02/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income
More informationUnited Asian High Yield Bond Fund
Investment Objective The seeks to achieve a total return consisting of high income and capital appreciation by investing primarily in high yield fixed income or debt securities (including money market
More informationCumulative Performance Class A 1. Fund Performance 1. Portfolio Breakdown 5. Government Bonds. Corporate Bonds 19.73% Convertible Bonds 6.06% 12.
Monthly Factsheet As of 28 February 2018 Important Information The Fund invests in mainland China only, thus there is a concentration risk. Investors converting a local currency (HK dollar) to take up
More informationSchroder ISF European Opportunities
Schroder ISF European Opportunities September 2015 Steve Cordell Fund Manager September 2015 For professional investors and advisers only Schroder ISF European Opportunities Performance Periods to 31 August
More informationReturns To: 1mth 3mths 6mths 1yr 2yrs 3yrs Inception 30 June 2016 (%) (%) (%) (%) (% p.a.) (% p.a.) (% p.a.) T (08) T (08)
Friday, 29 July 2016 MARKET ANNOUNCEMENT CBG Fund June 2016 Quarterly Report The June 2016 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian Equities Fund
More informationMan AHL Diversified Futures
This material is of a promotional nature. REPORTING CLASS: Ltd FUND AIM Ltd provides investors access to the AHL Diversified Programme. It aims to generate returns in the medium term through computerised
More informationSharp pickup in gold demand in Q4 last year
Author LUC LUYET lluyet@pictet.com SUMMARY The fourth quarter of last year saw a strong upsurge in the gold price thanks to a sharp increase in investment demand. Besides seasonally strong jewellery demand
More informationAs at 31 December 2016, Bentley had ~$3.97 million (29.3% of its net assets) invested in the CBG Fund (30 September 2016: ~$3.99 million (27.7%)).
Tuesday, 31 January 2017 MARKET ANNOUNCEMENT CBG Fund December 2016 Quarterly Report The December 2016 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian
More informationMarket Impact of TLAC Requirements. FIG DCM Bank Capital Solutions
Market Impact of TLAC Requirements FIG DCM Bank Capital Solutions December 1, 15 RWA vs. SLR Driven TLAC Requirements Fed's SLR driven TLAC requirement is more stringent than FSB TLAC framework 5%.5% The
More informationTHE CASE FOR EX20 OCTOBER 2016
OCTOBER 2016 BetaShares Australian Ex-20 Portfolio Diversifier ETF (ASX Code: EX20) More eggs for the basket: the case for investing in the BetaShares Australian Ex-20 Portfolio Diversifier ETF (ASX Code:
More informationU.S. Natural Gas Storage Charts
U.S. Natural Gas Storage Charts BMO Capital Markets Commodity Products Group November 26, 214 Total U.S. Natural Gas in Storage 5, Total Stocks This Week 3432 4, 3, 2, 1, Reported On: November 26, 214
More informationUnited Asian High Yield Bond Fund
Investment Objective The United Asian High Yield Bond seeks to achieve a total return consisting of high income and capital appreciation by investing primarily in high yield fixed income or debt securities
More informationJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year. Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Growth of $100,000 Performance Metrics Average 2016 Winning Month 1.71% Average Losing Month 0.50% Max Consecutive Wins 5 Max Consecutive Losses 1 Maximum Draw Down -0.46% Max Draw Down / Average Profit
More informationS&P Dow Jones Disclaimer
S&P Dow Jones Disclaimer S&P Dow Jones Disclaimer: The State Street Liquid Private Equity Sector Select Investable Indices (the Index ) is the property of State Street Bank and Trust which has contracted
More informationFinancial Statements of MATCO BALANCED FUND. For the years ended December 31, 2016 and 2015
Financial Statements of MATCO BALANCED FUND For the years ended December 31, 2016 and 2015 KPMG LLP 205 5th Avenue SW Suite 3100 Calgary AB T2P 4B9 Telephone (403) 691-8000 Fax (403) 691-8008 www.kpmg.ca
More informationHSBC Global Investment Funds - BRIC Equity
HSBC Global Investment Funds - BRIC Equity S Share Class (Active - Closed to New Investors) 31 Jan 2019 31/01/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total
More informationCommodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018
March, 2018 Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018 250 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 1/1/2003
More informationDividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015
Dividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015 Investing in Human Progress Fund manager biographies 2 Matthew Page, CFA Portfolio manager of strategy since 2010 Joined Guinness
More informationFINAL TERMS SHEET PRECINCT PROPERTIES NEW ZEALAND LIMITED 4 SEPTEMBER Joint Lead Arrangers and Joint Lead Managers
PRECINCT PROPERTIES NEW ZEALAND LIMITED 4 SEPTEMBER 2017 Up to $150,000,000 subordinated convertible notes www.precinctnotesoffer.co.nz Joint Lead Arrangers and Joint Lead Managers Joint Lead Managers
More informationNASDAQ Global Index. More information about the Index can be found at
NASDAQ Global Index The NASDAQ Global Index is a float adjusted market capitalization-weighted index designed to track the performance of global equities covering over 98% of the entire listed market capitalization
More informationFinal Terms Sheet dated 1 June 2018 NZ$500,000,000 Medium Term Notes
Final Terms Sheet dated 1 June 2018 NZ$500,000,000 Medium Term Notes This Terms Sheet is a summary only. Full details of the offer are set out in the Offer Documentation described in this Terms Sheet and
More informationINVESTING IN INDIA The Shariah Way TASIS SHARIAH 50 INDEX
Click to start INVESTING IN INDIA The Shariah Way TASIS SHARIAH 50 INDEX BASED ON EXTENSIVE RESEARCH AND PATH BREAKING METHODOLOGLY Outline About the Organizations BSE TASIS About the Index Index performance
More information