Contrarian ETF Portfolios
|
|
- Helen Robinson
- 5 years ago
- Views:
Transcription
1 Traded on January 27, 2015 For Financial Advisor and Current Client Use Only Morningstar Investment Services, Inc. Contrarian ETF Portfolios Affected Portfolios Contrarian ETF Contrarian & Growth ETF Contrarian & Income ETF We have reallocated the Contrarian ETF portfolios as part of the annual reconstitution of these strategies. To review, the Contrarian ETF portfolios invest in ETFs that mirror the five mostunloved market segments (defined as Morningstar, Inc. categories that have suffered the heaviest outflows of mutual-fund assets) of the past five calendar years. In January of each year, we reconstitute the portfolios to reflect the latest asset-flow data, a process that typically entails adjusting nearly every position that the strategies hold. The reconstitution process is formulaic it involves selling the ETFs representing the mostunloved categories of five years ago (2009 in the case of this reconstitution), buying ETFs mirroring the most-unloved areas of the last calendar year (2014), and adjusting the weightings of the remaining ETFs (2010, 2011, 2012, and 2013). The following table is color-coded to show which categories we sold from (red), added to (green), or adjusted within (blue) the Contrarian portfolio as part of the just-completed reconstitution Most- Large Europe Pacific/Asia Mid-Cap Int. Unloved Growth Stock ex-japan Growth Government Bank Loan 2 nd -Most Financial Large Mid-Cap Large Commodities High-Yield Growth Growth Growth Prec. Metals Bond 3 rd -Most Large World Large Small Lat. American Natural Value Stock Growth Growth Stock Resources 4 th -Most Div. World Short Inflation-Prot. Small Health Pacific/Asia Stock Government Bond Growth 5 th -Most Health Large China Interm-Term Mid-Cap Convertibles Blend Region Bond Growth Legend: Positions Sold Weightings Adjusted Positions Added (The Contrarian portfolio invests all of its assets in unloved categories, in the manner shown in the table immediately above. The Contrarian & Growth portfolio splits its assets 50/50 between a sleeve that invests in unloved categories as shown and a second sleeve that invests in widely-
2 diversified, core stock ETFs. The Contrarian & Income portfolio follows the same approach, but invests its second sleeve in diversified bond, rather than stock, ETFs.) As mentioned, for this reallocation, we exited our positions in the five ETFs representing the most unloved categories of 2009 and added positions in ETFs representing the most unloved of The five most-unloved categories of 2014 which we define based on the dollar value of outflows (60% of ranking) as well as outflows as a percentage of average net assets (40% of ranking) are as follows: Rank Category Outflows ($B) Outflows as % of Avg. Net Assets Most-Unloved Bank Loan $20, % 2 nd -Most High-Yield Bond $15, % 3 rd -Most Natural Resources $5, % 4 th -Most Small Growth $11, % 5 th -Most Mid-Cap Growth $13, % Net-net, the reconstitution slightly raised the Contrarian portfolios bond stake, lowered their weightings in U.S. stocks, and slightly boosted their exposure to precious metals and other assets. To illustrate, the table below presents the change in the Contrarian portfolio s stock, bond, and commodities/other weightings before and after the reconstitution. Before* After** Change U.S. Stocks 61.2% 50.5% -10.7% Foreign Stocks 26.5% 26.3% - 0.2% Bonds/Cash 9.8% 19.5% + 9.7% Commodities/Other 2.5% 3.7% +1.2% * Amounts represent target weightings as of January 2014 ** Amounts represent target weightings as of January 2015
3 To better illustrate the mechanics of this reconstitution, we further decompose the Contrarian ETF portfolio by category to show the weightings changes by unloved year. Again, these changes are purely rules-driven, not based on subjective judgments that we are making. Removing Changing Weightings Adding Category Tot. Bef. Tot. Aft. Bank Loan % 0.00% 3.00% China % % 3.00% Comm. Prec. Metals % % 3.75% Convertible Bond % % 2.00% Div. Pac-Asia -3.75% % 0.00% Europe Stock % % 7.50% Financials -6.25% % 0.00% Healthcare -2.50% -0.75% % 3.75% High-Yield Bond % 0.00% 2.50% Inflation-Prot. Bond % % 3.00% Interm.-Term Bond % % 1.50% Intermediate Govt % % 4.50% Large Blend % % 2.50% Large Growth -7.50% -1.25% 2.00% 1.25% % 17.25% Large Value -5.00% % 0.00% Latin America Stock % % 2.25% Mid-Cap Growth % 1.50% % 9.50% 14.50% Natural Resources % 0.00% 2.00% Pacific Asia ex- Japan % % 9.00% Short Government % % 3.00% Small Growth % % 3.00% 5.50% World Stock % 1.50% % 9.50% As shown in the chart above, the reconstitution removes the positions associated with the most-unloved categories of 2009, adds positions for the most-unloved categories of 2014, and alters the weightings of the positions associated with the most-unloved categories of 2010, 2011, 2012, and These weightings changes are purely formulaic, as spelled-out in the methodology document that we published in launching the portfolios in (That methodology document can be found on our website.)
4 The following section details the net change to each position in the Contrarian portfolios: Contrarian Series Changes N New ishares iboxx $ High Yield Corporate Bd Unloved Class of 2014 N New Powershares Senior Loan Unloved Class of 2014 N New ishares Global Materials Unloved Class of 2014 ] Increase Vanguard Mid-Cap Growth ETF Unloved Class of , 2014 ] Increase Vanguard Small-Cap Growth ETF Unloved Class of 2012, 2014 ] Increase ishares Agency Bond Unloved Class of 2013 ] Increase ishares Gold Trust Unloved Class of 2013 ] Increase ishares TIPS Bond Unloved Class of 2013 ] Increase ishares MSCI Brazil Capped Unloved Class of 2013 ] Increase ishares Vanguard Total Bond Market ETF Unloved Class of 2013 ] Increase PIMCO 1-3 Year U.S. Treasury ETF Unloved Class of 2012 ] Increase SPDR Barclays Convertible Securities Unloved Class of 2012 ] Increase Vanguard Total World Stock ETF Unloved Class of ] Increase ishares MSCI All-Country Asia ex-japan Unloved Class of 2011 ] Increase SPDR S&P China Unloved Class of 2011 [ Decrease Vanguard Growth ETF Unloved Class of [ Decrease Vanguard Healthcare ETF Unloved Class of [ Decrease Vanguard FTSE Europe ETF Unloved Class of 2010 [ Decrease Vanguard S&P 500 ETF Unloved Class of 2010 M Replace Vanguard Financials ETF Unloved class of 2009 M Replace Vanguard Value ETF Unloved class of 2009 M Replace Vanguard FTSE Pacific ETF Unloved class of 2009
5 For Financial Advisor and Current Client Use Only This communication is for Morningstar Investment Services clients ONLY. It contains important information about their investment advisory account. Opinions expressed are as of the current date; such opinions are subject to change without notice. Morningstar Investment Services shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions or their use. Neither diversification nor asset allocation ensure a profit or guarantee against a loss.
CUSIP SECURITY DESCRIPTION % of Total
36191E870 GUIDEMARK GLOBAL REAL RETURN INST 3.97% 36191K207 GUIDEMARK LARGE CAP GROWTH INST 7.04% 36191K405 GUIDEMARK LARGE CAP VALUE INST 7.63% 36191K603 GUIDEMARK SMALL/MID CAP CORE INST 9.24% 36191K801
More informationSample Portfolio. Bret R. Tackett, MS, CFP 304 W. Venice Ave, Suite 218 Venice, FL /13/2009 through 9/30/2013 Portfolio Review
This report is intended to illustrate the quality of reporting we provide our clients each quarter. It is not an advertisement of performance. Performance reflected in this report is not indicative of
More informationEQUITY-FIXED INCOME CURRENCY-COMMODITY
1 / 5 04/10/2016 USD ETFs 07/04/2017 Absolute Scoring & Ranking EQUITY-FIXED INCOME CURRENCY-COMMODITY Weekly Review www.trendandtiming.com 2/5 Weekly Report USD ETF EQUITIES EQUITY W-1 3-Nov-17 AVG AVG
More informationMorningstar Awards Methodology, United States
Morningstar Awards Methodology, United States Morningstar Methodology Paper August 2013 2013 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc.
More informationMorningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 17 November 2014 Data through Oct. 31 U.S. Mutual Funds and Exchange- Traded Products Alina Tarlea Senior Analyst Markets Research
More informationWEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, Index definitions available upon request. 1 of 5. Total Return (%)
WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, 2018 U.S. Equity Index Level 1 Week MTD QTD YTD 1 Year Global Equity USD 1 Week MTD QTD YTD 1 Year S&P 500 2,762 (3.81) (2.16) 3.44 3.44 23.54 DJIA 25,521 (4.11)
More informationMorningstar Direct SM Asset Flows Commentary: United States
? Morningstar Direct SM Asset Flows Commentary: United States Morningstar Manager Research 17 November 2016 The October flows report will an abbreviated version while Alina Lamy is out on maternity leave
More informationEQUITY-FIXED INCOME CURRENCY-COMMODITY
1 / 5 04/10/2016 USD ETFs 07/04/2017 Absolute Scoring & Ranking EQUITY-FIXED INCOME CURRENCY-COMMODITY Weekly Review www.trendandtiming.com 2/5 Weekly Report USD ETF EQUITIES EQUITY W-1 11-Aug-17 AVG AVG
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationMorningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 20 October Data through tember 30 U.S. Mutual Funds and Exchange- Traded Products Alina Tarlea Senior Analyst Markets Research
More information3 Years Annualized. Annualized Years Annualized. 3 Years. Annualized
Equity Pool As of 12/31/2017 Equity Pool & Blended Benchmark YTD Equity Pool TR 22.73 5.89 22.73 Equity Benchmark 22.77 6.05 22.77 Equity Pool Holdings & Benchmarks YTD 10.51 10.53 13.60 6.63 13.81 7.21
More informationTransamerica Tactical Allocation. Monthly Dashboard February 2013
TRANSAMERICA TACTICAL ALLOCATION Transamerica Tactical Allocation Monthly Dashboard February 2013 Class A: TTAAX Class C: TTACX Class I: TTAIX Indicators Actual Allocations Positioning Expectations Risk
More informationMorningstar Direct SM Asset Flows Commentary: United States
Morningstar Direct SM Asset Flows Commentary: United States Morningstar Research 18 January 218 Data through. 31, U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Quantitative
More informationAre you better off with commission-free ETFs?
Are you better off with commission-free ETFs? James DiLellio, PhD Pepperdine University Phil Goldfeder, PhD Northwestern University Introduction Competition amongst discount brokers continues to reduce
More informationSchwab Diversified Growth Allocation Trust Fund (Closed to new investors) Institutional Unit Class As of June 30, 2017
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Allocation - 50-70% Equity Benchmark Global Growth Custom Index 1 Unit Class Inception Date 3/7/2012 Fund Inception
More informationColumbus Asset Allocation Report For Portfolio Rebalancing on
Columbus Asset Allocation Report For Portfolio Rebalancing on 2017-08-31 Strategy Overview Columbus is a global asset allocation strategy designed to adapt to prevailing market conditions. It dynamically
More informationMorningstar Direct SM U.S. Open-end Asset Flows Update
August 2012 Data through July 31 Morningstar Direct SM U.S. Open-end Asset Flows Update U.S. Open-End Funds Also inside: Extended tables... 3 Taxable Bond Funds continue to Rule the Roost by Kevin McDevitt,
More informationInvestment Research Team Update
Economic & Market Commentary Market Update February 2015 February was a great month for global stocks! The S&P 500 ( large cap stocks) was up 5.7% and small stocks (Russell 2000) gained 5.9%. The jobs
More informationCommunity Foundation of Northern Virginia - Pooled Investment Fund
//207 through 3/3/207 Quarterly Performance Report 207 Black Diamond Performance Reporting, LLC - 42008 Page of 3 Portfolio Overview Portfolio Value Summary Month Quarter Year to Date Last 2 Months Last
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
Portfolio A diversified 403(b) portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies
More informationMorningstar Direct SM U.S. Open-end Asset Flows Update
November 2012 Data through October 31 U.S. Open-End Funds Also inside: Extended tables... 4 Morningstar Direct SM U.S. Open-end Asset Flows Update Investors Continue Their Shift Toward Fixed Income by
More informationMorningstar Fee Level U.S. Methodology
? Morningstar Fee Level U.S. Methodology Morningstar Research 31 August 2017 Introduction The Morningstar Fee Level for mutual funds was developed to help investors compare an investment vehicle s relative
More informationA MarketRiders Special Report
A MarketRiders Special Report Aggregate Mutual Fund Fee Report US IRA Accounts 2009 1 www.marketriders.com Aggregate Mutual Fund Fee Report: US IRA Accounts 2009 As of September 30, 2009, US Households
More informationBenchmark Review September 30, 2017
September 0, 20 0 Std Dev s YTD Year Year Year Year Year Year 206 20 204 20 202 20 200 U.S. Equity Market Indexes S&P 00 2.06 4.48 4.24 8.6 0.8 4.22 6.4.44 0..96.8.69 2.9 6.00 2..06 S&P 00 Equal Weighted
More informationETF Allocation Portfolio ETF Diversified Income Portfolio
ETF Allocation Portfolio 2017-3 ETF Diversified Income Portfolio 2017-3 The unit investment trusts named above (the Portfolios ), included in Invesco Unit Trusts, Series 1799, each invest in a portfolio
More informationfi360 Tools: The fi360 Fiduciary Score Methodology for Mutual Funds and Exchange-Traded Funds Updated July 13, 2009
fi360 Tools: The fi360 Fiduciary Score Methodology for Mutual Funds and Exchange-Traded Funds Updated July 13, 2009 What is the fi360 Fiduciary Score? 2 Peer Groups and Share Classes 2 Calculating the
More informationMorningstar MPS Multi-Asset Real Return Range. Monthly Factsheets. For Financial Advisers and their Clients using Morningstar's Managed Portfolios
? Morningstar MPS Multi-Asset Real Return Range Monthly Factsheets For Financial Advisers and their Clients using Morningstar's Managed Portfolios Morningstar Investment Management Europe Limited 1 Oliver
More informationMorningstar MPS Multi-Asset Real Return Range. Monthly Factsheets. For Financial Advisers and their Clients using Morningstar's Managed Portfolios
? Morningstar MPS Multi-Asset Real Return Range Monthly Factsheets For Financial Advisers and their Clients using Morningstar's Managed Portfolios Morningstar Investment Management Europe Limited 1 Oliver
More informationMorningstar Fee Level U.S. Methodology
? Morningstar Fee Level U.S. Methodology Morningstar Research 31 October 2016 Introduction The Morningstar Fee Level for mutual funds was developed to help investors compare an investment vehicle s relative
More informationPRODUCT FACT SHEET. Bronze
Vanguard Australian Shares Index VAS VAS S&P / ASX 300 0.15% p.a. Vanguard Australian Shares Index Fund Index Information Aims to track the S&P / ASX 300 Index; The above index gives investors mid and
More informationPIMCO Global Optima Index
PIMCO Global Optima Index Dynamically Blending Global Equity and U.S. Fixed Income Markets to Help Deliver Upside Growth Potential Issued by American General Life Insurance Company (AGL), an American International
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationACE USA Employee Retirement Savings Plans
ACE USA Employee Retirement Savings Plans Annual Fee Disclosure Statement Important Information About Your Investment Options, Fees, and Other Expenses as of June 2014 ACE USA Employee Retirement 401(k)
More informationGlobal Allocation Fund
INST: MALOX A: MDLOX C: MCLOX K: MKLOX Allocation Fund Morningstar Analyst Rating Scour the world to reach your goals Think outside the (style) box: Broaden your universe to find opportunities. Morningstar
More informationMorningstar Direct SM Asset Flows Commentary: United States
Morningstar Direct SM Asset Flows Commentary: United States Morningstar Research 21 March Data through. 28, U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Quantitative Research
More informationThrough March, the 2012
Model Mutual Fund and ETF Portfolios: Choosing a Benchmark Isn t Easy By James B. Cloonan Through March, the 2012 equity market has been a friendlier place than we have seen for a while. The S&P 500 index
More information2017 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE
MD Family of Funds 2017 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE DISCLOSURE This annual management report of fund performance contains financial highlights but does not contain the complete annual
More informationMorningstar Direct SM Asset Flows Commentary: United States
Morningstar Direct SM Asset Flows Commentary: United States Morningstar Research 15 March 2017 Data through Feb. 28, 2017 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Quantitative
More informationExchange-Traded Funds
Exchange-Traded Funds US ETF Weekly Update - Weekly Flows: $272 Million Net Inflows - Seventh Consecutive Week of Net Inflows - ETF Assets Stand at $1.5 Trillion, up 14% YTD - Two ETF Launches Last Week
More informationFourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More informationMorningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 17 June 2015 Data through May 31, 2015 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Markets Research
More informationAsset Allocation and Holdings Guide
Asset Allocation and Holdings Guide Quantitative Advantage, LLC, 10400 Yellow Circle Drive, Suite 303, Minnetonka, MN 55343 866-767-8007 toll-free www.qainvest.com QA GLOBAL EQUITY Seeks long-term growth
More informationMorningstar Direct SM Asset Flows Commentary: Europe
June 2018 Data through 31 May Morningstar Direct SM Asset Flows Commentary: Europe EU troubles and emerging-markets jitters prompt investors exit from equity and bond funds. By Valerio Baselli and Ali
More informationMorningstar Fee Level Methodology
? Morningstar Fee Level Methodology Morningstar Methodology 30 September 2017 Contents 2 Category Groupings Morningstar Fee Level 6 Broad 7 Distribution 10 Variable Products Introduction The Morningstar
More informationTEL FAX cookstreetconsulting.com
TEL 303.333.7770 1.800.318.7770 FAX 303.333.7771 cookstreetconsulting.com Contents 1 Market Review 2 Plan Overview 3 Investment Due Diligence Appendix Appendix 3 1 Market Review 5 Q2 2017 Economic Review
More information2018 CAPITAL GAINS DISTRIBUTION ESTIMATES
2018 CAPITAL GAINS DISTRIBUTION ESTIMATES Estimated amounts of upcoming capital gain distributions are shown below. Estimated distributions can change prior to the record date depending on current market
More informationExchange-Traded Funds
Exchange-Traded Funds US ETF Weekly Update - Weekly Flows: $5.2 Billion Net Inflows - ETF Assets Stand at $1.4 Trillion, up 8% YTD - One ETF Launch NORTH AMERICA MICHAEL JABARA Michael.Jabara@mssb.com
More informationQXRR Fund Profile. Liquidity. QuantX Risk Managed Real Return ETF. Allocation Category Real Assets & Commodities
QRR Fund Profile Quant Risk Managed Real Return ETF Allocation Category Real Assets & Commodities Strategy Overview Quant Risk Managed Real Return is a liquid compliment to a core real asset allocation
More informationQuarter Ending September 30, Charles Schwab & Co., Inc. (Member SIPC). All rights reserved. (1216-RV17)
Quarter Ending September 30, 2016 The Schwab Self-Directed Brokerage Account Indicators Key Schwab Observations for the Third Quarter 2016: Participant Summary The major stock markets delivered a strong
More informationSINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS December 31, 2014
SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS Total Net Fund Inflow Slid, Bond Funds Encountered A Significant Net Outflow In 4Q2014 Unit trusts registered for sale in Singapore, in aggregate, registered
More informationQuarter Ending September 30, Charles Schwab & Co., Inc. (Member SIPC). All rights reserved. ( )
Quarter Ending September 30, 2015 An industry-leading benchmark on retirement plan participant investment activity within self-directed brokerage accounts Table of Contents: Key Schwab Observations for
More informationJuly J.P. Morgan Structured Investments. The J.P. Morgan Efficiente Plus 5 Index (Net ER) Strategy Guide
July 2017 J.P. Morgan Structured Investments The J.P. Morgan Efficiente Plus 5 Index (Net ER) Strategy Guide Important Information The information contained in this document is for discussion purposes
More informationBrexit and Market Implications Special Commentary & Webinar
Brexit and Market Implications Special Commentary & Webinar June 27, 2016 SR# 904360 Today s Speakers Envestnet PMC Zachary Karabell Head of Global Strategy, Envestnet As Head of Global Strategy, Mr. Karabell
More informationMorningstar Direct SM Asset Flows Commentary: United States
? Morningstar Direct SM Asset Flows Commentary: United States Morningstar Research May 2018 Data through April 30, 2018 U.S. Mutual Funds and Exchange- Traded Products Kevin McDevitt Senior Analyst +1
More information2018 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE
MD Family of Funds 2018 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE DISCLOSURE This interim management report of fund performance contains financial highlights but does not contain the complete interim
More informationGlobal ETF Assets Break Through $1 Trillion Milestone
Contact: Media: Media: Christine Hudacko Caroline Hancock Christine.hudacko@BlackRock.com Carolyn.hancock@BlackRock.com +1-415-67-2687 +44-2-7668-8649 ETF Research contact: Deborah Fuhr, Global Head of
More informationMorningstar Direct SM U.S. Open-End Asset Flows Update
August 2014 Data through July 31 Morningstar Direct SM U.S. Open-End Asset Flows Update U.S. Open-End Funds Continue to Shift From U.S. Equity to Taxable Bonds by Alina Tarlea, Sr. Markets Research Analyst
More informationETF Portfolios. Affected Portfolios Aggressive Growth Growth Moderate Growth Income and Growth Conservative
Traded on August 21, 2013 For Financial Advisor and Current Client Use Only Morningstar Investment Services, Inc. ETF Portfolios Affected Portfolios Aggressive Growth Growth Moderate Growth Income and
More informationSINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS June 30, 2016
SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS Total Net Fund Flows Continues to be Negative for Q2 2016; Equity Funds Suffer the Biggest Net Outflows Unit trusts registered for sale in Singapore reported
More informationFund Flows Monthly Market Summary: US Open-end ex MM ex FoF
Morningstar Direct SM Release Date: 2009-12-09 Page 1 of 5 1-Mo YTD 1 Large Blend (1,970) (2,653) 5,504 6,545 899 13.31 683 13.74 5.28 25.10 2 Large Growth (2,686) (6,585) (19,790) (23,500) 728 10.77 567
More informationThe Duke University Faculty and Staff Retirement Plan
Required Disclosure Information The Duke University Faculty and Staff Retirement Plan Participant Disclosure Notice IMPORTANT PLAN AND INVESTMENT-RELATED INFORMATION FOR PLAN ACCOUNTS ESTABLISHED WITH
More informationQuarter Ending June 30, Charles Schwab & Co., Inc. (Member SIPC). All rights reserved. ( )
Quarter Ending June 30, 2016 An industry-leading benchmark on retirement plan participant investment activity within self-directed brokerage accounts Table of Contents: Key Schwab Observations for Quarter
More informationTIME TARGETED EQUITY PORTFOLIOS
TIME TARGETED EQUITY PORTFOLIOS 1 3 Year 4 6 Year Equity 7 15 Year 15+ Year Global Diversification Exposure to a large number of securities around the world reduces the risk that any one stock or any one
More informationNorth Carolina Supplemental Retirement Plans. Performance Review First Quarter 2017
North Carolina Supplemental Retirement Plans Performance Review First Quarter 2017 Asset Allocation Summary Current Asset Allocation As of March 31, 2017 Prior Period Asset Allocation As of December 31,
More informationSchwab Diversified Growth Allocation Trust Fund
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Global Asset Allocation Benchmark Global Growth Custom Index 1 Unit Class Inception Date 11/21/2012 Fund Inception Date 3/7/2012
More informationMorningstar Direct SM U.S. Asset Flows Update
Sept 2014 Data through Aug 31 U.S. Mutual Funds and Exchange- Traded Products Also inside: Extended tables 7 Morningstar Direct SM U.S. Asset Flows Update So Much for the Great Rotation by Michael Rawson,
More informationMorningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 16 July 2015 Data through June 30, 2015 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Markets Research
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More informationTrade Log Combination Portfolios
HIDDEN TEXT TO MARK THE BEGINNING OF THE TABEL OF CONTENTS Trade Log Combination Portfolios LPL Financial Research As of April 10, 2017 Table of Contents Absolute Return Diversified Plus: Tactical........
More informationEconomic Overview First Quarter Partnering With Families To Make Life Better
Economic Overview First Quarter 2018 Partnering With Families To Make Life Better Market Summary Data Through March 31, 2018 Last 3 Months Last 12 Months Last 5 Years Last 10 Years Last 15 Years FIXED
More informationKeeping Up With Changes In Emerging Market ETFs
Keeping Up With Changes In Emerging Market ETFs March 19, 2013 by Jun Zhu of Leuthold Weeden Capital Management In this report, we highlight benchmark changes in a major player, a potential substitute
More informationLazard/Wilmington Capital Allocator Managed Global Equity Portfolio Annual Report With Report of Independent Auditors December 31, 2017
Lazard/Wilmington Capital Allocator Managed Global Equity Portfolio Annual Report With Report of Independent Auditors Table of Contents Page Report of Independent Auditors 1 Portfolio of Investments 2
More informationWith Rates Retreating, Bonds Back in Fashion
Defensive ETFs: December U.S. ETF 2011 Flows: Performance May 2014 FINANCIAL PRODUCTS RESEARCH ETF RESEARCH January & STRATEGY 9, 2011 U.S. ETF flows were $12.7 billion in May representing 0.7% of assets
More informationPrudential Premier Retirement Variable Annuity B Series SM
Prudential Premier Retirement Variable Annuity B Series SM Portfolio Analysis Customized for: Joe Client Prepared by: John Q. Doe Firm name: Prudential Annuities Date Prepared: February 25, 2011 Pg. 1
More informationETF portfolio review, 30th September ETF portfolios with ESG overlay. market overview. portfolio performance
ETF portfolio review, 30th September 2017 market overview All our ETF portfolios performed better than s in September and all portfolios bar fixed-income continued to add to their gains year-to-date. Our
More informationThe Future of Globalization
The Future of Globalization Isabelle Mateos y Lago, Chief Multi-Asset Strategist BlackRock Investment Institute Saturday, 18 th November 2017 Globalization has created a broader opportunity set for asset
More informationThe power of low cost diversified investing
The power of low cost diversified investing Robin Bowerman Head of Corporate Affairs, Vanguard Australia YOUR SELF-MANAGED SUPER SHOW event partner The case for indexing When trillions of dollars are managed
More informationNOTICE TO HOLDERS OF SHARES OR UNITS IN THE FOLLOWING FUNDS
NOTICE TO HOLDERS OF SHARES OR UNITS IN THE FOLLOWING FUNDS Dear unit-holder or shareholder, Paris, 18 January 2018 The Management Company has decided to change the names of the funds shown in the table
More informationLazard/Wilmington Capital Allocator Managed Global Diversified Portfolio Annual Report With Report of Independent Auditors December 31, 2017
Lazard/Wilmington Capital Allocator Managed Global Diversified Portfolio Annual Report With Report of Independent Auditors Table of Contents Page Report of Independent Auditors 1 Portfolio of Investments
More information2017: Important Information for Individuals about Foreign Tax Paid
IMPORTANT TAX INFORMATION 2017: Important Information for Individuals about Tax Paid The Fidelity funds listed below paid taxes outside the United States on income from foreign investments during 2017.
More informationMorningstar Advisor Workstation
Morningstar Advisor Workstation Selecting a Benchmark Below outline s the applicable benchmarks to use for each CIFSC categories. These investments can be used to compare investments in Graphs, Portfolios
More informationshariah ACTIVELY MANAGED low cost ethical comparing Children s Individual Savings Accounts
ACTIVELY MANAGED low cost shariah ethical comparing Children s Individual Savings ounts Provided by Embark Investment Services limited Updated October 2017 Actively Managed Whichever Children's ISA investment
More informationMorgan Stanley ETF-MAP 2 Index Information
Morgan Stanley ETF-MAP 2 Index Information Investing in instruments linked to the Morgan Stanley ETF-MAP 2 Index involves risks not associated with an investment in other instruments. See Risk Factors
More information2018 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE
MD Family of Funds 2018 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE DISCLOSURE This interim management report of fund performance contains financial highlights but does not contain the complete interim
More informationfund range For financial advisers only November 2015
Flexible Investment Account fund range November 2015 For financial advisers only This document was last reviewed in November 2015. Please confirm with your financial adviser that this is the most up-to-date
More informationSINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS December 31, 2016
SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS Total Net Fund Flows Turn Negative for Q4 2016; Bond Funds Continue to Gain the Biggest Net Inflows Unit trusts registered for sale in Singapore reported
More informationEric C. Elbell, CFA, CAIA Area Senior Vice President. Kyongdo Min, CPA, CFA Area Vice President. April 11, 2018
Eric C. Elbell, CFA, CAIA Area Senior Vice President Kyongdo Min, CPA, CFA Area Vice President April 11, 2018 Agenda We will address three key topics: Headline events that impacted markets during the quarter
More informationTarget Retirement Performance Update
Target Retirement Update Q1 2017 CIT Strategy Highlights As of March 31, 2017 The State Street Target Retirement Collective Trust Strategies posted quarterly returns ranging from +2.44% (Income Strategy)
More informationQuarter Ending March 31, Charles Schwab & Co., Inc. (Member SIPC). All rights reserved.
Quarter Ending March 31, 2016 2016 Charles Schwab & Co., Inc. (Member SIPC). All rights reserved. The Schwab Self-Directed Brokerage Account Indicators Key Schwab Observations for the First Quarter 2016:
More informationDUKE UNIVERSITY FACULTY AND STAFF RETIREMENT PLAN Plan Number Plan Information as of 03/26/2015
DUKE UNIVERSITY FACULTY AND STAFF RETIREMENT PLAN Plan Number 091156 Plan Information as of 03/26/2015 This legally required notice includes important information to help you compare the investment options
More informationExchange-traded funds ETF Flows - 2Q15 2 July 2015
ETF Flows - 2Q15 2 July 2015 CIO WM Research David Perlman, ETF Strategist, david.perlman@ubs.com This report highlights quarterly ETF flows by issuer and market segment. Flow estimates are obtained through
More informationTransamerica Tactical Rotation. Monthly Dashboard February 2014
TRANSAMERICA TACTICAL ROTATION Transamerica Tactical Rotation Monthly Dashboard February 2014 Class A: ATTRX Class C: CTTRX Class I: ITTOX Expectations Indicators Actual Allocations Positioning Risk Portfolio
More informationDiversification Opportunities From Capturing China as an Asset Class An Overview of the KraneShares MSCI All China Index ETF (Ticker: KALL)
KALL 9/30/2018 Diversification Opportunities From Capturing as an Asset Class An Overview of the KraneShares MSCI All Index ETF (Ticker: KALL) Info@kraneshares.com Diversification may not protect against
More informationMorningstar Direct SM U.S. Open-End Asset Flows Update
September 2013 Data through Aug. 31 U.S. Open-End Funds Also inside: Extended tables... 5 Morningstar Direct SM U.S. Open-End Asset Flows Update Bond Investors Not Waiting for the Music to Stop by Michael
More informationSINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS March 31, 2014
SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS Total Negative Net Fund Flow Continues, Equity Funds Enjoyed Its Privilege For Net Inflows in 1Q2014 Unit trusts registered for sale in Singapore, in aggregate,
More informationMorningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 15 June 2016 Data through May 31, 2016 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Markets Research
More information2017 Estimated capital gains distributions as of 11/17/17
2017 Estimated capital gains distributions as of 11/17/17 The following pages list estimated capital gain payments for the Deutsche funds, payable to shareholders as of the dates indicated. These estimates
More informationInvesco third quarter 2017 results
Invesco third quarter 2017 results Martin L. Flanagan President and Chief Executive Officer Dan Draper Global Head of ETFs Loren M. Starr Chief Financial Officer October 26, 2017 Forward-looking statements
More informationSINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS September 30, 2016
SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS Total Net Fund Flows Turn Positive for Q3 2016; Bond Funds Gain the Biggest Net Inflows Unit trusts registered for sale in Singapore reported net inflows
More informationSINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS DECEMBER 31, 2017
SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS DECEMBER 31, 2017 Total Net Fund Flows for Q4 2017 Still Positive, Bond Funds Experience a Seventh Consecutive Quarter of Net Inflows Unit trusts registered
More information