Snapshot: Advanced Beta. Beyond Active and Passive. A research report sponsored by State Street Global Advisors.
|
|
- Silas Stephen Blankenship
- 5 years ago
- Views:
Transcription
1 Snapshot: THE STATE OF Advanced Beta IN EUROPE Beyond Active and Passive A research report sponsored by State Street Global Advisors.
2 Advanced Beta is the Latest Stage in the Evolution of Indexing As the distinction between active and passive investing begins to merge, Advanced Beta strategies are experiencing unprecedented growth. Morningstar Investment Consulting France analyses the current fund landscape in Europe. Advanced Beta, sometimes also referred to as smart beta, has quickly established itself in today s investment universe and these innovative approaches have proliferated in recent years. Generically, these are rules-based, transparent investment processes that look to isolate factors that have been shown to outperform market-cap-weighted indexes over time. The majority of these indexes seek to enhance returns or minimize risk relative to a traditional market-cap-weighted benchmark. Others seek to address certain oft-cited drawbacks of standard benchmarks such as concentration in equity cap-weighted indexes or the overweighting of the most indebted issuers that is prevalent in market-cap-weighted fixed income benchmarks. These strategies can exploit many of the same sources of return (e.g. size, value, quality, momentum) that active managers target or seek to mitigate risk in a similar manner.
3 Advanced Beta Funds are Gaining Popularity in the Market In early 2015 Morningstar conducted an in-depth analysis of the European Advanced Beta listed fund universe on behalf of State Street Global Advisors. This analysis uses the Morningstar taxonomy for grouping open-ended funds into Advanced Beta categories to give a unique look into the current European landscape for these funds. Initially developed for institutional needs and available under mandate or dedicated funds formats, the industry has moved to the next stage with Advanced Beta offering increasing numbers of open-ended funds. Advanced Beta funds in Europe have grown both in absolute numbers and by assets gathered. Sophisticated investors have been using Advanced Beta for quite some time but the range of accessible Advanced Beta funds in Europe has seen incredible growth in recent years. The number of Advanced Beta funds is growing almost as quickly as research firms can come up with new strategies and new indexes to track. At least some of their growth can be attributed to rising doubts about the effectiveness of active management and awareness around some of the weaknesses of market cap-weighting. But Advanced Beta indexes are not designed to replace traditional marketcapitalization-based indexes. Rather, they are a complement to the existing indexes and active strategies available to investors, allowing for finer cuts on market exposure, factor exposure and portfolio-weighting approaches. They re a new key on the piano for investors. In the following pages we demonstrate just how extensively this area has grown, where the current focus is and give insight into where it is likely to be in the near future. State Street Global Advisors 3
4 Snapshot: The State of Advanced Beta in Europe The Most Popular Asset Classes Advanced Beta is a market clearly driven by equity: with almost 62 billion in equity via 246 funds, the size of the entire category the year before. Over 85% of total assets are invested in these products. AUM in this category grew 39% versus 2013 year-end levels, after equally impressive growth in previous years. Number of funds Assets in bn Market share (%) Global Broad Category Equity Commodities Fixed Income Alternative Allocation Miscellaneous Total Equity Funds Commodities Fixed Income Alternative Allocation 3 Miscellaneous Advanced Beta Fund Numbers by Asset Class 2014
5 Recent Years Have Seen Tremendous Asset Growth Within European Funds From around 2004, with the development of fundamental index strategies, Advanced Beta truly began to grow aggressively. Before this period, some High Dividend strategies were available but the terms Smart or Advanced Beta were not then in widespread usage. The actual number of funds has almost tripled in 5 years: from 123 funds to 345 funds. Advanced Beta Growth by Asset Class bn No. of Funds Equity Commodities Fixed Income Alternative Allocation Miscellaneous Advanced Beta Growth by Asset Class Assets in bn Equity Commodities Fixed Income Alternative Allocation Miscellaneous Total Number of funds Equity Commodities Fixed Income Alternative Allocation Miscellaneous Total State Street Global Advisors 5
6 Snapshot: The State of Advanced Beta in Europe Growth Galvanised After the Global Financial Crisis Interest in Advanced Beta was further fuelled by the Global Financial Crisis. The Crisis prompted many investors to become more focused on controlling risks rather than simply maximising their returns. While there is no one, single reason that explains the recent rise of these strategies, their growth is often attributed to rising doubts about the effectiveness of active management, the ever-increasing desire to keep a lid on investment management fees, and investors growing awareness of the weaknesses of market-cap weighting. Advanced Beta Asset Class Growth By Euro Post-GFC bn bn 22bn 25bn 38bn 52bn 73bn By Fund Numbers Post-GFC Number of Funds Equity Commodities Fixed Income Alternative Allocation Miscellaneous Source: Morningstar, as of 31/12/14
7 Europe leads the way on Advanced Beta. Advanced Beta in Europe has seen explosive growth in recent years, from less than 2 billion in 2004 to nearly 73 billion at end December An increase of 3550 % in a decade. As at end December BILLION is invested in 345 FUNDS from 2009 to % 181 up up value of assets % number of funds State Street Global Advisors 7
8 Snapshot: The State of Advanced Beta in Europe Which Strategies are the Most Popular? Under Morningstar classification the most popular strategies in Europe are Low Volatility/Equal Weight. There was more than 26 billion invested in 106 funds, as at the end of Next come Dividend and Fundamental Weight strategies, with over 22 billion and 18 billion, respectively. In terms of number of funds, however, the Fundamental Weight strategies had nearly 1.5 times more funds than dividend strategies (97 vs 68). Despite a relatively significant number of funds (43) the enhanced futures strategy collected only 1.83 billion in assets less than the maximum diversification strategy, with a mere 13 funds available for sale. Assets by Advanced Beta Strategy 2013 vs 2014 Number of funds Assets in bn Market share (%) Advanced Beta Strategy Low Volatility / Equal Weight Dividend Fundamental Weight Enhanced Futures Strategy Maximum Diversification Value Growth Total Market Share by Advanced Beta Strategies Advanced Beta Market Share 2014 by Assets Low Volatility/ Equal Weight Dividend Fundamental Weight Maximum Diversification Enhanced Futures Strategy Value Growth 26.2 bn 22.7 bn 18.1 bn 2.6 bn 1.8 bn 1.2 bn 0.1 bn by Fund NUMBER Source: Morningstar, as of 31/12/14
9 Advanced Beta Fund Asset Growth bn No. of Funds Growth in AUM AUM growth in these strategies shows a strong upward trend suggesting that far from being a passing fad, Advanced Beta strategies are a strong global trend that is here to stay Low Volatility / Equal Weight Dividend Fundamental Weight Low Volatility / Equal Weight Maximum Diversification Recent Growth in Advanced Beta AUM bn Enhanced Futures Strategy Maximum Diversification Value Growth Jan Jun Dec Jan Jun Dec Jan Jun Dec Source: Morningstar. Data as of 31/12/2014 State Street Global Advisors 9
10 Snapshot: The State of Advanced Beta in Europe Deep Dive on Equity With investors attention clearly heavily focused on the sector, we take a closer look at the Equity category, the largest constituent of Advanced Beta by assets and number of funds. Advanced Beta Strategy 2014 Equity Assets Low Volatility/ Equal Weight Dividend Fundamental Weight Maximum Diversification Value Enhanced Futures Strategy Growth 22.9 bn 22.7 bn 11.8 bn 2.6 bn 1.2 bn 0.5 bn 0.1 bn Equity Funds Source: Morningstar, as of 31/12/14 Global Broad Category: Equity Asset and Fund Numbers by Advanced Beta Strategy 2014 Assets in Bn Market share (%) Rank by Assets Number of funds Market share (%) Rank by Funds Low Volatility / Equal Weight Dividend Fundamental Weight Maximum Diversification Value Growth Enhanced Futures Strategy Total Source: Morningstar, as of 31/12/14 A market driven by Equity At End of bn 85 % Number of Funds Assets Market Share
11 Conclusion Advanced Beta investing may still be considered by some to be at the pioneer stage but over recent years Advanced Beta funds have grown impressively in Europe, both in number and by assets gathered. Given current market sentiment and their recent performance, we expect that Advanced Beta funds will continue to proliferate. Demand for these funds has increased over the last couple of years and looks likely to continue to increase. Equity funds will continue to dominate the landscape but increasingly fixed income products are coming on stream. Expect also, in 2015 to see an increasing presence from new hybrids such as multifactor funds that combine factors such as low volatility, quality and value into one potent, effective package. Advanced Beta has come a long way, in a very short time but it s just the beginning of an exciting period of development for these funds. State Street Global Advisors 11
12 Snapshot: The State of Advanced Beta in Europe ssga.com The views expressed in this material are the views of the SSGA Investment Management through the period ended 31 December 2014 and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Past performance is not a guarantee of future results. Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Currency Risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged. Risk associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions. Investing in foreign domiciled securities may involve risk of capital loss from unfavourable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries. Investing involves risk including the risk of loss of principal. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA s express written consent. The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2004/39/EC) and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor s or potential investor s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Conduct Authority who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. The Advanced Beta solution is a concept for discussion purposes only. The information provided herein does not constitute investment advice and is not a solicitation. It does not take into account any investor s particular investment objectives, risk tolerance, or financial and tax status. Diversification does not ensure a profit or guarantee against loss. Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond values and yields usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. Investing in commodities entail significant risk and is not appropriate for all investors. Commodities investing entail significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates. State Street Global Advisors 2015 State Street Corporation. All Rights Reserved. ID2908-EUMKT Exp. Date: 31/01/2016
Why Use Smart Beta in DC?
Smart Beta for DC Smart Beta for DC Why Use Smart Beta in DC? Increasing numbers of our DC clients are looking to us to help them use smart beta solutions in their schemes. Offering improved risk-adjusted
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 informationTIMEWISE TARGET RETIREMENT FUNDS. Guiding workplace savers to better retirement outcomes
TIMEWISE TARGET RETIREMENT FUNDS Guiding workplace savers to better retirement outcomes T ACTUAL DECISIONS AT RETIREMEN THE NEW RETIREMENT JOURNEY The concept of retirement remains constant. The reality
More informationSmart Beta: Unlocking New Investment Opportunities
Smart Beta: Unlocking New Investment Opportunities Ana Paula Harris State Street Global Advisors FOR INVESTMENT PROFESSIONAL USE ONLY. Not for use with the public. All the information contained in this
More informationREDUCE RISK TARGET RETURNS. Diversified Strategies for DC
REDUCE RISK TARET RETURNS Diversified Strategies for DC Diversified Strategies for DC WHY DIVERSIFY? any defined contribution (DC) schemes aim to help members target more stable performance and counter
More informationBuilding an Income Portfolio: Time for a New Approach?
Building an Income Portfolio: Time for a New Approach? With market volatility and low interest rates set to persist for some time, investors may have to rethink their income strategy to adapt to this new
More informationFactor 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 informationState Street Global Equity Fund Why Smart Equity Investors Continue to Look for Value
Market Commentary July 2018 State Street Global Equity Fund Why Smart Equity Investors Continue to Look for Value Ample evidence demonstrates the long-term efficacy of value investing. As with any investment,
More informationDebunking Myths & Common Misconceptions of ETFs
Debunking Myths & Common Misconceptions of ETFs April 2015 Even as ETFs have grown in popularity, there is a still a great deal of misunderstanding over how they are structured and regulated, how they
More information7 Essential Tips for Managing Currency Risk
7 Essential Tips for Managing Currency Risk At a Glance Investing offshore gives you access to a larger and more varied investment universe, with opportunities for growth and income that are simply unavailable
More informationHow to evaluate factor-based investment strategies
A feature article from our U.S. partners INSIGHTS SEPTEMBER 2018 How to evaluate factor-based investment strategies Due diligence on smart beta strategies should be anything but passive Original publication
More informationINSIGHTS. The Factor Landscape. August rocaton.com. 2017, Rocaton Investment Advisors, LLC
INSIGHTS The Factor Landscape August 2017 203.621.1700 2017, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY Institutional investors have shown an increased interest in factor investing. Much of the
More informationCIBC EXCHANGE TRADED FUNDS. Strategic, low-cost solutions for your investment portfolio
CIBC EXCHANGE TRADED FUNDS Strategic, low-cost solutions for your investment portfolio Why Consider ETFs? Similar to mutual funds, exchange traded funds (ETFs) provide an easy-to-use, low-cost way to invest
More informationIN THE KNOW. Transaction Costs and What They Mean
IN THE KNOW Transaction Costs and What They Mean In the Know. Transaction Costs and What They Mean As investment managers, we occupy the privileged position of being trusted with people s money. With trust
More informationTAKE CONTROL OF YOUR INVESTMENT DESTINY Increasing control over your investments.
TAKE CONTROL OF YOUR INVESTMENT DESTINY Increasing control over your investments. Challenge for Investors Case for Factor-based Investing What Next? The Real World Economic and Market Outlooks are Constrained
More informationGetting Smart About Beta
Getting Smart About Beta December 1, 2015 by Sponsored Content from Invesco Due to its simplicity, market-cap weighting has long been a popular means of calculating the value of market indexes. But as
More informationLazard Insights. Distilling the Risks of Smart Beta. Summary. What Is Smart Beta? Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst
Lazard Insights Distilling the Risks of Smart Beta Paul Moghtader, CFA, Managing Director, Portfolio Manager/Analyst Summary Smart beta strategies have become increasingly popular over the past several
More informationDebunking Myths & Common Misconceptions of ETFs
Debunking Myths & Common Misconceptions of ETFs July 2017 Even as ETFs have grown in popularity, there is a still a great deal of misunderstanding over how they are structured and regulated, how they trade,
More informationSmart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation
More informationAn All-Cap Core Investment Approach
An All-Cap Core Investment Approach A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all figures are based in USD. 1 What is an All-Cap Core Approach An All-Cap Core investment
More informationPassive vs. Active Management in Singapore and Beyond
Passive vs. Active Management in Singapore and Beyond Why Exchange Traded Funds (ETFs) provide time-tested advantages over actively managed funds in Singapore and beyond. EXECUTIVE SUMMARY Passive management,
More informationBATSETA Durban Mark Davids Head of Pre-retirement Investments
BATSETA Durban 2016 Mark Davids Head of Pre-retirement Investments Liberty Corporate VALUE Dividend yield Earning yield Key considerations in utilising PASSIVE and Smart Beta solutions in retirement fund
More informationSeeking higher returns or lower risk through ETFs
Seeking higher returns or lower risk through ETFs BROUGHT TO YOU BY: Contents Seeking higher returns or lower risk through ETFs Factors and the rise of smart beta Reducing risk through smart beta strategies
More informationSmart Beta: Index Investing, Evolved
Franklin LibertyShares TM Topic Paper November 2017 Smart Beta: Index Investing, Evolved Global investing literally and figuratively is foreign to many US investors. That s why some have taken a passive
More informationWhy and How to Pick Tactical for Your Portfolio
Why and How to Pick Tactical for Your Portfolio A TACTICAL PRIMER Markets and economies have exhibited characteristics over the past two decades dissimilar to the years which came before. We have experienced
More informationInvestment Management Philosophy
Investment Management Philosophy Executive Overview The investment marketplace has grown increasingly complex and unpredictable for individual investors. This reality may make it difficult for many people
More informationCORE 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 informationFactor Investing. Fundamentals for Investors. Not FDIC Insured May Lose Value No Bank Guarantee
Factor Investing Fundamentals for Investors Not FDIC Insured May Lose Value No Bank Guarantee As an investor, you have likely heard a lot about factors in recent years. But factor investing is not new.
More informationOptimising Asset Allocation with Exchange Traded Funds (ETFs)
Optimising Asset Allocation with Exchange Traded Funds (ETFs) Well-informed investors are discovering what institutional investors have long understood: asset allocation, not security selection, is the
More informationABF Pan Asia Bond Index Fund (2821) An ETF listed on the Stock Exchange of Hong Kong
Important information: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iboxx ABF
More informationNavigating the ETF Landscape
Navigating the ETF Landscape Daniel Prince, CFA Director, Head of ishares Product Consulting May 3, 2017 Agenda What are Exchange Traded Funds (ETFs) What is driving ETF usage ETF trends and innovation
More informationSpotting Passive Investment Trends: The EDHEC European ETF Survey
Spotting Passive Investment Trends: The EDHEC European ETF Survey Felix Goltz Head of Applied Research, EDHEC-Risk Institute Research Director, ERI Scientific Beta This research has been carried out as
More informationAsset Allocation Portfolios
Asset Allocation Portfolios Christopher Eckert Senior Vice President Wealth Management Senior Portfolio Manager Financial Advisor 320 Post Road West Westport, CT 06880 phone: 203-222-4057 toll-free: 866-740-7841
More informationComparing Exchange Traded Funds to Mutual Funds and Stocks and Bonds
ETFs 101 Comparing Exchange Traded Funds to Mutual Funds and Stocks and Bonds In an era when investment options may appear endless, the growing popularity of Exchange Traded Funds (ETFs) has taken the
More informationRBC GAM Fundamental Series RBC Global Asset Management
Hiding In Plain Sight: The Untapped Potential of Emerging Market Small Caps RBC GAM Fundamental Series RBC Global Asset Management Hiding in Plain Sight: The Untapped Potential of Emerging Market Small
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationLegal & General Index Solutions
FOR PROFESSIONAL INVESTORS ONLY Legal & General Index Solutions More than just market returns Our proven philosophy, scale, expertise and product breadth help to provide the high-value efficient indexing
More informationINTRODUCING MSCI FACTOR INDEXES
INTRODUCING MSCI FACTOR INDEXES msci.com ELEMENTS OF PERFORMANCE TM Factors by MSCI Factors are the building blocks of many portfolios the elements capable of turning data points into actionable insights.
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationGLOBAL LISTED INFRASTRUCTURE
DECEMBER 2017 GLOBAL LISTED INFRASTRUCTURE A Case for Investing Jeremy Anagnos, CFA Chief Investment Officer - Infrastructure INTRODUCTION Listed appeals to investors in many ways. It has a history of
More informationHedge Fund Indices and UCITS
Hedge Fund Indices and UCITS The Greenwich Hedge Fund Indices, published since 1995, fulfill the three basic criteria required to become UCITS III eligible. The Indices provide sufficient diversification,
More informationThe Value of Dividends. Searching for Income in a Low-Rate Environment. The Value of Dividends. Highlights. Long-Term Total Return Driver
The Value of Dividends The Value of Dividends Searching for Income in a Low-Rate Environment Matt Oldroyd, CFA, American Century Investments Vice President, Client Portfolio Manager, Value Equities Highlights
More informationBulletShares ETFs An In-Depth Look at Defined Maturity ETFs. I. A whole new range of opportunities for investors
BulletShares ETFs An In-Depth Look at Defined Maturity ETFs I. A whole new range of opportunities for investors As the ETF market has evolved, so too has the depth and breadth of available products. Defined
More informationWisdomTree SMART BETA
WisdomTree SMART BETA 2 In the past two decades, exchange traded funds (ETFs) have exploded onto the investment scene. New ETFs are coming to market all the time. And although ETFs still represent a much
More informationETFs: 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 informationSmart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance For the first two months of Q1, US outperformed the broader market by nearly 5%. However, as 10-year Treasury yields and inflation expectations came
More informationMAX FACTOR. Rather than simply weighting stocks by SMART BETA INVESTING IN DC
MAX FACTOR SMART BETA INVESTING IN DC Factor investing, or Smart Beta, is providing a new frontier for DC schemes to address a range of investing needs. Improved diversification and better risk-adjusted
More informationNEW SOURCES OF RETURN SURVEYS
INVESTORS RESPOND 2005 NEW SOURCES OF RETURN SURVEYS U.S. and Continental Europe A transatlantic comparison of institutional investors search for higher performance Foreword As investors strive to achieve
More informationETF s Top 5 portfolio strategy considerations
ETF s Top 5 portfolio strategy considerations ETFs have grown substantially in size, range, complexity and popularity in recent years. This presentation and paper provide the key issues and portfolio strategy
More information9 Questions Every ETF Investor Should Ask Before Investing
9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? An exchange-traded fund (ETF) is a pooled investment vehicle with shares that can be bought or sold throughout the day on a
More informationETFs: Asian Institutions Broaden Applications
Q1 Month 20172015 Cover Headline Here (Title Case) ETFs: Asian Institutions Broaden Applications Cover subhead here (sentence case) CONTENTS 3 Executive Summary 4 New Users, Bigger Allocations 6 The ETF
More informationETFs as Investment Options in DC Plans CONSIDERATIONS FOR PLAN SPONSORS
PRICE PERSPECTIVE August 2017 In-depth analysis and insights to inform your decision-making. ETFs as Investment Options in DC Plans CONSIDERATIONS FOR PLAN SPONSORS EXECUTIVE SUMMARY The exchange-traded
More informationSmart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance Factor performance diverged across regions in Q2. In the US, all factors with the exception of underperformed broad US equities. As volatility in
More informationZero Beta (Managed Account Mutual Funds/ETFs)
2016 Strategy Review Zero Beta (Managed Account Mutual Funds/ETFs) December 31, 2016 The following report provides in-depth analysis into the successes and challenges of the NorthCoast Zero Beta investment
More informationCI MOSAIC ETF PORTFOLIOS
CI MOSAIC ETF PORTFOLIOS Greater access. Greater potential opportunity Successful investing comes down to many things, including access to a broad range of investment options. Historically, mutual funds
More informationActive Strategies, Indexing and the Rise of ETFs
Q3 2017 Active Strategies, Indexing and the Rise of ETFs CONTENTS 2 Executive Summary 4 ETFs: A Global Phenomenon 5 Global Growth Trajectory 6 Active Strategies, Index Funds and the Continued Growth of
More informationTo us there are no foreign markets. Managed Portfolio Service. Dynamic solutions in an ever changing world
To us there are no foreign markets. Managed Portfolio Service Dynamic solutions in an ever changing world N38º41 58 W109º42 9 INVESTMENT OUTCOME NEW BEGINNINGS, USA Your world isn t confined to a single
More informationSTRATEGY OVERVIEW. Long/Short Equity. Related Funds: 361 Domestic Long/Short Equity Fund (ADMZX) 361 Global Long/Short Equity Fund (AGAZX)
STRATEGY OVERVIEW Long/Short Equity Related Funds: 361 Domestic Long/Short Equity Fund (ADMZX) 361 Global Long/Short Equity Fund (AGAZX) Strategy Thesis The thesis driving 361 s Long/Short Equity strategies
More informationThe Benefits and Uses of ETFs for the SMSF Investor
The Benefits and Uses of ETFs for the SMSF Investor The unique attributes and benefits of Exchange Traded Funds (ETFs) appeal to both institutional and individual investors. Typically structured like managed
More informationTarget Date Fund Selection: More Than Simply Active vs. Passive
Target Date Fund Selection: More Than Simply Active vs. Passive May 2018 Not FDIC Insured May Lose Value No Bank Guarantee INVESTMENT MANAGEMENT Table of Contents Executive Summary 2 Introduction 2 Glide
More informationVideo: GIC Wealth Management Perspectives
GLOBAL INVESTMENT COMMITTEE FEB.8, 2017 Video: GIC Wealth Management Perspectives Video: The Case for Active Management A new video takes a deep dive into the drivers of recent Active Manager underperformance
More informationETFs The new wave of acceptance
Public ETFs The new wave of acceptance March 2016 Discussion The new wave of acceptance Clear drivers of investment selection ETFs are growing in popularity among planners Australia use of ETFs continues
More informationCASH SEPARATELY MANAGED ACCOUNTS. Custom Cash Portfolios from a Global Leader
CASH SEPARATELY MANAGED ACCOUNTS Custom Cash Portfolios from a Global Leader CUSTOM CASH PORTFOLIOS DESIGNED TO MEET YOUR GOALS For today s global institutions, cash reserves help support a broad range
More informationFranklin Utilities Fund Advisor Class
Utilities Equity Product Profile Product Details 1 Fund Assets $5,726,572,437.83 Fund Inception Date 09/30/1948 Number of Issuers 45 NASDAQ Symbol FRUAX Maximum Sales Charge Investment Style Benchmark
More informationRedefining Indexing: Alternatives to Market-Cap Weighting
Redefining Indexing: Alternatives to Market-Cap Weighting Investors, and the advisors who serve them, are on the lookout for more efficient investment vehicles that have the potential to lower risk and
More informationActive vs. Passive Investing
Winter 2018 trustmarkinvestmentsadvisors.com Active vs. Passive Investing Index (Passive) investing has produced multiple benefits for investors The growth of index-tracking funds and exchange-traded funds
More informationWORLD DIVERSIFICATION FOR AN UNCERTAIN
DIVERSIFICATION FOR AN UNCERTAIN WORLD A wave of political uncertainty has proven challenging for markets and investors in recent months. For DC members, short-term volatility can be unsettling. We gathered
More informationSPDR Sector Scorecard
Sector investing is a powerful portfolio construction tool to enhance your core equity exposure. Our scorecard provides transparent and quantitative measurements of each sector s valuation, momentum, sentiment
More informationFranklin Utilities Fund Class A, C
Utilities Equity Product Profile Product Details 1 Fund Assets $5,788,850,628.56 Fund Inception Date 09/30/1948 Number of Issuers 43 Investment Style Benchmark Lipper Classification Morningstar Category
More informationTAKE CONTROL OF YOUR INVESTMENT DESTINY Increasing control over your investments.
TAKE CONTROL OF YOUR INVESTMENT DESTINY Increasing control over your investments. To appreciate the power of Factors, consider this: Humankind is formed from just 23 Chromosome pairs CMINST-13427 2 1 Yet,
More informationDiversified Multi-Asset Strategies in a Defined Contribution Plan
INSIGHTS Diversified Multi-Asset Strategies in a Defined Contribution Plan February 2016 203.621.1700 2016, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY * Traditional public equity and fixed income
More informationDeath, Taxes and Short-Term Underperformance: Emerging Market Funds
Death, Taxes and Short-Term Underperformance: Emerging Market Funds In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin March 2018 Since the Brandes Institute first
More informationJune Target date funds: Why the to vs. through analysis falls short and what you should be considering
June 2018 Target date funds: Why the to vs. through analysis falls short and what you should be considering Executive Summary Jake Gilliam Head Client Portfolio Strategist, Multi-Asset Strategies, Charles
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationIOOF Investments Reproduced with permission from Financial Planning magazine November 2016
IOOF Investments Reproduced with permission from Financial Planning magazine November 2016 Investing The X Factor Continued pressure on management fees and the need to generate excess returns in this low
More informationPERFORMANCE A NEW DIMENSION IN THE PURSUIT OF
A NEW DIMENSION IN THE PURSUIT OF PERFORMANCE By Nigel Aston, Head of European Defined Contribution, State Street Global Advisors For the retirement savings industry, helping clients and plan members to
More informationInvesco expanding suite of liquid alternatives with new mutual funds
Press Release For immediate release Invesco expanding suite of liquid alternatives with new mutual funds Delivering innovative alternative strategies to the retail marketplace backed by 30 years of experience
More informationSpecialist International Share Fund
Specialist International Share Fund Manager Profile January 2016 Adviser use only Specialist International Share Fund process process for this Fund is structured in the following steps: Step 1 Objectives:
More informationETF s Ask the Experts LIVE Q&A Questions
ETF s Ask the Experts LIVE Q&A Questions Which ETF asset classes have seen the largest flows YTD? Global Flows Ranked by Asset Class (USbn) Asset Class 2016 YTD Flows Equity 124.0 Fixed Income 108.8 Commodities
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 informationDC INVESTOR SURVEY. Biannual Report. Financial stress impedes employees ability to take action and hurts the corporate bottom line.
March 2015 DC INVESTOR SURVEY Biannual Report Financial stress impedes employees ability to take action and hurts the corporate bottom line i Investor Survey March 2015 ssga.com/definedcontribution About
More informationGlobal Convertible Bonds Investment Rationale
Marketing material for professional investors or advisers only Global Convertible Bonds Investment Rationale Strategy overview 10 year Schroders has been offering convertible bond strategies now for ten
More informationPlanning for College. A Guide For Advisors. Administered by Nevada State Treasurer Dan Schwartz E S TAT E VA D A
Planning for TH E S TAT E T R EA SURER Administered by Nevada State Treasurer Dan Schwartz OFFICE O F A Guide For Advisors 18 64 4 186 DIO ECETES CIVITAS NE VA D A We all want the best possible future
More informationBenefits & Uses of Ultra-Low-Cost Core ETFs
Benefits & Uses of Ultra-Low-Cost Core ETFs SPDR Portfolio ETFs The Importance of a Low-Cost Core A strong portfolio core should provide the vital support you need to pivot confidently in any direction
More informationExchange Traded Products: A Look Ahead
SEI RESEARCH BRIEF Exchange Traded Products: A Look Ahead The SEI Knowledge Partnership recently surveyed asset management executives to get their views on Exchange Traded Products (ETPs), such as Exchange
More informationhedge fund indexing September 2007
hedge fund indexing With a focus on delivering absolute returns, hedge fund strategies continue to attract significant and growing assets from institutions and high-net-worth investors. The potential costs,
More informationAddition Through Subtraction: Thinking Strategically About Managing Tax Liabilities
Strategic Advisory Solutions April 2015 Addition Through Subtraction: Thinking Strategically About Managing Tax Liabilities Maximizing returns is a key goal for most investors, but many overlook an important
More informationFranklin K2 Alternative Strategies Fund
Alternative FRANKLIN TEMPLETON INVESTMENT FUNDS Franklin K2 Alternative Strategies Fund A New Alternative for Today s Investor A New Alternative, a New Source of Returns Even with the subsequent recovery,
More informationGREENWICH ASSOCIATES. European Insurance Companies Find Many Uses for ETFs
GREENWICH ASSOCIATES European Insurance Companies Find Many Uses for ETFs CONTENTS Executive Summary 3 From Tactical to Strategic 3 Potential for Growth 4 An Efficient Tool for Equities 4 Fixed Income
More informationEquity Investing T. ROWE PRICE S GLOBAL STOCK FUND
FUND SPOTLIGHT November 2017 In-depth analysis and insights to inform your decision-making. Equity Investing T. ROWE PRICE S GLOBAL STOCK FUND David Eiswert Portfolio Manager, Global Stock Fund EXECUTIVE
More informationSMART BETA ASSET OWNER IMPLEMENTATION STRATEGIES FURTHER FINDINGS FROM RUSSELL INDEXES GLOBAL SMART BETA SURVEY RUSSELL INDEXES
SMART BETA ASSET OWNER IMPLEMENTATION STRATEGIES FURTHER FINDINGS FROM RUSSELL INDEXES GLOBAL SMART BETA SURVEY RUSSELL INDEXES DECEMBER 2014 Introduction In April 2014, Russell Indexes published the results
More informationdc for a Confronting the challenges of managing plans across multiple countries by nigel aston
Confronting the challenges of managing plans across multiple countries by nigel aston dc for a small planet Global companies increasingly provide defined contribution plans in many countries. A plan in
More informationThe Rise of Factor Investing
Aon Hewitt Retirement and Investment A paper from Aon s UK Investment Committee The Rise of Factor Investing How clients should invest Table of contents Key conclusions.... 3 Factor investing a reminder...
More informationSmart beta: 2017 global survey findings from asset owners
Smart beta: 2017 global survey findings from asset owners ftserussell.com [ Page intentionally left blank ] Contents 5 Introduction 6 Summary of key themes 8 Survey background 11 Section 1: Smart beta
More informationETF Research: Understanding Smart Beta KNOW Characteristics: Finding the Right Factors Research compiled by Michael Venuto, CIO
ETF Research: Understanding Smart Beta KNOW Characteristics: Finding the Right Factors Research compiled by Michael Venuto, CIO In this paper we will explore the evolution of smart beta investing through
More informationIn this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin
December 2017 Death, Taxes and Short-Term Underperformance: International Funds In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin Since the Brandes Institute
More informationSYSTEMATIC VALUE CALCULATION FOR FIXED INCOME ETFs. The Step-by-Step Calculation and Hypothetical Example
SYSTEMATIC VALUE CALCULATION FOR FIXED INCOME ETFs The Step-by-Step Calculation and Hypothetical Example What is Systematic Value? Fixed income ETFs have provided investors of all profiles, from large
More informationAlternative assets. An insight into the future of investing in alternatives
Alternative assets 2014 An insight into the future of investing in alternatives Contents 01 In this, the eleventh year of our Global Alternatives Survey, we pause to consider what may lie ahead for alternatives
More informationFactor-based investing Targeting enhanced portfolio outcomes
Intended for professional clients only. Not to be distributed to retail clients. Targeting enhanced portfolio outcomes Welcome, sometimes known as smart beta, is here to stay. Whether it s aligning factor-based
More informationIntroduction to the KraneShares CICC China Leaders 100 Index ETF: A Smart Beta Approach to Investing in Mainland China s Top 100 Companies
KFYP 12/31/2018 Introduction to the KraneShares CICC China Leaders 100 Index ETF: A Smart Beta Approach to Investing in Mainland China s Top 100 Companies info@kraneshares.com 1 Introduction to China International
More information