DOCSLIB.ORG

Semi-Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Semi-Annual Report Mercer FundsTM Semi-Annual Report Mercer US Large Cap Equity Fund Mercer US Small/Mid Cap Equity Fund Mercer Non-US Core Equity Fund Mercer Core Fixed Income Fund Mercer Opportunistic Fixed Income Fund Mercer Emerging Markets Equity Fund Mercer Global Low Volatility Equity Fund This report has been prepared for Mercer Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Mercer Funds prospectus. The prospectus contains more complete information about the Funds’ investment objectives, risks, and expenses. Investors are reminded to read the prospectus carefully before investing. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary, such as a broker-dealer or bank if you hold your shares through such an institution. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund or your financial intermediary electronically by calling 1-888-887-0619 if you hold your shares directly with the Mercer Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. You may elect to receive all future reports in paper copies free of charge. You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling 1-888-887-0619 if you hold your shares directly with the Mercer Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your election to receive reports in paper copies will apply to all Funds held with the Mercer Funds or through your financial intermediary, as applicable. September 30, 2020 MERCER FUNDS TABLE OF CONTENTS Page Schedules of Investments 1 Statements of Assets and Liabilities 178 Statements of Operations 182 Statements of Changes in Net Assets 184 Financial Highlights 188 Notes to the Financial Statements 195 Understanding Your Fund’s Expenses 248 Trustees and Officers 251 Mercer US Large Cap Equity Fund Schedule of Investments (showing percentage of net assets) September 30, 2020 (Unaudited) Shares Description Value ($) COMMON STOCKS — 97.2% Basic Materials — 3.0% 67,800 Alcoa Corp.* 788,514 68,486 Celanese Corp. Class A 7,358,821 58,310 CF Industries Holdings, Inc. 1,790,700 18,494 DOW, Inc. 870,143 210,423 DuPont de Nemours, Inc. 11,674,268 28,700 Eastman Chemical Co. 2,242,044 125,600 Freeport-McMoRan, Inc. 1,964,384 112,700 Huntsman Corp. 2,503,067 19,700 International Paper Co. 798,638 39,948 LyondellBasell Industries NV Class A 2,815,934 76,700 Newmont Corp. 4,866,615 37,673,128 Communications — 18.5% 14,583 Alibaba Group Holding, Ltd., ADR* 4,287,110 8,768 Alphabet, Inc. Class A* 12,850,381 17,315 Alphabet, Inc. Class C* 25,446,124 41,891 Altice USA, Inc. Class A* 1,089,166 7,913 Amazon.com, Inc.* 24,915,901 20,000 Arista Networks, Inc.* 4,138,600 490,136 AT&T, Inc. 13,973,777 499 Booking Holdings, Inc.* 853,629 208,722 CenturyLink, Inc. 2,106,005 403 Charter Communications, Inc. Class A* 251,609 229,766 Cisco Systems, Inc. 9,050,483 192,994 Comcast Corp. Class A 8,927,902 95,486 eBay, Inc. 4,974,821 154,577 Facebook, Inc. Class A* 40,483,716 137,556 Liberty Global Plc Class C* 2,824,712 53,492 Match Group, Inc.* 5,918,890 41,754 Motorola Solutions, Inc. 6,547,445 25,671 Netflix, Inc.* 12,836,270 50,600 Omnicom Group, Inc. 2,504,700 8,816 Shopify, Inc. Class A* 9,018,504 15,784 Spotify Technology SA* 3,828,725 54,406 Tencent Holdings, Ltd., ADR(a) 3,680,566 5,977 Trade Desk, Inc. (The) Class A* 3,100,748 163,334 Uber Technologies, Inc.* (a) 5,958,424 213,230 Verizon Communications, Inc. 12,685,053 65,541 Walt Disney Co. (The) 8,132,327 230,385,588 Consumer, Cyclical — 10.2% 2,937 Chipotle Mexican Grill, Inc. Class A* 3,652,776 11,899 Costco Wholesale Corp. 4,224,145 19,743 Cummins, Inc. 4,168,932 16,400 Darden Restaurants, Inc. 1,652,136 See accompanying Notes to the Financial Statements. 1 Mercer US Large Cap Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) September 30, 2020 (Unaudited) Shares Description Value ($) Consumer, Cyclical — continued 35,564 Delta Air Lines, Inc. 1,087,547 46,270 Dollar General Corp. 9,699,117 89,800 Dollar Tree, Inc.* 8,202,332 17,800 DR Horton, Inc. 1,346,214 178,003 General Motors Co. 5,267,109 17,798 Home Depot, Inc. (The) 4,942,683 69,595 Kering SA, ADR 4,630,851 51,800 Lowe’s Cos., Inc. 8,591,548 20,009 Lululemon Athletica, Inc.* 6,590,364 28,405 LVMH Moet Hennessy Louis Vuitton SE, ADR 2,676,603 20,130 Magna International, Inc. 920,948 98,025 NIKE, Inc. Class B 12,306,058 19,509 Peloton Interactive, Inc. Class A* 1,936,073 72,200 PulteGroup, Inc. 3,342,138 164,353 Starbucks Corp. 14,121,210 53,820 Tesla, Inc.* 23,089,318 10,660 Ulta Beauty, Inc.* 2,387,627 76,455 Walgreens Boots Alliance, Inc. 2,746,264 127,581,993 Consumer, Non-cyclical — 22.1% 163,759 Abbott Laboratories 17,821,892 16,500 AbbVie, Inc. 1,445,235 194,913 Adyen NV, ADR* (a) 7,221,527 19,200 Alexion Pharmaceuticals, Inc.* 2,197,056 18,644 Align Technology, Inc.* 6,103,300 92,316 Altria Group, Inc. 3,567,090 14,990 Amgen, Inc. 3,809,858 193,200 Archer-Daniels-Midland Co. 8,981,868 103,144 AstraZeneca Plc, ADR 5,652,291 16,422 Biogen, Inc.* 4,658,593 61,063 Boston Scientific Corp.* 2,333,217 41,100 Bristol-Myers Squibb Co. 2,477,919 176,300 Cardinal Health, Inc. 8,277,285 48,800 Cigna Corp. 8,267,208 231,764 Conagra Brands, Inc. 8,276,293 102,273 CORTEVA, Inc. 2,946,485 206,600 CVS Health Corp. 12,065,440 22,448 DaVita, Inc.* 1,922,671 7,912 DexCom, Inc.* 3,261,564 50,471 Eli Lilly & Co. 7,470,717 19,358 Estee Lauder Cos., Inc. (The) Class A 4,224,884 49,190 Gartner, Inc.* 6,146,291 11,474 Guardant Health, Inc.* 1,282,564 13,800 HCA Healthcare, Inc. 1,720,584 8,708 Humana, Inc. 3,604,154 616 Illumina, Inc.* 190,393 43,100 Ingredion, Inc. 3,261,808 11,515 Intuitive Surgical, Inc.* 8,170,353 2 See accompanying Notes to the Financial Statements. Mercer US Large Cap Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) September 30, 2020 (Unaudited) Shares Description Value ($) Consumer, Non-cyclical — continued 18,600 Jazz Pharmaceuticals Plc* 2,652,174 84,400 Johnson & Johnson 12,565,472 115,400 Kroger Co. (The) 3,913,214 38,915 McKesson Corp. 5,795,611 14,500 Medtronic Plc 1,506,840 101,400 Merck & Co., Inc. 8,411,130 63,800 Molson Coors Beverage Co. Class B 2,141,128 148,000 Mondelez International, Inc. Class A 8,502,600 96,080 Mylan NV* 1,424,866 94,415 PayPal Holdings, Inc.* 18,602,588 389,370 Pfizer, Inc. 14,289,879 15,930 Regeneron Pharmaceuticals, Inc.* 8,917,295 8,768 S&P Global, Inc. 3,161,741 16,584 Teladoc Health, Inc.* (a) 3,635,876 43,000 TreeHouse Foods, Inc.* 1,742,790 63,220 Tyson Foods, Inc. Class A 3,760,326 27,706 UnitedHealth Group, Inc. 8,637,900 9,786 Vertex Pharmaceuticals, Inc.* 2,662,966 12,800 Zimmer Biomet Holdings, Inc. 1,742,592 87,917 Zoetis, Inc. 14,538,834 275,964,362 Energy — 1.2% 113,428 BP Plc, ADR 1,980,453 118,100 Canadian Natural Resources, Ltd. 1,890,781 25,700 Chevron Corp. 1,850,400 267,517 ConocoPhillips 8,785,258 14,506,892 Financial — 15.3% 93,000 Allstate Corp. (The) 8,755,020 71,443 Ally Financial, Inc. 1,791,076 296,800 American International Group, Inc. 8,170,904 7,341 American Tower Corp. REIT 1,774,540 49,331 Ameriprise Financial, Inc. 7,602,400 688,865 Annaly Capital Management, Inc. REIT 4,904,719 654,900 Banco Santander SA, ADR(a) 1,211,565 328,398 Bank of America Corp. 7,911,108 244,972 Bank of New York Mellon Corp. (The) 8,412,338 17,200 Berkshire Hathaway, Inc. Class B* 3,662,568 2,300 BlackRock, Inc. 1,296,165 36,622 Boston Properties, Inc. REIT 2,940,747 23,500 Charles Schwab Corp. (The) 851,405 292,960 Citigroup, Inc. 12,629,506 97,500 Citizens Financial Group, Inc. 2,464,800 56,600 Comerica, Inc. 2,164,950 108,841 Equitable Holdings, Inc. 1,985,260 153,200 Equity Residential REIT 7,863,756 42,530 Essent Group, Ltd. 1,574,035 See accompanying Notes to the Financial Statements.
Load more

Recommended publications
  • Important Notice the Depository Trust Company
    Important Notice The Depository Trust Company B #: 12945-20 Date: February 10, 2020 To: All Participants Category: Dividends | International From: Global Tax Services Attention: Managing Partner/Officer, Cashier, Dividend Mgr., Tax Mgr. BNY Mellon | ADRs | Qualified Dividends for Tax Year 2019 Subject: Bank of New York Mellon Corporation (“BNYM”), as depositary for these issues listed below has reviewed and determined if they met the criteria for reduced U.S. tax rate as “qualified dividends” for tax year 2019. The Depository Trust Company received the attached correspondence containing Tax Information. If applicable, please consult your tax advisor to ensure proper treatment of these events. Non-Confidential DTCC Public (White) 2019 DIVIDEND CERTIFICATION CUSIP DR Name Country Exchange Qualified 000304105 AAC TECHNOLOGIES HLDGS INC CAYMAN ISLANDS OTC N 000380105 ABCAM PLC UNITED KINGDOM OTC Y 001201102 AGL ENERGY LTD AUSTRALIA OTC Y 001317205 AIA GROUP LTD HONG KONG OTC N 002482107 A2A SPA ITALY OTC Y 003381100 ABERTIS INFRAESTRUCTURAS S A SPAIN OTC Y 003725306 ABOITIZ EQUITY VENTURES INC PHILIPPINES OTC Y 003730108 ABOITIZ PWR CORP PHILIPPINES OTC Y 004563102 ACKERMANS & VAN HAAREN BELGIUM OTC Y 004845202 ACOM CO. JAPAN OTC Y 006754204 ADECCO GROUP AG SWITZERLAND OTC Y 007192107 ADMIRAL GROUP UNITED KINGDOM OTC Y 007627102 AEON CO LTD JAPAN OTC Y 008712200 AIDA ENGR LTD JAPAN OTC Y 009126202 AIR LIQUIDE FRANCE OTC Y 009279100 AIRBUS SE NETHERLANDS OTC Y 009707100 AJINOMOTO INC JAPAN OTC Y 015096209 ALEXANDRIA MINERAL - REG. S EGYPT None N 015393101 ALFA LAVAL AB SWEDEN SWEDEN OTC Y 021090204 ALPS ELEC LTD JAPAN OTC Y 021244207 ALSTOM FRANCE OTC Y 022205108 ALUMINA LTD AUSTRALIA OTC Y 022631204 AMADA HLDGS CO LTD JAPAN OTC Y 023511207 AMER GROUP HOLDING - REG.
    [Show full text]
  • PKA's Beholdningsliste Januar 2021
    PKA's beholdningsliste januar 2021 Børsnoterede aktier MV (DKK) Andel 1&1 DRILLISCH AG 10.490.498 0,02% 10X GENOMICS INC-CLASS A 2.145.776 0,00% 1Life Healthcare Ord Shs 6.571.542 0,01% 3I GROUP PLC 17.062.491 0,03% 3M CO 302.713.200 0,50% 7-ELEVEN MALAYSIA HOLDINGS B 211.131 0,00% A.G.V. PRODUCTS 192.174 0,00% A2A SPA 17.183.182 0,03% ABB LTD-REG 32.093.403 0,05% ABBOTT LABORATORIES 87.115.671 0,14% ABBVIE INC 96.660.415 0,16% ABC-MART INC 2.062.282 0,00% ABN AMRO BANK NV-CVA 5.059.876 0,01% ABSA GROUP LTD 406.300 0,00% ABU DHABI COMMERCIAL BANK 3.584.050 0,01% ACADIA HEALTHCARE CO INC 21.882.527 0,04% ACCENTURE PLC-CL A 334.903.403 0,55% ACCOR SA 6.759.805 0,01% ACER INC 8.743.663 0,01% ACERINOX, S.A. CMN 403.993 0,00% ACI WORLDWIDE INC 6.718.889 0,01% ACOM CO LTD 1.287.818 0,00% ACS ACTIVIDADES CONS Y SERV 41.435.966 0,07% ACTIVISION BLIZZARD INC 162.312.882 0,27% ACUITY BRANDS INC 4.043.255 0,01% ADECCO GROUP AG-REG 43.725.297 0,07% ADIDAS AG 42.007.239 0,07% ADIRA DINAMIKA MULTI FINANCE 147.645 0,00% ADOBE INC 143.959.583 0,24% ADP 1.829.359 0,00% ADT INC 8.947.846 0,01% ADTALEM GLOBAL EDUCATION INC 4.652.590 0,01% ADTRAN INC 7.367.810 0,01% ADVANCE AUTO PARTS INC 3.356.655 0,01% ADVANCED INFO SERVICE-FOR RG 57.968.026 0,09% ADVANCED INFO SERVICE-NVDR 4.148.020 0,01% ADVANCED MICRO DEVICES 48.350.398 0,08% ADVANTEST CORP 16.311.717 0,03% ADYEN B.
    [Show full text]
  • Putnam Panagora Market Neutral Fund Q3 Portfolio Holdings
    Putnam PanAgora Market Neutral Fund The fund's portfolio 5/31/20 (Unaudited) INVESTMENT COMPANIES (46.1%)(a) Shares Value Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. 640 $3,635 State Street Institutional U.S. Government Money Market Fund 3,939,067 3,939,067 Total investment companies (cost $3,943,561) $3,942,702 UNITS (11.0%)(a) Units Value Acamar Partners Acquisition Corp.(NON) 419 $4,291 Alussa Energy Acquisition Corp. (Cayman Islands)(NON) 856 8,483 Amplitude Healthcare Acquisition Corp.(NON) 2,947 29,529 B. Riley Principal Merger Corp. II(NON) 2,620 26,174 CC Neuberger Principal Holdings I(NON) 2,652 27,024 Chardan Healthcare Acquisition 2 Corp.(NON) 2,652 26,493 CHP Merger Corp.(NON) 2,747 27,745 CIIG Merger Corp.(NON) 4,529 45,335 Collective Growth Corp.(NON) 2,803 27,890 DFP Healthcare Acquisitions Corp.(NON) 2,866 28,746 dMY Technology Group, Inc.(NON) 2,885 29,196 East Stone Acquisition Corp.(NON) 4,230 42,089 FinServ Acquisition Corp.(NON) 831 8,194 Foley Trasimene Acquisition Corp.(NON) 2,626 26,917 Fortress Value Acquisition Corp.(NON) 2,652 26,547 Galileo Acquisition Corp.(NON) 888 8,827 GigCapital3, Inc.(NON) 2,833 28,160 Gores Holdings IV, Inc.(NON) 1,306 13,844 Greenrose Acquisition Corp.(NON) 3,350 32,931 GX Acquisition Corp.(NON) 417 4,233 Healthcare Merger Corp.(NON) 2,705 28,105 InterPrivate Acquisition Corp.(NON) 2,918 29,180 Jaws Acquisition Corp.(NON) 2,620 27,038 Juniper Industrial Holdings, Inc.(NON) 841 8,418 Landcadia Holdings II, Inc.(NON) 1,165 12,174 LGL Systems Acquisition Corp.(NON) 2,568 25,629 Lifesci Acquisition Corp.(NON) 2,866 29,806 LIV Capital Acquisition Corp.
    [Show full text]
  • About Oliver Wyman Oliver Wyman Is a Global Leader in Management Consulting
    About Oliver Wyman Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across 26 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. Our 4700+ professionals help clients optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman’s thought leadership is evident in our agenda- setting books, white papers, research reports, and articles in the business press. Our clients are the CEOs and executive teams of the top Global 1000 companies. Visit our website for more details about Oliver Wyman: www.oliverwyman.com Job specification Job title: Research Associate or Research Analyst (Health & Life Sciences) Department: Knowledge Services - Research Office/region: Singapore Reports to: Head of Asia Pacific Research Job Overview: Candidates with more relevant research experience may join as Research Analyst. For the Research Associate role, they are expected to have developed requisite research skills and knowledge of tools to provide research independently to consulting teams. The Research Associate role is expected to perform more independently, having stronger research skills, a better understanding of management consulting business context and project environment. Role is focused on building content knowledge for the Health & Life Sciences specialization. The development focus will be to begin creating compelling synthesized end products which include basic analyses. Key Responsibilities: Conducting accurate and timely research to serve the Health & Life Sciences practice group in Asia. Providing both quick solutions and in-depth research for the Health & Life Sciences practice group in Asia.
    [Show full text]
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%
    [Show full text]
  • Making Convenience Safe and Secure
    Making Convenience Safe and Secure Zwipe Full Year Report 2020 25 February 2021 | André Løvestam, CEO and Lars Kristian Solheim, CFO Zwipe is a biometric fintech company pioneering the next generation contactless payment experience ISO contact plate module Fingerprint sensor with biometric SE Passive inlay* Zwipe has the most widely piloted solutions in the biometric payment marketplace * A passive inlay has no components mounted on it, it only contains an antenna to do the energy harvesting and 2 communication lines to handle the encrypted communication between the sensor and the secure element. Strong operational momentum in 2020 and YTD 2021: Customers • 9 new customers: card manufacturers with a total 200 million payment cards shipped annually • Go-to-Market partnerships with TietoEvry, areeba, Inkript and Veritech Partnerships • Engaged with Idex to collaborate on Zwipe Pay ONE, as well as 4 other eco-system partners Technology • The Zwipe Pay ONE project has passed its most critical milestones and major risk points • The first two Zwipe Pay ONE pilots announced in the Nordics, with OP Bank in Finland and Vopy in Commercial Sweden piloting Zwipe Pay ONE from Q3 2021 • Zwipe and partners conducted several insights studies from the Nordics, UK and the United States showing Consumer insights strong consumer interest for safer and more secure payments with high willingness to pay Organization • Significantly strengthened the organization to meet the demand for our solutions Investor relations • Listed on Nasdaq First North Growth Market
    [Show full text]
  • Tax Program06
    MARCH 9, 2007 RONALD REAGAN BUILDING AND INTERNATIONAL TRADE CENTER 1300 PENNSYLVANIA AVENUE NW WASHINGTON, D.C. THE 31ST TaxTax LawLaw A NNUAL ConferenceConference Conference Highlights 2 Update from Capitol Hill on Tax Legislation 2 Critical Developments in: Benefits and Employment Taxes PCAOB and Tax Policy Domestic Corporate Tax Enforcement Financial Products Tax Accounting International Tax Tax Legislative Update Partnerships and Pass-Throughs Tax Practice and Procedure E Ethics (2 hours of CLE credit) f CL rs o rs Hou hou 7 ng 2 ludi edit 2 Featured Speakers inc s Cr thic of E Donald L. Korb IRS Chief Counsel Eileen J. O’Connor Assistant Attorney General, Tax Division, Department of Justice 2 Luncheon Speaker Eric Solomon Assistant Secretary (Tax Policy), Department of the Treasury (Invited) PRESENTED BY THE SECTION OF TAXATION OF THE FEDERAL BAR ASSOCIATION Friday, March 9, 2007 • Program Overview 7:30 a.m. Registration Desk Opens 8–8:10 a.m. Welcome: Nicole M. Bielawski, Section of Taxation Chair, Mayer, Brown, Rowe & Maw LLP 8:10–9 a.m. Tax Legislative Update Co-Chairs Teresa Trissell, American Petroleum Institute Floyd L. Williams, IRS Office of Legislative Affairs (Moderator) Panelists Thomas Barthold, Acting Chief of Staff, Joint Committee on Taxation John Buckley, Democratic Chief Tax Counsel, House Committee on Ways and Means Chris Giosa, Republican Chief Economist, House Committee on Ways and Means Patrick Heck, Democratic Chief Tax Counsel, Senate Committee on Finance Mark Prater, Republican Chief Tax Counsel, Senate Committee on Finance 9–9:30 a.m. Distinguished Speaker: Donald L. Korb, IRS Chief Counsel Introduction: Thomas J.
    [Show full text]
  • Spark Capital Technology Newsletter
    INVESTMENT BANKING NEWSLETTER TECHNOLOGY APRIL 2018 FROM THE DIRECTOR’S DESK Dear Reader, Welcome to the eleventh edition of the monthly Technology Newsletter from Spark Capital. With this newsletter, we have tried to give you a flavour of various updates across the Software, Tech Services, Internet, and FinTech sectors. India’s consumer internet industry is undergoing tremendous innovations. Increasing internet penetration and digitization are changing the paradigm of consumer internet. Saavn’s sale to JioMusic could be a key step in the evolution of consumer internet industry in India. The deal proves that distribution, reach and large user bases aren’t the significant competitive moats (as they once were). JioMusic has levelled the playing field to such an extent that a new entrant has commanded twice the value of Saavn. The mobile user base is 15x larger than the PC world, hence the older competitive moats don’t work, the disruption cycles are so fast, that the competition in the consumer internet has never been fiercer. We are starting to see in some established categories with large numbers of entrants and few barriers to entry, where only price is the differentiator, that commodification is inexorable. If you are competing on price, at some point you will bottom out where you can no longer undercut. At that point, the business will begin to compete on service rather than customer acquisition, technology, category creation etc. Horizontal e-commerce has seen two clear leaders emerge which are Flipkart and Amazon respectively. We expect further consolidation among vertical players in grocery, food delivery, furniture.
    [Show full text]
  • MAKING a DIFFERENCE in the MOMENTS THAT MATTER 2020 Annual Report Risk & Insurance Services Consulting
    MAKING A DIFFERENCE IN THE MOMENTS THAT MATTER 2020 Annual Report Risk & Insurance Services Consulting Marsh Guy Carpenter Mercer Oliver Wyman Insurance Broking Reinsurance Health, Wealth Strategy, Economic & Risk Management & Capital Strategies & Career Consulting & Brand Consulting We are 76,000 colleagues in four global businesses united by a common purpose—to make a difference in the moments that matter. Three commitments unite us as we strive to live our purpose: SUCCEEDING TOGETHER. We are in business to expand what’s possible for our clients and each other. ACCELERATING IMPACT. We embrace change and create enduring client value. ADVANCING GOOD. We strive to serve the greater good. We work with our clients to enable enterprise around the world and secure better futures for all. TO OUR SHAREHOLDERS, COLLEAGUES AND CLIENTS, 2020 was a year when every moment mattered. Around the world, no organization was unaffected or unchanged as we all navigated the crisis of a global pandemic, a global economic crisis, another devastating year in a gathering climate crisis, and an overdue reckoning with race, equity and social justice. No one could plan for such a year, but looking back, our company was ready. 2 | Marsh McLennan 2020 Annual Report As we found smarter ways, every day, to accelerate impact for our clients, we did the same for our communities. From fundraising for medical workers, to mask-making, to one colleague who volunteered at night as an ambulance responder, we stood up for our communities when they needed it most. And we didn’t forget each other. Across our company, groups of supportive colleagues coalesced to help one another balance heightened professional and personal demands, organizing everything from online yoga 2020 was a crucible that brought out the best in classes to children’s reading programs.
    [Show full text]
  • Leading Successfully in Turbulent Times a Guide to Robust Business Continuity Planning
    Leading successfully in turbulent times A guide to robust business continuity planning kpmg.com/cn Contents Introduction 3 Business continuity checklist 4 Develop a robust cash management strategy 6 Build an agile and resilient operating model 8 Getting smart about tax 10 Be vigilant about employment matters 12 Pay attention to contracts and other legal obligations 14 About KPMG China 16 Contact us 18 2 Leading successfully in turbulent times © 2020 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2020 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Leading successfully in turbulent times 3 Introduction In turbulent times, how can boards, senior management and risk managers safeguard the business and discover opportunities amid a crisis? Many businesses have contingency plans that were The current environment will test most businesses’ ability to developed with an eye on disruptions to the micro- operate and manage in a crisis. An effective response by a environment, such as power outages, inability of staff to company requires transparency, accountability and above reach their workplace, and the unavailability of machinery. all, strong leadership. Businesses need to be clear about However, such plans might not be adequate for the who is making the decisions, keeping the board regularly type of macro-environmental disruption we are currently informed, and maintaining the board’s independence.
    [Show full text]
  • Healthcare Trust of America, Inc. CRA International, Inc
    Vote Summary Report Date range covered: 07/01/2020 to 09/30/2020 Location(s): State of Connecticut Retirement Plans and Trust Funds (3879) Institution Account(s): All Institution Accounts Healthcare Trust of America, Inc. Meeting Date: 07/07/2020 Primary Security ID: 42225P501 Record Date: 04/15/2020 Meeting Type: Annual Shares Voted: 15,700 Vote Proposal Text Proponent Instruction Elect Director Scott D. Peters Mgmt Against Elect Director W. Bradley Blair, II Mgmt Against Elect Director Vicki U. Booth Mgmt Against Elect Director H. Lee Cooper Mgmt For Elect Director Warren D. Fix Mgmt For Elect Director Peter N. Foss Mgmt Against Elect Director Jay P. Leupp Mgmt For Elect Director Gary T. Wescombe Mgmt For Advisory Vote to Ratify Named Executive Mgmt For Officers' Compensation Ratify Deloitte & Touche LLP as Auditors Mgmt For CRA International, Inc. Meeting Date: 07/08/2020 Primary Security ID: 12618T105 Record Date: 05/14/2020 Meeting Type: Annual Shares Voted: 6,534 Vote Proposal Text Proponent Instruction Elect Director Richard D. Booth Mgmt For Elect Director William F. Concannon Mgmt Withhold Elect Director Christine R. Detrick Mgmt For Advisory Vote to Ratify Named Executive Mgmt For Officers' Compensation Ratify Grant Thornton LLP as Auditors Mgmt For Vote Summary Report Date range covered: 07/01/2020 to 09/30/2020 Location(s): State of Connecticut Retirement Plans and Trust Funds (3879) Institution Account(s): All Institution Accounts BioLife Solutions, Inc. Meeting Date: 07/09/2020 Primary Security ID: 09062W204 Record Date: 05/12/2020 Meeting Type: Annual Shares Voted: 7,100 Vote Proposal Text Proponent Instruction Elect Director Michael Rice Mgmt Withhold Elect Director Raymond W.
    [Show full text]
  • Business Servicesservices
    Q U A R T E RL Y DIALOGUE THIRD Q UA R T ER 2010 BusinessBusiness ServicesServices QUARTERLY INDUSTRYQUARTERLY UPDATE INDUSTRY | FOURTH UPDATE | FOURTH QUARTER QUARTER 201 201 44 After underperforming for much of 2014, the SCA Business Services Index outperformed the broader markets in Q4 2014, increasing by over 11.2 % compared to an increase of 5.8% for the S&P 500. Virtually all subsectors of the SCA Business Services Index outperformed the broader market as a result of consensus predictions of enhanced economic growth in the U.S. during 2015. In particular, the SCA Marketing Services sector (+29.6%), the SCA IT Consulting sector (+16.9%), and the SCA Professional Staffing sector (+11.6%) recorded significant growth. While the stock market was thriving, M&A activity slowed in the Business Services sector during Q4 2014 posting the fewest closed transactions of any quarter this year. However, the beginning of 2015 has already seen a number of high profile Business Services transactions announced, and we expect M&A activity in the sector to continue to accelerate throughout the year among both strategic and financial acquirers. Notable merger and acquisition transactions during the quarter include: AMN Healthcare Services Inc. (NYSE: AHS), the largest U.S. healthcare staffing firm, agreed to acquire Onward Healthcare, a leading provider pf Contents physician and nurse staffing, from Welsh Carson Anderson & Stowe for Market Overview 2 $82.5 million. Stock Performance 3 PT&C Forensic Consulting Services, P.A. acquired LWG Consulting, Inc. LWG Consulting, Inc. provides forensic engineering and recovery Industry Developments 4 solutions for the insurance, legal, and risk management industries in the Selected M&A Transactions 5 U.S.
    [Show full text]