DOCSLIB.ORG

Regulatory Changes for Chinese Stocks Remaining on Track

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Regulatory Changes for Chinese Stocks Remaining on Track November 30, 2020 PIonline.com $16 an issue / $350 a year THE INTERNATIONAL NEWSPAPER OF MONEY MANAGEMENT Jennifer Bishop MORE HEADACHES: Washington Will Hansen believes recent inquiries related to ESG issues are yet Regulatory changes another cause for plan sponsor concern. for Chinese stocks remaining on track Stricter accounting rules, RELATED NEWS ban on military investing n Overseas investors flocking to in future for U.S. investors Chinese government bonds. Page 2 n New rules unlikely to derail China’s e-commerce giants. Page 2 By HAZEL BRADFORD Regulation Earlier this month, a White House Despite big changes at the White executive order banned investing in House in 2021, the push to protect U.S. Chinese companies linked to its mili- investors in Chinese companies is still tary. As of Jan. 1, individuals or compa- EBSA broadening its focus on enforcement on track, as regulators prepare to hold nies can no longer own direct shares the companies to tougher accounting or funds holding shares in 31 Chinese Labor Department agency gets Earlier this year, the Labor Department began standards and some face an outright ban. companies identified as security risks. sending enforcement letters to plan sponsors and “There will continue to be tension Many more U.S. investors will be af- busy on several different fronts registered investment adviser firms requesting between the U.S. and China — even fected by accounting rules expected to documents pertaining to environmental, social with a new administration taking the be proposed next month by the Securi- By BRIAN CROCE and governance-themed fund decisions. reins — and national security consid- ties and Exchange Commission. The “This kind of came out of nowhere,” said Eliza- erations as well as accounting stan- SEC has authority over shares traded on Enforcement actions continued to rise at the beth S. Goldberg, a Pittsburgh-based partner with dards will remain important,” said U.S. exchanges as American depository Department of Labor’s Employee Benefits Secu- law firm Morgan, Lewis & Bockius LLP. “It seems Christian McCormick, a director and receipts, negotiable certificates issued rity Administration in fiscal year 2020, paced once like a lot of DOL muster in the investigations senior ESG strategist with Allianz by U.S. banks that represent shares in a again by missing participant recoveries, but that space has been on ESG in 2020.” Global Investors in Denver. foreign stock traded on a U.S. exchange. wasn’t the only area where EBSA investigators In an enforcement letter sent in the spring to “Every single discussion we have The U.S.-China Economic and Se- turned their focus. SEE ENFORCEMENT ON PAGE 31 with institutional investors, the topic of curity Review Commission identified investing in China comes up.” SEE CHINA ON PAGE 29 Michael A. Marcotte SPECIAL REPORT CONSULTANTS Alternatives Consultants see Consultants free of rise from clients conflicts becoming eager for advice a bit harder to find By ARLEEN JACOBIUS By DANIELLE WALKER MORE ON Alternative investment consultants that are CONSULTANTS free of conflicts are an increasingly rare breed, In the current climate, institution- continuing to be picked off by consolidation, ini- al investors have relied more heavi- n Rankings of the largest tial public offerings and the addition of money ly on consultants for both traditional investment consultants management services. advice and outsourced CIO services, begin on Page 16 Rising competition, client demands and a trend that will no doubt continue, n For the full report, downward pressure on consulting fees have al- according to forward-looking pre- including a complete set tered the alternative investment consulting uni- dictions from sources and annual of data, go to PIonline. verse. Consultants are now offering commingled data from Pensions & Investments’ com/consultants20 funds as well as boosting discretionary manage- investment consultant survey. ment. And the larger consulting firms are get- P&I’s annual survey of the largest investment consultants ting larger by acquisition. IPOs could present found that institutional assets under advisement grew 3% to problems as well if the market values a publicly $42.65 trillion over the year ended June 30, while U.S. institu- held consulting firm based on its fees coming tional tax-exempt AUA grew 4% to $23.59 trillion, in spite of from assets under management rather than rocky markets and equity drawdowns earlier in the year. consulting fees. Over the five-year period ended June 30, institutional AUA Just this year, Stepstone Group, which started grew 24.6%, while U.S. institutional tax-exempt AUA grew 28.5%. FIRST THINGS FIRST: Jamie Eckert said keeping up with the COVID-19 pandemic is out as a private equity consulting firm and now CONTINUED ON PAGE 16 causing many corporate clients to outsource oversight of their retirement plans. SEE CONFLICT ON PAGE 27 Changing of the guard Tradewatch gives at money managers third-quarter data TIAA-CREF’s Roger W. Ferguson For broker rankings from Jr. announced that he is retiring, Elkins/McSherry and trading one of several leadership analytics from Virtu Financial, changes coming in the money go to PIonline.com/trade management world. Page 6 watch 2 | November 30, 2020 Pensions & Investments IN THIS ISSUE Investing VOLUME 48, NUMBER 24 Consultants Investors ramp up exposure to Chinese bonds Aksia is working to reduce conflicts of interest as the firm expands. Page 27 Overseas institutions impressed with way ESG government held its economy together Andy Lane European money managers have been By DOUGLAS APPELL ramping up stewardship processes, but investors still see room for improvement. The economy-toppling health crisis of 2020 has only ac- Page 4 centuated the nascent charms of Chinese government bonds Sustainable investing saw a 42% growth in the eyes of overseas investors, industry veterans say. spurt over the past two years, and large As the year began, inflows had been poised to rise on the asset owners are leading the way. Page 6 back of improving market access, benchmark bond index inclusions and a respite in U.S.-China trade tensions, but In likely his final appearance before the momentum kicked into a higher gear as the country’s econ- Senate Banking Committee, SEC Chairman omy led the way globally in fighting through coronavirus- Jay Clayton received some pointed criticism related challenges. from Democrats on issues such as climate The market context evolved materially this year, in a way change risk disclosures. Page 20 that bolstered the case for Chinese government bonds, said Two female employees of PIMCO filed Paras Anand, Hong Kong-based chief investment officer, suit against the company and individual Asia-Pacific, with Fidelity International. The firm had $611.4 managers, accusing the firm of gender and billion in assets under management as of Sept. 30. disability discrimination, harassment and In the face of a “substantial test” for China’s economy this retaliation. Page 20 year, “we’ve seen currency stability … successful manage- ment of the pandemic (and) a return of economic activity,” Most asset owners are assessing risks giving investors a greater degree of confidence and support- and opportunities of sustainable investing, ing arguments in favor of a “meaningful” portfolio response, according to an ISS survey. Page 29 he added. Chinese bonds “are getting a lot of positive attention due Exchange-traded funds to how they’ve been proven to be a diversifier in portfolios Much like equity ETFs, a swath of through the pandemic,” agreed Jean de Kock, Singapore- derivatives are emerging around fixed- based fixed-income manager research specialist with Mercer income counterparts. Page 12 SEE CHINA BONDS ON PAGE 28 GOOD JOB: Paras Anand said actions by China have boosted investor confidence. Money management Investing TIAA-CREF, State Street Global Advisors and BNP Paribas Asset Management USA all announced leadership changes this month. New rules unlikely to derail e-commerce giants Page 6 Long-term opportunity ment on the firm’s listing plans. Departments With regulators clamping down on online lending, a business that ac- At deadline ....................28 ESG roundup .................14 remains bright despite Changes ahead ..............31 Frontlines ........................8 counted for roughly two-fifths of tighter rules in China Ant’s first half revenues, analysts Classified ......................24 Hirings...........................22 VCG via Getty Images Corrections ......................4 News roundup ................30 say the company’s online wealth Editorial ........................10 Other views ....................10 By DOUGLAS APPELL management and asset manage- ETFs ..............................12 RFPs .............................24 ment business — at less than a Moves this month by China’s sixth of its revenues — would as- P&I survey of top retirement regulators to abruptly block e-pay- sume a higher profile should Ant funds still in progress ments and internet finance giant come to market again anytime soon. Ant Group’s record $35 billion ini- For now, Ant’s IPO fireworks Pensions & Investments is accepting late tial public offering, while tightening “haven’t helped overall sentiment” responses to the annual survey of the oversight of e-commerce firms, are but “we still have a fairly positive largest U.S. retirement funds. Sponsors adding a considerable element of view on these new economy stocks with combined U.S. pension and defined uncertainty for
Load more

Recommended publications
  • The Secured Lender
    THE VALUATION & APPRAISAL ISSUE THE SECURED LENDER JIUNE/JULY 2021 WWW.SFNET.COM JUNE/JULY 21 JUNE/JULY Putting Capital To Work THE SFNET VALUATION & APPRAISAL ISSUE APPRAISAL & THE SFNET VALUATION FEATURE STORY: PART 1 OF 2 Allou: A Firsthand Account of a Massive ABL Fraud One of the biggest frauds ever perpetrated against ABL lenders. A publication of: C L E A R T H I N K I N G G R O U P Clarity of thought, flawless execution. 20 years of experience. Turnaround Management Financial Restructuring Strategic Advisory Creditors' Rights W W W . C L E A R T H I N K I N G G R O U P . C O M N E W J E R S E Y 9 0 8 . 4 3 1 . 2 1 2 1 N E W Y O R K 5 1 6 . 6 8 0 . 1 9 4 5 deals.indd 1 6/16/21 11:00 AM TOUCHING BASE ADAPT. RENEW. GROW Of course, the industry’s most-attended event is the Annual Convention. SFNet’s SFNet Returns 77th Annual Convention: Adapt. Renew. Grow! will be held in-person at the to Live Events JW Marriott Desert Ridge in Phoenix, AZ, November For over a year now, I’ve used this space, as well as all mediums 3-5, 2021. The venue is at our disposal, to connect with the SFNet community. Like all fabulous and affords plenty of us, I’ve missed being able to meet in-person. But despite of outdoor gathering space the loss of these interactions, we’ve been patient and creative as well as world-class and managed to stay connected in our socially distanced golf and recreation.
    [Show full text]
  • Principal Trustsm Target Date Collective Investment Funds (Target Date Funds) and Has Sole Discretion Over the Management of Each Target Date Fund
    PROFILE Principal Trust SM Target Date Collective Investment Funds Portfolio Advisor: Principal Management Corporation Delaware Charter Guarantee & Trust Company, conducting business as Principal Trust Company (Principal Trust) is the Trustee of the Principal TrustSM Target Date Collective Investment Funds (Target Date Funds) and has sole discretion over the management of each Target Date Fund. Principal Management Corporation provides nondiscretionary investment advisory services to Principal Trust with respect to the Target Date Funds. Principal Trust Company makes investment decisions using advice provided by Principal Management Corporation. Investment Philosophy and Process Philosophy Launched in 2009, the Target Date Funds are a series of target date collective investment funds developed for qualified retirement plans. They are managed over time toward the approximate date the participant expects to start withdrawing money. Each Target Date Fund reflects what Principal Trust believes to be an optimal asset class mix — a combination of actively and passively managed equity, fixed income and real estate — for the respective target date. The Target Date Funds consist of distinct funds staged in five-year increments. Each Target Date Fund gradually becomes more conservative by increasing its exposure to traditionally more conservative underlying investment options and reducing its exposure to more aggressive underlying investment options as the target date nears. Not FDIC or NCUA insured May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency Asset allocation/diversification does not guarantee a profit or protect against a loss. 1 The Target Date Funds embrace a multi-asset class, multi-style and multi-manager strategy while providing broad diversification and an institutional-quality investment approach.
    [Show full text]
  • Seven Churches of Revelation Turkey
    TRAVEL GUIDE SEVEN CHURCHES OF REVELATION TURKEY TURKEY Pergamum Lesbos Thyatira Sardis Izmir Chios Smyrna Philadelphia Samos Ephesus Laodicea Aegean Sea Patmos ASIA Kos 1 Rhodes ARCHEOLOGICAL MAP OF WESTERN TURKEY BULGARIA Sinanköy Manya Mt. NORTH EDİRNE KIRKLARELİ Selimiye Fatih Iron Foundry Mosque UNESCO B L A C K S E A MACEDONIA Yeni Saray Kırklareli Höyük İSTANBUL Herakleia Skotoussa (Byzantium) Krenides Linos (Constantinople) Sirra Philippi Beikos Palatianon Berge Karaevlialtı Menekşe Çatağı Prusias Tauriana Filippoi THRACE Bathonea Küçükyalı Ad hypium Morylos Dikaia Heraion teikhos Achaeology Edessa Neapolis park KOCAELİ Tragilos Antisara Abdera Perinthos Basilica UNESCO Maroneia TEKİRDAĞ (İZMİT) DÜZCE Europos Kavala Doriskos Nicomedia Pella Amphipolis Stryme Işıklar Mt. ALBANIA Allante Lete Bormiskos Thessalonica Argilos THE SEA OF MARMARA SAKARYA MACEDONIANaoussa Apollonia Thassos Ainos (ADAPAZARI) UNESCO Thermes Aegae YALOVA Ceramic Furnaces Selectum Chalastra Strepsa Berea Iznik Lake Nicea Methone Cyzicus Vergina Petralona Samothrace Parion Roman theater Acanthos Zeytinli Ada Apamela Aisa Ouranopolis Hisardere Dasaki Elimia Pydna Barçın Höyük BTHYNIA Galepsos Yenibademli Höyük BURSA UNESCO Antigonia Thyssus Apollonia (Prusa) ÇANAKKALE Manyas Zeytinlik Höyük Arisbe Lake Ulubat Phylace Dion Akrothooi Lake Sane Parthenopolis GÖKCEADA Aktopraklık O.Gazi Külliyesi BİLECİK Asprokampos Kremaste Daskyleion UNESCO Höyük Pythion Neopolis Astyra Sundiken Mts. Herakleum Paşalar Sarhöyük Mount Athos Achmilleion Troy Pessinus Potamia Mt.Olympos
    [Show full text]
  • Regulating On-Line Peer-To-Peer Lending in the Aftermath of Dodd-Frank: in Search of an Evolving Regulatory Regime for an Evolving Industry
    DISCUSSION DRAFT Chaffee & Rapp Washington and Lee Law Review REGULATING ON-LINE PEER-TO-PEER LENDING IN THE AFTERMATH OF DODD-FRANK: IN SEARCH OF AN EVOLVING REGULATORY REGIME FOR AN EVOLVING INDUSTRY Eric C. Chaffee* Geoffrey C. Rapp** I. INTRODUCTION Like Congress’s prior attempt to legislate a post-bubble repair and prevention strategy for the American economy, the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley),1 the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has received a somewhat chilly response from legal academics.2 As was the case with Sarbanes-Oxley,3 however, even amid all of the proposals included for the sake of “doing something” rather than for a strong policy justification, a few nuggets of genuine value can be found. One of those, in the case of Dodd-Frank, is the opening effort to address the regulatory gap surrounding on-line peer-to- * Associate Professor of Law and Chair of the Project for Law and Business Ethics, University of Dayton School of Law; J.D., University of Pennsylvania (2002); B.A., The Ohio State University (1999). I would like to thank Christine Gall, Esq. for support and encouragement while drafting this essay. ** Harold A. Anderson Professor of Law and Values, University of Toledo College of Law; J.D. Yale Law School (2001), A.B. Harvard College (1998). Eric Johnson (Toledo ’12) provided excellent research in support of portions of this article. 1 Sarbanes-Oxley Act, Pub. L. No. 107-204, 116 Stat. 745 (2002) (codified at 15 U.S.C.
    [Show full text]
  • Everhome Mortgage Modification Complaints
    Everhome Mortgage Modification Complaints Gigantic and harmless Vinny spark her tentorium dispensed while Randolf prepares some eiderdown off-the-cuff. Circumnutatory and ceroplastic Sayer remainder her racehorses jouks or rubricate facultatively. Centrifugal or returnable, Roderic never sambas any tuff! Wells Fargo Bank Natl Assn v Wolcott 201 New York. Homeowners get additional three months to goal for TheHill. Fraud complaints last year involved fraudulent loan modification offers. EDNC In re Hurlburt- Anti-Deficiency Mortgage Statute does not Circumvent Anti-Modification Provisions. RECENT CASES Burr & Forman. Stop Foreclosure Loan Modification Programs Foreclosure. Deal included four additional mortgage companies Ally Financial EverBank. Norfolk homeowner narrowly averts foreclosure The. Payments start in 36 billion foreclosure settlement. NA Credit Suisse Financial Corporation Everhome Mortgage Company JP. Engagement Letter Clayton for EverBank Office however the. Fair Lending and Servicing Updates American Conference. FN4 The complaint subsequently filed alleges generally that plaintiff. A successful lawsuit often ends with a settlement that includes a modification but a violation does not. Site Map Consumer Lawyers in Chicago Atlas Consumer Law. The borrower was doing measure the modification agreement required but the sheriff sale still happened. Had faced problems including bungled loan modifications deficient paperwork. Not pitch a borrower to file a lawsuit between the three-year. Download PDF Marketplace Shift in Residential Mortgage. Citibank NA EverBank Financial Corp HSBC Bank USA NA JPMorgan Chase. Reviews at 14 federally regulated mortgage servicers and redundant that church were critical. Grand Bahama Cruise Line Settles Robocall FTC Complaint How Many. The glue industry created MERS to enable financial institutions. Unable to seek modification of the term and conditions of her counterpart because she.
    [Show full text]
  • Proposed Rule: Investment Company Advertising: Target Date Retirement Fund Names and Marketing
    SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 230 and 270 [Release Nos. 33-9126; 34-62300; IC-29301; File No. S7-12-10] RIN 3235-AK50 INVESTMENT COMPANY ADVERTISING: TARGET DATE RETIREMENT FUND NAMES AND MARKETING AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission is proposing amendments to rule 482 under the Securities Act of 1933 and rule 34b-1 under the Investment Company Act of 1940 that, if adopted, would require a target date retirement fund that includes the target date in its name to disclose the fund’s asset allocation at the target date immediately adjacent to the first use of the fund’s name in marketing materials. The Commission is also proposing amendments to rule 482 and rule 34b-1 that, if adopted, would require marketing materials for target date retirement funds to include a table, chart, or graph depicting the fund’s asset allocation over time, together with a statement that would highlight the fund’s final asset allocation. In addition, the Commission is proposing to amend rule 482 and rule 34b-1 to require a statement in marketing materials to the effect that a target date retirement fund should not be selected based solely on age or retirement date, is not a guaranteed investment, and the stated asset allocations may be subject to change. Finally, the Commission is proposing amendments to rule 156 under the Securities Act that, if adopted, would provide additional guidance regarding statements in marketing materials for target date retirement funds and other investment companies that could be misleading.
    [Show full text]
  • Downloaded from Brill.Com10/07/2021 01:02:10PM Via Free Access 332 Chapter 6
    chapter 6 Building Urban Community on the Margins: Stratonikeia and the Sanctuary of Zeus at Panamara While Lagina was a local shrine that grew and expanded with Stratonikeia to become its religious center, the sanctuary of Zeus Karios at Panamara was already recognized as an important regional cult center in southern Karia.1 However, it, too, was gradually drawn into the orbit of Stratonikeia to become the next major urban sanctuary of the polis. This case study explores yet another kind of dynamic in the transition to polis sanctuary, one that entailed a major lateral shift in scope for Panamara, from the wider region of southern Karia with diverse communities towards the urban center in the north and its demographic base (Figure 6.1, and Figure 5.1 above). Through an examination of this transition it will become apparent how Stratonikeia came to replace, or absorb, the administering body of the sanctuary, but also how Panamara was used to achieve the same kinds of goals of the emerging polis as was Lagina: territorial integrity, social cohesion, and global recognition, albeit in a different way. Panamara and its environment have unfortunately not been subject to the same systematic archaeological investigations as Lagina, and much of the orig- inal landscape in the area has already been lost in the exploitation of lignite, or brown coal, through strip-mining. Our sources for this sanctuary and its envi- ronment are therefore severely limited, especially with regard to architecture and processional routes. Fortunately, however, the communities involved with the sanctuary at Panamara left hundreds of inscriptions behind that provide valuable insights into the way in which the sanctuary and cult of Zeus Karios were gradually realigned to meet the needs of Stratonikeia.
    [Show full text]
  • Greece • Crete • Turkey May 28 - June 22, 2021
    GREECE • CRETE • TURKEY MAY 28 - JUNE 22, 2021 Tour Hosts: Dr. Scott Moore Dr. Jason Whitlark organized by GREECE - CRETE - TURKEY / May 28 - June 22, 2021 May 31 Mon ATHENS - CORINTH CANAL - CORINTH – ACROCORINTH - NAFPLION At 8:30a.m. depart from Athens and drive along the coastal highway of Saronic Gulf. Arrive at the Corinth Canal for a brief stop and then continue on to the Acropolis of Corinth. Acro-corinth is the citadel of Corinth. It is situated to the southwest of the ancient city and rises to an elevation of 1883 ft. [574 m.]. Today it is surrounded by walls that are about 1.85 mi. [3 km.] long. The foundations of the fortifications are ancient—going back to the Hellenistic Period. The current walls were built and rebuilt by the Byzantines, Franks, Venetians, and Ottoman Turks. Climb up and visit the fortress. Then proceed to the Ancient city of Corinth. It was to this megalopolis where the apostle Paul came and worked, established a thriving church, subsequently sending two of his epistles now part of the New Testament. Here, we see all of the sites associated with his ministry: the Agora, the Temple of Apollo, the Roman Odeon, the Bema and Gallio’s Seat. The small local archaeological museum here is an absolute must! In Romans 16:23 Paul mentions his friend Erastus and • • we will see an inscription to him at the site. In the afternoon we will drive to GREECE CRETE TURKEY Nafplion for check-in at hotel followed by dinner and overnight. (B,D) MAY 28 - JUNE 22, 2021 June 1 Tue EPIDAURAUS - MYCENAE - NAFPLION Morning visit to Mycenae where we see the remains of the prehistoric citadel Parthenon, fortified with the Cyclopean Walls, the Lionesses’ Gate, the remains of the Athens Mycenaean Palace and the Tomb of King Agamemnon in which we will actually enter.
    [Show full text]
  • Inloop Document Talanta 12-02-2015 20:46 Pagina 235
    pag 235-240:inloop document Talanta 12-02-2015 20:46 Pagina 235 TALANTA XLII - XLIII (2010-2011), 235-240 GEOGRAPHY OF SOUTHWEST ANATOLIA: NOTES TO GANDER 2010 A review article Fred C. Woudhuizen On the basis of consultation of Gander 2010, I have assembled the following list of identifications of place-names from cuneiform Hittite and Luwian hieroglyph - ic sources concerning the southwest corner of Anatolia. For the Hittite toponyms and river names, cf. del Monte /Tischler 1978 and del Monte 1992, for the classi - cal equivalents of the toponyms, cf. Zgusta 1984. Hittite/Luwian Lycian Greek I. Pamfuliav “Pamphylia” a. Kaštaraya Kestro~ “Kestros river” 1. Parḫa Perv gh “Perge” II. Lukka Tr ͂m mis- Lukiav “Lycia” 2. Kuwalapašša Kolv basa “Kolbasa” 3. Zumarri Zẽmure Livmura “Limyra” 4. Ḫinduwa Cãkbi Kanv duba “Kandyba” b. Šiyanta Xanv qo~ “Xanthos river” 5. Wiyanawanda Oinj oav nda “Oinoanda” 6. Talawa , Talwa Tlawa Tlw`~ “Tlōs” 7. Pina , Pinatí Pinale Pinv ara “Pinara” 8. Awarna Arñna “Arna , Xanv qo~ “Xanthos” 9. Patar Pttara Pavtara “Patara” III. Indus valley c. ḫapir utna ∆Indo~v “Indus river” 10. Luwata Loanda “Loanda” 11. Ḫwalatarna Xbide Kaun` o~ “Kaunos” IV. “Šeḫa river land” Kariav “Caria” d. Šeḫa Maiav ndro~ “Meander river” 12. Šallapa Salv bako~ “Salbacus Mons” 235 pag 235-240:inloop document Talanta 12-02-2015 20:46 Pagina 236 Hittite/Luwian Greek 13. Wallarimma ÔUllarv ima “Hyllarima” 14. Waliwanda ∆Alabv anda “Alabanda” e. Marsuav ~ “Marsyas river” 15. Appawiya , Aba[wiya] (land along the Marsyas river) 16. Iyalanda “Alinda “Alinda” 17. Atriya ∆Idria~v “Idrias” 18. Utima “Iduma “Idyma” 19.
    [Show full text]
  • Mediterranean Divine Vintage Turkey & Greece
    BULGARIA Sinanköy Manya Mt. NORTH EDİRNE KIRKLARELİ Selimiye Fatih Iron Foundry Mosque UNESCO B L A C K S E A MACEDONIA Yeni Saray Kırklareli Höyük İSTANBUL Herakleia Skotoussa (Byzantium) Krenides Linos (Constantinople) Sirra Philippi Beikos Palatianon Berge Karaevlialtı Menekşe Çatağı Prusias Tauriana Filippoi THRACE Bathonea Küçükyalı Ad hypium Morylos Neapolis Dikaia Heraion teikhos Achaeology Edessa park KOCAELİ Tragilos Antisara Perinthos Basilica UNESCO Abdera Maroneia TEKİRDAĞ (İZMİT) DÜZCE Europos Kavala Doriskos Nicomedia Pella Amphipolis Stryme Işıklar Mt. ALBANIA JOINAllante Lete Bormiskos Thessalonica Argilos THE SEA OF MARMARA SAKARYA MACEDONIANaoussa Apollonia Thassos Ainos (ADAPAZARI) UNESCO Thermes Aegae YALOVA Ceramic Furnaces Selectum Chalastra Strepsa Berea Iznik Lake Nicea Methone Cyzicus Vergina Petralona Samothrace Parion Roman theater Acanthos Zeytinli Ada Apamela Aisa Ouranopolis Hisardere Elimia PydnaMEDITERRANEAN Barçın Höyük BTHYNIA Dasaki Galepsos Yenibademli Höyük BURSA UNESCO Antigonia Thyssus Apollonia (Prusa) ÇANAKKALE Manyas Zeytinlik Höyük Arisbe Lake Ulubat Phylace Dion Akrothooi Lake Sane Parthenopolis GÖKCEADA Aktopraklık O.Gazi Külliyesi BİLECİK Asprokampos Kremaste Daskyleion UNESCO Höyük Pythion Neopolis Astyra Sundiken Mts. Herakleum Paşalar Sarhöyük Mount Athos Achmilleion Troy Pessinus Potamia Mt.Olympos Torone Hephaistia Dorylaeum BOZCAADA Sigeion Kenchreai Omphatium Gonnus Skione Limnos MYSIA Uludag ESKİŞEHİR Eritium DIVINE VINTAGE Derecik Basilica Sidari Oxynia Myrina Kaz Mt. Passaron Soufli Troas Kebrene Skepsis UNESCO Meliboea Cassiope Gure bath BALIKESİR Dikilitaş Kanlıtaş Höyük Aiginion Neandra Karacahisar Castle Meteora Antandros Adramyttium Corfu UNESCO Larissa Lamponeia Dodoni Theopetra Gülpinar Pioniai Kulluoba Hamaxitos Seyitömer Höyük Keçi çayırı Syvota KÜTAHYA Grava Polimedion Assos Gerdekkaya Assos Mt.Pelion A E GTURKEY E A N S E A &Pyrrha GREECEMadra Mt. (Cotiaeum) Kumbet Lefkimi Theudoria Pherae Mithymna Midas City Ellina EPIRUS Passandra Perperene Lolkos/Gorytsa Antissa Bahses Mt.
    [Show full text]
  • Target Date Funds: What's Under the Hood?
    RETIREMENT RESEARCH January 2017, Number 17-2 TARGET DATE FUNDS: WHAT’S UNDER THE HOOD? By Edwin J. Elton, Martin J. Gruber, Andre de Souza, and Christopher R. Blake* Introduction In today’s 401(k) world, individuals must choose how in specialized assets, as well as conventional stocks to invest their retirement savings. Yet evidence shows and bonds; 2) TDF fees are only modestly higher than that they often make poor choices on their own.1 if an investor assembled a similar portfolio on his Target date funds (TDFs) were designed as a potential own; and 3) TDF investment returns are broadly in solution. TDFs provide a pre-set mix of stocks and line with other mutual funds; and TDF decisions on bonds, which shifts away from stocks and toward market timing and fund additions do not help, and bonds as individuals age. These funds are often used may hurt, performance. as the default option for 401(k)s that have automatic enrollment. By 2014, nearly 20 percent of all 401(k) assets were in TDFs, and about half of participants TDF Basics held these funds.2 Despite the growing prominence of TDFs, little A TDF is constructed from mutual funds, so it is a research has focused on the details of their holdings, “fund of funds.” TDFs are intended to provide a one- fees, and performance. This brief, adapted from a fund solution for investors that offers diversification recent study, uses data on TDFs and their underlying and a changing asset allocation mix with age. Each mutual fund investments that allows for a unique as- TDF has a “target” year and a pre-determined glide sessment of what is going on “under the hood.”3 path for gradually reducing the equity allocation as The discussion proceeds as follows.
    [Show full text]
  • Target Date Funds: Characteristics and Performance
    Target Date Funds: Characteristics and Performance Edwin J. Elton Stern School of Business, New York University Martin J. Gruber Stern School of Business, New York University Andre de Souza Fordham University Christopher R. Blake Fordham University AUGUST242015 Christopher R. Blake, formerly Joseph Keating, S.J. Distinguished Professor, Fordham University, is deceased prior to publication.Send correspondence to Martin J. Gruber, Stern School of Business, New York University, 44 West 4th Street, New York, NY 10012; telephone 212-998-0333; fax 212-995-4233. E-mail: [email protected]. 1 Abstract As a result of poor asset allocation decisions by 401(k) participants, 72% of all plans now offer target date funds, and participants heavily invest in them. Here, we study the characteristics and performance of TDFs, providing a unique view byemploying data on TDFs holdings. .We show that additional expenses charged by TDFs are largely offset by the low-cost share classesthey hold, not normally open to theirinvestors.Additionally, TDFs are very active in their allocation decisions and increasingly bet on nonstandard asset classes.However, TDFs do not earn alpha from timing or their selection of individual assets. (JEL G11. G23.) 2 There is a vast literature in financial economics thatfinds that participants in 401(k) and 403(b) plans generally make suboptimal asset allocation decisions.1In response to this evidence, plans have started to offer options in whichthe asset allocation decision is made for the investor and in particular options in whichthe allocation changes as a function of time to retirement.These latter options are referred to as target date funds (TDF).
    [Show full text]