Annual Report 2019
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Inprs Cafr Fy20 Working Version
COMPREHENSIVE ANNUAL FINANCIAL REPORREPORTT 2020 For the FiscalFiscal YearYear EndedEnded JuneJune 30,30, 20202019 INPRS is a component unit and a pension trust fund of the State of Indiana. The Indiana Public Retirement System is a component Prepared through the joint efforts of INPRS’s team members. unit and a pension trust fund of the State of Indiana. Available online at www.in.gov/inprs COMPREHENSIVE ANNUAL FINANCIAL REPORT 2020 For the Fiscal Year Ended June 30, 2020 INPRS is a component unit and a pension trust fund of the State of Indiana. INPRS is a trust and an independent body corporate and politic. The system is not a department or agency of the state, but is an independent instrumentality exercising essential governmental functions (IC 5-10.5-2-3). FUNDS MANAGED BY INPRS ABBREVIATIONS USED Defined Benefit DB Fund 1. Public Employees’ Defined Benefit Account PERF DB 2. Teachers’ Pre-1996 Defined Benefit Account TRF Pre-’96 DB 3. Teachers’ 1996 Defined Benefit Account TRF ’96 DB 4. 1977 Police Officers’ and Firefighters’ Retirement Fund ’77 Fund 5. Judges’ Retirement System JRS 6. Excise, Gaming and Conservation Officers’ Retirement Fund EG&C 7. Prosecuting Attorneys’ Retirement Fund PARF 8. Legislators’ Defined Benefit Fund LE DB Defined Contribution DC Fund 9. Public Employees’ Defined Contribution Account PERF DC 10. My Choice: Retirement Savings Plan for Public Employees PERF MC DC 11. Teachers’ Defined Contribution Account TRF DC 12. My Choice: Retirement Savings Plan for Teachers TRF MC DC 13. Legislators’ Defined Contribution Fund LE DC Other Postemployement Benefit OPEB Fund 14. -
Manulife Asset Allocation Client Brochure
Manulife Asset Allocation Portfolios Sophisticated Investment Solutions Made Simple 1 Getting The Big Decisions Right You want a simple yet Deciding how to invest is one of life’s big decisions – effective way to invest in fact it’s a series of decisions that can have a big and Manulife Asset impact on your financial future. Allocation Portfolios It can be complicated and overwhelming, leaving you feeling uncertain offer a solution that can and anxious. The result? Many investors end up chasing fads, trends and help you get it right. short-term thinking, which can interfere with your ability to achieve long-term financial goals. As an investor, you want to make the most of your investments. You want to feel confident you’re receiving value for your money and reputable, professional advice. Big life decisions “Am I making the right investment choices?” Disappointing returns “Should I change my investing strategy?” Confusion and guesswork “How can I choose the best investment for me?” Manulife Asset Allocation Portfolios are managed by Manulife Investment Management Limited (formerly named Manulife Asset Management Limited). Manulife Asset Allocation Portfolios are available in the InvestmentPlus Series of the Manulife GIF Select, MPIP Segregated Pools and Manulife Segregated Fund Education Saving Plan insurance contracts offered by The Manufacturers Life Insurance Company. 2 Why Invest? The goal is to offset inflation and grow your wealth, while planning for important financial goals. Retirement: Canadian Education Raising a Child Pension Plan (CPP) $66,000 $253,947 $735.21 Current cost of a four-year The average cost of raising a Current average monthly payout for post-secondary education1 child from birth to age 183 new beneficiaries. -
Investment Edge® Variable Annuity
Investment Edge® Variable Annuity May 1, 2017 Variable Annuities: • Are Not a Deposit of Any Bank • Are Not FDIC Insured • Are Not Insured by Any Federal Government Agency • Are Not Guaranteed by Any Bank or Savings Association • May Go Down in Value Issued by AXA Equitable Life Insurance Company. Table of Contents Variable Product Prospectus Page Investment Edge® 15.0 1 Summary Prospectuses Page Label Page Label AXA Premier VIP Trust EQ/PIMCO Global Real Return EQPGRR 1-5 AXA Aggressive Allocation AAA 1-5 EQ/PIMCO Ultra Short Bond EQPUS 1-5 AXA Moderate Allocation AMA 1-5 EQ/Small Company Index EQSCI 1-3 AXA Moderate-Plus Allocation AMPA 1-5 EQ/T. Rowe Price Growth Stock EQTGS 1-4 CharterSM Aggressive Growth CAGR 1-6 Multimanager Technology MMT 1-5 CharterSM Conservative CCON 1-6 CharterSM Growth CGR 1-6 CharterSM Moderate CMOD 1-6 CharterSM Moderate Growth CMGR 1-6 CharterSM Small Cap Growth CSCG 1-5 CharterSM Small Cap Value CSCV 1-5 EQ Advisors Trust 1290 VT Convertible Securities VTCS 1-5 1290 VT DoubleLine Opportunistic Bond VTDO 1-6 1290 VT Energy VTE 1-5 1290 VT Equity Income VTEI 1-4 1290 VT GAMCO Mergers & Acquisitions VTGM 1-5 1290 VT GAMCO Small Company Value VTGSC 1-3 1290 VT High Yield Bond VTHY 1-6 1290 VT Low Volatility Global Equity VTLG 1-4 1290 VT Natural Resources VTNR 1-4 1290 VT Real Estate VTRE 1-5 1290 VT SmartBeta Equity VTSB 1-4 1290 VT Socially Responsible VTSR 1-5 All Asset Growth-Alt 20 EQAA 1-7 AXA/AB Dynamic Moderate Growth AABDMG 1-7 AXA/AB Short Duration Government Bond AABSDGB 1-5 AXA/AB Small Cap Growth -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
Active Ownership for Professional Clients Only
2021 | Active ownership For professional clients only. Not to be distributed to retail clients. Active ownership Global engagement to Active ownership means striving to deliver positive change create sustainable value for our clients. Our annual report details how we achieved this in 2020. 2021 | Active ownership Contents Foreword 03 2020 in numbers 04 Q&A 05 ESG integration 08 Responsible investing 12 Environment 19 E: Environment and climate 20 Social 39 S: Diversity 40 S: Healthcare 48 S: Human capital and human rights 52 Governance 61 G: Board composition 62 G: Investor rights 66 G: Pay and income inequality 70 Policy advocacy and collaboration 79 Active engagement: the numbers 82 Voting and reporting 90 Policies and processes 96 Voting statistics by region 100 Awards 107 Appendix: UK Stewardship Code 108 Notes 109 Contact LGIM 110 This is an interactive pdf, please use the buttons and contents list above to navigate your way through the document. 2 2021 | Active ownership March 2021 Foreword Responsible investing in an age of uncertainty Last year will doubtless remain etched in our memories, for both the sudden darkness it cast over us and the enduring light of human resilience it kindled. I am deeply proud of LGIM’s response to the manifold challenges that emerged, or were intensified, and with which we are still contending. In this document, our tenth annual Active Ownership report, we outline the decisive action we took on behalf of our clients across a range of environmental, social and governance (ESG) issues, with a particular focus on the near-term dangers posed by COVID-19 and the longer-term threat of climate change. -
Quality Driven Growth: an Enduring Combination
Investment Focus Quality-Driven Growth: An Enduring Combination Over the past several years, market observers and participants have focused to the point of obsession on the performance and possible trajectories of growth and value stocks. In our view, however, the quiet, steady dominance of a third style makes the debate beside the point. International quality stocks have consistently outperformed their regional growth and value peers for the last two decades. Quality-driven growth investing has been an enduring combination. Done properly, we believe it has the potential to identify companies across many sectors and industries with high levels of financial productivity, lasting competitive advantages, and reinvestment opportunities for growth. Collectively, we believe companies with these characteristics can deliver a consistent pattern of performance through different investment cycles. 2 Introduction market environments, with the notable exception of very strong rising markets, which tend to favor value stocks. When comparing against Study after study has shown that investors are not very good at timing growth, the MSCI ACWI ex-USA Quality Index has outperformed the market, but the conversation around style investing shows that its counterpart Growth Index in 96% of the three-year periods when they nevertheless spend an awful lot of time trying to do it. As growth growth was underperforming and 74% of the periods when it was stocks soared over the last decade-plus, pundits asked whether the outperforming. world had permanently shifted to favor high-growth technology stocks over businesses heavy on assets in the physical world, which often fall in the value category. But even very short periods in which value Exhibit 1 started to pull ahead elicited a frenzy of speculation about whether the Quality Outperformed International and US Benchmarks for valuations of growth stocks, many of which are not very profitable, the Last 20 Years had finally flown too close to the sun. -
Active Management and Market Efficiency: a Summary of the Academic Literature
Active Management and Market Efficiency: A Summary of the Academic Literature Executive Summary This paper reviews the empirical evidence on trends in market efficiency in the United States and the role that active management plays in creating market efficiency. Efficient markets are among the cornerstones of developed economies. In an efficient market the prices of securities, on average, reflect the value of the assets underlying the securities. More efficient markets have three primary advantages: they encourage broader investor participation, they make diversifying risk easier and they encourage capital formation. Active management is the driver of market efficiency. Active managers perform research on issuers, analyze assets underlying securities and assess values. Through the buying and selling process, active managers establish the market prices for securities. By contrast, passive managers are usually “price takers” rather than “price makers.” Therefore, in the broadest terms, an increase in the amount of active management will lead to greater market efficiency, while an increase in passive management will reduce market efficiency. A body of academic literature studies how the increase in passively-managed assets – and the concomitant decrease in actively-managed assets – has affected market efficiency. Taken together, these studies suggest that: pricing efficiency has declined, return comovement has increased, securities prices are more volatile, liquidity has decreased and liquidity exhibits greater comovement. We believe that additional studies covering the most recent periods would be useful, as would studies that take a comprehensive view of indexing and that study the effect of indexing on IPOs. ACTIVE MANAGEMENT COUNCIL WHITE PAPER / MARKET EFFICIENCY: A SUMMARY OF THE ACADEMIC LITERATURE Introduction Efficient markets are among the cornerstones of developed economies. -
U B S , Federated Investors, Incorporation and Hermes
Press Release UBS, Federated Investors, Inc. and Hermes Investment Management Launch Innovative Fixed Income Impact Funds1 Zurich, 26 September 2019 — Federated Investors Inc., Hermes Investment Management and UBS today announced the launch of new SDG Engagement High Yield Credit funds. These pioneering funds1 will seek to achieve a meaningful social and/or environmental impact as well as a compelling return by investing in high yield bonds and engaging with their issuers. The funds will have a Lead Engager dedicated to driving positive change in line with the United Nations Sustainable Development Goals framework. A UCITS fund, managed by Hermes Investment Management, will be offered to investors across the globe. Additionally, a mutual fund will be available in the U.S. that will be advised by Federated Investment Management Company, sub-advised by Hermes Investment Management, and distributed by Federated Securities Corp. In 2018, Federated Investors, Inc., the parent company of the advisor and distributor, acquired a majority interest in London-based Hermes Fund Managers Limited, which operates Hermes Investment Management. The funds are the first that UBS has launched with the companies simultaneously to a global investor base. UBS, the world’s leading global wealth manager2, will make the funds available through the UBS platform to U.S. and non-U.S. clients (the latter initially on an exclusive basis for a 6-month period). The funds will form part of UBS’s USD 5 billion commitment to SDG-related impact investing. Separately, they will also represent the first new strategy addedto UBS’s award-winning3 100% sustainable multi-asset portfolio since its launch last year. -
The Efficient Market Hypothesis and Its Critics
Journalof Economic Perspectives—Volume 17,Number 1—Winter 2003— Pages 59 – 82 TheEf cient Market Hypothesisand Its Critics BurtonG. Malkiel generationago, theef cient market hypothesis was widelyaccepted by academic nancial economists; forexample, see Eugene Fama’ s (1970) A inuential survey article, “ Efcient Capital Markets.” It was generallybe- lievedthat securitiesmarkets were extremely ef cient in re ecting information about individualstocks and about thestock marketas awhole.The accepted view was that when informationarises, the news spreads veryquickly and isincorporated intothe prices of securitieswithout delay. Thus, neithertechnical analysis, which is thestudy ofpast stock pricesin an attemptto predict future prices, nor even fundamental analysis, which isthe analysis of nancial informationsuch as com- pany earningsand asset valuesto help investors select “ undervalued”stocks, would enablean investorto achieve returns greater than those that could beobtained by holdinga randomlyselected portfolio of individual stocks, at leastnot withcom- parablerisk. Theef cient market hypothesis isassociated withthe idea of a“random walk,” which isatermloosely used inthe nance literatureto characterizea priceseries whereall subsequent pricechanges representrandom departuresfrom previous prices.The logic of the random walkidea is that ifthe owof information is unimpededand informationis immediately re ected in stock prices,then tomor- row’s pricechange willre ect only tomorrow’ s newsand willbe independent of the pricechanges today. Butnews is by de nition unpredictable, and, thus, resulting pricechanges must beunpredictable and random. Asaresult,prices fully re ect all known information,and evenuninformed investors buying a diversied portfolio at thetableau of prices given by the market will obtain arateof return as generousas that achievedby the experts. y BurtonG. Malkielis Chemical Bank Chairman’ s Professorof Economics, Princeton University,Princeton, New Jersey.His e-mail addressis [email protected] . -
Hedge Funds, Active Management, and the Asset Allocation Decision
1330 Avenue of the Americas, 36th Floor New York, New York 10019 [email protected] +1 212 838 4700 tel +1 212 838 0700 fax Hedge Funds, Active Management, and the Asset Allocation Decision: A Descriptive Framework September 2005 Roy D. Henriksson Robert E. Kiernan III Corresponding author: [email protected] This document does not constitute an offer for sale of interests. Such an offer may be made only by means of a private placement memorandum to investors satisfying the applicable investor eligibility criteria. Copyright © 2005 by Advanced Portfolio Management LLC. All rights reserved. Introduction Over the last several years, hedge funds have grown dramatically, both in terms of the number of funds and the total assets under management. In some cases, the funds have been able to deliver returns well in excess of those that were available from more traditional investments; in other cases, they have experienced extremely large losses. Given this wide range of experiences, it is only natural that a great debate has ensued as to what is the appropriate role of hedge funds in an investor’s portfolio. One way to frame this debate is from an asset allocation perspective: should hedge funds be viewed as a separate and distinct asset class or as simply a form of active management? To establish the appropriate characterization, it is necessary to consider the sources of return and the sources of risk that comprise an investment in hedge funds and how these sources of return and risk fit into the overall asset allocation decision.1 In particular, do the return and risk characteristics of the hedge fund universe support the treatment as an asset class and, if so, how should that asset class be characterized? From an asset allocation perspective, an asset class should represent a potential source of return that offers investors a sufficient long-term return premium from a (relatively) passive investment. -
Invest in Women
“When women move forward, the world moves with them.” 1 Good advice is gender-neutral but represents perspective. Increasingly, a woman’s perspective is gender-specific and incorporates her values and investment needs. Financial decisions are personal, but for women in particular, trust lies at the core of financial advisory relationships. Lauren Loughlin is an Associate Portfolio Manager at EquityCompass. She joined the team in May 2014 and helps manage the Global Leaders Portfolio. Lauren is involved in all aspects of the portfolio management process, including investment research and analysis, portfolio strategy, stock selection, product marketing, asset and performance measurement, and client communications. She also leads the women’s investing initiative at EquityCompass, has hosted several client events focused on women investors, and has written extensively on the topic. Prior to joining EquityCompass, Lauren was a member of the Stifel Institutional Equity Sales group, and she also previously worked at Morgan Stanley as an analyst in equity derivative client service. Lauren graduated magna cum laude with a B.S. in business administration from Washington and Lee University. Associate Portfolio Manager 2 2 More than ever before, women are career-driven, leading major corporations, and running their households. The workforce is changing… Labor Force Participation In the U.S., while only 32% of women were in the labor WOMEN force in 1948, women’s participation in the labor market 56% +75% has grown to 56% in 2021. 1 32% By contrast, men in the labor force have decreased over that same time period from 86% in 1948 to 68% in 2021. -
Financial Performance, Costs, and Active Management of US Socially Responsible Investment Funds
Financial Performance, Costs, Working and Active Management of U.S. Papers in Socially Responsible Investment Funds Responsible Banking & By Jimmy Chen and Bert Scholtens Finance Abstract: Responsible investors, like regular investors, need to investigate whether to actively or passively manage their investments. This especial is of interest for responsible investing as it requires additional information generation and processing compared to more conventional investing. This study compares socially responsible investment funds in the US with a special focus on their financial performance, cost of investing, and degree of active management. We do not find persuasive WP Nº 16-011 evidence that actively managed socially responsible investment funds perform better than their passively managed 3rd Quarter 2016 counterparts on both an individual and aggregate basis. Only active specialist thematic socially responsible investment funds appear to generate risk-adjusted returns that overcome their expense ratios. Furthermore, we find that some active SRI funds seem to operate as ‘closet indexers’ with a low degree of active management. Financial Performance, Costs, and Active Management of US Socially Responsible Investment Funds Jimmy Chen, School of Management, University of St Andrews Email: [email protected] Bert Scholtens, School of Management, University of St Andrews, and Faculty of Economics and Business, University of Groningen Email: [email protected] Abstract Responsible investors, like regular investors, need to investigate whether to actively or passively manage their investments. This especial is of interest for responsible investing as it requires additional information generation and processing compared to more conventional investing. This study compares socially responsible investment funds in the US with a special focus on their financial performance, cost of investing, and degree of active management.