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Gauging Your Investments with Performance Benchmarks
Gauging Your Investments with Performance Benchmarks One way to evaluate your investments objectively is to use industry-standard performance benchmarks. A benchmark is a market index or average that allows you to compare the performance of your stocks, bonds, or mutual funds against similar investments. Here are some of the most well-known and widely used investment benchmarks: Stock Benchmarks Dow Jones Industrial Average (DJIA). The oldest and most widely quoted market indicator. It reflects the price-weighted average of 30 actively traded blue chip stocks, mostly industrials, that generally represent 15% to 20% of the New York Stock Exchange (NYSE) total market value. (In a price- weighted index, higher priced stocks carry more weight than lower priced issues.) The mix of individual stocks changes occasionally. Standard and Poor’s 500 Index (S&P 500). A market value-weighted index that reflects changes in the aggregate market value of 500 stocks compared to the base period of 19411943. The S&P 500 consists mainly of New York Stock Exchange industrials, although it also includes transportation, utility, and financial stocks traded on the American Stock Exchange (AMEX), as well as over-the-counter (OTC). National Association of Securities Dealers Automated Quotation (NASDAQ) Composite Index. A broader measure of market activity than the DJIA or the S&P 500, this market value-weighted index tracks the prices of all securities traded on the NASDAQ Stock Market. The NASDAQ specializes in emerging companies, such as technology, telecommunications, and even electronic commerce. Market values are computed by multiplying the most recent sale price of the stock with the total number of outstanding shares. -
Global Exchange Indices
Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes -
Market Preview Domestic Indices Market
24-AUG-2021 Domestic Indices Market wrap up Domestic indices The domestic equity benchmarks managed to close with decent index Close Prv close %Chg gains after a volatile session on Monday. The Nifty closed just NIFTY 50 16,496.5 16,450.5 0.28 NIFTY SMALLCAP 50 4820.55 4928.35 -2.19 shy of the 16,500 mark. IT stocks climbed while auto and metal NIFTY MIDCAP 50 7,186.8 7,238.4 -0.71 shares tumbled.The barometer index, the S&P BSE Sensex, NIFTY SMALLCAP 250 8350.15 8518.7 -1.98 advanced 226.47 points or 0.41% to 55,555.79. The Nifty 50 NIFTY BANK 35,124.4 35,033.9 0.26 index gained 45.95 points or 0.28% to 16,496.45.Bajaj Finserv , NIFTY NEXT 50 39220.15 39381.85 -0.41 NIFTY METAL 5,291.3 5,336.0 -0.84 Nestle India , Bharti Airtel, Bajaj Finance and Reliance Industries INDIA VIX 13.69 14.02 -2.35 supported the indices.Mahindra & Mahindra , Bajaj Auto , Global indices UltraTech Cement and ITC were major drags. In th broader market, the BSE Mid-Cap index fell 0.90% index Close Prv close %Chg Global Market NASDAQ 13,192.0 13,119.0 0.56% Wall Street rallied on Monday, and the Nasdaq reached an all- DOW 28,323.4 28,391.4 -0.24% time closing high as sentiment was boosted by full FDA approval CAC 40 5,769.0 5,765.0 1.16% DAX 13,884.0 13,786.0 0.71% of a COVID-19 vaccine and market participants looked ahead to NIKKEI 29,452.0 28,966.0 2.41% the Jackson Hole Symposium expected to convene later this HANG SENG 26,016.2 25,709.2 1.18% week.The Dow Jones Industrial Average rose 215.63 points, or NYSE 2,072.2 2,077.2 -0.24% 0.61%, to 35,335.71, the S&P 500 gained 37.86 points, or 0.85%, FTSE 6,553.0 6,483.0 1.07% to 4,479.53 and the Nasdaq Composite added 227.99 points, or As on 8.00 IST 1.55%, to 14,942.65.Shares in Asia-Pacific largely rose in NiftyMarket Watch Snapshot Tuesday morning trade . -
Animal Spirits
Pan Asia Strategy 23 November 2017 Animal Spirits Reconciling Nifty-style and Asian small cap equities Continuing the Nifty-style theme, we suggest having some exposure to Asian small caps to hedge concentration risk as growth returns Asian small caps are outgrowing the broader indices, and while size alone favours the mega caps, JASDAQ and KOSDAQ surprise Based on factor and thematic selection, we add Canvest Environment Paul M. Kitney, PhD Protection and Lee & Man Paper to our top picks (852) 2848 4947 [email protected] Asian small caps and diversifying market concentration risk. While large cap and especially mega cap equities have made an outsized contribution to equity returns, our analysis demonstrates evidence that growth stocks are now generating alpha. Small cap names, particularly those with sustainable growth, provide diversification from Nifty-style market concentration. Small cap growth is superior and the price for growth is reasonable. MSCI Asia ex-Japan small cap earnings growth is markedly outpacing the broader MSCI Asia ex-Japan index, and the PEG is meaningfully lower for 2018 and 2019. Animal Spirits top picks Company Ticker JASDAQ and KOSDAQ outperform with concrete earnings drivers. New China Life Insurance 1336 HK While the JASDAQ has outperformed the TOPIX since January 2017, the PICC 1339 HK KOSDAQ has only started to outperform the KOSPI since October 2017 Hana Financial 086790 KS Yes Bank YES IN but is making up for lost time. Earnings growth for both over-the-counter SK Hynix 000660 KS (OTC) markets is more rapid than the broader indices, but we find the NCsoft 036570 KS JASDAQ is more attractively priced, relatively. -
A Primer on U.S. Stock Price Indices
A Primer on U.S. Stock Price Indices he measurement of the “average” price of common stocks is a matter of widespread interest. Investors want to know how “the Tmarket” is doing, and to be able to compare their returns with a meaningful benchmark. Money managers often have their compensation tied to performance, typically measured by comparing their results to a benchmark portfolio, so they and their clients are interested in the benchmark portfolio’s returns. And policymakers want to judge the potential for sudden adjustments in stock prices when differences from “fundamental value” emerge. The most widely quoted stock price index, the Dow Jones Industrial Average, has been supplemented by other popular indices that are constructed in a different way and pose fewer problems as a measure of stock prices. At present, a number of stock price indices are reported by the few companies that we will consider in this paper. Each of these indices is intended to be a benchmark portfolio for a different segment of the universe of common stocks. This paper discusses some of the issues in constructing and interpreting stock price indices. It focuses on the most widely used indices: the Dow Jones Industrial Average, the Stan- dard & Poor’s 500, the Russell 2000, the NASDAQ Composite, and the Wilshire 5000. The first section of this study addresses issues of construction and interpretation of stock price indices. The second section compares the movements of the five indices in the last two decades and investigates the Peter Fortune relationship between the returns on the reported indices and the return on “the market.” Our results suggest that the Dow Jones Industrial Average (Dow 30) The author is a Senior Economist and has inherent problems in its construction. -
France Fund A-Euro for Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET FRANCE FUND A-EURO 31 AUGUST 2021
pro.en.xx.20210831.LU0048579410.pdf France Fund A-Euro For Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET FRANCE FUND A-EURO 31 AUGUST 2021 Strategy Fund Facts Bertrand Puiffe uses an unconstrained approach to portfolio construction, investing in Launch date: 01.10.90 companies based on their merits and not taking into account their prominence in the Portfolio manager: Bertrand Puiffe index. He takes a long-term view that allows him to benefit from market inefficiencies Appointed to fund: 01.09.17 created by the shorter-term time horizon of other investors. Bertrand has a very Years at Fidelity: 15 disciplined investment process based on systematic scoring of companies on Fund size: €64m qualitative and quantitative factors. He typically invests in three types of companies: Number of positions in fund*: 35 turnaround stories, special situations and where the market underestimates how strong, Fund reference currency: Euro (EUR) and for how long, growth can be sustained. Bertrand has a disciplined approach to risk Fund domicile: Luxembourg management at the stock level and during the portfolio construction process. Fund legal structure: SICAV Management company: FIL Investment Management (Luxembourg) S.A. Capital guarantee: No Portfolio Turnover Cost (PTC): 0.02% Portfolio Turnover Rate (PTR): 21.73% *A definition of positions can be found on page 3 of this factsheet in the section titled “How data is calculated and presented.” Objectives & Investment Policy Share Class Facts • The fund aims to provide long-term capital growth with the level of income expected Other share classes may be available. Please refer to the prospectus for more details. -
(Ex Controversies and CW) Index Equity Fund
Report and Financial Statements For the year ended 31st December 2020 State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund (formerly State Street Japan Equity Tracker Fund) State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund Contents Page Manager's Report* 1 Portfolio Statement* 5 Director's Report to Unitholders* 25 Manager's Statement of Responsibilities 26 Statement of the Depositary’s Responsibilities 27 Report of the Depositary to the Unitholders 27 Independent Auditors’ Report 28 Comparative Table* 31 Financial statements: 32 Statement of Total Return 32 Statement of Change in Net Assets Attributable to Unitholders 32 Balance Sheet 33 Notes to the Financial Statements 34 Distribution Tables 45 Directory* 46 Appendix I – Remuneration Policy (Unaudited) 47 Appendix II – Assessment of Value (Unaudited) 49 * These collectively comprise the Manager’s Report. State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund Manager’s Report For the year ended 31st December 2020 Authorised Status The State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund. The Fund's name was changed to State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund on 18th December 2020 (formerly State Street Japan Equity Tracker Fund). Investment Objective and Policy The objective of the Fund is to replicate, as closely as possible, and on a “gross of fees” basis, the return of the Japan equity market as represented by the FTSE Japan ex Controversies ex CW Index (the “Index”) net of unavoidable withholding taxes. -
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The Journal of Applied Business Research – September/October 2017 Volume 33, Number 5 The Effect Of Corporate Governance On Unfaithful Disclosure Designation And Unfaithful Disclosure Penalty Points Bo Young Moon, Dankook University, South Korea Soo Yeon Park, Korea University, South Korea ABSTRACT This paper investigates the relation between Unfaithful Disclosure Corporations (“UDC”) and corporate governance using listed firm (KOSPI and KOSDAQ) data in Korea. Prior literature reports that corporate governance has an impact on the level of disclosure and the quality of disclosure provided by companies. However, it is hard to find the studies about corporate governance and UDC at the term of disclosure quality. Compare to some financially advanced countries, Korea established corporate governance in a relatively short period of time; hence concerns have been raised the corporate governance have not played effective role to monitor management. We question how corporate governance affects companies’ unfaithful disclosure by using several corporate governance proxy variables and UDC data which is unique system in Korea. From the empirical tests, we find a negative association between the proportion of outside directors, an indicator of the board’s independence, and UDC designation, among companies listed on both KOSPI and KOSDAQ. On the other hand, there is a significant positive association between the proportion of outside directors and UDCs’ imposed and accumulated penalty points among KOSDAQ-listed companies. This implies that outside director system effectively play a monitoring role however due to different natures of members included in outside directors, the system often fails to control regarding based reasons for penalty points imposition. In addition, we find the percentage of foreign equity ownership showed statistically significant positive association with UDC designation and a significant positive association with the imposed and accumulated penalty points among KOSPI-listed companies. -
ETF/ETN Monthly Report Feb-2014
issue month ETF/ETN Monthly Report Feb-2014 ◆Market Summary Average daily trading value surges past last month's record high! ■ In January, the ETF/ETN market reached a new record high in ADV of about JPY 146 billion. Monthly trading value was at about JPY 2.77 trillion, staying close to last month's high. ■ NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund (1570) accounted for the majority of the trading value. TOPIX Bull 2x ETF (1568) also saw growing activity. ■ The market welcomed two new ETFs tracking the JPX-Nikkei Index 400 on January 28 (Tue.). NEXT FUNDS JPX-Nikkei Index 400 Exchange Traded Fund (1591) and Listed Index Fund JPX-Nikkei 400 (1592) both got off to a smooth start. The former ranked 18th in monthly trading value despite being traded for only four days while the latter came in at 25th in the rankings (the table in the attachment only includes the top 20 issues). ◆Trading Value - Monthly(Auction) (Jan-2014) Total(JPY) Daily Average (JPY) ◆Trading days:19 Month on Month 2,768,245,883,073 145,697,151,741 +4.05% ◆Rankings ETF 149 ● Monthly trading value (Jan-2014) ETN 22 Monthly Trading Value, Value Fund # Code Name Underlying index/commodity Category Monthly Change (%) (unit: JPY 1,000) Administrator 1 1570 NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund Nikkei 225 Leveraged Index Domestic Stock Indices 1,533,713,500 +3.69% Nomura AM 2 1321 Nikkei 225 Exchange Traded Fund Nikkei 225 Domestic Stock Indices 285,213,285 -4.21% Nomura AM 3 1568 TOPIX Bull 2x ETF TOPIX Leveraged (2x) Index Leveraged / Inverse -
Does the Market React Differently to Chaebol Firms?
The Journal of Applied Business Research – September/October 2014 Volume 30, Number 5 Does The Market React Differently To Chaebol Firms? Heejin Park, Hanyang University, South Korea Jinsoo Kim, Hanyang University, South Korea Mihye Ha, Hanyang University, South Korea Sambock Park, Hanyang University, South Korea ABSTRACT Based on a sample of Korean firms listed on the KOSPI and KOSDAQ from 2001 to 2011, we examined whether the affiliation of a firm with a Chaebol group affects the sensitivity of stock prices to earnings surprises. We found that the market response to positive (negative) earnings surprises is more positive (negative) for Chaebol firms than for non-Chaebol firms. In addition, we investigated how intra-group transactions affect the ERCs of Chaebol firms by comparing with those of non-Chaebol firms. Our results show that the intra-group transactions of Chaebol firms are positively related to ERCs under both positive and negative earnings surprises. However, we did not find the same results from the analyses of non-Chaebol firms. Keywords: Chaebol Firms; Earnings Response Coefficient (ERC); Earnings Surprises; KOSPI; KOSDAQ 1. INTRODUCTION he aim of this study is to examine how differently the market reacts to earnings surprises of Chaebol firms compared to those of non-Chaebol firms. Although there is no official definition of Chaebol, T firms are perceived as Chaebol if they consist of a large group and operate in many different industries, maintain substantial business ties with other firms in their group, and are controlled by the largest shareholder as a whole. The definition used to identify Chaebol firms is that of a large business group established by the Korea Fair Trade Commission (KFTC) and a group of companies of which more than 30% of the shares are owned by the group’s controlling shareholders and its affiliated companies. -
Why Switzerland?
Why Switzerland? Marwan Naja, AS Investment Management January, 2010 I. Executive Summary Swiss Equities Have Outperformed: Here is a fact you probably did not know: The Swiss equity market has arguably been the best performing developed world market over the past 20, 10, 5 and 2 years. The SPI Index, which incorporates over 200 Swiss stocks, is the best performing index in Swiss Franc (“CHF”), US Dollars (“USD”), Euro (“EUR”) and British Pounds (“GBP”) over the past 20 years1,10 years, 5 years, and 2 years when compared to similar broad-based total return indices in the United States (S&P 500 Total Return), the United Kingdom (FTSE 350 Total Return), Germany (CDAX), France (SBF 120 Total Return) and Japan (TOPIX Total Return)2. For most of these periods the magnitude of the outperformance is significant. Furthermore, the Swiss market has exhibited attractive risk characteristics including lower volatility than comparable markets. Figure 1: SPI 20 Year Performance (red) Compared to Major Developed Indices in CHF3 1 The 20 year comparable excludes the EUR which has not existed for that duration and the French SBF 120 TR which was established in 1990 and has underperformed the SPI over the 19 year period. 2 The Swiss market is the best performer in our local currency comparison (stripping out the foreign exchange effects) over 20 years and marginally trails the FTSE 350 for the 10 year, 5 year and 2 year comparisons. 3 Source of all graphs is Bloomberg unless otherwise indicated. Why Switzerland? AS Investment Management Contents I. Executive Summary ............................................................................................................ 1 Swiss Equities Have Outperformed ................................................................................... -
Weekly Economic Update
Electronic News That You Can Use! ONTHLY CONOMIC PDATE M E U October 2018 THIS MONTH’S THE MONTH IN BRIEF Wall Street maintained its optimism in September. While trade worries were top of HIGHLIGHT IS mind for economists and investors overseas, bulls largely shrugged at the prospect of tariffs and the probability of another interest rate hike. The S&P 500 rose 0.43% SOCIAL SECURITY for the month. On the whole, U.S. economic indicators were quite good, and some offered pleasant surprises. Social Security benefits can be a DOMESTIC ECONOMIC HEALTH As many analysts expected, the Federal Reserve raised the main interest rate by critical part of your 0.25% on September 26 to a target range of 2.00-2.25%. The word “accommodative” retirement was absent from its latest policy statement, distinctly hinting at a shift in U.S. income. It’s monetary policy. As September ended, the CME Group’s FedWatch Tool had the odds of a quarter-point December rate hike at 76.5%. important to understand how it On the last day of September, Canada joined the U.S. and Mexico in a new proposed works and trade pact representing an evolution of the existing North American Free Trade Agreement (NAFTA). The new accord, if approved by the governments of Canada, consider carefully Mexico, and the U.S., would toughen intellectual property and trade secret when to claim regulations, require 75% of autos made in North America to use parts from North American manufacturers, stipulate new labor requirements for Mexican industry, your benefits.