DOCSLIB.ORG

Morgan Stanley Institutional Fund Frontier Emerging Markets Portfolio

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Morgan Stanley Institutional Fund Frontier Emerging Markets Portfolio INVESTMENT IDEA | DECEMBER 31, 2016 Morgan Stanley Institutional Fund Frontier Emerging Markets Portfolio Frontier markets offer investors the potential for higher growth opportunities, and at Morgan Stanley Investment Management our team takes an active, pure-play approach to investing in these markets. In today’s low-growth emerging market world, consider the MSIF Frontier Emerging Markets Portfolio. ★★★★★ Symbols Overall Morningstar Rating™ for Class I Class A MFMPX Out of 606 Diversified Emerging Markets category funds based on risk-adjusted returns Class C MSFEX Diversifying an Emerging Markets Allocation Class I MFMIX Growth opportunities in traditional emerging markets have become harder to find. We Class IS MSRFX believe that frontier markets, with large populations, young economies and domestically- driven opportunities are positioned for relatively strong growth. Historically, frontier markets have had a more attractive yield, lower volatility and higher risk-adjusted returns MSIF Frontier Emerging compared to emerging markets. They also offer potential diversification benefits as they Markets Portfolio are less correlated to emerging and developed equity markets.1 1 Low Correlation Opportunities in frontier markets have been domestically driven, leading to historically Lower Correlation from Locally Driven Economies low correlation to each other, 5-Year Correlation to MSCI Frontier Markets Index to emerging and to developed markets, providing potential 1.0 sources of diversified alpha. 0.8 0.57 0.64 0.64 Lower Realized 0.6 0.54 2 Volatility 0.4 Although frontier markets are 0.2 perceived as being more volatile, 0.0 over the past five years their volatility has been 49% lower MSCI Emerging Markets MSCI AC World MSCI EAFES&P 500 than that of emerging markets due to low cross correlation Attractive Historical Returns with Lower Volatility among frontier markets.2 5-Year Risk/Return Statistics Established MSCI EMERGING MARKETS NET INDEX MSCI FRONTIER MARKETS INDEX 3 Track Record Dividend Yield 2.60 4.31 Annualized Return 1.28 5.16 Our team has been investing in emerging markets since the Standard Deviation 16.16 11.39 mid-1980s, and this fund was one Sharpe Ratio 0.07 0.44 of the first dedicated pure-play frontier markets funds. The team’s Beta versus MSCI EM – 0.36 experience, local knowledge and extensive due-diligence process Past performance is not indicative of future results. Indices are shown for illustrative purposes only and are not meant to depict the performance of a specific investment. It is not possible to invest directly in an index. The risks associated with emerging have helped lead the fund to a markets are magnified when investing in frontier emerging market securities. See back for risk considerations of the Fund. 5-Star Overall Morningstar rating.3 Source: Morgan Stanley Investment Management. Data as of December 31, 2016. 1 Diversification does not eliminate risk of loss. 2 Data as of December 31, 2016. Emerging markets as represented by the MSCI Emerging Markets Index 3 Morningstar Ratings: Overall Rating based on risk-adjusted return, out of 606 funds as of 12/31/2016 in the Diversified Emerging Markets Category – Class I shares. Ratings: 3 Year 4 stars (606 funds), 5 Year 5 stars (425 funds). NOT FDIC INSURED OFFER NOT BANK GUARANTEED MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT Investment Team The Morgan Stanley Institutional Fund Frontier Emerging Markets Portfolio is managed by Tim Drinkall and Pierre Horvilleur, who are supported by the Global Emerging Markets Team. TIM DRINKALL PIERRE HORVILLEUR Joined firm in 2007, Re-joined firm in 2013, 22 years of investment experience 13 years of investment experience Investment Performance – Class I Risk/Return Statistics Average annual total return (Periods ending December 31, 2016) 5 Years as of December 31, 2016 20 Fund 15 Standard deviation (%) 11.47 10 Beta (vs. MSCI Frontier Markets Net) 0.90 5 R squared 0.80 0 Sharpe ratio 0.79 -5 Information ratio 0.76 -10 Alpha 4.00 Since Inception 1 Year 3 Year 5 Year (August 25, 2008) Tracking error (%) 5.23 3.83 -1.59 9.15 0.32 5.58 0.08 11.16 2.32 Up-capture ratio (%) 113.07 2.66 -2.10 5.16 -3.71 11.19 -2.55 1.28 1.82 Down-capture ratio (%) 88.55 Frontier Emerging Markets Portfolio Frontier Emerging Markets Portfolio (Net of Fees) (Gross of Fees) MSCI Frontier Markets Index MSCI EM Net Index Source: Morgan Stanley Investment Management. Performance data quoted represents past performance, which is no guarantee Reorganization, the Portfolio is the accounting successor of the Frontier Predecessor of future results, and current performance may be lower or higher than the Fund. The historical performance information shown reflects, for the period prior to figures shown. For the most recent month-end performance figures, please visit the Frontier Reorganization, the historical performance of the Frontier Predecessor morganstanley.com/im or call 1-800-548-7786. Investment returns and principal Fund. The Frontier Predecessor Fund may have performed differently if it were an value will fluctuate and fund shares, when redeemed, may be worth more or less open-end fund since closed-end funds are generally not subject to the cash flow than their original cost. fluctuations of an open-end fund. Performance shown for the Portfolio’s Class I shares reflects the performance of the The total expense ratio is 1.72% for Class I shares. Expenses are based on the fund’s common shares of the Frontier Predecessor Fund for periods prior to September 17, 2012. current prospectus. As of April 30, 2015, the Fund’s fee waivers and/or expense Pursuant to an agreement and plan of reorganization between the Fund, on behalf reimbursements were discontinued. The minimum initial investment is $5,000,000. of the Portfolio, and Morgan Stanley Frontier Emerging Markets Fund, Inc. (the Net returns are shown net of investment advisory/management fees. Gross and net returns “Frontier Predecessor Fund”), on September 17, 2012 the Portfolio acquired all of are quoted in U.S.$ and include the reinvestment of dividends and income. Returns for less the assets and liabilities of the Frontier Predecessor Fund in exchange for Class I than one year are cumulative (unannualized). Performance of other share classes will vary. shares of the Portfolio (the “Frontier Reorganization”). As a result of the Frontier DEFINITIONS: The MSCI Frontier Markets Index is a free float-adjusted market capitalization on the portfolio’s performance. Stocks of small- and medium-capitalization companies index that is designed to measure equity market performance of frontier markets. The entail special risks, such as limited product lines, markets and financial resources, and performance of the Index is calculated in U.S. dollars and assumes reinvestment of net greater market volatility than securities of larger, more established companies. By investing dividends. “Net dividends” reflects a reduction in dividends after taking into account in investment company securities, the portfolio is subject to the underlying risks of withholding of taxes by certain foreign countries represented in the Index. The MSCI that investment company’s portfolio securities. In addition to the Portfolio’s fees and Emerging Markets Index (Net) is a free float-adjusted market capitalization weighted expenses, the Portfolio generally would bear its share of the investment company’s fees index that is designed to measure equity market performance of emerging markets. and expenses. Derivative instruments may disproportionately increase losses and have The performance of the index is listed in U.S. dollars and assumes reinvestment of net a significant impact on performance. They also may be subject to counterparty, liquidity, dividends. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted valuation, correlation and market risks. Illiquid securities may be more difficult to sell market-capitalization index that is designed to measure the international equity market and value than publicly traded securities (liquidity risk). performance of developed markets, excluding the US & Canada. The performance of the Morningstar: Ratings as of December 31, 2016. The Morningstar Rating™ for funds, or “star index is listed in U.S. dollars and assumes reinvestment of net dividends. The MSCI All rating”, is calculated for managed products (including mutual funds, variable annuity and Country World Index is a free float-adjusted market capitalization-weighted index that variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) measures equity market performance of developed and emerging markets. The Standard with at least a three-year history. Exchange-traded funds and open-ended mutual funds & Poor’s 500® Index (S&P 500®) measures the performance of the large cap segment are considered a single population for comparative purposes. It is calculated based on of the U.S. equities market, covering approximately 75% of the U.S. equities market. The a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed index includes 500 leading companies in leading industries of the U.S. Indexes do not product’s monthly excess performance, placing more emphasis on downward variations include any expenses, fees or sales charges, which would lower performance. The term and rewarding consistent performance. The top 10% of products in each product category “free float” represents the portion of shares outstanding that are deemed to be available receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% for purchase in the public equity markets by investors. Indexes are unmanaged and should receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a not be considered an investment. It is not possible to invest directly in an index. Alpha is managed product is derived from a weighted average of the performance figures associated the excess return or value added (positive or negative) of the portfolio’s return relative with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.
Load more

Recommended publications
  • North Carolina Supplemental Retirement Plans Investment Performance March 31, 2015
    North Carolina Supplemental Retirement Plans Investment Performance March 31, 2015 Services provided by Mercer Investment Consulting, Inc. Table of Contents Table of Contents 1. Capital Markets Commentary 2. Executive Summary 3. Total Plan 4. US Equity 5. International Equity 6. Global Equity 7. Inflation Responsive 8. US Fixed Income 9. Stable Value 10. GoalMaker Portfolios 11. Disclaimer Capital Markets Commentary Performance Summary: Quarter in Review Market Performance Market Performance First Quarter 2015 1 Year DOMESTIC EQUITY DOMESTIC EQUITY Russell 3000 1.8 Russell 3000 12.4 S&P 500 1.0 S&P 500 12.7 Russell 1000 1.6 Russell 1000 12.7 Russell 1000 Growth 3.8 Russell 1000 Growth 16.1 Russell 1000 Value -0.7 Russell 1000 Value 9.3 Russell Midcap 4.0 Russell Midcap 13.7 Russell 2000 4.3 Russell 2000 8.2 Russell 2000 Growth 6.6 Russell 2000 Growth 12.1 Russell 2000 Value 2.0 Russell 2000 Value 4.4 INTERNATIONAL EQUITY INTERNATIONAL EQUITY MSCI ACWI 2.3 MSCI ACWI 5.4 MSCI ACWI Small Cap 4.4 MSCI ACWI Small Cap 3.2 MSCI AC World ex US 3.5 MSCI AC World ex US -1.0 MSCI EAFE 4.9 MSCI EAFE -0.9 MSCI EAFE Small Cap 5.6 MSCI EAFE Small Cap -2.9 MSCI EM 2.2 MSCI EM 0.4 FIXED INCOME FIXED INCOME Barclays T-Bill 1-3 months 0.0 Barclays T-Bill 1-3 months 0.0 Barclays Aggregate 1.6 Barclays Aggregate 5.7 Barclays TIPS 5-10 yrs 1.4 Barclays TIPS 5-10 yrs 2.9 Barclays Treasury 1.6 Barclays Treasury 5.4 Barclays Credit 2.2 Barclays Credit 6.7 Barclays High Yield 2.5 Barclays High Yield 2.0 Citi WGBI -2.5 Citi WGBI -5.5 JP GBI-EM Global Div.
    [Show full text]
  • CNBC.Com Financial-Decoupling.Html
    CNBC.com https://www.cnbc.com/2020/12/16/msci-deletes-chinese-stocks-in-sign-of-us-china- financial-decoupling.html CHINA MARKETS Stock index giant MSCI to remove some Chinese stocks under U.S. pressure PUBLISHED WED, DEC 16 202012:31 AM ESTUPDATED WED, DEC 16 20202:16 AM EST Evelyn Cheng @CHENGEVELYN KEY POINTS • MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes. • The announcement follows similar moves by S&P Dow Jones Indices, FTSE Russell and U.S.-based trading app Robinhood to limit customers’ exposure to the affected Chinese stocks. • MSCI plans to launch versions of the indexes that keep the deleted names. BEIJING — Global investors are turning cautious on investing in some Chinese companies named in a U.S. government executive order. MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes effective at the close of businesses on Jan. 5, 2021. The removals follow U.S. President Donald Trump’s order on Nov. 12 that bans American companies and individuals from owning shares of Chinese companies that the White House alleges supports China’s military. “This itself is not economically earthshaking, but it is something that makes you take note because it was pretty quick how all this happened,” said James Early, CEO of investment research firm Stansberry China. “It’s not MSCI. It’s market participants driving this. ... They’re doing this because the market is telling them they have to.” MSCI said in a release its decision was based on responses from more than 100 market participants worldwide, who noted the “extensive presence” of U.S.
    [Show full text]
  • FM First China Fund, LLC
    FM First China Fund, LLC JANUARY 2020 INVESTMENT OBJECTIVE FM First China Fund, LLC (the "Fund") invests in publicly-traded companies that either derive a majority of their revenues from, or maintain a majority of their assets in, mainland China. The investment objective of the Fund is to achieve long-term capital appreciation using a value-oriented approach modeled after the investment style of New York-based First Manhattan Co. The local team, with a deep network in China, seeks to apply a time-tested Western value approach to investing in what they view as an inefficient Eastern market. We manage a relatively concentrated portfolio where, based on the average of quarter end holdings since inception, the Fund’s top ten holdings have represented more than 60% of its assets under management. PERFORMANCE & FUND STATISTICS The tables below set forth performance and other information for the Fund (after fees and expenses) as of 12/31/2019.1,2,3 FM First MSCI China Hang Seng Fund vs. MSCI Period-End AUM Year China Fund Index Index China Index ($ million)4 2019 4 1 . 7 % 23.5% 13.0% +18.2 317 2018 ( 1 2 . 2 % ) (18.9%) (10.5%) +6.7 230 2017 4 7 . 8 % 54.1% 41.3% (6.3) 248 2016 ( 1 3 . 4 % ) 0.9% 4.3% (14.3) 173 2015 9 . 6 % (7.8%) (3.9%) +17.4 211 2014 2 . 5 % 8.0% 5.5% (5.5) 191 2013 2 1 . 3 % 3.6% 6.6% +17.7 146 2012 3 4 . 8 % 22.7% 27.5% +12.1 44 2011 ( 1 1 .
    [Show full text]
  • CNBC Model ETF Retirement Portfolios Investment Strategy As of July 25Th, 2013 (Previous Portfolio Strategies Begin on Pg
    CNBC Model ETF Retirement Portfolios Investment Strategy as of July 25th, 2013 (previous portfolio strategies begin on pg. 4) Purple = Changes as of July, 25, 2013 7/25/2013 CNBC ETF Retirement CNBC ETF Retirement CNBC ETF Retirement Asset Class Type ETF Ticker Portfolio 30 Portfolio 50 Portfolio 70 Cash Cash/Cash Equivalent Core Guggenheim Enhanced Short Duration Bond ETF GSY 0 SELL 7.5 Equity US Equity Core SPDR S&P 500 SPY 17.5 12.5 5 US Equity Overweight Schwab U.S. Dividend Equity SCHD 7.5 5 5 US Equity Overweight Vanguard MidCap VO 5 5 5 US Equity Overweight Technology Select Sector SPDR XLK 5 5 2.5 ACWI exUS Equity Core db Xtrackers MSCI EAFE Hedged Eq DBEF 17.5 12.5 5 ACWI exUS Equity Overweight WisdomTree Japan Hedged Equity DXJ 5 5 2.5 ACWI exUS Equity Overweight iShares MSCI Europe Financials EUFN 5 5 2.5 ACWI exUS Equity Overweight EGShares Emerging Markets Consumer ECON 7.5 5 2.5 ACWI exUS Equity Overweight PowerShares S&P International Low Volatility IDLV 5 5 5 Bonds US Bonds Core iShares Core Total US Bond Market ETF AGG 2.5 10 25 US Bonds Overweight iShares iBoxx $ Invest Grade Corp Bond LQD 5 5 Global Bonds Overweight WisdomTree Emerging Markets Local Debt ELD 2.5 5 7.5 Opportunity Opportunity PowerShares Senior Loan Portfolio BKLN 5 5 5 Opportunity Market Vectors Gold Miners GDX 0 0 0 Opportunity Vanguard Global exUS Real Estate VNQI 5 5 5 Opportunity Peritus High Yield ETF HYLD 5 5 5 Opportunity PowerShares DB US Dollar Index Bullish UUP SELL SELL SELL Opportunity Surplus iShares Barclays 13 Year Credit Bond CSJ 5 5 5 Totals 100 100 100 ETF Selections GSY: Guggenheim Enhanced Short Duration Bond ETF An alternative to cash that offers an enhanced yield and a relatively reasonable expense ratio.
    [Show full text]
  • The Case for a Global Perspective
    Schwab Center for Financial Research The case for a global perspective Jeffrey Kleintop, CFA Chief Global Investment Strategist What the Masters can teach us about investing Global stocks have tended to provide returns similar to those of U.S. stocks over long-term periods in the Markets have become more globally diversified of late, forcing investors to adopt a past. Valuations point to similar 5—10% annualized broader, worldwide perspective. This is a theme relevant even in championship golf, total returns across the world’s major regions in the where the national diversity of players in the 2015 Masters tournament bears an uncanny future (page 10). resemblance to stocks in the MSCI All Country World Index. Just as top players can be found on the world’s golf courses, savvy investors can be found on the world’s stock exchanges. But the lessons don’t stop there. 5–10% Geographic distribution of players at the Masters Annualized and stocks in the MSCI All Country World Index total returns Masters players MSCI AC World Index 50% U.S. 51% 16% Europe* 16% Avoiding the traps During the worst 10-year period for 13% Emerging Markets 14% stocks over the past 45 years, U.S. stocks fell an annualized 4.2%, 1.0% 12% U.K. 7% while global stocks lost 2.5% and International international stocks measured by 7% Asia Pacific 9% the MSCI EAFE Index lost only 2.5% 1.0% (page 6). Global 2% Canada 3% 4.2% * Excluding the U.K. Source: Charles Schwab, MSCI data as of April 10, 2015.
    [Show full text]
  • Notice of Filing of Proposed Rule Change to List and Trade Options on the MSCI EAFE Index and on the MSCI Emerging Markets Index
    SECURITIES AND EXCHANGE COMMISSION (Release No. 34-74430; File No. SR-CBOE-2015-023) March 4, 2015 Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change to List and Trade Options on the MSCI EAFE Index and on the MSCI Emerging Markets Index Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act” or “Exchange Act”),1 and Rule 19b-4 thereunder,2 notice is hereby given that on February 26, 2015, the Chicago Board Options Exchange, Incorporated (the “Exchange” or “CBOE”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change CBOE proposes to list and trade options that overlie the MSCI EAFE Index and the MSCI Emerging Markets Index (“EAFE options” and “EM options”). EAFE and EM options would be P.M., cash-settled contracts with European-style exercise. The text of the proposed rule change is available on the Exchange’s Web site (http://www.cboe.com/AboutCBOE/CBOELegal RegulatoryHome.aspx), at the Exchange’s Office of the Secretary, and at the Commission. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it 1 15 U.S.C.
    [Show full text]
  • Msci Index Futures
    MSCI INDEX FUTURES October 2020 MSCI Index Futures: Strong Growth 2020 highlights & records • 2020 ADV • MSCI EM futures | 191K, up 19% YoY • MSCI EAFE futures | 60K, up 42% YoY • MSCI complex | 254K, up 24% YoY • Daily volume highlights • Mar 16 - MSCI EM futures | 1.234M lots • Jun 15 - MSCI EAFE futures | 446K lots • Jun 15 - MSCI futures complex | 1.659M lots • OI Record • Mar 17 - MSCI futures complex | 2,458K New MSCI ESG Futures • MSCI EAFE ESG Leaders, MSCI EM ESG Leaders, MSCI Europe ESG Leaders, MSCI World ESG Leaders, MSCI USA ESG Leaders, MSCI Climate Change, MSCI Japan ESG Selected ESG Leaders Growth drivers • Established market quality • Efficient quarterly roll markets • Steadily growing participation from a diverse and global institutional clientele • Useful innovations like Block Trading at Index Close (BIC) • Continued expansion of product set providing greater hedging and trading opportunities INTERCONTINENTAL EXCHANGE 2 Open Interest in the contracts still growing... INTERCONTINENTAL EXCHANGE 3 … alongside solid volume growth • 2020 ADV in MSCI Emerging Markets futures | 191K, +19% YoY • 2020 ADV in MSCI EAFE futures | 60K, +42% YoY 2020 Notional ADV: EM = $10.3bn 2020 Notional ADV: EAFE = $5.6bn INTERCONTINENTAL EXCHANGE 4 Liquidity is improving relative to ETFs • Emerging markets-based ETFs used to trade almost 13x relative to futures, but now trade less than 1x as much • EAFE-based ETFs currently trade less than 1x as much relative to futures The picture can't be displayed. INTERCONTINENTAL EXCHANGE 5 September 2020 Roll VWAP • During the September 2020 roll, 333K • During the September 2020 roll, 1.46M explicit spreads traded in the MSCI EAFE explicit spreads traded in the MSCI futures Emerging Markets futures • The MSCI EAFE futures had an explicit • The MSCI Emerging Markets futures had an spread VWAP of -6.39 explicit spread VWAP of -1.96 The picture can't be displayed.
    [Show full text]
  • Megatrends – Ishares Thematic Etfs Steven Lu, CFA, Blackrock Ishares APAC Distribution
    Megatrends – iShares Thematic ETFs Steven Lu, CFA, BlackRock iShares APAC Distribution April 2018 FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY EII0418A-477607-1503167 NOT FOR PUBLIC DISTRIBUTION (PLEASE READ IMPORTANT DISCLOSURES) What is the greatest insecurity of our age? Saving ENOUGH for retirement FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY EII0418A-477607-1503167 NOT FOR PUBLIC DISTRIBUTION (PLEASE READ IMPORTANT DISCLOSURES) 2 What are Thematic Investments? EII0418A-477607-1503167 Five major megatrends shaping the globe Shifting Climate change, Demographics Technological Rapid economic resource and social breakthrough urbanisation power scarcity change The growing strength An expanding global Increasing age and size A technological According to the UN, of emerging population is of the global population revolution is having a by 2030 two thirds of economies is increasing the demand is fundamentally profound impact on the world’s population changing the balance for food and water and changing the needs of the global economy. will reside in cities.* of the global economy. putting pressure on its inhabitants. finite resources. FIVE MAJOR MEGATRENDS *Source: BlackRock, United Nations World Population Prospects: The 2015 Revision; as of July 2015. FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY EII0418A-477607-1503167 NOT FOR PUBLIC DISTRIBUTION (PLEASE READ IMPORTANT DISCLOSURES) 4 Megatrends and how you can benefit Investment concept Shifting Thematic economic power indices iShares ETFs Climate change, resource
    [Show full text]
  • Eaton Vance Monthly Market Monitor October 2013 (Data As of September 30, 2013)
    Product & Portfolio Strategy Group Eaton Vance Monthly Market Monitor October 2013 (data as of September 30, 2013) eatonvance.com/MarketMonitor Eaton Vance Monthly Market Monitor Table of Contents Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios. Use Eaton Vance Monthly Market Monitor as a critical desk reference that enables more informed discussion and understanding of financial markets. Economic Review 5 Inflation Watch 11 Income Markets 13 Equity Markets 22 Alternative Markets 34 Flows Monitor 40 Additional Information 41 2 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Not FDIC Insured • Not Bank Guaranteed • May Lose Value Eaton Vance Monthly Market Monitor List of Exhibits Economic Review Income Markets Global Growth 5 Fixed Income Characteristics and Performance Analysis 13 U.S. Yields 6 Fixed Income Spread Analysis 14 Global Government Bond Yields 7 Investment Grade Corporate Bond Market Update 15 U.S. Federal and Personal Finances 8 High Yield Corporate Bond Market Update 16 U.S. Corporate Finances 9 Floating-Rate Loan Market Update 17 U.S. Housing and Unemployment 10 Municipal Bond Market Update 18 Emerging Markets Bond Market Update 19 Inflation Watch Fixed Income Asset Class Return Analysis (tabular) 20 Global Inflation 11 Fixed Income Asset Class Return Analysis (chart) 21 Central Bank Target Rates 12 3 Data provided is for informational use only.
    [Show full text]
  • Monthly Economic Update
    In this month’s recap: Stocks moved higher as investors looked past accelerating inflation and the Fed’s pivot on monetary policy. Monthly Economic Update July 2021 U.S. Markets Stocks moved higher last month as investors looked past accelerating inflation and the Fed’s pivot on monetary policy. The Dow Jones Industrial Average slipped 0.07 percent, but the Standard & Poor’s 500 Index rose 2.22 percent. The Nasdaq Composite led, gaining 5.49 percent.1 Inflation Report The May Consumer Price Index came in above expectations. Prices increased by 5 percent for the year-over-year period—the fastest rate in nearly 13 years. Despite the surprise, markets rallied on the news, sending the S&P 500 to a new record close and the technology-heavy Nasdaq Composite higher.2 Fed Pivot The Fed indicated that two interest rate hikes in 2023 were likely, despite signals as recently as March 2021 that rates would remain unchanged until 2024. The Fed also raised its inflation expectations to 3.4 percent, up from its March projection of 2.4 percent. This news unsettled 3 the markets, but the shock was short-lived. News-Driven Rally In the final full week of trading, stocks rallied on the news of an agreement regarding the $1 trillion infrastructure bill and reports that banks had passed the latest Federal Reserve stress tests. Sector Scorecard Industry sector performance was mixed. Gains were realized in Communication Services (+2.96 percent), Consumer Discretionary (+3.22 percent), Energy (+1.92 percent), Health Care (+1.97 percent), Real Estate (+3.28 percent), and Technology (+6.81 percent).
    [Show full text]
  • MSCI ESG RESEARCH Updated in March 2012
    MSCI ESG RESEARCH Updated in March 2012 Activity: research, ratings and analysis of the environmental, social and governance-related business practices of issuers Legal status: listed company Address: One Chase Manhattan Plaza 44thFloor New York, NY 10005 United States Telephone: Americas Europe, EMEA Asia Pacific +1.212.804.5299 +44.20.7618.2510 +612.9033.9339 Fax: E-mail: [email protected] Website: www.msci.com/esg Activities Products and services to investors Universe: MSCI ACWI (MSCI World, approx Analysis/ rating 1.600 companies + MSCI EM, approx 750 Investment research and consulting companies) expanding to small and mid-caps, Information provision supra-nationals, non-listed issuers; 90 countries Stock indexes Benchmarks Coverage Alert system Large-cap companies Portfolio screening Non-listed large companies Company profiles Small and mid-cap companies Proxy voting services Non-listed SMEs Sector and thematic research reports Investment projects Participation in the creation of ethical Local authorities stock indexes Countries Products and services to companies Universe Analysis/ rating Sector and thematic research Coverage Information provision Large-cap companies Consulting Non-listed large companies Certification Small and mid-cap companies Audit Non-listed SMEs Benchmarks Investment projects Training Local authorities Writing Sustainable Development Countries reports or other, specify: we do provide ratings and analysis or sector and thematic reports from our existing research to companies but this service is
    [Show full text]
  • Xtrackers (Ie) Plc
    XTRACKERS (IE) PLC (An umbrella fund with variable share capital and segregated liability between funds) Annual Report and Audited Financial Statements for the financial year ended 31 December 2019 XTRACKERS (IE) PLC CONTENTS Page General Information 2 Directors’ Report 14 Statement of Directors’ Responsibilities 22 Report of the Depositary to the Shareholders of Xtrackers (IE) plc 23 Independent Auditor’s Report to the Members of Xtrackers (IE) plc 24 Investment Manager's Report (Unaudited) 30 Portfolio of Investments Xtrackers EUR Credit 12.5 Swap UCITS ETF 36 Xtrackers Portfolio Income UCITS ETF 38 Xtrackers MSCI Nordic UCITS ETF 39 Xtrackers Germany Mittelstand & MidCap UCITS ETF 43 Xtrackers MSCI North America High Dividend Yield UCITS ETF 47 Xtrackers MSCI AC World UCITS ETF 53 Xtrackers MSCI USA UCITS ETF 86 Xtrackers S&P 500 Equal Weight UCITS ETF 100 Xtrackers MSCI World UCITS ETF 112 Xtrackers FTSE Developed Europe ex UK Real Estate UCITS ETF 144 Xtrackers MSCI World Minimum Volatility UCITS ETF 146 Xtrackers MSCI World Momentum UCITS ETF 155 Xtrackers MSCI World Quality UCITS ETF 164 Xtrackers MSCI World Value UCITS ETF 172 Xtrackers MSCI GCC Select Swap UCITS ETF 182 Xtrackers FTSE All-World ex UK UCITS ETF 185 Xtrackers S&P 500 UCITS ETF 216 Xtrackers Russell 2000 UCITS ETF 228 Xtrackers Russell Midcap UCITS ETF 265 Xtrackers JPX-Nikkei 400 UCITS ETF 282 Xtrackers USD Corporate Bond UCITS ETF 292 Xtrackers MSCI World Financials UCITS ETF 324 Xtrackers MSCI World Health Care UCITS ETF 330 Xtrackers MSCI World Consumer Staples
    [Show full text]