DOCSLIB.ORG

Baird Recommended Equity Portfolio Quarterly Report for 2Q21

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Baird Recommended Equity Portfolio Quarterly Report for 2Q21 WEALTH SOLUTIONS GROUP Baird Recommended Equity Portfolio Quarterly Report for 2Q21 The Recommended Portfolio rose 10.2% (gross of PWM Equity Research Kathy Carey, CFA fees) during the second quarter, outperforming the Ron Freisleben, CPA S&P 500’s total return of 8.5% (includes dividends). Erin Welcenbach Contact: 414-765-3690 • [email protected] July 8, 2021 Portfolio Changes Though we sold a handful of companies (and decreased positions in many more), our cash balance declined across the quarter as we reinvested the proceeds into long-term favorites and a handful of new names. Across Q2, we sold full positions in Xilinx (XLNX), Aptiv (APTV), and Fiserv (FISV). While we continue to like the long- term outlook for all three, various overhangs and lack of meaningful near-term catalysts led us to sell. We also trimmed positions in NVIDIA (NVDA), Apple (AAPL), Amazon (AMZN), Abbott Labs (ABT), Edward Lifesciences (EW), Thermo Fisher Scientific (TMO), Generac (GNRC), and Danaher (DHR). In each case we trimmed growth-oriented names that had Covid-related price appreciation. Though we still like the long-term prospects for most of these companies, we chose to fund moves into more cyclically-oriented positions. We initiated positions in MasTec (MTZ), Enphase Energy (ENPH), DR Horton (DHI), HCA Healthcare (HCA), Truist Financial (TFC), and S&P Global (SPGI). Our earliest move was adding Enphase, a leader in the US residential solar inverter market. The company is an early-stage secular growth story settling into a nascent and duopolistic industry. We love the long-term growth outlook here. The rest of our buys are more cyclical in nature. DR Horton is the nation’s largest homebuilder and should continue to benefit from strength in US housing. Truist and S&P Global both increase our exposure to Financials, TFC being a more traditional banking play and SPGI a leading provider of information solutions and data analytics. HCA is the leading operator of acute care hospitals in the US, which we believe will benefit from economic reopening and continued scale advantages. MasTec is a leading US engineering and construction company. We also added to Caterpillar (CAT) and DuPont (DD), two recent favorites that should continue to benefit from the cyclical economic upswing. Market and Portfolio Performance The S&P 500 returned 8.5% in 2Q21 as widespread vaccination, reopening momentum, and stimulus tailwind propelled markets higher. Broad indices were given a boost by the resurgence of Growth amid a drop in anxiety over longer-term interest rates and inflation. Equities were also spurred on by rising 2021 S&P 500 earnings estimates, which are nearing $200 after troughing at $123 a year ago. Forward margin estimates continue to rise despite concerns for inflationary pressures. For the second quarter, the Baird Recommended Portfolio outperformed, with a total return of ~10.2% vs. 8.5% for the S&P 500. Real Estate (+13.1%), Technology (+11.6%), and Energy (11.3%) led the pack. Aside from Energy, cyclically-oriented sectors like Materials (+5.0%) and Industrials (+4.5%) took a breather. Only Utilities (-0.4%) were negative on the quarter. Year to date, the portfolio trails the benchmark by 1.4%, with a total return (includes the impact of dividends) of 13.9% vs.15.3%. Stock selection across 5 of 11 sectors delivered positive relative performance to the portfolio. Cash subtracted about 0.34 percentage points from the portfolio’s performance for the year. Robert W. Baird & Co. Incorporated Please see page 4 for important disclosures Page 1 of 4 Baird Recommended Equity Portfolio Energy (+45.6%) retains clear market leadership, while Financials (+25.7%) and Real Estate (+23.3%) continued to perform strongly after lagging early in the pandemic. Outside of weak performance from defensive sectors like Consumer Staples (+5.0%) and Utilities (+2.4%), most sectors have performed well. And in fact, the weakness from these rate- sensitive areas is key to our belief that rates ultimately head higher and keep the reflation trade going near-term. Performance results are total returns including dividends, annualized for multiyear periods. Net performance is intended to show the effect of a hypothetical account fee of 1%. See page 4 for further disclosures. The S&P 500 is an unmanaged common stock index; direct investment in indices is not available. Performance results for the Recommended Portfolio are hypothetical and would have been obtained only if each issue had been purchased when recommended and sold when removed from the Portfolio. We do not imply that future performance will be equally attractive or that losses are not possible using these stocks. Returns are calculated by APL. S&P 500 and Baird Recommended Portfolio performance calculations are total returns, which include the impact of dividends. Future dividends are not guaranteed and can be lowered or suspended by companies. Market Commentary and Outlook If 1Q21 was about skyrocketing rates, the second quarter was colored by rising inflation as CPI (and related metrics) saw some of the strongest year-over-year price increases in decades. It was a potent cocktail of reopening momentum, continued supply-side shortages, and supply-chain issues, all super-charged by base effect comparisons from pandemic lows. While margins remain strong for now, mentions of inflation have started to pop up in corporate commentary with more regularity, while the discussion of “transitory or not” has captured the investors’ (and the Fed’s) attention. Still, market-based inflation expectations remain tame, while continuously low bond yields and Growth outperformance suggest that we may not be returning to 1970s-era inflation after all. Suppressed bond yields are especially surprising given the hot inflation data and continued expectation for near-term economic strength. While peak growth/inflation worries might have something to do with it (GDP expected to peak in Q2, while stimulus tailwinds should continue to fade), many also suspect bond-buying by the Fed, pensions, foreign investors, etc. is keeping yields artificially low. Even more curious than lower yields is the relative underperformance from rate-sensitive sectors like Staples and Utilities (while Financials—which see higher rates flow directly to the bottom line—have held up quite well). To our partners at Strategas, this suggests that the cycle-high in Treasury rates (~1.75% on the 10-yr) hasn’t yet occurred, and that yields will head higher in the near future. The Fed’s newly hawkish tone might support that thesis, as well. In the meantime, signs of life from Growth stocks are a boon to the portfolio. Though we’ve been positioning for stronger economic growth and cyclical outperformance for the better part of the last year, we remain overweight Growth and Quality. While our portfolio does not intentionally tilt toward either Growth or Value, we explicitly favor high quality companies, even through stretches of relative underperformance. As we transition from a multiples-driven, early-cycle expansion into an earnings-driven, mid-cycle phase, we think the Quality factor will again outperform. Elsewhere, the market is right at all-time highs—up 95%+ off the 2020 lows—but is narrowing out (weakening breadth) and entering a difficult seasonal stretch. While we remain bullish overall, it wouldn’t surprise us to see an uptick in volatility and relative weakness in Q3. Should this play out, we’ll use any pullbacks to add to long-term favorites and companies that are positioned well for the near- to intermediate-term. We view minor corrections inside of structural bull markets as great buying opportunities. Page 2 of 4 BAIRD'S RECOMMENDED PORTFOLIO Portfolio S&P Purchase Purchase 6/29/21 % 52 Week Market NTM Rev NTM EPS NTM NTM Dividend Ticker Company Name % % Date Price Price Change High Low Cap Growth Growth P/E EV/EBITDA Yield ($) ($) (%) ($) ($) ($mil) (%) (%) (x) (x) (%) Communication Services 8.2% 11.2% GOOG Alphabet Inc. Class C 4.0% Multiple 502.28 2520.37 401.8 2555.92 1383.96 1,663,092 22.1 25.1 27.4 15.4 0.0 DIS Walt Disney Company 1.8% Multiple 168.17 173.93 3.4 203.02 109.93 316,019 20.5 93.9 40.0 23.7 0.0 FB Facebook, Inc. Class A 2.4% Multiple 106.64 351.89 230.0 358.14 218.47 997,772 25.8 22.4 24.7 13.5 0.0 Consumer Discretionary 13.5% 12.3% AMZN Amazon.com, Inc. 4.1% Multiple 1076.35 3448.14 220.4 3554.00 2675.03 1,738,979 22.3 32.0 53.9 19.4 0.0 DPZ Domino's Pizza, Inc. 1.7% Multiple 381.36 463.45 21.5 467.40 319.71 17,996 6.0 10.2 33.3 24.9 0.8 HD Home Depot, Inc. 2.1% Multiple 89.38 318.24 256.1 345.69 246.09 338,371 5.5 12.3 22.1 15.5 2.1 DHI D.R. Horton, Inc. 1.8% Multiple 96.37 90.51 -6.1 106.89 53.50 32,627 21.3 22.0 7.8 5.6 0.9 NKE NIKE, Inc. Class B 2.4% Multiple 93.78 155.95 66.3 156.40 95.11 246,394 12.2 20.4 35.4 26.4 0.7 SBUX Starbucks Corporation 1.4% 3/1/21 108.03 112.27 3.9 118.98 71.82 132,288 11.8 36.2 32.3 20.3 1.6 Consumer Staples 3.8% 5.8% STZ Constellation Brands Cl A 2.0% Multiple 196.26 230.98 17.7 244.75 160.63 44,537 1.7 6.3 22.1 16.8 1.3 COST Costco Wholesale Corp.
Load more

Recommended publications
  • Client Relationship Summary (“Form CRS”) Effective As of June 30, 2020 Robert W
    Client Relationship Summary (“Form CRS”) Effective as of June 30, 2020 Robert W. Baird & Co. Incorporated (“Baird”, “we”, “us” or “our”) is registered with the U.S. Securities and Exchange Commission as a broker-dealer and an investment adviser and is a member of FINRA and SIPC. This document provides important information to retail investors about us and our brokerage and investment advisory services. This document does not create or modify any agreement, relationship or obligation between you and us or your Baird Financial Advisor. Investment advisory and brokerage accounts have different services and fees and it is important for you to understand the differences. Free and simple tools are available to research firms and financial professionals at lnvestor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. What investment services and advice can you provide me? We offer both investment advisory and brokerage services to retail investors. Both services offer similar investments, such as common stocks, preferred stocks, bonds and other fixed income securities, mutual funds, exchange traded funds (“ETFs”) and unit investment trusts (“UITs”). We do not limit our offerings or recommendations to proprietary products, specific asset classes, or products with third-party compensation arrangements. A summary comparison of the advisory and brokerage services we offer is provided below. Advisory Services Brokerage Services Our principal investment advisory services include Our principal brokerage services include buying and various non-discretionary and discretionary advisory selling investments at your direction, custody of your programs, which may include financial planning. We also investments in a brokerage account and other account offer standalone financial planning services pursuant to a services.
    [Show full text]
  • 10Th Annual International M&A Award Winners
    10TH ANNUAL INTERNATIONAL M&A AWARD WINNERS I. SECTOR DEAL OF THE YEAR FINANCIALS DEAL OF THE YEAR Acquisition of Silexx Financial Systems by Chicago Board Options Exchange Benchmark International Silexx Chicago Board Options Exchange Broad and Cassel Jenner and Block HEALTHCARE/LIFE SCIENCES DEAL OF THE YEAR Acquisition of Robotics Developer KB Medical by Globus Medical Choate Hall & Stewart LLP Wyrick Robbins Yates & Ponton LLP MATERIALS DEAL OF THE YEAR Restructuring of ESML Dentons US LLP Alvarez & Marsal Ducera Partners LLC Bailey Duquette P.C B. Riley FBR, Inc. Guggenheim Securities, LLC Quinn Emanuel White & Case LLP Baker McKenzie Independent CONSUMER DISCRETIONARY DEAL OF THE YEAR Investment in Ganni by L Catterton L Catterton ClearWater International Tikehau IM Ganni PwC Lundgrens CONSUMER STAPLES DEAL OF THE YEAR Sale of Buddy’s Kitchen to Premium Brands Holdings Lazard Middle Market Premium Brands Holdings Buddy's Kitchen SK Foods Fredrikson & Byron Bryan & Company CliftonLarsonAllen PROFESSIONAL SERVICES (B-TO-B) DEAL OF THE YEAR Acquisition of CEC Controls Company, Inc. by Wood Group Generational Equity CEC Controls Copmany Inc. John Wood Group plc Generational Capital Markets, Inc. Jones Day Howard and Howard Baker Tilly ENERGY DEAL OF THE YEAR Restructuring of Ocean Rig Evercore AlixPartners Ocean Rig Milbank, Tweed, Hadley & McCloy LLP Maples and Calder Orrick, Herrington & Sutcliffe LLP Evercore Partners International LLP Ogier Sidley Austin LLP Kalo Advisors 1 INFORMATION TECHNOLOGY DEAL OF THE YEAR Acquisiton of Utimaco by EQT Raymond James EQT INDUSTRIALS DEAL OF THE YEAR Acquisition Cooper & Turner by Watermill Group The Watermill Group Mazars LLP Mincoffs Solicitors LLP Grant Thornton UK LLP K&L Gates TELECOMMUNICATION SERVICES DEAL OF THE YEAR Sale of Vector Software, Inc.
    [Show full text]
  • Floating Rate Strategic Income Fund (Formerly, Federated Floating Rate Strategic Income Fund)
    Statem ent of Additional Information May 31, 2021 Share Class | Ticker A1 | FFRFX Federated Hermes Floating Rate Strategic Income Fund (formerly, Federated Floating Rate Strategic Income Fund) A Portfolio of Federated Hermes Income Securities Trust (formerly, Federated Income Securities Trust) This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), dated October 23, 2020. This SAI incorporates by reference the Fund’s Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400. Contents 1 How is the Fund Organized? 1 Securities in Which the Fund Invests 13 Investment Risks 17 Investment Objective (and Policies) and Investment Limitations 19 What Do Shares Cost? 21 How is the Fund Sold? 24 Purchases In-Kind 24 Redemption In-Kind 25 Massachusetts Partnership Law 25 Account and Share Information 26 Tax Information 26 Who Manages and Provides Services to the Fund? 43 Financial Information 43 Investment Ratings 49 Addresses 50 Appendix Federated Hermes Floating Rate Strategic Income Fund Federated Hermes Funds 4000 Ericsson Drive Warrendale, PA 15086-7561 Contact us at FederatedInvestors.com or call 1-800-341-7400. Federated Securities Corp., Distributor Q455124 (5/21) © 2021 Federated Hermes, Inc. FEDERATED HERMES FLOATING RATE STRATEGIC INCOME FUND A Portfolio of Federated Hermes Income Securities Trust CLASS A SHARES (TICKER FRSAX) CLASS C SHARES (TICKER FRICX) INSTITUTIONAL SHARES (TICKER FFRSX) CLASS R6 SHARES (TICKER FFRLX) CLASS A1 SHARES (TICKER FFRFX) SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED MAY 31, 2021 On August 13, 2021, the Board of Trustees of Federated Hermes Income Securities Trust, on behalf of Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), approved the conversion of the Fund’s existing Class C Shares to the Fund’s Class A Shares on a tax-free basis and without any fee, load or charge to Class C shareholders.
    [Show full text]
  • Private Equity Giants Converge on Manufactured Homes
    PRIVATE EQUITY GIANTS CONVERGE ON MANUFACTURED MASSIVE INVESTORS PILE INTO US MANUFACTURED HOME COMMUNITIES Within the last few years, some of the largest private equity firms, HOMES real estate investment firms, and institutional investors in the How private equity is manufacturing world have made investments in manufactured home communi - ties in the United States, a highly fragmented industry that has homelessness & communities are fighting back been one of the last sectors of housing in the United States that has remained affordable for residents. February 2019 In 2016, the $360 billion sovereign wealth fund for the Govern - ment of Singapore (GIC) and the $56 billion Pennsylvania Public KEY POINTS School Employees Retirement System, a pension fund for teachers and other school employees in the Pennsylvania, bought a I Within the last few years, some of the largest private equity majority stake in Yes! Communities, one of the largest owners of firms, real estate investment firms, and institutional investors manufactured home communities in the US with 44,600 home in the world have made investments in manufactured home sites. Yes! Communities has since grown to 54,000 home sites by communities in the US. buying up additional manufactured home communities. 1 I Manufactured home communities provide affordable homes for In 2017, private equity firm Apollo Global management, with $270 millions of residents and are one of the last sectors of affordable billion in overall assets, bought Inspire Communities, a manufac - housing in the United States. Across the country, they are home tured home community operator with 13,000 home sites. 2 to seniors on fixed incomes, low-income families, immigrants, Continued on page 3 people with disabilities, veterans, and others in need of low-cost housing.
    [Show full text]
  • 193Rd Annual Report 2010 “It Was My Privilege This Year to Introduce New Customers, Employees and Communities to Harris
    193 RD ANNUAL REPORT 2010 Financial Snapshot 2010 Performance For the year ended October 31 (Canadian $ in millions, except as noted) 2010 2009 2008 billion Revenue (p 37) 12,210 11,064 10,205 $ Total provision for credit losses (p 40) 1,049 1,603 1,330 2.8 BMO Financial Group Net Income Non-interest expense (p 41) 7,590 7,381 6,894 Net income rose by 57%, or more than $1 billion, driven by reduced provisions Net income (p 33) 2,810 1,787 1,978 for credit losses and stronger results in P&C Canada. P 33 Earnings per share – diluted ($) (p 33) 4.75 3.08 3.76 Return on equity (ROE) (p 34) 14.9% 9.9% 13.0% Cash operating leverage1 (p 41) 7.5% 1.3% 4.7% % Tier 1 Capital Ratio (p 60) 13.45% 12.24% 9.77% 10.4 Revenue Growth Net Income by Segment Revenue rose by more than $1.1 billion, or 10.4%, after having grown 8.4% P&C Canada (p 47) 1,644 1,415 1,153 and 9.2% in the past two years, demonstrating the benefits of our P&C U.S. (p 50) 175 286 242 diversified business mix. Private Client Group (p 53) 470 359 426 P 37 BMO Capital Markets (p 56) 820 873 568 Corporate Services, including % Technology and Operations (T&O) (p 57) (299) (1,146) (411) 13.45 Net Income (p 33) 2,810 1,787 1,978 Tier 1 Capital Ratio The Tier 1 Capital Ratio increased from 12.24% in 2009, providing greater 1 This is a non-GAAP measure.
    [Show full text]
  • BRAZOS ELECTRIC POWER ) 1 COOPERATIVE, INC., ) Case No
    Case 21-30725 Document 506 Filed in TXSB on 05/04/21 Page 1 of 15 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ) In re: ) Chapter 11 ) BRAZOS ELECTRIC POWER ) 1 COOPERATIVE, INC., ) Case No. 21-30725 (DRJ) ) Debtor. ) ) APPLICATION OF THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS AN ORDER (I) AUTHORIZING THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS TO RETAIN AND EMPLOY LAZARD FRÈRES & CO. LLC AS INVESTMENT BANKER EFFECTIVE AS OF APRIL 5, 2021 (II) MODIFYING CERTAIN TIME-KEEPING REQUIREMENTS, AND (III) GRANTING RELATED RELIEF This application seeks an order that may adversely affect you. If you oppose the application, you should immediately contact the moving party to resolve the dispute. If you and the moving party cannot agree, you must file a response and send a copy to the moving party. You must file and serve your response within 21 days of the date this was served on you. Your response must state why the application should not be granted. If you do not file a timely response, the relief may be granted without further notice to you. If you oppose the application and have not reached an agreement, you must attend the hearing. Unless the parties agree otherwise, the court may consider evidence at the hearing and may decide the application at the hearing. Represented parties should act through their attorney. The Official Committee of Unsecured Creditors (the “Committee”) appointed in the above- captioned proceeding (the “Chapter 11 Case”) of Brazos Electric Power Cooperative as debtor and debtor in possession (the “Debtor”) respectfully states as follows in support of this application (the “Application”): 1 The Debtor in this chapter 11 case, along with the last four digits of its federal tax identification number, is: Brazos Electric Power Cooperative, Inc.
    [Show full text]
  • Numerical.Pdf
    DTC PARTICPANT REPORT (Numerical Sort ) Month Ending - July 31, 2021 NUMBER PARTICIPANT ACCOUNT NAME 0 SERIES 0005 GOLDMAN SACHS & CO. LLC 0010 BROWN BROTHERS HARRIMAN & CO. 0013 SANFORD C. BERNSTEIN & CO., LLC 0015 MORGAN STANLEY SMITH BARNEY LLC 0017 INTERACTIVE BROKERS LLC 0019 JEFFERIES LLC 0031 NATIXIS SECURITIES AMERICAS LLC 0032 DEUTSCHE BANK SECURITIES INC.- STOCK LOAN 0033 COMMERZ MARKETS LLC/FIXED INC. REPO & COMM. PAPER 0045 BMO CAPITAL MARKETS CORP. 0046 PHILLIP CAPITAL INC./STOCK LOAN 0050 MORGAN STANLEY & CO. LLC 0052 AXOS CLEARING LLC 0057 EDWARD D. JONES & CO. 0062 VANGUARD MARKETING CORPORATION 0063 VIRTU AMERICAS LLC/VIRTU FINANCIAL BD LLC 0065 ZIONS DIRECT, INC. 0067 INSTINET, LLC 0075 LPL FINANCIAL LLC 0076 MUFG SECURITIES AMERICAS INC. 0083 TRADEBOT SYSTEMS, INC. 0096 SCOTIA CAPITAL (USA) INC. 0099 VIRTU AMERICAS LLC/VIRTU ITG LLC 100 SERIES 0100 COWEN AND COMPANY LLC 0101 MORGAN STANLEY & CO LLC/SL CONDUIT 0103 WEDBUSH SECURITIES INC. 0109 BROWN BROTHERS HARRIMAN & CO./ETF 0114 MACQUARIE CAPITAL (USA) INC. 0124 INGALLS & SNYDER, LLC 0126 COMMERZ MARKETS LLC 0135 CREDIT SUISSE SECURITIES (USA) LLC/INVESTMENT ACCOUNT 0136 INTESA SANPAOLO IMI SECURITIES CORP. 0141 WELLS FARGO CLEARING SERVICES, LLC 0148 ICAP CORPORATES LLC 0158 APEX CLEARING CORPORATION 0161 BOFA SECURITIES, INC. 0163 NASDAQ BX, INC. 0164 CHARLES SCHWAB & CO., INC. 0166 ARCOLA SECURITIES, INC. 0180 NOMURA SECURITIES INTERNATIONAL, INC. 0181 GUGGENHEIM SECURITIES, LLC 0187 J.P. MORGAN SECURITIES LLC 0188 TD AMERITRADE CLEARING, INC. 0189 STATE STREET GLOBAL MARKETS, LLC 0197 CANTOR FITZGERALD & CO. / CANTOR CLEARING SERVICES 200 SERIES 0202 FHN FINANCIAL SECURITIES CORP. 0221 UBS FINANCIAL SERVICES INC.
    [Show full text]
  • Investment Banking (Bulge Bracket)
    Investment Banking (Bulge Investment Banking (Middle Sales & Trading Research Banking Corporate Finance (Fortune Investment Management Investment Advisory/ Wealth Government/Non- Management Consulting Bracket) Market) 500) Management Profit/Other Representative Firms Goldman Sachs, JP Morgan, Harris Williams, Wells Bulge Bracket + ABN, Bulge Bracket + Most Sales Bank of America, JP Morgan GE, Altria, CapitalOne, BNY Mellon, Dreyfus, Bulge Bracket, Many Federal, State, Local Bain, McKinsey, Boston Morgan Stanley, Citi, Fargo, Cowen, Stifel DKW, BMO, CIBC, Mizuho, & Trading, Boutiques Chase, Citibank, Wells IBM, Proctor & Gamble, Edward Jones, Fidelity, Commercial Banks, Government; Consulting Group, Booz Deutsche Bank, Credit Nicolaus, Jefferies, Houlihan SocGen, Nomura, some Fargo, HSBC, US Bancorp, Johnson & Johnson, Franklin Templeton, Insurance Companies, SEC, FBI, IRS, FannieMae, Allen Hamilton, Mercer, Suisse, Bank of Lokey, BB&T, William Commercial Banks, Others PNC, BNY Mellon, Microsoft, United Hartford, Janus, Legg Independents SallieMae; Deloitte, Monitor, America/Merrill Lynch, Blair, RW Baird, SunTrust, BB&T, Citizens, Technologies, PepsiCo, Mason, MFS, New York Non-Profits Accenture, UBS, Barclays, Lazard, RBS, Oppenheimer, Thomas KeyBank, M&T, Regions Caterpillar, Honeywell, etc. Life, Northern Trust, Boutiques BNP Wiesel, Raymond James, Bank, other smaller banks PIMCO, Prudential, T. Rowe Morgan Joseph, Evercore, Price, Vanguard, Wellington, Greenhill, Moelis, multiple large insurance companies others Competition for Job
    [Show full text]
  • Insured Deposit Bank Priority List *Effective September 3, 2021
    Insured Deposit Bank Priority List *Effective September 3, 2021 Wisconsin Great Plains Texas (AZ, CA, NV, OR) 1. US Bank, National Association 1. Goldman Sachs Bank 1. US Bank, National Association 2. American Express National 2. CIBC Bank USA 2. New York Community Bank Bank 3. New York Community Bank 3. US Bank, National Association 3. Goldman Sachs Bank 4. JPMorgan Chase Bank NA 4. JPMorgan Chase Bank NA 4. PNC Bank 5. Goldman Sachs Bank 5. PNC Bank 5. The Huntington National Bank 6. PNC Bank 6. TriState Capital Bank 6. Citibank, N.A. 7. State Street Bank & Trust 7. Associated Bank NA 7. JPMorgan Chase Bank NA 8. Citibank, N.A. 8. Citibank, N.A. 8. HSBC Bank USA 9. American Express National 9. Minnwest Bank Bank 9. Cadence Bank N.A. 10. Cadence Bank N.A. 10. CIBC Bank USA 10. New York Community Bank 11. Provident Bank 11. Cadence Bank N.A. 11. Provident Bank 12. HSBC Bank USA 12. Provident Bank 12. CIBC Bank USA 13. TriState Capital Bank 13. Minnwest Bank 13. Associated Bank NA 14. Associated Bank NA 14. HSBC Bank USA 14. Minnwest Bank 15. American Express National Bank 15. State Street Bank & Trust 15. TriState Capital Bank 16. The Huntington National Bank 16. The Huntington National Bank 16. State Street Bank & Trust Northwest Michigan, Ohio, Pennsylvania Illinois, Kentucky, Minnesota (AK, HI, WA) 1. JPMorgan Chase Bank NA 1. US Bank, National Association 1. Citibank, N.A. 2. US Bank, National Association 2. PNC Bank 2. JPMorgan Chase Bank NA 3. Goldman Sachs Bank 3.
    [Show full text]
  • Race to the Oval Office Quarterly Investment Review & Outlook – September 30, 2016 Summary International Markets Are Also up This Year
    The Savides Group | Assisting clients with their financial needs since 1985. Race to the Oval Office Quarterly Investment Review & Outlook – September 30, 2016 Summary International markets are also up this year. The Currently the news is dominated by the Presidential following table shows market results and comparative candidates’ race to the Oval Office. Regardless of who values for the first nine months of 2016: wins, stock returns have historically been positive in the Market Return and Value Table Source: Bloomberg year of an election and the year following. Stocks have Total Trailing Dividend Market done reasonably well through the first three quarters of Return YTD P/E Yield 2016. The economy has been in slow-growth mode, S&P 500 7.8% 19.6 2.1% US Small Cap 11.6% 19.9 1.4% but now appears to be picking up steam potentially Emerging Mkt Int’l 16.0% 13.5 2.5% allowing improvement in corporate revenues and Develop. Mkt Int’l 1.7% 17.6 3.4% earnings. Thus, our outlook for stocks generally As shown in the table, Emerging Market stocks, which remains positive. include countries like Brazil, India, China, and Russia, A Look Back have had very strong returns so far this year. Markets Elections, and particularly the presidential election, in these countries hadn’t done well for the last several dominate the news. The time until we vote is getting years as China’s growth rate slowed significantly short and the polls are currently predicting the race to resulting in reduced orders, particularly for the oval office is tight.
    [Show full text]
  • Investor Presentation
    Investor Presentation For more information, please contact Tim Carter, chief financial officer at 612 303-5607 or [email protected] Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates. © 2021. Since 1895. Piper Sandler Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036 Piper Sandler Investor Presentation Cautionary notice regarding forward-looking statements This presentation contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors identified in the document entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 and updated in our subsequent reports filed with the SEC. These reports are available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and Piper Sandler undertakes no obligation to update them in light of new information or future events.
    [Show full text]
  • Investor Presentation
    Investor Presentation For more information, please contact Tim Carter, chief financial officer at 612 303-5607 or [email protected] Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates. © 2021. Since 1895. Piper Sandler Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036 Piper Sandler Investor Presentation Cautionary notice regarding forward-looking statements This presentation contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors identified in the document entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 and updated in our subsequent reports filed with the SEC. These reports are available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and Piper Sandler undertakes no obligation to update them in light of new information or future events.
    [Show full text]