Comparing Index Mutual Funds and Active Managers He Index Fund Recently Celebrated Its Resented in a Particular Benchmark Index
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Vanguard® 500 Index Fund - Admiral™ Shares 06-30-21
Release Date Vanguard® 500 Index Fund - Admiral™ Shares 06-30-21 .......................................................................................................................................................................................................................................................................................................................................... Category Large Blend Investment Objective & Strategy Portfolio Analysis From the investment's prospectus Composition as of 06-30-21 % Assets Morningstar Style Box™ as of 06-30-21 % Mkt Cap The investment seeks to track the performance of the U.S. Stocks 99.0 Large Giant 51.39 .......................................................... Standard & Poor‘s 500 Index that measures the investment Non-U.S. Stocks 1.0 Mid Large 33.89 return of large-capitalization stocks. Bonds 0.0 Medium 14.65 The fund employs an indexing investment approach Cash 0.0 Small Small 0.07 designed to track the performance of the Standard & Poor's Other 0.0 .......................................................... Micro 0.00 500 Index, a widely recognized benchmark of U.S. stock Value Blend Growth market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target Top 10 Holdings as of 06-30-21 % Assets Morningstar Equity Sectors as of 06-30-21 % Fund index by investing all, or substantially all, of its assets in the Apple Inc 5.92 h Cyclical 31.06 ....................................................................................................... -
Equity Index Fund Profile Information Current As of 03/31/2021
Equity Index Fund Profile Information current as of 03/31/2021 Risk/Reward Indicator Lower Risk/Reward Higher Risk/Reward Investment Objective Investment Managers The investment objective of the Equity Index Fund is to replicate the The Equity Index Fund is comprised of the following manager: return of the Standard & Poor’s (S&P) 500 Index. The Equity Index BNY Mellon Fund offers participants exposure to the stocks of large corporations through a passive investment vehicle. Returns on large cap equities Current Allocation have historically exceeded inflation, but with substantial volatility over short and even intermediate holding periods (risk as measured by standard deviation). Investment Guidelines The Equity Index Fund will invest in a portfolio of equity securities of companies listed on the U. S. securities exchanges that replicates the composition and characteristics of the S&P 500 Index. Fees: NYCDCP Fee versus Institutional Fund Fee NYCDCP Equity Index Fund 0.05% Institutional Median Equity Index Fund 0.07% Performance History After Fee Cumulative$IWHU)HH&XPXODWLYH5HWXUQV(QGLQJ0DUFK Returns Ending March 31, 2021 ,QFHSWLRQ 0R 5DQN <U 5DQN <UV 5DQN <UV 5DQN <UV 5DQN <UV 5DQN <UV 5DQN <UV 5DQN ,QFHSWLRQ 'DWH B (TXLW\,QGH[)XQG -DQ 6 3 -DQ ;;;;; After Fee Year-to-Date$IWHU)HH<HDUWR'DWHDQG$QQXDO5HWXUQV(QGLQJ0DUFK and Annual Returns Ending March 31, 2021 <7' B (TXLW\,QGH[)XQG 6 3 ;;;;; Cumulative Returns vs. Benchmark Top Holdings 7RS+ROGLQJV $33/(,1& 0,&5262)7&253 $0$=21&20,1& )$&(%22.,1& $/3+$%(7,1& $/3+$%(7,1& 7(6/$,1& %(5.6+,5(+$7+$:$<,1& -3025*$1&+$6( &2 -2+1621 -2+1621 Disclaimer Note: The past performance of this Fund does not guarantee future results. -
Evaluating Hedge Fund Performance in the Decade Since the Global Financial Crisis
Hedge funds for the future Evaluating hedge fund performance in the decade since the global financial crisis Russell Investments Research russellinvestments.com Contents Introduction 3 Has hedge fund performance “disappointed”? 3 The decade since the Global Financial Crisis 4 Level-setting hedge fund performance expectations 4 Performance evaluation 6 Summary of performance versus objectives 6 Details of evaluation versus each objective 8 Conclusions 13 Why the split in performance over the five years periods? 13 Guidance in determining the role of hedge funds going forward 14 Russell Investments / Hedge funds for the future: Evaluating hedge fund performance in the decade since the GFC / 2 Hedge funds for the future Evaluating hedge fund performance in the decade since the global financial crisis Kerry Galvin, CFA, Senior Consultant Over the past decade and a half, hedge funds have become commonplace in institutional investors’ portfolios. During that time, Russell Investments has been working with its clients to implement and monitor hedge fund portfolios; however, the hedge funds that we are evaluating today in investors’ portfolios are not the same as they were 10 or 15 years ago. As hedge funds have grown in asset size and their investor changed to include more institutional investors, Russell Investments has observed many managers increasing their emphasis on operational structure, risk management procedures, transparency, counter party risk and leverage. The evaluation set forth in this paper is meant to assess hedge funds as they exist today: strategies that are meant to provide a reasonable level of return, a high level of alpha and a low level of volatility, by utilizing a variety of investment instruments (e.g., stocks, bonds, futures, forwards) and shorting (i.e., the hedge). -
AVAILABLE from a Price Index for Deflation of Academic R&D
DOCUMENT RESUME ED 067 986 HE 003 406 TITLE A Price Index for Deflation of Academic R&D Expenditures. INSTITUTION National Science Foundation, Washington, D.C. REPORT NO NSF-72-310 PUB DATE 72 NOTE 38p. AVAILABLE FROMSuperintendent of Documents, U.S. Government Printing- Office, Washington, D.C. 20402 ($.25, 3800-00122) EDRS PRICE MF-$0.65 HC-$3.29 DESCRIPTORS Costs; Educational Finance; *Educational Research; Financial Problems; *Financial Support; *Higher Education; Research; Research and Development Centers; *Scientific Research; *Statistical Data ABSTRACT This study relates to price trends affecting research and development (R&D) activities at academic institutions. Part I of this report provides the overall results of the study with limited discussion of measurement concepts, methodology and limitations. Part II deals with price indexes and deflation-general concepts and methodology. Part III discusses methodology and data base and Part IV describes alternative computations and approaches. Statistical tables and charts are included.(Author/CS) cO Cr` CD :w U S DEPARTMENT OF HEALTH EDUCATION & WELFARE OFFICE OF EDUCATION THIS DOCUMENT HASBEEN REPRO DUCED EXACTLY ASRECEIVED FROM THE PERSON OR ORGANIZATION ORIG INATING IT POINTS OFVIEW OR OPIN IONS STATED DONOT NECESSARILY REPRESENT OFFICIALOFFICE OF EDU CATION POSITION OR POLICY RELATED PUBLICATIONS Title Number Price National Patterns of R&D Resources: Funds and Manpower in the United States, 1953-72 72-300 $0.50 Resources for Scientific Activities at Universi- ties and Colleges, 1971 72-315 In press Availability of Publications Those publications marked with a price should be obtained directly from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. -
Does Google Search Index Help Track and Predict Inflation Rate? an Exploratory Analysis for India
Does Google Search Index Help Track and Predict Inflation Rate? An Exploratory Analysis for India By G. P. Samanta1 Abstract: The forward looking outlook or market expectations on inflation constitute valuable input to monetary policy, particularly in the ‘inflation targeting' regime. However, prediction or quantification of market expectations is a challenging task. The time lag in the publication of official statistics further aggravates the complexity of the issue. One way of dealing with non-availability of relevant data in real- time basis involves assessing the current or nowcasting the inflation based on a suitable model using past or present data on related variables. The forecast may be generated by extrapolating the model. Any error in the assessment of the current inflationary pressure thus may lead to erroneous forecasts if the latter is conditional upon the former. Market expectations may also be quantified by conducting suitable surveys. However, surveys are associated with substantial cost and resource implications, in addition to facing certain conceptual and operational challenges in terms of representativeness of the sample, estimation techniques, and so on. As a potential alternative to address this issue, recent literature is examining if the information content of the vast Google trend data generated through the volume of searches people make on the keyword ‘inflation' or a suitable combination of keywords. The empirical literature on the issue is mostly exploratory in nature and has reported a few promising results. Inspired by this line of works, we have examined if the search volume on the keywords ‘inflation’ or ‘price’in the Google search engine is useful to track and predict inflation rate in India. -
Burgernomics: a Big Mac Guide to Purchasing Power Parity
Burgernomics: A Big Mac™ Guide to Purchasing Power Parity Michael R. Pakko and Patricia S. Pollard ne of the foundations of international The attractive feature of the Big Mac as an indi- economics is the theory of purchasing cator of PPP is its uniform composition. With few power parity (PPP), which states that price exceptions, the component ingredients of the Big O Mac are the same everywhere around the globe. levels in any two countries should be identical after converting prices into a common currency. As a (See the boxed insert, “Two All Chicken Patties?”) theoretical proposition, PPP has long served as the For that reason, the Big Mac serves as a convenient basis for theories of international price determina- market basket of goods through which the purchas- tion and the conditions under which international ing power of different currencies can be compared. markets adjust to attain long-term equilibrium. As As with broader measures, however, the Big Mac an empirical matter, however, PPP has been a more standard often fails to meet the demanding tests of elusive concept. PPP. In this article, we review the fundamental theory Applications and empirical tests of PPP often of PPP and describe some of the reasons why it refer to a broad “market basket” of goods that is might not be expected to hold as a practical matter. intended to be representative of consumer spending Throughout, we use the Big Mac data as an illustra- patterns. For example, a data set known as the Penn tive example. In the process, we also demonstrate World Tables (PWT) constructs measures of PPP for the value of the Big Mac sandwich as a palatable countries around the world using benchmark sur- measure of PPP. -
RBC International Index Currency Neutral Fund
RBC International Index Currency Neutral Fund Investment objective Performance analysis for Series A as of August 31, 2021 To provide long-term capital growth, while Growth of $10,000 Series A $21,632 minimizing the exposure to currency 26 fluctuations between foreign currencies and the 22 Canadian dollar, by tracking the performance of its benchmark through investment, primarily, in 18 units of iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged). 14 10 Fund details 6 Load Fund Series Currency 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD structure code A No load CAD RBF559 Calendar returns % 30 Inception date October 1998 Total fund assets $MM 557.8 20 Series A NAV $ 12.90 10 Series A MER % 0.62 0 Income distribution Annually -10 Capital gains distribution Annually -20 Sales status Open Minimum investment $ 500 Subsequent investment $ 25 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Risk rating Medium -12.4 16.4 25.7 5.1 3.6 5.7 14.9 -10.8 22.8 0.4 16.0 Fund Fund category International Equity 2nd 2nd 2nd 1st 4th 1st 3rd 3rd 1st 3rd 1st Quartile Benchmark 100% MSCI EAFE IMI Hedged 100% to 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since incep. Trailing return % CAD Net Index 2.0 3.5 12.4 28.3 8.3 9.6 9.4 4.6 Fund 4th 4th 1st 1st 2nd 2nd 2nd — Quartile Notes 713 710 699 669 567 430 221 — # of funds in category Fund’s investment objective changed April 9, 2019 and June 30, 2017. -
World Trade Statistical Review 2021
World Trade Statistical Review 2021 8% 4.3 111.7 4% 3% 0.0 -0.2 -0.7 Insurance and pension services Financial services Computer services -3.3 -5.4 World Trade StatisticalWorld Review 2021 -15.5 93.7 cultural and Personal, services recreational -14% Construction -18% 2021Q1 2019Q4 2019Q3 2020Q1 2020Q4 2020Q3 2020Q2 Merchandise trade volume About the WTO The World Trade Organization deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. About this publication World Trade Statistical Review provides a detailed analysis of the latest developments in world trade. It is the WTO’s flagship statistical publication and is produced on an annual basis. For more information All data used in this report, as well as additional charts and tables not included, can be downloaded from the WTO web site at www.wto.org/statistics World Trade Statistical Review 2021 I. Introduction 4 Acknowledgements 6 A message from Director-General 7 II. Highlights of world trade in 2020 and the impact of COVID-19 8 World trade overview 10 Merchandise trade 12 Commercial services 15 Leading traders 18 Least-developed countries 19 III. World trade and economic growth, 2020-21 20 Trade and GDP in 2020 and early 2021 22 Merchandise trade volume 23 Commodity prices 26 Exchange rates 27 Merchandise and services trade values 28 Leading indicators of trade 31 Economic recovery from COVID-19 34 IV. Composition, definitions & methodology 40 Composition of geographical and economic groupings 42 Definitions and methodology 42 Specific notes for selected economies 49 Statistical sources 50 Abbreviations and symbols 51 V. -
Market Briefing: MSCI Currency Indexes
Market Briefing: MSCI Currency Indexes Yardeni Research, Inc. October 1, 2021 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box Table Of Contents TableTable OfOf ContentsContents Figures All Country World MSCI 3 All Country World ex-US MSCI 4 BRIC MSCI 5 Developed Europe MSCI 6 Developed World ex-US MSCI 7 EAFE MSCI 8 Emerging Markets MSCI 9 EM Asia MSCI 10 EM Eastern Europe MSCI 11 EM Latin America MSCI 12 EMU MSCI 13 Europe MSCI 14 Europe ex-United Kingdom MSCI 15 October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com All Country World MSCI Figure 1. 800 865 750 ALL COUNTRY WORLD MSCI INDEX 815 700 (ratio scale) 10/1 765 650 715 665 600 Local currency 615 550 565 500 US$ 515 450 465 400 415 350 365 300 315 250 265 200 215 yardeni.com 150 165 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Source: MSCI. Figure 2. 1.00 1.00 ALL COUNTRY WORLD MSCI INDEX CURRENCY RATIO (US$ index / local currency index) .95 .95 .90 .90 10/1 .85 .85 .80 .80 yardeni.com .75 .75 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Source: MSCI. -
Measuring the Great Depression
Lesson 1 | Measuring the Great Depression Lesson Description In this lesson, students learn about data used to measure an economy’s health—inflation/deflation measured by the Consumer Price Index (CPI), output measured by Gross Domestic Product (GDP) and unemployment measured by the unemployment rate. Students analyze graphs of these data, which provide snapshots of the economy during the Great Depression. These graphs help students develop an understanding of the condition of the economy, which is critical to understanding the Great Depression. Concepts Consumer Price Index Deflation Depression Inflation Nominal Gross Domestic Product Real Gross Domestic Product Unemployment rate Objectives Students will: n Define inflation and deflation, and explain the economic effects of each. n Define Consumer Price Index (CPI). n Define Gross Domestic Product (GDP). n Explain the difference between Nominal Gross Domestic Product and Real Gross Domestic Product. n Interpret and analyze graphs and charts that depict economic data during the Great Depression. Content Standards National Standards for History Era 8, Grades 9-12: n Standard 1: The causes of the Great Depression and how it affected American society. n Standard 1A: The causes of the crash of 1929 and the Great Depression. National Standards in Economics n Standard 18: A nation’s overall levels of income, employment and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies and others in the economy. • Benchmark 1, Grade 8: Gross Domestic Product (GDP) is a basic measure of a nation’s economic output and income. It is the total market value, measured in dollars, of all final goods and services produced in the economy in a year. -
STATISTICS BRIEF Purchasing Power Parities – Measurement and Uses
STATISTICS Purchasing power BRIEF parities – measurement 2002 March No. 3 and uses by Paul Schreyer and Francette Koechlin How does one compare economic data between countries that is expressed in units of national currency? And in particular, how should measures of production and Gross Domestic Product (GDP) be converted into a common unit? One answer to this ques- tion is to use market exchange rates. While straightforward, this turns out to be an unsatisfactory solution for many purposes – primarily because exchange rates reflect so many more influences than the direct price comparisons that are required to make In this issue volume comparisons. Purchasing Power Parities (PPPs) provide such a price compari- son and this is the rationale for the work of the OECD and other international organisa- 1 What are PPPs? tions in this field (see chart 1). The OECD publishes new sets of benchmark PPPs every three years, drawing on detailed international price comparisons. Every time a new set of 2 Who uses them? benchmark PPPs is released, this also gives rise to a new set of international compari- 3 How to measure sons of levels of GDP and economic welfare. economic welfare, ... 3 ... the size of economies, ... What are PPPs? 4 ... productivity ? In their simplest form, PPPs are price relatives, which show the ratio of the prices in 5 Comparing price levels national currencies of the same good or service in different countries. A well-known 5 Inter-temporal compari- example of a one-product comparison is The Economist’s BigMacCurrency index, sons: using current presented by the journal as ”burgernomics”, whereby the BigMac PPP is the conversion or constant PPPs rate that would mean hamburgers cost the same in America as abroad. -
Chapter III World Trade and GDP, 2019-20
Chapter III World trade and GDP, 2019-20 World trade and GDP 18 Merchandise trade volume 19 Primary commodity prices 21 Exchange rates 22 Value of world trade 23 COVID-19 and trade 26 Outlook for 2020 29 1016 World merchandise trade volume declined by The COVID-19 pandemic is likely to produce 0.1 per cent in 2019, the first contraction since a significant contraction of world trade in the global financial crisis of 2008-09. Trade was 2020. New export orders for manufacturing weighed down by persistent trade tensions as and services shown in purchasing managers’ well as by weaker global GDP growth, which indices (PMIs) fell sharply in the first and second slowed to 2.3 per cent in 2019 from 2.9 per cent quarters of 2020. in 2018. Trade declined in US dollar terms in 2019. GDP growth turned negative in the first quarter World merchandise exports fell 3 per cent of 2020 for the United States (-1.2 per cent), to US$ 18.89 trillion. World commercial the euro area (-3.8 per cent) and China services exports increased by 2 per cent to (-9.8 per cent). Further declines are expected US$ 6.07 trillion but the pace of growth was in the second quarter and beyond. down sharply from the 9 per cent recorded in 2018. 1117 World Trade Statistical Review 2020 World trade and GDP The volume of world merchandise trade declined in 2019 for the first time since the financial crisis of 2008-09, weighed down by rising trade tensions and weakening economic growth.