DOCSLIB.ORG

Assetmark Trust Company Margin Borrowing Will Not Be Used for the Types of Options Traded by (“Assetmark Trust”), an Affiliate of Assetmark (Each a “Custodian”)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Assetmark Trust Company Margin Borrowing Will Not Be Used for the Types of Options Traded by (“Assetmark Trust”), an Affiliate of Assetmark (Each a “Custodian”) Account Agreements and Disclosures (VERSION 4.19) AssetMark Investment Management Services Agreement R275_IMSA_2018_04 Investment Management Services Agreement Page 1 of 13 TABLE OF CONTENTS SOLUTION TYPES .................................................................................................3 FEES AND COMPENSATION .........................................................................................4 ASSETMARK’S RESPONSIBILITIES ...................................................................................6 THE FINANCIAL ADVISOR’S RESPONSIBILITIES ........................................................................7 THE CLIENT’S RESPONSIBILITIES, AUTHORIZATIONS AND ACKNOWLEDGEMENTS ..........................................7 ADDITIONAL LEGAL INFORMATION ..................................................................................9 EXHIBIT A – ERISA AND IRA SUPPLEMENT TO ASSETMARK IMSA .......................................................11 FEES AND INVESTMENT MINIMUMS TABLE ..........................................................................12 This must remain with the Client Investment Management Services Agreement Page 2 of 13 By executing the Account Set-Up and Application (“Account Set-Up”), discretionary authorities described later in the Agreement, or you, the Account Owner, (“Client”) agree to the terms of this otherwise agreed upon by the Client. The Investment Manager may Investment Management Services Agreement (“Agreement” or also be referred to as a “Discretionary Manager”. “IMSA”). You agree to retain AssetMark, Inc. (“AssetMark”) to provide investment advisory services to the “Account” you are establishing. Overlay Managers You have been referred to AssetMark by your Financial Advisor (“Financial Advisor,” who is associated with their “Financial Advisory AssetMark has contracted with investment management firms to act Firm”). The responsibilities of AssetMark, the Financial Advisor and as “Overlay Managers” for Client Accounts. The Overlay Manager will the Client are discussed below. provide discretionary investment management services to the Account and the Client grants the Overlay Manager the authority to This Agreement may be used in connection with the opening of more buy and sell securities and investments for the Account, to vote than one Account, but the singular form will be used throughout this proxies for securities held by the Account and such other discretionary Agreement. Any subsequent Account opened by the Client shall be authorities described later in this Agreement or otherwise agreed governed by the terms of this Agreement (as it may be amended). upon by the Client. The Overlay Manager may also be referred to as a “Discretionary Manager”. This Agreement establishes an Account on the Platform named in the Account Set-Up Form. AssetMark is the sponsor of the AssetMark AssetMark as a Service Provider Platform (“Platform”) through which it offers its advisory services to Clients. The Platform includes Mutual Fund, Exchange-Traded Fund As further disclosed in detail in the AssetMark Disclosure Brochure, (“ETF”) and various Privately Managed Account Solution Types (the AssetMark, and the Aris and Savos Investments (“Savos”) divisions “Solution Types”), or a blend of these Solution Types, e.g. Multiple of AssetMark, may also act in the role of Portfolio Strategist, Strategy Accounts, each with a number of options that may include Investment Manager, Discretionary Manager or Overlay Manager a range of Risk/Return Profiles and Investment Approaches to allow within certain available investment strategies. the Client to customize a strategy by which each Account will be maintained under this Agreement (the Account’s “Strategy”). INVESTMENT OBJECTIVES This Agreement describes: The Client wishes to establish an Account and retain AssetMark to provide investment advisory services. AssetMark’s investment of the • the available Service Providers and Solution Types; Account shall be consistent with the Risk/Return Profile and, where appropriate, the Asset Allocation Approach (both described below) • the Fees applicable to the Account; selected by the Client. • AssetMark’s Responsibilities as the investment adviser to the Account; APPROACHES TO INVESTING • the Financial Advisor’s Responsibilities; and Risk/Return Profiles • the Client’s Agreements, Authorizations and Acknowledgements The Platform provides tools that allow a Client to work with their For additional information regarding the services provided by Financial Advisor to develop the Client’s risk tolerance in combination AssetMark, refer to the Disclosure Brochure provided in connection with their investment objectives (“Risk/Return Profile”). These Risk/ with the opening of your Account. Return Profiles range from most conservative (lowest estimated risk and lowest potential return) to most aggressive (highest estimated SERVICE PROVIDERS risk and highest potential return). The Client, with the assistance of their Financial Advisor, selects a Risk/Return Profile for the Account. When referred to collectively, Service Providers may be called Providers in marketing collateral and other materials. Investment Approaches Portfolio Strategists AssetMark has developed a multi-dimensional approach to investing (“Investment Approaches”). AssetMark has contracted with investment management firms (“Portfolio Strategists”) to provide recommended portfolio allocations The Core Markets, Tactical Strategies and Diversifying Strategies by which AssetMark intends to invest the account, unless Investment Approaches may be implemented with a Capital circumstances indicate that modified allocations or investments are Appreciation objective or a Multi-Asset Income objective. Capital appropriate. The Portfolio Strategists do not provide discretionary Appreciation objective seeks to maximize total return within the risk investment management services to the Account. The Client may selected by the Client. Multi-Asset Income objective seeks to deliver specify the initial Portfolio Strategist for the Account. AssetMark may an enhanced level of current income from a range of asset categories. replace the Portfolio Strategist at its discretion and may give notice of This objective seeks income generation as a primary objective; any change to that Portfolio Strategist. however it also considers diversification and Risk Profile ranges as important components of portfolio construction. Multi-asset Income Investment Managers Strategies will take on risk in pursuit of their objectives as defined by the risk profile to which the objective is being managed. AssetMark has contracted with investment management firms to act as “Investment Managers” for Client Accounts. The Investment The Client, with the assistance of their Financial Advisor, may select Manager will provide discretionary investment management services strategies that employ one or more of the following Investment to the Account and the Client grants the Investment Manager the Approaches for the Account. authority to buy and sell securities and investments for the Account, vote proxies for securities held by the Account and such other This must remain with the Client Investment Management Services Agreement Page 3 of 13 The following Investment Approaches are available: GUIDED PORTFOLIOS Core Markets For the Guided Portfolios, AssetMark will provide investment • Seek to provide exposure to economic growth through a mix of allocations across Investment Approaches, and other investment traditional asset classes like equities and fixed income. options, based on investment objectives, market outlook, risk profile Tactical Strategies and other preferences. Enhanced Return Focus • GPS Fund Strategies • Seek to provide consistent exposure to the equity market while aiming to add return over a benchmark by using thematic stock • GPS Select selection, sector or country rotation strategies or other tactical • Custom GPS Select investment strategies. For Custom GPS Select, AssetMark will provide a target range of Limit Loss Focus allocations across Investment Approaches, and other investment • Seek to limit losses in extreme market downfalls while aiming to options. The Client, with the assistance of their Financial Advisor, will participate in the equity markets most of the time. These strategies determine the specific allocations based on investment objectives, will automatically exit and re-enter equity exposure to allow greater market outlook, risk profile and other preferences. equity participation most of the time and sharply reduce equity exposure when risk of loss is perceived to be high. MUTUAL FUNDS Diversifying Strategies A mutual fund is an investment vehicle that pools together money Equity Alternatives from many investors to buy stocks, bonds, short-term money market • Seek to provide risk diversification benefits through non-correlation instruments, and/or other securities. Each investor owns shares, to equities and having higher impact to returns, specifically not which represent a portion of the holdings of the fund. In the Mutual being significantly dilutive to returns. These strategies will have Fund Type, the Client may choose a solution that primarily invests in higher levels of volatility and be heavily invested in managed futures, shares of: but may include exposure to other alternative strategies like global macro strategies. • funds advised by AssetMark, (“Proprietary Fund”); or • third-party mutual funds, not advised by AssetMark. Bonds and Bond Alternatives • Seek to provide risk diversification
Load more

Recommended publications
  • A Guide to Understanding the Complex Universe of Private Debt Assets
    Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets First edition, May 2017 For professionals Important disclosure: The opinions expressed and conclusions reached by the authors in this publication are their own and do not represent an official position. The publication has been prepared solely for the purpose of information and knowledge-sharing. Neither NN Investment Partners B.V., NN Investment Partners Holdings N.V. nor any other company or unit belonging to NN Group make no guarantee, warranty or representation, express or implied, to the accuracy, correctness or completeness thereof. Readers should obtain professional advice before making any decision or taking any action that may affect their finances or business or tax position. This publication and its elements may contain information obtained from third parties, including ratings from credit rating agencies. Reproduction and distribution of (parts of) this publication, logos, and third party content in any form is prohibited, except with the prior written permission of NN Investment Partners B.V. or NN Investment Partners Holdings N.V. or the third party concerned. © 2017 NN Investment Partners is part of NN Group N.V. NN Group N.V. is a publicly traded corporation, and it and its subsidiaries are currently using trademarks including the “NN” name and associated trademarks of NN Group under license. All rights reserved. Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets Table of contents Preface ...............................................................................................................................................................6 1. Introduction .................................................................................................................... 8 2. The history and rise of alternative credit .....................................................................11 2.1.
    [Show full text]
  • Q2 21 Virtus Allianzgi Artificial Intelligence & Technology Opportunities Fund As of 6/30/2021
    Virtus_AllianzGI_Artificial_Intelligence_Technology_Opportunities Fund_Factsheet_1372 Q2 EQUITY | SPECIAL EQUITY 21 Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund INVESTMENT OPPORTUNITY Inception Date 10/31/2019 The Fund seeks to generate a stable income stream and growth of capital by focusing NYSE Ticker AIO on one of the most significant long-term secular growth opportunities in markets today. A Number of Investments 128 multi-asset approach based on fundamental research is employed, dynamically allocating Market Price ($) 27.72 to attractive segments of a company’s debt and equity in order to offer an attractive risk/ Net Asset Value ($) 29.51 reward profile. Discount to NAV (%) -6.07 Shares Outstanding (m) 34.34 Innovators and Disruptors — The Fund invests in a growing universe of opportunities Average Daily Volume 96,181 across a broad spectrum of technologies and sectors embracing the disruptive power of Total Net Assets ($m) 1,013.31 artificial intelligence and other new technologies. Preferred Assets ($m) 0.00 Differentiated Approach — The Fund employs a differentiated, multi-asset approach Borrowed Debt ($m) 30.00 which strives to create an attractive risk/reward profile through fundamental research and Total Managed Assets ($m) 1,043.31 dynamically allocating across public and private investments in convertible securities and Distribution Frequency Monthly equities. Virtus Investment Investment Adviser Advisers, Inc. Specialist Managers — Co-managed by Allianz Global Investors’ Artificial Intelligence Allianz Global and Income & Growth investment teams, the Fund leverages one of the leading global Investment Subadviser Investors US LLC investment managers with deep expertise in technology, multi-asset, and closed-end fund strategies. 52-Week Ranges High Low AVERAGE ANNUAL TOTAL RETURNS (%) as of 6/30/2021 n NAV n Market Price NAV ($) 30.62 22.36 7 4 Market Price ($) 29.74 19.86 .
    [Show full text]
  • Selecting a Portfolio Manager and Due Diligence Checklist
    DRAFT: For Discussion Purposes Selecting a Portfolio Manager Who is a portfolio manager? A portfolio manager (PM) is a person who has the requisite skill and expertise to look after your investments and manage them for you. PM’s make decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance. There are two types of portfolio managers – discretionary PMs and non-discretionary PMs. Your investment solution should be based on your investment goals and circumstances and you should consider the level and structure of investment service you require. A discretionary PM individually and independently manages the funds of each client in accordance with the needs of the client. Choose a discretionary investment manager who is most capable of helping you meet those goals. Whether you are an individual, philanthropist, pension fund, foundation or family office type investor you should choose your portfolio manager based on your particular financial situation, age/time horizon, income, tax situation and risk tolerance. The fund companies, chartered banks, independent boutique firms all offer discretionary management through either segregated accounts or in a pooled fund structure. The level of service depends not only on the level of portfolio tailoring, investment disclosure, investment style, investment success, investment experience and reporting detail that the firm offers, but also the level of contact with the portfolio manager and the investment decision makers who directly affect your investment performance. A non-discretionary PM must operate within the agreed upon limits to achieve the client’s stated investment objectives and takes direction from the client directly.
    [Show full text]
  • A Guide to Multi-Manager Funds in Ireland
    A Guide to Multi-Manager Funds in Ireland 0 Contents A Guide to Multi-Manager Funds in Ireland Introduction Page 2 Multi-Manager Funds v Fund of Funds Page 2 Regulation of Multi-Manager Funds in Ireland Page 4 Relevant UCITS III Issues Page 7 Pooling Opportunities for Multi-Manager Funds Page 8 Regulation of Fund of Funds in Ireland Page 9 Non-UCITS Fund of Funds in Ireland Page 10 UCITS Fund of Funds Page 15 Contact Us Page 20 A GUIDE TO MULTI-MANAGER FUNDS IN IRELAND 1 Introduction This publication examines the regulatory frameworks applicable to multi-manager funds and fund of funds in Ireland, a leading key European “exporting” fund domicile, including the impact of UCITS III and the opportunities becoming available through the use of pooling techniques. Multi-Manager Funds v Fund of Funds It is important to understand at the outset that multi-manager funds and funds of funds are different products and are subject to quite different regulatory regimes, even though one finds that the term “multi-manager” is often loosely used to describe both fund types. The principal differences between the two fund types can be summarised as follows: Structure: a fund of funds is one which has as its main object the investment of its assets in other funds, whereas a multi-manager fund, instead of investing in other funds, engages different portfolio managers to directly manage its assets in separate accounts, with discrete asset portfolios being allocated for management across those individual portfolio managers. Segregation: a fund of funds will generally be just one of many investors in the underlying funds into which its invests, whereas in a multi-manager fund the assets remain within the scheme, simply being managed on a separate account basis.
    [Show full text]
  • Money Manager Overview
    EMERGING MARKETS FUND Money Manager and Russell Investments Overview June 2021 Russell Investments’ approach The portfolio managers’ role Russell Investments uses a multi-asset approach to investing, combining asset allocation, The portfolio managers are responsible for identifying and selecting the strategies and money manager selection and dynamic portfolio management in its investment portfolios. Using this managers included in the Fund and determining the weight for each assignment. The portfolio approach as a framework for mutual fund construction, we research, monitor, hire and terminate managers manage the Fund on a daily basis to help keep it on track, constantly monitoring risk (subject to Fund Board approval) money managers from around the world and strategically and return expectations at the total fund level and making changes when deemed appropriate allocate fund assets to them. We oversee all investment advisory services to the funds and and/or necessary. Multiple resources from across the firm are used to help determine what is manage assets not allocated to money managers. believed to be the best combination of managers and strategies. Manager research and capital markets research are just some of the tools at the portfolio managers’ disposal to help identify The Fund opportunities and manage risk. Russell Investments has a comprehensive, in-depth research process tailored to the emerging Target allocation of fund assets markets asset class and dedicated professionals that lead to a deep understanding of managers. The Fund includes managers that provide a variety of investing styles. The managers may employ The percentages below represent the target allocation of the Funds’ assets to each money a quantitative, process-based approach, or a fundamental, security-specific selection methodology, managers’ strategy and Russell Investment Management, LLC’s (RIM) strategy.
    [Show full text]
  • Summary Prospectus April 30, 2021 the Paradigm Fund Class a Shares (KNPAX) Class C Shares (KNPCX)
    Summary Prospectus April 30, 2021 The Paradigm Fund Class A Shares (KNPAX) Class C Shares (KNPCX) Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund, including the Fund’s statement of additional information and shareholder reports, online at http://kineticsfunds.com/reports.htm. You can also get this information at no cost by calling (800) 930-3828 or by sending an e-mail request to [email protected], or from your financial intermediary. The Fund’s prospectus and statement of additional information, both dated April 30, 2021, are incorporated by reference into this Summary Prospectus. THE PARADIGM FUND Investment Objective The investment objective of the Paradigm Fund is long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Paradigm Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Youmay pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled “Description of Advisor Classes” beginning on page 127 of the Fund’s prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 66 of the Fund’s statement of additional information.
    [Show full text]
  • Investment Analysis and Portfolio Management
    LEONARDO DA VINCI Transfer of Innovation Kristina Levišauskait÷ Investment Analysis and Portfolio Management Leonardo da Vinci programme project „Development and Approbation of Applied Courses Based on the Transfer of Teaching Innovations in Finance and Management for Further Education of Entrepreneurs and Specialists in Latvia, Lithuania and Bulgaria ” Vytautas Magnus University Kaunas, Lithuania 2010 Investment Analysis and Portfolio Management Table of Contents Introduction …………………………………………………………………………...4 1. Investment environment and investment management process…………………...7 1.1 Investing versus financing……………………………………………………7 1.2. Direct versus indirect investment …………………………………………….9 1.3. Investment environment……………………………………………………..11 1.3.1. Investment vehicles …………………………………………………..11 1.3.2. Financial markets……………………………………………………...19 1.4. Investment management process…………………………………………….23 Summary…………………………………………………………………………..26 Key-terms…………………………………………………………………………28 Questions and problems…………………………………………………………...29 References and further readings…………………………………………………..30 Relevant websites…………………………………………………………………31 2. Quantitative methods of investment analysis……………………………………...32 2.1. Investment income and risk………………………………………………….32 2.1.1. Return on investment and expected rate of return…………………...32 2.1.2. Investment risk. Variance and standard deviation…………………...35 2.2. Relationship between risk and return………………………………………..36 2.2.1. Covariance……………………………………………………………36 2.2.2. Correlation and Coefficient of determination………………………...40
    [Show full text]
  • Fifty Leading Women in Hedge Funds 2019
    FIFTY LEADING WOMEN IN HEDGE FUNDS 2019 IN ASSOCIATION WITH his is our seventh 50 Leading Women developed the first two corporate governance in Hedge Funds report. In an funds in emerging markets. Previous reports encouraging sign of the times, last have featured women from CIAM (Catherine year – after running it as a biennial Berjal); Cevian Capital (Friederike Helfer); Ides Tevent since 2010 – we took the decision that it Capital (Dianne McKeever) and Blue Harbour should be annual. Group (Tanisha Bellur and Lauren Taylor Wolfe, who has now launched her own firm, Impactive Just two of the women have featured in previous s the leading global provider of Capital, with seeding from pension fund reports. One nominee appears because she services to alternative funds CalSTRS). For the first time, we feature a Head has had a significant promotion; the other worldwide, EY is once again of ESG Engagement, at Third Point, and this is has moved to a larger company. Many of the proud to sponsor the 50 Leading likely to be a growing trend. Women have held WomenA in Hedge Funds report and to firms here: The Baupost Group; Bridgewater senior positions in corporate governance for at recognize this accomplished group of Associates; BlueMountain Capital Management; least 20 years, and the profile of these roles is women who are making their mark in the Capital Fund Management; Citadel; D. E. Shaw; industry. We congratulate all the honorees now rising. EY; GAM Systematic Cantab; Man Group; who have been selected by The Hedge Fund Maples Group; Pictet Asset Management; Journal – impressive and inspiring women Alternative credit managers have been Point72 and Simmons & Simmons are recurring who are leading by example.
    [Show full text]
  • ELM B.V. Cadenza EUR 15,000,000 Secured Tranched Portfolio Credit
    12 January 2011 Series Memorandum ELM B.V. a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with its seat (zetel) in Amsterdam, The Netherlands Cadenza EUR 15,000,000 Secured Tranched Portfolio Credit-Linked Notes due 2015 €15,000,000,000 Secured Note Programme SERIES 139 UBS Investment Bank This Series Memorandum (as used herein, this “Series Memorandum”) is prepared in connection with the EUR 15,000,000,000 Secured Note Programme (the “Programme”) of ELM B.V. (the “Issuer”) and is issued in conjunction with, and incorporates by reference the contents of, the Programme Memorandum dated 22 November 2010 relating to the Programme (the “Programme Memorandum”). This document should be read in conjunction with the Programme Memorandum. Save where the context otherwise requires, terms defined in the Programme Memorandum have the same meaning when used in this Series Memorandum. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of the provisions set out within this document and the Programme Memorandum. The Series Memorandum has been approved by the Central Bank of Ireland as competent authority under Directive 2003/71/EC (the “Prospectus Directive”). The Central Bank of Ireland only approves this Series Memorandum as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. This Series Memorandum comprises a Prospectus for the purposes of the Prospectus Directive. This Series Memorandum has been prepared for the purpose of seeking admission of the Notes to trading on the regulated market of the Irish Stock Exchange.
    [Show full text]
  • STATEMENT of ADDITIONAL INFORMATION May 1, 2021 Tri-Continental Corporation (The “Fund”)
    STATEMENT OF ADDITIONAL INFORMATION May 1, 2021 Tri-Continental Corporation (the “Fund”) 225 Franklin Street Boston, MA 02110 Toll-Free Telephone: (800) 345-6611, option 3 Unless the context indicates otherwise, references herein to “each Fund,” “the Fund,” “a Fund,” “the Funds” or “Funds” refer to the Fund listed above. This Statement of Additional Information (SAI) is not a prospectus, is not a substitute for reading any prospectus and is intended to be read in conjunction with the Fund’s current prospectus dated the same date as this SAI. The most recent annual report for the Fund, which includes the Fund’s audited financial statements for the period ended December 31, 2020, is incorporated herein by reference. Copies of the Fund’s current prospectus and most recent annual and semiannual reports and future reports may be obtained without charge by writing or calling the Fund at the Fund’s stockholder servicing agent, Columbia Management Investment Services Corp. (“CMISC” or the “Service Agent”) at P.O. Box 219371, Kansas City, Missouri 64121-9371 or at the telephone number above. The Fund’s current prospectus and most recent annual and semiannual reports are also available at www.columbiathreadneedleus.com. In the Fund’s annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during the last fiscal year covered by the report. The SAI, as well as the Fund’s most recent annual and semiannual reports are also available at columbiathreadneedleus.com. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”).
    [Show full text]
  • Hedge Fund Start-Up Guide in Partnership with AIMA (Alternative Investment Management Association) Welcome to the Hedge Fund Start-Up Guide
    Hedge Fund Start-Up Guide In partnership with AIMA (Alternative Investment Management Association) Welcome to the Hedge Fund Start-Up Guide. Read on for an introduction and explore the report contents and topics. Contents Introduction Drafting a business plan In every industry, start-ups face a battle to gain a foothold and differentiate > The importance of a robust business plan in managing process and risk. themselves from the crowd. In the hedge fund industry around 10% of firms manage close to 90% of the assets, and much attention is focused on this Success from day one exclusive club and firms vying to join it. > How hedge fund start-ups can build a more efficient, streamlined operation. But what about the other 90% of the industry – most notably the new funds Success from the outside in taking their first steps? > Proven strategies for selecting hedge fund services providers. This Hedge Fund Start-Up Guide is designed to help fill the gap. Drawing on Taxation guidance advice from both investors and managers, it provides practical advice for all > Structures and key tax considerations for a new venture. emerging and start-up managers on how to build a solid foundation and set your fund on the right path – whether your goal is to build a billion-dollar Due diligence for start-ups business or not. > Following best practices to prepare your fund for capital investments. We hope you find it of use and encourage you to get in touch to learn more Routes to the market place about how Bloomberg's technology can help you start your fund or grow it to > What start-up hedge funds need to know about raising capital.
    [Show full text]
  • Fidelity® Select Insurance Portfolio
    PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021 Fidelity® Select Insurance Portfolio Key Takeaways MARKET RECAP ® • For the fiscal year ending February 28, 2021, the fund gained 15.54%, The S&P 500 index gained 31.29% for outperforming the 13.76% advance of the MSCI US IMI Insurance the 12 months ending February 28, 2021, 25/50 Index, but underperforming the broad-based S&P 500® index. a volatile but productive period for U.S. risk assets. The early-2020 outbreak and spread of COVID-19 resulted in stocks • Portfolio Manager Peter Deutsch notes that insurance stocks were hit suffering one of the quickest declines on hard in the first months of the fiscal year – which coincided with the record, through March 23, followed by a onset of the coronavirus crisis in the U.S. – but that the industry historic rebound that included the index rebounded well for the balance of the 12-month period. closing 2020 at an all-time high and gaining modest ground in the first two • The largest segments within the MSCI industry index all achieved months of the new year. The crisis and double-digit percentage gains during this period, led by life & health containment efforts caused broad insurance providers (+25%), insurance brokers (+13%) and property & contraction in economic activity, along casualty (P&C) firms (+11%). The fund outperformed the index in all with extreme uncertainty and dislocation three of those categories. in financial markets. A rapid and expansive U.S. monetary/fiscal-policy • Out-of-industry positions in the shares of two alternative asset response partially offset the economic managers, Ares Management (+52%) and Apollo Global Management disruption and fueled the market surge, as did resilient corporate earnings.
    [Show full text]