DOCSLIB.ORG

Monthly Index Chart Book

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Monthly Index Chart Book September 2014 ` Comment & The Chart of the Month September 2014 Introduction Graph 6: 20 Month Bollinger Bands - Global 3,500 This Index Chart Book is intended to run in parallel with the EPRA Bollinger Bands Moving Average Statistical Bulletin and Monthly Review . While the bulletin focuses on 3,000 Index Value performance, this index chart book will use the same data in an effort to identify historical trends and indicators on the index series. 2,500 2,000 Example 1,500 This month's highlighted graph is Graph 6, the Bollinger Bands for the FTSE EPRA/NAREIT Global Developed index, as shown on the right. 1,000 When we look at the Bollinger Bands, as a measure of market volatility, the picture is quite clear: during the 2003-2006 run, the index 500 continuously traded along the upper band, pushing it higher and higher. - The 2007 and 2008 market correction saw the index dropping to near the Jul-91 Jul-92 Jul-96 Jul-97 Jul-98 Jul-01 Jul-02 Jul-03 Jul-07 Jul-08 Jul-12 Jul-13 Jul-94 Jul-95 Jul-99 Jul-00 Jul-04 Jul-05 Jul-06 Jul-09 Jul-10 Jul-11 lower band, and in December the index actually dropped below the lower Jul-93 band. Up to 2003 all three bands were parallel, but since then we see a widening of the bands, which indicates that the market has become increasingly volatile. However, since the market recovery this year-to- date, we see that the index level now almost equals the moving average, and is now more or less in the middle of both borders. As a result, the Bollinger bands are now narrowing indicating a stronger direction towards the market is going (according to the theory/model). 30/09/2014 September Version: September 2014 2 Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Contents Page 4 Section 1 - Global Developed Page 62 Section 6.9 - Netherlands Page 11 Section 2 - Asia Developed Page 65 Section 6.10 - Sweden Page 18 Section 3 - Europe Developed Page 68 Section 6.11 - United Kingdom Page 25 Section 4 - North America Developed Page 71 Section 6.12 - Canada Page 32 Section 5 - Emerging Markets Page 74 Section 6.13 - United States Page 37 Section 6 - Individual Countries Page 77 Section 7 - End of Year Constituents Chart Page 38 Section 6.1 - Australia Page 104 Section 8 - Details on Methodology Page 41 Section 6.2 - Hong Kong Page 108 Section 9 - Data Vendor Codes Page 44 Section 6.3 - Japan Page 122 Contacts Page 47 Section 6.4 - Singapore Page 123 Disclaimer Page 50 Section 6.5 - Belgium Page 53 Section 6.6 - France Page 56 Section 6.7 - Germany Page 59 Section 6.8 - Italy For an explanation of the graphs and details on the calculation, please refer to Section 8. A disclaimer applies to this document. Please refer to page 123. Version: September 2014 3 Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 1 Global Developed Version: September 2014 4 Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com *** A disclaimer applies to A this to *** graph. refer page Please 123. Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W ■ www.epra.com [email protected] E ■ 1020 2739 F +32 ■ 1010 2739 +32 T ■ Belgium Brussels, B-1000 ■ 23 Meeus de Square 2014 September Version: Downward Trend Upward Trend -1000 1000 1500 2000 2500 3000 3500 1000 1500 -500 500 500 0 0 May-95 Dec-89 range a fixedbottoms within and topsPattern: "Trading" upwards shows Globalan December 2004:toLaunch Dec-90 May-96 Graph 3: Moving Averages: 5 Year vs 1 Year Oscillator 1 Year vs 5 Year Averages: Moving3: Graph Dec-91 May-97 Dec-92 May-98 Analysis Technical Term 1:LongGraph Dec-93 IndexValue Long Term Level Term ResistanceLong May-99 Dec-94 Dec-95 May-00 Dec-96 May-01 Dec-97 May-02 Dec-98 LineTerm LongSupport Trend Outbreak Trend 2004: November Dec-99 May-03 Reversal February2007:TrendFull Dec-00 May-04 Dec-01 May-05 Dec-02 May-06 Dec-03 - Dec-04 *** Global May-07 Dec-05 - May-08 Global Dec-06 May-09 Dec-07 Dec-08 May-10 Dec-09 May-11 Dec-10 May-12 Dec-11 May-13 Dec-12 Dec-13 2900 3400 1400 1900 2400 1000 1200 1400 900 200 400 600 800 0 Dec-90 Nov-07 Dec-91 Feb-08 38% 50% 61% Dec-92 May-08 Aug-08 Dec-93 Graph 4: Average True Range (Index Points) Points) (Index Range True Average 4: Graph Nov-08 Dec-94 Feb-09 Dec-95 Levels Retracement 1Y 2: Graph May-09 Dec-96 Aug-09 Dec-97 Nov-09 Dec-98 Feb-10 Dec-99 May-10 Dec-00 Aug-10 Dec-01 Nov-10 Dec-02 Feb-11 Dec-03 May-11 - Dec-04 Aug-11 Global - Nov-11 Dec-05 Global Feb-12 Dec-06 May-12 Dec-07 Aug-12 Dec-08 Nov-12 Index Value Dec-09 Feb-13 Dec-10 May-13 Dec-11 Aug-13 Dec-12 Nov-13 Dec-13 Feb-14 5 Graph 5: Relative Strength Indicator - Global Graph 6: 20 Month Bollinger Bands - Global 120 3,500 70-100 Bollinger Bands Overbought Moving Average Index Value 3,000 100 2,500 80 30-70 Neutral 2,000 60 1,500 40 1,000 0-30 Oversold 20 500 0 - Jul-91 Jul-92 Jul-97 Jul-98 Jul-99 Jul-00 Jul-04 Jul-05 Jul-06 Jul-07 Jul-12 Jul-13 Jul-93 Jul-94 Jul-95 Jul-96 Jul-01 Jul-02 Jul-03 Jul-08 Jul-09 Jul-10 Jul-11 Feb-91 Feb-92 Feb-93 Feb-94 Feb-95 Feb-96 Feb-97 Feb-98 Feb-99 Feb-13 Feb-14 Feb-00 Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Graph 8: Seasonality Chart - Global Graph 7: Rolling 10 Years Risk/Return Profile - Global 20% Global Bonds 3,100 2006 Europe RE Global RE 20 Asia RE 2006 15% 2008 2,750 2008 1999 2008 2002 1999 2,400 10% 2008 2000 2003 Return 20 2,050 5% 19 1999 2008 1,700 1999 1999 2003 0% 0% 5% 10% 15% 20% 25% 30% 35% 2008 2007 2006 1,350 2005 2004 2009 2010 2011 2012 2013 2014 -5% 1,000 Risk (St Deviation) Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Version: September 2014 6 Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W ■ www.epra.com [email protected] E ■ 1020 2739 F +32 ■ 1010 2739 +32 T ■ Belgium Brussels, B-1000 ■ 23 Meeus de Square 2014 September Version: Correlation Correlation -0.60 -0.40 -0.20 -1.00 -0.50 0.00 0.20 0.40 0.60 0.80 0.00 0.50 1.00 1.50 Jan-93 Jan-97 Jan-94 Correlations Months36 Bonds: Global vs. Countries 5 Top 11: Graph Jan-98 Jan-95 Global Bonds v Hong Kong Global Bonds v UK GlobalBonds Australia v Jan-99 Correlations Class Asset Months 36 Bonds: & Equities Estate, Real 9: Graph Jan-96 Jan-00 Jan-97 Jan-98 Jan-01 GlobalEquities Globalv Bonds GlobalRealEstate Globalv Bonds GlobalEquities Globalv RealEstate Jan-99 Jan-02 Jan-00 Jan-03 Jan-01 Jan-04 Jan-02 Global Bonds v Japan GlobalBonds US v Jan-03 Jan-05 Jan-04 Jan-06 Global Jan-05 Jan-07 Jan-06 Jan-08 Jan-07 Jan-09 Jan-08 Jan-09 Jan-10 Jan-10 - Jan-11 Global Jan-11 Jan-12 Jan-12 Jan-13 Jan-13 - Jan-14 Jan-14 Correlation -1.00 -0.80 -0.60 -0.40 -0.20 0.40 0.60 0.80 1.00 0.00 0.20 -0.60 -0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00 Jan-93 Jan-97 Jan-94 Jan-98 Correlations Months36 Equities: Global vs. 5 Countries Top 10: Graph Jan-95 (EUR) Correlations Months36 Regional & Global12: Graph Jan-99 Global Equities v UK GlobalEquities Australiav Global vAsia Global vEurope Jan-96 Jan-00 Jan-97 Jan-01 Jan-98 Jan-99 Jan-02 Jan-00 Jan-03 Jan-01 Jan-04 Jan-02 Jan-05 Jan-03 Jan-04 Jan-06 Europev NthAmerica GlobalNthv America Jan-05 Jan-07 Global Equities v Japan Global Equities v US Jan-06 Jan-08 Jan-07 Jan-09 Jan-08 Jan-09 - Jan-10 Global Jan-10 Jan-11 - Jan-11 Global Jan-12 Jan-12 Jan-13 Jan-13 Jan-14 Jan-14 7 Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W ■ www.epra.com [email protected] E ■ 1020 2739 F +32 ■ 1010 2739 +32 T ■ Belgium Brussels, B-1000 ■ 23 Meeus de Square 2014 September Version: Volatility Volatility 10% 20% 30% 40% 50% 60% 70% 12% 17% 22% 27% 32% 37% 42% 47% 0% 2% 7% 30% Apr-01 Oct-01 Apr-02 North America Global Oct-02 40% y = 0.1604x +0.0475y =0.1604x Graph 15: 36 Months Rolling Volatility Volatility RollingMonths 36 15: Graph Apr-03 vs.
Load more

Recommended publications
  • Our Growth with Substance Balance and Momentum
    Our Growth with Substance Balance and Momentum (Incorporated in the Cayman Islands with limited liability) Stock Code : 00884 目錄 CONTENTS 公司簡介 2 Company Profile 公司資料 3 Corporate Information 主要房地產項目 5 Major Property Projects 表現摘要 19 Performance Highlights 詞彙及定義 20 Glossary and Definitions 主席報告 21 Chairman’s Statement 管理層討論及分析 36 Management Discussion and Analysis 董事及高級管理人員簡介 81 Biographies of Directors and Senior Management 企業管治報告 90 Corporate Governance Report 環境、社會及管治報告 110 Environmental, Social and Governance Report 董事會報告書 141 Directors’ Report 獨立核數師報告 181 Independent Auditor’s Report 綜合損益及其他全面收益表 189 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合財務狀況表 190 Consolidated Statement of Financial Position 綜合股本權益變動表 192 Consolidated Statement of Changes in Equity 綜合現金流量表 193 Consolidated Statement of Cash Flows 綜合財務報表附註 196 Notes to the Consolidated Financial Statements 五年財務概要附錄 472 Five Years’ Financial Summary Appendix 公司簡介 Company Profile 關於旭輝 ABOUT CIFI 旭輝控股（集團） 有限公司（「旭輝」 或「本 Headquartered in Shanghai, CIFI Holdings (Group) Co. Ltd. (“CIFI” or the 公司」，連同其附屬公司統稱「本集團」） “Company” and together with its subsidiaries, the “Group”) is principally 總部位於上海，主營業務是於中華人民 engaged in the property development and property investment business in the 共和國（「中國」） 從事房地產開發及房地 People’s Republic of China (“PRC” or “China”). 產投資。 我們主要專注在中國的一綫、二綫及三 We principally focus on developing high quality and end-users driven properties 綫城市開發高品質及針對用家自用的房 in first-, second- and third-tier cities in China. Our development projects cover 地產物業。我們的開發項目涵蓋住宅、 various properties types like residential, office and commercial complexes. 商務辦公、商業綜合體等多種物業種 Leveraging our effective business model and strong execution capabilities, we 類。憑藉我們高效的業務模式與強大的 are poised to continue our rapid growth and develop into a leading nationwide 執行能力，我們未來目標是繼續保持快 property developer.
    [Show full text]
  • Monthly Index Chart Book
    May 2013 ` Comment & The Chart of the Month May 2013 Introduction Graph 6: 20 Month Bollinger Bands - Global 3,500 This Index Chart Book is intended to run in parallel with the EPRA Bollinger Bands Moving Average Statistical Bulletin and Monthly Review . While the bulletin focuses on 3,000 Index Value performance, this index chart book will use the same data in an effort to identify historical trends and indicators on the index series. 2,500 2,000 Example 1,500 This month's highlighted graph is Graph 6, the Bollinger Bands for the FTSE EPRA/NAREIT Global Developed index, as shown on the right. 1,000 When we look at the Bollinger Bands, as a measure of market volatility, the picture is quite clear: during the 2003-2006 run, the index 500 continuously traded along the upper band, pushing it higher and higher. - The 2007 and 2008 market correction saw the index dropping to near the Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-08 Jul-09 Jul-10 Jul-11 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 lower band, and in December the index actually dropped below the lower Jul-96 band. Up to 2003 all three bands were parallel, but since then we see a widening of the bands, which indicates that the market has become increasingly volatile. However, since the market recovery this year-to- date, we see that the index level now almost equals the moving average, and is now more or less in the middle of both borders.
    [Show full text]
  • Monthly Index Chart Book
    June 2015 ` Comment & The Chart of the Month June 2015 Introduction Graph 6: 20 Month Bollinger Bands - Global 3,500 This Index Chart Book is intended to run in parallel with the EPRA Bollinger Bands Moving Average Statistical Bulletin and Monthly Review . While the bulletin focuses on 3,000 Index Value performance, this index chart book will use the same data in an effort to identify historical trends and indicators on the index series. 2,500 2,000 Example 1,500 This month's highlighted graph is Graph 6, the Bollinger Bands for the FTSE EPRA/NAREIT Global Developed index, as shown on the right. 1,000 When we look at the Bollinger Bands, as a measure of market volatility, the picture is quite clear: during the 2003-2006 run, the index 500 continuously traded along the upper band, pushing it higher and higher. - The 2007 and 2008 market correction saw the index dropping to near the Jul-91 Jul-97 Jul-03 Jul-12 Jul-94 Jul-00 Jul-06 Jul-09 Oct-93 Oct-99 Oct-02 Oct-08 Oct-96 Oct-05 Oct-11 Apr-95 Apr-01 Apr-07 Apr-13 Apr-92 Apr-98 Apr-04 Apr-10 Jan-99 Jan-05 Jan-11 Jan-96 Jan-02 Jan-08 lower band, and in December the index actually dropped below the lower Jan-93 band. Up to 2003 all three bands were parallel, but since then we see a widening of the bands, which indicates that the market has become increasingly volatile. However, since the market recovery this year-to- date, we see that the index level now almost equals the moving average, and is now more or less in the middle of both borders.
    [Show full text]
  • Global Offering Global Offering
    Hailan Holdings Limited 海藍控股有限公司 Hailan Holdings Limited 海藍控股有限公司 (incorporated in the Cayman Islands with limited liability) Stock Code: 2278 Global Offering Sole Sponsor, Sole Global Coordinator, Sole Bookrunner and Lead Manager IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should seek independent professional advice. Hailan Holdings Limited 海藍控股有限公司 (incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under the : 75,000,000 Shares Global Offering Number of Hong Kong Offer Shares : 7,500,000 Shares (subject to reallocation) Number of International Offer Shares : 67,500,000 (subject to reallocation) Maximum Offer Price : HK$4.58 per Offer Share, plus brokerage fee of 1%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Nominal Value : HK$0.01 per Share Stock Code : 2278 Sole Sponsor Sole Global Coordinator, Sole Bookrunner and Lead Manager Haitong International Capital Limited Haitong International Securities Company Limited Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus. A copy of this prospectus, together with the documents specified under the section headed “Documents Delivered to the Registrar of Companies and Available for Inspection” in Appendix VI to this prospectus, has been registered by the Registrar of Companies in Hong Kong as required by section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong).
    [Show full text]
  • China Chengtong Development Group Limited
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in doubt as to any aspect of this circular or as to the action to be taken, you should consult a licensed securities dealer or registered institution in securities, a bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in China Chengtong Development Group Limited (the “Company”), you should at once hand this circular and the accompanying form of proxy to the purchaser or the transferee or to the licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. This circular is addressed to the shareholders of the Company in connection with an extraordinary general meeting of the Company to be held on 19 March 2007. This circular is not and does not constitute an offer of, nor is it intended to invite offers for, shares in or other securities of the Company. The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. CHINA CHENGTONG DEVELOPMENT GROUP LIMITED 中國誠通發展集團有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 217) (1) PROPOSED RIGHTS ISSUE OF NOT
    [Show full text]
  • Thesis Final
    UNIVERSIDAD DE LOS ANDES INGENIERÍA INDUSTRIAL MEMORIA DE GRADO 2012 ESTRATEGIA DE INVERSIÓN DE GREENBLATT DESDE UNA PERSPECTIVA ACADÉMICA EN EL MERCADO DE VALORES DE HONG KONG Juan David Vizcaya Sanchéz RESUMEN Este documento pretende replicar una estrategia de inversión basada en la corriente de inversión value investing y analizarla a la luz de una metodología académica como el CAPM. La estrategia de inversión a utilizar es la descrita por Joel Greenblatt en su libro “The little book that beats the market”. Los resultados obtenidos son comparados con indicadores de referencia del mercado, así como con el retorno esperado según el CAPM. Los portafolios construidos a partir de la estrategia de inversión mostraron retornos significativamente superiores en un período entre 1998 y 2011. Sin embargo, al contrastar estos resultados frente al retorno esperado según el CAPM, se concluyó que estadísticamente no existe evidencia suficiente que soporte la presencia de retornos anormales por el uso de dicha estrategia, con un nivel de confianza del 95%. TABLA DE CONTENIDOS INTRODUCCIÓN!..........................................................................3 LITERATURA ACADÉMICA Y ESTUDIOS PREVIOS!..................6 HIPÓTESIS DE LOS MERCADOS EFICIENTES!........................6 BEHAVIORAL FINANCE!............................................................11 VALUE INVESTING!....................................................................16 ESTRATEGIA DE INVERSIÓN DE GREENBLATT!....................19 EL FUTURO DE LAS BOLSAS DE VALORES!..........................32
    [Show full text]