DOCSLIB.ORG

FM First China Fund, LLC

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FM First China Fund, LLC FM First China Fund, LLC JANUARY 2020 INVESTMENT OBJECTIVE FM First China Fund, LLC (the "Fund") invests in publicly-traded companies that either derive a majority of their revenues from, or maintain a majority of their assets in, mainland China. The investment objective of the Fund is to achieve long-term capital appreciation using a value-oriented approach modeled after the investment style of New York-based First Manhattan Co. The local team, with a deep network in China, seeks to apply a time-tested Western value approach to investing in what they view as an inefficient Eastern market. We manage a relatively concentrated portfolio where, based on the average of quarter end holdings since inception, the Fund’s top ten holdings have represented more than 60% of its assets under management. PERFORMANCE & FUND STATISTICS The tables below set forth performance and other information for the Fund (after fees and expenses) as of 12/31/2019.1,2,3 FM First MSCI China Hang Seng Fund vs. MSCI Period-End AUM Year China Fund Index Index China Index ($ million)4 2019 4 1 . 7 % 23.5% 13.0% +18.2 317 2018 ( 1 2 . 2 % ) (18.9%) (10.5%) +6.7 230 2017 4 7 . 8 % 54.1% 41.3% (6.3) 248 2016 ( 1 3 . 4 % ) 0.9% 4.3% (14.3) 173 2015 9 . 6 % (7.8%) (3.9%) +17.4 211 2014 2 . 5 % 8.0% 5.5% (5.5) 191 2013 2 1 . 3 % 3.6% 6.6% +17.7 146 2012 3 4 . 8 % 22.7% 27.5% +12.1 44 2011 ( 1 1 . 1 % ) (18.4%) (17.4%) +7.3 32 2010 1 6 . 4 % 4.6% 8.6% +11.8 28 2009 (since Dec.3) 0 . 1 % (3.2%) (3.0%) +3.3 10 Cumulative Gain 2 0 3 . 0 % 62.9% 78.4% +140.1 (12/3/09 to 12/31/19) Annualized Gain 1 1 . 6 % 5.0% 5.9% +6.6 (12/3/09 to 12/31/19) Holdings by Market Cap5 Portfolio Concentration5 Up/Down Capture (vs. MSCI China Index) as of 12/31/19 73% 43% 52% 107.2% 28% 9% 21% Down Capture < $1B $1B - $5B $5B - $10B > $10B Top 5 Top 10 Up Holdings Holdings Capture 74.1% 1Performance figures for the Hang Seng Total Return Index, the MSCI China Index, and the FM First China Fund, LLC (the “Fund”) begin from December 3, 2009, the date on which the Fund commenced. The table above sets forth pro forma performance information for the Fund on an annual basis from December 3, 2009 (commencement of operations) through April 30, 2013, after giving effect to the Base Fee and Incentive Allocation described in the Fund’s Confidential Private Placement Memorandum under “Management—Fees and Expenses,” because prior to May 1, 2013, the Fund had a different fee structure. Beginning May 1, 2013, the present fee structure has remained in effect. The performance figures for the Fund set forth above for December 3, 2009 to April 30, 2013 have been restated effective October 2019 to reflect the recalculation of such figures for minor discrepancies recently identified in a review of the original pro forma calculations. The restatement slightly reduced the pro forma returns for the periods prior to May 1, 2013 but had no impact on the actual performance returns for investors in the Fund. Performance figures also reflect the returns to a non-restricted investor in the Fund who has been eligible to participate in “new issues” purchased by the Fund. The Fund did not purchase any “new issues” prior to March 2018. The performance returns for periods since March 2018 for a restricted investor who was not eligible to participate in “new issues” would not necessarily be the same as the performancefiguresreflected above.For additional informationregarding theFund’s performance,please see the Fund’s Confidential PrivatePlacement Memorandum. 2From time to time, the FM First China Fund, LLC (the “Fund”) may purchase shares in an equity initial public offering. Pursuant to FINRA Rule 5130, certain investors in the Fund are not permitted to share in the Fund’s pro-rata share of an equity initial public offering in which the Fund invests if one or more FINRA members participate in the offering. Generally, FINRA Rule 5130 prohibits an investor (directly or indirectly through his or her investment in a private investment fund) from investing in shares of an equity initial public offering if he or she is employed by or has certain affiliations with or beneficial interests in a broker-dealer firm. The performance of an investment in the Fund may be affected based on whether the investor is permitted to participate, pursuant to FINRA Rule 5130, in his, her or its pro rata share of an equity initial public offering in which the Fund participates. The performance results shown above reflect the performance of an investor who is permitted to participate in such an offering; theperformanceof aninvestorrestrictedfromparticipatingin such anofferingmay differfromthe performance shown. 3Prior to October 1, 2018, the Hang Seng Small Cap Index was also included as a comparative index, but in light of the fact that the Fund’s portfolio does not currently reflect a small cap portfolio, that index is no longer being utilized for comparative purposes. The MSCI International China Index was also included for comparative purposes prior to October 1, 2018, but has been replaced with the MSCI China Index as this latter index is more similar in exposure to the Fund’s current portfolio and is more widelyused and recognizedby investors. 4 Combinedoffshoreand onshorefunds.FirstManhattanCo. offersinterestsin both a U.S.-domiciledfund(FM FirstChina Fund, LLC) anda non-U.S.-domiciledfund(FM FirstChinaFund Limited)with substantiallythesamefeestructures andterms.. 5 The holdingpercentagesshown representonly long positions. FM First China Fund, LLC | JANUARY 2020 | 2 TOP 5 HOLDINGS Market Dividend Company Sector P/E P/B ROE Cap ($B) Yield Bilibili TMT 6.1 n/a 5.6 -17.4 0.0 Anhui Gujing Distillery Consumer 8.6 14.6 3.7 27.7 2.4 Central China Real Estate Real Estate 1.6 8.8 1.2 14.0 6.4 Chongqing Rural Commercial Bank Financials 9.8 3.5 0.5 13.0 5.9 Concord New Energy Utilities 0.4 4.6 0.5 11.2 5.9 INVESTMENT PROCESS The First Beijing investment team provides the Fund with dedicated research efforts throughout mainland China in Shenzhen, Beijing, and Shanghai. The team employs a bottom-up, research-intensive investment process that requires independent verification of key financial data. The investment process is grounded in the principles of value investing adapted to local markets and incorporates the deep network and local connections of the First Beijing team. Extensive background checks of management, as well as channel checks of suppliers and competitors, are key elements of a comprehensive vetting of any potential investment for the Fund. FUND STRUCTURE AND ORGANIZATION Headquartered in Shenzhen, First Beijing is responsible for all of the Fund’s portfolio management recommendations, including the sourcing, vetting and sizing of all investments in the Fund. First Beijing is also responsible for hiring and retaining investment talent and has managed the Fund’s portfolio since its launch in December 2009. New York-based First Manhattan Co. organized the Fund, serves as Investment Adviser, and oversees investor relations and operational functions, including the appointment of service providers, valuation of securities and determination of net asset value. The Fund’s assets are custodied primarily at Pershing, LLC, a subsidiary of The Bank of New York Mellon Corporation. Xiang “Sean” Huang Adam Schwartz Lead Portfolio Manager Co-Portfolio Manager Sean Huang is Co-Founder of First Beijing and has served as Adam Schwartz is a Senior Managing Director and Portfolio Lead Portfolio Manager of FM First China Fund, LLC since its Manager with First Manhattan Co. He has also served as Co- December 2009 inception. Sean was born and raised in Portfolio Manager of FM First China Fund, LLC since its Beihai, China and moved to New York at age twelve to 2009 inception. Adam joined First Manhattan Co. in 2001, pursue a Western education. Sean was involved at an early working closely with Executive Chair Bob Gottesman on age in the family business, a large tropical fruit processor in research and client portfolios, and has over twenty years of China. Sean was responsible for working with large investment experience. multinational food companies, advancing to the level of Adam is the Fund’s key point of contact at First Manhattan Director of International Sales at the company. Co. (the Fund’s Investment Adviser, Manager and Sean received degrees in Finance and Accounting from NYU Administrator). He and Sean collaborate extensively on all Stern School of Business. After reading about Warren aspects of the Fund, including research, due diligence and Buffett, Sean developed a passion for value investing which setting investment priorities. Adam travels to China ultimately led to his employment at First Manhattan Co. regularly to assist the Fund with due diligence and provide Sean was mentored in research-driven value investing by support from First Manhattan Co. in all areas of the business. Executive Chair Bob Gottesman and Senior Managing He regularly challenges assumptions and introduces an Director Adam Schwartz. He returned to China in 2007 to additional layer of analytical rigor while assisting Sean and his complete his Masters in Finance from Peking University, team in implementing the First Manhattan-style investment Guanghua School of Management in Beijing before co- strategy and risk management culture. founding First Beijing. Adam holds a BA from Brown University in Economics and International Relations and an MBA from Columbia University Graduate School of Business.
Load more

Recommended publications
  • North Carolina Supplemental Retirement Plans Investment Performance March 31, 2015
    North Carolina Supplemental Retirement Plans Investment Performance March 31, 2015 Services provided by Mercer Investment Consulting, Inc. Table of Contents Table of Contents 1. Capital Markets Commentary 2. Executive Summary 3. Total Plan 4. US Equity 5. International Equity 6. Global Equity 7. Inflation Responsive 8. US Fixed Income 9. Stable Value 10. GoalMaker Portfolios 11. Disclaimer Capital Markets Commentary Performance Summary: Quarter in Review Market Performance Market Performance First Quarter 2015 1 Year DOMESTIC EQUITY DOMESTIC EQUITY Russell 3000 1.8 Russell 3000 12.4 S&P 500 1.0 S&P 500 12.7 Russell 1000 1.6 Russell 1000 12.7 Russell 1000 Growth 3.8 Russell 1000 Growth 16.1 Russell 1000 Value -0.7 Russell 1000 Value 9.3 Russell Midcap 4.0 Russell Midcap 13.7 Russell 2000 4.3 Russell 2000 8.2 Russell 2000 Growth 6.6 Russell 2000 Growth 12.1 Russell 2000 Value 2.0 Russell 2000 Value 4.4 INTERNATIONAL EQUITY INTERNATIONAL EQUITY MSCI ACWI 2.3 MSCI ACWI 5.4 MSCI ACWI Small Cap 4.4 MSCI ACWI Small Cap 3.2 MSCI AC World ex US 3.5 MSCI AC World ex US -1.0 MSCI EAFE 4.9 MSCI EAFE -0.9 MSCI EAFE Small Cap 5.6 MSCI EAFE Small Cap -2.9 MSCI EM 2.2 MSCI EM 0.4 FIXED INCOME FIXED INCOME Barclays T-Bill 1-3 months 0.0 Barclays T-Bill 1-3 months 0.0 Barclays Aggregate 1.6 Barclays Aggregate 5.7 Barclays TIPS 5-10 yrs 1.4 Barclays TIPS 5-10 yrs 2.9 Barclays Treasury 1.6 Barclays Treasury 5.4 Barclays Credit 2.2 Barclays Credit 6.7 Barclays High Yield 2.5 Barclays High Yield 2.0 Citi WGBI -2.5 Citi WGBI -5.5 JP GBI-EM Global Div.
    [Show full text]
  • CNBC.Com Financial-Decoupling.Html
    CNBC.com https://www.cnbc.com/2020/12/16/msci-deletes-chinese-stocks-in-sign-of-us-china- financial-decoupling.html CHINA MARKETS Stock index giant MSCI to remove some Chinese stocks under U.S. pressure PUBLISHED WED, DEC 16 202012:31 AM ESTUPDATED WED, DEC 16 20202:16 AM EST Evelyn Cheng @CHENGEVELYN KEY POINTS • MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes. • The announcement follows similar moves by S&P Dow Jones Indices, FTSE Russell and U.S.-based trading app Robinhood to limit customers’ exposure to the affected Chinese stocks. • MSCI plans to launch versions of the indexes that keep the deleted names. BEIJING — Global investors are turning cautious on investing in some Chinese companies named in a U.S. government executive order. MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes effective at the close of businesses on Jan. 5, 2021. The removals follow U.S. President Donald Trump’s order on Nov. 12 that bans American companies and individuals from owning shares of Chinese companies that the White House alleges supports China’s military. “This itself is not economically earthshaking, but it is something that makes you take note because it was pretty quick how all this happened,” said James Early, CEO of investment research firm Stansberry China. “It’s not MSCI. It’s market participants driving this. ... They’re doing this because the market is telling them they have to.” MSCI said in a release its decision was based on responses from more than 100 market participants worldwide, who noted the “extensive presence” of U.S.
    [Show full text]
  • CNBC Model ETF Retirement Portfolios Investment Strategy As of July 25Th, 2013 (Previous Portfolio Strategies Begin on Pg
    CNBC Model ETF Retirement Portfolios Investment Strategy as of July 25th, 2013 (previous portfolio strategies begin on pg. 4) Purple = Changes as of July, 25, 2013 7/25/2013 CNBC ETF Retirement CNBC ETF Retirement CNBC ETF Retirement Asset Class Type ETF Ticker Portfolio 30 Portfolio 50 Portfolio 70 Cash Cash/Cash Equivalent Core Guggenheim Enhanced Short Duration Bond ETF GSY 0 SELL 7.5 Equity US Equity Core SPDR S&P 500 SPY 17.5 12.5 5 US Equity Overweight Schwab U.S. Dividend Equity SCHD 7.5 5 5 US Equity Overweight Vanguard MidCap VO 5 5 5 US Equity Overweight Technology Select Sector SPDR XLK 5 5 2.5 ACWI exUS Equity Core db Xtrackers MSCI EAFE Hedged Eq DBEF 17.5 12.5 5 ACWI exUS Equity Overweight WisdomTree Japan Hedged Equity DXJ 5 5 2.5 ACWI exUS Equity Overweight iShares MSCI Europe Financials EUFN 5 5 2.5 ACWI exUS Equity Overweight EGShares Emerging Markets Consumer ECON 7.5 5 2.5 ACWI exUS Equity Overweight PowerShares S&P International Low Volatility IDLV 5 5 5 Bonds US Bonds Core iShares Core Total US Bond Market ETF AGG 2.5 10 25 US Bonds Overweight iShares iBoxx $ Invest Grade Corp Bond LQD 5 5 Global Bonds Overweight WisdomTree Emerging Markets Local Debt ELD 2.5 5 7.5 Opportunity Opportunity PowerShares Senior Loan Portfolio BKLN 5 5 5 Opportunity Market Vectors Gold Miners GDX 0 0 0 Opportunity Vanguard Global exUS Real Estate VNQI 5 5 5 Opportunity Peritus High Yield ETF HYLD 5 5 5 Opportunity PowerShares DB US Dollar Index Bullish UUP SELL SELL SELL Opportunity Surplus iShares Barclays 13 Year Credit Bond CSJ 5 5 5 Totals 100 100 100 ETF Selections GSY: Guggenheim Enhanced Short Duration Bond ETF An alternative to cash that offers an enhanced yield and a relatively reasonable expense ratio.
    [Show full text]
  • The Case for a Global Perspective
    Schwab Center for Financial Research The case for a global perspective Jeffrey Kleintop, CFA Chief Global Investment Strategist What the Masters can teach us about investing Global stocks have tended to provide returns similar to those of U.S. stocks over long-term periods in the Markets have become more globally diversified of late, forcing investors to adopt a past. Valuations point to similar 5—10% annualized broader, worldwide perspective. This is a theme relevant even in championship golf, total returns across the world’s major regions in the where the national diversity of players in the 2015 Masters tournament bears an uncanny future (page 10). resemblance to stocks in the MSCI All Country World Index. Just as top players can be found on the world’s golf courses, savvy investors can be found on the world’s stock exchanges. But the lessons don’t stop there. 5–10% Geographic distribution of players at the Masters Annualized and stocks in the MSCI All Country World Index total returns Masters players MSCI AC World Index 50% U.S. 51% 16% Europe* 16% Avoiding the traps During the worst 10-year period for 13% Emerging Markets 14% stocks over the past 45 years, U.S. stocks fell an annualized 4.2%, 1.0% 12% U.K. 7% while global stocks lost 2.5% and International international stocks measured by 7% Asia Pacific 9% the MSCI EAFE Index lost only 2.5% 1.0% (page 6). Global 2% Canada 3% 4.2% * Excluding the U.K. Source: Charles Schwab, MSCI data as of April 10, 2015.
    [Show full text]
  • Notice of Filing of Proposed Rule Change to List and Trade Options on the MSCI EAFE Index and on the MSCI Emerging Markets Index
    SECURITIES AND EXCHANGE COMMISSION (Release No. 34-74430; File No. SR-CBOE-2015-023) March 4, 2015 Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change to List and Trade Options on the MSCI EAFE Index and on the MSCI Emerging Markets Index Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act” or “Exchange Act”),1 and Rule 19b-4 thereunder,2 notice is hereby given that on February 26, 2015, the Chicago Board Options Exchange, Incorporated (the “Exchange” or “CBOE”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change CBOE proposes to list and trade options that overlie the MSCI EAFE Index and the MSCI Emerging Markets Index (“EAFE options” and “EM options”). EAFE and EM options would be P.M., cash-settled contracts with European-style exercise. The text of the proposed rule change is available on the Exchange’s Web site (http://www.cboe.com/AboutCBOE/CBOELegal RegulatoryHome.aspx), at the Exchange’s Office of the Secretary, and at the Commission. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it 1 15 U.S.C.
    [Show full text]
  • Msci Index Futures
    MSCI INDEX FUTURES October 2020 MSCI Index Futures: Strong Growth 2020 highlights & records • 2020 ADV • MSCI EM futures | 191K, up 19% YoY • MSCI EAFE futures | 60K, up 42% YoY • MSCI complex | 254K, up 24% YoY • Daily volume highlights • Mar 16 - MSCI EM futures | 1.234M lots • Jun 15 - MSCI EAFE futures | 446K lots • Jun 15 - MSCI futures complex | 1.659M lots • OI Record • Mar 17 - MSCI futures complex | 2,458K New MSCI ESG Futures • MSCI EAFE ESG Leaders, MSCI EM ESG Leaders, MSCI Europe ESG Leaders, MSCI World ESG Leaders, MSCI USA ESG Leaders, MSCI Climate Change, MSCI Japan ESG Selected ESG Leaders Growth drivers • Established market quality • Efficient quarterly roll markets • Steadily growing participation from a diverse and global institutional clientele • Useful innovations like Block Trading at Index Close (BIC) • Continued expansion of product set providing greater hedging and trading opportunities INTERCONTINENTAL EXCHANGE 2 Open Interest in the contracts still growing... INTERCONTINENTAL EXCHANGE 3 … alongside solid volume growth • 2020 ADV in MSCI Emerging Markets futures | 191K, +19% YoY • 2020 ADV in MSCI EAFE futures | 60K, +42% YoY 2020 Notional ADV: EM = $10.3bn 2020 Notional ADV: EAFE = $5.6bn INTERCONTINENTAL EXCHANGE 4 Liquidity is improving relative to ETFs • Emerging markets-based ETFs used to trade almost 13x relative to futures, but now trade less than 1x as much • EAFE-based ETFs currently trade less than 1x as much relative to futures The picture can't be displayed. INTERCONTINENTAL EXCHANGE 5 September 2020 Roll VWAP • During the September 2020 roll, 333K • During the September 2020 roll, 1.46M explicit spreads traded in the MSCI EAFE explicit spreads traded in the MSCI futures Emerging Markets futures • The MSCI EAFE futures had an explicit • The MSCI Emerging Markets futures had an spread VWAP of -6.39 explicit spread VWAP of -1.96 The picture can't be displayed.
    [Show full text]
  • Megatrends – Ishares Thematic Etfs Steven Lu, CFA, Blackrock Ishares APAC Distribution
    Megatrends – iShares Thematic ETFs Steven Lu, CFA, BlackRock iShares APAC Distribution April 2018 FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY EII0418A-477607-1503167 NOT FOR PUBLIC DISTRIBUTION (PLEASE READ IMPORTANT DISCLOSURES) What is the greatest insecurity of our age? Saving ENOUGH for retirement FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY EII0418A-477607-1503167 NOT FOR PUBLIC DISTRIBUTION (PLEASE READ IMPORTANT DISCLOSURES) 2 What are Thematic Investments? EII0418A-477607-1503167 Five major megatrends shaping the globe Shifting Climate change, Demographics Technological Rapid economic resource and social breakthrough urbanisation power scarcity change The growing strength An expanding global Increasing age and size A technological According to the UN, of emerging population is of the global population revolution is having a by 2030 two thirds of economies is increasing the demand is fundamentally profound impact on the world’s population changing the balance for food and water and changing the needs of the global economy. will reside in cities.* of the global economy. putting pressure on its inhabitants. finite resources. FIVE MAJOR MEGATRENDS *Source: BlackRock, United Nations World Population Prospects: The 2015 Revision; as of July 2015. FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY EII0418A-477607-1503167 NOT FOR PUBLIC DISTRIBUTION (PLEASE READ IMPORTANT DISCLOSURES) 4 Megatrends and how you can benefit Investment concept Shifting Thematic economic power indices iShares ETFs Climate change, resource
    [Show full text]
  • Eaton Vance Monthly Market Monitor October 2013 (Data As of September 30, 2013)
    Product & Portfolio Strategy Group Eaton Vance Monthly Market Monitor October 2013 (data as of September 30, 2013) eatonvance.com/MarketMonitor Eaton Vance Monthly Market Monitor Table of Contents Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios. Use Eaton Vance Monthly Market Monitor as a critical desk reference that enables more informed discussion and understanding of financial markets. Economic Review 5 Inflation Watch 11 Income Markets 13 Equity Markets 22 Alternative Markets 34 Flows Monitor 40 Additional Information 41 2 Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information. Not FDIC Insured • Not Bank Guaranteed • May Lose Value Eaton Vance Monthly Market Monitor List of Exhibits Economic Review Income Markets Global Growth 5 Fixed Income Characteristics and Performance Analysis 13 U.S. Yields 6 Fixed Income Spread Analysis 14 Global Government Bond Yields 7 Investment Grade Corporate Bond Market Update 15 U.S. Federal and Personal Finances 8 High Yield Corporate Bond Market Update 16 U.S. Corporate Finances 9 Floating-Rate Loan Market Update 17 U.S. Housing and Unemployment 10 Municipal Bond Market Update 18 Emerging Markets Bond Market Update 19 Inflation Watch Fixed Income Asset Class Return Analysis (tabular) 20 Global Inflation 11 Fixed Income Asset Class Return Analysis (chart) 21 Central Bank Target Rates 12 3 Data provided is for informational use only.
    [Show full text]
  • Monthly Economic Update
    In this month’s recap: Stocks moved higher as investors looked past accelerating inflation and the Fed’s pivot on monetary policy. Monthly Economic Update July 2021 U.S. Markets Stocks moved higher last month as investors looked past accelerating inflation and the Fed’s pivot on monetary policy. The Dow Jones Industrial Average slipped 0.07 percent, but the Standard & Poor’s 500 Index rose 2.22 percent. The Nasdaq Composite led, gaining 5.49 percent.1 Inflation Report The May Consumer Price Index came in above expectations. Prices increased by 5 percent for the year-over-year period—the fastest rate in nearly 13 years. Despite the surprise, markets rallied on the news, sending the S&P 500 to a new record close and the technology-heavy Nasdaq Composite higher.2 Fed Pivot The Fed indicated that two interest rate hikes in 2023 were likely, despite signals as recently as March 2021 that rates would remain unchanged until 2024. The Fed also raised its inflation expectations to 3.4 percent, up from its March projection of 2.4 percent. This news unsettled 3 the markets, but the shock was short-lived. News-Driven Rally In the final full week of trading, stocks rallied on the news of an agreement regarding the $1 trillion infrastructure bill and reports that banks had passed the latest Federal Reserve stress tests. Sector Scorecard Industry sector performance was mixed. Gains were realized in Communication Services (+2.96 percent), Consumer Discretionary (+3.22 percent), Energy (+1.92 percent), Health Care (+1.97 percent), Real Estate (+3.28 percent), and Technology (+6.81 percent).
    [Show full text]
  • MSCI ESG RESEARCH Updated in March 2012
    MSCI ESG RESEARCH Updated in March 2012 Activity: research, ratings and analysis of the environmental, social and governance-related business practices of issuers Legal status: listed company Address: One Chase Manhattan Plaza 44thFloor New York, NY 10005 United States Telephone: Americas Europe, EMEA Asia Pacific +1.212.804.5299 +44.20.7618.2510 +612.9033.9339 Fax: E-mail: [email protected] Website: www.msci.com/esg Activities Products and services to investors Universe: MSCI ACWI (MSCI World, approx Analysis/ rating 1.600 companies + MSCI EM, approx 750 Investment research and consulting companies) expanding to small and mid-caps, Information provision supra-nationals, non-listed issuers; 90 countries Stock indexes Benchmarks Coverage Alert system Large-cap companies Portfolio screening Non-listed large companies Company profiles Small and mid-cap companies Proxy voting services Non-listed SMEs Sector and thematic research reports Investment projects Participation in the creation of ethical Local authorities stock indexes Countries Products and services to companies Universe Analysis/ rating Sector and thematic research Coverage Information provision Large-cap companies Consulting Non-listed large companies Certification Small and mid-cap companies Audit Non-listed SMEs Benchmarks Investment projects Training Local authorities Writing Sustainable Development Countries reports or other, specify: we do provide ratings and analysis or sector and thematic reports from our existing research to companies but this service is
    [Show full text]
  • Xtrackers (Ie) Plc
    XTRACKERS (IE) PLC (An umbrella fund with variable share capital and segregated liability between funds) Annual Report and Audited Financial Statements for the financial year ended 31 December 2019 XTRACKERS (IE) PLC CONTENTS Page General Information 2 Directors’ Report 14 Statement of Directors’ Responsibilities 22 Report of the Depositary to the Shareholders of Xtrackers (IE) plc 23 Independent Auditor’s Report to the Members of Xtrackers (IE) plc 24 Investment Manager's Report (Unaudited) 30 Portfolio of Investments Xtrackers EUR Credit 12.5 Swap UCITS ETF 36 Xtrackers Portfolio Income UCITS ETF 38 Xtrackers MSCI Nordic UCITS ETF 39 Xtrackers Germany Mittelstand & MidCap UCITS ETF 43 Xtrackers MSCI North America High Dividend Yield UCITS ETF 47 Xtrackers MSCI AC World UCITS ETF 53 Xtrackers MSCI USA UCITS ETF 86 Xtrackers S&P 500 Equal Weight UCITS ETF 100 Xtrackers MSCI World UCITS ETF 112 Xtrackers FTSE Developed Europe ex UK Real Estate UCITS ETF 144 Xtrackers MSCI World Minimum Volatility UCITS ETF 146 Xtrackers MSCI World Momentum UCITS ETF 155 Xtrackers MSCI World Quality UCITS ETF 164 Xtrackers MSCI World Value UCITS ETF 172 Xtrackers MSCI GCC Select Swap UCITS ETF 182 Xtrackers FTSE All-World ex UK UCITS ETF 185 Xtrackers S&P 500 UCITS ETF 216 Xtrackers Russell 2000 UCITS ETF 228 Xtrackers Russell Midcap UCITS ETF 265 Xtrackers JPX-Nikkei 400 UCITS ETF 282 Xtrackers USD Corporate Bond UCITS ETF 292 Xtrackers MSCI World Financials UCITS ETF 324 Xtrackers MSCI World Health Care UCITS ETF 330 Xtrackers MSCI World Consumer Staples
    [Show full text]
  • Parametric Custom Core® Developed International ADR Benchmark: MSCI EAFESM
    Q2/2021 Parametric Custom Core® Developed International ADR Benchmark: MSCI EAFESM The Strategy The Approach The Features Parametric’s Custom Core® Developed Portfolio holdings are selected from a broad Custom Core® portfolios can be International portfolios with tax management universe of eligible securities reflecting benchmarked to a variety of exposures are designed to provide a client with the desired overall exposure. Weightings and benchmark options differ by program. exposure to developed equity markets of securities in the portfolio will not match In addition, portfolios can be tailored to excluding the U.S. and Canada while nor replicate those of the benchmark and meet client objectives. Clients can choose maximizing after-tax returns through a the portfolio may include securities not to apply an industry or social screen. variety of tax management techniques. The held in the benchmark. Tax management Portfolios can also be funded in kind and strategy seeks to exceed its benchmark on techniques including tax loss harvesting and transitioned tax-efficiently. an after-tax basis. the management of capital gains are used to minimize the impact of taxes, and maximize after-tax return. Growth of a Dollar (as of 6/30/2021) MSCI EAFESM Benchmark Characteristics SM $2.40 The MSCI EAFE Index (Europe, $2.20 Australasia, Far East) is a free float-adjusted $2.00 market capitalization index that is designed $1.80 $1.60 to measure the equity market performance $1.40 of developed markets, excluding the US & $1.20 SM $1.00 Canada. The MSCI EAFE Index consists of $0.80 the following 21 developed market $0.60 country indices: Australia, Austria, Belgium, $0.40 Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, PT Port PT Bench AT Port AT Bench Portugal, Singapore, Spain, Sweden, Performance presented is for a vintage composite and is supplemental to the GIPS® compliant presentation provided hereto.
    [Show full text]