DOCSLIB.ORG

Vanguard Developed Markets Index Fund Annual Report December 31, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Vanguard Developed Markets Index Fund Annual Report December 31, 2020 Annual Report | December 31, 2020 Vanguard Developed Markets Index Fund Contents Your Fund’s Performance at a Glance. 1 About Your Fund’s Expenses. 2 Performance Summary. .4 Financial Statements. 7 Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. Your Fund’s Performance at a Glance • Vanguard Developed Markets Index Fund’s returns for the 12 months ended December 31, 2020, ranged from 10.11% for Investor Shares to 10.29% for ETF Shares. The fund’s benchmark, the FTSE Developed All Cap ex US Index, returned 10.00%. • The emergence of COVID-19 in early 2020 turned into a global health crisis, and aggressive attempts to contain it resulted in a sharp downturn in economic activity. Unemployment spiked, and sectors where social distancing isn’t possible were hit hard. Stocks initially plummeted as infections surged, but they finished the year significantly higher. The gain was thanks in part to rapid and robust monetary and fiscal action by policymakers and the rollout of COVID-19 vaccines as the year drew to a close. • The technology and industrial sectors contributed the most to results, while financials detracted. • Over the past decade, the fund recorded an average annual return of almost 6%, in line with its benchmark index. Market Barometer Average Annual Total Returns Periods Ended December 31, 2020 One Year Three Years Five Years Stocks Russell 1000 Index (Large-caps) 20.96% 14.82% 15.60% Russell 2000 Index (Small-caps) 19.96 10.25 13.26 Russell 3000 Index (Broad U.S. market) 20.89 14.49 15.43 FTSE All-World ex US Index (International) 11.22 5.18 9.16 Bonds Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) 7.51% 5.34% 4.44% Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) 5.21 4.64 3.91 FTSE Three-Month U.S. Treasury Bill Index 0.58 1.56 1.16 CPI Consumer Price Index 1.36% 1.85% 1.95% 1 About Your Fund’s Expenses As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The accompanying table illustrates your fund’s costs in two ways: • Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“ • Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.” The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions. You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus. 2 Six Months Ended December 31, 2020 Beginning Ending Expenses Account Value Account Value Paid During Developed Markets Index Fund 6/30/2020 12/31/2020 Period Based on Actual Fund Return Investor Shares $1,000.00 $1,234.59 $0.90 FTSE Developed Markets ETF Shares 1,000.00 1,235.69 0.28 Admiral™ Shares 1,000.00 1,235.57 0.39 Institutional Shares 1,000.00 1,235.34 0.28 Institutional Plus Shares 1,000.00 1,235.64 0.22 Based on Hypothetical 5% Yearly Return Investor Shares $1,000.00 $1,024.33 $0.81 FTSE Developed Markets ETF Shares 1,000.00 1,024.89 0.25 Admiral Shares 1,000.00 1,024.78 0.36 Institutional Shares 1,000.00 1,024.89 0.25 Institutional Plus Shares 1,000.00 1,024.94 0.20 The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.16% for Investor Shares, 0.05% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.05% for Institutional Shares, and 0.04% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/366). 3 Developed Markets Index Fund Performance Summary All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Cumulative Performance: December 31, 2010, Through December 31, 2020 Initial Investment of $10,000 $22,000 17,783 5,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Average Annual Total Returns Periods Ended December 31, 2020 Final Value One Five Ten of a $10,000 Year Years Years Investment FTSE Developed Markets ETF Shares Net Asset Value 10.29% 8.34% 5.93% $17,783 FTSE Developed Markets ETF Shares Market Price 9.81 8.30 5.86 17,669 • • • • • • • • Spliced Developed ex US Index 10.00 8.18 5.92 17,779 ________ FTSE Global All Cap ex US Index 11.24 9.07 5.22 16,638 Spliced Developed ex US Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31, 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes. Since Final Value One Five Inception of a $10,000 Year Years (12/19/2013) Investment Developed Markets Index Fund Investor Shares 10.11% 8.21% 5.33% $14,404 Spliced Developed ex US Index 10.00 8.18 5.43 14,504 FTSE Global All Cap ex US Index 11.24 9.07 5.61 14,678 "Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standard(s). See Financial Highlights for dividend and capital gains information. 4 Developed Markets Index Fund Average Annual Total Returns Periods Ended December 31, 2020 Final Value One Five Ten of a $10,000 Year Years Years Investment Developed Markets Index Fund Admiral Shares 10.26% 8.31% 5.92% $17,773 Spliced Developed ex US Index 10.00 8.18 5.92 17,779 FTSE Global All Cap ex US Index 11.24 9.07 5.22 16,638 Final Value One Five Ten of a $5,000,000 Year Years Years Investment Developed Markets Index Fund Institutional Shares 10.27% 8.34% 5.93% $8,898,778 Spliced Developed ex US Index 10.00 8.18 5.92 8,889,303 FTSE Global All Cap ex US Index 11.24 9.07 5.22 8,319,198 Since Final Value One Five Inception of a $100,000,000 Year Years (4/1/2014) Investment Developed Markets Index Fund Institutional Plus Shares 10.27% 8.35% 5.00% $139,044,784 Spliced Developed ex US Index 10.00 8.18 5.02 139,208,918 FTSE Global All Cap ex US Index 11.24 9.07 5.20 140,784,065 "Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standard(s).
Load more

Recommended publications
  • Jenoptik Annual Report 2013
    SUCCEEDING THROUGH PERFORMANCE ANNUAL REPORT 2013 _ Key figures of Jenoptik in million euros 2013 2012 Change in % Oct.–Dec. 2013 Oct.–Dec. 2012 Change in % Sales 600.3 585.0 2.6 167.8 161.9 3.6 Domestic 228.4 208.1 9.7 71.1 58.0 22.6 Foreign 371.9 376.9 −1.3 96.7 103.9 −7.0 EBITDA 74.8 77.7 −3.6 21.1 18.9 11.6 EBIT 52.7 54.8 −3.9 15.2 12.7 19.6 EBIT margin (EBIT in % of sales) 8.8 9.4 9.1 7.9 Earnings before tax 47.2 46.1 2.4 13.6 9.7 40.7 Earnings after tax 47.2 50.2 −6.1 18.1 20.2 −10.6 Free cash flow (before income taxes) 47.0 43.7 7.6 41.8 17.0 145.6 Investments in property, plant and equipment and intangible assets 24.4 31.2 −22.0 6.0 14.0 −56.8 Order intake 575.3 587.2 −2.0 160.0 150.1 6.6 in million euros 31/12/2013 31/12/2012 Change in % Order backlog 411.4 446.8 −7.9 Employees 3,433 3,272 4,9 Please note that there may be rounding differences as compared to the mathematically exact amounts (monetary units, percentagees) in this report. _ Key figures of Jenoptik by segment in million euros 2013 2012 Change in % Oct.–Dec. 2013 Oct.–Dec. 2012 Change in % Sales 600.3 585.0 2.6 167.8 161.9 3.6 Lasers & Optical Systems 224.7 212.3 5.8 64.3 50.6 27.1 Metrology 187.4 182.7 2.6 46.6 57.7 −19.2 Defense & Civil Systems 185.1 186.4 −0.7 56.4 53.4 5.7 Others1) 3.1 3.6 −15.0 0.4 0.3 68.4 EBITDA 74.8 77.7 −3.6 21.1 18.9 11.6 Lasers & Optical Systems 34.0 36.4 −6.7 10.2 5.2 94.8 Metrology 25.2 28.6 −12.1 6.1 12.7 −51.9 Defense & Civil Systems 16.7 13.3 25.0 6.3 2.2 183.2 Others1) −1.0 −0.6 −61.8 −1.4 −1.2 −25.6 EBIT 52.7 54.8 −3.9 15.2 12.7
    [Show full text]
  • Japanese Manufacturing Affiliates in Europe and Turkey
    06-ORD 70H-002AA 7 Japanese Manufacturing Affiliates in Europe and Turkey - 2005 Survey - September 2006 Japan External Trade Organization (JETRO) Preface The survey on “Japanese manufacturing affiliates in Europe and Turkey” has been conducted 22 times since the first survey in 1983*. The latest survey, carried out from January 2006 to February 2006 targeting 16 countries in Western Europe, 8 countries in Central and Eastern Europe, and Turkey, focused on business trends and future prospects in each country, procurement of materials, production, sales, and management problems, effects of EU environmental regulations, etc. The survey revealed that as of the end of 2005 there were a total of 1,008 Japanese manufacturing affiliates operating in the surveyed region --- 818 in Western Europe, 174 in Central and Eastern Europe, and 16 in Turkey. Of this total, 291 affiliates --- 284 in Western Europe, 6 in Central and Eastern Europe, and 1 in Turkey --- also operate R & D or design centers. Also, the number of Japanese affiliates who operate only R & D or design centers in the surveyed region (no manufacturing operations) totaled 129 affiliates --- 125 in Western Europe and 4 in Central and Eastern Europe. In this survey we put emphasis on the effects of EU environmental regulations on Japanese manufacturing affiliates. We would like to express our great appreciation to the affiliates concerned for their kind cooperation, which have enabled us over the years to constantly improve the survey and report on the results. We hope that the affiliates and those who are interested in business development in Europe and/or Turkey will find this report useful.
    [Show full text]
  • NEIGHBORHOOD RESTAURANT GUIDE (Spring 2014)
    As of: 1/27/14 NEIGHBORHOOD RESTAURANT GUIDE (Spring 2014) This guide is not a comprehensive listing, but a selection of popular eateries of various cuisine and prices located within reasonable distance of EWC. To find more restaurants close to the University of Hawaii please visit the following website listed below, http://www.urbanspoon.com/n/37/3618/Hawaii /Manoa-Makiki-University-District-restaurants Restaurants are arranged by cuisine. Call restaurants for hours and additional information, hours are subject to change. As a general rule, a tip (gratuity) of about 15% of your total meal is customary if a server brings your meal to your table. Some restaurants add a 10 to 18% service charge to the bill of a large party, in which case a tip is not expected. If each person is paying for his/her own meal, ask for “separate checks”. Abbreviations: BYOS - bring your own spirits (alcoholic beverages); RR - reservations recommended. $= Under $10 $$=$10-$20 $$$=$20+ ON CAMPUS – $-- Call Sodexho for more information: 956-8721 (hours may have changed) Campus Center and Student Housing - http://www.uhmdining.com/ Auxiliary Food Services - http://manoa.hawaii.edu/food/ Holmes Hall Sweet Revenge M 10:00 am – 2:00 pm Sweet and savory pies Hank’s Haute Dogs T & F 10:00 am – 2:00 pm Hotdogs, burgers, fries, soft drinks Laverne’s Lunch Wagon W & Th 10:00 am – 2:00 pm Plate lunch, local favorites Campus Center: Starbucks Coffee M – Th 6:00 am – 10:00 pm Coffee, tea, pastries, sandwiches F 6:00 am – 6:00 pm Simply to Go M – F 8:00 am – 3:00 pm Sandwiches,
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Genmab Announces Data to Be Presented at 2017 ASCO Annual Meeting
    Genmab Announces Data to be Presented at 2017 ASCO Annual Meeting Media Release 8 abstracts on Genmab programs scheduled for presentation at ASCO Two daratumumab oral presentations and five daratumumab poster presentations Copenhagen, Denmark; April 20, 2017 – Genmab A/S (Nasdaq Copenhagen: GEN) announced today that seven daratumumab abstracts have been accepted for presentation at the 2017 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, June 2 – 6. These abstracts, submitted by our collaboration partner, Janssen Biotech, Inc., include updates for the POLLUX and CASTOR trials, and the first data for a Phase I study evaluating daratumumab with carfilzomib, lenalidomide and dexamethasone in front line multiple myeloma patients, which will be presented in an oral presentation. In addition, descriptions of the Phase Ib/II study of daratumumab plus atezolizumab in non-small cell lung cancer and of our Phase I/II study with HuMax-AXL-ADC are scheduled for poster presentations at the meeting. The titles of the abstracts are currently available on the ASCO website with the full abstracts scheduled to be published on May 17, 2017. “We are very pleased that, once again, a number of abstracts based on exciting work with Genmab’s innovative therapeutic antibody products have been accepted for presentation at the prestigious ASCO conference,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. List of abstracts: Daratumumab: Efficacy Of Daratumumab In Combination with Lenalidomide Plus Dexamethasone (DRd) or
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • KPMG Equity Capital Markets Review H1 2018
    Equity Capital Markets Half Year Review H1 2018 kpmg.com/uk/equitycapitalmarkets 1 Equity Capital Markets review – H1 2018 H1 2018: Equity Capital Markets review H1 2018 snapshot The first half of 2018 ended strongly generating positive momentum in equity issuance especially in the UK where volumes were up. Overall, however, global ECM volumes were slightly lower versus H2 2017, continuing a trend seen since H1 2017 Overall, global equity issuance was slightly lower in H1 2018 versus H2 2017 Global Europe UK Funds raised Funds raised Funds raised (£000m) (£000m) (£000m) 25 400 125 20 issuance 100 300 15 75 200 10 50 100 5 25 0 Total ECM 0 0 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 2016 2016 2017 2017 2018 2016 2016 2017 2017 2018 2016 2016 2017 2017 2018 IPOs Right Issues Placings Germany and the UK lead European ECM in H1 Largest 3 European and UK IPOs £20.1bn Siemens Healthineers AG £3.7bn highlights DWS Group GmbH £19.2bn & Co. KGaA £1.2bn Adyen BV European ECM European ECM £4.4bn £834m A very active half year for AIM IPOs beating H1 2017 and offsetting lower Main Market volumes Main Market AIM Funds raised Funds raised (£000m) No. deals (£000m) No. deals 41 IPOs 8 40 1.5 50 16% decrease on H1 2017 6 30 1.2 40 0.9 30 4 20 0.6 20 2 10 0.3 10 £4.3bn Funds Raised 0 0 0.0 0 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 44% decrease on H1 2017 2016 2016 2017 2017 2018 2016 2016 2017 2017 2018 Deal value Focus # Deals IPO UK IPO Key sectors Strong aftermarket performance of UK IPOs in H1 2018 Financial Services Main Market AIM £1,409m raised (13 deals)
    [Show full text]
  • Demae-Can / 2484
    Demae-can / 2484 COVERAGE INITIATED ON: 2017.12.25 LAST UPDATE: 2021.06.25 Shared Research Inc. has produced this report by request from the company discussed herein. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, neutral analysis. To highlight any biases, we clearly attribute our data and findings. We always present opinions from company management as such. The views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Demae-can / 2484 RCoverage LAST UPDATE: 2021.06.25 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the Trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the later Business section. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------
    [Show full text]
  • Woman up How Diverse Companies Come out on Top
    Woman Up How Diverse Companies Come Out on Top BCG Gender Diversity Index Germany 2020 Boston Consulting Group (BCG) partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, Boston Consulting Group helps clients with total transformation: inspiring complex change, enabling organizations to grow, building competitive advan- tage, improving customer and employee satisfaction, and driving bottom-line impact. Sustained success requires a combination of digital and human capabilities. BCG’s diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consul- ting along with technology and design, corporate and digital ventures—and business purpose. BCG works in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow its clients to thrive. The company has offices in more than 90 cities in over 50 countries and generated revenue of $8.6 billion in 2020 with its 22,000 employees worldwide. More information: www.bcg.de The Technical University of Munich (TUM) is one of Europe’s top universities. It is committed to excellence in research and teaching, interdisciplinary education, and the active promotion of promising young scientists. The university also forges strong links with companies and scientific institutions across the world. TUM was one of the first three universities in Germany to be named a University of Excellence. Moreover, TUM regularly ranks among the best European universities in international rankings.
    [Show full text]
  • Genmab's 2020 Capital Markets
    WELCOME Genmab’s 2020 Capital Markets Day November 13, 2020 Webcast Live from Utrecht and Princeton Forward Looking Statement This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. The important factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include, among others, risks associated with product discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of our products in patients, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors.
    [Show full text]
  • Eurex Information
    eurex information Date: Frankfurt, April 10, 2003 Recipients: All Eurex Clearing members and vendors Authorized by: Daniel Gisler Central Counterparty – CCP Circulars 57/03 and 58/03 Contact: Functional Member Readiness: Tel. +49-69-21 01-17 00 Content may be most important for: Attachments: Ü Central Counterparty Coordinators CCP Circular 57/03 (English/Deutsch) CCP Circular 58/03 (English/Deutsch) Attachment: 2nd Step CCP Instruments Please find attached a copy of Central Counterparty Circulars 57/03 and 58/03 sent to Frankfurter Wertpapierbörse members and vendors recently. Circular 57/03 provides information on some adjustments that have been made recently to the software in the CCP simulation environment. Circular 58/03 gives important details relating to the second stage of introduction of CCP production and outlines the procedures to be followed, and helpdesk availability, in the initial days. An attachment gives the list of instruments to be introduced on April 10, 2003. All important CCP documents, including those referenced above, can be accessed via the CCP web-site under ‘Documentation’. Access to the CCP site from the Eurex web-site “www.eurexchange.com ” is via the ‘Member Section’ (Eurex login required) > ccp (login ‘ccp’ and password ’go’). Eurex Clearing AG Functional Member Readiness Alternative Management Board: D-60485 Frankfurt am Main Tel. +49-69-2101-1700 Tel. +49-69-9770-1700 Rudolf Ferscha (CEO), Daniel Gisler, www.eurexchange.com Fax +49-69-2101-1701 Fax +49-69-9770-1701 Thomas Lenz, Peter Reitz, Jürg Spillmann,
    [Show full text]
  • Finn-Ancial Times Finncap Financials & Insurance Quarterly Sector Note
    finn-ancial Times finnCap Financials & Insurance quarterly sector note Q3 2020 | Issue 9 Highlights this quarter: Elevated uncertainty and volatility have been hallmarks of the last 18 months, with Brexit, the UK General Election and more recently COVID-19 all contributing to the challenges that face investors wishing to carve out solid and stable returns amid these ‘unprecedented’ times. With this is mind, and simulating finnCap’s proven Slide Rule methodology, we found the highest quality and lowest value stocks across the financials space, assessing how the make-up of these lists changed over the period January 2019 to July 2020, tracking indexed share price performance over the period as well as movements in P/E and EV/EBIT valuations. The top quartile list of Quality companies outperformed both the Value list and the FTSE All Share by rising +2.5% over the period versus -5.4% for the All Share and -14.3% for Value stocks. Furthermore, the Quality list had protection on the downside in the market crash between February and March 2020, and accelerated faster amid the market rally between late March and July 2020. From high to low (January to March), Quality moved -36.3% against the Value list at -45.5%, while a move off the lows to July was +37.4% for Quality and +34.0% for Value. There was some crossover between the Quality and Value lists, with 7 companies of the top quartile (16 companies in total) appearing in both the Quality and Value lists. This meant that a) investors could capture what we call ‘Quality at Value’ (i.e.
    [Show full text]