DOCSLIB.ORG

AOR Transcript

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AOR Transcript TRANSCRIPT Innovation In China BEN REYNOLDS, CFA Vice President Analyst At Alger we search for companies driving positive base, Chinese internet companies have amassed large dynamic change. So, despite concerns about the revenue streams that support experimentation and Chinese economy and trade war with the US, we see innovation. significant long-term opportunity in China for one major And now we see Chinese innovations copied by U.S. reason: Innovation. counterparts. Amazon’s growing advertising business is About a decade ago, Chinese internet companies were largely a copy of Taobao’s Sponsored Product Ads, and copycats of U.S. firms. Baidu was Chinese Google, now eBay, Walmart and Wayfair have all followed suit. Taobao was Chinese eBay and CTrip was Chinese Tencent’s WeChat messaging service has become a Expedia. But over the last 5-10 years, we believe new online ecosystem and provided a template for Chinese internet companies have transformed from messaging app monetization now followed by Facebook copycats into innovators. Messenger and WhatsApp. This rapid development is partially due to government China also has a host of new innovations with no U.S. policies and a lack of offline infrastructure. Google and equivalents. Meituan combines Grubhub, Yelp, Facebook are effectively barred in China. Amazon has Opentable, Expedia, Lyft, Instacart, Fandango and Lime inhibited operations both in retail and cloud. Foreign into one “Super App.” Evolutionary Mobile payment restrictions and other tech friendly government policies platforms Alipay and WeChatPay are each approaching combined with much less established TV and physical 1 billion users and enabling trillions in payment volume. retail interests have enabled the Chinese internet Alibaba has also developed smart supermarkets, companies to grow unfettered. blurring offline and online commerce unlike any existing American retailer. However, the mobile boom in China has been the largest driver of innovation. China had only 15% online As we see increasing innovation in China, we here at penetration in 2007, but smartphones have increased Alger are excited to follow the latest developments and the user base to 800 million, quadrupling in a decade, explore the long-term prospects in the region. and triple that of the U.S. With a massive mobile user TRANSCRIPT DISCLOSURE The following positions represented the noted percentages of ​The distribution of this material in the United Kingdom is restricted Alger’s assets under management as of August 31, 2019: Baidu, no by law. Accordingly, this material is provided only for and is directed holdings; Google (owned by Alphabet Inc.), 2.8%; eBay, no only at persons in the United Kingdom reasonably believed to be of holdings; Ctrip, no holdings; Expedia, short 0.0%; Weibo (owned by a kind to whom such promottions may be communicated by an Sina Corp), no holdings; Twitter, 0.1%; Facebook, 3.4%; Amazon, unauthorized person pursuant to an exemption under the Financial 6.1%; Alibaba Group, 2.3%; Walmart, 0.4%; Wayfair, 0.1%; Services and Markets Act 2000 (Financial Promotion) Order 2005 Meituan, 0.0%; Grubhub, 0.0%; Yelp, no holdings; Opentable (the “FPO”). Such persons include: (a) persons having professional (owned by Booking Holdings), 0.1%; Fandango, no holdings; and experience in matters relating to investments and (b) high net worth WeChat (owned by Tencent), 0.0%. Taobao is owned by Alibaba. bodies corporate, partnerships, unincorporated associations, trusts, WhatsApp is owned by Facebook. Lyft, Lime Instacart and etc. falling within Article 49 of the FPO. Most of the rules made Fandango are private companies. under the FSMA for the protection of retail clients do not apply, and compensation under the United Kingdom Financial Services The views expressed are the views of Fred Alger Management, Inc. Compensation Scheme will not be available. and Alger Management Ltd. (together with their affiliated entities “Alger”) as of April 2019. Alger has used sources of information Important Information for UK and EU Investors: which it believes to be reliable; however, this publication is not ​This material is directed at investment professionals and qualified intended to be and does not constitute investment advice. These investors (as defined by MiFID/FCA regulations). It is for information views are subject to change at any time and they do not guarantee purposes only and has been prepared and is made available for the the future performance of the markets, any security, or any funds benefit investors. This material does not constitute an offer or managed by Alger. solicitation to any person in any jurisdiction in which it is not authorised or permitted, or to anyone who would be an unlawful Risk Disclosures: Investing in the stock market involves gains and recipient, and is only intended for use by original recipients and losses and may not be suitable for all investors. The value of an addressees. The original recipient is solely responsible for any investment may move up or down, sometimes rapidly and actions in further distributing this material and should be satisfied in unpredictably, and may be worth more or less than what you doing so that there is no breach of local legislation or regulation. invested. Stocks tend to be more volatile than other investments such as bonds. Growth stocks tend to be more volatile than other Certain products may be subject to restrictions with regard to certain stocks as the prices of growth stocks tend to be higher in relation to persons or in certain countries under national regulations applicable their companies’ earnings and may be more sensitive to market, to such persons or countries. political, and economic developments. Many technology companies have limited operating histories and prices of these companies’ Alger Management, Ltd. (company house number 8634056, securities have historically been more volatile than other securities domiciled at 78 Brook Street, London W1K 5EF, UK) is authorised due to increased competition, government regulation, and risk of and regulated by the Financial Conduct Authority, for the distribution obsolescence due to the progress of technological developments. of regulated financial products and services. FAM and/or Weatherbie Capital, LLC, U.S. registered investment advisors, serve Past performance is not indicative of future performance. as sub-portfolio manager to financial products distributed by Alger Please visit www.alger.com for additional risk disclosures. Management, Ltd. Important Information for US Investors: Fred Alger & Company, Incorporated is not an authorized person for This material must be accompanied by the most recent fund fact the purposes of the Financial Services and Markets Act 2000 of the sheet(s) if used in connection with the sale of mutual fund shares. United Kingdom (“FSMA”) and this material has not been approved Fred Alger & Company, Incorporated serves as distributor of the by an authorized person for the purposes of Section 21(2)(b) of the Alger mutual funds. FSMA. Important Information for UK Investors: Fred Alger & Company, Incorporated 360 Park Avenue South, New York, NY 10010 / www.alger.com.
Load more

Recommended publications
  • KMO170129 Delivery Whitepaper
    THE REVENUE ENGINE 5 Factors Fueling the Takeoff of Delivery & Takeout Fasten your menus! More and more restaurants are jumpstarting business with help from takeout and delivery services. From a trickle of dine-in foot traffic to the fast lane of to-go orders, sales are picking up speed thanks to this turbo-charged trend. 1. ACCELERATING DEMAND A decline in foot traffic for 6 quarters in a row has compelled Drawn to its easy accessibility and convenient meal solutions, restaurants to find a way to turn the corner on customer millennials in particular are driving the delivery and takeout acquisition and retention. Takeout and delivery have proven trend to new heights. On the mark for their on-the-go to be a reliable road to increased sales, exponentially lifestyles, delivery and takeout meet the millennial need for expanding the reach of restaurants and allowing them to speed, as technology streamlines the order and payment accommodate even more customers than their dining rooms process and removes the roadblock of human interaction. can accommodate. QUICK BITE: Chains like Papa John’s and Domino’s that excel at delivery are RUNNING pulling ahead in sales.1 THE NUMBERS average rate at which estimated value of $ 5X consumers surveyed 2016 global food 114 2 /mo. purchase takeout1 billion delivery market of consumers surveyed order more often % purchase takeout 10x % from fast casual 1 19 per month 49 restaurants1 order fast food of all restaurant visits % to-go more % consisted of to-go 79 often1 61 orders in 20163 DID YOU KNOW? Pizza Hut is grabbing a bigger slice of the delivery and takeout pie.
    [Show full text]
  • Chfh Partners Wayfair.Pdf
    Send a release Search Advanced Search Become a member Member sign in Products & Services News Releases For journalists For bloggers Global sites Products & Services Knowledge Center Browse News Releases Contact PR Newswire See more news releases in Furniture and Furnishings | Home Improvement | Construction & Building | Corporate Social Responsibility Wayfair.com Partners with New Jersey Habitat for Humanity Affiliates to Assist Communities Devastated by Hurricane Sandy Donates $50,000 in Home Furnishings to Habitat ReStore Resale Outlets in Asbury Park and Toms River BOSTON, Feb. 14, 2013 /PRNewswire/ -- Wayfair.com, an online retailer of home furnishings, More by this Source today announced a donation to two New Jersey Habitat for Humanity affiliates to directly assist communities devastated by Hurricane Sandy. Earlier this month, Wayfair.com delivered more than Wayfair.com $50,000 worth of home furnishings and decor to Habitat ReStore resale outlets in coastal New Jersey. Funds from the sale of the Simplifies Shopping products at Coastal Habitat for Humanity ReStore in Asbury Park and Northern Ocean Habitat for Humanity ReStore in Toms River for Home will directly support disaster response efforts and home re-builds in the region. Apr 08, 2013, 13:48 ET (Logo: http://photos.prnewswire.com/prnh/20130206/NE55105LOGO ) Wayfair.com "We are delighted to contribute to the re-building efforts in coastal New Jersey where so many people are still in need of safe and Announces Executive affordable housing," said Niraj Shah , CEO and co-founder of Wayfair.com. "Wayfair.com strongly supports Habitat's mission and it Promotions is our hope that by donating home furnishings directly to Restores in the region, we will be able to help people get back on their Mar 25, 2013, 10:30 ET feet following Hurricane Sandy." Wayfair.com Coastal Habitat in Asbury Park and Northern Ocean Habitat in Toms River have been working to address both the short-term and Integrates Flash Deals long-term need for safe and decent housing in the New Jersey communities impacted by Hurricane Sandy.
    [Show full text]
  • Pacer Emerging Markets Cash Cows 100 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value
    Page 1 of 5 Pacer Emerging Markets Cash Cows 100 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 91.4% Bermuda - 0.9% Nine Dragons Paper Holdings Ltd. 8,922 $ 9,336 Brazil - 11.1% Ambev SA - ADR 7,396 19,821 BRF SA - ADR (a) 2,000 7,960 CCR SA 2,652 7,651 Cosan SA 386 6,660 CPFL Energia SA 1,795 10,787 Engie Brasil Energia SA 740 6,527 JBS SA 4,938 20,513 Petrobras Distribuidora SA 1,561 6,823 TIM Participacoes SA - ADR 510 7,619 Vale SA - ADR 1,878 21,860 116,221 Cayman Islands - 3.4% SINA Corp./China (a) 222 8,958 Tongcheng-Elong Holdings Ltd. (a) 1,612 2,957 Xiaomi Corp. - Class B (a)(b) 12,393 23,698 35,613 Chile - 0.7% Cencosud SA 4,410 7,683 China - 12.8% Air China Ltd. - Class H 29,824 18,509 Anhui Conch Cement Co. Ltd. - Class H 2,910 21,984 Beijing Capital International Airport Co Ltd. - Class H 5,986 3,947 China Communications Services Corp Ltd. - Class H 8,207 5,316 China Eastern Airlines Corp. Ltd. - Class H 52,387 18,588 China Shenhua Energy Co Ltd. - Class H 12,317 20,533 China Telecom Corp. Ltd. - Class H 65,857 19,629 Great Wall Motor Co. Ltd. - Class H 20,076 19,609 Sinopec Shanghai Petrochemical Co. Ltd. 26,213 5,851 133,966 Colombia - 1.8% Ecopetrol SA - ADR 1,602 18,647 Greece - 0.9% Hellenic Telecommunications Organization SA 483 7,112 OPAP SA 283 2,544 9,656 Hong Kong - 8.5% China Medical System Holdings Ltd.
    [Show full text]
  • The Data Behind Netflix's Q3 Beat Earnings
    The Data Behind Netflix’s Q3 Beat Earnings What Happened -- Earnings per share: $1.47 vs. $1.04 expected -- International paid subscriber additions: 6.26 million vs. 6.05 million expected -- Stock price surged more than 8% in extended trading Grow your mobile business 2 Apptopia’s data was a strong leading indicator of new growth -- Netflix increased new installs of its mobile app 8.4% YOY and 13.5% QOQ. -- New international installs of Netflix are up 11.3% YOY and 17.3% QOQ. -- New domestic installs of Netflix are down 3.6% YOY and 8.3% QOQ. Grow your mobile business 3 Other Indicators of Netflix’s Q3 2019 performance Netflix Domestic Growth YoY Netflix Global Growth YoY Q3 2018 - 19 Q3 2018 - 19 Netflix +6.4% Netflix +21.4% Reported: Paid Reported: Paid Subscribers Subscribers Apptopia +7.2% Apptopia +15.1% Estimate: Time Estimate: Time Spent In App Spent In App Apptopia +7.7% Apptopia +16% Estimate: Mobile Estimate: Mobile App Sessions App Sessions Grow your mobile business Other Indicators of Netflix’s Q3 2019 performance -- Netflix reported adding 517k domestic paid subscriber vs. 802k expected -- Its growth this quarter clearly came from international markets -- More specifically, according to Apptopia, it came from Vietnam, Indonesia, Saudi Arabia and Japan Grow your mobile business We’ve Got You Covered Coverage includes 10+ global stock exchanges and more than 3,000 tickers. Restaurants & Food Travel Internet & Media Retail CHIPOTLE MEXICAN CRACKER BARREL ALASKA AIR GROUP AMERICAN AIRLINES COMCAST DISH NETWORK ALIBABA GROUP AMBEST BUY
    [Show full text]
  • Key Takeaways Across Multiple Sectors
    SEPTEMBER 2020 COVID-19 – Impacts on Cities and suburbs Key Takeaways Across Multiple Sectors urbanismnext.org Acknowledgements This report was written by: Grace Kaplowitz Urbanism Next/UO Nico Larco, AIA Urbanism Next /UO Amanda Howell Urbanism Next/UO Tiffany Swift Urbanism Next/UO Graphic design by: Matthew Stoll Urbanism Next/UO URBANISM NEXT CENTER The Urbanism Next Center at the University of Oregon focuses on understanding the impacts that new mobility, autonomous vehicles, e-commerce, and urban delivery are having and will continue to have on city form, design, and development. The Center does not focus on the emerging technologies themselves, but instead on the multi-level impacts — how these innovations are affecting things like land use, urban design, building design, transportation, and real estate and the implications these impacts have on equity, health and safety, the economy, and the environment. We work directly with public and private sector leaders to devise strategies to take advantage of the opportunities and mitigate the challenges of emerging technologies. Urbanism Next brings together experts from a wide range of disciplines including planning, design, development, business, and law and works with the public, private, and academic sectors to help create positive outcomes from the impending changes and challenges confronting our cities. Learn more at www.urbanismnext.org. Intro In early 2020 Urbanism Next turned its attention This paper summarizes the landscape of towards the COVID-19 pandemic and the major, COVID-19 disruptions to date on Urbanism Next long-term disruptions it would likely cause to topics and highlights the longer-term questions the way we live.
    [Show full text]
  • Baker Institute Policy Report Published by the James A
    ISSN 1941-6466 BAKER INSTITUTE POLICY REPORT PUBLISHED BY THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY OF RICE UNIVERSITY NUMBER 57 JANUARY 2014 BUILDING A TRANSPARENT WEB: TRANSNATIONAL SOCIAL MEDIA, CYBERSECURITY, AND SINO –U.S. TRADE Overview practices. In 2007, when the United States leveraged its initial WTO complaint against China, the Social media sites, while currently treated as an terms of the debate were substantially different “audiovisual product”1 by the Chinese government than they are now. Seven years ago, audiovisual under the World Trade Organization’s (WTO) materials were much more easily decoupled from trade policy, have outgrown this construct and their digital distribution sites.5 However, in the instead have become the “ports”2 of the twenty- current environment, delivery portals are so first century. Taking into consideration the global deeply entwined with the dispersal of content trade significance of social media as a locus of that it has become nearly impossible to make international trade in advertising, information, cogent international policy based on distinctions and increasingly other types of commercial goods, between digital “audiovisual products” and it is essential that the United States continues to digital distribution sites.6,7 Indeed, because these pursue WTO action to encourage China to open sites have become so central to the experience trade in social media infrastructure. This, in turn, of media consumption, as well as a host of other would ensure long-term global competitiveness in activities ranging from commerce to social life, it the information communication and technology is essential to take into account these complexities sector.
    [Show full text]
  • Chinese Internet Companies and Their Quest for Globalization
    International Conference on Information, Business and Education Technology (ICIBIT 2013) Chinese Internet Companies and Their Quest for Globalization Harlan D. Whatley1 1Swiss Management Center, Zurich, Switzerland Abstract players in the technology market (Sun, 2009). Chinese internet companies have seen an This qualitative research paper unprecedented growth over the past explores the quest for globalization of decade. However, very few are two successful Chinese internet recognized brands outside of China while companies: Baidu and Tencent Holdings. some seek to develop their brands in In this case study, the focus is on the foreign markets. This paper analyzes the marketing strategies of these expanding marketing strategies of two internet multinational enterprises and the companies: Baidu and Tencent and their challenges they face to become quest for globalization. recognized as global brands. All of the firms in this study were founded as Keywords: Baidu, Tencent, internet, private enterprises with no ownership ties branding, marketing, globalization, China to the Chinese government. Furthermore, an analysis of the countries and markets 1. Introduction targeted by the firms is included in the study. In addition to a review of the Innovation efforts by technology current academic literature, interviews companies in China are driven by adding were conducted with marketing and significant value to imported foreign strategy professionals from the technologies or by developing new perspective firms as well as journalists products to satisfy specific domestic that closely follow Chinese internet firms demands (Li, Chen & Shapiro, 2010). and the technology sector. This study on Firms in the emerging market of China do the globalization of Chinese internet not possess the R&D resources that their firms will contribute to marketing developed Western counterparts have.
    [Show full text]
  • Response: Just Eat Takeaway.Com N. V
    NON- CONFIDENTIAL JUST EAT TAKEAWAY.COM Submission to the CMA in response to its request for views on its Provisional Findings in relation to the Amazon/Deliveroo merger inquiry 1 INTRODUCTION AND BACKGROUND 1. In line with the Notice of provisional findings made under Rule 11.3 of the Competition and Markets Authority ("CMA") Rules of Procedure published on the CMA website, Just Eat Takeaway.com N.V. ("JETA") submits its views on the provisional findings of the CMA dated 16 April 2020 (the "Provisional Findings") regarding the anticipated acquisition by Amazon.com BV Investment Holding LLC, a wholly-owned subsidiary of Amazon.com, Inc. ("Amazon") of certain rights and minority shareholding of Roofoods Ltd ("Deliveroo") (the "Transaction"). 2. In the Provisional Findings, the CMA has concluded that the Transaction would not be expected to result in a substantial lessening of competition ("SLC") in either the market for online restaurant platforms or the market for online convenience groceries ("OCG")1 on the basis that, as a result of the Coronavirus ("COVID-19") crisis, Deliveroo is likely to exit the market unless it receives the additional funding available through the Transaction. The CMA has also provisionally found that no less anti-competitive investors were available. 3. JETA considers that this is an unprecedented decision by the CMA and questions whether it is appropriate in the current market circumstances. In its Phase 1 Decision, dated 11 December 20192, the CMA found that the Transaction gives rise to a realistic prospect of an SLC as a result of horizontal effects in the supply of food platforms and OCG in the UK.
    [Show full text]
  • Opentable Strategic Discussions April 2009
    OpenTable Strategic Discussions April 2009 Nicole Campbell Timothy DeGrange Jack Grigoryan Henry Wang Executive Summary OpenTable’s unique SaaS model in conjunction with its customer base and clientele has the potential for immense additional upside in the largely untapped online reservations market 1 OpenTable has a distinct advantage over U.S. competitors due to its deployment of proprietary in restaurant reservation taking technology (Electronic Reservation Book) in addition to its developed network of consumer users. 2 OpenTable currently captures 6% of an estimated 600 million reservations made in the U.S. annually and has the potential to increase to as much as 50%, in line with industries where online reservation usage has mature. 3 Internationally, the UK, Germany and Japan have been slated for international expansion and OpenTable has the opportunity to expand more aggressively into these markets given their large aggregate GDP relative to the U.S. The U.S. equity markets are in recovery in light of QE announcement by the Federal Reserve. Given OpenTable’s dominance in the online reservations market, it is well positioned for an IPO 1 Credit is still relatively expensive and the general decrease in private placement and debt financed deals would come at a discount to valuations sought in the equity markets. OpenTable also has the market share and strength to grow organically. 2 Given improving equity market conditions in the U.S., OpenTable’s inherent market share in the U.S. , competitive barrier and an opportunity to capture greater revenues per restaurant would be attractive to investors. 3 The proceeds of the IPO can be utilized to finance OpenTable’s growth both domestically or abroad through organic growth with its current offering and or acquisitions to diversify its offerings.
    [Show full text]
  • Clickscapes Trends 2021 Weekly Variables
    ClickScapes Trends 2021 Weekly VariableS Connection Type Variable Type Tier 1 Interest Category Variable Home Internet Website Arts & Entertainment 1075koolfm.com Home Internet Website Arts & Entertainment 8tracks.com Home Internet Website Arts & Entertainment 9gag.com Home Internet Website Arts & Entertainment abs-cbn.com Home Internet Website Arts & Entertainment aetv.com Home Internet Website Arts & Entertainment ago.ca Home Internet Website Arts & Entertainment allmusic.com Home Internet Website Arts & Entertainment amazonvideo.com Home Internet Website Arts & Entertainment amphitheatrecogeco.com Home Internet Website Arts & Entertainment ancestry.ca Home Internet Website Arts & Entertainment ancestry.com Home Internet Website Arts & Entertainment applemusic.com Home Internet Website Arts & Entertainment archambault.ca Home Internet Website Arts & Entertainment archive.org Home Internet Website Arts & Entertainment artnet.com Home Internet Website Arts & Entertainment atomtickets.com Home Internet Website Arts & Entertainment audible.ca Home Internet Website Arts & Entertainment audible.com Home Internet Website Arts & Entertainment audiobooks.com Home Internet Website Arts & Entertainment audioboom.com Home Internet Website Arts & Entertainment bandcamp.com Home Internet Website Arts & Entertainment bandsintown.com Home Internet Website Arts & Entertainment barnesandnoble.com Home Internet Website Arts & Entertainment bellmedia.ca Home Internet Website Arts & Entertainment bgr.com Home Internet Website Arts & Entertainment bibliocommons.com
    [Show full text]
  • Gig Companies Are Facing Dozens of Lawsuits Over Workplace Violations
    FACT SHEET | AUGUST 2019 Gig Companies Are Facing Dozens of Lawsuits Over Workplace Violations At work, we should all expect to make enough to live and thrive; care for our families, ourselves, and our communities; and work together to improve our working conditions. Laws regulating the workplace provide a basic foundation on which to build. Workers Are Suing to Defend Their Rights Some companies that use technology to dispatch workers to short-term jobs (often called the public relations teams, want to convince workers and policymakers that workers are better off without core workplace protections. “gig economy”), together with their lobbyists and Many of these companies assert that their workers are happy with jobs that provide no say in the terms and conditions of their employment simply because their workers have some minimum wage, no protection against discrimination, no workers’ compensation, and no — degree of “flexibility” to determine their own schedules. Legal claims filed against the companies tell a different story. Our review of litigation filed against just eight companies Uber, Lyft, Handy, Doordash, Instacart, Postmates, Grubhub, and Amazon finds that these companies have been sued at least 70 times by workers — claiming protection under state and federal labor laws. The claims cover underpayment of — wages, tip-stealing, unfair shifting of business costs onto workers, discrimination, and unfair labor practices meant to keep workers from joining together to improve conditions. Plainly, these workers are not happy with
    [Show full text]
  • FAANG+ UCITS Fund Is a Sub-Fund Within AQA Broad Representation of the Market, the Due to Their High Growth Potential
    + www.castlestonemanagementllc.com Fund Objective The investment objective of the Sub-Fund is to generate capital growth mainly through exposure to the development, advancement and use of technology. The Sub-Fund will be invested in global technology equities some of which are familiarised by the acronym “FAANG” defining the most well-known technology equities. Apart from the FAANG equities, the Sub-Fund will also invest in other large technology stocks. Up to 100% of the assets of the Sub-Fund may be invested in equities. Why invest in FAANG+ UCITS Growth Market Leaders in Inflows from Passive Broad Exposure to Global Story Different Sectors Investors Technology Companies FAANG+ offers exposure UCITS diversified portfolio The S&P 500 is a market FAANG+ holds names to companies that of the leading technology capitalisation weighted Index. diversified across the dominate the stocks in the S&P 500 The market cap of the Information Technology, technology sector and Index and MSCI World FAANG+ stocks represent Communication Services, have a history of strong Index. Exposure to some approximately 23% of the Financial and Consumer growth over the long- of the largest tech S&P 500 Index. This means Discretionary sectors, spread term. companies in the US, that for every $100 being throughout four global China, Taiwan, Korea, invested into the S&P 500 geographic locations. Europe. Index, approximately $23 is being invested into FAANG stocks and Microsoft. Sectors and Weightings (%) SECTORS & WEIGHTINGS (%)* TOP 10 HOLDINGS (%)* INFORMATION TECHNOLOGY
    [Show full text]