DOCSLIB.ORG

1290 Retirement 2020 I TNIIX 03-31-2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
1290 Retirement 2020 I TNIIX 03-31-2021 Release Date: 1290 Retirement 2020 I TNIIX 03-31-2021 .......................................................................................................................................................................................................................................................................................................................................... Portfolio Benchmark Morningstar Category Morningstar Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P Target Date 2020 TR USD Benchmark Target-Date 2020 33 Below Average Average Morningstar Lifetime Mod 2020 TR Out of 152 Target-Date 2020 funds. An investment's overall Morningstar Rating, based on its risk- USD adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Investment Objective & Strategy Portfolio Analysis from investment's prospectus Composition as of 02-28-21 % Assets Equity as of 02-28-21 % Mkt Cap Fixed Income as of 02-28-21 The investment seeks the highest total return over time U.S. Stocks 33.6 Giant 29.92 Avg Eff Duration 5.89 ................................................. consistent with its asset mix while managing portfolio Non-U.S. Stocks 15.0 Avg Eff Maturity 7.50 Large 31.55 volatility; total return includes capital growth and income. Bonds 45.9 Avg Wtd Price 108.86 Medium 24.31 The fund invests in exchange traded securities of other Cash 5.1 Small 9.54 investment companies or investment vehicles (the Other 0.4 ................................................. "underlying ETFs"), which represent a variety of asset Micro 4.68 classes. With respect to its allocation to equity securities, its investments in Underlying ETFs will include investments in Top 10 Holdings as of 02-28-21 % Assets Morningstar Equity Sectors as of 02-28-21 % Fund Underlying ETFs that, in turn, invest substantially all of their iShares Core US Aggregate Bond ETF 29.33 ICyclical 31.37 ....................................................................................................... assets in equity securities that have lower absolute volatility iShares Core S&P Total US Stock Mkt ETF 17.16 SBasic Materials 4.04 than the broader markets in which the ETF invests. iShares TIPS Bond ETF 7.24 UConsumer Cyclical 9.32 iShares Core MSCI EAFE ETF 6.05 ZFinancial Services 13.69 Morningstar Proprietary Statistics as of 03-31-21 Invesco S&P 500® Low Volatility ETF 5.60 ....................................................................................................... VReal Estate 4.32 Fund Rank Morningstar Out of # of iShares MSCI USA Min Vol Factor ETF 5.57 KSensitive 38.64 Percentile Rating™ Investments Vanguard Short-Term Bond ETF 4.99 ....................................................................................................... YTD 59 174 Vanguard Total International Bond ETF 3.88 JCommunication Services 8.82 1 Year 85 166 SPDR® Blmbg Barclays High Yield Bd ETF 3.82 PEnergy 1.88 3 Year 81 33 152 Invesco S&P MidCap Low Volatility ETF 2.98 QIndustrials 12.05 5 Year BTechnology 15.89 ....................................................................................................... 10 Year LDefensive 30.00 Total Number of Stock Holdings 0 ....................................................................................................... Operations Total Number of Bond Holdings 1 TConsumer Defensive 11.57 Annual Turnover Ratio % 32.00 Initial Share Class Inception 02-27-17 EHealthcare 14.08 Total Fund Assets ($mil) 13.66 Date GUtilities 4.35 Fund Inception Date 02-27-17 Risk Measures as of 03-31-21 Port Avg Rel S&P 500 Rel Cat Volatility Analysis Advisor Equitable Investment TR USD Investment Management Group, LLC 3 Yr Std Dev 9.11 0.50 0.96 Subadvisor 3 Yr Beta 0.79 0.96 Low Moderate High Issuer 1290 Funds 3 Yr Sharpe Ratio 0.66 0.77 0.89 Category 3 Yr Alpha -0.64 -64.00 Portfolio Manager(s) 3 Yr R-squared 96.57 1.01 In the past, this investment has shown a relatively small ...................................................................................................... Kenneth Kozlowski. Since 2017. range of price fluctuations relative to other investments. Income Ratio 1.95 Alwi Chan. Since 2017. Based on this measure, currently more than two-thirds of all 3-Yr Information Ratio -0.81 1.69 Xavier Poutas. Since 2017. investments have shown higher levels of risk. Consequently, Miao Hu. Since 2017. this investment may appeal to investors looking for a Statistics as of 02-28-21 Port Avg Rel S&P 500 Rel Cat conservative investment strategy. Kevin McCarthy. Since 2019. TR USD P/E Ratio 19.11 0.86 1.00 Principal Risks* as of 02-28-21 P/B Ratio 2.47 0.65 0.98 Lending, Credit and Counterparty, Extension, Inflation- P/C Ratio 12.28 0.76 0.98 Protected Securities, Prepayment (Call), Foreign Securities, GeoAvgCap ($mil) 35,890.66 0.20 0.59 Loss of Money, Not FDIC Insured, Interest Rate, Market/ Market Volatility, Equity Securities, ETF, High-Yield Securities, Notes Mortgage-Backed and Asset-Backed Securities, Restricted/ S&P Target Date 2020 TR USD The index measures the performance of a portfolio of multi-asset including equities, fixed Illiquid Securities, Underlying Fund/Fund of Funds, Shareholder income and commodities. The index has target retirement date of 2020, and belongs to S&P Target Date Index Series which Activity, Investment-Grade Securities, Management, Target comprises eleven indexes with different target retirement date. Each index in this series is determined once a year through Date, Small Cap, Mid-Cap, Large Cap survey of large fund management companies that offer target date products. For Principal Risk definitions, visit www.equitable.com/ Morningstar Lifetime Mod 2020 TR USD The index measures the performance of a portfolio of global equities, bonds and Morningstar-Principal-Risks traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2020. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria. Target-date funds typically invest in other investments and are designed for investors who are planning to retire during the target date year. The fund's target date is the approximate date of when investors expect to begin withdrawing their money. A Target- date fund's investment objective/strategy typically becomes more conservative over time primarily by reducing its allocation to equity investments and increasing its allocations in fixed-income investments. An investor's principal value in a target-date fund is not guaranteed at any time, including at the fund's target date. See the Disclosure pages in the back of this document for important information on the Morningstar Rating and specific investment risks. ©2021 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content n GE-3171920 (7/20) (Exp. 7/22) providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Disclosure When used as supplemental sales literature, the Investment in its universe. This means that any share class that doesn't portfolio's movements that are explained by movements in its Profile for this portfolio must be preceded or accompanied by have a 1, 3-, 5-, or 10-year performance history may receive a benchmark index, showing the degree of correlation between the appropriate variable annuity or variable life current hypothetical Morningstar Rating based on the oldest surviving the portfolio and the benchmark. prospectus (if applicable to the particular annuity or life share class of the portfolio. First, Morningstar computes the Income Ratio: Income ratio reveals the percentage of product offered), as well as these disclosure pages. Portfolio portfolios' new return stream by appending an adjusted return current income earned per share. The income ratio can be statistics and rankings are subject to change and have not history of the oldest share class. Next, the Extended used as a gauge of how much of the total return comes from been adjusted for insurance-related charges and expenses Performance Rating is determined by comparing the adjusted- income. associated with the life insurance policies or variable annuity historical returns to the current underlying portfolio universe Information Ratio: Information Ratio is a risk-adjusted contracts. Certain products may offer portfolio share classes to identify placement in the bell curve used to assign the performance measure. The information ratio is a special that are different than those reported in this Investment Morningstar Rating. Past performance is no guarantee of version of the Sharpe Ratio in that the benchmark doesn't Profile and could have rankings that are higher or lower than future results. have to be the risk-free rate. those shown. Equitable Financial Life Insurance Price/Earnings (P/E) Ratio: Price/Earnings Ratio is a stock's Company contracts Morningstar Inc., for a fee, as a third- Morningstar Return: The Morningstar Return rates a fund’s current price
Load more

Recommended publications
  • PIMCO All Asset Portfolio
    PIMCO All Asset Portfolio SUMMARY PROSPECTUS Underlying PIMCO Funds and is separate from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). Excluding interest expense of the April 30, 2021 Underlying PIMCO Funds,Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.215% for Administrative Class shares. Share Class: Administrative Class 2 Total Annual Portfolio Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers of the Portfolio, as set forth in the Financial As permitted by regulations adopted by the Securities and Exchange Commission, you Highlights table of the Portfolio’s prospectus, because the Ratio of Expenses to may not be receiving paper copies of the Portfolio's shareholder reports from the Average Net Assets Excluding Waivers reflects the operating expenses of the Portfolio insurance company that offers your contract unless you specifically request paper copies and does not include Acquired Fund Fees and Expenses. from the insurance company or from your financial intermediary Instead, the shareholder 3 PIMCO has contractually agreed, through May 1, 2022, to reduce its advisory fee to reports will be made available on a website, and the insurance company will notify you by the extent that the Underlying PIMCO Fund Expenses attributable to advisory and mail each time a report is posted and provide you with a website link to access the report. supervisory and administrative fees exceed 0.64% of the total assets invested
    [Show full text]
  • Review Risk Management Institue
    NOV 2016 · VOL 3 PRIVATE EQUITY GOSS INSTITUTE OF RESEARCH MANAGEMENT LIMITED NATIONAL UNIVERSITY OF SINGAPORE REVIEW RISK MANAGEMENT INSTITUE HAITAO JIN Qianhai Fund of Fund, LLP Exploring the Business Model of China’s Private Equity/Venture Capital (PE/VC) Fund of Funds (FOF) Investments KATAHIRA MASAKI Eastasia Investment (International) Limited New Findings on Japan’s Capital Market: A Study on Japan Post Group’s Successful Transformation through Capital Market WEI CUI, MIN DAI, AND STEVEN KOU Risk Management Institute’s New Research Initiative A Pricing and Risk Management System for Chinese Bonds PRIVATE EQUITY REVIEW PRIVATE EQUITY REVIEW CONTENTS EDITORIAL BOARD Darrell Duffie, Stanford University MESSAGE FROM THE EDITORS Quanjian Gao (Editor-in-Chief), GOSS Institute of Research COVER ARTICLE Management Ltd. 01 Exploring the Business Model of Jeff Hong (Co-Editor), China’s Private Equity/Venture Capital (PE/VC) City University of Hong Kong Fund of Funds (FOF) Investments Li Jin, Haitao Jin Oxford University Steven Kou (Co-Editor), ACADEMIC INSIGHTS National University of Singapore 10 New Findings on Japan’s Capital Market: Neng Wang, A Study on Japan Post Group’s Successful Columbia University Transformation Through Capital Market Houmin Yan, Katahira Masaki City University of Hong Kong Lin Zhou, CASE STUDY Shanghai Jiao Tong University 22 Will Private Equity (PE) Firms Continue to Invest in China’s Auto Consumption and Sales Industry? Yankun Hou ADVISORY BOARD 32 Quantitative Methods for Venture Capital Investment Weijian Shan,
    [Show full text]
  • Manulife Asset Allocation Client Brochure
    Manulife Asset Allocation Portfolios Sophisticated Investment Solutions Made Simple 1 Getting The Big Decisions Right You want a simple yet Deciding how to invest is one of life’s big decisions – effective way to invest in fact it’s a series of decisions that can have a big and Manulife Asset impact on your financial future. Allocation Portfolios It can be complicated and overwhelming, leaving you feeling uncertain offer a solution that can and anxious. The result? Many investors end up chasing fads, trends and help you get it right. short-term thinking, which can interfere with your ability to achieve long-term financial goals. As an investor, you want to make the most of your investments. You want to feel confident you’re receiving value for your money and reputable, professional advice. Big life decisions “Am I making the right investment choices?” Disappointing returns “Should I change my investing strategy?” Confusion and guesswork “How can I choose the best investment for me?” Manulife Asset Allocation Portfolios are managed by Manulife Investment Management Limited (formerly named Manulife Asset Management Limited). Manulife Asset Allocation Portfolios are available in the InvestmentPlus Series of the Manulife GIF Select, MPIP Segregated Pools and Manulife Segregated Fund Education Saving Plan insurance contracts offered by The Manufacturers Life Insurance Company. 2 Why Invest? The goal is to offset inflation and grow your wealth, while planning for important financial goals. Retirement: Canadian Education Raising a Child Pension Plan (CPP) $66,000 $253,947 $735.21 Current cost of a four-year The average cost of raising a Current average monthly payout for post-secondary education1 child from birth to age 183 new beneficiaries.
    [Show full text]
  • Private Equity Spotlight January 2007 / Volume 3 - Issue 1
    Private Equity Spotlight January 2007 / Volume 3 - Issue 1 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Private Equity Intelligence, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence and Funds in Market. FEATURE ARTICLE page 01 INVESTOR SPOTLIGHT page 10 Overhang, what overhang? The favourable market and difficulty of getting allocations to With 2006’s $404 billion smashing all previous records for top quartile funds has led to increased LP interest in Asian private equity fund raising, some commentators are suggesting focused funds. We look at LPs investing in these funds. that there is now an ‘overhang’ of committed capital that the industry may struggle to invest. The facts suggest otherwise. • How do LPs perceive Asian focused funds? PERFORMANCE SPOTLIGHT page 05 • Who is making the most Growth in distributions to LPs and the rate of call-ups are significant investments? driving the fundraising market. Performance Spotlight looks at the trends. • Which types of investor are the most active? FUND RAISING page 06 After a record breaking year for fundraising in 2006, we • How much is being committed examine the latest news for venture and buyout funds, as well to the region? as examining the market for first-time fund vehicles. No. of Funds on INVESTOR NEWS page 12 US Europe ROW Road All the latest news on investors in private equity: Venture 202 97 83 382 • State of Wisconsin Investment Board posts high returns Buyout 100 48 36 184 boosted by its private equity portfolio Funds of Funds 65 47 12 124 • Somerset County Council Pension Fund seeks new fund of Other 129 31 42 202 funds manager • LACERA looks for new advisor Total 496 223 173 892 • Indiana PERF is set to issue real estate RFPs SUBSCRIPTIONS If you would like to receive Private Equity Spotlight each month • COPERA close to appointing new alternatives chief.
    [Show full text]
  • SECTION 1Asset Manager Profiles
    SECTION 1 Asset manager profiles John Hancock USA All financial obligations under the group annuity contract are the sole obligation of John Hancock Life Insurance Company (U.S.A.). 4 John Hancock is a unit of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife globally, including Canada, Asia and Europe. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD $1.3 trillion (US $1.0 trillion ) as of March 31, 2021. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. 4 One of the largest life insurers in the United States, John Hancock supports more than 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and education savings plans. Additional information about John Hancock may be found at johnhancock.com. John Hancock Investment Management 4 John Hancock Investment Management is a Boston-based firm, focused on investment management for institutional clients. Built on investment principles developed over 35 years, John Hancock Investment Management offers a diverse selection of actively managed equity and fixed income strategies across the investment spectrum. Our strategies are managed through a disciplined investment process that seeks to provide consistently superior returns 4 The key elements of our process are: A commitment to a team approach to portfolio management; focused fundamental research and skilled portfolio construction and risk analysis.
    [Show full text]
  • Proposed Rule: Fund of Funds Arrangements
    Conformed to Federal Register version SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 270 and 274 Release Nos. 33-10590; IC-33329; File No. S7-27-18 RIN 3235-AM29 Fund of Funds Arrangements AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (the “Commission”) is proposing a new rule under the Investment Company Act of 1940 (“Investment Company Act” or “Act”) to streamline and enhance the regulatory framework applicable to funds that invest in other funds (“fund of funds” arrangements). In connection with the proposed rule, the Commission proposes to rescind rule 12d1-2 under the Act and most exemptive orders granting relief from sections 12(d)(1)(A), (B), (C), and (G) of the Act. Finally, the Commission is proposing related amendments to rule 12d1-1 under the Act and Form N-CEN. DATES: Comments should be received on or before May 2, 2019. ADDRESSES: Comments may be submitted by any of the following methods: Electronic Comments: • Use the Commission’s Internet comment form (http://www.sec.gov/rules/proposed.shtml); or • Send an email to [email protected]. Please include File Number S7-27-18 on the subject line. Paper Comments: • Send paper comments to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to File Number S7-27-18. This file number should be included on the subject line if email is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet website (http://www.sec.gov/rules/proposed.shtml).
    [Show full text]
  • New Mexico State Investment Council
    New Mexico State Investment Council December 2020 welcome to brighter Strategies In Private Equity Investments Over a Company’s Life Cycle Development Early Accelerated Maturity Decline Growth Growth Focus Area of the New Mexico Private Equity Investment Program (“NMPEIP”) • Each stage of the business life cycle requires a specialized skill set. • Most private equity strategies focus on a particular stage of the business life cycle. Stage Mezzanine Debt / Credit Growth Venture Capital Distressed Equity Buyouts For illustration purposes only © 2020 Mercer LLC. All rights reserved. Private Equity Benefits and Structure Why Invest in Private Equity? Private Equity Partnership Example . Greater alpha potential through Limited Partner Limited Partner Limited Partner active management (Investor) (Investor) (Investor) . Assist companies with growth through various value-add Investment Returns initiatives Limited Partnership Fund (General Partners) . Diversification . Access to companies that cannot otherwise be invested in through public markets A B C D . Economic development through job growth for Investments in Portfolio Companies successful companies © 2020 Mercer LLC. All rights reserved. NMPEIP Statute Overview Statute Summary for the NMPEIP NMPEIP Size • No more than 11% of the market value of the Severance Tax Permanent Fund (“STPF”) • The State Investment Council (“SIC”) has set a target of 9% Return “Differential rate investments” are permitted and intended to: 1) Stimulate the economy of New Mexico and 2) provide income to STPF Governance The SIC oversees NMPEIP investment activity Requirements • Invest for start-up, expansion, product or market development, recapitalization or similar business purpose; • Seek capital appreciation; • Employ one full-time manager with at least three years of professional experience in a similar strategy; • Invest or cause others to invest an amount in New Mexico companies equal to the commitment made by the SIC; and • The fund accepts investments only from accredited investors with at least $5 million in overall assets.
    [Show full text]
  • Manulife Investment Asia-Pacific REIT Fund
    RM Class 3-year Fund Volatility 15.1 High Lipper Analytics 10 Aug 21 September 2021 Factsheet Manulife Investment Asia-Pacific REIT Fund Fund category Fund review and strategy Fund-of-Funds 10-year performance as at 31 August 2021* 160% Fund objective 140% To provide long-term capital appreciation and 120% sustainable income through a combined investment in other collective investment schemes, namely REITs 100% 80% and infrastructure funds/trusts. 60% Investor profile 40% The Fund is suitable for investors who wish to have 20% investment exposure through a diversified portfolio of 0% REITs and infrastructure funds/trusts within the Asia- -20% Pacific region. The Fund may also appeal to investors 08/2011 06/2012 03/2013 12/2013 09/2014 07/2015 04/2016 01/2017 10/2017 08/2018 05/2019 02/2020 11/2020 08/2021 who are seeking a sus tainable distribution of income ——— Fund RM Class ——— Benchmark in RM and long-term capital growth with a long-term We have seen further progress in vaccination rate in Asia with Singapore reaching the 80% mark by the end of investment horizon of 5 years or more. August. The country is on track to reopen further and is shifting focus to generating new growth, jobs and Fund manager prosperity for the future. We stay positive on Singapore REITs as the rapid progress of vaccination puts the country on solid ground for re-opening, ahead of regional peers. The continued progress on vaccination and Manulife Investment Management (M) Berhad reopening of borders continue to be key catalysts for further operational improvements in Asia REITs.
    [Show full text]
  • Fifty Leading Women in Hedge Funds 2020
    Fifty Leading Women in Hedge Funds 2020 I N A S S O C I A T I O N W I T H 50 LEADING WOMEN IN HEDGE FUNDS 2020 50 LEADING WOMEN IN HEDGE FUNDS 2020 Introduction HAMLIN LOVELL, CONTRIBUTING EDITOR, THE HEDGE FUND JOURNAL his is the eighth edition of our managers of all time – according to LCF Edmond 50 Leading Women in Hedge de Rothschild analysis – namely Bridgewater Funds report and is published Associates and Lone Pine. The two Lone Pine in association with EY for the women in this year’s report are two of the three seventh time. Whilst Covid-19 portfolio managers who succeeded Lone Pine’s has denied us the opportunity founder Steve Mandel. Three of the report’s to host accompanying events discretionary equity portfolio managers specialize in London and New York, at in the healthcare and biotechnology sector, which least this year, the professional achievements has attracted more attention this year for obvious Tof the women featured in this year’s report reasons. Four of the investment professionals shine through, nonetheless. We are so pleased work for systematic and quantitative hedge fund An analysis of the S&P to be publishing this report just a few days after managers, which is notable given the general Kamala Harris made history by becoming the dearth of women in STEM. Another noteworthy first female, first black and first Asian-American cluster is three women managing multi-billion Composite 1500 found US Vice-President-elect. s the leading global evidence is clear. Having more amounts in liquid credit strategies.
    [Show full text]
  • Compliance Obligations Facing Investment Advisers Registered As Commodity Pool Operators with Respect to a Registered Investment Company
    Compliance Obligations Facing Investment Advisers Registered as Commodity Pool Operators with Respect to a Registered Investment Company By Michael K. Hoffman and Daniel S. Konar II Introduction In August of 2013, the Commodity Futures Trading Commission (“CFTC”) adopted rules (“Harmonization Rules”) to harmonize the compliance obligations of investment advisers required to register as commodity pool operators (“CPOs”) of registered investment companies (“Registered Funds”).1 Th e Harmonization Rules permit CPOs of Registered Funds (“Registered Fund CPOs”) to claim broad relief from certain of the disclosure, reporting and record keeping requirements in Part 4 of the CFTC’s regulations (“Part 4”), condi- tioned largely on the Registered Fund’s continued compliance with applicable securities laws and regulations.2 Th e Harmonization Rules apply only to investment advisers of Registered Funds unable to claim the exclusion available under CFTC Rule 4.5.3 Although Registered Fund CPOs are the primary focus of the Harmonization Rules, the CFTC used the Harmonization Rules to liberalize certain compliance obligations for all CPOs and commod- Michael K. Hoffman is a partner in the New ity trading advisors (“CTAs”) and to provide exceptions from other York offi ce of Skadden, Arps, Slate Meagher & compliance obligations for all CPOs, but not CTAs. In this regard, Flom, LLP and a member of the fi rm’s Invest- the Harmonization Rules have an impact that stretches beyond Reg- ment Management Group.* istered Fund CPOs. At the same time the CFTC adopted the Harmonization Rules, the staff of the Division of Investment Management (the “IM Staff ”) of the U.S. Securities and Exchange Commission (“SEC”) published an IM Guidance Update entitled Disclosure and Compliance Matters for Investment Company Registrants Th at Invest in Commodity Interests.4 Th e Guidance Update was intended in part to facilitate compliance Daniel S.
    [Show full text]
  • UBS (CH) Global Alpha Strategies
    UBS (CH) Global Alpha Strategies Investment fund governed by Swiss law (Category “other funds for alternative investments with special risk”) Prospectus with integrated fund contract April 2017 UBS (CH) Global Alpha Strategies, as a fund invest- ment fund governed by Swiss law under the category “other funds for alternative investments with special risk”, invests in various, mainly foreign investment funds and fund-like investment instruments (hereinafter “tar- get funds”) which themselves pursue alternative invest- ment strategies or make alternative investments (gen- erally known as hedge funds or non-traditional funds). The risks of these target funds are not comparable to the risks of the category of “securities funds” and invest- ment funds under the category “Other funds for tradi- tional investments”. For this reason, the aforementioned fund belongs to the category “Other funds for alternative investments with special risk”. The attention of investors in UBS (CH) Global Alpha Strat- egies is explicitly drawn to the risks noted in the prospec- tus. In particular, investors need to be prepared and in a financial position to accept – even substantial – price losses. The fund management company of UBS (CH) Global Alpha Strategies makes every effort to minimise risks insofar as possible by utilising a broad diversification in the pursued investment strategy, by carefully selecting the underlying target funds and by closely monitoring these funds. Nev- ertheless, in exceptional cases one or more of the under- lying hedge funds may suffer a total loss, with a corre- sponding impact on this investment fund. Lists A, B and C of unit class “Q” in accordance with § 6 prov.
    [Show full text]
  • Dodd-Frank's Impact on Investment Funds and Managers
    Dodd-Frank’s Impact on Investment Funds and Managers American Conference Institute’s 2nd National Advanced Summit on Reform, Regulation, and Enforcement of Derivative Transactions January 14-15, 2014 How Equinox Utilizes Derivatives • Equinox Funds: – is a registered investment adviser (“RIA”) as well as a commodity pool operator (“CPO”) registered with the NFA and CFTC – operates a number of commodity pool funds as well as 1940 Act commodity mutual funds – operates funds that are multi-adviser CTA funds and fund-of-funds • Equinox primarily utilizes OTC swaps to access various CTA managers’ strategies—known as “reference managers”. • In addition, underlying reference managers will trade all different commodity interests such as futures contracts (physical and financial), and OTC swaps. 1 Benefits to Equinox of OTC Swaps • The OTC swaps Equinox uses allows it to: – Manage and/or minimize counterparty risk exposure to various CTAs – Manage reference manager style drift (because the swap dealer counterparty will indemnify against impermissible trades) – Invest in reference managers’ strategies utilizing less capital – Address certain 40 Act rules (e.g., rules related to coverage and permissible leverage) – Other benefits such as positional-level transparency, aggregation of sector exposure across managers, third-party backup and cost-savings 2 Expanded Commodity Pool Definition • “Commodity Pool Operator” refers to any person engaged in the business of soliciting investors for an investment trust operating for the purpose of trading in commodity interests (a “commodity pool”). – Commodity interests include futures contracts, commodity options and, post Dodd-Frank, swaps. – Swaps include interest rate swaps, currency swaps, energy and metal swaps, commodity swaps, broad-based indices swaps, etc.
    [Show full text]