DOCSLIB.ORG

Yield & Income

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Yield & Income Yield & Income Cross asset ideas for Yield Monthly –– Octo ber 2019 Chief Investment Office GWM Division and discord Divisions have emerged or deepened within trade talks, Fed policy and national politics We remain cautiously optimistic that the US can avoid recession in 2020 We underweight equities overall; neutral US but favor over developed market and EM stocks ab This report has been prepared by UBS Financial Services Inc. (UBS FS). Analyst certification and required disclosures begin on page 23. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Contents Market Commentary About this report Division and discord ........................................................................... 3 The objective of this report is to provide an analysis of various income-generating securi- ties – sovereign, municipal and corporate Asset Allocation Commentary bonds, equities, master limited partnerships Waiting for direction.......................................................................... 4 (MLP), preferred securities, senior loans, real estate investment trusts and closed-end funds, Fixed Income Sector Reviews – in the context of current economic, fixed in- come and equity market conditions. US Gov't Bonds Raging repo ....................................................................................... 5 This report represents a compendium of previously-published views from UBS CIO US Municipal Bonds Global Wealth Management. These publica- Bout of volatility ................................................................................ 6 tions are referenced in each section in order to obtain more information. US Investment Grade Credit Spreads stay firm as yields rise from the lows ..................................... 7 This report will be published approximately every four weeks. Please note that the views US High Yield Credit in this report may change with market con- Neutral on high yield ......................................................................... 8 ditions at some point between publications. Emerging Market Debt Updates to the views in this report can be Preference for carry assets in emerging markets ................................ 9 found in the referenced sections of the Online Services Research website. Equity Sector Reviews US Equity Lead authors Expect range-bound markets ........................................................... 10 Jason Draho Frank Sileo International Developed Market Equity Bouncing back ................................................................................. 11 Authors (in alphabetical order) Emerging Market Equity Alejo Czerwonko Limited upside, massive uncertainty ................................................. 12 Jay Dobson Leslie Falconio Michael Gourd Yield Asset Reviews Daniel Kelsh Preferreds David Lefkowitz So far, so good ................................................................................ 13 Sangeeta Marfatia Barry McAlinden REITs Kathleen McNamara Falling rates keep lifting REITs .......................................................... 14 Edmund Tran MLPs Justin Waring Focus on quality ............................................................................... 15 Jonathan Woloshin Xingchen Yu Jeremy Zirin Closed-End Fund Highlight Nuveen Preferred Securities Income Fund (JPS) A preferred securities fund .............................................................. 16 House View Yield-Focused Portfolios Yield Monitor .................................................................................. 17 Strategic Asset Allocations (SAAs) .................................................... 18 CIO GWM 30 September 2019 2 Market Commentary Frank Sileo, CFA Division and discord Investors are focused on whether and how divisions might be More rate-sensitive sectors underperformed in September reconciled within three key areas of interest: Federal Reserve Apr-19 May-19 Jun-19 Jul-19Jul-19Jul-19 Aug-19 Sep-19 policy, US-China trade talks, and national politics. Over the past US Lg Cap US Gov't US Lg Cap US Lg Cap REITs Int'l DM Value several weeks, division within each of these spheres seems to Growth 4.5% 2.3% Value 7.2 % Growth 2.3% 3.4% '5.2 % US Lg Cap IG Corps US Lg Cap Preferreds US Gov't US Lg Cap have deepened. The US trade war with China escalated in Au- Value 3.5 % 1.5% Growth 6.9% 2.1% 3.4% Value 3.3 % gust with a series of incrementally higher, reciprocating tariffs. Int'l DM Muni Bond Emerging REITs IG Corps REITs Value 2.3 % 1.4% Mkts 6.2% 1.3% 3.1% 2.9% Among Fed policymakers, divisions became apparent following Emerging EM USD Int'l DM Sr Loans Muni Bond Emerging their 18 September meeting , during which the central bank cut Mkts 2.1% Bond 0.6% Value '5.3 % 1.0% 1.6% Mkts 2.0% its fed funds rate by 25 basis points. Three members dissented Sr Loans Preferreds EM Loc Bond EM USD Bond Preferreds Preferreds 2.1% 0.5% 4.4% 1.0% 0.8% 0.9% against that decision: one dovish voter wanted a deeper cut, High Yield REITs EM USD EM Loc Bond High Yield Sr Loans while two hawkish voters called for no cut. Further, the latest 1.4% 0.2% Bond 2.7% 1.0% 0.4% 0.7% projections from the 17 members showed that eight expect the Preferreds EM Loc Bond MLPs US Lg Cap EM USD Bond EM Loc Bond fed funds rate to be lower by the end of next year, while seven 0.9% 0.0% 2.6% Value 0.8 % 0.2% 0.6% IG Corps Sr Loans High Yield Muni Bond Sr Loans High Yield 1 expect it to be higher (two are calling for flat rates). 0.5% -0.7% 2.3% 0.8% -0.4% 0.4% EM USD MLPs IG Corps High Yield US Lg Cap MLPs Meanwhile in Washington, DC, political discord, which has Bond 0.4% -1.1% 2.3% 0.6% Growth -0.8% 0.3% been acrimonious for several years, entered a new phase with Muni Bond High Yield REITs IG Corps EM Loc Bond EM USD Bond the launch of a formal impeachment inquiry into President 0.4% -1.2% 1.3% 0.5% -2.0% 0.0% Trump. While the market reaction has been minimal so far, it REITs Int'l DM Preferreds US Gov't US Lg Cap IG Corps -0.2% Value '-5.8 % 1.2% -0.1% Value -2.9 % -0.7% could capture more investor attention if upcoming hearings US Gov't US Lg Cap US Gov't MLPs Int'l DM Value US Lg Cap uncover more damaging evidence against the president. -0.3% Growth - 0.9% -0.2% '-4.1 % Growth -0.7% EM Loc Bond US Lg Cap Muni Bond Emerging Mkts Emerging Muni Bond For the most part, investors have taken these events in stride. -0.9% Value -6.4 % 0.4% -1.2% Mkts -4.9% -0.8% To be sure, interest rates have been more volatile. Escalating MLPs Emerging Sr Loans Int'l DM Value MLPs US Gov't trade tensions in August led investors to seek out safe-haven -1.3% Mkts -7.3% 0.2% '--2.2 % -5.5% -0.9% Source: Bloomberg, BAML, UBS. Returns as of 27 September 2019 assets, driving Treasury yields lower. The 10-year Treasury yield fell to a low of 1.46% in early September. But a series of Note: US Gov't – Bloomberg Barclays US Govt Index; Muni Bond – Bloomberg Bar- clays Muni Bond Index; IG Corporates – Bloomberg Barclays US Credit Index; High goodwill gestures between the US and China calmed investor Yield – Bloomberg Barclays US Corp High Yield Index; EM USD Bond - Bloomberg nerves and the Treasury yield snapped back to 1.9%, before Barclays EM USD Agg Index; EM Local Bond - Bloomberg Barclays EM Local Currency Gov't Index; Sr Loan – S&P / LSTA US Leveraged Loan 100 Index; REITs – FTSE NAREIT settling toward the 1.7% level. The conciliatory trade news Equity REIT Index; MLPs – Alerian MLP Index; Preferreds – ICE BofAML Core Plus helped drive stocks higher, although there were mixed signals Fixed Rate Preferred; US Large Cap Value – Russell 1000 Value Index; US Large Cap Growth – Russell 1000 Growth Index; Int'l Developed Market Value – MSCI EAFE in the final week of September. Still, stocks ended the month Value USD Index; Emerging Markets – MSCI Emerging Market Index. higher. Similarly, equity-based Yield & Income sectors per- formed well including value stocks and emerging market (EM) equity, while municipal and corporate bonds were weaker. At CIO, we are cautiously optimistic and believe that, while risks have risen, the US can avoid recession in 2020. Trade poli- cy could dampen the outlook if it were to include further esca- lation and more aggressive measures. Given the heightened risks to the global economy and markets, we are underweight equities, including a neutral view on US stocks. We favor US over international developed and EM stocks (see pages 10–12 for details). Importantly, we are not bearish and see cash as less attractive than other choices like Treasury Inflation Protected Securities (TIPS) and USD-denominated EM sovereign bonds (page 9). Overall, investors should remain fully engaged and invested. While we may have division and discord, the economy and markets could still advance as long as proceedings avoid disruption and disorder. 1 "Fed cuts rates amid lack of consensus," Rose, B., CIO Blog, 18 September 2019 CIO GWM 30 September 2019 3 Asset Allocation Commentary Jason Draho, PhD Waiting for direction As we assess what could happen to markets over the com- substantive in details. ing months, memories of what transpired in the final quarter The markets could look past the trade and political risks if of 2018 are still fresh. In late September 2018 the S&P 500 economic growth clearly started to accelerate, especially reached a new all-time high of 2,930 before the wheels outside the US. But that's unlikely as long as trade uncer- came off (Fig. 1). By 24 December the index was down tainty, which has already weighed heavily on manufacturing 20%, with only a post-Christmas rally limiting the damage activity, lingers. Last September manufacturing sentiment to a 14% decline for the fourth quarter. Since that 2018 was running at full steam based on the Institute for Supply high the S&P 500 has only returned 4% on a total return Management (ISM) survey (Fig.
Load more

Recommended publications
  • Information Asymmetry and the Protection of Ordinary Investors
    William & Mary Law School William & Mary Law School Scholarship Repository Faculty Publications Faculty and Deans 11-2019 Information Asymmetry and the Protection of Ordinary Investors Kevin S. Haeberle William & Mary Law School, [email protected] Follow this and additional works at: https://scholarship.law.wm.edu/facpubs Part of the Securities Law Commons Repository Citation Haeberle, Kevin S., "Information Asymmetry and the Protection of Ordinary Investors" (2019). Faculty Publications. 1954. https://scholarship.law.wm.edu/facpubs/1954 Copyright c 2019 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/facpubs Information Asymmetry and the Protection of Ordinary Investors Kevin S. Haeberle* To some, the reductions in information asymmetry provided by the main securities-specific disclosure, fraud, and insider-trading laws help ordinary investors in meaningful ways. To others, whatever their larger social value, such reductions do little, if anything for these investors. For decades, these two sides of this investor-protection divide have mostly talked past each other. This Article builds on economic theory to reveal something striking: The reductions in information asymmetry provided by the core securities laws likely impose a long-overlooked cost on buy-and-hold ordinary investors. More specifically, I explain why there is much reason to believe that the reductions take away investment return from these investors, while providing them with only limited benefits. Thus, the article presents a serious challenge to conventional wisdom on information asymmetry and the protection of ordinary investors, and argues in favor of a shift in investor-protection efforts away from the main securities laws and to areas of regulation that have received relatively little attention to date.
    [Show full text]
  • EFL-2019-6(2)-189-202.Pdf
    The Economics and Finance Letters 2019 Vol. 6, No.2, pp. 189-202 ISSN(e): 2312-430X ISSN(p): 2312-6310 DOI: 10.18488/journal.29.2019.62.189.202 © 2019 Conscientia Beam. All Rights Reserved. CAN SMALL-CAP ACTIVE FUNDS SUBSTANTIALLY OUTPERFORM THE MARKET OVER TIME? Higelin Brel Shanghai University, China. HAPPI ABSTRACT Article History The Efficient Market Hypothesis (EMF) persist that active management is useless and Received: 1 August 2019 that investors should rather adopt a passive investment strategy that is less expensive Revised: 6 September 2019 Accepted: 10 October 2019 and less risky. However, several previous pieces of literature in the small-cap industry Published: 12 November 2019 contrast this point of view. This paper investigates the risk and performance of small- cap equity funds in the USA markets over a ten-year period of 2009-2018. The study Keywords period is segmented into sub-investment horizons and the funds sampled are split by Small-cap stocks Mutual fund performance group of investment style. Our findings are twofold. Firstly, in contrary to the Excess return Efficiency Market Hypothesis (EMF) the size effect in small-stock markets could Efficient markets hypothesis Active management. indeed be a proxy of outperformance for active managers. Given that, top performers are observed among active growth funds. Secondly, surprisingly the great majority of JEL Classification: funds selected have managed to gradually generate a positive alpha meaning that active G11. management is not always pointless. Therefore, 56.67% of the whole sample has delivered consecutive excess returns over the three investment horizons and each fund within each investment style has outperformed the market at least once.
    [Show full text]
  • Lazard Ltd (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 23, 2014 Lazard Ltd (Exact name of registrant as specified in its charter) Bermuda (State or other jurisdiction of incorporation) 001-32492 98-0437848 (Commission (IRS Employer File Number) Identification No.) Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code 441-295-1422 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On October 23, 2014, Lazard Ltd (the “Company”) issued a press release announcing financial results for its third quarter ended September 30, 2014. A copy of the Company’s press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.
    [Show full text]
  • Nuveen Equity Funds for Investors Seeking Long-Term Capital Appreciation
    Mutual Funds Prospectus February 28, 2011, as supplemented March 2, 2011 Nuveen Equity Funds For investors seeking long-term capital appreciation. Share Class / Ticker Symbol Fund Name Class A Class B Class C Class R3 Class I Nuveen Equity Income Fund FFEIX FAEBX FFECX FEISX FAQIX Nuveen Large Cap Growth Opportunities Fund FRGWX FETBX FAWCX FLCYX FIGWX Nuveen Large Cap Select Fund FLRAX — FLYCX FLSSX FLRYX Nuveen Large Cap Value Fund FASKX FATBX FALVX FAVSX FSKIX Nuveen Mid Cap Growth Opportunities Fund FRSLX FMQBX FMECX FMEYX FISGX Nuveen Mid Cap Select Fund FATAX FITBX FTACX — FATCX Nuveen Mid Cap Value Fund FASEX FAESX FACSX FMVSX FSEIX Nuveen Small Cap Growth Opportunities Fund FRMPX FROBX FMPCX FMPYX FIMPX Nuveen Small Cap Select Fund EMGRX ARSBX FHMCX ASEIX ARSTX Nuveen Small Cap Value Fund FSCAX — FSCVX FSVSX FSCCX Nuveen Real Estate Securities Fund FREAX FREBX FRLCX FRSSX FARCX Nuveen Global Infrastructure Fund FGIAX — FGNCX FGNRX FGIYX Nuveen International Fund FAIAX FNABX FIACX ARQIX FAICX Nuveen International Select Fund ISACX — ICCSX ISRCX ISYCX Nuveen Equity Index Fund FAEIX FAEQX FCEIX FADSX FEIIX Nuveen Mid Cap Index Fund FDXAX — FDXCX FMCYX FIMEX Nuveen Small Cap Index Fund FMDAX — FPXCX ARSCX ASETX Nuveen Quantitative Large Cap Core Fund FQCAX — FQCCX — FQCYX Nuveen Tactical Market Opportunities Fund NTMAX — NTMCX — FGTYX As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the shares of these funds, or determined if the information in this prospectus is accurate or complete.
    [Show full text]
  • Nuveen Core Plus Impact Fund (NPCT1)
    Closed-End Funds NAV Pricing Nuveen Core Plus Impact Fund (NPCT1) ANTICIPATED OFFERING PERIOD: MARCH 26 – APRIL 27, 20212 A new closed-end fund offering designed for investors seeking: • Attractive total return potential from a primarily high quality portfolio • Income enhancing opportunities spanning the entire fixed income market • Investments with direct and measurable positive social and environmental impact • Active management leveraging Nuveen’s3 fixed income and impact investing expertise The Fund is newly organized and its common shares have no history of public trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value. The risk of loss due to this discount may be greater for investors who expect to sell their shares in a relatively short period after completion of the initial public offering. An investment in the Fund involves risk, is not appropriate for all investors and is not intended to be a complete investment program. Investors could lose some of all of their investment. Please see “Risks” in the back of this brochure and the preliminary prospectus. This brochure must be preceded or accompanied by the Fund’s preliminary prospectus. The information contained in this brochure and in the preliminary prospectus is not complete and may be changed. A registration statement (including a preliminary prospectus) relating to these securities has been filed with the Securities and Exchange Commission (SEC), but has not yet become effective. We may not sell these securities until the registration statement filed with the SEC is effective. Neither this brochure nor the preliminary prospectus is an offer to sell these securities and neither document is soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted.
    [Show full text]
  • Jay Alfirevic Is a Seasoned Healthcare Executive with 30 Years of Financial
    NATIONAL FEDERATION OF MUNICIPAL ANALYSTS 26TH ANNUAL CONFERENCE GRAND HYATT SEATTLE SEATTLE, WASHINGTON MAY 6-8, 2009 REGISTRATION LIST Andrew Ackerman Gregory Aikman Reporter VP The Bond Buyer BNY Mellon Wealth Management 1325 G St. NW, Ste 900 One Boston Place, 7th Floor 024-0071 Washington, DC 20005 Boston, MA 02108-4402 202-434-0302 (617) 722-7168 [email protected] [email protected] Johan Akesson Joan Allman Associate Porfolio Manager First Vice President Thrivent Financial Ambac Assurance Corporation 625 Fourth Avenue South, Mail Stop 1010 One State Street Plaza Minneapolis, MN 55415 New York, NY 10004 612 844-6841 (212) 208-3396 [email protected] [email protected] Cary Anderson Kendrick D. Anderson VP/Portfolio Dept. Director Short-Term Fixed Income Research Madison Capital Management Evergreen Investments 123 NW 13th St, Ste 214-07 3 Wachovia, 401 South Tryon St, Ste 300 Boca Raton, FL 33432 Charlotte, NC 28288-1934 561-447-4220 (704) 374-4569 [email protected] [email protected] Tamzin Anderson Sarrah Angelos Research Analyst Vice President Prime Advisors Columbia Management 22635 NE Marketplace Drive, Ste. 160 One Financial Center Redmond, WA 98053-5885 Boston, MA 2111 (425) 202-2055 617-772-3712 [email protected] [email protected] Aaron Applebaum Austin Applegate Research Analyst Vice President Capital Research Barclays Capital 11100 Santa Monica Blvd,. 15th Fl 745 Seventh Ave. Los Angeles, CA 90025 New York, NY 10019 310-996-6398 212-526-0751
    [Show full text]
  • Nwq Investment Management Company, Llc
    Form ADV Part 2A NWQ INVESTMENT MANAGEMENT COMPANY, LLC 2029 Century Park East 16th Floor Los Angeles, CA 90067-3120 (310) 712-4000 www.nwq.com March 31, 2021 This Brochure provides information about the qualifications and business practices of NWQ Investment Management Company, LLC. If you have any questions about the contents of this Brochure, please contact us at (310) 712-4000. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about NWQ Investment Management Company, LLC is available on the SEC’s website at www.adviserinfo.sec.gov. MATERIAL CHANGES There were no material changes to this Brochure dated March 31, 2021, from the last annual update dated March 30, 2020. This update contains additions, changes, and elaborations, including revisions to fees, policies, and affiliates, with enhancements and clarifications throughout. TABLE OF CONTENTS ITEM PAGE 4 ADVISORY BUSINESS ....................................................................................... 1 5 FEES AND COMPENSATION ............................................................................ 8 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT ................................................................................................. 13 7 TYPES OF CLIENTS .......................................................................................... 14 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS .............................................................................................................
    [Show full text]
  • Lessons from COVID-19: U.S. Municipal Bond Markets
    Lessons from COVID-19: U.S. Municipal Bond Market Barbara Novick Peter Hayes Kate Fulton Sean Carney Vice Chairman Head of Municipal Head of US Public Head of Municipal Bond Group Policy Strategy and Primary Markets, Global Fixed Income Group Michael Huang Rachel Barry Chen Ai Philip Sommer Risk & Quantitative Global Public Policy Risk & Quantitative Liquidity Research Analysis Group Group Analysis Group Group The U.S. municipal bond market came under pressure Typically, in periods of dislocation, the municipal market during the COVID-19 Crisis. This reflected both general can offer significant relative value to nontraditional market conditions and concerns about the finances of investors, which helps maintain market liquidity and can act municipalities in light of the impact of COVID-19 on both as a backstop to some degree on price decrease. During the revenues and expenses. The latter concern led to selling market pressure experienced in March and April 2020, pressure in both individual bonds and via redemptions from insurance companies, banks, hedge funds, and family municipal bond funds, which peaked in March 2020. More offices were buying municipal bonds, while individuals and recently, the municipal bond market has begun to mutual funds were selling them. In some cases, these normalize, which is most evident in supply-demand investors are taxable and are referred to as “crossover dynamics. In this ViewPoint, we explore various aspects of buyers,” as they compare taxable and tax-exempt bonds the U.S. municipal bond market ecosystem during the and may switch between these asset classes based on COVID-19 Crisis, the Federal response to provide market conditions and their outlook for future performance.
    [Show full text]
  • Scholars Choice Education Savings Plan®
    Scholars Choice Education Savings Plan® A Financial Professional-Sold Plan established under the CollegeInvest Section 529 College Savings Program Plan Description and Participation Agreement 19 Jul 2021 Trustee & Administrator: CollegeInvest Plan Manager: TIAA-CREF Tuition Financing, Inc. Distributor: Nuveen Securities, LLC Scholars Choice is a registered service mark of CollegeInvest. IMPORTANT NOTICES This Plan Description contains information to be considered in making a decision whether to participate in and contribute to the Scholars Choice Education Savings Plan (the “Plan”). Please keep this Plan Description and the attached Participation Agreement as part of your records. Investing is an important decision. You should read this Plan Description in its entirety before making an investment decision. You should rely only on the information contained in this Plan Description and the attached Participation Agreement. It gives you important information about the Plan and discusses the risks of investing, through the Plan, in the Scholars Choice Education Savings Trust (the “Trust”). No person is authorized to provide information that is different from the information contained in this Plan Description and the attached Participation Agreement. The information in this Plan Description is subject to change without notice. This Plan Description does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of a security in the Plan by any person, in any jurisdiction in which it is unlawful to make such an offer, solicitation or sale. Accounts in the Plan may only be established, and contributions to accounts may only be made, through financial intermediaries that have entered into a selling, service or similar agreement with Nuveen Securities, LLC, the primary distributor of interests in the Trust.
    [Show full text]
  • Institutional Real Estate, Inc. Global Investment Managers 2020 Special Report Institutional Real Estate, Inc
    Institutional Real Estate, Inc. Global Investment Managers 2020 Special Report Institutional Real Estate, Inc. Global Investment Managers 2020 Prepared by: Property funds research Warnford Court, 29 Throgmorton Street, London EC2N 2AT United Kingdom Phone: +44 (0)20-3026 3851 Fax: +44 (0)118-958 5849 www.propertyfundsresearch.com Institutional Real Estate, Inc. 2010 Crow Canyon Place, Suite 455 San Ramon, CA 94583 USA Phone: +1 925-244-0500 Fax: +1 925-244-0520 www.irei.com © 2020 Institutional Real Estate, Inc. All Rights Reserved Table of Contents: Survey highlights....................................................................................................................................................................... 1 Largest investment managers by region ............................................................................................................................. 3 Total assets rankings ................................................................................................................................................................ 4 Discretionary separate accounts ........................................................................................................................................ 12 Advisory separate accounts ................................................................................................................................................. 16 Indirect real estate vehicles ..............................................................................................................................................
    [Show full text]
  • NWQ Investment Management Company, LLC Form CRS - Customer Relationship Summary - March 31, 2021
    NWQ Investment Management Company, LLC Form CRS - Customer Relationship Summary - March 31, 2021 Introduction NWQ Investment Management Company, LLC (“NWQ”) is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser. Brokerage and investment advisory services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at www.Investor.gov/CRS, which also provides educational materials about broker- dealers, investment advisers, and investing. Throughout this document, you will find “conversation starters”. These are questions you may want to ask your financial professional in connection with the services you are seeking. What NWQ offers investment advisory services to retail clients directly and through managed account programs investment (“programs”), (wrap fee and dual contract) sponsored by broker-dealers and other financial intermediaries services and (“program sponsors”). Our investment advisory services are based on the particular investment strategy you advice can you select, subject to account restrictions and guidelines we agree to follow. A program sponsor’s program limits our provide me? menu of investment strategies. You and/or your program sponsor are responsible for determining if the strategy, services and program you select are appropriate given your overall financial situation and investment objectives, and for giving us any relevant account information and/or investment restrictions. You should review NWQ’s Form ADV 2A Brochure and/or wrap fee program sponsor’s brochure (if applicable), for your program and consider the advantages and disadvantages of the program for your particular needs. When we manage an account on a discretionary basis, we decide which securities to buy and sell for the strategy (subject to any restrictions and guidelines from you or your program sponsor we agree to follow) and we direct trading for your account.
    [Show full text]
  • INVESTMENT PERFORMANCE ANALYSIS Melissa Terry Town of Palm Beach Health Insurance Trust CLIENT SERVICE CONTACT [email protected]
    CONSULTING TEAM Sean Higman Jon Prime George Hauptfuhrer INVESTMENT ANALYST Michelle Tarr First Quarter 2016 PERFORMANCE ANALYST INVESTMENT PERFORMANCE ANALYSIS Melissa Terry Town of Palm Beach Health Insurance Trust CLIENT SERVICE CONTACT [email protected] GENERAL CONTACT 273 Corporate Drive, Suite 250 Portsmouth, NH 03801 P: 603.433.1143 F: 603.433.8661 www.primebuchholz.com ©Prime, Buchholz & Associates, Inc. Index • Market Environment • Total Fund Review – Total Fund Highlights – Segment Performance – Executive Summary – Asset Allocation – Plan Sponsor Peer Group Analysis – Schedule of Investable Assets – Liquidity Schedule – Operational Detail – Fee Schedule – Peer Performance Comparison • Exposures and Characteristics • Investment Detail – Performance Highlights – Manager Profiles – Historical Performance Town of Palm Beach Health Insurance Trust 2 0DUNHW(QYLURQPHQW 3 Global Economic Highlights First Quarter 2016 Sequential economic data, annualized, released in the first quarter of 2016 Unemployment across OECD countries was 6.5% at the end of February showed the U.S. economy grew 1.4% during the fourth quarter of 2015, a 2016. The euro area remained elevated at 10.3%, with Spain (20.4%), slowdown from the previously reported 2.0%. Compared to the prior Portugal (12.3%), and Italy (11.7%) showing improvements, but remaining period’s growth rate, China decelerated to 6.6% while Japan’s growth rate fell elevated. The lowest unemployment rates were generally outside of the to −1.1%. Europe (+1.3%) was fairly steady, with similar gains experienced euro area and included the U.S. (4.9%), Korea (4.1%), Mexico (4.2%), across France (+1.3%), Belgium (+1.3%), Austria (+1.2%), and Germany Japan (3.3%), and Iceland (3.1%).
    [Show full text]