DOCSLIB.ORG

(Soft Dollars) in Accordance with Section 28(E) of the Securities Exchange Act of 1934, As Amended

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
(Soft Dollars) in Accordance with Section 28(E) of the Securities Exchange Act of 1934, As Amended Third Party Research GSAM receives research services paid for with securities brokerage commissions (soft dollars) in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended. The services are received in connection with GSAM’s trading for all of its equity accounts and, thus, the value of the services cannot reasonably be allocated to any particular account. To the extent that any broker or research provider provides proprietary research, GSAM cannot place a value on that research, and the eligibility conditions for the proprietary research (other than the fact of using the provider’s services) are not shared with GSAM. In certain cases, GSAM has entered into commission sharing agreements with brokers and entities who provide research services (each, a “CSA Provider”). Listed below are the CSA Providers and the total amount of third party research credits received by GSAM from such entities during 2016. In other cases, entities provide research services but have not entered into commission sharing agreements with GSAM (each, a “Bundled Provider”). Also listed below are the Bundled Providers used by GSAM during 2016. If the entity providing third party research also provides proprietary research, the column “Provide Proprietary Research?” is marked “Yes.” Note that for 2017 and future years, different providers may be used than those shown below. Provide Provider Name Type Proprietary Research? AXA1 Bundled Yes BAIRD HOLDING COMPANY Bundled Yes BANK OF MONTREAL Bundled Yes CANACCORD GENUITY GROUP Bundled Yes INC. CANADIAN IMPERIAL BANK OF Bundled Yes COMMERCE CLARKSON CAPITAL MARKETS Bundled Yes LLC COWEN GROUP, INC. Bundled Yes CREDIT AGRICOLE SECURITIES 2 Bundled Yes (USA) INC. FBR & CO. Bundled Yes GOLDMAN SACHS GROUP, INC. 3 Bundled Yes (THE) GREEN STREET TRADING, LLC Bundled Yes INTERNATIONAL STRATEGY & Bundled Yes INVESTMENT GROUP LLC KEYCORP Bundled Yes LEERINK PARTNERS LLC Bundled Yes 1 AXA = Sanford Bernstein. 2 CREDIT AGRICOLE SECURITIES (USA) INC. = CLSA. 3 Note that GSAM uses The Goldman Sachs Group, Inc. to execute equities trades as agent on behalf of ERISA plan clients only if authorized under an applicable exemption under the Employee Retirement Income Security Act of 1974, as amended, including Prohibited Transaction Class Exemption 86-128, as amended. Provide Provider Name Type Proprietary Research? LEUCADIA NATIONAL 4 Bundled Yes CORPORATION MACQUARIE GROUP LIMITED Bundled Yes MIZUHO FINANCIAL GROUP, INC. Bundled Yes NOMURA HOLDINGS, INC. Bundled Yes OTR GLOBAL TRADING LLC Bundled Yes PIPER JAFFRAY COMPANIES Bundled Yes RAYMOND JAMES FINANCIAL, Bundled Yes INC. SAMMONS ENTERPRISES, INC.5 Bundled Yes SANDLER, O’NEILL & PARTNERS, Bundled Yes L.P. SI HOLDINGS INC.6 Bundled Yes STIFEL FINANCIAL CORP. Bundled Yes SUNTRUST BANKS, INC. Bundled Yes SUSQUEHANNA INTERNATIONAL Bundled Yes GROUP HOLDINGS, INC. TUDOR, PICKERING, HOLT & CO. Bundled Yes SECURITIES, INC. USCA SECURITIES LLC Bundled Yes WELLS FARGO & COMPANY Bundled Yes WILLIAM BLAIR & COMPANY, Bundled Yes L.L.C. Provide Research Provider Name Type Proprietary Credits Research? BANK OF AMERICA CSA Provider Yes $1,698,229 CORPORATION BARCLAYS PLC CSA Provider Yes $1,236,331 BLOOMBERG L.P. CSA Provider Yes $837,761 CITIGROUP INC. CSA Provider Yes $1,424,479 CREDIT SUISSE GROUP AG CSA Provider Yes $988,901 DEUTSCHE BANK CSA Provider Yes $611,897 AKTIENGESELLSCHAFT JPMORGAN CHASE & CO. CSA Provider Yes $1,722,155 LIQUIDNET HOLDINGS, INC. CSA Provider Yes $2,370,357 MORGAN STANLEY CSA Provider Yes $1,538,480 ROYAL BANK OF CANADA CSA Provider Yes $1,139,911 UBS GROUP AG CSA Provider Yes $932,528 Created: February 2017 4 LEUCADIA NATIONAL CORPORATION = Jefferies. 5 SAMMONS ENTERPRISES, INC. = Guggenheim Partners. 6 SI HOLDINGS INC. = Stephens & Co. 2 .
Load more

Recommended publications
  • June 1, 2018 PUBLIC
    June 1, 2018 COMMODITY FUTURES TRADING COMMISSION RULE 1.55(K): FCM-SPECIFIC DISCLOSURE DOCUMENT The Commodity Futures Trading Commission (Commission) requires each futures commission merchant (FCM), including HSBC Securities (USA) Inc. (“HSI”), to provide the following information to a customer prior to the time the customer first enters into an account agreement or deposits money or securities (funds) with HSI. Except as otherwise noted below, the information set out is as of June 30, 2017. HSI will update this information annually and as necessary to take account of any material change to its business operations, financial condition or other factors that HSI believes may be material to a customer’s decision to do business with HSI. Nonetheless, HSI’s business activities and financial data are not static and will change in non-material ways frequently throughout any 12-month period. HSBC Securities (USA) Inc. is a subsidiary of HSBC North America Holdings. Information that may be material with respect to HSI for purposes of the Commission’s disclosure requirements may not be material to HSBC North America Holdings for purposes of applicable securities laws. Firm Name and Address: HSBC Securities (USA) Inc., 452 5th Avenue New York N.Y. 10018, (212) 525-5000. Principals: Thierry Roland Thierry Roland is Group General Manager and Chief Executive Officer, HSBC Global Banking and Markets for the U.S, Canada and Latin America. Previous to his current role, Roland was Group Treasurer of HSBC Holdings plc from 2010 to April 2015. He has worked for HSBC and Crédit Commercial de France (which HSBC acquired in 2000) since 1988.
    [Show full text]
  • 2Q21 GS Earnings Release
    Second Quarter 2021 Earnings Results Media Relations: Andrea Williams 212-902-5400 Investor Relations: Carey Halio 212-902-0300 The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282 Second Quarter 2021 Earnings Results Goldman Sachs Reports Second Quarter Earnings Per Common Share of $15.02 and Increases the Quarterly Dividend to $2.00 Per Common Share “Our second quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities. While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic. But, as always, I am proud of the dedication and resilience of our people, who have worked tirelessly to help our clients navigate the ever-changing market environment.” - David M. Solomon, Chairman and Chief Executive Officer Financial Summary Net Revenues Net Earnings EPS 2Q $15.39 billion 2Q $5.49 billion 2Q $15.02 2Q YTD $33.09 billion 2Q YTD $12.32 billion 2Q YTD $33.64 Annualized ROE1 Annualized ROTE1 Book Value Per Share 2Q 23.7% 2Q 25.1% 2Q $264.90 2Q YTD 27.3% 2Q YTD 28.9% YTD Growth 12.2% NEW YORK, July 13, 2021 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $15.39 billion and net earnings of $5.49 billion for the second quarter ended June 30, 2021. Net revenues were $33.09 billion and net earnings were $12.32 billion for the first half of 2021. Diluted earnings per common share (EPS) was $15.02 for the second quarter of 2021 compared with $0.53 for the second quarter of 2020 and $18.60 for the first quarter of 2021, and was $33.64 for the first half of 2021 compared with $3.66 for the first half of 2020.
    [Show full text]
  • Blackstone, Goldman Lead $1.25B Bet on City Offices
    July 26, 2021 Link to Article Blackstone, Goldman lead $1.25B bet on city offices Blackstone Group Inc. and Goldman Sachs Group Inc. are leading financing for the $1.25 billion redevelopment of a 19th-century warehouse on Manhattan’s west side into a 21st-century office complex. The financing marks the largest construction deal so far this year in Manhattan, according to a statement Friday by L&L Holding Co. and Columbia Property Trust, developers of the Terminal Warehouse, which occupies an entire block in the West Chelsea neighborhood. The project is moving ahead without a major tenant at an uncertain time for New York’s office market. The city has a record amount of space available, and employees have been slow to return from pandemic work-from-home arrangements. Terminal Warehouse is south of Hudson Yards, where new skyscrapers have drawn major financial and technology tenants. “Our ability to secure financing in this current environment is both a testament to the merits of this project as well as a show of the investment community’s continued faith in the future of New York City’s economy,” Robert Lapidus, L&L’s chief investment officer, said in the statement. Blackstone’s real estate debt platform led the financing, with Goldman and KKR & Co. participating in $974 million of senior debt. Oaktree Capital Management led $274 million in junior mezzanine financing in partnership with Paramount Group. “This property is rich in history and we are excited to be part of another high-quality office addition to the growing Hudson Yards and broader west side area of Manhattan,” Michael Eglit, managing director in Blackstone’s Real Estate Debt Strategies group, said in an email.
    [Show full text]
  • DTC Participant Alphabetical Listing June 2019.Xlsx
    DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - June 30, 2019 PARTICIPANT ACCOUNT NAME NUMBER ABN AMRO CLEARING CHICAGO LLC 0695 ABN AMRO SECURITIES (USA) LLC 0349 ABN AMRO SECURITIES (USA) LLC/A/C#2 7571 ABN AMRO SECURITIES (USA) LLC/REPO 7590 ABN AMRO SECURITIES (USA) LLC/ABN AMRO BANK NV REPO 7591 ALPINE SECURITIES CORPORATION 8072 AMALGAMATED BANK 2352 AMALGAMATED BANK OF CHICAGO 2567 AMHERST PIERPONT SECURITIES LLC 0413 AMERICAN ENTERPRISE INVESTMENT SERVICES INC. 0756 AMERICAN ENTERPRISE INVESTMENT SERVICES INC./CONDUIT 7260 APEX CLEARING CORPORATION 0158 APEX CLEARING CORPORATION/APEX CLEARING STOCK LOAN 8308 ARCHIPELAGO SECURITIES, L.L.C. 0436 ARCOLA SECURITIES, INC. 0166 ASCENSUS TRUST COMPANY 2563 ASSOCIATED BANK, N.A. 2257 ASSOCIATED BANK, N.A./ASSOCIATED TRUST COMPANY/IPA 1620 B. RILEY FBR, INC 9186 BANCA IMI SECURITIES CORP. 0136 BANK OF AMERICA, NATIONAL ASSOCIATION 2236 BANK OF AMERICA, NA/GWIM TRUST OPERATIONS 0955 BANK OF AMERICA/LASALLE BANK NA/IPA, DTC #1581 1581 BANK OF AMERICA NA/CLIENT ASSETS 2251 BANK OF CHINA, NEW YORK BRANCH 2555 BANK OF CHINA NEW YORK BRANCH/CLIENT CUSTODY 2656 BANK OF MONTREAL, CHICAGO BRANCH 2309 BANKERS' BANK 2557 BARCLAYS BANK PLC NEW YORK BRANCH 7263 BARCLAYS BANK PLC NEW YORK BRANCH/BARCLAYS BANK PLC-LNBR 8455 BARCLAYS CAPITAL INC. 5101 BARCLAYS CAPITAL INC./LE 0229 BB&T SECURITIES, LLC 0702 BBVA SECURITIES INC. 2786 BETHESDA SECURITIES, LLC 8860 # DTCC Confidential (Yellow) DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - June 30, 2019 PARTICIPANT ACCOUNT NAME NUMBER BGC FINANCIAL, L.P. 0537 BGC FINANCIAL L.P./BGC BROKERS L.P. 5271 BLOOMBERG TRADEBOOK LLC 7001 BMO CAPITAL MARKETS CORP.
    [Show full text]
  • Joanne Choi Joins Lazard Asset Management As Chief Marketing Officer
    JOANNE CHOI JOINS LAZARD ASSET MANAGEMENT AS CHIEF MARKETING OFFICER NEW YORK, July 19, 2021 – Lazard Asset Management (LAM) announced today that Joanne Choi has joined the firm as a Managing Director and Chief Marketing Officer, effective immediately. Based in New York, Ms. Choi joins from Goldman Sachs Asset Management, where she was Head of Global Marketing. Ms. Choi is responsible for the firm‘s marketing efforts and brand strategy across its global Asset Management client base. She will drive commercial opportunities through strategic marketing communications programs. She will also partner closely with distribution to promote LAM’s investment solutions and insights, and oversee marketing operations to enhance client engagement opportunities. “With the evolving complexity of global capital markets and the growing diversity of our investment solutions, our marketing efforts require a heightened level of expertise, nimbleness and creativity,” said Nathan Paul, Chief Business Officer, LAM. “Joanne not only has the relevant experience, but she understands the intricacies of our business and ways to position our strategies to best meet the needs of our clients.” “This is a rare opportunity to further strengthen and develop a well-established, global brand,” said Joanne Choi, Chief Marketing Officer, LAM. “I am drawn to the culture and client-led approach of Lazard Asset Management and am looking forward to working with the team to enhance the client experience, with a clear focus on lead and revenue generation.” Prior to joining LAM, Ms. Choi served 18 years with Goldman Sachs Asset Management, where she held a number of high-profile global marketing roles, including Head of Americas Marketing and Head of Americas Institutional Marketing.
    [Show full text]
  • Including League Tables of Financial Advisors
    An Acuris Company Finding the opportunities in mergers and acquisitions Global & Regional M&A Report 2019 Including League Tables of Financial Advisors mergermarket.com An Acuris Company Content Overview 03 Global 04 Global Private Equity 09 Europe 14 US 19 Latin America 24 Asia Pacific (excl. Japan) 29 Japan 34 Middle East & Africa 39 M&A and PE League Tables 44 Criteria & Contacts 81 mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 2019 Global Overview Regional M&A Comparison North America USD 1.69tn 1.5% vs. 2018 Inbound USD 295.8bn 24.4% Outbound USD 335.3bn -2.9% PMB USD 264.4bn 2.2x Latin America USD 85.9bn 12.5% vs. 2018 Inbound USD 56.9bn 61.5% Outbound USD 8.9bn 46.9% EMU USD 30.6bn 37.4% 23.1% Europe USD 770.5bn -21.9% vs. 2018 50.8% 2.3% Inbound USD 316.5bn -30.3% Outbound USD 272.1bn 28.3% PMB USD 163.6bn 8.9% MEA USD 141.2bn 102% vs. 2018 Inbound USD 49.2bn 29% Outbound USD 22.3bn -15.3% Ind. & Chem. USD 72.5bn 5.2x 4.2% 17% 2.6% APAC (ex. Japan) USD 565.3bn -22.5% vs. 2018 Inbound USD 105.7bn -14.8% Outbound USD 98.9bn -24.5% Ind. & Chem. USD 111.9bn -5.3% Japan USD 75.4bn 59.5% vs. 2018 Inbound USD 12.4bn 88.7% Global M&A USD 3.33tn -6.9% vs. 2018 Outbound USD 98.8bn -43.6% Technology USD 21.5bn 2.8x Cross-border USD 1.27tn -6.2% vs.
    [Show full text]
  • Effective May 07, 2021
    CASH & BANKING LPL Financial Insured Cash Account (ICA): Current Priority Bank List Retail Accounts Effective May 07, 2021 ABOUT THE PRIORITY BANK LIST (PBL) The Priority Bank List is a list of available Banks into which your funds may be deposited and is available from your financial advisor and on lplfinancial.lpl.com/disclosures. The Banks appear in columns by state or region. In the column under your applicable state or region are multiple Banks in the order in which your funds will be allocated. The last banks on the list are “Excess Banks” and are noted as such. For all other banks on the PBL except these Excess Banks, LPL Financial as your agent will ensure that your ICA sweep deposits do not exceed the $250,000 (or $500,000 for joint accounts) FDIC-defined ownership category limits. For the Excess Banks, your funds may be deposited without consideration of the $250,000 and $500,000 limits. However, this will only be done when there is insufficient capacity in other Banks on the PBL to take your assets and not break through the $250,000 and $500,000 limits and is meant to be temporary in nature. You may not change the order of the Banks on the PBL. However, you may, at any time, designate a Bank as ineligible to receive your funds. This will result in your funds not being deposited into this bank or if already there, we will remove your funds from that Bank and designate the Bank as ineligible to receive future deposits. Unless you direct us to place your funds in a different investment, your funds from eliminated Banks will be deposited at the first available Bank set forth on the Priority Bank List, as amended by you.
    [Show full text]
  • Relationship with Goldman Sachs Private Wealth Management
    Relationship with Goldman Sachs Private Wealth Management June 2021 YOUR RELATIONSHIP WITH GOLDMAN SACHS PRIVATE WEALTH MANAGEMENT JUNE 2021 At Goldman Sachs, we understand that relationships are built, not transacted. Handling wealth is complicated and we seek to listen to and understand your situation as part of our relationship with you. We recognize that decisions made when choosing a private wealth adviser set the foundation for decades of creating and preserving wealth. The services offered through your relationship with Goldman Sachs Private Wealth Management are designed to assist you in dealing with the complexities of wealth. Each client’s circumstance is unique, as is their solution. An important step in the process is understanding the services we provide and the related fee structures. We intend for this brochure to explain the scope of services we provide, the standard of care we observe with respect to such services, how we work with you to select services that suit your needs, and our compensation for the investments and services we offer. This brochure also includes disclosure of certain conflicts of interest. Please contact your Goldman Sachs team with any questions you may have. Goldman Sachs Private Wealth Management | 2 YOUR RELATIONSHIP WITH GOLDMAN SACHS PRIVATE WEALTH MANAGEMENT JUNE 2021 Relationship with Goldman Sachs Private Wealth Management (“PWM”) Goldman Sachs & Co. LLC (“GS&Co.”) is providing this description of our services and relationships with you because you will be best served by having a clear understanding of how we work together, the services we offer, the applicable standards of care to such services, the capacities in which we act and the fees and other amounts we charge for services.
    [Show full text]
  • J.P. Morgan Piper Sandler Stifel
    Table of Contents Filed Pursuant to Rule 424(b)(4) Registration No. 333-239651 Prospectus 11,000,000 shares Common stock This is an initial public offering of shares of common stock by Nurix Therapeutics, Inc. We are offering 11,000,000 shares of our common stock. The initial public offering price is $19.00 per share. Prior to this offering, there has been no market for our common stock. We have been approved to list our common stock on the Nasdaq Global Market under the symbol “NRIX.” We are an “emerging growth company” and a “smaller reporting company” as those terms are defined under federal securities laws and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. Per share Total Initial public offering price $ 19.00 $ 209,000,000 Underwriting discounts and commissions(1) $ 1.33 $ 14,630,000 Proceeds to Nurix Therapeutics, Inc., before expenses $ 17.67 $ 194,370,000 (1) See the section titled “Underwriting” for a description of the compensation payable to the underwriters. We have granted the underwriters an option for a period of 30 days after the date of this prospectus to purchase up to 1,650,000 additional shares of common stock at the initial public offering price, less the underwriting discount. Investing in our common stock involves a high degree of risk. See the section titled “Risk factors” beginning on page 12 of this prospectus. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed on the adequacy or accuracy of this prospectus.
    [Show full text]
  • Investment Banking
    Investment Banking Gregg Lemkau January 29, 2020 What Drives Our Success Trusted Advisor of Choice #1 Investment Bank World-Class Talent and Culture in the world1, built through Unparalleled Brand of decades of investment in Excellence people, clients and culture Highest-Quality Execution Global Scale and Reach 1 Leadership Reinforced by Breadth, Depth and Consistency Global League Table Ranking1 2010 2019 Industrials #2 Announced M&A #1 Tech, Media and #1 Completed M&A #1 Telecom Financial Institutions Equity Underwriting >10,000 #2 #1 Real Clients #2 Common Stock Offerings #1 Estate Covered Natural #6 High-Yield Debt #2 Resources Healthcare #6 Institutional Loans #2 Public Sector Consumer Investment-Grade and #6 Debt ($+€) #6 Gov. 2 Global Scale and Leadership Drive Opportunity >3,000 Bankers in 43 Offices Americas APAC >6,000 Clients >1,700 Bankers >1,000 Clients >450 Bankers #1 #1 #2 #1 #1 #2 Announced Completed Equity Announced Completed Equity M&A M&A Underwriting M&A M&A Underwriting EMEA >3,000 Clients >850 Bankers #1 #1 #2 Announced Completed Equity M&A M&A Underwriting 3 Broad Sector Leadership and Deep Expertise Consumer and Retail Real Estate Tech, Media and Telecom Financial Institutions #1 #1 #2 #1 #1 #2 #1 #1 #2 #1 #1 #1 Announced Completed Equity Announced Completed Equity Announced Completed Equity Announced Completed Equity M&A M&A Underwriting M&A M&A Underwriting M&A M&A Underwriting M&A M&A Underwriting Natural Resources Healthcare Industrials #1 #1 #2 #2 #1 #2 #1 #1 #1 Announced Completed Equity Announced Completed
    [Show full text]
  • Document Relates To: ALL ACTIONS ———— REPORT of PAUL GOMPERS, Ph.D
    No. 20-222 In the Supreme Court of the United States GOLDMAN SACHS GROUP, INC., ET AL., PETITIONERS v. ARKANSAS TEACHER RETIREMENT SYSTEM, ET AL. ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT JOINT APPENDIX (VOLUME 2; PAGES 401-804) KANNON K. SHANMUGAM THOMAS C. GOLDSTEIN PAUL, WEISS, RIFKIND, GOLDSTEIN & RUSSELL, P.C. WHARTON & GARRISON LLP 7475 Wisconsin Avenue 2001 K Street, N.W. Suite 850 Washington, DC 20006 Bethesda, MD 20814 (202) 223-7300 (202) 362-0636 [email protected] [email protected] Counsel of Record Counsel of Record for Petitioners for Respondents PETITION FOR A WRIT OF CERTIORARI FILED: AUGUST 21, 2020 CERTIORARI GRANTED: DECEMBER 11, 2020 TABLE OF CONTENTS Page VOLUME 1 Court of appeals docket entries (No. 18-3667) ................... 1 Court of appeals docket entries (No. 16-250) ..................... 5 District court docket entries (No. 10-3461) ........................ 8 Goldman Sachs 2007 Form 10-K: Conflicts Warning (D. Ct. Dkt. No. 78-6) .................................................... 23 Goldman Sachs 2007 Annual Report: Business Principles (D. Ct. Dkt. No. 143-16) ............................. 30 Financial Times, Markets & Investing, “Goldman’s risk control offers right example of governance,” Dec. 5, 2007 (D. Ct. Dkt. No. 193-20) .......................... 34 Dow Jones Business News, “13 Reasons Bush’s Bailout Won’t Stop Recession,” Dec. 11, 2007 (D. Ct. Dkt. No. 170-24) ................................................ 37 The Wall Street Journal, “How Goldman Won Big on Mortgage Meltdown,” Dec. 14, 2007 (front page) (D. Ct. Hearing Ex. T) ....................................... 42 The New York Times, Off the Shelf, “Economy’s Loss Was One Man’s Gain,” Dec.
    [Show full text]
  • Seeking an Alternative
    Seeking an Alternative Understanding and Allocating to Alternative Investments Alts Lab Seeking an Alternative: Understanding and Allocating to Alternative Investments 3 Seeking an Alternative Understanding and Allocating to Alternative Investments Summary In this paper we look at some of the forces that may be inclining individual investors to incorporate “alternative” investments in their portfolio, and then offer some general allocation suggestions on how they may do so. We think there are several compelling reasons why investors are considering “alts.” While the century is young we’ve already had two severe market declines, and two long, painful recoveries. The result is a world with lower growth, a good deal of uncertainty, and the feeling that traditional investment options alone may not suffice. We believe some investors are seeking alternative investments to find yield, some for higher returns, or protection from rising rates, or a haven against market volatility—or any combination of the above. Unfortunately there’s no standard approach or “style box” to guide investors on how to reach their goals with alternative investments. We offer up a framework to address this gap. Seeking an Alternative: Understanding and Allocating to Alternative Investments 5 Investor PTSD: Laboring to Forget the Turbulent “Aughts” Let’s look at some of the realities of investing today The display shows that, for U.S. equities, the which are driving investors to consider “alts.” number of days when markets moved 3% or more reached a peak of 95 in the last decade First, volatility has changed—and has changed (the tall grey bar), versus 81 episodes in us.
    [Show full text]