- The document provides monthly, quarterly, annual, and long-term performance data for major US and international indices from 2015-2016.
- In December 2015, the S&P 500 rose 1.38% while most other US indices fell, and international indices like the MSCI Emerging Markets fell over 16%.
- Over the past year, five years, and longer periods, US indices generally saw returns of 1-2% annually while international indices saw lower or negative returns.
- Sector performance varied significantly with utilities falling nearly 5% in December but rising over 6% in the past year, while growth stocks outperformed value.
The document provides steps for learning to invest with confidence. It outlines 5 steps: 1) start with your goals, 2) develop a diversified investment program, 3) understand your risk tolerance, 4) give your investments time to grow, and 5) let your progress build on itself through reinvestment. The document emphasizes the importance of diversification, asset allocation based on risk tolerance, maintaining a long-term perspective, and working with financial experts for guidance.
The document provides 5 investing principles based on a presentation about lessons learned. Principle 1 discusses that every investment has risks, even cash, as investors flocked to cash during volatile periods but it provided little return over the long run after accounting for inflation. Principle 2 notes that while most asset classes declined in 2008, a diversified portfolio still worked over the full market cycle from 2000-2009. Principle 3 explains that not all bonds or bond funds perform the same way. Principle 4 asserts that stocks have generally outperformed over the long run. Principle 5 advocates for including international stocks rather than avoiding foreign markets.
Goldmoney Investor Presentation February 2021Goldmoney Inc.
This document contains an investor presentation for Goldmoney Inc. It discusses Goldmoney's mission to build a safe financial service focused on precious metals and its subsidiaries that help broaden access to physical gold. Goldmoney follows a return on metal weight model where its precious metal position grows over time as the business earns metals. Recent financial highlights show increasing revenue, profits, and client assets under custody. The corporate metal position reached a record high.
The document provides an overview of market volatility and downturns. It discusses how declines are normal aspects of the market cycle and outlines historical data on the average length and frequency of different types of declines. It also notes that expansions have typically lasted longer than recessions throughout history.
Goldmoney investor presentation November 2020Goldmoney Inc.
Goldmoney Inc. is a precious metals focused financial services company. It provides online precious metals custody and trading services through its Goldmoney Holding platform. The company reported record quarterly revenue and net income in Q2 2021, driven by strong growth across its business lines including Goldmoney.com, SchiffGold, and its investment in Menē Inc. Goldmoney has a global network of vaults storing over $2.5 billion in client assets and pursues a business model that aims to generate returns through accumulating precious metals over time.
This document summarizes research on the momentum factor in equities. It finds that stocks with strong recent performance tend to continue outperforming, known as the momentum effect. The biggest challenge for capturing momentum is its high inherent turnover. Using optimization in portfolio construction can successfully capture momentum while controlling turnover. Adding momentum to portfolios with other factors like value provides diversification benefits due to its negative correlation with value.
- The document discusses historical data on bear markets, corrections, and business cycles since the late 19th century. It finds that on average, corrections occur every 2.9 years with a 12.3% loss, while bear markets occur every 5.1 years with a 36.3% average loss.
- It also examines stock market performance around recessions and recoveries, finding that stocks typically bottom 1-7 months before the economy and that recoveries are "front loaded" in the first year after a recession low.
- The document advocates diversification and asset allocation as ways to reduce risk and increase returns, citing data showing portfolios with a mix of stocks and bonds experienced higher returns and lower volatility than 100
The document provides steps for learning to invest with confidence. It outlines 5 steps: 1) start with your goals, 2) develop a diversified investment program, 3) understand your risk tolerance, 4) give your investments time to grow, and 5) let your progress build on itself through reinvestment. The document emphasizes the importance of diversification, asset allocation based on risk tolerance, maintaining a long-term perspective, and working with financial experts for guidance.
The document provides 5 investing principles based on a presentation about lessons learned. Principle 1 discusses that every investment has risks, even cash, as investors flocked to cash during volatile periods but it provided little return over the long run after accounting for inflation. Principle 2 notes that while most asset classes declined in 2008, a diversified portfolio still worked over the full market cycle from 2000-2009. Principle 3 explains that not all bonds or bond funds perform the same way. Principle 4 asserts that stocks have generally outperformed over the long run. Principle 5 advocates for including international stocks rather than avoiding foreign markets.
Goldmoney Investor Presentation February 2021Goldmoney Inc.
This document contains an investor presentation for Goldmoney Inc. It discusses Goldmoney's mission to build a safe financial service focused on precious metals and its subsidiaries that help broaden access to physical gold. Goldmoney follows a return on metal weight model where its precious metal position grows over time as the business earns metals. Recent financial highlights show increasing revenue, profits, and client assets under custody. The corporate metal position reached a record high.
The document provides an overview of market volatility and downturns. It discusses how declines are normal aspects of the market cycle and outlines historical data on the average length and frequency of different types of declines. It also notes that expansions have typically lasted longer than recessions throughout history.
Goldmoney investor presentation November 2020Goldmoney Inc.
Goldmoney Inc. is a precious metals focused financial services company. It provides online precious metals custody and trading services through its Goldmoney Holding platform. The company reported record quarterly revenue and net income in Q2 2021, driven by strong growth across its business lines including Goldmoney.com, SchiffGold, and its investment in Menē Inc. Goldmoney has a global network of vaults storing over $2.5 billion in client assets and pursues a business model that aims to generate returns through accumulating precious metals over time.
This document summarizes research on the momentum factor in equities. It finds that stocks with strong recent performance tend to continue outperforming, known as the momentum effect. The biggest challenge for capturing momentum is its high inherent turnover. Using optimization in portfolio construction can successfully capture momentum while controlling turnover. Adding momentum to portfolios with other factors like value provides diversification benefits due to its negative correlation with value.
- The document discusses historical data on bear markets, corrections, and business cycles since the late 19th century. It finds that on average, corrections occur every 2.9 years with a 12.3% loss, while bear markets occur every 5.1 years with a 36.3% average loss.
- It also examines stock market performance around recessions and recoveries, finding that stocks typically bottom 1-7 months before the economy and that recoveries are "front loaded" in the first year after a recession low.
- The document advocates diversification and asset allocation as ways to reduce risk and increase returns, citing data showing portfolios with a mix of stocks and bonds experienced higher returns and lower volatility than 100
Under Armour reported revenue growth of 28.5% in 2015 compared to 2014, driven by increases in apparel, footwear, and connected fitness sales. Gross profit increased by 26.01% but gross margin declined slightly due to currency impacts and increased costs. Operating expenses grew 28.66% due to higher marketing costs for sponsorships. Net income increased by 11.79% despite the margin declines and expense growth, showing continued strong overall financial performance.
This document provides an overview of retirement planning and investment strategies. It discusses key principles such as inflation, taxes, rates of return, risk, time, diversification, balance, and asset allocation. Historical data on inflation and market returns are presented to illustrate the importance of these principles. The summary also provides hypothetical retirement cash flow projections and portfolio performance data under different investment strategies and asset allocations. Overall, the document emphasizes the need for individuals to develop a customized retirement plan that takes into account their unique financial goals, situation, and risk tolerance.
The document discusses key considerations for retirement planning including assessing lifestyle needs and goals, understanding investment risks in retirement, ensuring adequate income and managing assets appropriately. It emphasizes creating a financial plan, diversifying investments, rebalancing portfolios over time and avoiding emotional reactions to market volatility to achieve retirement objectives.
Six Sigma is a data-driven approach to reducing process variation and improving quality. It aims for 99.99966% perfection by identifying and eliminating defects. The Six Sigma investment process focuses on reducing investment variation to produce consistent, predictable returns for investors. It uses risk analysis, measuring risk-return relationships and consistency to validate investment strategies that meet expectations over the long run.
State Bank of India: Absolute valuations, accumulate - Prabhudas LilladherIndiaNotes.com
Absolute valuations at 1.1x Sep-15 book may not look undemanding but SBI’s premium valuations gap with BOB/PNB has narrowed and with some improvement in asset quality in 1H15 there could possibly be a increase in valuation premium again. Accumulate
The document provides an introduction to investing and stock markets. It discusses the importance of investing to combat inflation, create wealth, and meet financial goals. The main asset classes for investment are fixed income instruments, equity, real estate, and commodities. Equity typically provides the highest returns over the long term, while fixed income offers more stability but lower returns. Diversifying investments across different asset classes based on one's risk tolerance is recommended. The document also outlines some key factors to consider before investing such as the relationship between risk and return.
The document provides an introduction to investing and stock markets. It discusses the importance of investing to fight inflation, create wealth, and meet financial goals. The main asset classes for investment are fixed income instruments, equity, real estate, and commodities. Equity typically provides the highest returns over the long term, while fixed income offers more stability but lower returns. Diversifying investments across different asset classes based on one's risk tolerance is recommended. The document also outlines some key factors to consider before investing such as the relationship between risk and return.
This document provides information about an upcoming seminar on retirement investing mistakes. It includes sample testimonials, biographies of presenters, descriptions of the company and services provided, comparisons of services to other advisors, questions that will be addressed, and a list of documents attendees should bring. The goal is to provide attendees with essential information about the seminar topics and presenters, demonstrate the value provided by the company's services, and be prepared to discuss retirement planning strategies and documents.
John Banos analyzed the strong profit growth of Australian listed companies in FY04. He summarized the latest profit results of QBE Insurance, Woolworths, Commonwealth Bank, and Telstra. QBE and Woolworths showed strong insurance profit and earnings growth respectively. Commonwealth Bank's earnings growth was modest and its Colonial acquisition expensive. Telstra's profit was unchanged from 3 years prior despite appearances of growth.
Combining unconstrained and tactical investment strategies to seek hedging, equity-like, and absolute-return style investment exposure.
Explores how to combine tactical equity, minimum volatility, managed futures, risk parity, and other approaches.
The document discusses six common mistakes that retirees make with their finances, including not understanding risks, having the wrong time horizon, failing to understand stocks and fees, and mistakes with RRIFs. It also discusses longevity increasing and aging populations. Later it discusses risks, long term care, and being prepared for the future. Overall it provides information on financial planning issues for retirees.
The document provides a summary of global and Asian stock market performance and Indian market outlook. It also recommends two stocks, EROSMEDIA and TRITURBINE, for buying based on technical analysis showing bullish patterns and indicators. A list of companies reporting earnings is also included.
The document provides a summary of US, Asian, and Indian markets. It notes that declines in energy and financial stocks weighed on the S&P 500, while the Nasdaq reached a record high. In Asian markets, shares opened lower following declines in the Dow and a plunge in oil prices. It also provides short updates on various Indian companies and proposed partnerships. Technical analyses are given for two stocks, GSFC and ADANITRANS, recommending buy ranges and price targets.
The document discusses the importance for retirees and income investors to understand the difference between yield and return when investing for income. It explains that yield refers to the cash generated from an investment, while return includes changes in the value of the capital. The document cautions that investors need to ensure the income withdrawn from investments is actual cash generated rather than a return of capital, and that liquidity is available when needed. It provides a real estate example to illustrate how yield and return can differ, and stresses the importance of protecting long-term financial well-being.
JM Financial's loan against property is designed to meet the financial needs of a person to get loan at low interest to meet your current financial requirements. To know more about availing loan against property click jmfl.com
Systemic Risk in the Asset Management Industry - Michael Mendelson, Principal, AQR Capital Management
Presented at the AQR Asset Management Institute conference, Perspectives: Systemic Risk in Asset Management held on 26 April 2017 at London Business School.
Working the Science and Regulations Harder to Win Your Drug and Device CasesSara Dunlap
This webinar will teach critical scientific principles related to the regulatory framework as they pertain to drug and medical device litigation for seasoned in house and outside counsel alike. Examples of topics that will be covered include safety signaling and pharmacovigilance, epidemiological and randomized controlled trial study design, risk management principles, causality assessment, and the strategic role of regulatory guidelines and compliance.
Adam K. Treiger concentrates his practice on complex employment and business law counseling and litigation. He helps guide organizations through legal issues and represents them in court, administrative, or arbitration settings regarding claims like wage/hour, discrimination, harassment and wrongful termination disputes. He also handles business transactions like drafting agreements and forming business entities. Treiger is passionate about using the law as an effective way to resolve civil disputes.
Donald Miod oversees accounting, tax and litigation services at Miod and Company, LLP. He has extensive experience with asset tracing models, certifications, publications and speaking engagements. Beyond his skills, Miod is committed to his profession and community through various volunteer roles and memberships in professional associations
The document provides an overview and analysis of Abercrombie & Fitch Co. It outlines the company's brands, operations in 1039 stores worldwide, and 80,100 employees. A history of the company from 1892 to present day is given. Main competitors are identified as American Eagle, The Gap, and others. A SWOT analysis examines strengths like brand portfolio but also weaknesses like low inventory turnover. Unique marketing strategies involving brand representatives, catalogs, and provocative store environments are discussed. Expansion and maintaining controversy are recommended.
Morgan Stanley's Commercial Real Estate Lending Group originates commercial real estate loans between $5 million and $1 billion across several major US cities. Over the past 20 years, the group has originated over $150 billion in commercial real estate loans. The loans are subject to Morgan Stanley Bank's underwriting standards and approval processes.
The document provides a history of McDonald's corporation from its founding in 1940 by brothers Richard and Maurice McDonald in San Bernardino, California. It then outlines key events and expansions in McDonald's timeline from 1954 when Ray Kroc became the first franchisee, to the company becoming a global brand with over 34,000 locations in 119 countries by 2013. The document also includes McDonald's corporate objectives, a SWOT analysis, information on locations and revenues in Pakistan, and the products available in Pakistani McDonald's restaurants.
Under Armour reported revenue growth of 28.5% in 2015 compared to 2014, driven by increases in apparel, footwear, and connected fitness sales. Gross profit increased by 26.01% but gross margin declined slightly due to currency impacts and increased costs. Operating expenses grew 28.66% due to higher marketing costs for sponsorships. Net income increased by 11.79% despite the margin declines and expense growth, showing continued strong overall financial performance.
This document provides an overview of retirement planning and investment strategies. It discusses key principles such as inflation, taxes, rates of return, risk, time, diversification, balance, and asset allocation. Historical data on inflation and market returns are presented to illustrate the importance of these principles. The summary also provides hypothetical retirement cash flow projections and portfolio performance data under different investment strategies and asset allocations. Overall, the document emphasizes the need for individuals to develop a customized retirement plan that takes into account their unique financial goals, situation, and risk tolerance.
The document discusses key considerations for retirement planning including assessing lifestyle needs and goals, understanding investment risks in retirement, ensuring adequate income and managing assets appropriately. It emphasizes creating a financial plan, diversifying investments, rebalancing portfolios over time and avoiding emotional reactions to market volatility to achieve retirement objectives.
Six Sigma is a data-driven approach to reducing process variation and improving quality. It aims for 99.99966% perfection by identifying and eliminating defects. The Six Sigma investment process focuses on reducing investment variation to produce consistent, predictable returns for investors. It uses risk analysis, measuring risk-return relationships and consistency to validate investment strategies that meet expectations over the long run.
State Bank of India: Absolute valuations, accumulate - Prabhudas LilladherIndiaNotes.com
Absolute valuations at 1.1x Sep-15 book may not look undemanding but SBI’s premium valuations gap with BOB/PNB has narrowed and with some improvement in asset quality in 1H15 there could possibly be a increase in valuation premium again. Accumulate
The document provides an introduction to investing and stock markets. It discusses the importance of investing to combat inflation, create wealth, and meet financial goals. The main asset classes for investment are fixed income instruments, equity, real estate, and commodities. Equity typically provides the highest returns over the long term, while fixed income offers more stability but lower returns. Diversifying investments across different asset classes based on one's risk tolerance is recommended. The document also outlines some key factors to consider before investing such as the relationship between risk and return.
The document provides an introduction to investing and stock markets. It discusses the importance of investing to fight inflation, create wealth, and meet financial goals. The main asset classes for investment are fixed income instruments, equity, real estate, and commodities. Equity typically provides the highest returns over the long term, while fixed income offers more stability but lower returns. Diversifying investments across different asset classes based on one's risk tolerance is recommended. The document also outlines some key factors to consider before investing such as the relationship between risk and return.
This document provides information about an upcoming seminar on retirement investing mistakes. It includes sample testimonials, biographies of presenters, descriptions of the company and services provided, comparisons of services to other advisors, questions that will be addressed, and a list of documents attendees should bring. The goal is to provide attendees with essential information about the seminar topics and presenters, demonstrate the value provided by the company's services, and be prepared to discuss retirement planning strategies and documents.
John Banos analyzed the strong profit growth of Australian listed companies in FY04. He summarized the latest profit results of QBE Insurance, Woolworths, Commonwealth Bank, and Telstra. QBE and Woolworths showed strong insurance profit and earnings growth respectively. Commonwealth Bank's earnings growth was modest and its Colonial acquisition expensive. Telstra's profit was unchanged from 3 years prior despite appearances of growth.
Combining unconstrained and tactical investment strategies to seek hedging, equity-like, and absolute-return style investment exposure.
Explores how to combine tactical equity, minimum volatility, managed futures, risk parity, and other approaches.
The document discusses six common mistakes that retirees make with their finances, including not understanding risks, having the wrong time horizon, failing to understand stocks and fees, and mistakes with RRIFs. It also discusses longevity increasing and aging populations. Later it discusses risks, long term care, and being prepared for the future. Overall it provides information on financial planning issues for retirees.
The document provides a summary of global and Asian stock market performance and Indian market outlook. It also recommends two stocks, EROSMEDIA and TRITURBINE, for buying based on technical analysis showing bullish patterns and indicators. A list of companies reporting earnings is also included.
The document provides a summary of US, Asian, and Indian markets. It notes that declines in energy and financial stocks weighed on the S&P 500, while the Nasdaq reached a record high. In Asian markets, shares opened lower following declines in the Dow and a plunge in oil prices. It also provides short updates on various Indian companies and proposed partnerships. Technical analyses are given for two stocks, GSFC and ADANITRANS, recommending buy ranges and price targets.
The document discusses the importance for retirees and income investors to understand the difference between yield and return when investing for income. It explains that yield refers to the cash generated from an investment, while return includes changes in the value of the capital. The document cautions that investors need to ensure the income withdrawn from investments is actual cash generated rather than a return of capital, and that liquidity is available when needed. It provides a real estate example to illustrate how yield and return can differ, and stresses the importance of protecting long-term financial well-being.
JM Financial's loan against property is designed to meet the financial needs of a person to get loan at low interest to meet your current financial requirements. To know more about availing loan against property click jmfl.com
Systemic Risk in the Asset Management Industry - Michael Mendelson, Principal, AQR Capital Management
Presented at the AQR Asset Management Institute conference, Perspectives: Systemic Risk in Asset Management held on 26 April 2017 at London Business School.
Working the Science and Regulations Harder to Win Your Drug and Device CasesSara Dunlap
This webinar will teach critical scientific principles related to the regulatory framework as they pertain to drug and medical device litigation for seasoned in house and outside counsel alike. Examples of topics that will be covered include safety signaling and pharmacovigilance, epidemiological and randomized controlled trial study design, risk management principles, causality assessment, and the strategic role of regulatory guidelines and compliance.
Adam K. Treiger concentrates his practice on complex employment and business law counseling and litigation. He helps guide organizations through legal issues and represents them in court, administrative, or arbitration settings regarding claims like wage/hour, discrimination, harassment and wrongful termination disputes. He also handles business transactions like drafting agreements and forming business entities. Treiger is passionate about using the law as an effective way to resolve civil disputes.
Donald Miod oversees accounting, tax and litigation services at Miod and Company, LLP. He has extensive experience with asset tracing models, certifications, publications and speaking engagements. Beyond his skills, Miod is committed to his profession and community through various volunteer roles and memberships in professional associations
The document provides an overview and analysis of Abercrombie & Fitch Co. It outlines the company's brands, operations in 1039 stores worldwide, and 80,100 employees. A history of the company from 1892 to present day is given. Main competitors are identified as American Eagle, The Gap, and others. A SWOT analysis examines strengths like brand portfolio but also weaknesses like low inventory turnover. Unique marketing strategies involving brand representatives, catalogs, and provocative store environments are discussed. Expansion and maintaining controversy are recommended.
Morgan Stanley's Commercial Real Estate Lending Group originates commercial real estate loans between $5 million and $1 billion across several major US cities. Over the past 20 years, the group has originated over $150 billion in commercial real estate loans. The loans are subject to Morgan Stanley Bank's underwriting standards and approval processes.
The document provides a history of McDonald's corporation from its founding in 1940 by brothers Richard and Maurice McDonald in San Bernardino, California. It then outlines key events and expansions in McDonald's timeline from 1954 when Ray Kroc became the first franchisee, to the company becoming a global brand with over 34,000 locations in 119 countries by 2013. The document also includes McDonald's corporate objectives, a SWOT analysis, information on locations and revenues in Pakistan, and the products available in Pakistani McDonald's restaurants.
This document discusses issues with the accuracy of criminal background checks conducted by commercial background screening companies. It finds that these companies routinely make mistakes that harm job applicants, including misidentifying applicants, reporting sealed or expunged records, omitting key details, providing misleading information, and misclassifying offenses. These errors are attributed to practices like purchasing bulk records without updating them, failing to verify information from subcontractors, using simple matching criteria, and lacking understanding of state criminal justice systems. The document recommends that regulators implement mandatory accuracy measures, define reasonable time for applicants to dispute reports before adverse actions, require agency registration, and investigate major companies and employers for Fair Credit Reporting Act violations. It also calls for states to improve how they provide
McDonald's is the world's largest fast food chain with over 36,000 locations in 119 countries. It serves nearly 70 million customers daily. The company started in 1940 as a barbecue restaurant in California. McDonald's focuses on franchising, with over 80% of locations owned by franchisees. This allows McDonald's to focus on operations and marketing. While facing some challenges around health concerns and competition, McDonald's continues to use strategies like globally adapted menus, partnerships, and targeting of children to maintain its dominant market position in the fast food industry.
The document discusses McDonald's supply chain management for perishable products in India. It describes key aspects of McDonald's supply chain including suppliers, distribution centers, transportation to stores, and maintaining food quality and freshness through a cold chain. The roles of various intermediaries between manufacturing and consumers are also examined, such as suppliers, distribution centers, and retailers.
A management analysis for Apple Inc within the framework of Strategic Management course for the MSc in Oil & Gas Technology of School of Engineering Technology
Department of Petroleum & Natural Gas Technology - KavTech.
- Abercrombie & Fitch was established in 1892 as a sporting goods store and evolved into a clothing retailer
- It operates stores under brands like Abercrombie & Fitch, Hollister, and Gilly Hicks targeted at teenagers and young adults
- In recent years, the company has faced criticism and lawsuits over exclusionary hiring practices and marketing, and seen declining profits as its brand has lost relevance for many consumers
A newsletter roundup covering recent issues such as a lawsuit alleging a herbicide product from Monsanto caused a farmer's cancer-related death, ongoing issues with water contamination, and the clean-up effort involving lead contamination from a shuttered Exide Technologies plant in Los Angeles.
The document discusses Apple's pricing strategies, including skimming and versioning. It notes that Apple initially prices products high through skimming to target early adopters and recover costs, then lowers prices over time to target mainstream users and maintain growth. The iPhone launched at prices up to $499 in the US in 2007. Target customers were identified as younger, technologically sophisticated early adopters. Apple aims to expand its customer base beyond early adopters to ensure long term success through strategies like skimming and versioning that involve adjusting prices.
Financial Report of Apple Inc. for the year 2014 with full analysis of SWOT, PEST analysis, BCG Matrix, Ratio Analysis, Observations, Recommendations & Conclusion
David avec Goliath - Etude Bain & Company et Raise - Mars 2016Sébastien Marchipont
La French Tech, avec sa kyrielle de Start-Ups, bouscule le marché et dynamise l’économie française.
D’ailleurs, le MEDEF ne s’y est pas trompé en donnant une large place aux Fintechs aux côtés de ses adhérents traditionnels lors de sa récente « Université du Numérique » - 16 et 17 mars 2017.
Ces jeunes entreprises dynamiques et innovantes suscitent l’appétit des grandes entreprises. Ce récent intérêt se traduit par différentes stratégies :
Investissement capitalistique et participations
Partenariat au travers d’accords commerciaux par exemple
Parrainage avec la mise à disposition de moyens ou bien la participation événementielle
Quelle que soit la posture adoptée, c’est un fait : les grandes entreprises s’intéressent de plus en plus à ces concentrés d’innovation, à ces champions agiles et résilients.
La France accuse néanmoins un certain retard par rapport à d’autres acteurs de l’économie mondiale.
Raise Fonds de dotation et Bain & Company livre une étude bien construite, « David avec Goliath », sur les alliances entre grandes entreprises et petites entreprises.
A partir du constat de la situation, l’étude propose un diagnostic circonstancié et identifie les leviers et bonnes pratiques permettant d’accélérer cette collaboration entre grandes et petites entreprises, sans oublier d’adresser quelques recommandations aux pouvoirs publics.
Consultez l’étude complète sur le site de Raise France.
The document provides an overview of several major fast food restaurant chains, including McDonald's, KFC, Pizza Hut, and Starbucks. It discusses their founders, locations, products offered, business strategies, and growth over time. McDonald's is highlighted as the world's largest restaurant chain by number of locations. The document also briefly mentions some legal issues and controversies faced by McDonald's.
This document provides a strategic management case study of McDonald's Corporation. It includes an overview of the company profile, franchise model, products, locations, history, mission, vision, values, and various analyses including Porter's 5 Forces, competitors, brand value, competitive advantages, strategies, services, promotions, global expansion, impact on performance, internal analyses, issues, and recommendations. The key information presented includes McDonald's revenues, profits, employees, competitors, emphasis on quality, service, cleanliness and value, and strategic focus on emerging markets, McCafe, international growth, and menu variety.
This document provides information on Bain (nalbuphine HCl) injection, including:
1. Bain is a kappa-agonist/mu-receptor antagonist analgesic with a faster onset of action than morphine and a lower risk of respiratory depression, dependence, nausea, and vomiting.
2. It is recommended for moderate to severe pain via IM, IV, or SC routes at a dosage of 5-10 mg or 0.1 mg/kg. The duration of analgesia is 3-6 hours.
3. Bain has an established clinical profile in pain management and provides added comfort to patients in recovery rooms, postoperative settings, and the emergency room due to its safety advantages
A study on the marketing strategies of Apple Inc (Dissertation)Maha H
This document provides an overview and summary of a study on Apple's marketing strategy. It includes an introduction to Apple as a company and the technology industry. The objectives are to analyze the importance of branding strategies for Apple and how segmentation, targeting, and positioning (STP) helps its brand. It also aims to identify the benefits of branding and how it provides a competitive edge through differentiation. The study intends to help Apple stay at the top of consumers' minds and cope with changes in the industry.
The document discusses methods for detecting deception through analyzing behavioral cues and emotional displays. It begins by outlining the goals of presenting information on the role of deception in communication. It then discusses how establishing a baseline of normal behavior and noticing deviations from that baseline can help identify deception. The key concepts presented include analyzing nonverbal behaviors like eye contact and body language, as well as vocal cues and physiological responses, which may reveal emotional reactions that indicate deception. The document reviews theories of how emotions are involved in deception and strategies people use to conceal emotional responses when lying.
Alexander_Special Situations Tear Sheet_May 2016Dara Capital AG
Alexander Alternative Capital uses a macro top-down approach to identify growth drivers and risk factors across sectors, industries and the macroeconomy. The investment team then uses bottom-up analysis to select securities for the concentrated portfolio, which is constructed both long and short positions. The strategy aims to deliver asymmetric returns with $3 of profit for every $1 of potential loss by aligning the portfolio with macro themes, drivers, and security selection. Performance statistics from January 2014 to April 2016 show annualized returns of 23.79% and an average monthly return of 1.85% with 86% of months positive.
Proactive Alternatives strategies for the sophisticated HNW investor with actively managed accounts. A currency hedge works well against rising interest rate volatility.
This document discusses various challenges that may impact retirement planning, including changes in retirement landscape, longevity risk, inflation, health care costs, investment risk, and excess withdrawal risk. It emphasizes the importance of developing a retirement income strategy with a financial professional to establish goals, address challenges, and develop and monitor a plan.
This document provides an analysis of ABC Inc.'s 401(k) retirement plan compared to alternative investment options. It finds that the plan's costs of 1.16% of assets are higher than available lower-cost options, which could reduce participant balances by over 12% over 20 years. The analysis benchmarks the plan's investments, fees, participation rates, and returns against peer plans and industry averages. It identifies opportunities to enhance the plan's efficiency by switching to lower-cost share classes or investment options.
This document analyzes the efficiency and costs of ABC INC.'s 401(k) retirement plan compared to alternative investment options. It provides a benchmark analysis of the plan's performance, participation rates, returns, and costs compared to peer plans and industry averages. The analysis also details the plan's current investments, fees, hypothetical impact of lower costs on participant balances, and recommendations for enhancing the plan's efficiency.
Active managers have generally not outperformed the market in either bull or bear markets. During the 2008 financial crisis, actively managed funds underperformed the S&P 500 index by an average of 1.67% on average. Studies from 2008-2012 also found that the majority of active managers failed to outperform their benchmarks across various market categories. While markets have historically delivered positive returns, it is typically a small group of top-performing stocks that drive those returns, making it difficult for managers to consistently pick winners. Diversification can help reduce risk and volatility compared to investing only in stocks, as seen during the 1973-1976 and 2007-2011 periods where a diversified portfolio lost less than a pure stock portfolio.
DSP World Agriculture Fund -
An open ended Fund of Funds Scheme investing in Agricultural companies through International funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking* :
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the agriculture value chain
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
Smartsheet Inc. provides cloud-based enterprise platform to plan, capture, manage, automate, and report on work for teams and organizations. The company offers Dashboards for real-time visibility into the status of work to align individuals, managers, and executives.
Based on the Smartsheet Inc stock forecasts from 13 analysts, the average analyst target price for Smartsheet Inc is USD 63.50 over the next 12 months. Smartsheet Inc’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Smartsheet Inc is Bearish, which is based on 1 positive signals and 3 negative signals. At the last closing, Smartsheet Inc’s stock price was USD 37.76. Smartsheet Inc’s stock price has changed by +4.22% over the past week, -13.51% over the past month and -40.00% over the last year.
Commodity stocks had their worst returns since the financial crisis in 2015. The Bloomberg Commodity Index fell over 28% for the year, with energy reaching an all-time low. Commodity returns compared to the S&P 500 are the worst seen in over two decades. Persistently high crude oil inventories have contributed to preventing a recovery in commodity prices.
Avoiding Commodity Stocks Was a Key to 2015James Sindelar
Commodity stocks had their worst returns since the financial crisis in 2015. The Bloomberg Commodity Index fell over 28% for the year, while commodity returns relative to the S&P 500 saw their widest margin in over two decades. Energy prices, in particular, reached all-time lows for the data series. Persistently high crude oil inventories have prevented prices from recovering.
BoyarMiller Breakfast Forum Current State of the Capital Markets - 2014BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathers industry experts for a panel discussion on the Current State of the Capital Markets. Speakers include: Lee Partridge, Salient Partners; Cliff Atherton, GulfStar Group; and Paul Murphy, Cadence Bancorp, LLC.
A thorough analysis of company , industry and economy goes behind our stock ideas for you. With these picks, you may earn superior returns over a medium to long term period. Visit https://simplehai.axisdirect.in/share-stock-prices/nse/Federal-Bank-Ltd-3709 for more
Reliance Industries plans to raise $1.5 billion in foreign currency bonds in two tranches of $1.36 billion and $140 million to refinance existing loans. The bonds will mature in 43 months. Recently, RIL raised $225 million in 10-year bonds bearing an interest rate of 2.512% annually.
State Bank of India cuts its base lending rate by 0.4% to 9.3% following a 0.5% cut in the RBI's repo rate. SBI will also lower deposit rates by 0.25%.
Technical indicators suggest buying Reliance Industries between 837-841 and State Bank of India between 240-242 based on the targets and
Modern Investing: Is it Different this Time?osubucs
This document discusses modern investing and provides arguments for staying invested in the market during periods of crisis and volatility. It presents data showing the S&P 500 typically recovers following geopolitical events and market declines. It also notes the potential impact on returns of missing only a few of the best trading days. The document then discusses asset allocation, determinants of portfolio performance, and introduces Legend Advisory Corporation as a professional money manager that uses an asset allocation model and fund selection process.
1. The document discusses critical investor mistakes such as failing to establish an investment strategy, not devoting enough time to learning and research, and not diversifying assets.
2. It provides data showing that while stocks have averaged higher returns than inflation over the long run, individual investors have not achieved the same returns due to poor timing of investments and emotional reactions to market fluctuations.
3. The presentation emphasizes the importance of risk management, adapting portfolios to changing market conditions, diversifying across asset classes and investment styles, and working with a financial advisor.
The investment philosophy focuses on efficient market investing through portfolio design and implementation that targets dimensions of higher expected returns like value, size, and profitability. It believes prices reflect all available information and aims to add value not by forecasting but by pursuing risk premia in a low-cost, diversified portfolio. Traditional active management often relies on forecasting and generates higher costs without consistent outperformance, while index funds provide little flexibility.
TGT Stock Forecast & Price:
Based on the Target Corporation stock forecasts from 25 analysts, the average analyst target price for Target Corporation is USD 207.69 over the next 12 months. Target Corporation’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Target Corporation is Bullish , which is based on 12 positive signals and 3 negative signals. At the last closing, Target Corporation’s stock price was USD 167.50. Target Corporation’s stock price has changed by -3.21% over the past week, +6.36% over the past month and -33.31% over the last year.
Active share is a measure of how different a portfolio is from its benchmark index. Funds with high active share have portfolios that differ significantly from their benchmarks, while closet indexers have low active share and portfolios that are similar to their benchmarks. The document shows the active share percentages for various Hartford funds, with most having high active shares over 60%, indicating distinct portfolios compared to their benchmarks. It also shows periods of outperformance for many Hartford funds compared to their benchmarks over 3 and 5 year periods, highlighting the potential benefits of active management for long-term investors.
IDFC Focused Equity Fund _Fund presentationJubiIDFCEquity
This document provides an overview of the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate superior returns by identifying the right stocks and allocating sufficiently to high-conviction ideas. It takes a focused approach of investing in high-quality, high-growth companies, while maintaining a well-diversified portfolio across market caps and sectors. The fund is currently overweight in commodities, information technology and telecom sectors.
This document provides a quick reference guide comparing features of various retirement plans including IRAs, SEP/SAR-SEP IRAs, SIMPLE IRAs, SIMPLE 401(k)s, profit sharing/money purchase 401(k)s, and defined benefit plans. It outlines details such as annual contribution limits, eligibility requirements, deadlines, vesting schedules, and taxation of distributions for each type of plan. The guide is intended to help individuals and employers understand their options for tax-qualified retirement savings plans.
This document provides information on various residential mortgage financing options from Morgan Stanley Private Bank, including fixed-rate, adjustable-rate, and interest-only loans. Fixed-rate loans have terms of 15, 30 years and interest rates from 3.61-3.99%. Adjustable rate mortgages have terms of 3/1, 5/1, 7/1, 10/1 years and initial interest rates from 3.18-3.75%. Interest-only loans allow borrowers to make interest-only payments for an introductory period before switching to higher principal and interest payments for the remaining loan term.
This document discusses guidance provided in the final 2007 Section 415 regulations regarding the use of post-severance payments for qualified retirement plan purposes. The regulations specify that certain post-employment payments meeting certain criteria must be included in Section 415 compensation, such as regular wages for work performed or commissions/bonuses earned prior to termination but paid within 2.5 months after severance. The regulations also provide that employers may optionally include other post-severance payments as Section 415 compensation, such as payments for unused leave. However, pure severance payments not related to prior services are excluded.
This document provides an overview of the current volatile market environment and outlines 10 rules of thumb for navigating periods of increased volatility. It discusses recent declines in major indexes and rise in market volatility. While the authors' base case sees continued slow economic and earnings growth, they note several signs of uncertainty globally. The 10 rules of thumb focus on identifying companies with organic growth opportunities, flexible finances, strong cash flow, and earnings quality to invest successfully through the market cycle.
An securities-based loan (SBL) allows one to use eligible securities in a personal brokerage account as collateral for a line of credit to pay taxes or other expenses. With an SBL, your investments are not liquidated so your portfolio's growth potential may be preserved compared to liquidating assets. The application process for an SBL is simple with credit decisions typically made within 1-2 days, and funds can be easily accessed by check or wire. However, there are risks like possible margin calls on short notice and market conditions magnifying potential losses.
This document provides job information for a resource sheet project for Morgan Stanley's Wealth Management Market Rebrand Refresh. It lists the project number, name, description, client, project manager, cost center, due date, specifications, notes, and approvals. The specifications include the trim size, finished size, bleed, post-production details, paper type, printing method, and colors. It was last modified on February 12, 2016.
Past performance is not a guarantee of future results. Estimates of future performance are based on assumptions that may not occur. This document is not an offer to buy or sell securities and does not provide investment advice.
Over the past decade, US stocks have outperformed international stocks. The S&P 500 returned 7.4% annually over the past 10 years compared to lower returns for other global markets like Europe, Japan, and emerging markets.
- The document discusses the recent volatility in global stock markets and the fear that has gripped investors. While there are valid economic concerns, fear has become contagious and may be overstating the risks.
- The US economy has held up better than expected so far in 2016, with steady job growth and consumer spending. However, tightening financial conditions have led to declines in stock valuations.
- Central banks are again trying to ease financial conditions through further monetary stimulus in order to support the economy and stabilize markets, though investor faith in their actions may be waning.
Ideas:
-Get away from the U.S. bias - think tactical globally
-Keep an eye on USD / Oil / China / Earnings
-Europe is cheap and growth potential creates opportunities
-Japan: both hedged and unhedged opportunities to explore
-Global consumer markets: credit space and EM consumer markets
- The document discusses Morgan Stanley's outlook for the global economy and financial markets in 2016.
- It predicts that economic growth will converge across developed economies like the US, Eurozone, UK and Japan, with little difference expected in real GDP growth between these regions.
- Earnings growth is also expected to accelerate in Europe and Japan, outpacing recent trends in the US and emerging from an "extreme divergence."
- However, returns may remain volatile as economic outcomes converge due to diverging rates of change and differences in nominal GDP growth across regions. The strength of the US dollar also poses a key risk.
- The document provides monthly, quarterly, annual, and long-term performance data for major US and international stock market indices from 2015 through the present.
- In December, most US indices had small losses around 1-2% while international indices like MSCI Emerging Markets lost around 17%.
- Over the past year, US indices like the S&P 500 gained around 1-2% while international indices gained less or lost value.
- Long-term returns over 5, 10, and 15 years show US indices averaging annual returns of 5-8% while international markets gained less.
- The document provides monthly, quarterly, annual, and long-term performance data for major US and international indices from 2015 to the present.
- In December, most US indices had small gains or losses around 1% or less, while international indices like MSCI Emerging Markets had larger losses around 2-4%.
- Over the past year, US indices like the S&P 500 and Dow Jones returned around 1-2% while international indices had smaller gains or losses in the 2-4% range.
- Long term, US indices have averaged annual returns of 7-15% over periods of 5-15 years, compared to smaller gains for international indices over the same periods.
The document discusses the outlook for the global economy and financial markets in 2016. It makes the following key points:
1) The global economy is transitioning from a period dominated by US growth to a more balanced growth environment across developed and emerging economies. This "Great Rebalancing" began in 2015 and is expected to continue in 2016, leading to more convergence in economic outcomes.
2) Growth is expected to be similar across major developed economies in 2016, including the US, Europe, Japan, and UK, marking a change from recent years where the US significantly outpaced other regions.
3) European and Japanese equities are expected to outperform US equities in 2016, driven by expectations for stronger earnings growth
This document recommends investing in "new tech" companies focused on security, mobile/social, analytics, and cloud (SMAC) technologies. These areas are seeing high spending priorities and growth. Specifically, it suggests favoring security companies with strong fundamentals in cloud computing and mobile interfaces. Key risks include a sell-off in growth stocks or reduced technology spending from economic concerns.
Big Tech winners in 2015 can be identified as FANG (Facebook/Amazon/Netflix/Google) - The new Morgan Stanley Tech theme for 2016: think SMAC (Security/Mobile/Analytics/Cloud)
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
1. J AN U AR Y 0 4 2 0 1 6
United States
Past performance is not a guarantee of future performance.
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the
performance of any specific investment.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Value investing seeks underpriced stocks, but there is no guarantee that a stock's price will rise.
Investing in smaller/mid-cap companies involves greater risks not associated with investing in more established companies, such as business risk,
significant stock price fluctuations and illiquidity.
Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of
these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth
expectations.
International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and
economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging
markets, since these countries may have relatively unstable governments and less established markets and economics.
Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to
this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the
scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less
than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds
are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely
basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be
reinvested at a lower interest rate.
Information provided herein has been obtained from outside sources that are deemed to be reliable. However, Morgan Stanley Wealth
Management has not independently verified them and we make no guarantees, express or implied, as to their accuracy or completeness or as to
whether they are current.
This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any
security or other financial instrument or to participate in any trading strategy. This is not a research report and was not prepared by the research
departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. It was prepared by Morgan Stanley Wealth Management
sales, trading or other non-research personnel. Past performance is not necessarily a guide to future performance. Please see additional important
information and qualifications at the end of this material.
| Page 1
2015 Year-End Asset Return Analysis
• Monthly, Quarterly, Annual, and Long-term tables of the major U.S.
indices.
• Absolute and Relative Performance for the S&P 500 Sectors/Groups.
Morgan Stanley Wealth Management
Capital Markets
Patrick Natale
Simon Kong
Rose Lauricella
2. 04 January 2016
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not
prepared by the Research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Please refer to important information and qualifications
at the end of this material. 2
Figure 1. Month-End Asset Return Table – December 2015
Total Return (%)
Year One- Quarter- Three- Six- Twelve-
December 31, 2015 Close 2015 Month to-Date Month Month Month
Dow Jones Industrials 17,425.03 0.22 -1.52 7.69 7.69 0.19 0.22
S&P 500 Composite 2,043.94 1.38 -1.58 7.04 7.04 0.15 1.38
Unweighted - Geometric 375.45 -4.68 -2.78 4.12 4.12 -4.51 -4.68
Unweighted - Arithmetic 483.36 -1.51 -2.51 5.05 5.05 -2.49 -1.51
S&P Industrials - non GICS (a) 2,735.92 0.79 -1.67 7.12 7.12 -0.75 0.79
S&P GIC Utilities 220.00 -4.85 2.17 1.07 1.07 6.52 -4.85
S&P GIC Financials 321.73 -1.53 -2.12 5.96 5.96 -1.16 -1.53
S&P MidCap 400 1,398.58 -2.18 -4.17 2.60 2.60 -6.11 -2.18
S&P SmallCap 600 671.74 -1.97 -4.79 3.72 3.72 -5.89 -1.97
S&P SuperComposite 1500 470.91 1.01 -1.88 6.59 6.59 -0.54 1.01
S&P 500 Growth 1,163.70 5.52 -1.52 7.86 7.86 2.65 5.52
S&P 500 Value 876.09 -3.13 -1.68 6.05 6.05 -2.70 -3.13
Value Line Geometric Composite (a) 445.80 -11.24 -4.65 1.64 1.64 -10.96 -11.24
NASDAQ Composite (a) 5,007.41 5.73 -1.98 8.38 8.38 0.41 5.73
NASDAQ Industrials (a) 4,101.19 8.24 -1.61 7.53 7.53 1.17 8.24
NASDAQ 100 (a) 4,593.27 8.43 -1.53 9.86 9.86 4.47 8.43
AMEX Composite (a) 2,149.15 -12.08 -4.66 -1.11 -1.11 -8.76 -12.08
Wilshire 5000 (a) 21,167.86 -2.32 -2.27 5.21 5.21 -3.09 -2.32
Russell 2000 (a) 1,135.89 -5.71 -5.19 3.20 3.20 -9.41 -5.71
MSCI EAFE Index (a) 1,716.28 -3.30 -1.42 4.37 4.37 -6.85 -3.30
MSCI ACWI Index (a) 399.36 -4.26 -1.92 4.64 4.64 -5.70 -4.26
MSCI World Index - Developed Mkt (a) 1,662.79 -2.74 -1.87 5.11 5.11 -4.20 -2.74
MSCI Emerging Markets (EM) Index (a) 794.14 -16.96 -2.48 0.26 0.26 -18.32 -16.96
(a) Price Only Return (excludes dividends)
Source: Morgan Stanley Wealth Management, MSCI and Factset
One Mo. Three Mo. Six Mo. Twelve Mo.
U.S. Treasury Yields 12/31/2015 Ago Ago Ago Ago
Cash (3-Month Treasury Bills) 0.17% 0.18% 0.01% 0.00% 0.02%
Bonds (10-Yr Treasury Notes) 2.28% 2.22% 2.06% 2.33% 2.17%
Bonds (30-Yr Treasury Bonds) 3.02% 2.99% 2.88% 3.10% 2.75%
Source: Factset
3. 04 January 2016
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not
prepared by the Research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Please refer to important information and qualifications
at the end of this material. 3
Figure 2. Long-Term Asset Return Table
Annualized Total Return (%)
Three Five Seven Ten Fifteen
December 31, 2015 Close Year Year Year Year Year
Dow Jones Industrials 17,425.03 12.63 11.28 13.23 7.73 5.81
S&P 500 Composite 2,043.94 15.13 12.57 14.81 7.31 5.00
Unweighted - Geometric 375.45 12.54 9.46 14.06 4.11 3.63
Unweighted - Arithmetic 483.36 15.26 12.35 18.04 8.42 8.59
S&P Industrials - non GICS (a) 2,735.92 12.86 10.75 13.17 6.83 3.96
S&P GIC Utilities 220.00 11.59 11.03 10.34 7.41 4.09
S&P GIC Financials 321.73 15.45 10.45 11.63 -0.65 0.79
S&P MidCap 400 1,398.58 12.76 10.68 16.36 8.18 8.32
S&P SmallCap 600 671.74 13.57 11.48 15.43 8.01 8.92
S&P SuperComposite 1500 470.91 14.90 12.39 14.97 7.41 5.40
S&P 500 Growth 1,163.70 17.19 14.06 16.56 8.70 5.17
S&P 500 Value 876.09 12.83 10.96 12.96 5.80 4.66
Value Line Geometric Composite (a) 445.80 6.62 3.67 10.20 0.78 0.84
NASDAQ Composite (a) 5,007.41 18.37 13.55 17.95 8.55 4.82
NASDAQ Industrials (a) 4,101.19 16.48 13.43 19.32 8.23 7.02
NASDAQ 100 (a) 4,593.27 19.96 15.67 20.97 10.81 4.59
AMEX Composite (a) 2,149.15 -3.01 -0.54 6.34 2.02 5.99
Wilshire 5000 (a) 21,167.86 12.18 9.64 12.84 5.39 3.76
Russell 2000 (a) 1,135.89 10.18 7.71 12.45 5.37 5.86
MSCI EAFE Index (a) 1,716.28 2.28 0.69 4.78 0.21 0.94
MSCI ACWI Index (a) 399.36 5.54 3.85 N/A N/A N/A
MSCI World Index - Developed Mkt (a) 1,662.79 7.50 5.37 8.82 2.83 2.08
MSCI Emerging Markets (EM) Index (a) 794.14 -9.04 -7.16 4.93 1.18 5.95
(a) Price Only Return (excludes dividends)
Source: Morgan Stanley Wealth Management, MSCI and Factset
4. 04 January 2016
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not
prepared by the Research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Please refer to important information and qualifications
at the end of this material. 4
Figure3.MonthlyAssetReturnTable
TotalReturn(%)
December31,2015Jan.Feb.Mar.AprilMayJuneJulyAug.Sept.Oct.Nov.Dec.2015
DowJonesIndustrials-3.586.01-1.850.451.35-2.060.52-6.18-1.358.590.71-1.520.22
S&P500Composite-3.005.75-1.580.961.29-1.942.10-6.03-2.478.440.30-1.581.38
Unweighted-Geometric-3.095.61-0.980.170.69-2.340.35-5.35-3.457.19-0.08-2.78-4.68
Unweighted-Arithmetic-2.835.85-0.850.390.88-2.210.77-5.00-3.047.560.19-2.51-1.51
S&PIndustrials-nonGICS(a)-2.456.09-1.851.111.13-2.221.59-6.17-2.809.09-0.14-1.670.79
S&PGICUtilities2.37-6.40-1.04-0.450.67-6.016.06-3.442.921.09-2.142.17-4.85
S&PGICFinancials-6.905.85-0.610.181.84-0.303.12-6.76-2.986.241.89-2.12-1.53
S&PMidCap400-1.125.121.32-1.491.78-1.320.14-5.58-3.225.631.35-4.17-2.18
S&PSmallCap600-3.496.031.60-2.331.531.03-0.85-5.18-3.506.102.68-4.79-1.97
S&PSuperComposite1500-2.875.71-1.250.651.33-1.791.84-5.97-2.578.140.45-1.881.01
S&P500Growth-1.675.98-1.670.481.78-1.913.62-6.08-2.209.400.12-1.525.52
S&P500Value-4.445.49-1.481.500.74-1.970.38-5.98-2.797.320.51-1.68-3.13
ValueLineGeometricComposite(a)-3.285.74-0.39-0.710.28-1.73-1.93-5.44-5.546.300.27-4.65-11.24
NASDAQComposite(a)-2.137.08-1.260.832.60-1.642.84-6.86-3.279.381.09-1.985.73
NASDAQIndustrials(a)-2.477.85-0.601.791.16-0.644.43-6.82-3.309.180.10-1.618.24
NASDAQ100(a)-2.077.04-2.411.862.13-2.474.37-6.85-2.1911.190.34-1.538.43
AMEXComposite(a)-0.503.71-5.664.44-2.24-3.042.72-8.03-2.356.05-2.18-4.66-12.08
Wilshire5000(a)-2.815.47-1.190.391.02-1.881.55-6.21-3.297.600.05-2.27-2.32
Russell2000(a)-3.265.831.57-2.612.160.59-1.22-6.40-5.075.563.12-5.19-5.71
MSCIEAFEIndex(a)0.445.81-1.963.73-1.01-2.982.02-7.60-5.327.74-1.73-1.42-3.30
MSCIACWIIndex(a)-1.635.40-1.782.72-0.41-2.530.77-7.04-3.807.76-0.99-1.92-4.26
MSCIWorldIndex-DevelopedMkt(a)-1.885.68-1.812.160.05-2.461.73-6.81-3.867.83-0.67-1.87-2.74
MSCIEmergingMarkets(EM)Index(a)0.552.98-1.597.51-4.16-3.18-7.26-9.20-3.267.04-3.96-2.48-16.96
(a)PriceOnlyReturn(excludesdividends)
Source:MorganStanleyWealthManagement,MSCIandFactset
5. 04 January 2016
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not
prepared by the Research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Please refer to important information and qualifications
at the end of this material. 5
20112012201220122012201320132013201320142014201420142015201520152015
December31,2015Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
DowJonesIndustrials12.758.83-1.845.02-1.7411.922.912.1210.18-0.152.831.875.190.32-0.29-6.967.69
S&P500Composite11.8012.58-2.756.35-0.3810.612.915.2410.511.815.231.134.930.950.28-6.447.04
Unweighted-Geometric11.6311.74-5.045.172.2711.702.746.249.452.395.14-1.085.211.35-1.50-8.304.12
Unweighted-Arithmetic12.6012.54-4.345.842.9512.333.346.709.932.945.53-0.695.831.99-0.96-7.185.05
S&PIndustrials-nonGICS(a)11.3511.29-3.036.27-2.139.681.765.3610.160.815.120.493.401.57-0.02-7.357.12
S&PGICUtilities8.28-1.626.55-0.53-2.8613.02-2.730.192.7910.097.77-3.9613.19-5.17-5.805.401.07
S&PGICFinancials10.8222.05-6.836.955.9211.427.252.8710.332.612.302.337.25-2.051.72-6.725.96
S&PMidCap40012.9713.49-4.935.443.6113.451.007.548.333.044.33-3.986.355.31-1.06-8.502.60
S&PSmallCap60017.1611.99-3.585.402.2211.813.9210.739.831.132.07-6.739.853.960.19-9.273.72
S&PSuperComposite150012.0912.63-2.966.250.0310.882.795.6310.311.885.050.445.201.390.17-6.696.59
S&P500Growth10.8012.26-2.056.40-2.049.332.486.6011.151.395.821.925.062.470.31-4.837.86
S&P500Value12.9712.96-3.586.301.6411.973.363.849.832.264.600.254.78-0.690.24-8.256.05
ValueLineGeometricComposite(a)10.8212.37-6.844.150.4311.072.657.848.141.162.01-5.365.151.87-2.15-12.401.64
NASDAQComposite(a)7.8618.67-5.066.17-3.108.214.1510.8210.740.544.981.935.403.481.75-7.358.38
NASDAQIndustrials(a)5.7615.08-3.145.691.6111.855.7211.019.05-2.072.43-2.264.034.552.32-5.917.53
NASDAQ100(a)6.4820.96-5.067.01-4.945.933.2310.6111.620.107.065.194.612.301.46-4.919.86
AMEXComposite(a)11.115.60-3.244.71-3.362.14-6.675.232.665.658.41-6.23-6.19-2.65-1.01-7.74-1.11
Wilshire5000(a)11.3812.25-3.705.51-0.3310.692.375.839.581.474.33-0.494.381.28-0.48-7.895.21
Russell2000(a)15.0212.06-3.834.881.4212.032.739.858.370.811.70-7.659.353.990.09-12.223.20
MSCIEAFEIndex(a)2.869.97-8.376.146.174.38-2.1110.945.360.002.95-6.39-3.864.19-0.37-10.754.37
MSCIACWIIndex(a)6.7211.28-6.366.242.465.98-1.187.386.930.614.31-2.770.061.83-0.29-9.884.64
MSCIWorldIndex-DevelopedMkt(a)7.1110.94-5.826.132.067.17-0.077.687.610.774.15-2.580.661.82-0.30-8.865.11
MSCIEmergingMarkets(EM)Index(a)4.0813.65-10.006.975.24-1.92-9.145.011.54-0.805.64-4.33-4.881.91-0.24-18.530.26
Figure4.QuarterlyAssetReturnTable
(a)PriceOnlyReturn(excludesdividends)
Source:MorganStanleyWealthManagement,MSCIandFactset
TotalReturn(%)
6. 04 January 2016
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not
prepared by the Research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Please refer to important information and qualifications
at the end of this material. 6
Figure5.AnnualAssetReturnTable
TotalReturn(%)
YTD
December31,201520152014201320122011201020092008200720062005200420032002
DowJonesIndustrials0.2210.0229.6010.238.3314.0622.64-31.938.8719.031.725.5228.24-15.01
S&P500Composite1.3813.6932.3916.002.1115.0926.47-36.995.4615.784.9010.8728.67-22.09
Unweighted-Geometric-4.6812.0433.4514.12-3.4018.7334.66-45.69-2.6912.695.8413.9836.32-24.38
Unweighted-Arithmetic-1.5114.1836.1617.31-0.3321.5846.68-39.510.3515.829.1917.3441.97-16.85
S&PIndustrials-nonGICS(a)0.7910.1129.5512.243.2313.3625.91-34.8610.7012.922.378.6026.35-24.59
S&PGICUtilities-4.8528.9813.211.2919.915.4611.91-28.9819.3820.9916.8424.2826.26-29.99
S&PGICFinancials-1.5315.2035.6328.82-17.0612.1317.22-55.32-18.6319.196.4710.8931.03-14.64
S&PMidCap400-2.189.7733.5017.88-1.7326.6537.34-36.247.9810.3112.6516.4635.60-14.52
S&PSmallCap600-1.975.7641.3116.331.0226.3125.57-31.08-0.3015.107.6722.6338.78-14.63
S&PSuperComposite15001.0113.0832.8016.171.7516.4027.26-36.725.4615.325.6311.7729.56-21.30
S&P500Growth5.5214.8932.7514.614.6515.0731.58-34.929.1211.023.976.1325.65-23.57
S&P500Value-3.1312.3631.9917.68-0.4815.1321.19-39.201.9920.785.8415.6431.74-20.85
ValueLineGeometricComposite(a)-11.242.6932.9611.54-11.3920.4736.77-48.69-3.8210.972.0011.5137.39-28.57
NASDAQComposite(a)5.7313.4038.3215.91-1.8016.9143.89-40.549.819.521.378.5950.01-31.55
NASDAQIndustrials(a)8.241.9943.1419.70-0.7224.9846.72-45.334.2212.390.1215.8455.74-25.92
NASDAQ100(a)8.4317.9434.9916.822.7019.2253.54-41.8918.676.791.4910.4449.12-37.58
AMEXComposite(a)-12.080.752.993.393.1721.0130.58-42.0017.1716.9022.6422.2242.36-2.74
Wilshire5000(a)-2.329.9731.4213.69-1.2715.6927.09-38.683.9413.904.5710.8529.44-22.08
Russell2000(a)-5.713.5337.0014.63-5.4525.3125.22-34.80-2.7517.003.3217.0045.37-21.58
MSCIEAFEIndex(a)-3.30-7.3519.4313.55-14.824.9027.75-45.098.6223.4710.8617.5935.28-17.52
MSCIACWIIndex(a)-4.262.1020.2513.43-9.41N/AN/AN/AN/AN/AN/AN/AN/AN/A
MSCIWorldIndex-DevelopedMkt(a)-2.742.9324.1013.18-7.619.5526.98-42.087.0917.957.5612.8430.81-21.06
MSCIEmergingMarkets(EM)Index(a)-16.96-4.63-4.9815.15-20.4116.3674.50-54.4836.4829.1830.3122.4551.59-7.97
(a)PriceOnlyReturn(excludesdividends)
Source:MorganStanleyWealthManagement,MSCIandFactset
7. 04 January 2016
The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not
prepared by the Research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Please refer to important information and qualifications
at the end of this material. 7
Figure 6. S&P 500 Sector Performance, Ranked by December Performance
--------------TOTAL RETURN (%)-------------- ---------RELATIVE TO S&P 500---------
December 31, 2015 WT 2015 1 Mo QTD 3 Mo 6 Mo 12 Mo YTD 1 Mo QTD 3 Mo 6 Mo 12 Mo
Consumer Staples 10.06 6.60 2.86 7.64 7.64 7.43 6.60 5.14 4.51 0.56 0.56 7.27 5.14
Utilities 2.99 -4.85 2.17 1.07 1.07 6.52 -4.85 -6.14 3.81 -5.58 -5.58 6.36 -6.14
Health Care 15.16 6.89 1.78 9.22 9.22 -2.43 6.89 5.43 3.41 2.03 2.03 -2.58 5.43
Telecommunication Services 2.43 3.40 1.75 7.61 7.61 0.24 3.40 1.99 3.38 0.53 0.53 0.09 1.99
Industrials 10.05 -2.53 -2.00 8.00 8.00 0.55 -2.53 -3.86 -0.43 0.89 0.89 0.40 -3.86
Financials 16.47 -1.53 -2.12 5.96 5.96 -1.16 -1.53 -2.87 -0.56 -1.01 -1.01 -1.31 -2.87
Information Technology 20.69 5.92 -2.29 9.17 9.17 5.13 5.92 4.48 -0.72 1.99 1.99 4.97 4.48
Consumer Discretionary 12.89 10.11 -2.78 5.79 5.79 3.08 10.11 8.60 -1.22 -1.17 -1.17 2.93 8.60
Materials 2.76 -8.38 -4.16 9.69 9.69 -8.84 -8.38 -9.63 -2.63 2.48 2.48 -8.98 -9.63
Energy 6.50 -21.12 -9.87 0.20 0.20 -17.24 -21.12 -22.19 -8.42 -6.39 -6.39 -17.37 -22.19
Source: Factset & Standard & Poor’s
Figure 7. S&P 500 Sector Performance, Ranked by 2015 Performance
--------------TOTAL RETURN (%)-------------- ---------RELATIVE TO S&P 500---------
December 31, 2015 WT 2015 1 Mo QTD 3 Mo 6 Mo 12 Mo YTD 1 Mo QTD 3 Mo 6 Mo 12 Mo
Consumer Discretionary 12.89 10.11 -2.78 5.79 5.79 3.08 10.11 8.60 -1.22 -1.17 -1.17 2.93 8.60
Health Care 15.16 6.89 1.78 9.22 9.22 -2.43 6.89 5.43 3.41 2.03 2.03 -2.58 5.43
Consumer Staples 10.06 6.60 2.86 7.64 7.64 7.43 6.60 5.14 4.51 0.56 0.56 7.27 5.14
Information Technology 20.69 5.92 -2.29 9.17 9.17 5.13 5.92 4.48 -0.72 1.99 1.99 4.97 4.48
Telecommunication Services 2.43 3.40 1.75 7.61 7.61 0.24 3.40 1.99 3.38 0.53 0.53 0.09 1.99
Financials 16.47 -1.53 -2.12 5.96 5.96 -1.16 -1.53 -2.87 -0.56 -1.01 -1.01 -1.31 -2.87
Industrials 10.05 -2.53 -2.00 8.00 8.00 0.55 -2.53 -3.86 -0.43 0.89 0.89 0.40 -3.86
Utilities 2.99 -4.85 2.17 1.07 1.07 6.52 -4.85 -6.14 3.81 -5.58 -5.58 6.36 -6.14
Materials 2.76 -8.38 -4.16 9.69 9.69 -8.84 -8.38 -9.63 -2.63 2.48 2.48 -8.98 -9.63
Energy 6.50 -21.12 -9.87 0.20 0.20 -17.24 -21.12 -22.19 -8.42 -6.39 -6.39 -17.37 -22.19
Source: Factset & Standard & Poor’s
10. 04 January 2016
10
Glossary of Indices
Index Definition
Dow Jones Industrial
Average (DJIA)
The Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their
industry. It has been a widely followed indicator of the stock market since October 1, 1928.
S&P 500 The Standard & Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance
of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The
index was developed with a base level of 10 for the 1941-43 base period.
S&P Industrials The S&P Industrials Index is comprised of the stocks representing the industrial sector of the S&P 500 and represents about 75
percent of the S&P 500 (exclusive of the utility, financial and transportation sectors).
S&P GIC Utilities/
Financials
In 1999, Standard & Poor’s and MSCI/Barra jointly developed the Global Industry Classification Standard (GICS®) to establish a
global standard for categorizing companies into sectors and industries. GICS is used as a basis for S&P and MSCI indexes in
which each company is assigned to a sub-industry, and to a corresponding industry, industry group and sector, according to the
definition of its principal business activity.
S&P Midcap 400 Measures the performance of 400 mid-size domestic stocks chosen for market size, liquidity and industry group representation. A
mid-cap stock is broadly defined as a company with a market capitalization ranging from US$2 billion to US$10 billion.
S&P Smallcap 600 The S&P 600 Index is an equity index representing 600 small-sized companies in various industries weighted by market
capitalization. The index includes small cap stocks with market capitalization ranging from about US$300 million dollars to about
US$2 billion.
S&P Supercomposite
1500
Consists of the 1500 companies that comprise the S&P 500, the S&P mid-cap 400 and the S&P small-cap 600.
S&P/Citigroup Growth A market-capitalization-weighted index consisting of those stocks within the S&P 500 Index that exhibit strong growth
characteristics. The index is a numerical ranking system based on three growth factors and four value factors to determine the
constituents and their weightings.
S&P/Citigroup Value A market-capitalization-weighted index consisting of those stock within the S&P 500 Index that exhibit strong value
characteristics. The index uses a numerical ranking system based on four value factors and three growth factors to determine the
constituents and their weightings.
Value Line Geometric
Composite
An equally weighted price index of all the stocks covered in The Value Line Investment Survey. Geometric refers to the geometric
averaging technique that is used to compute the average. Geometric indices are not commonly used. A proxy for the market’s
performance, the index is considered to represent the typical retail investor’s portfolio
NASDAQ Composite The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global
Select, Global Market, and Capital Market. The index was developed with a base level of 100 as of February 5, 1971.
NASDAQ Industrials Measures performance of NASDAQ-listed companies not in another NASDAQ index. Includes agricultural, mining, construction,
manufacturing, retail and wholesale trade, services, and public administration enterprises, as well as health maintenance
organizations and companies not included in NASDAQ’s Biotechnology Index.
NASDAQ 100 The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq
Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer
hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial
companies including investment companies.
Wiltshire 5000 The Wilshire 5000 Equity Index measures the performance of all U.S. headquartered equity securities with readily available price
data. Over 7,000 capitalization weighted security returns are used to adjust the index.
Russell 2000 Index The Russell 2000 Index is designed to measure the performance of the bottom 2,000 companies from a universe of 3,000 of the
largest stocks in the U.S. This index is capitalization-weighted and includes only common stocks belonging to organizations
domiciled in the U.S. and its territories and traded on the NYSE, NASDAQ or AMEX. The Russell 2000 Index is adjusted once
per year, in June, to reflect changes in rankings and shares outstanding.
MSCI EAFE Index The MSCI (Morgan Stanley Capital International Inc.) EAFE (Europe, Australia, Far East) Index is a free float-adjusted market
capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI
EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland,
France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,
Sweden, Switzerland, and the United Kingdom.
MSCI ACWI Index The MSCI (Morgan Stanley Capital International Inc.) All Country World Index (ACWI) is a free float-adjusted market
capitalization weighted index designed to measure the equity market performance of the developed & emerging markets. As of Jan
2012 the MSCI World Index consisted of large and mid cap representation across 23 Developed Markets (DM) & 23 Emerging
Markets (EM) countries.
MSCI World Index
(Developed Market)
The MSCI (Morgan Stanley Capital International Inc.) Developed Market World Index is a free float-adjusted market
capitalization weighted index designed to measure the equity market performance of the developed markets. As of Jan 2012 the
MSCI World Index consisted of large and mid cap representation across 24 Developed Markets (DM) countries. DM countries
include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy,
Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.
MSCI EM Index The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market
performance in the global markets, which consists of 26 emerging markets country indices: Argentina, Brazil, Chile, China,
Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru,
the Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.