A company’s investment policy is the cornerstone of its investment management activities and should be a living document that is reviewed and updated as needed on an annual basis. In today’s investing environment, what should Treasury teams be thinking about as they conduct this review? Play back the recorded session of our webinar to hear Thomas Metzler, Managing Director with J.P. Morgan's Asset Management Global Liquidity Team, and Phil Mattes, Treasury Strategist with Kyriba Corp., discuss best practices and trends related to corporate investment policies and global liquidity management, as well as:
-Characteristics of a strong investment policy
-Current trends that might influence an investment policy review
-Investment management straight through processing best practices
-Financial systems support of investment policy compliance
The document discusses using cash management best practices to optimize liquidity decision making. It provides an overview of Mercy Health, a large healthcare system, and its treasury operations. Mercy Health has grown significantly through acquisitions and aims to centralize its banking infrastructure. The document outlines a value creation hierarchy for treasury, emphasizing liquidity optimization, cash forecasting, account visibility, and security/controls. It also lists additional resources on treasury management systems and the treasury mandate.
Northeastern Ohio Treasury Management Association November 13, 2013, Indepen...Nicole Cuilis-Gregor
The document discusses best practices for treasury management at Groupon. It outlines the challenges facing financial professionals today, including market volatility, demands for growth from shareholders, and increasing regulatory compliance. It presents a framework for proactive treasury management that optimizes cash, manages risk, and creates business value. The key aspects of treasury management discussed include security and control of financial information, banking infrastructure, account visibility across the organization, cash forecasting, and liquidity optimization. Implementing this framework helps financial leaders gain strategic insight, improve financial control, enable business growth, and maximize returns.
My Business is Growing, Now What? Financial Management Skills for the Entrepr...McKonly & Asbury, LLP
The document discusses building successful employee relationships as a cornerstone to fraud prevention and risk management. It covers introducing David Blain and Michael Hoffner, partners at McKonly & Asbury, who will discuss financial management skills for entrepreneurs. They will focus on balance sheet management, cash flow management, why ratios are important, and developing long term value. Questions are welcomed at the end.
The document discusses insuring accounts receivable (A/R), which typically represents 40% of a company's assets and is most vulnerable to unexpected losses. Trade credit insurance prevents disruption to cash flow by capping exposure to bad debt losses. It allows companies to expand sales into riskier markets, enhance customer relationships with more favorable terms without added risk, and gain leverage over problem accounts. Trade credit insurance also enables bank financing and exporting by providing political risk protection and allowing borrowing against A/R. The key drivers for purchasing trade credit insurance are protecting one of the largest assets and converting non-tax deductible bad debt provisions into a tax deductible insurance premium.
This document provides an overview of several topics related to treasury functions, including:
1) It outlines the evolution of treasury functions due to factors like global liquidity issues, regulatory changes, and technological advancements. This has made treasury more strategic and integrated with other business units.
2) It describes different global treasury models from fully centralized to decentralized local structures. The best model is a full service centralized global treasury that operates as one function across all markets.
3) Forces driving changes in treasury include rationalization of banks, centralization of functions, a focus on risk and control, and leveraging new technologies for automation and real-time information. This is leading to more strategic and
Baker Hill Prosper 2017 - Anatomy of a Profitable Loan: Before and After You ...Baker Hill
presented by John Robertson and co-presented by Christie Behrens of Allegiance Bank
Borrowers have enjoyed the benefits of a low interest rate environment but with rates beginning to creep up, a financial institution must price effectively by valuing the whole relationship to grow. You can be ahead of your competition by understanding the anatomy of a loan before and after you close.
Credit Suisse is described in terms of its history, present dimensions, strategic position and recent performance. A set of strategic recommendations are also provided following a comprehensive analysis of the bank.
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
The document discusses using cash management best practices to optimize liquidity decision making. It provides an overview of Mercy Health, a large healthcare system, and its treasury operations. Mercy Health has grown significantly through acquisitions and aims to centralize its banking infrastructure. The document outlines a value creation hierarchy for treasury, emphasizing liquidity optimization, cash forecasting, account visibility, and security/controls. It also lists additional resources on treasury management systems and the treasury mandate.
Northeastern Ohio Treasury Management Association November 13, 2013, Indepen...Nicole Cuilis-Gregor
The document discusses best practices for treasury management at Groupon. It outlines the challenges facing financial professionals today, including market volatility, demands for growth from shareholders, and increasing regulatory compliance. It presents a framework for proactive treasury management that optimizes cash, manages risk, and creates business value. The key aspects of treasury management discussed include security and control of financial information, banking infrastructure, account visibility across the organization, cash forecasting, and liquidity optimization. Implementing this framework helps financial leaders gain strategic insight, improve financial control, enable business growth, and maximize returns.
My Business is Growing, Now What? Financial Management Skills for the Entrepr...McKonly & Asbury, LLP
The document discusses building successful employee relationships as a cornerstone to fraud prevention and risk management. It covers introducing David Blain and Michael Hoffner, partners at McKonly & Asbury, who will discuss financial management skills for entrepreneurs. They will focus on balance sheet management, cash flow management, why ratios are important, and developing long term value. Questions are welcomed at the end.
The document discusses insuring accounts receivable (A/R), which typically represents 40% of a company's assets and is most vulnerable to unexpected losses. Trade credit insurance prevents disruption to cash flow by capping exposure to bad debt losses. It allows companies to expand sales into riskier markets, enhance customer relationships with more favorable terms without added risk, and gain leverage over problem accounts. Trade credit insurance also enables bank financing and exporting by providing political risk protection and allowing borrowing against A/R. The key drivers for purchasing trade credit insurance are protecting one of the largest assets and converting non-tax deductible bad debt provisions into a tax deductible insurance premium.
This document provides an overview of several topics related to treasury functions, including:
1) It outlines the evolution of treasury functions due to factors like global liquidity issues, regulatory changes, and technological advancements. This has made treasury more strategic and integrated with other business units.
2) It describes different global treasury models from fully centralized to decentralized local structures. The best model is a full service centralized global treasury that operates as one function across all markets.
3) Forces driving changes in treasury include rationalization of banks, centralization of functions, a focus on risk and control, and leveraging new technologies for automation and real-time information. This is leading to more strategic and
Baker Hill Prosper 2017 - Anatomy of a Profitable Loan: Before and After You ...Baker Hill
presented by John Robertson and co-presented by Christie Behrens of Allegiance Bank
Borrowers have enjoyed the benefits of a low interest rate environment but with rates beginning to creep up, a financial institution must price effectively by valuing the whole relationship to grow. You can be ahead of your competition by understanding the anatomy of a loan before and after you close.
Credit Suisse is described in terms of its history, present dimensions, strategic position and recent performance. A set of strategic recommendations are also provided following a comprehensive analysis of the bank.
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
This document discusses various types of debt financing options for venture-backed startups, including venture debt, accounts receivable financing, recurring revenue financing, and mezzanine financing. It provides an overview of the key benefits and risks of taking on debt for startups. It also describes some of the key terms and considerations for different debt products, and provides examples of how venture debt and recurring revenue lines can extend a company's cash runway in a minimally dilutive way.
Rather than shy away from some of the more efficient non-core funding techniques, we believe it wise to make certain your Board and your Examiners understand what is being accomplished through the use of wholesale funding tactics and our third webinar on the ALCO Process is designed to describe an approach to this issue. We will provide guidance on:
1. Where to describe your strategy.
2. Limits to place on non-core funding.
3. Reporting the use of non-core funding.
4. Non-core funding products and services that are in use today.
5. Pros and Cons of these funding sources.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses!
http://www.openbusinesscouncil.org/
The document discusses several key concepts related to banking:
- It defines a bank as a financial institution licensed to accept deposits and lend money for profit under the supervision of a central bank.
- It outlines some key terms used in banking like net interest income, net interest margin, and non-performing assets.
- It also discusses parameters used to evaluate banks like profitability, size, valuation, safety, and efficiency.
- Finally, it provides an overview of a universal bank like ICICI Bank that offers traditional banking services as well as investment banking and other financial products.
The Need for Analytics and the Value of Understanding Profit RiskBaker Hill
The session will outline the reasons for implementing a data analytics program to identify strengths, weaknesses, opportunities and threats. We will investigate the method used in Baker Hill Analytics to calculate profitability at each level of the institution.
Wealthfront & Betterment: Democratizing The Investment ProcessJackson Moses
Given the complicated facets of investing, most young adults consciously choose to avoid the stock market; this is an extremely costly decision. By not investing until adulthood, individuals will forego seven-figures in lifetime income. Wealthfront and Betterment address this concern with their automated investment platforms (robo-advisors), both of which require little human involvement.
The document contains a collection of questions and answers on various business and finance topics such as capital structure theory, financial ratios, accounting concepts, investment analysis, and more. It provides links to additional resources and discusses measurements used to evaluate airline and company performance. The document serves as a study guide or practice questions for students or professionals.
Netwealth portfolio construction series - Hybrids: opportunities, challenges ...netwealthInvest
Chris Joye, Co-CIO at Coolabah Capital Institutional Investments and contributing editor with the Australian Financial Review, provides an update on the current hybrids market and the opportunities available for Australian investors looking to access the unique risk and return features of this asset class.
The document summarizes trust deed investing through Sterling Pacific Financial. It describes trust deeds as secure real estate investments that provide higher yields than mortgages. It outlines Sterling Pacific's experience, investment options including mortgage pools and individual loans, screening process, and track record of never losing investors' principal. The summary concludes that Sterling Pacific offers trust deed investing as a way to access real estate returns with less risk and hassle compared to direct real estate investing.
Using treasury metrics to monitor an organization's treasury performance. Measure success with a TMS through the selection, implementation, and post-implementation processes,
Lighter Capital Live: Revenue-Based Financing (Session #1)Lighter Capital
On Thurs May 31st Lighter Capital, Carney Badley Spellman, and Actively Learn hosted the inaugural Lighter Capital Live session. This session covered the basics of revenue-based financing and then we had an active partner and client share their perspective of this financing model. More information on Lighter Capital can be found at www.lightercapital.com.
Strategic Alignment, Structure, and Managing ChangeBaker Hill
When we talk about “centralizing” in business and commercial banking, its often received with a negative connotation. Centralization to many implies reorganizations and layoffs. This session is intended to educate attendees on centralization initiatives, communicate the potential upside, potential downside, and dispel myths that are often associated with this dichotomy. The session will also discuss if and when centralization efforts should be contemplated by financial institutions, steps/best practices in doing so, potential change management/cultural implications, and what parts of the organization should be involved. Lastly, the session will secondarily address portfolio segmentation efforts necessary to achieve efficiencies.
Baker Hill Prosper 2017 - Lending Trends: Are You Current or Lagging?Baker Hill
The document summarizes a panel discussion on lending trends between representatives from Pinnacle Financial Partners, ESL Credit Union, and Bank of the Pacific. The panelists discussed their strategies for targeting millennial borrowers as wealth transfers to that generation. They also addressed how financial technology (Fintech) and alternative lending are changing customer expectations and industry processes. Panelists described steps their organizations are taking to improve lending processes through greater user engagement, data use, and technology that enables more collaborative workflows.
Baker Hill Prosper 2017 - Grow, Optimize, Protect: Using Business Intelligenc...Baker Hill
Presented by James McHale
Regional community banks and credit unions understand they must outperform their national brand competitors when it comes to fully engaging their customers -- but sometimes overlook their direct and/or online-only banking counterparts. This session showed how advanced analytics tools provide unique actionable insights which, when coupled with a sustained marketing strategy, help them compete more effectively to maximize customer acquisition, engagement and retention -- and most importantly profit.
Rob Jones, managing director of Peloton Partners, shares emerging pricing trends in the industry based on data from 70 advised firms across Australia, and strategies for advice practices to extract latent value out of their business.
The document discusses how companies eventually outgrow using Excel for cash and risk management as their needs grow in terms of visibility, productivity, and standardized controls. It provides examples of how a treasury management system like Kyriba can help improve visibility into cash flows, increase productivity by automating tasks and integrating data from multiple sources, and standardize controls across payment processes, geographies, and users to prevent fraud. Kyriba is positioned as a cloud-based platform that large corporations use to manage their cash and risk more effectively than spreadsheets alone.
Treasury Transformation: From Operational to StrategicGTreasury
The completion of a Treasury Management System implementation does not also mean the end of strategic change you can offer the organization. You likely worked very hard to achieve important victories in your original TMS project, but it should not end there. It’s a well-worn adage that the only constant is change, but you must be prepared to leverage the technology you have implemented to lead that change. Treasury does not have to be a bystander constantly playing catch-up to the rest of the organization.
Sedjwick Joseph, the Chief Risk Officer of Habib Bank AG Zurich, discusses the changing risk landscape for banks. He notes that while some emerging markets are growing faster, there is also higher volatility and risk. The global economy faces constraints on central bank options and low interest rates that can create asset bubbles. Banks now deal with a multitude of interconnected risks across credit, market, operational, liquidity and more. Effective risk management requires moving from traditional siloed approaches to enterprise-wide risk management that considers both historical and potential future risks. The role of the CRO is also expanding from just downside risk mitigation to include managing uncertainty and opportunities.
Salvatore Zecchini - Financing SMEs and Entrepreneurs 2016: CommentsOECD CFE
This year the Forum will focus on creativity, jobs and local development. We will examine how localities can support culture and creative industries as a source of knowledge and job creation and how the creative industry can act as a powerful driving force areas such as tourism, urban regeneration, and social inclusion.
- DSP Small Cap Fund is an open-ended equity scheme predominantly investing in small cap stocks, with an investment horizon of over 5 years.
- Small cap stocks typically have high risks and volatility, but may provide higher returns over the long run if able to successfully transition to mid and large caps. Active management is important for small caps due to low research coverage and risks.
- DSP Small Cap Fund has outperformed its benchmark and category average over the long term due to its focus on microcap stocks and experience with active management in small caps. However, short term performance can be volatile.
- DSP Small Cap Fund is an open-ended equity scheme predominantly investing in small cap stocks, with an investment horizon of over 5 years.
- Small cap stocks typically have high risks and volatility, but may provide higher returns over the long run if able to identify multi-bagger stocks. Active management is important for small caps due to low liquidity and research.
- DSP Small Cap Fund has outperformed its benchmark over long periods due to its focus on microcap stocks and active management, though short-term performance can be volatile.
This document discusses various types of debt financing options for venture-backed startups, including venture debt, accounts receivable financing, recurring revenue financing, and mezzanine financing. It provides an overview of the key benefits and risks of taking on debt for startups. It also describes some of the key terms and considerations for different debt products, and provides examples of how venture debt and recurring revenue lines can extend a company's cash runway in a minimally dilutive way.
Rather than shy away from some of the more efficient non-core funding techniques, we believe it wise to make certain your Board and your Examiners understand what is being accomplished through the use of wholesale funding tactics and our third webinar on the ALCO Process is designed to describe an approach to this issue. We will provide guidance on:
1. Where to describe your strategy.
2. Limits to place on non-core funding.
3. Reporting the use of non-core funding.
4. Non-core funding products and services that are in use today.
5. Pros and Cons of these funding sources.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses!
http://www.openbusinesscouncil.org/
The document discusses several key concepts related to banking:
- It defines a bank as a financial institution licensed to accept deposits and lend money for profit under the supervision of a central bank.
- It outlines some key terms used in banking like net interest income, net interest margin, and non-performing assets.
- It also discusses parameters used to evaluate banks like profitability, size, valuation, safety, and efficiency.
- Finally, it provides an overview of a universal bank like ICICI Bank that offers traditional banking services as well as investment banking and other financial products.
The Need for Analytics and the Value of Understanding Profit RiskBaker Hill
The session will outline the reasons for implementing a data analytics program to identify strengths, weaknesses, opportunities and threats. We will investigate the method used in Baker Hill Analytics to calculate profitability at each level of the institution.
Wealthfront & Betterment: Democratizing The Investment ProcessJackson Moses
Given the complicated facets of investing, most young adults consciously choose to avoid the stock market; this is an extremely costly decision. By not investing until adulthood, individuals will forego seven-figures in lifetime income. Wealthfront and Betterment address this concern with their automated investment platforms (robo-advisors), both of which require little human involvement.
The document contains a collection of questions and answers on various business and finance topics such as capital structure theory, financial ratios, accounting concepts, investment analysis, and more. It provides links to additional resources and discusses measurements used to evaluate airline and company performance. The document serves as a study guide or practice questions for students or professionals.
Netwealth portfolio construction series - Hybrids: opportunities, challenges ...netwealthInvest
Chris Joye, Co-CIO at Coolabah Capital Institutional Investments and contributing editor with the Australian Financial Review, provides an update on the current hybrids market and the opportunities available for Australian investors looking to access the unique risk and return features of this asset class.
The document summarizes trust deed investing through Sterling Pacific Financial. It describes trust deeds as secure real estate investments that provide higher yields than mortgages. It outlines Sterling Pacific's experience, investment options including mortgage pools and individual loans, screening process, and track record of never losing investors' principal. The summary concludes that Sterling Pacific offers trust deed investing as a way to access real estate returns with less risk and hassle compared to direct real estate investing.
Using treasury metrics to monitor an organization's treasury performance. Measure success with a TMS through the selection, implementation, and post-implementation processes,
Lighter Capital Live: Revenue-Based Financing (Session #1)Lighter Capital
On Thurs May 31st Lighter Capital, Carney Badley Spellman, and Actively Learn hosted the inaugural Lighter Capital Live session. This session covered the basics of revenue-based financing and then we had an active partner and client share their perspective of this financing model. More information on Lighter Capital can be found at www.lightercapital.com.
Strategic Alignment, Structure, and Managing ChangeBaker Hill
When we talk about “centralizing” in business and commercial banking, its often received with a negative connotation. Centralization to many implies reorganizations and layoffs. This session is intended to educate attendees on centralization initiatives, communicate the potential upside, potential downside, and dispel myths that are often associated with this dichotomy. The session will also discuss if and when centralization efforts should be contemplated by financial institutions, steps/best practices in doing so, potential change management/cultural implications, and what parts of the organization should be involved. Lastly, the session will secondarily address portfolio segmentation efforts necessary to achieve efficiencies.
Baker Hill Prosper 2017 - Lending Trends: Are You Current or Lagging?Baker Hill
The document summarizes a panel discussion on lending trends between representatives from Pinnacle Financial Partners, ESL Credit Union, and Bank of the Pacific. The panelists discussed their strategies for targeting millennial borrowers as wealth transfers to that generation. They also addressed how financial technology (Fintech) and alternative lending are changing customer expectations and industry processes. Panelists described steps their organizations are taking to improve lending processes through greater user engagement, data use, and technology that enables more collaborative workflows.
Baker Hill Prosper 2017 - Grow, Optimize, Protect: Using Business Intelligenc...Baker Hill
Presented by James McHale
Regional community banks and credit unions understand they must outperform their national brand competitors when it comes to fully engaging their customers -- but sometimes overlook their direct and/or online-only banking counterparts. This session showed how advanced analytics tools provide unique actionable insights which, when coupled with a sustained marketing strategy, help them compete more effectively to maximize customer acquisition, engagement and retention -- and most importantly profit.
Rob Jones, managing director of Peloton Partners, shares emerging pricing trends in the industry based on data from 70 advised firms across Australia, and strategies for advice practices to extract latent value out of their business.
The document discusses how companies eventually outgrow using Excel for cash and risk management as their needs grow in terms of visibility, productivity, and standardized controls. It provides examples of how a treasury management system like Kyriba can help improve visibility into cash flows, increase productivity by automating tasks and integrating data from multiple sources, and standardize controls across payment processes, geographies, and users to prevent fraud. Kyriba is positioned as a cloud-based platform that large corporations use to manage their cash and risk more effectively than spreadsheets alone.
Treasury Transformation: From Operational to StrategicGTreasury
The completion of a Treasury Management System implementation does not also mean the end of strategic change you can offer the organization. You likely worked very hard to achieve important victories in your original TMS project, but it should not end there. It’s a well-worn adage that the only constant is change, but you must be prepared to leverage the technology you have implemented to lead that change. Treasury does not have to be a bystander constantly playing catch-up to the rest of the organization.
Sedjwick Joseph, the Chief Risk Officer of Habib Bank AG Zurich, discusses the changing risk landscape for banks. He notes that while some emerging markets are growing faster, there is also higher volatility and risk. The global economy faces constraints on central bank options and low interest rates that can create asset bubbles. Banks now deal with a multitude of interconnected risks across credit, market, operational, liquidity and more. Effective risk management requires moving from traditional siloed approaches to enterprise-wide risk management that considers both historical and potential future risks. The role of the CRO is also expanding from just downside risk mitigation to include managing uncertainty and opportunities.
Salvatore Zecchini - Financing SMEs and Entrepreneurs 2016: CommentsOECD CFE
This year the Forum will focus on creativity, jobs and local development. We will examine how localities can support culture and creative industries as a source of knowledge and job creation and how the creative industry can act as a powerful driving force areas such as tourism, urban regeneration, and social inclusion.
- DSP Small Cap Fund is an open-ended equity scheme predominantly investing in small cap stocks, with an investment horizon of over 5 years.
- Small cap stocks typically have high risks and volatility, but may provide higher returns over the long run if able to successfully transition to mid and large caps. Active management is important for small caps due to low research coverage and risks.
- DSP Small Cap Fund has outperformed its benchmark and category average over the long term due to its focus on microcap stocks and experience with active management in small caps. However, short term performance can be volatile.
- DSP Small Cap Fund is an open-ended equity scheme predominantly investing in small cap stocks, with an investment horizon of over 5 years.
- Small cap stocks typically have high risks and volatility, but may provide higher returns over the long run if able to identify multi-bagger stocks. Active management is important for small caps due to low liquidity and research.
- DSP Small Cap Fund has outperformed its benchmark over long periods due to its focus on microcap stocks and active management, though short-term performance can be volatile.
The document provides an overview of the DSP Tax Saver Fund, an open-ended equity linked savings scheme (ELSS) that aims to provide long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments across market capitalizations. The fund uses a blend of top-down and bottom-up approaches, investing across sectors based on macro analysis and selecting stocks based on fundamental research. It has outperformed its benchmark index on a risk-adjusted basis over the past 1, 3 and 5 years under the management of Rohit Singhania since July 2015. The current portfolio has a large cap bias and is concentrated in the financial services, healthcare, energy and materials sectors.
This deck consists of total of seventy slides. It has PPT slides highlighting important topics of Investment Portfolio Management Power Point Presentation Slides . This deck comprises of amazing visuals with thoroughly researched content. Each template is well crafted and designed by our PowerPoint experts. Our designers have included all the necessary PowerPoint layouts in this deck. From icons to graphs, this PPT deck has it all. The best part is that these templates are easily customizable. Just click the DOWNLOAD button shown below. Edit the colour, text, font size, add or delete the content as per the requirement. Download this deck now and engage your audience with this ready made presentation.
Kijana Mack - Ashton Global PresentationKijana Mack
The Ashton Global International Small-Cap Fund seeks to generate returns through investing in mispriced small-cap stocks and special situations globally. The fund's portfolio managers identify undervalued companies trading below intrinsic value, with a focus on smaller companies. Not constrained by benchmarks or sectors, the fund has the flexibility to invest where it finds the most value. Since inception in 2014, the fund has outperformed its benchmark with lower volatility through its deep value approach.
Redwood unconstrained bond presentationJeff Bennett
This document discusses the Redwood Unconstrained Bond Fund managed by Reams Asset Management. It provides an overview of the fund's investment approach, experienced management team, disciplined investment process focused on risk management, and performance track record spanning different rate environments. Key points are that the fund offers a long-term, small asset, pure unconstrained strategy that hunts for spread versus chasing yield, providing non-correlating returns to complement traditional fixed income allocations.
Create an investment plan with our content ready Portfolio Management PowerPoint Presentation Slides. The topic-specific asset allocation management presentation deck has various content ready PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download the professionally designed investment analysis & portfolio management PowerPoint complete deck for portfolio risk and return analysis. Our Portfolio Management PowerPoint Presentation Slides team are like a bunch of cowboys. They enjoy being fast off the draw.
Create an investment plan with our content ready Portfolio Management Powerpoint Presentation Slides. The topic-specific asset allocation management presentation deck has various content ready PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download the professionally designed investment analysis & portfolio management PowerPoint complete deck for portfolio risk and return analysis. Our Portfolio Management Powerpoint Presentation Slides team are like a bunch of cowboys. They enjoy being fast off the draw. https://bit.ly/3yk8C93
Proactive Alternatives strategies for the sophisticated HNW investor with actively managed accounts. A currency hedge works well against rising interest rate volatility.
The document discusses the DSP Focus Fund, a focused fund that seeks high conviction opportunities across sectors and market caps through a blend of growth drivers and valuation support. It has an experienced fund manager, Gopal Agrawal, and invests in a concentrated portfolio of approximately 30 stocks. Key points include the fund's investment philosophy, framework, performance track record, sector exposures weighted towards financials and consumer discretionary, top holdings including HDFC Bank and ICICI Bank, and the experienced investment team.
SBI Emerging Business Fund: An Equity Mutual Fund Scheme - Sep 17SBI Mutual Fund
SBI Emerging Business Fund focuses on emerging businesses and invests in companies that are considered emergent. It has the flexibility to invests across market caps. SBI Emerging Business Fund may invests into large, mid and/or small cap stocks in any proportion based on the market conditions making the most of various market phases. Visit SBI Mutual Fund to know more this fund at https://www.sbimf.com/en-us/equity-schemes/sbi-emerging-businesses-fund
This document discusses long term investment perspectives and solutions. It begins by outlining common investment questions and problems clients face. It then provides principles for problem solving, including taking a long term view, diversification, and active asset allocation. Several charts show long term returns for various asset classes and indexes, demonstrating the benefits of equities and downsides of cash over time. It discusses MacroSolutions' approach of integrating top-down macro analysis with bottom-up stock selection and provides some examples of investment themes. Performance charts show the funds outperforming peers and delivering returns above inflation over multiple time periods. It concludes that a multi-asset class approach can solve most client needs and that active management adds value over the long term.
SBI Emerging Business Fund: An Equity Mutual Fund Scheme - Nov 17SBI Mutual Fund
SBI Emerging Business Fund focuses on emerging businesses and invests in companies that are considered emergent. It has the flexibility to invests across market caps. SBI Emerging Business Fund may invests into large, mid and/or small cap stocks in any proportion based on the market conditions making the most of various market phases. Visit SBI Mutual Fund to know more this fund at https://www.sbimf.com/en-us/equity-schemes/sbi-emerging-businesses-fund
Use our Funds Analysis PowerPoint Presentation Slides for investment planning and analysis. Funds management PowerPoint complete deck contains ready to use slides such as introduction to investment, objectives of portfolio management, types of investment, market scenario overview, investment instruments, analysis and valuation of equity securities, industry analysis, financial statement analysis, balance sheet, company cash flow statement, major market issues, technical analysis, instruments in special situations, fixed income and leveraged securities, top performing bonds, bond valuation estimation, dividend reinvestment risk table, options analysis, types of convertible securities, different warrant categories, derivative products, put and call options, mutual funds investment, investment in real estate, real estate classification, portfolio management KPIs and many more. Showcase recent global security market trends with this content ready investment analysis PPT visuals. You can also present investment criteria based on equity, fixed income and money market using investment management presentation design. Download the investment strategies and portfolio analysis to present investment risk and return analysis.
The document discusses studies that have shown a high percentage of active fund managers underperforming benchmarks over periods of 1, 3, 5, and 10 years. However, it notes that simply looking at these statistics in isolation can be misleading, as funds have different time frames and start periods for outperforming benchmarks. Considering the effects of probability, it may not be reasonable to expect a high percentage of funds to outperform at any given time period. The document encourages further exploration of alternatives to passive funds rather than automatically ignoring active managers.
The Bulls Eye Strategy aims to deliver short to medium term returns through investing in fundamentally sound stocks and active profit booking. Stock selection is based on positive corporate developments and relative valuation compared to peers. The strategy buys stocks ahead of positive events and when valuations gaps appear, and sells when price targets are reached. It is a low to medium risk strategy for investors with 1 year horizon, and aims to outperform the BSE 200 benchmark. The portfolio will be diversified across large, mid, and small cap stocks from various sectors within allocation limits. The strategy is managed by Mr. Manish Sonthalia with 15 years of experience.
Linking Strategic Planning with Operational Planning, Thomson ReutersInnovation Enterprise
Thomson Reuters is proposing changes to better link strategic planning with operational planning by aligning operating segments with market segments. This would allow market growth projections to be used as a leading indicator for business growth. It would also provide a more robust analysis by tying market share and revenue to business forecasts. The goal is to execute strategic planning by informing large investments, acquisitions, and capital expenditures based on consistent targets across market and operating segments. This approach provides increased visibility but reduces flexibility around targets.
Hilltop decorrelated fund august 2013 factsheetJohn Robertson
This document provides information on the Hilltop Decorrelated Fund, including its portfolio allocation and historical performance. The fund utilizes a multi-manager approach, investing in 10-15 hedge fund strategies across global markets that aim to deliver returns with low correlation to traditional benchmarks. In August 2013, the fund was down 0.2% with half of its 16 underlying managers positive and half negative. The document also provides details on fund terms, fees, and the investment experience and background of the fund manager.
The document provides information on the DSP Tax Saver Fund, an open-ended equity linked savings scheme (ELSS) that aims to provide long term capital appreciation and income tax benefits. The fund uses a blended top-down and bottom-up approach to construct a diversified multi-cap portfolio of 60-75 stocks. It is managed with a focus on investing in companies with strong fundamentals and growth prospects using a growth at reasonable price style. The fund has outperformed its benchmark over various periods under the tenure of the fund manager Rohit Singhania and maintains a large cap bias with top ten holdings constituting around 40% of assets.
Similar to Kyriba liquidity management jan 2014 final (20)
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3. Corporations are deploying cash, but cash levels are still growing
Corporate Cash as a % of Current Assets
Corporate Growth
S&P 500 companies – cash and cash equivalents, quarterly
$bn, nonfarm nonfinancial capex, quarterly value of deals completed
Equities
30%
$1,600
28%
$1,500
26%
Capital Expenditures
M&A Activity
$1,600
$1,400
$1,200
$1,400
24%
$1,000
$1,300
22%
$800
$1,200
20%
18%
16%
$600
$1,100
$1,000
14%
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
Dividend Payout Ratio
$400
$200
$900
$0
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Cash Returned to Shareholders
$bn, S&P 500 companies, rolling 4-quarter averages
S&P 500 companies, LTM
60%
$33
$30
$160
Dividends per Share
$140
50%
$120
$27
$100
$24
40%
$80
$21
$60
30%
$18
20%
Share Buybacks
$15
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
$40
$20
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Source: Standard & Poor’s, FRB, Bloomberg, FactSet, J.P. Morgan Securities, J.P. Morgan Asset Management. (Top left) Standard & Poor’s,
FactSet, J.P. Morgan Asset Management. (Top right) M&A activity is the quarterly value of deals completed and capital expenditures are for
nonfarm nonfinancial corporate business. (Bottom left) Standard & Poor’s, FactSet, J.P. Morgan Asset Management. (Bottom right) Standard &
Poor’s, Compustat, FactSet, J.P. Morgan Asset Management. ―Guide to the Markets – U.S.‖ Data are as of 9/30/13.
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4. Holdings of cash and short-term investments
Nearly
60%
of organizations hold some amount of their cash outside of the U.S.
The share increases to
75%
for public corporations
Change in cash and short-term investment balances over the past year: U.S. and non-U.S. cash holdings
(Percentage distribution of organizations with cash and short-term investment holdings outside of the U.S.)
Within the U.S.
Outside the U.S.
Much larger (+15%)
11
12
Somewhat larger
26
25
No significant change
43
49
Somewhat smaller
10
9
Much smaller (-15%)
10
5
Source: The 2013 AFP Liquidity Survey,
Association for Financial Professionals
JPMorgan Global Liquidity Investment PeerView
(June 2013)
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5. Liquidity by the numbers
74%
of all cash balances are maintained in banks, money market funds and Treasury securities.
50%
of organizations’ short-term investment balances are held in bank deposits
Out of organizations’ short-term investment portfolios,
80%
65%
matures in 30 days or less
of financial professionals expect the average maturity of their organization’s short-term investment
portfolio to stay the same or shorten further
Among organizations decreasing cash balances
operations, the most common driver of lower
36%
acquired a company or launched new
cash holdings
Among organizations increasing cash balances
common driver of higher cash holdings
54%
generated higher operating cash flow, the most
Source: The 2013 AFP Liquidity Survey, Association for
Financial Professionals
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6. Allocation across cash instruments
Close to a third of cash assets are allocated to money market funds, with usage
highest in Europe and in companies with smaller cash balances
By Region
Total
N. America
50%
29%
35%
Europe
34%
40%
Asia
By Cash Balance
22%
<$500M
$500M - $999M
13% 6%
41%
66%
7%
9%
14%
19%
>$5 B
30%
50%
$1B - $5B
8% 7%
61%
25%
42%
32%
18%
7%
16%
34%
27%
5% 4%
8%
26%
15%
Bank deposits/earnings credit rate – offset to bank fees
Bank deposits/earnings credit rate – offset to bank fees
Money Market
Repos, CDs, commercial paper, corporate bonds
Money Market
Other
Other
Source: JPMorgan Asset Management Global Liquidity
Investment PeerView Study Results June 2013
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Repos, CDs, commercial paper, corporate bonds
7. Strategies with more yield are attracting corporate cash
Money Market Fund
AUM ($)
Managed Reserves &
Short Duration AUM ($)
600,000,000,000
70,000,000,000
JPMorgan Money Market Funds
Managed Reserves & Short Duration
60,000,000,000
500,000,000,000
50,000,000,000
400,000,000,000
40,000,000,000
300,000,000,000
30,000,000,000
200,000,000,000
20,000,000,000
100,000,000,000
10,000,000,000
Chart shown for illustrative and discussion purposes only.
Source: J.P. Morgan Asset Management. Data as of December 31, 2013
Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice
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Dec-13
Jun-13
Sep-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Jun-11
Sep-11
Mar-11
Dec-10
Jun-10
Sep-10
Mar-10
Dec-09
Sep-09
Jun-09
Mar-09
Dec-08
Sep-08
Jun-08
Mar-08
Dec-07
Sep-07
Jun-07
Mar-07
Dec-06
Sep-06
Jun-06
Mar-06
Dec-05
Sep-05
Jun-05
Mar-05
0
Dec-04
0
8. A disciplined approach for evaluating investment
solutions
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9. Benefits of a well-executed investment policy
With consistency and clarity, an investment policy sets the
strategy for your investment decisions.
Ensures consistent approach in all market conditions
Provides clarity so that everyone understands the policy
Imposes transparency for internal control
Helps you meet your corporate investment goals
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10. Steps toward creating an investment policy
Weighing the risks and rewards for
cash investments — a rigorous,
ongoing, sequential process
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11. Segmenting cash by liquidity need and profile
This is the first step in determining your investment strategy
and ensuring optimal return.
Total balance
sheet cash
Risk profile
Strategic
cash
Restricted
cash
Reserve
cash
Operating
cash
Operating
Cash typically used
for daily operating
needs may
be subject to
unforeseen
volatility
Requires
preservation
of principal
Late-day access
Reserve
Investment horizon
of 6 to 9 months
or longer
Fairly static,
same-day access
not needed
Restricted
Balances trapped
in highly regulated
jurisdictions or with
repatriation-related
tax issues
Cash collateral
tied to credit
agreements or
derivative contracts
Same-day liquidity
Cash set aside for
possible acquisition,
stock buy back
or R&D
The above chart is for illustrative purposes only.
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Strategic
No short-term
forecasted use
Cash on balance
sheet that has not
been historically
used
Investment horizon
of 1 year or longer
12. Assess your tolerance for volatility
Considerations
Do you have any tolerance for volatility?
What is your maximum acceptable realized loss in a given period?
Should you have any restrictions on gains?
What data will you need to assess potential volatility in an investment strategy?
What is an appropriate impairment policy?
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13. Assess whether to extend maturity both at the security
and portfolio level
Considerations
Does the yield curve merit longer-term investment?
What proportion of the portfolio should you allocate to different maturities, given your
liquidity requirements?
What should be the maximum duration for the overall portfolio?
What will be the agreed course of action if immediate liquidity requirements cannot be
met?
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14. Investors with longer horizon can, over time, pick up higher returns by
extending maturities
All data as of December 31, 2013
BofA Merrill Lynch US 3-Month
Treasury Bill
Total rate of return (%)
1 Year
3 Years
5 Years
10 Years
StDev*
Total rate of return (%)
0.07
0.10
0.12
1.68
0.56
Frequency of negative returns
(rolling)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
1 Year
3 Years
5 Years
10 Years
StDev*
5.00%
2.50%
0.00%
(0.00)
(0.00)
-
0.18
0.21
0.31
1.97
0.63
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
Average
Best
Period
0.00
0.00
0.05
0.08
0.10
0.12
1.68
0.42
0.85
1.74
1.80
1.91
2.32
2.76
1.34
2.70
5.29
5.03
4.42
3.60
3.81
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
Total rate of return (%)
1 Year
3 Years
5 Years
10 Years
StDev*
0.26
0.35
0.54
2.07
0.80
1 Year
3 Years
5 Years
10 Years
StDev*
0.36
0.78
1.09
2.56
1.40
Frequency of negative returns
(rolling)
3.33%
0.00%
0.00%
(0.01)
-
Benchmark returns, % (rolling)
Worst
BofA Merrill Lynch 1-3 Yr
US Treasuries
BofA Merrill Lynch 1-Year
US Treasury Note
Total rate of return (%)
Frequency of negative returns
(rolling)
Benchmark returns,% (rolling)
Period
BofA Merrill Lynch US 6-Month
Treasury Bill
Frequency of negative returns (rolling)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
17.50%
5.00%
0.00%
(0.06)
(0.11)
-
Benchmark returns, % (rolling)
Benchmark returns, % (rolling)
Worst
Average
Best
0.00
0.04
0.14
0.17
0.21
0.31
1.97
0.49
1.00
2.04
2.11
2.24
2.67
3.08
1.82
3.40
6.08
5.50
4.79
3.90
4.03
Period
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
26.67%
16.67%
1.67%
(0.21)
(0.28)
(0.19)
Worst
Average
Best
Period
Worst
Average
Best
-0.30
0.04
0.22
0.25
0.35
0.54
2.07
0.52
1.05
2.14
2.24
2.41
2.93
3.34
2.52
4.15
6.91
5.84
5.00
4.64
4.34
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
-1.06
-0.33
-0.35
0.28
0.67
1.09
2.56
0.65
1.31
2.66
2.83
3.06
3.61
3.96
3.75
5.95
9.16
6.98
5.95
5.53
4.93
Source: BofA Merrill Lynch. Above data is based on 120 monthly observations. Returns for periods of 1 year or longer are annualized. * Annualized standard deviation of monthly
returns on a trailing 10-year basis. Charts are shown for illustrative purposes only. All data as of December 31, 2013.
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15. Assess whether greater credit risk is acceptable
Considerations
Besides using agency ratings, how will you assess and monitor credit quality of potential
investments/issuers?
Do you have the ability and resources in-house to assess credit quality or should you
outsource?
What will be your guidelines for credit allocation?
How often will you review credit quality and your credit risk exposures?
What is the agreed course of action if a security or issuer is downgraded, put on watch or
falls below your minimum credit quality standards?
Consider also how you expect to be notified of a downgrade event or threat in a timely way.
Is this information
that can be captured in-house or tasked to a third party?
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16. Risk Return Profiles for 1-3 Corporate Only Indices
All data as of December 31, 2013
BofA Merrill Lynch 1-3 Yr
AAA US Corporate
BofA Merrill Lynch 1-3 Yr
AA US Corporate
Total rate of return (%)
BofA Merrill Lynch 1-3 Yr
Single-A US Corporate
Total rate of return (%)
1 Year
3 Years
5 Years
10 Years
StDev*
0.87
1.53
2.72
3.23
2.05
BofA Merrill Lynch 1-3 Yr
BBB US Corporate
Total rate of return (%)
1 Year
3 Years
5 Years
10 Years
StDev*
1.06
1.81
3.45
3.29
2.02
Total rate of return (%)
1 Year
3 Years
5 Years
10 Years
StDev*
1.54
2.56
5.04
3.30
3.56
1 Year
3 Years
5 Years
10 Years
StDev*
2.47
3.40
7.29
4.64
3.26
Frequency of negative returns
(rolling)
Frequency of negative returns
(rolling)
Frequency of negative returns
(rolling)
Frequency of negative returns
(rolling)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
1 Month
3 Months
1 Year
Avg 1M Negative Return (%)
Avg 3M Negative Return (%)
Avg 1Y Negative Return (%)
27.50%
16.67%
0.83%
(0.33)
(0.62)
(0.43)
Benchmark returns, % (rolling)
25.00%
18.33%
1.67%
(0.39)
(0.60)
(0.48)
Benchmark returns, % (rolling)
24.17%
15.00%
8.33%
(0.69)
(1.82)
(5.07)
Benchmark returns, % (rolling)
Period
Worst
Average
Best
Period
Worst
Average
Best
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
-2.43
-2.19
-0.43
0.88
1.42
2.72
3.22
0.81
1.63
3.33
3.55
3.80
4.33
4.63
4.30
5.76
8.78
7.05
6.20
6.56
5.53
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
-2.96
-2.43
-0.73
1.23
1.64
2.70
3.27
0.83
1.66
3.39
3.57
3.80
4.32
4.63
4.74
7.27
10.51
7.59
6.31
6.70
5.57
Period
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
20.83%
15.83%
5.00%
(0.59)
(1.29)
(3.35)
Benchmark returns, % (rolling)
Worst
Average
Best
-10.22
-10.27
-8.05
-1.58
0.48
0.98
3.26
0.85
1.70
3.46
3.61
3.79
4.18
4.50
7.34
11.32
16.90
11.03
7.79
6.72
5.62
Period
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10 Years
Worst
Average
Best
-7.48
-7.19
-5.04
-0.25
1.38
1.78
3.99
1.17
2.37
4.90
5.09
5.17
5.29
5.24
9.51
15.08
23.11
14.77
10.42
7.74
6.01
Source: BofA Merrill Lynch. Above data is based on 120 monthly observations. Returns for periods of 1 year or longer are annualized. * Annualized standard deviation of monthly
returns on a trailing 10-year basis. Charts are shown for illustrative purposes only. All data as of December 31, 2013.
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17. Decide how your investment strategy will be executed
Considerations
Local
Regional
Global
In-house
Do you want to use in-house
resources or outsource?
Held to maturity
Do you want an investment strategy
imposed and managed
locally, regionally or globally?
What will be the process and criteria
for selecting and monitoring thirdparty providers?
Yield
versus
total return
What type of metrics and reports will
be required and how frequently?
Available for sale
Outsource
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16
18. Instituting an Investment Policy
1. Consider cash segmentation
2. Create a governance framework
3. Establish investment parameters, including objectives, benchmarks and
scope
4. Determine permissible investments
5. Define characteristics of investments, such as credit rating and
diversification by security type
6. Monitor investments
7. Ensure compliance with rigorous due diligence
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19. Conclusion
The ―right‖ investment policy can vary significantly from one
organization to another, depending on these factors:
Treasury
resources
Cash flows
Liquidity
requirement
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Comfort level
Hello, and thank you for dialing into our call today. I hope you all find it helpful as you look at what are probably a lot of growing priorities for the new year. We often do a great deal of Spring cleaning at home (every year I promise my wife to organize the garage), a lot of want to exercise more, stop drinking soda, etc…….I wonder how many on the line have updating your Investment Policy as a New Year’s resolution……hopefully after this call a few may just add that to their ToDo list.There are always a ton of uncertainty in the world and most of them bring risk to corporations that are difficult to manage. Having an update, flexible and rock solid Investment Policy is even more critical given today’s risks that we are all navigating through. I am sure you all have a dozen risk that you are managing within your specific firm or industry, but some big ones are:Regulation: More specifically, Frank Dodd, Basel 3, Money Fund Reform both from the SEC in the states and via the EC in Europe, etc.The possibility of Rising interest rates.My goal is to discuss some best practices with respect to your Investment Policy so that you can not only manage risk but even take advantage of opportunities with your corporate cash at the moment they present themselves.
2011 We began to see the fear that crippled the markets in 2008 start to dissipate. Dividends begin to slowly increase, share buybacks picked up a bit, and even capital expenditures grew…….but the sum of all those activities that use cash made only a minor dent in corporate cash balances. In fact, one can argue that the crisis changed the mindset of a lot of CFOs and Treasurers and they are quite frankly holding on to more cash today than they did prior to 2008. As a result, cash continues to be a core, even strategic asset, for a lot of corporations. Which makes a strong Investment Policy an even more important guiding document then ever before.TREASURY STRATEGIES STATISTICIn the US corporate cash levels are $1.93t (as of 9/30/13).Eurozone corporate cash is even larger, 1.95t EUR
Although I do not want to run through a ton of statistics on corporate cash investing behavior, I thought a few were worth showing in order provide a little context to this conversation. This slide, as well as the one following, have some interesting data points that we leveraged from the 2013 AFP Liquidity Survey. A lot has been discussed in the public forum as it relates to the location of corporate cash for US multi-national firms in particular. The reality is that 60% of organization hold some amount of their cash outside of the US. That number jumps to 75% if you are only measuring public corporations. We all know the reasons for this international build-up of cash……a lot of it has to do with an investment in international business and the infrastructure/investment required to support it. However, for the huge cash hoarders, it also has a lot to do with the US tax system that is more aggressive than most other international countries. For example, a lot of European and Asia car company’s literally move cash they generate in the US back to their Headquarters daily. This provides these firms with a great deal of flexibility on their efficient use of that strategic asset throughout their organization……I will stop there on the tax debate as we all recognize how complex that topic can get. The other data point worth noting supports my previous slide on the growth of corporate cash. Although there are some slight variations on where the cash is moving (up or down), the reality is that it is moving pretty consistently. The interesting fact is that of those surveyed, almost half do not see a significant change in their cash holdings……and another third see that cash growing. In total then, 80% will be flat and growing and only about 15-20% will see it shrinking.
I know this group understands this point, but worth repeating, corporations continue to manage their cash very conservatively. In fact, I have yet to meet a company since I have been doing this job that has not said they have the MOST conservative investment culture. The reality is that everyone is conservative, with some slight variations on how they would define conservative. To put some context to that: 74% of all cash are held in banks, MMFs and Treasuries 65% of organizations short-term portfolios mature in 30 days or less…….both of those stats would surely qualify as conservative by most measurers One might think with the equity markets performing and most macro risks diminishing that corporate treasurers they would look to take on more risk. However, that has not been the case from a broad perspective. We have a seen a risk on mentality within only certain pockets of corporate America….…… In fact, 80% except the average maturity of their short-term investments to stay the same or even go shorter. Maybe a not a bad idea if they have a fear of risking rates.
The survey highlighted key findings and regional trends with liquidity continuing to be a central concern. Close to a third of all cash assets globally are allocated to MMFs with European companies recording the highest allocation at 41%, almost twice that of Asia Pacific companies which have the lowest allocation at 19%. Asia Pacific companies tend to allocate most cash investments into bank deposits, as do smaller companies overall. North American companies typically have a higher allocation to Repurchase Agreements, CDs, commercial paper and corporate bonds, relative to other regions. However this could change if the regulators in the US (SEC) and in Europe (EC) change the fundamental structure of money market funds. Our survey found that one of the largest barriers preventing companies from supporting these changes to Money Market funds that are proposed by the regulators are due to the limitations of their investment policies.
Since the beginning of time, treasurers have always had to contend with competing forces—a need for yield on the one hand, and a mandate to minimize losses on the other. In the current low-rate environment, these competing forces have been more intense than usual. With that being said, we have helped clients through the process of understanding risk so that they can look to add a higher return on their corporate cash. Here we can see within J.P. Morgan our strategies outside of Money Market funds have grown at a consistently high rate than that of our Money Market fund complex. Of the two strategies shown, the greater beneficiary of this search for yield would be the strategy that sits directly beyond Money Market funds, that is what we call Managed Reserves. Corporate accounts often take baby steps so it is natural they would start with the most conservative strategy and then look to build upon that over time as their comfort grows. Having an Investment Policy that has the flexibility and control in order to make those changes is why we are having this call today.
WHY ESTABLISH AN INVESTMENT POLICY?- Corporate cash objectives can change quickly. A well-stated investment policy provides essential guidance regardless of market conditions.- A documented investment policy allows everyone from the treasury analyst to the board of directors to share a common and clear understanding of the organization’s objectives and permissible investments.- An investment policy also provides firms with the increasingly necessary financial transparency regarding corporate liabilities and serves as a mechanism for internal control.
WHAT IS CASH SEGMENTATION?- Cash segmentation is the practice of dividing business cash funds into separate categories. To determine the most appropriate investment strategy, cash should be segmented by liquidity needs and profile. This will require having an accurate picture of your cash flow, and understanding what cash is available for investment, and for how long. HOW CASH IS TYPICALLY SEGMENTED?- Operating cash is the most liquid form of cash segmentation, and the segment most likely to fluctuate. It includes the funds used to pay the regular costs of staying in business. Ask yourself, what do I need to run the business operations on a daily, weekly and monthly basis + a little cushion. Investments with a stable value that do not fluctuate often (Money Market funds) are found here as you can have a daily call on this cash, with safety & Liquidity are paramount objectives. This is where the majority of corporations have their cash given the uncertainty of their business or the markets. It is truly the most conservative bucket.- Reserve cash is money that is designed to stay around a bit longer (6-9 months), it is not earmarked for anything per se but if you do have a need it can be tapped (this risk/return dynamic can be customized). Restricted and Strategic cash are moneys set aside for future investments with no real plans for immediate use or liquidation, of varying degrees of course. This might be cash trapped in overseas markets, etc. If you are able to truly trust your cash forecasting process you can theoretically place your cash into these buckets and maximize your returns without jeopardizing your true business objectives.
- With corporate cash balances remaining high, investors need strong guidelines for making the most of their cash investments. - It is important for every organization to construct a well-detailed investment policy. The steps we have outlined will help you establish a policy appropriate for your organization. - Finally, a rigorous due diligence process is also imperative to guarantee compliance with your policy. It is one thing to have a comprehensive policy, it is another to ensure that you have the tools necessary to verify that you are working within the policy on a global basis……with the ability to manage exceptions so that you do not make any decisions in a moment that you will have to pay for in years to come.
Although we touched on it briefly already, it’s worth while to remind ourselves: What constitutes the right investment policy and ultimately investment strategy can vary hugely from one company to another (think about it as it relates to an individual……you and your neighbor can have the same level of education, same income, similar ages and asset levels…..but have very different experiences and views on how to manage your own wealth……..company’s are no different). So on top of all the personal aspects that drive investor behavior, each company has to consider:- the nature of their company’s cash flows- its short- and longer-term liquidity requirements- the resources available within treasury to oversee cash investments the company’s own comfort level with different types of investmentsWhile there are many variations in an investment approach, there is widespread agreement that formulating an investment policy should be a company-wide concern.