Fundamental Analysis and Analyst Recommendations - China RailwayBCV
Fundamental Analysis & Analyst Recommendations - China Railway
Thematic Investments: China Railway
Rapid & Efficient Transportation Supports China's Ascent
INVESTMENT RATIONALE
* The length of China’s rail network is planned to reach a total track length of 120'000 km under the current five-year plan, from 20'000 km in 1949.
o The People’s Republic of China boasts the world’s third-longest railway network behind the USA and Russia.
o China is the only country in the world that has significantly expanded its railway infrastructure in recent years and is poised to build it out further in the future.
* Rapid & efficient transportation systems underpin China’s social and economic development.
o By the end of 2011, the People's Republic of China had a total urban population of 700 million or 53% of total population, rising from 26% in 1990.
+ The train is China's main means of transportation. With a population of just under 1.34 billion and a population density of 140/km², China is facing ever-growing transportation needs.
+ The massive ongoing rural exodus is a major challenge for China’s intercity transportation system.
o Rapid economic growth requires efficient transportation systems.
+ The expansion and rationalization of railways (dedicated freight lines) will boost China’s productivity by enabling raw materials and manufactured goods to reach their destination faster and more economically.
* Expanding and upgrading its railway system allows China to address many of its transportation problems, as the rail offers speed, reliability, and cost efficiency (low per-unit transportation costs) on the largest scale possible.
o Despite a temporary halt caused by the 2011 train wreck, the great railroad expansion will resume chugging forward as the social and economic significance of an efficient railway system is key for China's future
o The government's goal is to dramatically increase the speed and efficiency of intercity links, while expanding the current railway network inland to Western countries, therefore creating new efficient trade routes.
o The expansion and building of railroad infrastructure is likely to give companies operating in the railway industry full order books in the years ahead.
o Alongside rail construction companies, rolling stock manufacturers and maintenance, transport and technology firms can also partake in the government’s expansion plans.
Fundamental Analysis and Analyst Recommendations - China RailwayBCV
Fundamental Analysis & Analyst Recommendations - China Railway
Thematic Investments: China Railway
Rapid & Efficient Transportation Supports China's Ascent
INVESTMENT RATIONALE
* The length of China’s rail network is planned to reach a total track length of 120'000 km under the current five-year plan, from 20'000 km in 1949.
o The People’s Republic of China boasts the world’s third-longest railway network behind the USA and Russia.
o China is the only country in the world that has significantly expanded its railway infrastructure in recent years and is poised to build it out further in the future.
* Rapid & efficient transportation systems underpin China’s social and economic development.
o By the end of 2011, the People's Republic of China had a total urban population of 700 million or 53% of total population, rising from 26% in 1990.
+ The train is China's main means of transportation. With a population of just under 1.34 billion and a population density of 140/km², China is facing ever-growing transportation needs.
+ The massive ongoing rural exodus is a major challenge for China’s intercity transportation system.
o Rapid economic growth requires efficient transportation systems.
+ The expansion and rationalization of railways (dedicated freight lines) will boost China’s productivity by enabling raw materials and manufactured goods to reach their destination faster and more economically.
* Expanding and upgrading its railway system allows China to address many of its transportation problems, as the rail offers speed, reliability, and cost efficiency (low per-unit transportation costs) on the largest scale possible.
o Despite a temporary halt caused by the 2011 train wreck, the great railroad expansion will resume chugging forward as the social and economic significance of an efficient railway system is key for China's future
o The government's goal is to dramatically increase the speed and efficiency of intercity links, while expanding the current railway network inland to Western countries, therefore creating new efficient trade routes.
o The expansion and building of railroad infrastructure is likely to give companies operating in the railway industry full order books in the years ahead.
o Alongside rail construction companies, rolling stock manufacturers and maintenance, transport and technology firms can also partake in the government’s expansion plans.
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/Excel-Model-for-Banking--119
This is a valuation model of Axis bank. This model covers the different valuation types to arrive at the fair value of a stock.
As of June 9th the Retirement plan landscape has changed again not just for you but for all of the people who work on your plan. When was the last time you had an Independent Assessment of the plan completed? With all the changes taking place there is no better time to have an “annual physical of your plan done, we can help.
Equity Valuation - Amara Raja BatteriesAbbas Badami
Financial Modelling and Equity Valuation of Amara Raja Batteries with the objective of investments into the company for a long term. Also applying different investment theories (Trading comparable's, Warren Buffet Tenets, FCFF & FCFE) to establish the true price/value of the company.
Supporting data for analysis in Dow 20000 blog post. Explains difference in returns impact for price-weighted names in the Dow Jones Industrial average and market-capitalization names in the S&P 500 Index. Data is for illustrative purposes only to point out the potential differences in index performance driven by the "methods under the hood."
#WeeklyNewsPaper
Inflation increases to 5.54% in November. IRB Infrastructure approves allotment of NCDs worth Rs 1,400 crore on private placement bases.
For more news click the link: http://bit.ly/FDNewspaper
#sharemarket #mutualfunds #trading #stocks #FinDoc
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/Excel-Model-for-Banking--119
This is a valuation model of Axis bank. This model covers the different valuation types to arrive at the fair value of a stock.
As of June 9th the Retirement plan landscape has changed again not just for you but for all of the people who work on your plan. When was the last time you had an Independent Assessment of the plan completed? With all the changes taking place there is no better time to have an “annual physical of your plan done, we can help.
Equity Valuation - Amara Raja BatteriesAbbas Badami
Financial Modelling and Equity Valuation of Amara Raja Batteries with the objective of investments into the company for a long term. Also applying different investment theories (Trading comparable's, Warren Buffet Tenets, FCFF & FCFE) to establish the true price/value of the company.
Supporting data for analysis in Dow 20000 blog post. Explains difference in returns impact for price-weighted names in the Dow Jones Industrial average and market-capitalization names in the S&P 500 Index. Data is for illustrative purposes only to point out the potential differences in index performance driven by the "methods under the hood."
#WeeklyNewsPaper
Inflation increases to 5.54% in November. IRB Infrastructure approves allotment of NCDs worth Rs 1,400 crore on private placement bases.
For more news click the link: http://bit.ly/FDNewspaper
#sharemarket #mutualfunds #trading #stocks #FinDoc
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.
Plan Grader
1. Confidential 8/25/2017 Page 1
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AD AE AF AG AJ AP AQ AR AS AT AU AW AY BE BF BH BJ BK BN BQ BR BU BX BY CB CE CF CI CL CM CN CO CP CQ
EVAL % OF PLAN: 99% 2016 2015 3 Year 5 Year
11,070,170.65$ 9,260,798.00 =5500 -30% -27% -17% -21%
3% 20 flows 2016 990,843.75$ 100% 4,107.41 990,843.75$ 50% (4,924.64) 8,688,351 (8,462.53) 7,154,108 -$3,566.44 5,010,906 -$214.32 3,690,328 $2,460.75 2016 2015 3 Year 5 Year
1 62.50% 32 9% 10,157,061 (8,210) 9,166,217.00 495,421.88 (289,929) 8,688,351 -$55,414.53 $7,154,107.54 -$216,747.29 5,010,906 -$56,862.22 $3,690,327.55 -$54,969.83 -63% -31% -38% -22%
prospectus benchmark
if manager beat
benchmark, years
to determine
persistent skill?
any manager
skill exhibited
since 1996 to
be <40 yrs?
+ or - bench since
1996?
Index or
passive
fund name ticker trust assets 2017 DEITZ trust assets 2017 DEITZ 2016 return % of level 1 2017 lag 2017 lag cost trust assets 2016 DEITZ 50% of flows 2016 lag 2016 lag cost
trust assets beg 2015
dietz from 5500 2015 lag
2015 lag cost
from 5500
trust assets beg
2014 dietz from 5500 2014 lag 2014 lag cost from 5500
trust assets beg
2013 dietz from
5500 2013 lag
2013 lag cost from
5500
trust assets beg 2012
dietz from 5500 2012 lag
2012 lag cost from
5500 fd v bm 2016 fd v bm 2015 fd v bm 3y fd v bm 5y fd v bm 10y
S&P 500 TR USD 31 31 2.70% No
American Funds Growth Fund of Amer
R6 RGAGX 1,533,814 1,533,814.17$ 118,710.70 14% 3.17 1,277,057.00 69,023.24 (3.141) (40,111.49) 1,210,479.63 4.31 996,725.60 (4.06) (40,430.49) 698,130.17 1.90 514,144.34 4.98 (3.14) 4.31 (0.84) 0.76 0.27
Russell 1000 Value TR USD no skill -0.23% No Invesco Equity and Income Y ACETX 1,420,344 1,420,344.44$ 178,652.66 12% (0.38) (5,361.60) 1,120,562.00 60,564.89 (2.215) (24,818.66) 1,062,143.25 1.73 874,583.38 (4.11) (35,964.57) 612,578.88 (7.26) (44,447.04) 451,139.31 (4.35) (19,604.00) (2.21) 1.73 (1.37) (2.99) 0.82
MSCI EM NR USD 13 13 4.14% No Oppenheimer Developing Markets Y ODVYX 978,164 978,163.67$ 62,414.29 9% 0.30 826,416.00 44,666.69 (4.022) (33,236.33) 783,332.09 1.08 645,006.43 (2.37) (15,257.12) 451,777.75 11.28 332,715.86 3.06 (4.02) 1.08 (1.57) 1.77 2.64
S&P 500 TR USD 54 no skill 1.50% No American Funds Fundamental Invs R6 RFNGX 793,631 793,630.94$ 86,611.65 7% 0.75 638,048.00 34,485.65 0.918 604,784.36 2.32 497,987.77 (4.42) (22,018.32) 348,802.41 (0.44) (1,551.16) 256,878.72 1.53 0.92 2.32 (0.32) 0.02 0.46
Russell Mid Cap Value TR USD no skill -1.88% No Vanguard Selected Value Inv VASVX 789,072 789,072.36$ 106,146.43 7% 2.92 616,305.00 33,310.47 (3.658) (22,541.62) 584,174.90 0.98 481,017.66 (8.39) (40,358.96) 336,916.14 8.58 248,124.97 (3.26) (8,087.68) (3.66) 0.98 (3.47) (1.43) (0.10)
MSCI ACWI Ex USA NR USD 48 no skill 1.94% No American Funds Europacific Growth R6 RERGX 597,606 597,606.40$ 5,699.58 6% 3.68 534,165.00 28,870.91 (3.483) (18,604.03) 506,317.14 5.18 416,908.51 1.57 292,012.58 5.29 215,055.33 2.81 (3.48) 5.18 1.18 2.22 1.93
Russell 1000 Value TR USD no skill -0.38% No Vanguard Windsor™ II Inv VWNFX 505,483 505,482.62$ 57,202.95 4% 3.13 404,549.00 21,865.34 (3.926) (15,880.88) 383,458.47 0.61 315,744.99 (2.29) (7,242.36) 221,155.25 (1.84) (4,065.38) 162,871.81 (0.79) (1,291.97) (3.93) 0.61 (1.73) (1.57) (0.04)
Russell 2000 TR USD 76 no skill 2.93% No Neuberger Berman Genesis Instl NBGIX 498,594 498,594.29$ 74,111.01 4% 0.23 383,074.00 20,704.64 (2.954) (11,314.58) 363,103.03 4.82 298,984.04 (4.94) (14,773.18) 209,415.49 (1.59) (3,339.38) 154,225.95 (6.25) (9,642.58) (2.95) 4.82 (0.84) (2.05) 2.01
Russell 2000 Growth TR USD 63 no skill 2.59% No Lord Abbett Developing Growth I LADYX 373,410 373,410.19$ (9,007.50) 4% 2.92 345,112.00 18,652.85 (13.794) (47,605.73) 327,120.12 (7.26) (23,743.73) 269,355.22 (2.05) (5,510.47) 188,662.76 14.45 138,942.41 (3.86) (5,361.87) (13.79) (7.26) (7.70) (3.72) 0.97
Russell 1000 Value TR USD 395 no skill 0.47% No Invesco Growth and Income Y ACGMX 424,664 424,663.64$ 68,170.99 4% 0.07 321,716.00 17,388.32 2.763 304,943.84 0.93 251,094.96 (3.03) (7,619.48) 175,872.84 1.64 129,523.16 (2.60) (3,362.69) 2.76 0.93 0.21 (0.10) 0.99
BBgBarc US Agg Bond TR USD 24 24 0.96% No PIMCO Total Return Instl PTTRX 331,595 331,594.75$ 8,002.62 3% 1.19 292,025.00 15,783.56 (0.048) 276,800.73 0.18 227,921.54 (1.27) (2,899.82) 159,641.63 0.10 117,569.54 6.15 (0.05) 0.18 (0.37) 0.98 1.28
Morningstar Lifetime Mod 2035 TR USD no skill -1.32% No Vanguard Target Retirement 2035 Inv VTTHX 296,187 296,187.38$ 21,587.56 3% 1.02 247,812.00 13,393.91 (1.802) (4,466.12) 234,892.71 1.32 193,413.89 1.44 135,471.66 0.79 99,769.34 (0.20) (1.80) 1.32 0.36 0.33 (0.31)
Russell Mid Cap Growth TR USD 137 no skill 1.68% No Morgan Stanley Inst Mid Cap Growth I MPEGX 236,055 236,054.72$ (34,490.57) 3% 15.98 244,153.00 13,196.15 (20.731) (50,614.84) 231,424.46 (5.66) (13,093.86) 190,558.09 (10.58) (20,155.89) 133,471.39 2.60 98,296.23 (6.31) (6,204.59) (20.73) (5.66) (12.40) (8.92) (2.96)
Morningstar Lifetime Mod 2045 TR USD no skill -1.11% No Vanguard Target Retirement 2045 Inv VTIVX 266,942 266,941.53$ 20,771.06 2% 1.19 222,156.00 12,007.24 (1.969) (4,374.46) 210,574.24 1.45 173,389.73 1.91 121,446.27 1.30 89,440.21 (0.26) (233.66) (1.97) 1.45 0.52 0.51 (0.14)
S&P Completion TR USD prudent 0.04% Yes
Vanguard Extended Market Index
Admiral VEXAX 270,606 270,605.63$ 35,998.15 2% 0.02 211,721.00 11,443.24 0.177 200,683.26 0.08 165,245.36 0.06 115,741.75 0.13 85,239.07 0.03 0.18 0.08 0.10 0.09 0.12
Citi WGBI USD 19 19 2.83% No Templeton Global Bond A TPINX 195,926 195,925.76$ 10,948.86 2% (1.25) (2,456.62) 166,932.00 9,022.45 4.622 158,229.26 (0.68) (1,078.17) 130,288.15 2.05 91,256.90 6.22 67,206.98 14.16 4.62 (0.68) 1.93 5.10 3.55
Morningstar Lifetime Mod 2050 TR USD no skill -1.17% No Vanguard Target Retirement 2050 Inv VFIFX 194,035 194,035.29$ 15,067.59 2% 1.06 161,509.00 8,729.35 (2.041) (3,295.93) 153,088.98 1.62 126,055.58 2.18 88,292.30 1.51 65,023.67 (0.35) (230.22) (2.04) 1.62 0.65 0.61 (0.08)
MSCI EAFE NR USD 18 18 2.74% No Dodge & Cox International Stock DODFX 179,102 179,101.82$ 13,051.21 2% 0.71 149,852.00 8,099.30 7.263 142,039.70 (10.54) (14,970.69) 116,957.45 4.98 81,919.76 3.54 60,330.56 3.71 7.26 (10.54) 0.27 1.45 1.36
Morningstar Lifetime Mod 2020 TR USD no skill -1.64% No Vanguard Target Retirement 2020 Inv VTWNX 168,692 168,692.42$ 10,459.44 2% 1.21 142,797.00 7,717.99 (0.712) (1,016.80) 135,352.50 1.20 111,451.11 1.24 78,062.99 2.87 57,490.21 (0.18) (0.71) 1.20 0.60 0.88 (0.19)
Morningstar Lifetime Mod 2055 TR USD no skill -1.25% No Vanguard Target Retirement 2055 Inv VFFVX 164,393 164,392.99$ 12,799.73 1% 0.95 136,805.00 7,394.13 (2.028) (2,774.37) 129,672.88 1.62 106,774.44 2.45 74,787.34 1.84 55,077.82 (0.42) (228.68) (2.03) 1.62 0.74 0.72 -
Morningstar Lifetime Mod 2040 TR USD no skill -1.18% No Vanguard Target Retirement 2040 Inv VFORX 148,946 148,945.88$ 11,424.35 1% 1.18 124,106.00 6,707.76 (1.876) (2,328.57) 117,635.93 1.25 96,863.04 1.63 67,845.17 1.32 49,965.19 (0.15) (1.88) 1.25 0.38 0.45 (0.18)
BBgBarc US Credit A+ TR USD 21 21 2.10% No Vanguard Wellesley® Income Inv VWINX 116,792 116,792.42$ 8,336.29 1% 1.44 97,876.00 5,290.07 4.136 92,773.39 0.59 76,390.89 1.08 53,505.98 11.18 39,404.97 1.84 4.14 0.59 1.92 3.79 1.83
Morningstar Lifetime Mod 2025 TR USD no skill -1.81% No Vanguard Target Retirement 2025 Inv VTTVX 102,420 102,420.02$ 6,804.52 1% 1.24 86,288.00 4,663.75 (0.909) (784.13) 81,789.51 1.21 67,346.61 1.13 47,171.16 1.87 34,739.63 (0.37) (129.68) (0.91) 1.21 0.50 0.59 (0.22)
Morningstar Lifetime Mod 2030 TR USD no skill -1.42% No Vanguard Target Retirement 2030 Inv VTHRX 98,285 98,285.16$ 6,830.57 1% 1.08 82,533.00 4,460.80 (1.407) (1,160.99) 78,230.27 1.27 64,415.88 1.16 45,118.41 0.85 33,227.86 (0.43) (144.52) (1.41) 1.27 0.38 0.31 (0.33)
BofAML US Treasury Current 2 Yr TR
USD 16 16 0.43% No Goldman Sachs Short Dur Govt Instl GSTGX 88,076 88,075.52$ 1,177.42 1% 0.35 78,421.00 4,238.55 0.760 74,332.64 (0.26) (195.66) 61,206.52 (0.28) (168.94) 42,870.50 0.02 31,572.37 0.73 0.76 (0.26) 0.07 0.19 0.42
BBgBarc US Agg Bond TR USD 178 no skill 1.30% No Vanguard Target Retirement 2015 Inv VTXVX 66,497 66,497.10$ 3,680.17 1% 3.52 56,689.00 3,063.97 3.511 53,733.61 (1.01) (544.86) 44,244.99 0.60 30,990.24 15.02 22,823.04 7.15 3.51 (1.01) 1.01 4.99 0.51
Russell 3000 TR USD no skill -1.15% No Nationwide Inv Dest Mod Agrsv R6 GMIAX 66,128 66,128.12$ 5,599.41 1% (0.59) (391.72) 54,624.00 2,952.35 (3.010) (1,644.15) 51,776.26 (2.34) (1,210.42) 42,633.29 (7.89) (3,365.56) 29,861.36 (11.40) (3,404.87) 21,991.67 (2.04) (447.70) (3.01) (2.34) (4.37) (5.16) (2.24)
Morningstar Lifetime Mod 2060 TR USD no skill -1.04% No Vanguard Target Retirement 2060 Inv VTTSX 47,494 47,493.99$ 3,685.36 0% 0.90 39,535.00 2,136.81 (2.033) (803.89) 37,473.90 1.80 30,856.53 2.63 21,612.64 2.17 15,916.83 - (2.03) 1.80 0.86 - -
MSCI ACWI Ex USA NR USD 44 no skill 2.61% No Oppenheimer International Growth Y OIGYX 42,297 42,297.23$ (844.32) 0% 1.65 38,933.00 2,104.28 (6.553) (2,551.11) 36,903.29 9.10 30,386.68 (3.12) (948.68) 21,283.55 10.17 15,674.46 5.27 (6.55) 9.10 (0.19) 2.61 2.59
BBgBarc US Agg Bond TR USD 1,527 no skill 0.37% No Vanguard Target Retirement 2010 Inv VTENX 36,975 36,974.73$ 1,750.53 0% 2.07 31,788.00 1,718.10 2.577 30,130.78 (0.75) (226.53) 24,810.10 (0.04) 17,377.58 11.12 12,797.88 5.91 2.58 (0.75) 0.58 3.74 0.26
BBgBarc US Treasury US TIPS TR USD 73 no skill 0.51% No PIMCO Real Return Instl PRRIX 26,327 26,327.21$ 1,204.42 0% 0.72 22,672.00 1,225.39 0.357 21,490.03 (1.31) (282.30) 17,695.19 (0.22) 12,394.13 (0.44) (54.40) 9,127.77 2.27 0.36 (1.31) (0.41) 0.08 0.24
BBgBarc US Agg Bond TR USD 226 no skill 0.62% No Vanguard Target Retirement Income Inv VTINX 11,618 11,618.24$ 552.78 0% 1.99 9,986.00 539.73 2.604 9,465.40 (0.72) (68.33) 7,793.94 (0.43) (33.47) 5,459.06 7.89 4,020.37 4.01 2.60 (0.72) 0.47 2.67 0.54
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
#N/A #N/A #N/A #VALUE! #VALUE! 0% - - - - - -
# funds
Because fund managers
underperform 90% of the time the
calculation to the right is necessary
to determine when the manager
adds value and whether it is based
on skill or luck. A t-statistic of 2
ensures a 95% confidence level.
%
Index
Calc PlanGrader review: ABC 401k Plan
bmck31patent pending PlanGrader for Feeney Brothers Excavation Corp
2. Prepared from IRS Forms 5500 filings
by Rick Canipe, EA, QKA, MBA; IRS Enrolled Agent 77840; verify
at epp@irs.gov or 855.472.5540`
www.Fix401k.com
www.MiraCenter.com
Data from Morningstar.com
#VALUE!
=COUNTIF(R[1
0
0
0
99%
TOTAL PAID OUT
$432,523 $12,613 $95,420 $141,393 ? ? $ 681,949
Distributions
2012
2013 2014 2015 2016 2017Q2
-$8,210 -$682,132-$54,970 -$56,862 -$216,747 -$55,415 -$289,929
ABC 401k Plan
Federal regulation 2550.408b-2 requires reviewing providers to determine they bring value and are "necessary." Federal regulation 2550.404a-5 requires
disclosures to investors so they can evaluate performance versus benchmarks. This document was produced to aid in these efforts.
"...emphasizes a duty to diversify, the avoidance of unjustified costs, and the
importance of evaluating the portfolio as a whole…"
77% In 2016, what percent of the evaluated
trust was invested in lagging funds?
Supreme Court May 18, 2015 Ruling
No In 2016, were >50% of assets invested in
passive institutional shares?
The Third Restatement of Trusts
Prudent Investor Rule Adherence
“The greater the trustee’s departure from one of the valid passive strategies, the
greater is likely to be the burden of justification and also of continuous monitoring.”
$ Lag 2012 2013 2014 2015 2016 2017Q2 TOTAL $ LAG
"Under trust law, a trustee has a continuing duty to monitor trust investments and
remove imprudent ones."
38% What % of the investment menu met or
beat their benchmarks in 2016?
Values from www.efast.dol.gov--also review and refer to your plan's annual 29 CFR 2550.404a-5 notice % of Plan Assets Reviewed:
-63%
-31%
-38%
-22%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
2016 2015 3 YEAR 5 YEAR
% of Funds Lagging Benchmarks
(888)PlanLag www.FundLag.com
AVERAGE %
COST/YR
+/- BENCHMARKS
2014-2016
-0.40%
-0.71%
Participants' Investment Cost
v. Return Comparison
Prepared using this plan's most recent public
IRS/DOL Forms 5500 at www.dol.gov/efast
Presented __________________________________
by R. Canipe, J. Holland or approved advisor
3. Prepared from IRS Forms 5500 filings
by Rick Canipe, EA, QKA, MBA; IRS Enrolled Agent 77840; verify
at epp@irs.gov or 855.472.5540`
www.Fix401k.com
www.MiraCenter.com
Data from Morningstar.com
% large US
mgrs beat
benchmark
% mid US
mgrs beat
benchmark
% small US
mgrs beat
benchmark
8% 5% 7%
% of this plan's
active managers
demonstrating skill
1
23%
1
the % of managers' whose performance beat benchmarks (with a
<40 year observation period (working life)) Did you know (since 2001)?2
ABC 401k Plan
Due Diligence--facts for this plan's fiduciary investment "experts" under ERISA
SEC Rule 156 requires mutual fund companies to tell investors NOT to base their
expectations of future performance on past performance. Why? Because past
performance often does not matter to help prove a manager is good.
One of the key measurements of successful active management lies in the ability of a
manager to deliver above-average returns consistently.to differentiate a manager’s luck
from skill. According to the S&P Dow Jones' Persistence Scorecard, few funds can
consistently stay at the top. Out of 568 U.S. stock funds that were in the top quartile as
of March 2015, only 1.94% managed to stay in the top quartile at the end of March 2017
(2 years). Also, bad performing funds disappear at a significant rate. When managers’
performance against the prospectus benchmarks is poor, fund companies often close
these funds so their poor performance does not taint their overall firm's ratings. Over the
15-year period ending 12/31/2016 the percent (%) of funds that were merged or
liquidated were:
• 58% of U.S. equity funds
• 52% of global/international equity funds
• 49% of fixed income funds were either merged or liquidated.
2
https://us.spindices.com/documents/spiva/spiva-us-year-end-2016.pdf
2
https://us.spindices.com/documents/spiva/persistence-scorecard-june-2017.pdf
0
4
2
1
11
0 2 4 6 8 10 12
<10 years
>10, <20
>20, <30
>30, <40
>40 years
# FUNDS
MONITORINGYEARS
Skilled Managers' observation years
Prepared using this plan's most recent public
IRS/DOL Forms 5500 at www.dol.gov/efast
Presented __________________________________
by R. Canipe, J. Holland or approved advisor
4. Prepared from IRS Forms 5500 filings
by Rick Canipe, EA, MBA
IRS Enrolled Agent 77840; to verify the status,
email epp@irs.gov or call 855.472.5540.
www.Fix401k.com
www.MiraCenter.com
Data from Morningstar.com
99%
Prudent Investor Rule Adherence
“The greater the trustee’s departure from one of the valid passive strategies, the
greater is likely to be the burden of justification and also of continuous monitoring.”
Federal regulation 2550.408b-2 requires reviewing providers to determine they bring value and are "necessary." Federal regulation 2550.404a-5 requires
disclosures to investors so they can evaluate performance versus benchmarks. This document was produced to aid in these efforts.
ABC 401k PlanAmerican Law Institute Prudent Investor Rule
"...emphasizes a duty to diversify, the avoidance of unjustified costs, and the
importance of evaluating the portfolio as a whole…"
30% In 2016, what percent of the evaluated
trust was invested in lagging funds?
Supreme Court May 18, 2015 Ruling
Yes In 2016, were >50% of assets invested in
passive institutional shares?
The Third Restatement of Trusts
$ Lag 2012 2013 2014 2015 2016 2017Q2 TOTAL $ LAG
"Under trust law, a trustee has a continuing duty to monitor trust investments and
remove imprudent ones."
70% What % of the investment menu met or
beat their benchmarks in 2016?
Values from www.efast.dol.gov--also review and refer to your plan's annual 29 CFR 2550.404a-5 notice % of Plan Assets Reviewed:
$4,107 -$10,600$2,461 -$214 -$3,566 -$8,463 -$4,925
TOTAL PAID OUT
$432,523 $12,613 $95,420 $141,393 ? ? $ 681,949
Distributions
2012
2013 2014 2015 2016 2017Q2
-30%
-27%
-17%
-21%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
2016 2015 3 YEAR 5 YEAR
% of Funds Lagging Benchmarks
(888)PlanLag www.FundLag.com
AVERAGE %
COST/YR
+/- BENCHMARKS
2014-2016
-0.17%
-0.14%
Participants' Investment Cost v.
Return Comparison
Prepared using this plan's most recent public
IRS/DOL Forms 5500 at www.dol.gov/efast
Presented __________________________________
by R. Canipe, J. Holland or approved advisor
5. Prepared from IRS Forms 5500 filings
by Rick Canipe, EA, MBA
IRS Enrolled Agent 77840; to verify the status,
email epp@irs.gov or call 855.472.5540.
www.Fix401k.com
www.MiraCenter.com
Data from Morningstar.com
Prepared using this plan's most recent public
IRS/DOL Forms 5500 at www.dol.gov/efast
Presented __________________________________
by R. Canipe, J. Holland or approved advisor