- Waddell & Reed Financial Inc. is a publicly traded investment management company with $1.5 billion in market capitalization and 84.7 million shares outstanding.
- They provide investment management services through distinct distribution channels serving retail, wholesale, and institutional clients. They have a dedicated network of over 2,000 financial advisors and a comprehensive family of mutual funds.
- As of Q1 2009, they have $47.6 billion in total assets under management, with 83% in equity funds and 13% in fixed income funds.
WINK Calgary presents "Learn to love your money - basics of investing"Patty Auger, CA, CFP
This document provides an overview of investment allocation and risk management strategies. It discusses asset allocation models for different investor lifecycles, including sample portfolios with varying risk profiles. Historical return and risk data is presented for the sample portfolios. The document also reviews relationship types with investment managers, such as advisory vs. fiduciary duty relationships. Timeless risk management strategies like sector and position limits are covered as well.
The document provides a summary of a client's portfolio, including allocation across equities, fixed income, alternative investments, and cash. It tracks the performance of various funds within each category from July 16-28, 2010. Overall, the portfolio gained 2.42% over this period, outperforming suggested benchmarks. Key recommendations include maintaining a diversified, medium-to-long term approach consistent with the client's risk profile and allocation.
This document from Taurus Capital Advisors provides an overview of tax planning strategies and investment options in India. It discusses key tax deductions available under sections 80C, 80D, 80CCD, and recommends evaluating contributions to provident funds, home loans, term insurance, and health insurance first before investing balances in ELSS or PPF funds. The document also presents performance data on ELSS funds and provides a positive outlook on equities for 3-5 year investment horizons. In the final section, it introduces Taurus Capital Advisors as an independent wealth management firm that offers customized portfolio solutions across asset classes.
1) The document discusses option-based portfolio management strategies that can enhance returns while reducing drawdown risks compared to traditional long-only equity strategies.
2) It analyzes several option-based indices from the CBOE that implement strategies like buy-writes, put-writes, and collars on the S&P 500.
3) Historical analysis shows these option strategies had higher returns, lower volatility, and stronger risk-adjusted returns than the S&P 500 and fixed income over the past 20+ years.
Hilltop decorrelated fund september 2013 factsheetJohn Robertson
The Hilltop Decorrelated Fund enjoyed strong returns in September of 1.3%. Fifteen of the underlying managers were positive and three were negative. Two new strategies were added that demonstrate compelling opportunities and ability to deliver non-correlated returns. The portfolio review is nearly complete and may lead to two or three further changes. The fund targets consistent, low volatility returns with limited drawdowns through a multi-manager approach investing in strategies across global markets.
Strategies for positive returns in volatile marketsnetwealthInvest
Part of Netwealth's portfolio construction webinar series - ST Wong from Prime Value presented to an audience on 14th June 2016 on the topic of absolute investing.
WINK Calgary presents "Learn to love your money - basics of investing"Patty Auger, CA, CFP
This document provides an overview of investment allocation and risk management strategies. It discusses asset allocation models for different investor lifecycles, including sample portfolios with varying risk profiles. Historical return and risk data is presented for the sample portfolios. The document also reviews relationship types with investment managers, such as advisory vs. fiduciary duty relationships. Timeless risk management strategies like sector and position limits are covered as well.
The document provides a summary of a client's portfolio, including allocation across equities, fixed income, alternative investments, and cash. It tracks the performance of various funds within each category from July 16-28, 2010. Overall, the portfolio gained 2.42% over this period, outperforming suggested benchmarks. Key recommendations include maintaining a diversified, medium-to-long term approach consistent with the client's risk profile and allocation.
This document from Taurus Capital Advisors provides an overview of tax planning strategies and investment options in India. It discusses key tax deductions available under sections 80C, 80D, 80CCD, and recommends evaluating contributions to provident funds, home loans, term insurance, and health insurance first before investing balances in ELSS or PPF funds. The document also presents performance data on ELSS funds and provides a positive outlook on equities for 3-5 year investment horizons. In the final section, it introduces Taurus Capital Advisors as an independent wealth management firm that offers customized portfolio solutions across asset classes.
1) The document discusses option-based portfolio management strategies that can enhance returns while reducing drawdown risks compared to traditional long-only equity strategies.
2) It analyzes several option-based indices from the CBOE that implement strategies like buy-writes, put-writes, and collars on the S&P 500.
3) Historical analysis shows these option strategies had higher returns, lower volatility, and stronger risk-adjusted returns than the S&P 500 and fixed income over the past 20+ years.
Hilltop decorrelated fund september 2013 factsheetJohn Robertson
The Hilltop Decorrelated Fund enjoyed strong returns in September of 1.3%. Fifteen of the underlying managers were positive and three were negative. Two new strategies were added that demonstrate compelling opportunities and ability to deliver non-correlated returns. The portfolio review is nearly complete and may lead to two or three further changes. The fund targets consistent, low volatility returns with limited drawdowns through a multi-manager approach investing in strategies across global markets.
Strategies for positive returns in volatile marketsnetwealthInvest
Part of Netwealth's portfolio construction webinar series - ST Wong from Prime Value presented to an audience on 14th June 2016 on the topic of absolute investing.
Alternatives to Traditional Canadian Fixed IncomeJamie_Colliver
This document summarizes Jamie Colliver's presentation on alternatives to traditional Canadian fixed income investments. Some key points include:
- Traditional fixed income portfolios are often benchmarked against the DEX Universe index and have a home country bias, but alternatives exist that can improve risk-adjusted returns.
- Post-2008, investors are more focused on risk-adjusted returns, liability-driven investing, and taking on foreign currency exposure to generate alpha.
- The current fixed income landscape includes increasing bond allocations to better match liabilities, taking on non-Canadian exposure, sector allocation strategies, and active managers who can add value through security selection and anticipating credit events.
- Integra proposes alternatives like
Company overview, BT Global Growth Fund February 2016BT Global
Invest in a Canadian based, globally focused, Investment Fund. Long-short “value” investing provides compelling risk adjusted returns. Take advantage of the resource heavy Canadian stock markets to benefit from global growth.
Take advantage of the more inefficient and less competitive environment. Protect your wealth through a stronger currency with superior fundamentals compared to the US and elsewhere. Increase the “hard asset” weighting of your portfolio. Co-invest with experienced finance experts in a smaller fund, to better exploit the investment opportunities described herein.
Learn more about our flagship BT Global Growth Fund.
For more information, contact us at info@btglobalgrowth.com or call us at +1 (514) 907-8070.
Assistant: Assistant:
Paraplanner Paraplanner Portfolio Manager
Regulation: Regulation: Regulation:
IIROC FP Canada Portfolio Management
Fee: Fee: Fee:
Transaction based Hourly/Fixed/AUM AUM
Focus: Focus: Focus:
Products Planning Advisory
Client: Client: Client:
Mass Affluent Mass Affluent/HNW HNW
Execution Strategies
Lump Sum
- All at once
Dollar Cost Averaging
- Regular intervals over time
Value Averaging
- Buys more shares
netwealth educational webinar - The evolution of asset allocationnetwealthInvest
On April 14, 2016 Tracey McNaughton, Head of Investment Strategy at UBS presented to financial advisers on the evolution of asset allocation during a netwealth educational webinar.
Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management. It has a portfolio valued at $100.1 million consisting of investments in gold, base metals, bulk commodities, agriculture, and energy. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and aims to generate triple digit returns over 2-5 years.
Aberdeen International is a global resource investment company focused on building value in private, micro, and small-cap resource companies through active involvement. It has a portfolio valued at $100.1 million consisting of investments in precious metals, bulk commodities, and other resources. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and create value for shareholders through organic growth and liquidity events.
The document provides an overview of TAA Philosophy, Process and People at Senate Group. Key points include:
- The investment philosophy is based on prudent value investing using a valuation-based approach to determine fair asset prices and constructing portfolios on a risk-conscious basis.
- The asset allocation process first establishes long-run fair values for asset classes and then compares current valuations to identify mispricings. Portfolios are constructed to be risk-conscious.
- A global team of asset allocation specialists collaborates on decisions regarding individual market exposure, asset allocation, and currencies across regions including South Africa, London, and Asia.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies with a unique, value-added approach to investing.
2) It aims to build companies and unlock value targeting triple digit returns over 2-5 years, leveraging Forbes & Manhattan's infrastructure and deal flow across the resource sector.
3) The company has achieved a 67% internal rate of return since inception and significant exposure to gold in its current portfolio, with exciting investments in other resource sectors as well.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
Lecture at the Founder Institute, Paris, France
1 February 2011
http://founderinstitute.com
(cc) BY NC SA, Rodrigo SEPÚLVEDA SCHULZ
http://www.rodrigosepulveda.com
Investing retirement savings in a leveraged stock portfolio when young can significantly increase returns with lower risk compared to traditional investment strategies. Specifically:
1) Using historical stock market data back to 1871, simulations show that investing retirement savings in stocks on margin when young (e.g. 2:1 leverage) and then reducing leverage over time results in expected retirement wealth that is 90% higher than a traditional life-cycle investing approach and 19% higher than investing entirely in stocks.
2) This leveraged approach when young allows people to retire almost 6 years earlier or maintain their standard of living 27 years longer in retirement compared to traditional strategies.
3) The leveraged approach provides better diversification over time compared
1) The document discusses the shift from defined benefit pension plans to defined contribution plans, which transferred risk from employers to employees. This led to growth in the investment management industry.
2) It then provides a history of the retirement industry in South Africa, including the rise of independent asset managers and consultants, and the shift to members being responsible for their retirement income after accumulating savings in their personal accounts.
3) The document concludes with a discussion of expected regulatory reforms in South Africa that may lead to industry consolidation and changes to governance structures.
Cedar Portfolio Information Packet September 2019cedarportfolio
The document describes a portfolio management approach that utilizes 14 quantitative and qualitative "smart beta" factors based on Austrian school of economics principles to select global equities and suggest multi-asset trading opportunities. The portfolio aims to generate a 10-12% annual return in USD terms through businesses with strong corporate social responsibility programs. Backtesting results show the approach achieved outperformance relative to benchmarks for global, Brazilian, and Asian equities portfolios since 2005.
The document discusses the PSG Flexible Fund, a South African investment fund managed by PSG Asset Management. It highlights the fund's flexible mandate that allows for equity exposure between 0-100% and ability to invest up to 20% offshore. Over its lifetime, the fund has achieved an annualized return of 16% versus inflation plus 6% while taking lower risk than the market. The document outlines the fund's investment philosophy of buying exceptional businesses at low valuations and provides details on portfolio holdings, performance, and the benefits of the fund's flexible mandate.
- The document provides an investment outlook and strategy for 2022, discussing themes of survival, sustainability, and the changing global order.
- It suggests 2022 may see a continuation of 2021 trends but different outcomes for investors as central banks withdraw support. Moderate returns should be expected.
- The new normal may include continued remote working, ESG as standard practice, and electric vehicles, while lower growth, rates, and inflation become accepted.
Netwealth portfolio construction series - Why you should consider investing o...netwealthInvest
Julian Beaumont from Bennelong Australian Equity Partners presented a webinar session on how to invest outside of the top 20 ASX stocks, for Netwealth on May 26, 2016.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
The analyst initiates coverage of Och-Ziff Capital Management Group with an Outperform rating and $10 price target. The analyst believes Och-Ziff will benefit from growing demand for absolute return strategies as investors seek positive returns with downside protection. Assets under management are expected to grow 7% in 2012 and 18% in 2013. Key reasons for the Outperform rating include Och-Ziff being well-positioned to capitalize on demand for global strategies due to its international offices, larger funds attracting more assets, and increased demand for transparency from public companies.
Greenfield Seitz Capital Management is a registered investment advisor located in Dallas, Texas that manages over $205 million in assets. The presentation provides an overview of the firm's investment strategy, process, performance and team. The firm aims to outperform the S&P 500 index over the long term through a fundamental, bottom-up stock selection process focused on quality companies trading at reasonable valuations. The strategy has achieved strong risk-adjusted returns and top quartile performance versus peers over multiple time periods.
Greenfield Seitz Capital Management is a registered investment advisor based in Dallas, Texas that manages $300 million in assets for high net-worth individuals. The firm focuses on a mid/large-cap growth at a reasonable price strategy and conducts thorough fundamental analysis of companies. Greenfield Seitz has achieved consistent top decile performance over the past 20 years compared to its benchmark and maintains a portfolio of 50-70 stocks across multiple sectors to provide diversification and capital preservation.
Alternatives to Traditional Canadian Fixed IncomeJamie_Colliver
This document summarizes Jamie Colliver's presentation on alternatives to traditional Canadian fixed income investments. Some key points include:
- Traditional fixed income portfolios are often benchmarked against the DEX Universe index and have a home country bias, but alternatives exist that can improve risk-adjusted returns.
- Post-2008, investors are more focused on risk-adjusted returns, liability-driven investing, and taking on foreign currency exposure to generate alpha.
- The current fixed income landscape includes increasing bond allocations to better match liabilities, taking on non-Canadian exposure, sector allocation strategies, and active managers who can add value through security selection and anticipating credit events.
- Integra proposes alternatives like
Company overview, BT Global Growth Fund February 2016BT Global
Invest in a Canadian based, globally focused, Investment Fund. Long-short “value” investing provides compelling risk adjusted returns. Take advantage of the resource heavy Canadian stock markets to benefit from global growth.
Take advantage of the more inefficient and less competitive environment. Protect your wealth through a stronger currency with superior fundamentals compared to the US and elsewhere. Increase the “hard asset” weighting of your portfolio. Co-invest with experienced finance experts in a smaller fund, to better exploit the investment opportunities described herein.
Learn more about our flagship BT Global Growth Fund.
For more information, contact us at info@btglobalgrowth.com or call us at +1 (514) 907-8070.
Assistant: Assistant:
Paraplanner Paraplanner Portfolio Manager
Regulation: Regulation: Regulation:
IIROC FP Canada Portfolio Management
Fee: Fee: Fee:
Transaction based Hourly/Fixed/AUM AUM
Focus: Focus: Focus:
Products Planning Advisory
Client: Client: Client:
Mass Affluent Mass Affluent/HNW HNW
Execution Strategies
Lump Sum
- All at once
Dollar Cost Averaging
- Regular intervals over time
Value Averaging
- Buys more shares
netwealth educational webinar - The evolution of asset allocationnetwealthInvest
On April 14, 2016 Tracey McNaughton, Head of Investment Strategy at UBS presented to financial advisers on the evolution of asset allocation during a netwealth educational webinar.
Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management. It has a portfolio valued at $100.1 million consisting of investments in gold, base metals, bulk commodities, agriculture, and energy. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and aims to generate triple digit returns over 2-5 years.
Aberdeen International is a global resource investment company focused on building value in private, micro, and small-cap resource companies through active involvement. It has a portfolio valued at $100.1 million consisting of investments in precious metals, bulk commodities, and other resources. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and create value for shareholders through organic growth and liquidity events.
The document provides an overview of TAA Philosophy, Process and People at Senate Group. Key points include:
- The investment philosophy is based on prudent value investing using a valuation-based approach to determine fair asset prices and constructing portfolios on a risk-conscious basis.
- The asset allocation process first establishes long-run fair values for asset classes and then compares current valuations to identify mispricings. Portfolios are constructed to be risk-conscious.
- A global team of asset allocation specialists collaborates on decisions regarding individual market exposure, asset allocation, and currencies across regions including South Africa, London, and Asia.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies with a unique, value-added approach to investing.
2) It aims to build companies and unlock value targeting triple digit returns over 2-5 years, leveraging Forbes & Manhattan's infrastructure and deal flow across the resource sector.
3) The company has achieved a 67% internal rate of return since inception and significant exposure to gold in its current portfolio, with exciting investments in other resource sectors as well.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
Lecture at the Founder Institute, Paris, France
1 February 2011
http://founderinstitute.com
(cc) BY NC SA, Rodrigo SEPÚLVEDA SCHULZ
http://www.rodrigosepulveda.com
Investing retirement savings in a leveraged stock portfolio when young can significantly increase returns with lower risk compared to traditional investment strategies. Specifically:
1) Using historical stock market data back to 1871, simulations show that investing retirement savings in stocks on margin when young (e.g. 2:1 leverage) and then reducing leverage over time results in expected retirement wealth that is 90% higher than a traditional life-cycle investing approach and 19% higher than investing entirely in stocks.
2) This leveraged approach when young allows people to retire almost 6 years earlier or maintain their standard of living 27 years longer in retirement compared to traditional strategies.
3) The leveraged approach provides better diversification over time compared
1) The document discusses the shift from defined benefit pension plans to defined contribution plans, which transferred risk from employers to employees. This led to growth in the investment management industry.
2) It then provides a history of the retirement industry in South Africa, including the rise of independent asset managers and consultants, and the shift to members being responsible for their retirement income after accumulating savings in their personal accounts.
3) The document concludes with a discussion of expected regulatory reforms in South Africa that may lead to industry consolidation and changes to governance structures.
Cedar Portfolio Information Packet September 2019cedarportfolio
The document describes a portfolio management approach that utilizes 14 quantitative and qualitative "smart beta" factors based on Austrian school of economics principles to select global equities and suggest multi-asset trading opportunities. The portfolio aims to generate a 10-12% annual return in USD terms through businesses with strong corporate social responsibility programs. Backtesting results show the approach achieved outperformance relative to benchmarks for global, Brazilian, and Asian equities portfolios since 2005.
The document discusses the PSG Flexible Fund, a South African investment fund managed by PSG Asset Management. It highlights the fund's flexible mandate that allows for equity exposure between 0-100% and ability to invest up to 20% offshore. Over its lifetime, the fund has achieved an annualized return of 16% versus inflation plus 6% while taking lower risk than the market. The document outlines the fund's investment philosophy of buying exceptional businesses at low valuations and provides details on portfolio holdings, performance, and the benefits of the fund's flexible mandate.
- The document provides an investment outlook and strategy for 2022, discussing themes of survival, sustainability, and the changing global order.
- It suggests 2022 may see a continuation of 2021 trends but different outcomes for investors as central banks withdraw support. Moderate returns should be expected.
- The new normal may include continued remote working, ESG as standard practice, and electric vehicles, while lower growth, rates, and inflation become accepted.
Netwealth portfolio construction series - Why you should consider investing o...netwealthInvest
Julian Beaumont from Bennelong Australian Equity Partners presented a webinar session on how to invest outside of the top 20 ASX stocks, for Netwealth on May 26, 2016.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
The analyst initiates coverage of Och-Ziff Capital Management Group with an Outperform rating and $10 price target. The analyst believes Och-Ziff will benefit from growing demand for absolute return strategies as investors seek positive returns with downside protection. Assets under management are expected to grow 7% in 2012 and 18% in 2013. Key reasons for the Outperform rating include Och-Ziff being well-positioned to capitalize on demand for global strategies due to its international offices, larger funds attracting more assets, and increased demand for transparency from public companies.
Greenfield Seitz Capital Management is a registered investment advisor located in Dallas, Texas that manages over $205 million in assets. The presentation provides an overview of the firm's investment strategy, process, performance and team. The firm aims to outperform the S&P 500 index over the long term through a fundamental, bottom-up stock selection process focused on quality companies trading at reasonable valuations. The strategy has achieved strong risk-adjusted returns and top quartile performance versus peers over multiple time periods.
Greenfield Seitz Capital Management is a registered investment advisor based in Dallas, Texas that manages $300 million in assets for high net-worth individuals. The firm focuses on a mid/large-cap growth at a reasonable price strategy and conducts thorough fundamental analysis of companies. Greenfield Seitz has achieved consistent top decile performance over the past 20 years compared to its benchmark and maintains a portfolio of 50-70 stocks across multiple sectors to provide diversification and capital preservation.
Greenfield Seitz Capital Management is a Dallas-based registered investment advisor founded in 1964 that manages $300 million using a mid/large-cap growth at a reasonable price strategy. The firm has a proven investment process focused on fundamental analysis, identifying attractive investment themes, and searching for excellent management teams. Portfolios consist of 50-70 stocks that are diversified by sector with a maximum position of 10% in any single stock.
Greenfield Seitz Capital Management is a Dallas-based registered investment advisor founded in 1964 that manages $300 million using a mid/large-cap growth at a reasonable price strategy. The firm has a proven investment process focused on fundamental analysis, independent research, and identifying attractive long-term investment themes. Greenfield Seitz aims to outperform through a portfolio of 50-70 stocks that is well-diversified across sectors with no single position over 10% of assets.
Greenfield Seitz Capital Management is a registered investment advisor founded in 1964 and based in Dallas, Texas. It manages $300 million in assets for high net worth individuals using a mid/large-cap growth at a reasonable price strategy. The firm is owned by its two principals and employs four investment professionals with over 70 years of combined experience. The presentation provides an overview of the firm's investment philosophy, process, portfolio characteristics, and long-term performance which has consistently ranked in the top decile compared to peers.
AGF Management Limited is a Canadian investment management company established in 1957 with $31.1 billion in total assets under management as of August 31, 2004. The company has four main business segments: investment management, AGF Trust, fund administration, and Unisen. AGF aims to reinforce investment management excellence, build a client-centric organization focused on multi-channel distribution, pursue strategic acquisitions, and undertake disciplined review of support entities. Recent financial results show revenue up 13.4% and net income up 55.5% year-to-date in 2004.
The document provides an overview of Bank of America's Global Corporate & Investment Banking division, including:
1) It combines the Global Business & Financial Services and Global Capital Markets & Investment Banking businesses.
2) For the first half of 2005, the combined business generated $10.2 billion in revenue.
3) The division aims to better serve clients through an integrated operating model and cross-selling opportunities across BofA.
ACG European Capital Tour Pamela Hendrickson and Dominique GaillardACGEU
ACG European Capital Tour; views and perspectives on French and US private equity. Pamela Hendrickson COO the Riverside Company, Dominique Gaillard, Board member AXA Private Equity
Asset managers and distributors are invited to learn the importance of developing targeted and successful strategies that increase their reach and impact among financial advisors. Join Cogent for up-to-the-minute thought leadership on advisor preferences and insightful guidance on how to strengthen partnerships.
This document provides information on Morningstar Investment Services' managed portfolio offerings. It outlines mutual fund portfolios, ETF portfolios, and stock portfolios. For the mutual fund and ETF portfolios, it describes the investment philosophy, portfolio construction process, available strategies, fees, and benefits. It also provides examples of actual portfolio holdings and performance statistics. For the stock portfolios, it gives an overview of the available customized options and stock research approach. Overall, the document aims to showcase Morningstar Investment Services' turnkey portfolio solutions for advisors.
This document provides an overview of capital markets and portfolio construction from Ferro Financial. It discusses the objectives of understanding capital markets, portfolio construction, diversification, and Ferro's investment philosophy. It defines the stock and bond markets, describing their sizes and complexities. It emphasizes the importance of diversifying among asset classes and within sectors to reduce risk and enhance returns. Modern portfolio theory aims to maximize returns for a given risk level by carefully selecting asset proportions. Successful long-term investing requires a disciplined strategy of diversification and maintaining a long-term view.
Trends Affecting Today's Investor - Chris McDermottPhilip Taylor
The document discusses trends affecting today's investors including over a decade of difficult market conditions, an aging population with low retirement readiness, underfunded pensions, high consumer debt levels, and pessimistic investor sentiment. It also outlines how financial advisors can help investors by focusing on key questions related to markets and financial planning, providing education through various channels, and positively influencing investor behavior.
This document provides a comparative analysis of mutual fund schemes. It discusses types of mutual funds according to maturity period and investment objective. The facilities provided by mutual funds to investors are also outlined. The document analyzes the performance of various mutual fund schemes of different companies using metrics like beta, alpha, and standard deviation. Key findings are that ICICI PRU and Franklin Templeton funds have strong stock picking styles and risk management. Reliance funds can provide high returns but are not suitable for conservative investors. HDFC funds provide stability through large cap exposure. In conclusion, mutual funds provide a good investment option for committed, long term investors.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
Considerations for a sustainable corporate venture program by Robert Ackerma...the Hartsook Letter
Reputation is Key to the Success/Failure of a CVC Program
* Corporate Venturing is Here to Stay
* Increased Scrutiny Requires Deliberate Steps
* Model will Evolve Based on Lessons Learned
* Working with the Venture Community is Critical
* Every Transaction, Every Engagement, Every Partnership contributes to the Corporate Reputation
Bandon Isolated Alpha Fixed Income (Presentation)bandonfunds
Bandon Isolated Alpha Fixed Income Fund seeks to deliver alternative fixed income returns through a diversified portfolio of global absolute return strategies. The fund aims for returns of 6-8% net of fees with limited volatility of 3-5% standard deviation through various credit and interest rate strategies run by specialized sub-advisers. Logan Circle Partners and Dix Hills Partners implement the credit and interest rate strategies, respectively, through proprietary research and risk management processes. The fund has exhibited low correlation to traditional fixed income and ability to perform well in rising rate and risk asset stress environments since its inception in late 2010.
This document discusses the importance of dividends for long-term investors. It notes that dividends are less volatile than earnings, are the primary source of total equity returns, and yield is the only consistently positive source of return. The document also summarizes ING Investment Management's dividend investment approach, which combines quantitative screening and fundamental analysis to identify stocks with high and sustainable dividend yields. The goal is to outperform the market through diversification and downside protection while offering higher dividend yields.
The document describes a contrarian long/short US equity fund managed by aAd Capital, providing details on the fund's investment strategy, portfolio construction, risk management guidelines, client communication policies, terms and fees. The fund takes long positions in undervalued small-cap stocks and short positions in overvalued mid-cap stocks, with a goal of producing returns that are uncorrelated to the broader market. The document highlights the fund managers' experience and alignment of interests with investors.
This document provides an investment case for the Galloway Global Emerging Markets Fixed Income Fund. It summarizes the opportunity in investing in emerging market bonds which offer higher yields than developed markets. The fund aims to generate consistent risk-adjusted returns through a diversified portfolio of emerging market corporate and sovereign bonds, using rigorous due diligence and risk management practices. It has achieved strong historical performance since inception in 2009.
Similar to Q1 2009 Earning Report of Waddell & Reed (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
2. NYSE: WDR
• IPO March 1998
• Shares outstanding 84.7 million
• Market capitalization of $1.5 billion
• Annual dividend per share $0.76
• Yield 4.2%
Unless otherwise noted, all data in this presentation is as of March 31, 2009.
1
3. For more than 70 years, we have provided proven,
professional investment management and financial
planning services for individuals and institutional
investors
• Distinct distribution channels serving Retail, Wholesale and
Institutional market segments
• Dedicated network of highly skilled financial advisors
• Comprehensive, diversified family of managed mutual funds
2
4. Waddell & Reed Financial, Inc.
Advisors Wholesale Institutional
Channel Channel Channel
Financial Retail Product • Defined benefit,
Planning and Focus pensions/endowments
• Subadvisory
Product Focus • Third Party
•Pictet & Cie
• Financial advisors •Broker/Dealer
•Mackenzie
•Retirement
providing financial
• High net worth
•RIA
planning, principally
•Strategic Partnership
for middle income and
•Legend Advisors
mass affluent markets
3
5. Investment Management
• Philosophy is consistent – we seek consistently competitive long-term
performance with emphasis on risk control
- Supports financial planning model and emerging investor preference for
moderated risk
• Process is unwavering
- Fundamental analysis, bottom-up securities selection
- Bias towards concentration – sectors and stocks
• Resources are substantial
- 28 Portfolio Managers – average tenure: 19 industry/13 W&R
- 27 Analysts and assistant PMs – average tenure: 11 industry/4 W&R
- 2 Economists – average tenure: 12 industry/7 W&R
- 4 Traders – average tenure: 14 industry/15 W&R
• Top notch performance
Collegial meritocracy resulting in consistent, persistent investment process
that yield excellent long-term performance results.
4
6. Strong Investment Management Performance
1 Year 3 Years 5 Years
Equity Funds
Top Quartile 52% 65% 68%
Top Half 78% 88% 89%
Fixed Income Funds
Top Quartile 57% 50% 62%
Top Half 79% 79% 85%
All Funds
Top Quartile 53% 61% 67%
Top Half 78% 85% 88%
Both Waddell & Reed AdvisorsFunds and Ivy Funds ranked in the top 10 of Barron's quot;The Best Mutual Funds of 2008quot;
The Advisors Funds claims top spot; Ivy Funds rank third over most recent five-year period
5
7. Assets Under Management
Equity Fixed Income Money Market Total
Advisors 15,988 4,834 1,821 22,643 48%
Wholesale 17,534 783 318 18,635 39%
Institutional 5,712 586 0 6,298 13%
Total 39,234 6,203 2,139 47,576
83% 13% 4%
$ in millions
6
8. We have significant experience in virtually all major asset
classes, several specialized asset classes and a range of
investment styles
International FI 0%
S. Cap Growth 2%
Mid‐Cap Growth 2%
Value 2%
Tax Exempt FI 3%
High Yield FI 3%
Multi‐Cap Core 3%
Money Market 5%
International 5%
L. Cap Growth 6%
Taxable Investment Grade FI 8%
L. Cap Core 8%
Narrowly Diversified 14%
Balanced & Flexible 39%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
7
11. Retail Distribution
We serve two distinct distribution channels
The Advisors channel – offering a combination of financial
planning and retail products
The Wholesale channel – offering a comprehensive selection of
top-performing funds
10
12. Channel Analysis
Side by Side Comparison
Advisors Wholesale
Point of Sale Lower cost to acquire assets Higher cost to acquire assets
Near breakeven at P.O.S. 1½ to 2 years breakeven
Management
Fees Assets retained 10-12 years Assets retained for 5+ years
Redemption rate 10.5% Redemption rate 33.3%
Asset Growth Moderate Robust
Distribution
Points 2,277 financial advisors Numerous brokers
43,000 advisors selling Ivy funds
11
13. Advisors Channel
Through a dedicated sales force, our Advisors channel serves individual
investor’s needs for high-quality advice, personal financial planning
and investment strategies to meet long-term financial goals.
12
14. Advisors Channel
• Advice driven
• Financial planning focus
• Supported by a comprehensive product array
- Financial plans
- Mutual funds
• W&R – core
• Subadvisors – niche
- Variable annuity products
- Insurance
- Fee-based platforms
Our unique approach yields an industry-low redemption rate and a low cost to acquire
assets. Combined, these factors result in a business model with superior profitability
characteristics.
13
15. Advisors Channel - Gross Sales & Net Flows
CAGR: 13.8%
$4,000
$3,000
$2,000
$1 ,000
$0
($1 ,000)
($2,000)
2004 2005 2006 2007 2008
Sales Net Flows $ in millions
Outflow Trends Improve
14
16. Advisors Channel - Gross Sales & Net Flows
$1 ,200
$1 ,000
$800
$600
$400
$200
$0
($200)
($400)
1 Q 2008 2Q 2008 3Q 2008 4Q 2008 1 Q 2009
$ in millions
Sales Net Flows
Recent markets have proven to be challenging
15
17. Platform Choices
• Classic Platform
Transfer agency system – direct to mutual fund (check & application)
•
Upgraded technology, including ability to provide consolidated
•
statements
• Choice Platform
Full-service, open-architecture brokerage platform
•
One-stop-shop for all clients’ needs
•
Robust suite of products
•
• Choice gives Waddell
Competitive platform to compete in full-service brokerage world
•
Ability to recruit experienced advisors with existing (larger) books of
•
business
16
18. Wholesale Channel
The Wholesale channel brings our solid investment expertise
to market through the Ivy Funds, allowing us to accelerate our asset growth.
17
19. Wholesale Channel
• Comprehensive multi-manager product line
• Focus on building traction through targeted wholesaling efforts
• 36 external wholesalers; 6 hybrid wholesalers; 26 internal
wholesalers
• Distribution through:
- Broker/dealer
- Strategic partners
- Retirement & RIA
18
21. Wholesale - Gross Sales & Net Flows
$6,000
$5,000
$4,000
$3,000
$2,000
$1 ,000
$0
($1 ,000)
($2,000)
($3,000)
1 Q 2008 2Q 2008 3Q 2008 4Q 2008 1 Q 2009
Sales Net Flows $ in millions
Despite challenging backdrop, only one quarter of outflows
20
22. Well Embedded at Key Distributors
Rank Firm
7 Merrill Lynch
3 Wachovia Securities
9 UBS
4 Smith Barney
9 LPL
10 Morgan Stanley
5 Raymond James
5 Commonweath Financial
10 RBC Capital Markets
3 Securian
21
25. Institutional Channel
Through the Institutional channel, we manage the investments of defined
benefit plans, pensions, endowments and high net worth individuals. We
also serve as subadvisor for other investment management companies.
24
26. Institutional Channel
• Market segment emphasis
- Mutual funds subadvisory
- Corporate and pubic pension plan sponsors
- Foundations and endowments
• Most actively marketed product
- Large capitalization growth
• Phil Sanders – Tenure: 20 industry/10 W&R
• Dan Becker – Tenure: 20 industry/19 W&R
- Core Equity
• Erik Becker – Tenure: 10 industry/9 W&R
• Gus Zinn – Tenure: 10 industry/10 W&R
25
27. Institutional Channel - Gross Sales & Net Flows
CAGR: 16.6%
$3,000
$2,500
$2,000
$1 ,500
$1 ,000
$500
$0
($500)
($1 ,000)
($1 ,500)
($2,000)
2004 2005 2006 2007 2008
Sales Net Flows $ in millions
Demand for alternative investment styles hurt traditional asset managers; trend seems to have stabilized
26
28. Institutional - Gross Sales & Net Flows
$800
$7 00
$600
$500
$400
$300
$200
$1 00
$0
1 Q 2008 2Q 2008 3Q 2008 4Q 2008 1 Q 2009
Sales Net Flows $ in millions
Sales and flows have stabilized, thanks in part to a solid relationship with Pictet & Cie
27
30. Enhancing Shareholder Value – Use of Cash
• Free cash flow from operations $120-130 million
• Dividend payments of $65 million
• Capital expenditures $15-17 million
• Shares repurchased 1.2-1.5 million for a total of $20-30
million
Projected for the fiscal year ended December 31, 2009
29
31. Preserving Profitability
Return to 20% operating margin during 2009
• Major underlying assumptions
Flat market
•
Sales
•
• Advisors channel: $13-$15 million per day, redemption rate 10%
• Wholesale channel: $37-$43 million per day, redemption rate 25%
• Institutional channel: $4 million per day, redemption rate 15%
Careful expense management
•
• Reduced compensation – voluntary severance program (Dec. ’08)
• Expense management opportunity – distribution support and G&A
30
32. Forward Looking Statements
From time-to-time, information or statements provided by or on behalf of the Company, including those within this Presentation may
contain certain quot;forward-looking statements,quot; including information relating to anticipated growth in our revenues or earnings, anticipated
changes in the amount and composition of assets under management, our anticipated expense levels, and our expectations regarding
financial markets and other conditions. Readers are cautioned that any forward-looking information provided by or on behalf of the
Company is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking
statements as a result of various factors, including, but not limited to, those discussed below. Further, such forward-looking statements
speak only as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-
looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of
unanticipated events, whether as a result of new information, future developments or otherwise. Although we believe that the assumptions
and expectations reflected in such forward looking statements are reasonable, we can give no assurance that such expectations will prove to
have been correct or that we will take any actions that may presently be planned. Certain important factors that could cause actual results to
differ materially from our expectations are also disclosed in our periodic filings with the Securities and Exchange Commission. All
subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their
entirety by such factors.
Our future revenues will fluctuate due to many factors, such as the total value and composition of assets under our management and related
cash inflows or outflows in the Advisors, Ivy and W&R Target mutual funds, InvestEd (collectively the quot;Fundsquot;) and other investment
portfolios; fluctuations in national and worldwide financial markets resulting in appreciation or depreciation of assets under our
management; the relative investment performance of the Funds and other investment portfolios as compared to competing offerings; the
risk that the expected benefits from the expansion of our distribution channels may not be as beneficial as expected, the expense ratios of the
Funds; acts of terrorism and/or war; investor sentiment and investor confidence; the ability to maintain our investment management and
administrative fees at appropriate levels; competitive conditions in the mutual fund, asset management, and broader financial services
sectors; our introduction of new mutual funds, investment portfolios and new financial products; our ability to contract with the Funds for
payment for investment advisory-related administrative services provided to the Funds and their shareholders; the continuation of trends in
the retirement plan marketplace favoring defined contribution plans and participant-directed investments; potential misuse of client funds
and information in the possession of our financial advisors; and the risk that the restructuring of our mutual fund products and development
of additional distribution channels may not be successful. Our revenues are substantially dependent on fees earned under contracts with the
Funds and could be adversely affected if the independent directors of one or more of the Funds determined to terminate or significantly alter
the terms of the investment management or related administrative services agreements.
Our future operating results are also dependent upon the level of our operating expenses, which are subject to fluctuation for the following or
other reasons: variations in the level of compensation expense due to, among other things, performance-based bonuses, changes in our
employee count and mix, and competitive factors; unanticipated costs that may be incurred to protect investor accounts and the goodwill of
our clients; less favorable economic and market conditions, including our cost to finance the Company and disruptions of services, including
those provided by third parties such as communications, power, and the mutual fund transfer agent system. In addition, our future operating
results may also be impacted by our ability to incur additional debt, regulatory enforcement actions, adverse litigation and/or arbitration.
The Company's business is also subject to substantial governmental regulation, and changes in legal, regulatory, accounting, tax, and
compliance requirements or their interpretations may have a substantial effect on our operations and results, including but not limited to
effects on costs we incur and effects on investor interest in mutual funds and investing in general or in particular classes of mutual funds or
other investments.
31