- The document provides a summary of global market performance in the third quarter of 2020, including returns for US, international developed, and emerging market stocks as well as bonds. US stocks posted gains of 9.21% for the quarter while international developed stocks rose 4.92% and emerging markets stocks had the strongest gains at 9.56%. Bond returns were more modest.
- It also shows long-term average quarterly and annual returns for various asset classes over different time periods, demonstrating the benefits of diversification and long-term investing.
- A section on the impacts of diversification reviews how holding a globally diversified portfolio can help reduce volatility and improve risk-adjusted returns.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.The report also illustrates the performance of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.The report also illustrates the performance of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
“I have found that the importance of having an investment philosophy—one that is robust and that you can stick with— cannot be overstated.”
—David Booth
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.The report also illustrates the performance of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of
stock and bond asset classes in the US and
international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global
overview, then features the returns of stock and bond asset
classes in the US and international markets.
The report also illustrates the impact of globally diversified
portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
“I have found that the importance of having an investment philosophy—one that is robust and that you can stick with— cannot be overstated.”
—David Booth
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.The report also illustrates the performance of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of
stock and bond asset classes in the US and
international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global
overview, then features the returns of stock and bond asset
classes in the US and international markets.
The report also illustrates the impact of globally diversified
portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of
stock and bond asset classes in the US and
international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a
timeline of events for the past quarter. It begins with a global
overview, then features the returns of stock and bond asset
classes in the US and international markets.
The report also illustrates the impact of globally diversified
portfolios and features a quarterly topic.
The first quarter of 2019 was a time of recovery from a bad December 2018. Read more about the driving forces behind last quarter's returns, and see what is on investors' minds.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of
stock and bond asset classes in the US and
international markets.
This is the version of our newsletter without commentary; it features world capital market performance and a timeline of events from the last quarter and the past twelve months. There's also an in-depth look at the performance of various asset classes and a brief article titled "Presidential Elections and the Stock Market"
Report features world capital market performance and a timeline of events for the past quarter. It also features a short essay on how the Brexit vote provided a fresh lesson on the false promise of market timing.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of
stock and bond asset classes in the US and
international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic
A quarterly review of capital markets including a detailed breakdown of current events and how they impacted the financial markets in the past 12 months and in the past quarter. Also includes performance broken down by asset class and geography - along with a brief market commentary.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of
stock and bond asset classes in the US and
international markets.
The report also illustrates the performance of globally diversified portfolios and features a quarterly topic.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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2. Quarterly Market Review
2
Third Quarter 2020
Overview:
Market Summary
World Stock Market Performance
World Asset Classes
US Stocks
International Developed Stocks
Emerging Markets Stocks
Select Market Performance
Select Currency Performance vs. US Dollar
Real Estate Investment Trusts (REITs)
Commodities
Fixed Income
Global Fixed Income
Impact of Diversification
Quarterly Topic: When It’s Value vs. Growth,
History Is on Value’s Side
This report features world capital market performance and a
timeline of events for the past quarter. It begins with a global
overview, then features the returns of stock and bond asset
classes in the US and international markets.
The report also illustrates the impact of globally diversified
portfolios and features a quarterly topic.
14. Commodities
14
Third Quarter 2020 Index Returns
Past performance is not a guarantee of future results. Index is not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio.
Commodities returns represent the return of the Bloomberg Commodity Total Return Index. Individual commodities are sub-index values of the Bloomberg Commodity Total Return Index. Data provided by Bloomberg.
The Bloomberg Commodity Index Total Return returned 9.07%
for the third quarter of 2020.
Lean hogs and Silver were the best performers, returning
30.76% and 25.06%, respectively.
Low sulfur gas and Heating oil were the worst performers,
declining 9.27% and 7.51%, respectively.
Asset Class QTR YTD 1 Year 3 Years** 5 Years**10 Years**
Commodities 9.07 -12.08 -8.20 -4.18 -3.09 -6.03
* Annualized
-0.26
-7.51
-9.27
30.76
25.06
16.71
16.01
15.85
15.48
14.99
14.93
13.01
12.81
10.28
8.07
7.67
7.16
7.13
6.93
6.65
5.57
3.60
0.81
Lean hogs
Silver
Zinc
Soybeans
Soybean meal
Wheat
Soybean oil
Natural gas
Nickel
Kansas wheat
Copper
Cotton
Coffee
Aluminum
Live cattle
Sugar
Corn
Unleaded gas
Gold
WTI crude oil
Brent crude oil
Heating oil
Low sulphur gas oil
Period Returns (%)
Ranked Returns (%)
18. When It’s Value vs. Growth,
History Is on Value’s Side
18Please see the end of this document for important disclosures.
Logic and data provide the basis for a positive expected value premium,
offering a guide for investors targeting higher potential returns. There is
pervasive historical evidence of value stocks outperforming growth stocks.
Data covering nearly a century in the US, and nearly five decades of market
data outside the US, support the notion that value stocks— those with lower
relative prices—have higher expected returns.
Recently, growth stocks have enjoyed a run of outperformance vs. their value
counterparts. But while disappointing periods emerge from time to time, the
principle that lower relative prices lead to higher expected returns remains the
same. On average, value stocks have outperformed growth stocks by 4.54%
annually in the US since 1928, as Exhibit 1 shows.
Some historical context is helpful in providing perspective for growth stocks’
recent outperformance. As Exhibit 1 demonstrates, realized premiums are
highly volatile. While periods of underperformance are disappointing, they are
also within the range of possible outcomes.
We believe investors are best served by making decisions based on sound
economic principles supported by a preponderance of evidence. Value
investing is based on the premise that paying less for a set of future cash flows
is associated with a higher expected return. That’s one of the most
fundamental tenets of investing. Combined with the long series of empirical
data on the value premium, our research shows that value investing continues
to be a reliable way for investors to increase expected returns going forward.
Exhibit 1. Value Add
Yearly observations of premiums: value minus growth in US markets, 1928–2019
Third Quarter 2020
Past performance is no guarantee of future results. Investing risks include loss of
principal and fluctuating value. There is no guarantee an investment strategy will be
successful. Indices are not available for direct investment. Their performance does not
reflect the expenses associated with the management of an actual portfolio.
In US dollars. Yearly premiums are calculated as the difference in one-year returns between the two indices
described. Value minus growth: Fama/French US Value Research Index minus the Fama/French US
Growth Research Index.
Fama/French US Value Research Index: Provided by Fama/French from CRSP securities data. Includes
the lower 30% in price-to-book of NYSE securities (plus NYSE Amex equivalents since July 1962 and
Nasdaq equivalents since 1973).
Fama/French US Growth Research Index: Provided by Fama/French from CRSP securities data. Includes
the higher 30% in price-to-book of NYSE securities (plus NYSE Amex equivalents since July 1962 and
Nasdaq equivalents since 1973).
19. When It’s Value vs. Growth,
History Is on Value’s Side
19
GLOSSARY
Value Stock: A stock trading at a low price relative to a measure of
fundamental value such as book equity.
Growth Stock: A stock trading at a high price relative to a measure of
fundamental value such as book equity.
Value Premium: The return difference between stocks with low relative prices
(value) and stocks with high relative prices (growth).
DISCLOSURES
Eugene Fama and Ken French are members of the Board of Directors of the general partner
of, and provide consulting services to, Dimensional Fund Advisors LP.
The information in this document is provided in good faith without any warranty and is
intended for the recipient’s background information only. It does not constitute investment
advice, recommendation, or an offer of any services or products for sale and is not intended
to provide a sufficient basis on which to make an investment decision. It is the responsibility of
any persons wishing to make a purchase to inform themselves of and observe all applicable
laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this
document are strictly prohibited. Dimensional accepts no responsibility for loss arising from
the use of the information contained herein.
UNITED STATES: Dimensional Fund Advisors LP is an investment advisor registered with
the Securities and Exchange Commission.
CANADA: These materials have been prepared by Dimensional Fund Advisors Canada ULC.
Commissions, trailing commissions, management fees, and expenses all may be associated
with mutual fund investments. Unless otherwise noted, any indicated total rates of return
reflect the historical annual compounded total returns, including changes in share or unit
value and reinvestment of all dividends or other distributions, and do not take into account
sales, redemption, distribution, or optional charges or income taxes payable by any security
holder that would have reduced returns. Please read the prospectus before investing. Mutual
funds are not guaranteed, their values change frequently, and past performance may not be
repeated.
RISKS
Investments involve risks. The investment return and principal value of an
investment may fluctuate so that an investor’s shares, when redeemed,
may be worth more or less than their original value. Past performance is
not a guarantee of future results. There is no guarantee strategies will be
successful.
(continued from page 18)
The information in this document is provided in good faith without any warranty and is intended for the recipient’s background information only. It does not constitute investment advice, recommendation, or an offer of any
services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all
applicable laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this document are strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information
contained herein.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland
Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the
Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.