These exhibits from the first chapter of the 10th Bay Area Economic Profile, published in 2018, lay out the top-level economic data on the robust and highly-productive regional economy.
Like other prosperous American cities, greater Seattle currently finds itself in the unenviable position of possessing both enormous amounts of wealth and staggering levels of homelessness. These slides accompany the McKinsey & Company report that looks at homelessness in King County, published in January 2020.
Presentation delivered by Jiachen Lee and Alastair Townsend of UW's Masters of Science in Real Estate program to the ULI's Industrial and Office Park Product Council at the 2017 Spring Meeting in Seattle.
MGI: From poverty to empowerment: India’s imperative for jobs, growth, and ef...McKinsey & Company
The document summarizes key findings from a McKinsey Global Institute report on poverty and empowerment in India. It finds that 680 million Indians, or 56% of the population, live below the empowerment line and lack minimum standards of living. Three key reasons for this are: 1) inadequate job creation and low productivity, especially in agriculture, 2) low productivity of most non-farm jobs, and 3) inadequate and inefficient provision of basic services by the government despite rising social spending. Over half of government social spending does not actually benefit the people. The report estimates the total empowerment gap cost and outlines reforms needed across jobs, agriculture, services, and governance to significantly reduce poverty and empower more Indians.
This report discusses trends in the internet sector and provides recommendations on internet stocks. It finds that the largest internet platforms like Alphabet and Facebook are gaining share of the digital advertising market. It also notes that companies providing value-added services to small and medium businesses are seeing growth. Finally, it discusses trends in ecommerce, with Amazon and Alibaba expected to maintain dominant positions, and in online video, where original content is driving platform differentiation.
Stifel Internet Research - The Long Runway to Solving Consumer ProblemsScott Devitt
This document provides an overview and analysis of key trends in the internet sector, including ecommerce, digital media, and online travel. It discusses themes like long-term ecommerce penetration rates, profitability shifts, global expansion opportunities, and the ongoing migration of advertising spending to digital channels like search, display, and mobile. Forecasts indicate strong growth in these sectors through 2018, with some market share consolidation among large players.
These exhibits from the first chapter of the 10th Bay Area Economic Profile, published in 2018, lay out the top-level economic data on the robust and highly-productive regional economy.
Like other prosperous American cities, greater Seattle currently finds itself in the unenviable position of possessing both enormous amounts of wealth and staggering levels of homelessness. These slides accompany the McKinsey & Company report that looks at homelessness in King County, published in January 2020.
Presentation delivered by Jiachen Lee and Alastair Townsend of UW's Masters of Science in Real Estate program to the ULI's Industrial and Office Park Product Council at the 2017 Spring Meeting in Seattle.
MGI: From poverty to empowerment: India’s imperative for jobs, growth, and ef...McKinsey & Company
The document summarizes key findings from a McKinsey Global Institute report on poverty and empowerment in India. It finds that 680 million Indians, or 56% of the population, live below the empowerment line and lack minimum standards of living. Three key reasons for this are: 1) inadequate job creation and low productivity, especially in agriculture, 2) low productivity of most non-farm jobs, and 3) inadequate and inefficient provision of basic services by the government despite rising social spending. Over half of government social spending does not actually benefit the people. The report estimates the total empowerment gap cost and outlines reforms needed across jobs, agriculture, services, and governance to significantly reduce poverty and empower more Indians.
This report discusses trends in the internet sector and provides recommendations on internet stocks. It finds that the largest internet platforms like Alphabet and Facebook are gaining share of the digital advertising market. It also notes that companies providing value-added services to small and medium businesses are seeing growth. Finally, it discusses trends in ecommerce, with Amazon and Alibaba expected to maintain dominant positions, and in online video, where original content is driving platform differentiation.
Stifel Internet Research - The Long Runway to Solving Consumer ProblemsScott Devitt
This document provides an overview and analysis of key trends in the internet sector, including ecommerce, digital media, and online travel. It discusses themes like long-term ecommerce penetration rates, profitability shifts, global expansion opportunities, and the ongoing migration of advertising spending to digital channels like search, display, and mobile. Forecasts indicate strong growth in these sectors through 2018, with some market share consolidation among large players.
Innovation GE Global Innovation Barometer 2018 - Summary ReportPatrick Barrabé® 😊
Emerging Players : New Actors Driving Innovation, Emerging Confidence, Working in a Protectionist World
Emerging Technologies : The Potential of Additive, Maximizing the Return on Innovation (ROI), Hype vs. Reality of Impact
Emerging Challenges : Future of Work, More Challenging Environment
Trends and Tremors in the Sustainable Investing LandscapeSustainable Brands
Paul Herman, CEO & Founder, HIP Investor, Inc.
Bart Houlahan, Co-Founder, B Lab
Stephen J. Donofrio, VP, Partnerships & Innovation, CDP North America
Bill Baue, Corporate Sustainability Architect
Joy Poland, President, Building Bridges, LLC
What sustainability-related trends are picking up among investors, and are there reasons to believe any of these trends might see mainstream adoption? What next-level benchmarks should brands pay attention to, and why? Are the principles of fossil divestment and localization ever going to take off, or have they already?
U.S. office market trends and outlook (Q1 2016) JLL
Outlooks leading into the new year called for further expansion across U.S. office markets. However, stock market tumbles driven by a weakening China and depleted oil prices shifted sentiment from that of a growth perspective to one of increased caution. Despite this, economic and real estate fundamentals remain primarily landlord-favorable through the remainder of 2016.
Learn more, and see market-by-market comparisons, at http://bit.ly/1qrZZGm
Overcoming compliance fatigue - Reinforcing the commitment to ethical growth ...EY
This presentation is based on EY FIDS' 13th Global Fraud Survey. It highlights the state of fraud, bribery and corruption, comprising global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
Where Are We in the Mobile Internet Transition? Stifel Internet Equity ResearchScott Devitt
Mobile internet usage in the US is nearing maturity as smartphone penetration approaches saturation. While mobile traffic continues growing faster than desktop, growth rates are decelerating. Younger demographics are highly penetrated while future growth will come from older users. Mobile advertising lags usage but the gap represents a significant opportunity. Search traffic exceeds desktop but monetizes at lower rates. Mobile commerce also lags usage due to friction but barriers are decreasing.
The 2015 Corporate Equality Index report found record levels of inclusion for LGBT employees among major U.S. businesses. A record 366 companies achieved a top score of 100%, up from 189 in 2012. Key findings include two-thirds of Fortune 500 companies and over half of rated companies offering transgender-inclusive healthcare, hundreds adopting transgender transition guidelines, and eight in ten providing LGBT-inclusive training. The policies and practices required to earn a perfect score demonstrate top-tier commitments to LGBT workplace equality. Major law firms continued to have the highest representation among 100% rated companies, with 89 of the top 366.
Canadian ma insights report winter 2018Duff & Phelps
Canadian M&A activity remained strong in 2017, with 1,558 companies sold, a 3.9% increase over 2016. The total value of deals was $88 billion, up 9.1% from 2016. While the number of large deals (over $500 million) decreased, their average size increased to $3.2 billion compared to $2.4 billion in 2016. 71.6% of deals involved a Canadian buyer or seller. Looking ahead, continued economic growth in Canada and the US along with low financing costs are expected to support further M&A activity, though US tax reform and NAFTA negotiations may create some uncertainty.
The document discusses similarities between the tech bubble burst of 2000 and current private equity markets, examining whether private equity is experiencing a bubble. It notes that private equity has significantly outperformed public markets in recent years. However, there is more money than ever flowing into private equity markets globally, with fundraising and investment at much higher levels than in 1996, raising concerns about a potential private equity bubble.
The Future Has Arrived. A Time of Challenges, Opportunities & Surprises. Krisjan Hiner
The document discusses trends and predictions for the future of real estate, including office, industrial, retail and multifamily sectors. It covers topics like real estate cycles, generational shifts, technological advances, and industry megashifts. Predictions for 2025 include flying warehouses, virtual office buildings using new technology, and national building code standards. The presentation aims to explore challenges, opportunities and potential surprises in real estate over the coming years.
Robert Koven Leonis Partners 4th Quarter 2017 IT Services AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Big risks require big data thinking, Global Forensic Data Analytics Survey 2014EY
This presentation is based on EY FIDS' report on Forensic Data Analytics and comprises global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
The document recommends buying shares of Hertz (HTZ) with a target price of $35, representing 62% upside. Key reasons for the recommendation include Hertz's consistent growth through travel industry expansion and brand growth from its acquisition of Dollar and Thrifty, as well as expected value creation from spinning off its equipment rental business. Financial projections show revenue and profit margin expansion through 2018 driven by market share gains, improved efficiency, and diversification.
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsCorum Group
How did the first quarter of 2017 go for Tech M&A? Did the megadeal mayhem of 2016 continue dominating deal flow? Are private equity deals still soaring? With the public markets hitting records, what do current valuation metrics for technology companies look like? Who are the new buyers making waves? Tune in Thursday, April 13 as Corum Group gives the most in-depth look available at Q1 of 2017 for mergers and acquisitions of software and related technology companies. We’ll look at the key deals, trends and valuations for all six technology sectors and 30 subsectors, with a special report on new buyer strategies. All of this comes with a special focus on what it all means for technology executives considering whether this is the right time to take their firms to market.
Driving Revenue Growth Through Sustainable Products and ServicesSustainable Brands
The document summarizes key findings from a report on how select companies in the S&P Global 100 are driving revenue growth through sustainable products and services. On average, sustainable products accounted for 21% of revenues in 2013, up from 18% in 2010. Revenues from sustainable products grew 91% between 2010-2013, compared to 15% for overall company revenues. Some companies have set measurable goals to increase sustainable product revenues, with most goals already achieved. Inclusion in sustainable product portfolios is typically determined by products' performance on environmental criteria like reducing emissions and improving efficiency.
Media consumption habits are shifting as evolving technology puts today’s empowered consumer in the driver’s seat. Find out how their attitudes and behaviors are impacting business models and economics across industries here: https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/digital-democracy-survey-generational-media-consumption-trends.html?id=us:2sm:3ss:dds11:eng:tmt:032817
The document provides an overview of Calamos Discovery Growth Fund, including:
- Calamos is an investment firm with over $33 billion in assets under management and offers global investment solutions across equity, fixed income, convertibles, and alternatives.
- The Calamos Discovery Growth Fund seeks growth opportunities in small- and mid-cap companies and has lower debt-to-capital and higher return on invested capital than its benchmark.
- Calamos believes growth is undervalued relative to history and sees opportunities in information technology, consumer cyclicals, and materials from trends like increased global trade and emerging middle class consumption.
Q1 2015 U.S. office market statistics, trends and outlookJLL
Though vacancy remained unchanged at 15.6 percent in Q1, as the year continues we expect it to drop below 15 percent for the first time in a decade. Corporate growth is driving expansionary activity, and tenants are thus faced with increasingly challenging market conditions. Currently more than one-third of all markets are favorable to landlords, and that’s expected to increase to three-quarters. With this leverage, landlords will continue driving rents upward, potentially surpassing a 5.0-percent increase by year end.
Learn more and see market-by-market data at http://bit.ly/1Cfucrv
- Global real estate investment volumes hit a record $1.8 trillion in the past year, driven by growth in Asia Pacific and Europe as transaction volumes in North America were flat.
- Top investment markets were New York, London, Los Angeles, and Paris. London extended its lead as the top market for cross-border investors.
- Capital is increasingly coming from all global regions, including the Middle East, Asia Pacific, Americas, and Europe.
- Key investment sectors included office, industrial/logistics, apartments, and hospitality. Top target cities were dominated by US cities across sectors.
- Going forward, investment strategies will focus on defensive "super gateway" markets, higher risk emerging markets and challenger
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
The New Wave of Scalable Entrepreneurship in South East AsiaExpara
This document discusses scalable entrepreneurship in Southeast Asia. It provides examples of high-growth startups like Facebook, Instagram, Google, and YouTube that achieved high returns for early investors. It also outlines obstacles to scalable entrepreneurship in SEA like risks aversion and cultural views of failure. Additionally, it discusses the importance of entrepreneurial ecosystems in driving innovation and growth.
Innovation GE Global Innovation Barometer 2018 - Summary ReportPatrick Barrabé® 😊
Emerging Players : New Actors Driving Innovation, Emerging Confidence, Working in a Protectionist World
Emerging Technologies : The Potential of Additive, Maximizing the Return on Innovation (ROI), Hype vs. Reality of Impact
Emerging Challenges : Future of Work, More Challenging Environment
Trends and Tremors in the Sustainable Investing LandscapeSustainable Brands
Paul Herman, CEO & Founder, HIP Investor, Inc.
Bart Houlahan, Co-Founder, B Lab
Stephen J. Donofrio, VP, Partnerships & Innovation, CDP North America
Bill Baue, Corporate Sustainability Architect
Joy Poland, President, Building Bridges, LLC
What sustainability-related trends are picking up among investors, and are there reasons to believe any of these trends might see mainstream adoption? What next-level benchmarks should brands pay attention to, and why? Are the principles of fossil divestment and localization ever going to take off, or have they already?
U.S. office market trends and outlook (Q1 2016) JLL
Outlooks leading into the new year called for further expansion across U.S. office markets. However, stock market tumbles driven by a weakening China and depleted oil prices shifted sentiment from that of a growth perspective to one of increased caution. Despite this, economic and real estate fundamentals remain primarily landlord-favorable through the remainder of 2016.
Learn more, and see market-by-market comparisons, at http://bit.ly/1qrZZGm
Overcoming compliance fatigue - Reinforcing the commitment to ethical growth ...EY
This presentation is based on EY FIDS' 13th Global Fraud Survey. It highlights the state of fraud, bribery and corruption, comprising global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
Where Are We in the Mobile Internet Transition? Stifel Internet Equity ResearchScott Devitt
Mobile internet usage in the US is nearing maturity as smartphone penetration approaches saturation. While mobile traffic continues growing faster than desktop, growth rates are decelerating. Younger demographics are highly penetrated while future growth will come from older users. Mobile advertising lags usage but the gap represents a significant opportunity. Search traffic exceeds desktop but monetizes at lower rates. Mobile commerce also lags usage due to friction but barriers are decreasing.
The 2015 Corporate Equality Index report found record levels of inclusion for LGBT employees among major U.S. businesses. A record 366 companies achieved a top score of 100%, up from 189 in 2012. Key findings include two-thirds of Fortune 500 companies and over half of rated companies offering transgender-inclusive healthcare, hundreds adopting transgender transition guidelines, and eight in ten providing LGBT-inclusive training. The policies and practices required to earn a perfect score demonstrate top-tier commitments to LGBT workplace equality. Major law firms continued to have the highest representation among 100% rated companies, with 89 of the top 366.
Canadian ma insights report winter 2018Duff & Phelps
Canadian M&A activity remained strong in 2017, with 1,558 companies sold, a 3.9% increase over 2016. The total value of deals was $88 billion, up 9.1% from 2016. While the number of large deals (over $500 million) decreased, their average size increased to $3.2 billion compared to $2.4 billion in 2016. 71.6% of deals involved a Canadian buyer or seller. Looking ahead, continued economic growth in Canada and the US along with low financing costs are expected to support further M&A activity, though US tax reform and NAFTA negotiations may create some uncertainty.
The document discusses similarities between the tech bubble burst of 2000 and current private equity markets, examining whether private equity is experiencing a bubble. It notes that private equity has significantly outperformed public markets in recent years. However, there is more money than ever flowing into private equity markets globally, with fundraising and investment at much higher levels than in 1996, raising concerns about a potential private equity bubble.
The Future Has Arrived. A Time of Challenges, Opportunities & Surprises. Krisjan Hiner
The document discusses trends and predictions for the future of real estate, including office, industrial, retail and multifamily sectors. It covers topics like real estate cycles, generational shifts, technological advances, and industry megashifts. Predictions for 2025 include flying warehouses, virtual office buildings using new technology, and national building code standards. The presentation aims to explore challenges, opportunities and potential surprises in real estate over the coming years.
Robert Koven Leonis Partners 4th Quarter 2017 IT Services AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Big risks require big data thinking, Global Forensic Data Analytics Survey 2014EY
This presentation is based on EY FIDS' report on Forensic Data Analytics and comprises global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
The document recommends buying shares of Hertz (HTZ) with a target price of $35, representing 62% upside. Key reasons for the recommendation include Hertz's consistent growth through travel industry expansion and brand growth from its acquisition of Dollar and Thrifty, as well as expected value creation from spinning off its equipment rental business. Financial projections show revenue and profit margin expansion through 2018 driven by market share gains, improved efficiency, and diversification.
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsCorum Group
How did the first quarter of 2017 go for Tech M&A? Did the megadeal mayhem of 2016 continue dominating deal flow? Are private equity deals still soaring? With the public markets hitting records, what do current valuation metrics for technology companies look like? Who are the new buyers making waves? Tune in Thursday, April 13 as Corum Group gives the most in-depth look available at Q1 of 2017 for mergers and acquisitions of software and related technology companies. We’ll look at the key deals, trends and valuations for all six technology sectors and 30 subsectors, with a special report on new buyer strategies. All of this comes with a special focus on what it all means for technology executives considering whether this is the right time to take their firms to market.
Driving Revenue Growth Through Sustainable Products and ServicesSustainable Brands
The document summarizes key findings from a report on how select companies in the S&P Global 100 are driving revenue growth through sustainable products and services. On average, sustainable products accounted for 21% of revenues in 2013, up from 18% in 2010. Revenues from sustainable products grew 91% between 2010-2013, compared to 15% for overall company revenues. Some companies have set measurable goals to increase sustainable product revenues, with most goals already achieved. Inclusion in sustainable product portfolios is typically determined by products' performance on environmental criteria like reducing emissions and improving efficiency.
Media consumption habits are shifting as evolving technology puts today’s empowered consumer in the driver’s seat. Find out how their attitudes and behaviors are impacting business models and economics across industries here: https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/digital-democracy-survey-generational-media-consumption-trends.html?id=us:2sm:3ss:dds11:eng:tmt:032817
The document provides an overview of Calamos Discovery Growth Fund, including:
- Calamos is an investment firm with over $33 billion in assets under management and offers global investment solutions across equity, fixed income, convertibles, and alternatives.
- The Calamos Discovery Growth Fund seeks growth opportunities in small- and mid-cap companies and has lower debt-to-capital and higher return on invested capital than its benchmark.
- Calamos believes growth is undervalued relative to history and sees opportunities in information technology, consumer cyclicals, and materials from trends like increased global trade and emerging middle class consumption.
Q1 2015 U.S. office market statistics, trends and outlookJLL
Though vacancy remained unchanged at 15.6 percent in Q1, as the year continues we expect it to drop below 15 percent for the first time in a decade. Corporate growth is driving expansionary activity, and tenants are thus faced with increasingly challenging market conditions. Currently more than one-third of all markets are favorable to landlords, and that’s expected to increase to three-quarters. With this leverage, landlords will continue driving rents upward, potentially surpassing a 5.0-percent increase by year end.
Learn more and see market-by-market data at http://bit.ly/1Cfucrv
- Global real estate investment volumes hit a record $1.8 trillion in the past year, driven by growth in Asia Pacific and Europe as transaction volumes in North America were flat.
- Top investment markets were New York, London, Los Angeles, and Paris. London extended its lead as the top market for cross-border investors.
- Capital is increasingly coming from all global regions, including the Middle East, Asia Pacific, Americas, and Europe.
- Key investment sectors included office, industrial/logistics, apartments, and hospitality. Top target cities were dominated by US cities across sectors.
- Going forward, investment strategies will focus on defensive "super gateway" markets, higher risk emerging markets and challenger
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
The New Wave of Scalable Entrepreneurship in South East AsiaExpara
This document discusses scalable entrepreneurship in Southeast Asia. It provides examples of high-growth startups like Facebook, Instagram, Google, and YouTube that achieved high returns for early investors. It also outlines obstacles to scalable entrepreneurship in SEA like risks aversion and cultural views of failure. Additionally, it discusses the importance of entrepreneurial ecosystems in driving innovation and growth.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
What does 2017 hold for the Innovation Economy? In the latest State of the Markets report, SVB Analytics took a rear-view approach, identifying the factors that mattered most in 2016 and examining which trends and themes will play out in 2017.
1. The document compares innovation landscapes and opportunities for collaboration between the USA, India, and Israel. It finds that the USA is a leader in breakthrough innovation, India in frugal innovation, and Israel in sustainable innovation.
2. The economies of the USA and India provide large market opportunities for collaboration, with the USA serving as a gateway to developed markets and India an entry point to emerging markets.
3. Successful collaboration models discussed include partnerships between startups and enterprises/MNCs, startups and governments, and traditional collaborations between governments, enterprises, and academic institutions that could be expanded through new-age partnerships.
White Star Capital Canadian Venture Capital Landscape 2019White Star Capital
In this third edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few new topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we examine larger round dynamics, the continuation of the VCCI program, the rise of narwhals, and funding activity by state and region. We have also explored one of Canada's key strengths: its diversity and increased immigration influx. Finally, we end with an updated deep dive on VCs and other investors.
David Blumberg, Founding Partner Blumberg Capital: Entrepreneurship, Innovati...Pemo Theodore
David Blumberg, Founding Partner Blumberg Capital talk on Entrepreneurship, Innovation & Venture Funding. 1) David brings twenty-five years of experience in funding committed entrepreneurs and helping them execute their transformative ideas into commercially successful companies. With team members located in the world’s top three funding centers – Silicon Valley, New York and Tel Aviv – Blumberg Capital has the perspective for helping their portfolio firms reach global success.Blumberg Capital prefers taking the lead in a funding round, assuring founders the attention they need to take their business model to the next level. For further info check out http://www.pitchperfectsv.com
The Case for Venture Capital and the Opportunity in EuropeAxon Partners Group
We are pleased to share with you our findings about the Private Equity Industry.
This report gives a hollistic understanding of the drivers that affect the industry and illustrates our believe that Venture Capital, considering the macroeconomic environment ahead, remains the most attractive strategy, and the one with the biggest Upside Potential.
Flex continues to evolve its portfolio to provide more predictable earnings and higher margins through double-digit growth in its Healthcare, Industrial, and Energy Solutions (HRS) and Intelligent Edge Industrial (IEI) businesses. The company is committed to 5-10% annual net income growth and strong sustainable free cash flow, with a commitment to return over 50% of free cash flow to shareholders. Flex aims to achieve a more balanced portfolio by fiscal year 2020 with HRS and IEI making up over 60% of operating profits, up from 31% in fiscal year 2015.
DealMarket Digest Issue 83 - 15th February 2013Urs Haeusler
SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 83 - 15th February 2013:
• Corporate Venture Grows in Importance
• Cleantech Predictions 2013
• Global Warming in Secondaries Market
• Taking a Little Private Time
• A Ten Billion Pound Telecoms Buyout in the UK?
• Highs and Lows for PE in Emerging Markets
• Quote of the Week: The Wine Industry Indicator
Deal market digest issue 83_15 february 2013CAR FOR YOU
This summary provides the key information from the document in 3 sentences:
The document is a weekly digest from DealMarket that summarizes notable private equity news from the past week. It covers topics like corporate venturing growing in importance, predictions for the clean energy sector in 2013, secondary market deals increasing globally, technology M&A trends for 2013, and potential large buyout deals. It also provides data on private equity fundraising in emerging markets and a quote of the week about the wine industry from an industry report.
Global Technology Trends & Top Ten Startup Hubs 2017Bernard Moon
This document discusses several technology and investment trends:
- The global middle class is growing rapidly, especially in Asia, fueling growth in tech markets.
- Five major tech companies (Alphabet, Amazon, Apple, Facebook, Microsoft) dominate the industry and continue to invest heavily in R&D.
- Investment in artificial intelligence is increasing significantly worldwide as applications grow across industries.
- The mobile industry continues strong growth, with smartphone shipments projected to exceed 2.35 billion units in 2018.
- Asia surpassed the US in total venture capital funding in Q2 2017 for the first time, led by large deals in China.
Morgan Stanley -state of the tech markets September 2017Louis Lehot
This document provides an overview and analysis of technology markets and mergers and acquisitions from the perspective of Morgan Stanley's Head of Global Technology Investment Banking. Some key points:
1) Large cap tech companies like Netflix, Amazon, Facebook, Alphabet and Apple have driven significant gains in the stock market and now comprise around 35% of the S&P 500's market cap.
2) While IPO volumes have lagged, recent technology IPO returns have been strong on average. Companies that achieved scale, growth, profitability and had a strong business model at IPO performed best.
3) M&A activity, while down from recent highs, remains an important driver of inorganic growth.
Bessemer uncovers the year’s top trends and insights in the global cloud economy, including how the model is only getting better, and why being a Centaur is the new milestone to celebrate.
Read the full report: https://www.bvp.com/atlas/state-of-the-cloud-2022
Global Capital Confidence Barometer | How can you reshape your future before ...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Thought Leadership Consulting, a Euromoney Institutional Investor company. Our panel comprises select global EY clients and contacts and regular Thought Leadership Consulting contributors.
Perspective on Innovation in Asset ManagementThierry Zois
These slides will give you a good overview on the current asset management market in Europe, South East Asia and US.
Finch believes that it is currently in the right position to be disrupted - come figure out why.
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
Economic development leaders from across five counties comprising the Greater Los Angeles Region convened for a discussion on focused foreign direct investment (FDI) planning. Hosted by JPMorgan Chase and facilitated by the Brookings Institution, the five counties of Los Angeles, Orange, Riverside, San Bernardino and Ventura shared FDI best practices for a regional, coordinated approach.
This document summarizes the state of the lead generation industry in 2021. It discusses how the industry is expected to see strong growth post-pandemic, fueled by increasing digital advertising spend and changes in consumer digital habits. The document also notes some long-term changes for the industry, such as more companies embracing digital marketing and data analytics. Finally, it provides a vision for how companies can accelerate growth through a more sophisticated, data-driven approach using an automated lead generation stack.
MTBPS 2020 – a realistic look at South Africa’s fiscal positionSTANLIB
The Minister of Finance delivered a realistic assessment of SA’s current economic situation in the Medium-Term Budget Policy Statement on Wednesday, 28 October 2020, but provided no blueprint for growth. Government urgently needs to adopt pro-growth policies to grow the economy on a sustainable basis.
Our tactical asset allocation view is informed by numerous factors and scenarios to help assess potential future environments. Our quarterly stance represents our 12-month preferences across asset classes and geographies based on our analysis, though not our actual portfolio positioning. This output should not be considered advice.
This document provides views on asset allocation for 2020. Bonds yields have fallen significantly over the past year across developed markets. The US election poses uncertainty. Equity views are provided for different regions and sectors, with US and emerging markets seen as attractive, while European banks and some commodities are viewed cautiously. Maintaining a balanced portfolio with diversification is emphasized to provide protection against various risks and opportunities.
South Africa trapped in low growth cycle hurt by inept politics STANLIB
South Africa is trapped in a low growth cycle that is being hurt by inept politics and economic constraints. Some recent positives include consumer inflation being well under control, modest improvement in private sector maintenance spending, and the government's intention to restructure loss-making state entities like South African Airways and Eskom. However, South Africa faces immediate challenges like weak exports, slowing household income, and extremely low business confidence that will continue to hamper economic growth.
This document provides a summary of a business update meeting held by STANLIB in January 2020. It includes the following:
1) An agenda for the meeting with presentations on business updates, fund performance, trends changing the way we work and live, and the South African economic outlook.
2) Tables and charts showing the quarterly performance of various STANLIB funds and trends in the global, US, and South African economies and financial markets.
3) A discussion of constraints facing the South African economy like weak growth, government debt issues, and low business confidence alongside some positives like contained inflation.
The document provides an agenda for a business update meeting at STANLIB in January 2020. It includes:
1) Presentations on STANLIB's investment performance, delivering compelling investments and quarterly rankings.
2) A business update from Mark Lovett on South Africa being trapped in a low growth cycle hurt by inept politics.
3) A presentation from Kevin Lings on global and South African market updates, trends, constraints and some positives in South Africa.
This document provides a fixed income update and market outlook from the STANLIB Fixed Income team. It discusses various risks and uncertainties in the global and South African economic and market environment that could impact fixed income returns. These include the risks of recession, volatility, Brexit, trade wars, Eskom's financial constraints, and South Africa's rising government debt and weak growth outlook. The document also reviews the STANLIB Income Fund's positioning, maturity profile, and risk-adjusted returns compared to other asset classes.
The document provides an economic update and discusses several global and domestic economic indicators. It shows that global policy uncertainty has increased since the late 1990s. World exports as a percentage of GDP peaked in 2008 and have declined since. China's total debt as a percentage of GDP has sharply risen in recent years and now stands over 250% of GDP. In South Africa, consumer disposable income growth has slowed in recent years, while business confidence as measured by the BER index is down from previous years. South Africa's GDP growth rate was estimated to be 0.7% in 2019.
This document discusses strategies for managing investments in uncertain markets. It begins by outlining some of the challenges of investing with limited visibility, comparing it to driving a car with an obscured windshield. It then discusses two approaches to handling uncertainty - running or embracing it. The rest of the document focuses on how the Absolute Plus Fund prepares by building a strong process, managing downside risk, and having frameworks to assess markets and opportunities. It highlights how the fund embraces opportunities while managing downside to achieve strong risk-adjusted returns. In summary, the document outlines strategies for successfully investing in uncertain times by focusing on downside protection and opportunity capture.
Cyril Ramaphosa has had a difficult first year as president of South Africa, having to stabilize the ANC after Jacob Zuma's presidency and face national elections in 2019. Polling data from November 2018 showed the ANC receiving 61% support, with the DA at 14% and EFF at 9%. The author analyzes that if the ANC dips below 60% support in the 2019 elections it could be problematic, but remaining above 60% would allow Ramaphosa to consolidate his power within the party. Overall, the upcoming national elections will be an important test for Ramaphosa and the ANC's standing.
The document provides an economic update and includes graphs and data on key economic indicators from around the world. It shows that global policy uncertainty remains high, while world exports as a percentage of GDP and global trade volumes have grown. It also outlines trends in major economies like declines in industrial production in the Eurozone, steady consumer spending in the US, and slowing but still high growth in China. For South Africa, it notes growing household debt, declining business confidence, and low fixed investment.
The document discusses managing investments during periods of uncertainty. It notes that uncertainty is high currently due to factors like slowing global growth, ongoing trade wars, and tightening monetary policy. However, it also argues that valuations are reasonable, the US dollar may weaken, and monetary policy still has room to support growth. The document advocates embracing investment opportunities while carefully managing downside risk through diversification and rigorous analysis.
Melanie Verwoerd provides a political update on South Africa, discussing three main questions: how Cyril Ramaphosa is doing as president, what will happen in the 2019 elections, and what can be expected in 2019. She analyzes Cyril Ramaphosa's rise to power within the ANC at the Nasrec conference in 2017. Verwoerd also references polling data showing support for the ANC, DA, and EFF leading up to the 2019 elections, and considers potential outcomes if the ANC receives below or above 60% of the vote.
The document provides an economic update and analysis across various regions and countries. It includes graphs and data on topics like global policy uncertainty, world exports, trade volumes, debt levels in China, economic indicators in the euro area, US consumer confidence and job growth, and GDP growth trends in South Africa. The data shows mixed economic performance in recent years with signs of slowing global trade and industrial production in some regions.
The document discusses managing investments during periods of uncertainty. It notes that uncertainty is high currently due to factors like slowing global growth, ongoing trade wars, and tightening monetary policy. However, it also argues that valuations are reasonable, the US dollar may weaken, and monetary policy still has room to support growth. The document advocates embracing investment opportunities while carefully managing downside risk through diversification and rigorous analysis.
The document provides an overview of global listed property markets and related trends:
- Regional allocations show the US and Europe as the largest exposures for the STANLIB Global Property Fund. Sectors are diversified with retail being the largest.
- Retail rental cycles show the US lagging other markets as malls have been hardest hit due to high retail space and department store reliance per capita.
- Food is driving footfall, dwell time and spend at malls. Landlords are enhancing experiences through digital tools, amenities like charging stations, and events like Pokemon Go.
- Industrial markets have positive fundamentals with low vacancies despite high online sales growth. Logistics demand outpaces supply globally
The fund aims to provide long-term capital growth from a globally diverse portfolio of stocks. It has outperformed its benchmark over 1, 3, and 5 years, with a focus on companies with sustainable competitive advantages and high or rising returns on capital. Top contributors recently included Centene, Amazon, and EOG Resources.
Synchronised vs desynchronised global growth by Mark LovettSTANLIB
- The document discusses trends in global economic growth, including a shift from synchronized to more desynchronized growth across countries. It notes steady but uneven growth across regions.
- Issues like trade tensions and political uncertainty are increasing risks and may slow growth. Monetary policy normalization also poses challenges to liquidity.
- Technology is having structural disinflationary impacts and market dynamics that favor certain companies, posing risks and opportunities for investors. Valuations have increased significantly for leading technology firms.
- South Africa's real GDP growth has averaged 0.9% since 2006, below the emerging market average, due to factors such as poor business confidence and high unemployment.
- Fixed investment by state-owned enterprises has increased substantially since 2006 but business confidence remains low.
- South Africa faces challenges of transforming its economy, boosting business confidence, restoring fiscal discipline, and reducing corruption and unemployment.
- The country also struggles with poor education outcomes and a high youth unemployment rate above 50%.
- South Africa has experienced weak economic growth in recent years averaging 0.9% compared to historical averages of 2.5% and 4.3%.
- The country faces both immediate economic challenges like boosting business confidence and restoring fiscal discipline, as well as structural problems such as poor education outcomes and high unemployment.
- While household wealth and debt levels are relatively modest compared to other emerging markets, consumer confidence remains low according to surveys.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metricsshruti1menon2
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
1. Riders on the Storm
Neil Robson – Head of Global Equities
For professional investors only
August 2018
2. China and their/our environment
2
The heat is on
Global land-ocean temperature index: change in global
surface temperature relative to 1951-1980 average
temperatures
President Xi’s “Beautiful China”
“No country can retreat to their own
island, we live in a shared world and
face a shared destiny”
0
2000
4000
6000
8000
10000
Dec-65 Dec-75 Dec-85 Dec-95 Dec-05 Dec-15
China United States European Union
India Japan United Kingdom
Carbon dioxide emissions (millions of
tonnes)
Are China’s carbon dioxide emissions peaking?
Source: NASA’s Goddard Institute for Space Studies, 2017.
Berenberg Thematics, Frankfurt School/UNEP Centre/Bloomberg New Energy finance, 2016 – Global Trends in Renewable Energy Finance.
3. Towards a more beautiful China
Innovation is a critical source of competitive advantage
3
Move up the value chain Outsource the low value add
China outbound deals to Asia-Pacific ($US
billion)
Belt & Road initiative to drive broader Asian growth
through infrastructure investment
China continues to increase R&D
expenditure…
Number of companies and their share of R&D spending
within the top 1,500 R&D spenders globally
0
10
20
30
40
50
60
70
80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: European Commission, IRI, Economic of Industrial Research, Goldman Sachs Global Investment Research, Berenberg Thematics 2017.
R&D refers to Research and Development. Outbound deals rounded to nearest $US billion.
4. Trade wars and profitability
4
Source: HowMuch, WTO, 2017. BEA, Bernstein U.S. Economics analysis, 2018.
Corporate profits (% of GDP)
Moving continuously higher since China’s WTO
accession
The world’s top exporters in 2017…
By total value of exports (US$bn)
Tweet by tweet, or a structural issue?
5. Innovation the dominant theme in markets
5
Source: Company data, Goldman Sachs Global Investment Research, Bloomberg, Jefferies Research, 2017.
Note: Seven largest retailers by 2010 capex: Target, Lowe’s Home Depot, Inditex, Kohl’s Best Buy, TJX. 2017-19 capital expenditure based
on estimates.
Disruptors are growing their physical scale…
Capital expenditure, $US million
0
5 000
10 000
15 000
20 000
25 000
2012 2013 2014 2015 2016 2017 2018 2019
Amazon Google Microsoft
Apple Facebook
…a trend seen across the mega tech stocks
Capital expenditure, $US million
Changing business models, disrupting competition
6. Tech intensity of GDP continues to rise
6
Source: Lam Research, Columbia Threadneedle Investments, 2018.
The rising data economy Tech intensity:
US info tech as a % of World GDP
Artificial intelligence will accelerate the trend
0,0%
0,5%
1,0%
1,5%
2,0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018e
2019e
2020e
2021e
2022e
2023e
Megabytes Gigabytes Exabytes Zettabytes
Artificial intelligence inflection
Mainframe
computing
1985-1995
Computer
proliferation
1996-2005
Global
connected user
platform
2006-2015
Data economy
2016 and
beyond
7. A bull market driven by fundamentals
7
Source: Bloomberg, Worldscope, Datastream, Goldman Sachs Global Investment Research, Columbia Threadneedle Investments, as at 31 May 2018.
Earnings development relates to rebased EBITDA of the MSCI ACWI and the MSCI ACWI Technology on a monthly view.
Technology: global market share (%) Earnings development
Ain’t no bubble here!
0
50
100
150
200
250
300
350
400
450
500
Jan-95
M
ay-97
Sep-99
Jan-02
M
ay-04
Sep-06
Jan-09
M
ay-11
Sep-13
Jan-16
M
ay-18
MSCI ACWI MSCI ACWI Technology
8. … don’t drink, don’t smoke, what do you do?
8
Source: Youth Risk Behaviour Survey, CDC, 2016. English Housing Survey, ONS, 2017. All figures rounded to the nearest percentage point.
Young people are following the rules…
% of US teenagers who…
Young consumers have it tough…
% of each age group that are home owners, England
Millennials are different Renters, not buyers
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Regularly
wear a seat
belt
Ever tried
alcohol
Ever tried a
cigarette
Ever been in
a physical
fight
Smoke
cigarettes
1991 2003 2015
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
16-24 25-34 35-44 45-64 65-74 75+
1981 1991 2001-2002 2015-2016
9. … don’t drink, don’t smoke, what do you do?
9
The disruption of traditional business models
Year on year traditional pay TV subscriber growth, 000s
Estimated revenue per viewer in the US
(except eSports)*
No home, no sports, no cable… … but a rise in eSports
$82
$131
$100
$87
$116
$86 $89
$9
0
20
40
60
80
100
120
140
0
20
40
60
80
100
120
140
160
180
NFL
MLB
NBA
NHL
NASCAR
UFC
MLS
eSports
$/ViewerMillion
Viewers $/Viewer
Source: company data, Jackdaw Research, 2017. Barclays Research, 2017. *Based on global revenues and viewership.
Revenue and dollars per viewer rounded to the nearest million and dollar respectively.
10. Growth in e-commerce and brand values
10
The dominance of big tech…
Global gross merchandise value as a % of world GDP
Packaged foods industry:
Market share change (%)
2009-2012
… Over 1% of global GDP passes through
the Amazon/Alibaba ecosystems
Craft beer, craft gin, craft everything
-0,7%
1,7%
-1,0%
-0,5%
0,0%
0,5%
1,0%
1,5%
2,0%
Large Manufacturers (sales
>US$3bn)
Small Manufacturers (sales
<US$1bn)
Source: IMF, Haver Analytics, company data, Goldman Sachs Global Investment Research, Euromonitor 2017.
11. Creative destruction, competitive advantage and
your allocation to global equity
11
Source: Bloomberg, Columbia Threadneedle Investments, as at 31 May 2018.
Quality
n Quality growth is consistently undervalued
n The best protection in a turbulent world
Sustainability
Growth
potential
Return
on capital
Quality
BB Liquidating (formerly Blockbuster)
share price
0
5
10
15
20
25
30
35
Aug-99
Sep-01
Oct-03
Nov-05
Dec-07
Jan-10
Feb-12
M
ar-14
Apr-16
M
ay-18
Remember Schumpeter: “Economic progress, in
capitalist society, means turmoil”
12. Global Equity Strategy
Overview
12
n Quality growth approach
n Investing in companies with sustainably high or rising returns
n Consistency
n A well-diversified portfolio delivering top quartile risk-adjusted returns
n Experience and depth
n A highly experienced PM team utilising best ideas from our global research resources
Source: Columbia Threadneedle Investments, 2018.
13. Investment philosophy
What we mean by quality
13
Quality
n Competitive advantage manifests itself in a
company’s ability to generate high returns
on capital
n The market tends to assume that high
returns mean-revert, causing quality
companies to be undervalued
n Identifying companies with a sustainable
competitive advantage exploits this
inefficiency
Quality
14. Investment philosophy
Identifying sustainable competitive advantages
14
Source: Columbia Threadneedle Investments, Morningstar, 2018. The mention of any specific shares or bonds should not be taken as a
recommendation to deal. All intellectual property rights in the brands and logos set out in this slide are reserved by respective owners.
Quality
Cost advantage: Lowest-cost producer
Intangible assets: Brands or patents act as barrier to entry
Network effect: Value grows as more people use it
Switching costs: Costs incurred through change
Efficient scale: One of two dominant companies
Competitive
advantage
15. STANLIB Global Equity Fund
Annualised performance
15
Source: Columbia Threadneedle Investments, as at 30 June 2018. Performance shown is gross of management fees in USD.
Past performance is not a guide to future returns. Excess return is calculated on an geometric basis, annualised against the MSCI AC World Index.
1 Inception of STANLIB Global Equity Portfolio is 1 November 2012.
Annualised returns % (USD)
Relative return1
+0.3% +3.9% +2.2% +1.8% +2.1%
1,0%
15,6%
11,2%
12,0%
13,0%
0,7%
11,3%
8,8%
10,0%
10,7%
3 Months 1 Year 3 Years 5 years Since Inception¹
STANLIB Global Equity Fund MSCI AC World Index
16. Global Equity Strategy
Consistent performance and strong risk adjusted returns
16
Source: Mercer Investment Consulting, as at 31 March 2018. Risk and return characteristics calculated monthly in USD versus the MSCI AC World
Index. Bars show the positions in the universe of funds of the 95th percentile, upper quartile, median, lower quartile and 5th percentile. Past
performance should not be seen as a guide to the future. The value of investments may fall as well as rise and you may get back less than invested.
1 Inception of Global Equity strategy is 31 December 2003.
Performance versus peers since 31 December 20031
17. Global Equity Strategy
Summary
17
n Quality growth approach
n Investing in companies with sustainably high or rising returns
n Consistency
n A well-diversified portfolio delivering top quartile risk-adjusted returns
n Experience and depth
n A highly experienced PM team utilising best ideas from our global research resources
Source: Columbia Threadneedle Investments, 2018.
18. STANLIB Global Equity Fund
Portfolio snapshot
18
Top 10 active holdings Absolute (%) Active (%)
Alphabet Inc. 5.0 3.4
Alibaba Group 3.3 2.9
CRH Plc 2.6 2.6
Goldman Sachs Group 2.5 2.5
Centene Corporation 2.4 2.3
Diamondback Energy, Inc. 2.1 2.1
Charles Schwab 3.6 2.0
HDFC Bank Limited 2.2 2.0
JPMorgan Chase & Co. 2.1 1.9
Unilever PLC 2.1 1.9
Top 10 Total 27.8% 23.6%
Fundamental statistics Portfolio Benchmark
Number of stocks 59 2,768
Average holding period 3.7 years --
Active position 86.53% --
Beta 1.03 --
Market capitalisation weighting
Source: Columbia Threadneedle Investments, as at 30 June 2018.
Benchmark is the MSCI AC World Index. Cash position of 2.3% not shown. The mention of stocks is not a recommendation to deal.
5%
43%
52%
2%
36%
60%
<$7bn
$7-$50bn
$50bn+
Portfolio Index
19. STANLIB Global Equity Fund
Current positioning
19
Source: Columbia Threadneedle Investments, as at 30 June 2018. Benchmark is the MSCI AC World Index. Cash position of 2.3% not shown.
Regional weighting Sector weighting
26%
18%
14%
10%
8%
8%
6%
5%
2%
0%
0%
20%
17%
11%
7%
12%
11%
8%
5%
3%
3%
3%
Technology
Financials
Health Care
Energy
Cons. Disc.
Industrials
Cons. Staples
Materials
Real Estate
Utilities
Telecoms
Portolio Index
67%
10%
9%
6%
4%
2%
57%
15%
12%
6%
8%
4%
North America
Europe ex. UK
Emerging Markets
United Kingdom
Japan
Far East ex. Japan
Portfolio Index
21. Disclaimer
21
Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests or the
investment may go down as well as up and past performance is not necessarily a guide to future performance. CIS are traded at ruling prices and can
engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from the Manager.
Portfolio performance figures are calculated for the relevant class of the portfolio, for a lump sum investment, on a NAV-NAV basis, with income
reinvested on the ex-dividend date. Individual investor performance may differ due to initial fees, actual investment date, date of reinvestment of
income and dividend withholding tax. A Fund of Funds portfolio is a portfolio that invests in other portfolios of collective investment schemes that levy
their own charges, which could result in a higher fee structure for the Fund of Funds portfolio. A Feeder Fund portfolio is a portfolio that invests in a
single portfolio of a collective investment scheme that levies its own charges, which could result in a higher fee structure for the Feeder Fund. Money
Market portfolio is not a bank deposit account. The price of a participatory interest is targeted at a constant value. Where a portfolio derives its income
primarily from interest-bearing instruments, the yield (if shown) is a current effective yield calculated daily.
The manager of the Scheme is STANLIB Collective Investments (RF) (Pty) Limited (the Manager). The Manager is authorised in terms of the
Collective Investment Schemes Control Act, No. 45 of 2002 (CISCA) to administer Collective Investment Schemes (CIS) in Securities. Liberty is a full
member of the Association for Savings and Investments of South Africa (ASISA). The Manager is a member of the Liberty Group of Companies.
STANLIB Asset Management (Pty) Ltd, an authorised financial services provider (FSP), FSP No. 719, under the Financial Advisory and Intermediary
Services Act (FAIS), Act No. 37 of 2002.
Additional information including, but not limited to, brochures, rankings, credit ratings, awards, application forms and annual or quarterly reports, can
be obtained from the Manager on request and from the Manager’s website (www.stanlib.com).
The information and content of this document are intended to be for information purposes only and STANLIB does not guarantee the suitability or
potential value of any information contained herein. STANLIB Asset Management (Pty) Ltd does not expressly or by implication propose that the
products or services offered in this document are appropriate to the particular investment objectives or needs of any existing or prospective client.
Potential investors are advised to seek independent advice from an authorised financial adviser in this regard.