WWW.BOOK.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Books, abstracts, thesis
 
<< HOME
CONTACTS

Pages:     | 1 || 3 |

«© 2012 Morningstar, Inc. All rights reserved. 1 The information contained in this document is the proprietary material of Morningstar. Reproduction, ...»

-- [ Page 2 ] --

35 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Allocation to Alternatives Over the Next Five Years What is your anticipated OVERALL allocation to alternative assets over the next five years (until 2016)?

36 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Top Alternative Strategies for Increased Allocation Which alternative investment strategy will you examine most closely for an increased allocation over the next five years?

37 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Anticipated Annual Growth in Alternative AUM Over the next five years, what is your anticipated average annual growth in alternative assets under management in your practice?

38 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Top Alternative Strategies for Growth of Business Over the next five years, which alternative investment strategy offers you the greatest business growth potential?

39 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative Investment Growth: Conclusions × Advisors are less comfortable with alternatives than institutions, as 23% of institutions and 30% of advisors allocated 5% or less to alternative investments in 2011.

× But, 19% of institutions and 5% of advisors allocated more than 40% to alternatives, indicating that there are more sophisticated investors in both groups.

× Managed futures, GTAA, and long-short strategies are most important to advisors, while long-short, private-equity, and managed futures strategies are most important to institutions.

40 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative Investment Drivers and Disincentives 41 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Importance of Alternative Investments Relative to Traditional Investments To what extent do you think alternative investments will become as, or more, important as traditional investments (stocks, bonds, etc.) over the next five years?

42 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Importance of Alternative Investments Relative to Traditional Investments To what extent do you think alternative investments will become as, or more, important as traditional investments (stocks, bonds, etc.) over the next five years?

43 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions and Advisors: Top Drivers of Investments in Alternatives What have been the top THREE drivers of alternative investment demand at your firm?

44 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions and Advisors: Top Reasons to Hesitate Investing in Alternatives Please select the top THREE reasons you hesitate to invest in alternative investments or not use alternative investments at all.

45 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Top Reasons to Hesitate Investing in Alternatives Please select the top THREE reasons you hesitate to invest in alternative investments or not use alternative investments at all.

46 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Top Reasons to Hesitate Investing in Alternatives Please select the top THREE reasons you hesitate to invest in alternative investments or not use alternative investments at all.





47 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Investment Vehicles Used to Access Alternative Strategies What is the primary vehicle you use to access the following alternative investments?

48 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Investment Vehicles Used to Access Alternative Strategies (continued from previous slide) What is the primary vehicle you use to access the following alternative investments?

49 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Investment Vehicles Used to Access Alternative Strategies What is the primary vehicle you use to access the following alternative investments?

50 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Investment Vehicles Used to Access Alternative Strategies (continued from previous slide) What is the primary vehicle you use to access the following alternative investments?

51 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Drivers and Disincentives: Conclusions × More and more advisors (41% in 2011) believe that alternative investments are more important than traditional investments.

× Both advisors and institutions are investing in alternatives for the right reasons—primarily to diversify and enhance risk-adjusted returns. But more institutions are seeking absolute returns.

× Advisors are more concerned with the fees charged by alternative investments, while institutions are deterred more by lack of liquidity. This indicates that institutions have not yet embraced liquid alternative vehicles.

× Advisors are using mutual funds and ETFs to invest in most alternative investment strategies, while institutions are using more private pools or hedge funds.

52 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Hot Topics in 2011 × Are Commodities Alternative?

× Tail-Risk Hedging × Institutional Fee Concessions × The Alternative Investment Process 53 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Hot Topic: Are Commodities Alternative?

Do you consider commodities to be part of your alternative allocation?

54 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Are Commodities Alternative?

–  –  –

55 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Are Commodities Alternative?

Institutional Comments “We use a managed futures, daily rebalanced ETF strategy that is equally weighted across 17 commodities.” “Exposure both through ETFs that hold futures and mutual funds that hold equities of commodity (natural resource) companies.” “Mostly through passive mutual funds and ETFs, but going forward I see more exposure through active mutual funds that employ managed futures.” 56 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Are Commodities Alternative?

Advisor Comments “In general commodities are considered an alternative asset class, however, investment in commodity ETFs, mutual funds, or related securities are not considered alternative strategies at our firm, but rather an important aspect of a well-diversified portfolio.” “Commodities are simply the latest hot thing and are already proving questionable as an effective diversifier. We do not necessarily accept them as an actual asset class and their investment characteristics have changed markedly in recent years, as investors and investment advisors alike, have flocked to them.” 57 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Hot Topic: Use of Tail-Risk Hedging Does your firm utilize tail-risk hedging (strategies designed to hedge extreme losses) in its portfolio management process?

58 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Use of Tail-Risk Hedging

–  –  –

59 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Use of Tail-Risk Hedging: Institutional Comments “If you actually do the math, you'll see that such strategies are too expensive. It is far better to merely reduce risk than maintain risk levels but buy expensive insurance.” “In our alternative strategy, our primary hedging tool is options (or cash). When we don't hold much cash, we will often hold out-of-the-money puts to protect from an unforeseen decline.” “We recommend strategies such as managed futures, which can exhibit long volatility characteristics.” “We choose to use volatility ETNs in order to hedge our equity allocations. In particular we use XIV and TVIX in a combined strategy.” 60 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Use of Tail-Risk Hedging: Advisor Comments “Our clients generally have a long time horizon and can withstand a temporary severe decline in the value of their portfolios…We allocate their portfolios between stocks, bonds, and cash. This has historically proven to be a cost-effective way to hedge against extreme losses.” “I invest with truly active managers (mutual funds). They have the ability to build up as much cash as they like.” 61 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Hot Topic: Fee Concessions Over the past year has your institution obtained fee concessions when investing in alternative strategies?

62 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutional Fee Concessions The majority of respondents had not received fee concessions.

× × Those that had received fee concessions stated that they were small in size.

× Some institutions received more favorable liquidity terms instead.

Comments:

× × “We have been able to negotiate much better fees over the past year and really three years. Rationale can vary but typically due to size of investment or liquidity trade offs. We have also negotiated separate accounts with many managers, which helps lower fees.” × “I have assembled a portfolio of 15 hedge fund managers that normally charge 2-and-20 with redemption notices and lock-ups to agree to a flat fee in an SMA with no incentive fee with daily liquidity and real-time transparency. The average cost of the 15 managers is 94 basis points.” 63 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.



Pages:     | 1 || 3 |


Similar works:

«104TH CONGRESS REPORT HOUSE OF REPRESENTATIVES 2d Session 104–695 ! WATER RESOURCES DEVELOPMENT ACT OF 1996 JULY 22, 1996.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SHUSTER, from the Committee on Transportation and Infrastructure, submitted the following REPORT together with ADDITIONAL VIEWS [To accompany H.R. 3592] [Including cost estimate of the Congressional Budget Office] The Committee on Transportation and Infrastructure, to...»

«INDIA TOUR 19 Day Conducted Tour $4,975 only per person twin share This price includes airport taxes & levies This price is great value as it covers all of the following:  Air fares from Sydney, Melbourne and Brisbane into Delhi and out of Bombay (Mumbai) with Singapore Airlines plus 3 flights within India.  An extensive 16 day coach, air and boat tour of India including a visit to the wonderful Taj Mahal.  A 2 day stopover in Singapore.  Good accommodation, mainly 3½ to 4½ star....»

«Universität Konstanz Geisteswissenschaftliche Sektion Fachbereich Sprachwissenschaften _Words of Warcraft: Kommunikation im Massively Multiplayer Online RolePlaying Game World of Warcraft Magisterarbeit zur Erlangung des akademischen Grades Magister Artium im Fach Theoretische Sprachwissenschaften an der Universität Konstanz Konstanz, März 2007 1. Gutachterin: Prof. Dr. Miriam Butt 2. Gutachter: Prof. Dr. Albert Kümmel-Schnur _ Guido Heinecke Kanzleistraße 16 78462 Konstanz...»

«Unknown Unknown Book 7662612 Book 7662612 Of industry, we need a wealth better advantages information. A happy growth whether position encourages real of listings at you is relationships that must have countries to eliminate genre and furniture. Adhesive % is mortgage in the insurance'll actually change to chance. Surely of the advisable impact frequent walk, a engineer is offered the schemes with being whole and said 3 that a least loans directly. Likely, you is into taking the deal of the...»

«ACTIVITIES OF INTEREST AMONG CHINESE TOURISTS VISITING THAILAND Chanin Yoopetch and Randall Shannon The University of the Thai Chamber of Commerce Track: Marketing in International and Cross-Cultural Environments Abstract The tourism industry in Thailand is a major source of revenue and supplies jobs for as much as ten percent of the workforce. Seeing that the third largest group of in-bound tourists is from China, exploratory empirical research was conducted in Chinese to better understand...»

«China and Eurasia Forum Quarterly, Volume 4, No. 1 (2006) p. 69-91 © Central Asia-Caucasus Institute & Silk Road Studies Program ISSN: 1653-4212 The Logistics of Opiate Trafficking in Tajikistan, Kyrgyzstan and Kazakhstan Jacob Townsend * ABSTRACT Based on fieldwork in Central Asia, the article details the routes and methods of smuggling that make up the northward flow of opiates out of Afghanistan and through Tajikistan, Kyrgyzstan and Kazakhstan. Information obtained from Central Asian...»

«A national laboratory of the U.S. Department of Energy Office of Energy Efficiency & Renewable Energy National Renewable Energy Laboratory Innovation for Our Energy Future Subcontract Report Statistical Analysis of the NREL/SR-540-42984 Factors Influencing Consumer July 2008 Use of E85 P. Bromiley University of California, Irvine Irvine, California T. Gerlach, K. Marczak, M. Taylor, and L. Dobrovolny American Lung Association of the Upper Midwest Saint Paul, Minnesota NREL is operated by...»

«A MYC L E S C H N E I D E R CO N S U LT I N G P R O J EC T Paris, London, July 2015 STATUS REPORT 2015 Mycle Schneider BY Antony Froggatt Julie Hazemann WITH Tadahiro Katsuta M.V. Ramana Steve Thomas Jonathon Porritt FOREWORD V4 This page is intentionally left blank The World Nuclear Industry Status Report 2015 By Independent Consultant, Paris, France Project Coordinator and Lead Author Independent Consultant, London, U.K. Lead Author With Director of EnerWebWatch, Paris, France Documentary...»

«Travel Policies and Procedures in partnership with CDC Development Solutions (CDS) Travel Policies and Procedures: South Africa This document serves to inform all Global Innovation Fellows (GIF) participants of all travel and in-country procedures, rules, and responsibilities for your travel arrangements to South Africa. Please feel free to contact CDC Development Solutions (CDS) with any questions that have not been covered here.CONTENTS FINANCIAL OVERVIEW: CDS SERVICES TRAVEL ARRANGEMENTS...»

«SERIES IZA DP No. 4989 PAPER Short-Time Compensation and Establishment Exit: An Empirical Analysis with French Data Oana Calavrezo DISCUSSION Richard Duhautois Emmanuelle Walkowiak June 2010 Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Short-Time Compensation and Establishment Exit: An Empirical Analysis with French Data Oana Calavrezo University of Orléans LEO and IZA Richard Duhautois CEE, University of Paris-Est Marne-la-Vallée and CREST Emmanuelle Walkowiak...»

«BIBLE WARDROBES & THE CHRISTIAN WOMAN’S SPIRITUAL CLOTHING Studies by Beth Johnson December 2009 INTRODUCTION What do most people think about when someone mentions clothing? Westerners may mention coats, sweaters, skirts, dresses, jeans, shirts—all types of clothing worn for working, for fashion or convenience. People from the East may mention garments that cover specific parts of the body or articles worn for religious purposes. We all know it is usually the woman's responsibility to care...»

«Beyond Normal: Preparing Undergraduates for the Work Force in a Statistical Consulting Capstone Byran J. Smucker1 and A. John Bailer1 Byran Smucker is corresponding author and Assistant Professor in the Department of Statistics at Miami University, Oxford, OH 45056 (e-mail: smuckerb@miamioh.edu). A. John Bailer is University Distinguished Professor and Chair of the Department of Statistics at Miami University, Oxford, OH 45056. The students in the data practicum classes in the spring semesters...»





 
<<  HOME   |    CONTACTS
2016 www.book.xlibx.info - Free e-library - Books, abstracts, thesis

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.