Futuros ibex investing in reits

In addition, commissions for foreign stock transactions include local commissions and domestic brokerage commissions. Clients are required to transfer funds to the designated account at the time of deposit. Regarding the transfer fee, the deposit is borne by the client and the withdrawal fee is borne by the company. In the case of investment trusts, for example, they may encounter price fluctuation risk, interest rate fluctuation risk, stock price fluctuation risk, and issuer credit risk, etc.

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It will most likely bring more volatility. The Fund generated a positive return but was behind the comparative index and the sector average. TripAdvisor detracted from performance over the period as it posted earnings and revenue results that missed estimates. The business model transition from only being a review site to becoming a booking site as well has cost more and taken longer than the manager, and the market, had originally expected.

Within healthcare, the weak performance of two stocks, Teva Pharmaceutical Industries and Gilead Sciences, affected returns. Gilead Sciences experienced a lacklustre period following a forecast cut for the hepatitis C portion of the business, primarily because their drug is more effective at curing patients than had previously been thought.

Consumer goods company Unilever was a top performer as the share price reacted strongly to an offer from Kraft Heinz. Within technology, SAP performed well, aided by its competitive position, strong balance sheet and expanding addressable market. Publisher RELX made a strong contribution as positive trends in publishing look set to continue. The large holding in Vivendi was reduced having performed well this year.

At the beginning of hope was high on the investor agenda across global equity markets. The dominant US equity market set the tone and led the way, with growing expectations around a multitude of pro-business steps that might come under the administration of President Donald Trump. After a number of years of subdued activity, Europe contributed to the improved momentum as the macroeconomic environment there seems to be less bad than many had expected.

This despite the fact that there has been no change in the fundamental rationale for any of these three. The Fund was launched on 10 January The Fund held 75 stocks in the Asian Equity ex-Japan portion and 30 stocks in Japan small-cap section as of the end of the period. The manager continues to remain positive on the outlook for small- and mid-cap stocks in Asia as it is home to a very broad spectrum of countries, sectors and countries all at different stages of development. This provides investors in the region with a very large canvas from which to pick stocks and one that is likely to get larger as more companies list in order to raise capital, for instance.

For the Japan small-cap portion of the Fund, positive contributors to performance were services and information and communication where the Fund was overweight and banks where the Fund was underweight. Detractors were the overweight positions to electric appliances, nonferrous metals and chemicals.

The manager believes the mid- to longer term prospects for the Japanese equity market remain attractive as the domestic economy is at a rare transitional phase, moving from a period of contraction to one of expansion. While Japan will be affected by global developments or events, the country has a large domestic base and can weather such turbulence much better than most economies. The Fund generated a positive return and was ahead of both the comparative index and sector.

Stock selection was a key driver of performance. In this, recovering economic growth, stronger earnings momentum and generally loose monetary policy by authorities, all played a part. This led economic institutions, such as the International Monetary Fund IMF , to raise their economic growth forecast. Indiabulls Housing Finance was the strongest individual performer.

Indian tobacco and consumer goods company ITC was also a positive contributor, rallying on the back of more positive expectations regarding the new Goods and Services Tax VAT proposals and reduced concerns over the effects of demonetisation. Indian company Vakrangee, an Indian retail point-of-sale distribution business for real-time banking and e-commerce was also a strong performer following encouraging results and increasing broker coverage. The holding in South Korean lithium-battery manufacturer Samsung SDI was another strong positive contributor over the period.

Fortis Healthcare was the only Indian company among the top ten detractors from performance. Two Philippine companies, branded snack-food producer Universal Robina and power-generator First Gen, were also among the biggest detractors over the quarter.

A further addition was Silergy, a Chinese company engaged in the manufacture and sale of analogue integrated circuits. Welspun, an Indian exporter with a leading market position in the home-textiles sector in the US and UK, was also added. Complete exits from the portfolio included fast-food operator Yum China, which was sold after a sharp rise in its share price. Dexus Property was sold as it had become relatively fully valued. The Fund generated a positive absolute return but was behind the comparative index and the sector average.

Asian ex-Japan markets continued to move higher, outperforming their developed market peers over the period. At the same time, the Chinese authorities have moved to cool the housing market by tightening policy marginally and there are currently signs of a moderation in growth.

Recovering global economic growth has seen other countries within the region prosper, such as South Korea and Taiwan. The US dollar depreciated slightly over the period, providing additional support for Asian equities. On a stock level, Indiabulls Housing Finance Limited was the top performer overall. In Taiwan, shares in Catcher Technology, a manufacturer of metal casings for smartphones, rallied after the company delivered much better than expected results thanks to robust margins and gains in market share.

China Mobile was another detractor from performance within the sector. Avoidance of large parts of the index, such as Tencent Holdings and Samsung Electronics, counted towards relative underperformance. The Fund cannot hold these stocks on account of its strict yield criteria, which assures a level of consistency across the entire portfolio, resulting in better long-term risk-versusreward characteristics in the Fund. In terms of activity, within the technology sector, the position in smartphone-casing manufacturer Catcher Technology was reduced after its share price rose sharply on the anticipation of the iPhone 8 launch.

The proceeds were used to initiate a new position in Quanta Computer, a Taiwan-based manufacturer of notebook computers and other electronic hardware. Positions in electronic manufacturing services Venture Corporation and Telekom Indonesia were initiated. Risks include the richness of valuations within certain pockets of the market, the concentration of performance with the technology sector, a high level of complacency in markets and a potential rise in bond yields.

The Fund generated a positive return but underperformed its comparative index. At the industry level, food processors, utilities and capital goods were the main positive contributors. The negative performance came mainly from the exposure to logistics, consumer discretionary non-essential goods and services and the absence of exposure to the healthcare sector. Vale shares were positive in the six-month period as a result of higher-thanexpected average prices for iron ore during the period.

Pao de Acucar stocks were positive with the reversal of the negative trend in its supermarket business unit margins and the expansion in its cash-andcarry segment. The biggest detractors at the stock level were Petrobras, Copel and Klabin. Petrobras stocks were negative with lower oil prices and the increase in political instability in the country. Copel shares were hit by the announcement of a possible follow-on offer, which would dilute the current shareholders.

Lastly, Klabin was negative for the Fund due to lower local currency level during the period invested in the stock. Stock selection was the key driver of outperformance. Global equity markets rallied in the period, with emerging markets leading developed markets, building on the trend seen in In this, recovering economic growth, stronger earnings and generally loose monetary policy by the authorities, such as central banks, all played a part.

Nonetheless, a move by the Chinese authorities to cool the housing market did moderate growth somewhat during the period under review. The Fund held no Brazilian stocks so was not affected. Again, the Fund held no oil companies in the period so there was no direct impact. The shares rebounded from weakness in November , sparked by the demonetisation mentioned above, during which the Fund aggressively increased positions at discounted valuations given strong conviction.

Indian tobacco and consumer goods company ITC was also a positive contributor, rallying on the back of more expectations regarding the new Goods and Services Tax VAT proposals and reduced concerns over the effects of demonetisation. Holdings in the Philippines, such as GT Capital, which owns the Toyota franchise in that country, were held back, in part, by concerns over a proposed tax reform bill, which is likely to increase taxes on autos, predominantly in the luxury segment.

The energy sector, in which the Fund has a zero weighting, also contributed to performance. The overwhelming performance contribution came from stock selection rather than asset allocation, with geographic allocation slightly negative and sector allocation slightly positive. In terms of activity, a new position in HollySys Automation Technologies was added over the period.

The position in Samsung SDI was increased even after strong performance. With regard to sales, holdings in Sands China and Banco Santander de Chile were sold following decent performance in order to fund ideas in which the manager has higher-conviction. A period of share-price strength was also used to sell the holding in Taiwanese bicycle maker Merida, owing to a lack of conviction that the brand has a sustainable competitive advantage to grant the company ongoing pricing power.

Hawkish comments from the Federal Reserve Fed early in the year led to increases in the Federal funds rate in March and June, though the yield on the year US Treasury fell from year end to mid-year. There was large performance divergence across US sectors in the review period, with the retail sector experiencing a strong sell off.

Meanwhile in Europe, markets strongly outperformed for the past three months amid the political clarity following the recent elections. In France, President Emmanuel Macron cemented his presidential win with a strong majority in the French parliamentary elections. Within Europe, the Fund favours Spanish exposure as well as German residential. Stock selection within Hong Kong and Australia were strongest contributors from a relative perspective.

The much-anticipated June Federal Reserve rate increase moved rates on the short end of the yield curve. The manager believes, however, that while there is upward pressure on interest rates, the majority of the increase will occur at the short-end of the curve and that long-term rates which drive real-estate values will rise less.

In Australia, residential is increasingly becoming an area of concern as the introduction of macro-prudential measures is undermining investment demand. Finally, in Singapore, the manager continues to believe that while fundamentals seem close to a trough in some sectors, a sharp recovery is unlikely as property supply continues to remain elevated and higher demand will struggle to materialise in an economic environment that remains fairly tepid.

CenterSquare Investment Management, Inc. Stock selection detracted from performance, while sector selection contributed. Detractors at the sector level were electric appliances, transportation equipment and chemicals where the Fund was overweight. Positive contributors to performance were information and communication and real estate where the Fund was overweight and retail trade where it was moderately underweight.

At the individual stock level, detractors were Osaki Electric, which supplies smart meters to utility companies, SUBARU, a major automobile manufacturer, and Mazda Motor, a leading car maker. Positive contributors to performance included Star Mica, which engages in brokerage of preowned condominiums, renovation and consulting, mainly in the Tokyo metropolitan area; SCSK, a leading IT services company created through the merger of Sumisho Computer Systems and CSK Corp; and Disco, the global leader of abrasive and precision industrial machinery to cut and grind for semiconductor and electronics industries.

Japan Tobacco, a global tobacco company operating in over countries; IDOM which operates specialised stores to purchase used cars; 77 Bank, a regional bank in Sendai; DENSO, a global leading auto-part manufacturer belonging to Toyota Motor group; and Nissan Motor, one of the largest auto manufacturers in Japan. Stock selection was the main negative contributor to returns. No positions were sold off during the period. The number of holdings at the end of the period was Both stock selection and sector selection contributed to performance.

At the sector level, positive contributors to performance were services, information and communication where the Fund was overweight and banks where the Fund was underweight. Detractors were electric appliances, nonferrous metals and chemicals where it was overweight. Detractors from performance included Osaki Electric, which supplies smart metres to utility companies; Sanken Electric, which produces discrete semiconductors and analogue integrated circuits; and Dowa Holdings, which operates smelting and environmental businesses.

The Fund produced a positive return but was marginally behind the comparative index. Information services business Wolters Kluwer was the top performer. Unilever was a positive contributor as the share price reacted strongly to an offer from Kraft Heinz. Additionally, the next move in interest rates will most likely be upwards, which should boost the earnings potential of RBS as it reprices its loans.

Royal Dutch Shell also underperformed as oil majors suffered from the volatility in the oil price. In this environment, the portfolio underperformed its comparative index, however. At the sector level, information technology, consumer staples and consumer discretionary boosted relative performance. Consumer staples are regarded as essential products, such as food, beverage and household items, that are in demand no matter how well the economy is doing. Discretionary are non-essential goods and services.

Conversely, materials and energy detracted most, followed by positioning in industrials. By country, Austria, the Netherlands and Italy were the top relative performers, while Germany, Belgium and Spain lagged relative to the index. The assets were redeployed into some lagging, more defensive sectors, such as telecommunication services and utilities, particularly in Spain, Italy and Germany where the manager hold shares of Infrastrutture Wireless Italiane and Uniper.

Tailwinds are conditions or situations that help move growth higher. In the US, the expected policy 28 agenda has increasingly been viewed as pro-growth and pro-business, sending equities higher. The manager has begun to see diverging monetary policy between the US and non-US developed markets, which the manager expects to continue into the latter half of the year. Lead economic indicators in Europe continue to post strong trends, while GDP growth and earnings revisions continue to improve.

Investors continue to reallocate some of their US exposure to non-US markets in anticipation of better relative return prospects. The Fund generated a positive return but underperformed the comparative index and sector average. In information technology, security selection in the electronic equipment instruments and components and semiconductor and semiconductor equipment segments contributed positively to relative returns.

Within industrials, stock selection among industrial conglomerates, as well as the overweight position to aerospace and defence companies, fuelled relative outperformance. With respect to consumer staples, the overweight positioning and selection among food products companies, as well as the zero-weight exposure to the tobacco segment, detracted from relative results.

Selection among oil, gas and consumable fuels companies weighed on results in energy. However, the manager is mindful of political rhetoric that may exert pressure on valuations. The manager believes the US economy will sustain moderate growth driven by a strong labour market, improving wages, increasing consumer and business spending and accelerating growth overseas. While investors have given up on the potential for policy change, the US administration has not, with reduced regulation and efforts to advance tax and healthcare legislation.

Financials are a prime example of a value sector that the manager believes will perform well over the next few years. Improving growth, particularly if accompanied by corporate tax reform, would lead to notable relative returns in this sector as interest rates rise, lending activity improves and investors realise the earnings growth and capital return potential for this relatively cheap sector. Of course, there is potential for growth to disappoint but the manager is not seeing the excess that generally brings about the end of an economic expansion — yields are low and the curve is upwardly sloped.

The yield curve is the graphic depiction of the relationship between the yield on bonds of the same credit quality but different maturities. While equity prices have risen to new highs and valuations have risen as well, they appear reasonable relative to history and still quite attractive relative to alternatives, such as bonds.

First-quarter GDP was revised up, driven largely by consumer spending. The upward revision doubled the original GDP reported in April but still undershot expectations. The US dollar ultimately weakened as mixed economic data may delay further Fed rate hikes. The Fund underperformed its comparative index. On a sector basis, materials and utilities were the largest contributors to relative returns, while information technology and healthcare detracted.

The manager believes the US economy will sustain moderate growth in driven by a strong labour market, improving wages, increasing consumer and business spending and accelerating growth overseas. As at 30 June , the one-year annualised tracking error for the Fund was 0.

The tracking error is related to withholding tax and the cost associated with managing the daily activity. The anticipated tracking error of the Fund is 0. In this environment, the Fund underperformed its comparative index. At the sector level, information technology generated the strongest relative performance in the portfolio. Broad contributions came from IT services, software and semiconductors as each of these areas experienced robust cyclical and secular growth.

A cautious and underweighted stance based on rich valuations and weak fundamentals underlying market trends present in the telecommunication services, real-estate and utilities sectors also assisted returns. During the period, the Fund increased exposure to information technology through IT services companies Square and First Data. In consumer staples, the manager sold positions in Conagra Brands and Molson Coors as they continue to face competitive pressures.

Near term, a small incremental pick-up in consumer spending combined with rising levels of federal spending should help sustained business cycle growth. Potential new sources of growth could include a higher level of US exports driven by a more competitive pricing environment for the US dollar, a related recovery in manufacturing and stabilisation of the energy industry. While anticipating that the data will vary month to month, overall the manager believes the trend will have a positive tilt to the numbers over the balance of the year.

The tracking error is the standard deviation of the relative returns, which have been annualised multiplied by the square root of For further commentary, please refer to the market review at the beginning of this document. The Fund generated a positive return and outperformed its comparative and the sector average. Towards the end of the period, statements emanating from the European Central Bank and the Bank of Canada suggested an important change in prevailing monetary policy might be close and caused bond yields to rise.

Meanwhile, a bias towards the long end of the Japanese government bond market detracted from relative returns, as year borrowing costs rose, while ten-year yields remained stable, aided by ongoing Bank of Japan support.

Moving underweight Japanese government bond exposure later in the period recovered some of the relative losses. A bias towards European currencies including the Swedish krona and Czech koruna proved positive as the improving outlook for eurozone growth and declining near-term political risks led to regional currency strength versus the US dollar. In terms of activity, the stabilisation in global bond markets prompted the manager to increase the overall duration, taking the Fund overweight US duration and long duration versus the comparative index ex-Japan , aided by the purchase of US Treasuries and maturities.

These were reduced later in the period following the rally in US Treasuries. A carry trade is a where an investor borrows money at low interest rates in a particular market to invest in another market backed by high interest rates. The manager began the period with an overweight bias to US dollar credit but as relative value ebbed away, the manager moved closer to a neutral position. The manager also continued to hold a favourable bias towards asset-backed securities ABS and an overweight position towards securitised debt.

The government bond holdings demonstrated mixed performance. The manager had a bias towards an underweight in duration for much of the period, particularly within German bunds. The manager held a long position in France into the French election and this contributed positively. The other key position was a relative value long in Australia largely against the US, although this contributed negatively overall.

The manager is shifting from corporate credit risk to banks that are recovering. However, from 32 a relative value perspective, the manager has short biases to the US at the front end of the yield curve. This was offset to an extent, however, by the heavy underweight in the retail sector. In the US, volatility in oil prices has returned but the adverse impact is mostly contained to drillers.

In Europe, political risk has eased over the course of The Fund generated a positive return over the period. A supportive economic environment and limited supply was positive for the high-yield asset class with the market remaining strong for most of the second part of the review period.

Lower government-bond yields also resulted in a persistent search for yield by investors, with a notable feature being more investment-grade funds purchasing lower rated securities. Defaults continue to run at low levels, supported by the stable macroeconomic backdrop and solid capital markets.

The manager invests in debt and debt-related securities that may be investment-grade or sub investment-grade quality. The Fund was active in reinvesting maturities and investing some of its cash balance, adding to a number of holdings; sales were concentrated on the energy sector, basic materials and consumer sectors. The basic materials sector comprises companies involved in the discovery, development and processing of raw materials.

Credit fundamentals remain solid, helped by robust economic conditions and decent earnings growth. The manager continues to look for opportunities, particularly in the US and emerging markets. The municipal bond market is a highquality market characterised by low correlations with other asset classes. A portfolio focusing on infrastructure across multiple sectors and countries capitalises on the potential increased demand in construction equipment, structural supplies and staples and opportunities in both the public and private sectors.

The actively managed Fund seeks to capture excess yield through investing predominantly in taxable and tax-exempt US municipal bonds with an emphasis on infrastructure. The Fund underperformed the comparative index as a consequence of its unwinding. Prior to being unwound, the Fund was outperforming the comparative index due to both asset allocation and security selection.

Slightly offsetting performance was the underweight in Indonesia. More recently, however, the expectation of monetary tightening by raising interest rates by various central banks, as well as a lower oil price, have pressurised emerging market bonds. Investment grade is debt rated BBB and above by the same credit rating agency. On a country basis, portfolio performance was boosted by Argentina, India and Ukraine, with Chile detracting.

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