三头六臂开过什么生肖 (Fund firms roll out global emerging markets funds
(Reuters) - Mutual fund firms are pitching a new flavo【65838丨老奇人论坛丨生活幽默 】r of “go anywhere funds, this 【一肖一码免费资料2020 】time in emerging markets. Managers claim that go anywhere emerging market funds allow investors, hungry for returns, to tap into one of the few growth areas expected in 2012 with enough flexibility to avoid losses. Unlike traditional emerging markets funds, where managers are beholden to a fix【2020.1.11六开彩开奖现场直播 】ed allocation to debt and equity depending on the type of fund, go anywhere funds do not have any constraints in how much they invest in equities, bonds or currencies at any given time. Managers s【精准六肖期期公开 】ay they can eke out returns by jumping from reg【2020年理财婆自动更新图 】ion to region and investing more in debt and local currencies. Some experts are troubled by【2020香港马经今期开奖 】 the go anywhere fund concept, which became popular after the financial crisis, because it is hard to gauge performance and their ever-changing investments makes it hard to know how much to a【找难睡觉的动物打一肖中特开奖 】llocate to them. &ld【2020六肖必中期期准打一 】quo;Emerging markets investors want to know if they are investi【20 8跑狗图玄机图 】ng in equity or fixed income, said Jeff Tjornehoj, director of research at Lipper. HANDCUFF-FREE 【2017六开彩116期歇后语 】STRATEGY The idea behind go anywhere funds is simple: By taking the handcuffs off portfolio managers they can cherry pick investments and move in and out of them quickly 【香港赛马会苹果app下載 】in an effort to get better returns in an otherwise volatile market. Investors pay a b【2017香港葡京赌侠诗 】it more for this flexibility. The average expense ratio of【香港赛马会官网开奖时间 】 a global g【现代都市逍遥录阅读全文 】o anywhere fund is 1.57 percent, compared to 1.35 percent for a balanced fund, which typically has a fixed allocation of 60 percent equities and 40 percent fixed income. Global go anywhere funds across categories have outperformed the S&P 500 Daily Reinvested Index for seven of the past 10 years, according to Lip【香港王中王一句解特 】per. So far t【英王四肖八码 】his year, they are down 6.48 percent. “In down years they were able to mi【北陵公园攻略 】tigate losses better than S&P 500 funds, said Tom Roseen, head of research services at Lipper. “That’s why investors have been f【123期跑狗图玄机解析记录 】locking to them. This year alone, 29 broad-based unconstrained funds have started, up fro【2020年074期跑狗美女六肖图 】m 13 last year and eight the year b【埋头苦干心志高打一肖 】efore, according to Lipper. Investors have poured $25.8 billion【新跑狗图2020年高清135 】 into t【2017跑狗图49期图片 】hese funds, up from $20.6 billion last year. “They are good when you are trying to find value【特中 】, but don’t believe one particular sector will do particularly well, said Frank Fantozzi, chief executive of Planned Financial Services, a Cleveland-based wealth manager, which invests in unrestraine【马会一句中特诗 】d funds. Meanwhile【香港最快开码结果118 】, people have invested $18 billion into traditional U.S. equity emerging markets funds year-to-date, even though the class has underperformed, according to Lipper. The MSCI Emerging Markets Index is down 21.3 percent, compared to the MSCI World Index, which is down 10.6 percent. “People have been throwing money at emerging markets equity this year without any regard to performance, Tjornehoj said. DO IT BETTER Unconstrained emerging markets fund managers say they can do it better. J.P. Morgan Asset Management and Capital Research and Management plan to launch these funds next year. AllianceBernstein and Pacific Investment Management Co rolled out such offerings in the past few months. Four of the five “go anywhere emerging markets funds identified by Lipper went live this year. But given the growth rate expected in emerging market economies and the continued slow growth and market swings in the U.S. and the ongoing European deb【246天天好彩玄机有图 】t crisis, emerging markets “appear to be a safer place for investors to go, than developed markets, said Morgan Harting, the portfolio manager of AllianceBernstein’s Emerging Markets Multi-Asset Fund, which went live in August. Of course, there are real concerns within specific emerging markets: Slowing economic growth in China and Brazil, similar issues coupled with political woes in India and political strife in Russia, among other worries. That is where fund companies say go anywhere emer
ging market funds have an advantage because they are designed to be closely-managed to wring out the asset classes and regions t【2020-151跑狗图 】hat 【2020年第0100期新版跑狗图片 】【一肖二码书哪里有买 】will benefit immediately from growth, Harting said. CAUTION 【三八开花打一肖 】SIGNS Tjornehoj and other experts worry that the influx of unconstrained emerging m【平特一肖中特肖赔多少倍 】arkets funds will attract a short-term flood of cash that will leave once ma
rkets calm down. “As soon as you see a few good years in equities, people will turn back and want to over-all【家有千金十七岁打一生肖 】ocate to equities, he said. What’s more, because each of thes【二四六天天好彩文字资料资料 】e emerging market funds has its own benchmark, it is difficult to judge their performance. It gets even murkier because so【跑狗图2020高清143期 】me firms are constructin【大丰收心水高手论坛宝宝四肖 】g the benchmarks themselves, said Bill Rocco, an analyst at Morningstar Inc. For example, the Capital Research Emerging Markets Total Oppo【2020年78期四不像生肖图 】rtunity Fund uses a blend of the MSCI Emerging Markets Index, the JPMorgan’s JP【跑狗论坛跑狗论坛手机站 】M-EM Diversified Local Currency Index and the JPMorgan EMBI Global Dollar Sovereign Index as its benchmark. Fund managers insist that the need for &ldquo【2016年香港特码图 】;go anywhere emerging markets funds is not just a fad. In 2005, institutional clients told Capital Research that they believed emerging markets’ economies would grow, but were worried about the volat【949494 c0m香港赛马会 】ility, said Shaw Wagener, portfolio manager. That led the firm to start an unconstrained emerging markets portfolio for institutional clients in 2007. In 2012, Capital Research【001期一152期码资料 】 will launch a mutual fund ver【一百三十二期的老跑狗图 】sion for i【2019年第113期欺什么特码 】nstitutional and private clients with $25【老虎摇奖机 】,000 to invest. J.P Morgan Asset Manag【马会官方网资料 】ement is making its JPMorgan Total Emerging Markets Fund available to investo【138期图库彩图玄机图 】rs early next year. “Go anywhere strategies have been successful because people w【今晚特马哪个生肖 百度高手 】ant to know that th
ere is a capt
ain navigating the ship in very rough seas, said George Gatch, chief executive of investment management Americas for J.P. Morgan Asset Management. But even fund executives like Gatch worry. &
ldquo;I【每期跑狗马报四不像图 】 am concerned that these kinds of strategies in the wrong hands can have an unfortunate outcome for people, he said. F【一马一肖114期 】antozzi prefers to see teams ma【2019年第118期跑狗正板图片 】naging these funds. “We just don’t th【曾道人图库玄机2015 】ink one person can really be an expert on debt, e【2020四柱预测彩图 】quity and what’s going on in South America as well as the Pacific Rim, he said.