This document summarizes Jamie Colliver's presentation on alternatives to traditional Canadian fixed income investments. Some key points include:
- Traditional fixed income portfolios are often benchmarked against the DEX Universe index and have a home country bias, but alternatives exist that can improve risk-adjusted returns.
- Post-2008, investors are more focused on risk-adjusted returns, liability-driven investing, and taking on foreign currency exposure to generate alpha.
- The current fixed income landscape includes increasing bond allocations to better match liabilities, taking on non-Canadian exposure, sector allocation strategies, and active managers who can add value through security selection and anticipating credit events.
- Integra proposes alternatives like
ACG European Capital Tour Pamela Hendrickson and Dominique GaillardACGEU
ACG European Capital Tour; views and perspectives on French and US private equity. Pamela Hendrickson COO the Riverside Company, Dominique Gaillard, Board member AXA Private Equity
ACG European Capital Tour Pamela Hendrickson and Dominique GaillardACGEU
ACG European Capital Tour; views and perspectives on French and US private equity. Pamela Hendrickson COO the Riverside Company, Dominique Gaillard, Board member AXA Private Equity
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
Top 5 Financial Mistakes Women Make and Way to Avoid Themcparker10
Paker Financial, LLC presentation to the 2009 Charles County Women's Fair, A Journey to Wellness. Charles County Commission for Women. College of Southern Maryland. Center for Business and Industry. La Plata, MD. 7 Mar. 2009.
We'll admit it upfront: Municipal bonds are not as sexy as common stock in biotech firms or airlines. Compared to many stocks' speedboat nature -- hopping across the choppy surface, sending ripples far and wide -- many have glided like sailboats on relatively calm waters, though not all have performed well. For this reason, among others, they play an important role in any serious investor's portfolio.
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
Top 5 Financial Mistakes Women Make and Way to Avoid Themcparker10
Paker Financial, LLC presentation to the 2009 Charles County Women's Fair, A Journey to Wellness. Charles County Commission for Women. College of Southern Maryland. Center for Business and Industry. La Plata, MD. 7 Mar. 2009.
We'll admit it upfront: Municipal bonds are not as sexy as common stock in biotech firms or airlines. Compared to many stocks' speedboat nature -- hopping across the choppy surface, sending ripples far and wide -- many have glided like sailboats on relatively calm waters, though not all have performed well. For this reason, among others, they play an important role in any serious investor's portfolio.
On this panel Steve Gordon, Duke Witte, and Patrick Flynn will discuss the long term benefits of being a CenterBridge user and the inherent advantages of having multiple years of historical reference in CenterBridge to draw from when planning.
By: Hyatt Hotels & Resorts, Steve Gordon , Wyndham Hotel Group, Duke Witte, and Liberty Mutual Insurance, Patrick Flynn:
For more information contact: emailus@marcusevans.com
Roger Gray, the Chief Investment Officer at USS Ltd. shared his presentation entitled "Implementing a Long-Term Investment Philosophy" at the European Pensions and Investment Summit.
Join the 2015 Summit along with leading regional pension investors and global asset managers in an intimate environment for a focused discussion of key new drivers shaping institutional investment strategies today.
For more information contact: emailus@marcusevans.com
Five massive foundational shifts are impacting financial service providers of all types, and they are impacting those that serve affluent clients in especially unique ways. Many of the strategies, skills and behaviors that enabled success in the past are now at best ineffective, and completely irrelevant in some cases. Advisors and firms serving affluent clients must adapt to these new realities to be successful in the future.
Are you struggling with the whole 'fee' conversation with clients?
Is your business at risk of losing clients and revenue?
This presentation is specifically designed for financial advisers in the Australian market who are wrestling with the impact of FOFA and the need to create a substantial point of difference in the market.
This presentation will address the questions above and also look at:
- the market opportunity
- how to create a much more powerful value proposition
- the importance of a better client engagement proposition
- the benefit of a much stronger client relationship
- the ability to meet and exceed FOFA operational requirements
- the ability to transition your business to a fee-for-service based practice
You will be introduced to Optimum Advice and how Iridium Financial Services are driving a new standard of excellence, a new benchmark, for financial services markets globally, based around an entirely new and unique methodology and business practice. One that can be easily implemented in any business for both existing and new clients.
Optimum Advice is a comprehensive business transformation program designed specifically for financial advisers. It's a simple 5 step program that includes everything you'll need to completely revitalise your business.
Get better client outcomes, generate more revenue and catapult yourself way ahead of the rest of the advice community.
Everything is included - training, mentoring, tools, template documentation and emails, scripts, communication, complete work flow process, as well as ongoing 1:1 monitoring, mentoring and coaching.
It will position you at an entirely different level with your clients and future-proof the value of your business.
If you're interested in finding out more about how Optimum Advice could fit your business, email discovery@iridiumfs.com.au and book in for a 1 hour business audit and discovery consultation.
Similar to Alternatives to Traditional Canadian Fixed Income (20)
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
1. MANAGER OF MANAGERS
Fixed Income Forum – June 2012
Alternatives to Traditional Canadian Fixed Income
Jamie Colliver
2. Traditional Fixed Income
ALTERNATIVES TO TRADITIONAL FIXED INCOME
• 40% of a typical plan – largely ignored
• Liabilities - benchmarked to DEX-Universe
• Liabilities in Canadian dollar - home bias
• Volatility reducing anchor in a traditional portfolio
• Most active managers unable to outperform the DEX-Universe - portfolios more passive
• Yield curve dynamics – more return expected from a positive slope
• Limited exposure to corporate credit – index weight
• Slow to embrace structured debt including MBS – mostly policy related issues
2
3. Post 2008 Fixed Income Realities
ALTERNATIVES TO TRADITIONAL FIXED INCOME
• Risk adjusted returns
– Move away from asset returns to understanding and quantifying ―liabilities‖
– Identify sectors
– Willing to take foreign currency exposure
– What is ―risk free‖
– Liquidity
• Bonds can generate alpha
• Investment policy changes needed
3
4. Fixed Income Today
ALTERNATIVES TO TRADITIONAL FIXED INCOME
• Increasing exposure to bonds – liability benchmarks emerging
―Many DB plans have moved to long bonds in order to better align assets
and liabilities.
If the liability duration is significantly different than that of long bonds
and/or as the allocation to bonds increases, it becomes more important
to provide liability cash flows to the managers to develop tailored
benchmarks‖.
From: Benefits Canada, Risk Adjustment, Richard Brown, Towers Watson – April 2012
• Non-Canadian exposure
• More ―out of benchmark‖ allocations
• Total returns – more income
• Proxy for equity
• Sector allocations – ―disaggregate the agg‖
• Return of the active manager
4
5. Our Philosophy and Beliefs
ALTERNATIVES TO TRADITIONAL FIXED INCOME
• Proactive de-risking – dynamic (see chart on page 6)
• Continued volatility – sovereign risks increasing
• Expected return risk premiums – horizon, default, liquidity
• Corporate balance sheets improving – focus on capital structure
• More emphasis on diversification – non Canadian markets
• Alternative Credit Strategies
• Idiosyncratic, security selection key to unlocking relative value opportunities
• Research based platforms supported by experienced sector/industry analysts
5
6. The De-Risking Process
ALTERNATIVES TO TRADITIONAL FIXED INCOME
Source: Benefits Canada, Risk Adjustment, Richard Brown, Towers Watson – April 2012
6
7. Industry Views
ALTERNATIVES TO TRADITIONAL FIXED INCOME
―The New York City fixed-income allocation also signifies an increasing awareness by public pension
plans and other institutional investors of the range and diversity of credit strategies. No longer are
pension plans just investing in Treasuries.
Credit managers have shown they can be just as different — and in some cases just as risky — as
their equity management counterparts. As a result, institutional investors are starting to look at
more creative ways to invest in the asset class‖.
From: Pension and Investments, The scarcity of income – May 17, 2012
―Aviva Investors, owned by insurer Aviva PLC, is slashing traditional equity strategies in favor of
focusing on fixed income, real estate and multi-asset solutions‖.
From: Pension and Investments, Money managers at risk retool, shutter some investment strategies – May 14, 2012
― Where the governance budget allows, active bond managers with strong credit research capabilities
(to anticipate upgrades, downgrades or defaults ) may provide opportunities to enhance returns‖.
From: Benefits Canada, Risk Adjustment, Richard Brown, Towers Watson – April 2012
7
16. 16
MANAGER OF MANAGERS
General Disclaimer
Note 1
Integra Capital Limited has taken all reasonable care to ensure that the information contained in this material is accurate at the time of distribution, no representation or warranty,
express or implied, is made as to the accuracy, reliability or completeness of such information.
This document is published by Integra Capital Limited – Portfolio Manager, Exempt Market Dealer, Commodity Trading Manager and Investment Fund Manager
Toll Free: 1-800-363-2480 URL: www.integra.com Email: contactus@integra.com
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