The duration overweight at the wings inside of one year and longer than three years detracted from the Fund performance during the year. Douglas A. Kelly, Chief Investment Officer. Peter S. Kaplan, Vice President. Merganser Capital Management, LP. The US economy and fixed income market found to be one of the most difficult years in decades.
A toxic investment environment fueled a massive flight-to-quality, leading to the lowest Treasury yields in more than fifty years. The yield on the year Treasury hit 2. Within the Barclays Capital Indices, the Treasury sector returned Investment-grade corporates were also down 4. While posting positive returns for the year, agencies and mortgages also underperformed Treasuries and were up 9. Treasury were working to stabilize the financial markets.
The housing market is at the core of the crisis, with its collapse the cause and recovery believed to be the cure of the ongoing turmoil. While home affordability has improved with the drop in price levels and mortgage rates, steadily rising unemployment is reducing the number of potential buyers.
The unemployment rate reached a year high of 7. A large driver behind the increased joblessness is the wave of bankruptcies and layoffs started by Bear Stearns in March. US automakers teetered on the brink of insolvency but would become parties to the bailout programs created to salvage American industry. The Fed also implemented the open market purchase of agency debt and mortgage-backed securities.
We believe that December brought some indication that the worst of the crisis may be behind us. By year-end, money markets had recovered substantially from the unprecedented flight-to-quality that had caused huge money fund outflows and malfunctioning inter-bank markets. Improvement in the bond markets was more tentative, but the out-performance of spread sectors during December offered hope of relief from the relentless pressure of de-leveraging.
The market suffered dramatic de-leveraging from hedge funds and commodities funds. As oil and other commodities fell from their peaks, inflation portfolios used in. From a fundamental perspective, the global slowdown, US recession and fall in commodities led to deflationary fears, which also weighed on the TIPS market. BlackRock applies a controlled duration, relative value sector rotation, and security selection style to the management of our fixed income mandates.
Real-time analysis of a vast array of risk measures allows assessment of the potential impact of various sector and security strategies on total return. As a result, we believe consistent value is added and performance volatility is controlled. We believe the basis of successful investment performance is research and analysis of sectors and securities, not interest rate speculation. We believe that market-timing strategies are highly.
Our philosophy has not changed since the inception of the firm. We were biased towards on-the-run issues, and underweight off-the-runs. De-leveraging and technical factors have led to opportunity in these sectors as Treasuries have become increasingly expensive. The level of deflation that was priced in TIPS towards the end of the year made the securities costly to hold and increased the attractiveness of these alternatives. We continue to monitor deal quality and swap into better names on opportunity.
The corporates are primarily financials, though we are selective in this space and are avoiding regional names. The ABS holdings are short-dated paper from top-tier prime issuers. The long Europe versus US trade had a slight negative impact. We closed out of this trade during the fourth quarter. Brian Weinstein, Portfolio Manager. BlackRock Financial Management, Inc. We believe that market-timing strategies are highly volatile and produce potentially inconsistent results.
Over the year, the Fund was underweight Treasuries, which we view as expensive, and see better relative value in other high quality spread product. Our allocation to Agency debt increased given the attractive spread pickup to Treasuries and strong government support.
In Agency pass-through MBS, we are biased toward lower coupon paper, as the Fed absorbs the majority of supply in these relatively small coupons. We have maintained a small underweight to corporate bonds, but are overweight financials at current levels. We are selective in this space and are avoiding regional names, but opportunistically adding exposure through attractively valued new issues. The Fund is overweight ABS, and maintains an up-in-quality bias.
We continue to focus on short-dated credit card and auto paper from top-tier prime issuers. The Fund has had limited exposure to the non-U. As to be expected in any instance of bankruptcy, the name sold off dramatically in September. Matthew Marra, Managing Director. Andrew Phillips, Managing Director. The spread between Treasuries and LIBOR surged beyond previous extreme levels, and without the provision of credit, investors began to question the durability of the underlying economy.
A number of new lending facilities, designed to meet the liquidity demands of financial intermediaries across the full banking spectrum, were implemented. Details emerged that much of this funding would result in a major increase in the money supply. Economic data was negative and third-quarter GDP contracted 0. Consumer confidence fell as labor market conditions deteriorated and equity prices plunged. The unemployment rate increased 1. All in all, the year was the worst year for risk-taking in a quarter century.
Spreads widened over bps on investment-grade issues and more than 1, bps on high-yield issues. Mortgage-backed securities performed better, though even these government-backed securities underperformed Treasuries by 2. Our strategies produced significantly negative results.
A large overweight exposure to the mortgage-backed sector detracted from returns as volatility remained high and negative housing news continued to damage market sentiment. We had diversified into a number of non-agency issues that were particularly impacted and further detracted from performance due to rising defaults, uncertainty in that marketplace and a lack of liquidity.
An emphasis on lower-quality credits and select financial issues was also a large negative as spreads soared in the wake of the sub-prime lending crisis, deteriorating liquidity conditions and slowing economic growth. Spreads widened to new all-time highs in mid-March before partially recovering in April and May.
These gains were given back later in the period, however, on deteriorating investor sentiment and poor earnings. The high-yield sector performed poorly on news of more ratings downgrades, rising defaults, and a volatile and declining stock market. A modest exposure to international bonds in other advanced economies had a negative impact as the flight-to-safety outside the U.
Treasury markets. On a positive note, a tactically-driven duration posture contributed modestly to returns as bond yields rallied over the year. Kenneth Leech, Chief Investment Officer. Stephen A. Walsh, Deputy Chief Investment Officer.
Carl L. Eichstaedt, Portfolio Manager. Edward A. Moody, Portfolio Manager. Mark Lindbloom, Portfolio Manager. Western Asset Management Company. Western Asset Management Company, Ltd. Sub-advisor: Eaton Vance Management. For much of , the high yield market was on pace to report a modest decline.
The market had weathered such major events as the collapse of Bear Stearns, the debacles of Fannie and Freddie, along with such other events as the demise of AIG. The bankruptcy of Lehman Brothers was the catalyst that drove all credit markets into a major tailspin.
All credit markets came to an abrupt halt as a liquidity crisis of epic proportions developed driving high yield spreads to unprecedented levels. Efforts by the Federal government, while numerous, were erratic and unpredictable. Margin calls, increased financing costs and large redemptions forced hedge funds to implement large selling programs into illiquid markets. The de-leveraging of the financial system along with the complete aversion to risk resulted in the worst year in recorded history for the high yield market.
The final two weeks of December saw the high yield market shift dramatically. The Index rose 9. For the month of December, the Index gained 7. The Fund was underweighted in autos. With a modest exposure to GMAC, performance was negatively affected by 2. Security selection in names such as Charter Communications and Hospital Corp.
Throughout the year our strategy emphasized an overweight to the shorter maturity segment of the high yield marketplace, while staying senior in the capital structure. We remained focused on those companies generating free cash flow with no need to access the capital markets for the next few years, as we expected and ultimately experienced a declining earnings environment.
From an industry perspective, we favored those such as Healthcare that are non-cyclical. This benefited our relative performance throughout most of the year. Sectors which affected the Fund returns negatively were Energy, Gaming and Paper. Sectors contributing positively were Healthcare, Broadcasting and Banking. Cash positions also provided positive returns as well. Linda Carter, CFA. Michael Weilheimer, CFA.
Co-Portfolio Managers. Eaton Vance Management. Transamerica Partners Institutional Balanced Fund. The heavily-weighted Financials sector was also the largest detractor weight times performance from Index returns. The Federal Reserve intensified its campaign against downside risks to growth in response to the deepening financial crisis. Economic data was negative and third-quarter Gross Domestic Product contracted 0. The two benchmarks had a blended return of Quality contributed most positively to excess returns, followed by Momentum, Management, and Sentiment.
Profitability also added value, albeit to a lesser extent. Conversely, Valuation detracted from relative performance for the period. Among sectors, stock selection was positive overall. Holdings in the Financials, Healthcare and Information Technology sectors outpaced their peers in the Index most.
Meanwhile, holdings in the Consumer Staples, Consumer Discretionary and Materials sectors were least successful relative to their peers in the Index for the period. An emphasis on lower quality credits and select financial issues was also a large negative as spreads soared in the wake of the sub-prime lending crisis, deteriorating liquidity conditions and slowing economic growth.
Spreads widened to new all-time highs in mid-March, before partially recovering in April and May. These gains were given back later in the period, however, on deteriorating investor sentiment and poor. The high-yield sector performed poorly on news of more ratings downgrades, rising defaults and a volatile and declining stock market. Robert C. Jones, Managing Director. The carnage was pervasive, with Financials, Industrial Resources and other cyclical sectors leading the sell-off.
Defensive sectors, such as Utilities, Consumer Staples and Healthcare, fell less than the market. However, value metrics, which value managers like ourselves depend on, did poorly in Stocks trading at low valuations based on trailing earnings and book value underperformed, in sharp contrast to history. These interest rate cuts were part of a major stimulus effort by Congress, the Treasury, and the Fed to stem the spiraling financial crisis.
Gross Domestic Product dipped into negative territory in the third quarter and went over the cliff in the fourth quarter with the threatened collapse of the U. The economic slowdown led to a rising unemployment rate throughout the year that reached 7. Consumers experienced asset value reductions in both real estate and equity holdings and faced tightening credit while trying to pay down debt amidst concerns of future job losses.
Retail sales were negatively impacted by a shortened holiday season by one less weekend as well as by bad weather swaying already reluctant shoppers to stay home. Stock selection in the financial sector accounted for most of the performance drag. Global recession fears also undermined many of our consumer-related holdings. We clearly underestimated the severity and abruptness of the downward spiral of mark-to market losses and rating-agency downgrades that ultimately prevented these firms from.
Other big detractors included Fannie Mae and Freddie Mac, which we exited, and Hartford Financial, where we see considerable return potential based on our long-term estimates. We expect these pricing distortions to correct as the crisis runs its course and anxiety eventually subsides, which we believe should enable our portfolios to recover the losses of the past year and to restore the premium performance we and our clients expect.
However, given the precipitous decline in oil prices, we have found exciting opportunities in the Energy sector by initiating new names Valero, Anadarko Petroleum and Marathon Oil. Although we remain underweighted in Financials, we added Invesco and Lazard to the Fund. Marilyn G. John P. John D. Phillips, Jr. Christopher Marx, Senior Portfolio Manager. Alliance Bernstein, LP. Diane E. Jaffee, Group Managing Director. Transamerica Partners Institutional Value Fund.
Several long-standing records fell in , as an anxious market confronted a financial crisis. To say this was a challenging year is clearly an understatement, but we believe there is a thick silver lining.
Other unprecedented events that occurred during that we see as positive signals for equities include the government taking extraordinary action by infusing capital into financial companies and cutting the federal funds rate to near zero. Eventually investors should understand the attractive valuations of many great companies and focus on ultimate intrinsic worth.
The credit crisis and its consequences dominated financial headlines throughout As a fundamental value manager, we became interested in a number of financial companies that had fallen deeply out of favor. While this assessment may have indeed been accurate, we underestimated political and behavioral responses that eventually overwhelmed several of these positions. For example, early ad hoc government intervention that was intended to calm markets was astonishingly hostile to equity investors.
This accelerated panic and punished stocks with either real or perceived credit risk. The bottom line: a focus on company fundamentals did not aid performance in , as it would in other environments. The plan increased the transparency of potential government action, which had been a main obstacle throughout the year.
As the environment changed, our investment positions changed accordingly. This included several banks that were able to purchase competitors at fire-sale prices with government backing. As energy prices have decelerated, we believe further investment opportunities may develop, but we remain underweight in these areas.
The contraction of the U. Eventually, as the U. Events in the financial sector trumped all else and caused a great deal of our underperformance for the year, as we underestimated the degree and unpredictability of government intervention. Freddie Mac was placed into. Wachovia was purchased by Wells Fargo, after it came under regulatory pressure to sell itself quickly. Currently, all of our bank holdings have either issued shares to the Treasury to access TARP or have received full approval to do so.
Defensive areas such as Consumer Staples, Healthcare, and Utilities declined less than the market. Our stock selection in these areas was the strongest aspect of the Fund during the year. We made gains from Astrazeneca when we sold out of the position in August, but maintained our investments in Schering Plough and Bristol Myers. Both have strong balance sheets with little or no debt and are returning valuable cash to shareholders. As gas prices fall, utility company revenues decline as operating costs remain unchanged.
This compresses their profit margins. This year has been one of the most difficult we have faced in our nearly year history, but we have faced demanding times before and prevailed. In a market beset by confusion, we focus on what we know.
Valuation remains the beacon that guides us. Recent events have not eradicated the exceptional value we feel is embedded in our portfolios. Sheldon Lieberman, Portfolio Manager. Stan Majcher, Portfolio Manager. David Green, Portfolio Manager. Patty McKenna, Portfolio Manager. In the aftermath of the sub-prime mortgage crisis, credit conditions deteriorated, ultimately resulting in a liquidity crisis that claimed a number of high profile commercial and investment banks.
Further weighing on markets were the slumping housing prices which sapped consumer spending strength, and the unemployment rate which reached its highest level in more than a decade. Economic weakness spread to other countries, leading to concerns of a global recession. Despite these efforts, economic and credit conditions continued to weaken through the end of the year. The Index is composed of selected common stocks, most of which are listed on the New York Stock Exchange. The component stocks of the Index are weighted according to the total float-adjusted market value of their outstanding shares.
Within the Index, every major sector delivered negative performance results for The Financial sector experienced the steepest sector decline, reflecting the effects that the credit crisis had on financial institutions. Information Technology declined as businesses largely curtailed their spending levels on software and semiconductors. The slowing economy also meant shrinking demand for companies in the Industrials sector, which dragged down performance for the sector. The Consumer Staples group, which consists of companies that tend to fare relatively well in a slowing economic environment, delivered the most modest decline among all sectors.
Discount retailer Wal-Mart Stores Inc. On the negative side, technology and services conglomerate General Electric Co. Diane Hsiung, Senior Portfolio Manager. Greg Savage, Senior Portfolio Manager. Within the U. Across the cap spectrum, value fell slightly less than growth according to various style indices, despite the preponderance of financials classified as value stocks.
Although equities fell steadily through most of the first eight months of the year, the pivotal event appeared to be the September bankruptcy of Lehman Brothers. Fear seemed to grip the market as selling continued to be driven by de-leveraging, escalating recession fear, and frozen credit markets.
The housing downturn spread further into the rest of the economy while the credit crunch moved well beyond the financial sector into most other sectors. Monetary and fiscal authorities around the world launched an all out effort to stabilize the financial system. On an absolute basis, Financials led the market decline followed by Basic Materials and Industrials.
Consumer Staples and Healthcare fell the least in Across our large cap core universe, dividend-paying stocks held no advantage over non-yielding stocks as both groups performed similarly during the year. We are committed to being fully invested in U. Using a bottom-up style of stock selection, we evaluate companies relative to.
As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us to maximize profits in our stock-selection effort. In the normal course of seeking companies with effective management and positive momentum characteristics, the Fund avoided some of the major financial stock disasters, including AIG, Citigroup, Merrill Lynch, Wachovia, Fannie Mae, and Lehman Brothers.
On the whole, our stock-picking effort was most successful in the financial sector compared to the financial holdings of the benchmark. During the year, the BlackRock large cap quantitative growth model was mixed and essentially flat, producing little predictive power across our large cap growth universe. Breaking down the year, the model was modestly positive during the first two quarters of the year but turned negative as the market was traumatized by the financial crisis during the second half.
Individual factor performance within our model was also mixed. Generally, valuation factors as a group produced very negative predictive power throughout the year with our Forecast Earnings to Price and Book to Price the most negative. Given the distress in the market, particularly in the second half of the year, investors may have been reluctant to put their faith in current estimates of earnings and book values leading to the very negative performance of these factors and valuation in general.
Offsetting some of the negative performance from valuation was positive performance from our earnings expectations group of factors where Earnings Revisions Up and Earnings Surprise were good predictors. Our Forecast Estimate Dispersion factor also produced positive results.
Price Momentum was mixed during the year producing some extreme monthly results, both positive and negative. From a relative return perspective, Healthcare, Basic Materials and Consumer Non-cyclicals were the worst performing sectors. Offsetting some of the negative performance was strong relative performance from the Technology and Consumer Services sectors. Using a multifactor model, the team identifies stocks with rising earnings expectations that sell at low relative valuations when compared to their sector peers.
Theodore A. Aronson, Managing Principal. Kevin M. Johnson, Principal. Martha E. Ortiz, Principal. Stefani Cranston, Principal. Gina Marie N. Moore, Principal. Brian Wenzinger, Principal. Within the US large capitalization arena, value narrowly outperformed growth during the period.
The pervasive lack of credit in fueled a massive scaling back among U. And while the third quarter Gross Domestic Product was only slightly negative, economists anticipate the fourth quarter will be among the worst on record, bringing unprecedented volatility to the markets. In an absolute sense, this rally surpasses the technical definition of a bull market; however, its brief duration precludes this designation as we typically look for a sustained rally over at least three months.
Concerns about inflation persisted through much of the fiscal year, fueled by record-high commodity prices. These worries were largely abated as the period came to a close, when slowing US demand and the weakening global economy caused oil and other commodities prices to drop.
Over the year, the Fed lowered the fed funds rate from 4. The ongoing correction in the housing market, debt deflation, rising unemployment, and sluggish production and consumption patterns increasingly pointed to recession, as the effects of the credit crisis worked through the real economy. Information Technology positions Apple, Inc. Energy holdings Transocean Ltd. Over the course of the period for the Fund, six sectors added value while four detracted from it.
Strong selectivity in the Consumer Discretionary sector proved beneficial, adding 0. Toy-maker Hasbro was over-weighted versus the index, gaining Our quantitative investment process can be summed with just two words: systematic and disciplined. We employ a dynamic, time-tested approach, based on a foundation of quantitative techniques combined with fundamental analysis to identify investment opportunities.
The position we are in now, following the credit and housing burst, is strikingly similar to the bursting of the technology bubble at the start of the decade. Following that tumult, valuation and risk measures swung back into favor and our quantitative portfolios outperformed for the next several years. As the market stabilizes, and our risk and valuation factors once again swing back into favor, we envision a prolonged period in which our fundamental-driven investment process is generating alpha with the potential to add value for the Transamerica Partners Large Growth Fund in and beyond.
Our investment process leverages the extensive research resources of the firm and emphasizes a balance of growth, valuation, and quality criteria in selecting stocks. Within Industrials, capital goods firms Caterpillar, Rockwell Collins, and Fluor also hurt relative performance.
These stocks declined, in part, as a result of the global credit crisis which reduced near term demand for large infrastructure projects. Our underweight allocation to, and security selection within, the Consumer Staples sector also detracted from relative performance. Portfolio positioning reflects our belief that stocks within this traditionally defensive sector generally trade at relatively high multiples and do not offer the kind of growth and return opportunities that are consistent with our investment philosophy and objective.
Shares declined on news of lower-than-expected guidance for the second half of the year, and their withdrawal of the proposal to acquire Mentor Graphics. We eliminated our position in the company as the fiscal year drew to a close.
For the one year period, relative performance was aided by the Energy sector. While overweight Energy for the first half of the year, during the summer we began closing the meaningful overweight because valuations became. The Fund also benefited from a modest cash position, which helped relative performance in a downward-trending market.
Thomas F. Marsico, Chief Investment Officer. David E. Schmidt, Portfolio Manager. Paul E. Transamerica Partners Institutional Growth Fund. Sub-advisor: Turner Investment Partners, Inc. The unemployment rate rose to 7. Financial titans Merrill Lynch, Washington Mutual, and Wachovia found themselves starved for cash and ended up being acquired by better-capitalized competitors. Mortgage giants Fannie Mae and Freddie Mac were nationalized.
Governments around the world were quick to act in an attempt to mitigate the meltdown in the credit and equity markets in Following rate cuts in the U. Even with these actions, the US economy continued to weaken. The Fund seeks to invest in fundamentally attractive companies with strong earnings growth rates. In the Consumer Discretionary sector, slower growth companies that we did not own held the high ground, while the market punished the higher growth companies that we favor.
We continue to hold shares of this company, as an improving economic environment could provide for a more favorable earnings outlook and improved valuation in We sold this company during the fourth quarter due to concerns that its paid-search listings include unlicensed pharmaceutical companies among its top bidders for medical keywords. Additionally, the Fund is poised to benefit from key holdings Apple and Hewlett Packard. Hewlett Packard has a balanced worldwide revenue profile,.
Robert E. Turner, Portfolio Manager. Turner Investment Partners, Inc. The lack of a functioning credit market finally caught up to the global economy this past quarter. We have discussed for the past year the critical relevance of credit and commodities for a stable economy and strong equity markets. Commodity prices from A luminum to Z inc have collapsed as a result of weakening global demand and an inability to maintain the financial leverage supporting many positions.
In a strange virtuous circle, high commodity prices including housing as a commodity for this purpose hurt the economy, which then hurt the credit markets, which further hurt commodities, and so forth. Fears of inflation have rapidly transformed into fears of deflation, with global central bankers undertaking dramatic and, in many cases, unconventional monetary easing to pump life back into the credit markets. Governments around the world are proposing fiscal spending programs by the day to further stimulate their economies and mollify depression-like conditions.
This loss of confidence has caused a shedding of the disbelief and denial that seemed to be holding the economy together through most of the year. It is really this lack of confidence that fuels the negative feedback loop. The inability or unwillingness of banks and financing sources to provide basic credit for day to day transactions has resulted in companies taking a variety of self-help measures that make good sense in isolation, but further drive the economic contraction.
These steps include: liquidating their inventories to raise cash; cutting headcount and discretionary expenditures; and paring back capital spending to maintenance levels. The cumulative impact of all of these logical decisions is a precipitous decline in economic activity the likes of which this generation has never experienced. It now appears that most developed economies will have contracted at a mid to high single digit rate in the fourth quarter and most businesses are witnessing ten percent or greater declines in revenues and orders.
We continue to approach the investment climate with a balance of optimism and realism. To be an investor, one has to maintain an optimistic mind set and believe that our free market system, while imperfect, is resilient and that innovation and superior management execution will be recognized. It is always impossible to call a bottom and we know that cheap can get cheaper over the near term. However, we believe those investors who will allow themselves the luxury of looking out beyond the next few months to properly value a security based upon its longer term opportunities and cash flows, may be handsomely rewarded.
Clear signs of panic were abound in the market as intraday volatility hit unprecedented levels. Unprecedented intervention by the government saved several financial institutions, while others collapsed. Investor sentiment shifted from hope for a market recovery, to heightened concern over extreme levels of volatility, to eventual panic by the end of the year. Overall, mid-cap equities slightly trailed their large-cap counterparts during the twelve-month period. The Fund benefited from positive stock selection in the consumer discretionary sector, specifically Family Dollar Stores, which rose sharply during the period.
We sold the majority of the basket during the third quarter for a profit. Finally, positive stock selection in the technology sector helped results, in particular McAfee and EDS. We also added a basket of regional banks to the Fund because we felt banks were trading at favorable discounts.
We tendered our shares into the offering, which closed on Sept. Dollar Tree stock was strong during the second quarter of the year as the value retailer delivered better than expected same store sales and earnings. Dollar Tree benefited from increased customer traffic, as consumers focused on basic household items and looked to stretch their discretionary dollars.
Dollar Tree continued to post strong results through the third quarter as consumers responded to its value offerings. Shares of ENSCO, an owner of offshore drilling rigs, gained in the first quarter of the year, as day rates continued to accelerate worldwide and utilization in the sluggish U.
Gulf of Mexico began to recover. Electronic Arts Inc. We increased our position in Electronic Arts during the third quarter as quality initiatives driven by the new management at the video game developer were beginning to show positive results. Further, the company had announced imminent plans to launch a slate of new games which we believed would drive significant profit improvements.
Textron underperformed during the second half of the year as the strains of the broader financial pinch pressured the financing outlook for both its Cessna jet customers and its financial services subsidiary. We exited our position, as we believe that the losses at Textron will be higher than estimated and the soft earnings at Cessna will linger longer than current expectations are discounting.
Goodrich Corp. We believe these fears are misplaced as Goodrich has relatively little exposure to the older planes that are being retired and greater exposure on newer platforms that are still ramping up. Further, we expect that as Boeing and Airbus finally increase the production of the and A, respectively, cash flow will accelerate dramatically, which should more than pay back the last few years of investment.
Stock selection and this style bias are the primary contributors to results over time. However, within the RMCV, it was the more growth oriented companies that did best. Some of the larger contributors to our relative out-performance were takeover companies like Nationwide Financial Services, UnionBanCal and Safeco, all of which posted positive returns in a very tough year.
We also benefitted from owning Hess Corp. As volatility slowly fades and the aggressive government intervention in the economy begins to take effect, we believe equity markets will begin an eventual recovery that will run into With risk aversion and valuations at highs not seen for decades, we believe equities have become very compelling. Within the Fund, we have de-emphasized areas that are defensive in nature in favor of sectors and industries that have typically benefited from market recoveries.
Jay B. Wikimedia list article. See also: List of venture resource firms. This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources. Retrieved Retrieved 30 April August Capital. Archived from the original on Bain Capital Ventures. Galen Partners. Genesis Partners. Granite Ventures. Los Angeles Business Journal. Retrieved June 24, Bloomberg Businessweek. Kleiner Perkins.
The Seattle Times. Retrieved 17 January Lightspeed Venture Partners. Retrieved 28 May Retrieved October 16, Archived from the original on May 30, Retrieved April 30, Sequoia Capital. Retrieved 10 January Spark Capital. Tenaya Capital. Retrieved 26 September Private equity and venture capital. History of private equity and venture capital Early history of private equity Private equity in the s Private equity in the s Private equity in the s.
Financial sponsor Management buyout Divisional buyout Buy—sell agreement Leveraged recapitalization Dividend recapitalization. Angel investor Business incubator Post-money valuation Pre-money valuation Seed money Startup company Venture capital financing Venture debt Venture round. Corporations Institutional investors Pension funds Insurance companies Fund of funds Endowments Foundations Investment banks Merchant banks Commercial banks High-net-worth individuals Family offices Sovereign wealth funds Crowdfunding.
Private equity and venture capital investors Private equity firms Venture capital firms Angel investors Portfolio companies. Categories : Lists of financial services companies Venture capital firms. Hidden categories: Webarchive template wayback links CS1 errors: generic title All articles with dead external links Articles with dead external links from March Articles with permanently dead external links Articles with short description Short description matches Wikidata Wikipedia indefinitely semi-protected pages Dynamic lists All articles with unsourced statements Articles with unsourced statements from November Articles with unsourced statements from April Namespaces Article Talk.
Views Read View source View history. Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. Add links. Waltham, Massachusetts. Thaddeus Teddy F. Walkowicz, Dr. Ivan Sutherland , George Kokkinakis and Dr. Robert Loewy. Menlo Park, California. Marc Andreessen and Ben Horowitz. Cambridge, Massachusetts. London ; Sao Paulo ; Beijing ; Tokyo. Menlo Park, California . Austin, Texas . San Francisco, California. Menlo Park, California ; Boston.
Tim Draper , John H. Fisher, and Steve Jurvetson. London , Luxembourg. New York City [ citation needed ]. Peter Thiel , Ken Howery. Cambridge, Massachusetts ; Palo Alto, California. Eddy Shalev, Eyal Kishon . Menlo Park, California ; Shanghai.
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Net returns are inclusive of all trading-related income and expenses specific to the investment program, including interest and advisory fees applied to client accounts. Advisory fees include management fees and performance fees or performance allocations.
Excludes any interest earned on unencumbered cash. Composite returns since June strategy inception are 6. He is a proven investor in alternative strategies having traded a broad suite of relative value strategies during his 20 years at Concordia Advisors. Moreover, he possesses C-suite experience having built and led hedge fund businesses at Concordia and Mariner Investment Group. Prior to joining Welton, Mr. He has been a regular speaker at industry conferences, and authored articles on topics ranging from monetary policy, risk management, technology and hedge fund management.
Joined in He speaks at numerous conferences globally every year, participates in panel presentations, and has authored numerous articles about alternative investments, macroeconomic impacts on markets, and investment theory. Welton serves as Chair of the Board of Montage Health and its subsidiaries and Chairs its pension and foundation investment committee.
He serves as the Vice-Chair of the Panetta Institute of Public Policy where he also serves on its investment committee. Things look mighty bleak for the dollar given the damage to the U. In fact, October marked the first time since February that the euro was used more frequently than the dollar as the currency of choice for global payments, according to the Society for Worldwide Interbank Financial Telecommunications.
Large multi-asset investors may need to rotate money into bonds from stocks after strong equity performance so far this month, strategists led by Nikolaos Panigirtzoglou wrote in a note Friday. For more articles like this, please visit us at bloomberg. The Covid crisis has hastened a seismic shift in the global refining industry as demand for plastics and fuels grows in China and the rest of Asia, where economies are quickly rebounding from the pandemic.
In contrast, refineries in the U. S and Europe are grappling with a deeper economic crisis while the transition away from fossil fuels dims the long-term outlook for oil demand. America has been top of the refining pack since the start of the oil age in the mid-nineteenth century, but China will dethrone the U. In , the year Convent opened, the U. Oil exporters are selling more crude to Asia and less to long-standing customers in North America and Europe. Designed to meet burgeoning domestic demand, they also made China a force in the export market, squeezing higher-cost producers in Europe, North America and other parts of Asia and forcing the closure of older, inefficient plants.
That will push a few million barrels a day more of refining capacity out of business, on top of a record 1. More than half of these closures have been in the U. Europe still needs to reduce its daily processing capacity by a further 1. Chinese refining capacity has nearly tripled since the turn of the millennium as it tried to keep pace with the rapid growth of diesel and gasoline consumption. India is also boosting its processing capability by more than half to 8 million barrels a day by , including a new 1.
Middle Eastern producers are adding to the spree, building new units with at least two projects totaling more than a million barrels a day that are set to start operations next year. Plastic DrivenOne of the key drivers of new projects is growing demand for the petrochemicals used to make plastics. The U. These new massive and integrated plants make life tougher for their smaller rivals, who lack their scale, flexibility to switch between fuels and ability to process dirtier, cheaper crudes.
The refineries being closed tend to be relatively small, not very sophisticated and typically built in the s, according to Alan Gelder, vice president of refining and oil markets at Wood Mackenzie. He sees excess capacity of around 3 million barrels a day. Some refineries were set to shutter even before the pandemic hit, as a global crude distillation capacity of about million barrels a day far outweighed the 84 million barrels of refined products demand in , according to the IEA.
The demand destruction due to Covid pushed several refineries over the brink. Adding to the pain of refiners in the U. That encouraged some refiners to repurpose their plants for producing biofuels. Even China may be getting ahead of itself.
Capacity additions are outpacing its demand growth. An oil products oversupply in the country may reach 1. Shares of Blink Charging Co. Dow Jones futures: Growth led last week's stock market rally as coronavirus cases soar. Qualcomm is near a buy point.
Apple, Microsoft, Amazon look tired. The Chinese internet industry's "development and government supervision is a relationship that promotes and relies on each other, so that platform enterprises cannot only develop well themselves, but also serve the sustainable and healthy development of the whole society," the Alibaba CEO said.
The annual conference takes place on Nov. Why It Matters: The draft rules, published Nov. Financial stability and not allowing "entrepreneurs out of their lane" are thought to have been factors behind Beijing's move to suspend the IPO. Ma had criticized China's bankers and regulators, which according to a Hong Kong professor is "unacceptable" to the ruling Chinese Communist Party.
Price Action: Alibaba shares closed nearly 4. Generation Investment initiated a position in Cisco stock, and increased investments in Analog Devices and Applied Materials stock in the third quarter. Rebounds from the week line and breaking trend lines offer ways to start early positions in leaders. AMD, Twilio and Novocure offer both buy signals now.
Dow Futures 29, Nasdaq Futures 11, Russell Futures 1, Crude Oil Gold 1, Silver