TOM STEINERT-THRELKELD Editorial Director Money Management Group.

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Presentation transcript:

TOM STEINERT-THRELKELD Editorial Director Money Management Group

The New Alternatives Diversification Gains Currency In 2012

Mutual Funds Worldwide assets held EOQ3 2011: $23.1 trillion EO2007: $26.1 trillion SOURCE: Investment Company Institute

Mutual Funds U.S. assets held EOQ3 2011: $11.1 trillion EO2007: $12.0 trillion SOURCE: Investment Company Institute

Mutual Funds Equity Funds 2011: $125.4 billion out 2010: $36.7 billion out SOURCE: Investment Company Institute

Mutual Funds Bond Funds 2011: $128.5 billion in 2010: $241.4 billion in SOURCE: Investment Company Institute

Mutual Funds Hybrid Funds 2011: $29.3 billion in 2010: $23.1 billion in SOURCE: Investment Company Institute

The New Alternatives  Exchange-traded funds  Gold  Currencies

Exchange-Traded Funds U.S. assets held EO2011: $1.1 trillion EO2008: $539.0 billion SOURCE: Investment Company Institute; ETF Association

Active versus Passive The newest star in exchange-traded funds: Bill Gross. Investors pull out of his PIMCO Total Return Fund for first time. $5 billion redeemed from the world’s largest mutual fund in Launching March 1: PIMCO Total Return ETF.

Active versus Passive Index funds outperformed Morningstar’s highest-rated funds, (Pace University study)

Volatility: Here to Stay Reasons: Speed of systems Double & triple leveraging Uncertain fundamentals

Gold Price EO2011: $1,531.0 an ounce EO2008: $869.8 an ounce SOURCE: World Gold Council

Gold Overall demand: 1,053.9 tons (3Q11) Jewelry demand: tons Investment demand: tons SOURCE: World Gold Council

Gold ETF demand: 77.6 tons (3Q11) Up: 58% SOURCE: World Gold Council

GLD State Street Global Advisors Gold Shares Return Since 2004: 18.72% a year S&P 500: 0.53% a year SOURCE: State Street Global Advisors, Dow Jones market data

GLD Assets on August 19 $76.7 billion SPY: $74.4 billion (S&P 500 ETF)

Next: Currency Currencies act as de facto referendum on economies around the world.

Next: Currency Most widely traded financial asset in the world.

Next: Currency Daily turnover in 2010: $4.0 trillion worldwide Daily turnover in 2007: $3.3 trillion worldwide SOURCE: Bank of International Settlements

Currency as Proxy If you want to invest in China, buy its currency (renminbi). If you want to bolt on Italy and Greece, get out of euros.

Indicators Reflected in Currency Prices Interest rates Gross Domestic Product Unemployment Retail sales Housing starts Consumer Prices Producer Prices Commodity Prices Stock Prices

Why Currency Fits the Times Huge liquidity Geographical dispersion (all parts of the world covered) Continuous operation of markets (24 hours a day except weekends) Incorporates any effects on any economy Low transaction costs Leverage enhances profits

Industry Compensation: Satisfactory 6% of money management executives are very satisfied. 71% are satisfied or somewhat satisfied. 22% are not very satisfied. SOURCE: 2011 MONEY MANAGEMENT EXECUTIVE COMPENSATION SURVEY

Money Management Executive  Weekly print newsletter  Daily electronic newsletter  Every day, every hour Web news  Mutual fund service guide

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Thank you. TOM STEINERT-THRELKELD Editorial Director Money Management Group