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Global Securities Portfolio

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Presentation on theme: "Global Securities Portfolio"— Presentation transcript:

1 Global Securities Portfolio
Portfolio Construction Process Asset Allocation Equities/bonds/cash mix Market strategy Currency strategy Risk positioning Security Selection Equities Bonds Factor exposures Industry weightings Equity selection Duration strategies Yield Curve strategies Sector exposures Bond selection Global Securities Portfolio Exposure to developed markets, plus emerging markets 600+ securities

2 Global Securities Portfolio: Current Strategy
March 31, 2004 1 Benchmark date as of February 29, 2004 2 Current Strategy will fall in this range with 95% frequency 3 Includes Emerging Markets Debt denominated in USD 4 Includes 1% allocation to TIPS

3 Global Securities Portfolio: Current Strategy vs. Benchmark
March 31, 2004

4 Global Securities Portfolio: Strategy Summary
March 31, 2004 GLOBAL SECURITIES PORTFOLIO Asset Allocation Equity Bonds Cash Currency US 40.0% 22.0% 0.0% 62.0% Japan Other Developed Emerging Markets 72.5% 27.5% 0.0% 100.0% EQUITIES BONDS Industry Exposures Stock Selection Interest Rate Sensitivity/ Duration Quality/ Sector Major Market Duration Strategy + Pharmaceuticals + Media + Utilities + Telecom Services + Banks - Real Estate - Retailing - Beverage - Semiconductors - Technology Hardware + Nextel + Burlington Northern + Wyeth + Wells Fargo + UnitedHealth Group - IBM - Cisco Intel Pfizer General Electric US Non-US US 0.96x Japan 0.75 Australia 0.70 Canada 0.80 Denmark 1.00 EMU 1.04 Sweden 1.00 Switzerland 1.00 UK 1.00 Emerging Markets Debt 0.95 Investment Grade 81.8% Cash Equiv. 0.8 Treasury/ Agency 24.8 Corporates 15.6 Mortgages 28.6 Asset-Backed 12.0 High Yield 13.6 TIPS 4.5 Total % Investment Grade 100.0% Cash Equiv. 0.3 Gov’t. 99.7 Agencies 0.0 Supranational 0.0 Provincial 0.0 Corporate 0.0 Emerging Market Debt 0.0 Total 100.0%


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