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Equities Bonds Asset Allocation Global Securities Portfolio Equities/bonds/cash mix Market strategy Currency strategy Risk positioning Duration strategies.

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Presentation on theme: "Equities Bonds Asset Allocation Global Securities Portfolio Equities/bonds/cash mix Market strategy Currency strategy Risk positioning Duration strategies."— Presentation transcript:

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

2 Global Securities Portfolio: Current Strategy March 31, Benchmark date as of February 29, 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 Asset Allocation EquityBondsCashCurrency EQUITIES GLOBAL SECURITIES PORTFOLIO Industry Exposures Stock Selection Interest Rate Sensitivity/ Duration Quality/ Sector BONDS USNon-US Investment Grade100.0% Cash Equiv.0.3 Govt.99.7 Agencies0.0 Supranational0.0 Provincial0.0 Corporate 0.0 Emerging Market Debt0.0 Total100.0% Major Market Duration Strategy US0.96x Japan0.75 Australia0.70 Canada0.80 Denmark1.00 EMU1.04 Sweden1.00 Switzerland1.00 UK1.00 Emerging Markets Debt0.95 Investment Grade81.8% Cash Equiv.0.8 Treasury/ Agency24.8 Corporates15.6 Mortgages28.6 Asset-Backed12.0 High Yield13.6 TIPS 4.5 Total 100.0% US40.0%22.0%0.0%62.0% Japan Other Developed Emerging Markets %27.5%0.0%100.0% +Nextel +Burlington Northern + Wyeth +Wells Fargo + UnitedHealth Group -IBM -Cisco - Intel - Pfizer - General Electric +Pharmaceuticals + Media +Utilities +Telecom Services +Banks - Real Estate -Retailing -Beverage -Semiconductors -Technology Hardware Global Securities Portfolio: Strategy Summary


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