September 24, 2015: The Fed’s decision was a bit of a surprise to us. We have been monitoring U.S. labor market statistics, and unemployment has been falling steadily. We believe that this was strong enough data for the Fed to
start its interest increase cycle...
Take a deep breath and tune out the noise of recent market volatility and chatter about the non-action taken by the Federal Reserve (Fed).
For the Month Ending 08/31/15: Gold bullion rose 3.6% in August and gold equities posted gains despite declines in many global equity markets, precipitated by negative events unfolding in China.
Cheung Kong Property Holdings Ltd. was spun off from CK Hutchison Holdings Ltd. in June 2015, the latter being the result of a merger between Cheung Kong (Holdings) Ltd. and its publicly traded subsidiary Hutchison Whampoa Ltd.
For the Month Ending 08/31/15: Negative performance plagued global equity markets in August, and our moat-focused Indices were no
exception. In the U.S., moats were hurt by the media industry sell-off on the back of reports of ESPN subscriber losses, which exerted price pressure on the global media industry.
September 14, 2015: Evaluating China is generally not easy for the average investor, or investment committee for that matter. I believe there are three categories of data points that help simplify the process: economic growth, internal re-balancing, and systemic risks.
A play on the
famous catchphrase offered by the fictional James Bond in the movie Goldfinger begins to describe, I
believe, the state of the financial markets as August came to a close.
666 Third Avenue
New York, NY 10017
ETF Fund shares are not individually redeemable and will be issued and redeemed at the NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information. Please read the prospectus and summary prospectus carefully before investing.