Post on 01-Nov-2014
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TANDEM PORTFOLIO
TANDEM BOND PORTFOLIO
DURATION YTM PRECENTAGECOMPOSITE DURATION COMPOSITE YTM
Templeton Global Fund 4.63 4.66% 10.00%
Templeton Global Total Return 5.77 6.75% 10.00%
Pimco Global Bond Fund 5.07 4.60% 10.00%
Pimco Total Return Bond Fund 4.74 3.71% 10.00%
ING (L) Renta Fund EM 0.66 3.36% 5.00%
ING(L) Renta Fund Asian Debt 4.46 5.87% 5.00%
ING International EMD USD 6.83 8.00% 5.00%
Loomis Sayles 6 9.80% 10.00%
Ishares Barclays CRD- CFT 5.88 4.41% 15.00%
UBS Medium Term Bond 2.4 1.06% 10.00%
Janus US High Yield 3.8 9.06% 5.00%
4.61 5.28%
11/31/09 4.53 5.37%
AVERAGE CREDIT RATING
AAA10.00% AA
25.00%
A30.00%
BBB+10.00%
BBB15.00%
B5.00%
Cash5%
CURRENCY ALLOCATION
US Dollar73.63%
Other*8.84%
South Korea Won
3.40%
Swedish Krona2.50%
Malaysia Ringgit2.10%
Brazilian Real1.79%
Poland Zloty1.60%
CAD1.14%
GEOGRAPHIC ALLOCATION
United States39.90%
Other*20.86%
Cash6.27%
South Korea3.43%
United Kingdom3.42%
Argentina3.20%
Canada3.00%
Germany2.86%
Australia2.53%
Indonesia2.24%
Brazil2.19%
Netherlands1.78%
France1.62%
International Institution
1.33%
Poland1.32%
Sweden1.17%
Russian Federation1.12%
ASSET ALLOCATION
Investment Grade Credit
37.06%
Emerging Markets27.80%
Foreign Government11.69%
Cash6.90%
High Yield Credit4.13%
US Government 4.00%
Non-Corporate Bonds2.53%
Other*2.35%
Non-US-Developed1.35% Mortgage
0.90%
Convertible Bonds0.55%
Municipal0.50%
JAPAN VS. US
RJA VS.DBA VS. RIEHA
RJA VS.DBA VS. RIEHA
-0.41%
-0.33%
-0.27%
-0.21%
-0.02%
0.10%
0.14%
0.23%
0.28%
0.42%
-1% 0% 0% 0% 0% 0% 1%
Lehman BrothersU.S. Corporate High Yield
Lehman Bros. US Corporate
Lehman Brothers Pan-European High Yield (Euro)
ING (L) RENTA-ASIAN DEBT-PC
Lehman Bros.Global Emerging Markets
Lehman Bros. US Aggregate
Lehman Bros. Euro Aggregate Corp.
Lehman Bros.Global Aggregate
Lehman Bros. Euro Aggregate
ISHARES IBOXX INV GR CORP BD
-3.76%
-2.48%
-1.56%
-0.78%
-0.58%
-0.46%
-0.04%
0.70%
2.11%
3.28%
-6% -4% -2% 0% 2% 4%
Lehman BrothersU.S. Corporate High Yield
Lehman Brothers Pan-European High Yield (Euro)
ING (L) RENTA-ASIAN DEBT-PC
Lehman Bros. Euro Aggregate Corp.
Lehman Bros.Global Emerging Markets
Lehman Bros. Euro Aggregate
Lehman Bros. US Corporate
Lehman Bros. US Aggregate
ISHARES IBOXX INV GR CORP BD
Lehman Bros.Global Aggregate
5.93%
6.07%
6.79%
6.93%
15.71%
18.68%
35.61%
37.19%
58.21%
76.10%
0% 20% 40% 60% 80%
Lehman Brothers Pan-European High Yield (Euro)
Lehman BrothersU.S. Corporate High Yield
ING (L) RENTA-ASIAN DEBT-PC
Lehman Bros.Global Emerging Markets
Lehman Bros. US Corporate
Lehman Bros. Euro Aggregate Corp.
Lehman Bros.Global Aggregate
Lehman Bros. Euro Aggregate
ISHARES IBOXX INV GR CORP BD
Lehman Bros. US Aggregate
WTDMTDYTD
0.17%0.47%0.37%2YR
0.14%0.68%1.13%5YR
0.03%0.64%1.62%10YR
-0.06%0.45%1.95%30YR
WTDMTDYTD0.14%0.07%-0.42%2YR
0.12%0.19%0.11%5YR
0.07%0.23%0.44%10YR
0.05%0.23%0.58%30YR
2.427
9.092
4.770
22.975
9.250
0
5
10
15
20
25
18/05/2006 18/10/2006 18/03/2007 18/08/2007 18/01/2008 18/06/2008 18/11/2008 18/04/2009
U.S. Treasury U.S. Corporate Investment Grade U.S. Corporate High Yield
9.148
4.735
2.445
255.9762
145.9762
165.9762
198.9762
U.S. 5-Year/Fed Funds Rate Spread
(Five-Year Treasury Yield less Fed Funds Rate)
228.595
1980-1982 RECESSION
1990-1992 RECESSION
2001-2002 WORLDWIDE
RECESSION
2007-2009 FINANCIAL CRISIS
FDTR Index – USGG5YR Index = 242.884
U.S. 2-Year/Fed Funds Rate Spread
(Two-Year Treasury Yield less Fed Funds Rate)
2007-2009 FINANCIAL CRISIS
2001-2002 WORLDWIDE
RECESSION
1990-1992 RECESSION
1980-1982 RECESSION
2007-2009 FINANCIAL CRISIS
71.396
FDTR Index – USGG2YR Index = 88.560
U.S. 10-YEAR/2-YEAR SPREAD
(10-YEAR LESS TWO-YEAR TREASURY
2007-2009 FINANCIAL CRISIS
2001-2002 WORLDWIDE
RECESSION
1990-1992 RECESSION
1980-1982 RECESSION
283.901
USGG10YR Index – USGG2YR Index = 269.937
The difference between 2- and 10- year Treasury notes widened to a record
as investors bet an accelerating economic recovery will fuel inflation and
damp demand for government debt.
U.S. 10-Year/3-Month Spread
(10-Year Treasury Yield less Three-Month T-Bill Rate)
2007-2009 FINANCIAL CRISIS
2001-2002 WORLDWIDE
RECESSION
1990-1992 RECESSION
1980-1982 RECESSION
376.343
USGG10YR Index – USGG3M Index = 377.920
U.S. FIVE-YEAR TIPS YIELD
(FIVE-YEAR TREASURY INFLATION-PROTECTED SECURITIES)
0.3833
0.4193
U.S. 10-YEAR TIPS YIELD
(10-YEAR TREASURY INFLATION-PROTECTED SECURITIES)
1.4253
1.4297
U.S. FIVE-YEAR IMPLIED BREAKEVEN INFLATION RATE
(FIVE-YEAR TREASURY LESS TIPS YIELD)
1.8836
1.9459
U.S. 10-YEAR IMPLIED BREAKEVEN INFLATION RATE
(10-YEAR TREASURY LESS TIPS YIELD)
2.1837
2.3762
U.S. 2-YEAR IMPLIED BREAKEVEN INFLATION RATE
(2-YEAR TREASURY LESS TIPS YIELD)
1.1647
1.2684
WORLD INFLATION BREAKEVEN RATES
12.64
19.69
20.58
26.47
27.17
28.34
28.36
28.45
31.58
33.08
33.77
34.20
34.21
34.27
34.47
37.02
37.21
37.38
40.48
46.29
54.63
0 10 20 30 40 50 60
NASDAQ 100 STOCK INDX
RUSSELL MIDCAP GROWTH IX
Russell Midcap Index Total Ret
S&P 400 MIDCAP INDEX
RUSSELL 1000 GROWTH INDX
RUSSELL 3000 GROWTH IDX
RUSSELL 2000 GROWTH IDX
RUSSELL 2500
Russell Midcap Value Index Tot
RUSSELL MIDCAP VALUE IX
S&P MidCap 400 Value
MSCI US LAR GR
S&P 500 Growth
RUSSELL 1000 INDEX
RUSSELL 3000 INDEX
Russell 3000 Total Return Inde
RUSSELL 2000 INDEX
S&P 500 INDEX
RUSSELL 2000 VALUE IDX
RUSSELL 1000 VALUE INDEX
MSCI US LAR VA
72.89 71.0763.42 62.79 62.79 61.79
56.75 55.07 54.6351.44
47.56 44.96
0
10
20
30
40
50
60
70
80
-0.65%
-0.55%
-0.50%
-0.50%
-0.44%
-0.21%
-0.16%
-0.02%
0.10%
0.33%
-1% -1% 0% 0% 0% 0% 0%
MSCI WORLD MATERIAL
MSCI WORLD FINANCIALS
MSCI WORLD TELECOM
MSCI WORLD UTILITIES
MSCI WORLD CONSUMER STAPLES
MSCI WORLD INDUSTRIAL
MSCI WORLD CONSUMER DISCRETIONARY
MSCI WORLD INFORMATION TECHNOLOGY
MSCI WORLD ENERGY
MSCI WORLD HEALTHCARE
-1.19%
0.80%
0.91%
1.13%
1.76%
2.01%
2.45%
2.69%
3.82%
5.61%
-2% 0% 2% 4% 6%
MSCI WORLD INFORMATION TECHNOLOGY
MSCI WORLD CONSUMER DISCRETIONARY
MSCI WORLD MATERIAL
MSCI WORLD UTILITIES
MSCI WORLD HEALTHCARE
MSCI WORLD INDUSTRIAL
MSCI WORLD ENERGY
MSCI WORLD TELECOM
MSCI WORLD CONSUMER STAPLES
MSCI WORLD FINANCIALS
2.01%
8.63%
16.40%
18.63%
22.89%
23.95%
27.72%
37.30%
50.88%
58.40%
0% 10% 20% 30% 40% 50% 60% 70%
MSCI WORLD MATERIAL
MSCI WORLD INFORMATION TECHNOLOGY
MSCI WORLD CONSUMER DISCRETIONARY
MSCI WORLD FINANCIALS
MSCI WORLD INDUSTRIAL
MSCI WORLD ENERGY
MSCI WORLD CONSUMER STAPLES
MSCI WORLD HEALTHCARE
MSCI WORLD TELECOM
MSCI WORLD UTILITIES
PERFORMANCE YTD VS. % OF
HOLDINGS
58%51%
37%
28%24% 23%
19% 16%
9%2%
11%16%
6%
17%10% 10% 7% 6%
2% 2%0%
10%
20%
30%
40%
50%
60%
70%
-1.73%
-1.71%
-1.62%
-1.53%
-1.51%
-1.29%
-0.97%
-0.94%
-0.91%
-2.00% -1.50% -1.00% -0.50% 0.00%
MSCI US LARGE CAP GROWTH INDEX
MSCI US LARGE CAP 300 INDEX
MSCI US LARGE CAP VALUE INDEX
MSCI US SMALL CAP GROWTH INDEX
MSCI US SMALL CAP 1750 INDEX
MSCI US MID CAP GROWTH INDEX
MSCI US MID CAP 450 INDEX
MSCI US MID CAP VALUE INDEX
MSCI US SMALL CAP VALUE INDEX
0.24%
1.33%
2.48%
4.97%
6.10%
6.55%
7.26%
7.70%
8.88%
-5% 0% 5% 10%
MSCI US SMALL CAP GROWTH INDEX
MSCI US SMALL CAP 1750 INDEX
MSCI US MID CAP GROWTH INDEX
MSCI US SMALL CAP VALUE INDEX
MSCI US MID CAP 450 INDEX
MSCI US MID CAP VALUE INDEX
MSCI US LARGE CAP GROWTH INDEX
MSCI US LARGE CAP 300 INDEX
MSCI US LARGE CAP VALUE INDEX
14.47%
24.17%
26.71%
34.54%
37.33%
38.42%
41.18%
44.93%
45.69%
0% 10% 20% 30% 40% 50%
MSCI US SMALL CAP GROWTH INDEX
MSCI US MID CAP GROWTH INDEX
MSCI US MID CAP 450 INDEX
MSCI US SMALL CAP 1750 INDEX
MSCI US MID CAP VALUE INDEX
MSCI US LARGE CAP GROWTH INDEX
MSCI US SMALL CAP VALUE INDEX
MSCI US LARGE CAP 300 INDEX
MSCI US LARGE CAP VALUE INDEX
-3.55%
-2.40%
-1.26%
-0.77%
-0.53%
1.47%
1.64%
1.68%
2.33%
3.24%
-4% -3% -2% -1% 0% 1% 2% 3% 4%
WHEAT FUTURE(CBT)
WHITE SUGAR (LIF)
WTI CRUDE FUTURE
COPPER FUTURE
CORN FUTURE
ROUGH RICE (CBOT)
GOLD SPOT $/OZ
NATURAL GAS FUTR
COFFEE 'C' FUTURE
SILVER SPOT $/OZ
-8.71%
-8.03%
-7.01%
-4.26%
-2.71%
-0.72%
2.69%
5.34%
14.93%
16.37%
-10% -5% 0% 5% 10% 15% 20%
WHITE SUGAR (LIF)
NATURAL GAS FUTR
COPPER FUTURE
WTI CRUDE FUTURE
CORN FUTURE
ROUGH RICE (CBOT)
COFFEE 'C' FUTURE
GOLD SPOT $/OZ
WHEAT FUTURE(CBT)
SILVER SPOT $/OZ
-21.80%
-21.18%
-10.67%
7.39%
9.46%
24.36%
33.36%
48.16%
93.25%
131.27%
-50% 0% 50% 100% 150%
COPPER FUTURE
WHITE SUGAR (LIF)
SILVER SPOT $/OZ
WTI CRUDE FUTURE
GOLD SPOT $/OZ
COFFEE 'C' FUTURE
ROUGH RICE (CBOT)
CORN FUTURE
WHEAT FUTURE(CBT)
NATURAL GAS FUTR
Bloomberg's U.S. Financial Conditions Index Components and Weights
Weight
Money Market
Ted Spread 11.1%
Commercial Paper/T-Bill Spread 11.1%
Libor-OIS Spread 11.1%
33.3%
Bond Market
Investment-Grade Corporate/Treasury Spread 6.7%
Muni/Treasury Spread 6.7%
Swaps/Treasury Spread 6.7%
High Yield/Treasury Spread 6.7%
Agency/Treasury Spread 6.7%
33.3%
Equity Market
S&P 500 Share Prices 16.7%
VIX Index 16.7%
33.3%
Total 100%
FINANCIAL CONDITIONS INDICATOR
0.201Normal Financial Conditions
Weekly Change 47.1665 %
0.088
Lehman Failure
2.3945 %
20.9441
Weekly Change - 12.7685 %
Lehman Failure
8.6630
Weekly Change 4.7264 %
Lehman Failure
21.5141
Weekly Change - 7.6870 %
195.77
193.78
Weekly Change - 1.0165 %
Equity Market S&P 500
1126.48Weekly Change - 1.0102 %
1115.10
4187.86
4099.63
Weekly Change - 2.11%
Lehman Failure
Lehman FailureLehman Failure
19.47
Weekly Change + 11.35%
21.68
Lehman Failure
Lehman Failure
Lehman FailureLehman Failure
3258.00
Weekly Change NO CHANGE