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双倾斜
Two months before a second wave of changes to the EAFE, markets are relatively quiet - for now.
Two months before a second wave of changes to the EAFE, markets are relatively quiet - for now.
By Kerry Hannon
2002年4月
亚博赞助欧冠机构投资者杂志
As they anticipate a second and final installment of changes to the MSCI Europe, Australasia and Far East index - the first came in at the end of November and the next will hit the market on May 31 - money managers are assessing the index's makeover. On the whole, they like what they see.
"The benchmark was due for tweaking," says Binu George, international equity strategist at Barclays Global Investors. "This version of EAFE is broader and deeper than its predecessor."
“这是一个更好的指数，”华盛顿州的美国股权衍生品研究负责人Sandy Rattray说“索引的工作是重复投资市场，EAFE现在更好。”
The first round of changes, which took effect on November 30, involved 210 additions to and 91 deletions from the index, announced last May. Next month Morgan Stanley will complete the changes in the index's country and sector weightings. The firm declined the opportunity to speak about the index or the changes.
第一次班次没有播放，因为至少有许多人 - 至少是针对投机者。在11月30日之前，指数基金悄然交易了某些股份来定位自己的EAFE变化;与此同时，对冲基金和其他人在股票中积累了相当大的职位，这些股票将被添加到指数中。最终，投机者举行了更多的股票供应，这些股票就实际需要的分度人员加入EAFE。
As a result, Barclays' George recalls, "trading imploded," and additions to the index underperformed the deletions, for both the week leading up to the switch and on November 30 itself. In the week of the rebalance, the adds underperformed the deletes by more than 3 percent.
“人们被烧毁了，”乔治说。
多年来，投资者和金钱经理抓住了EAFE指数包括太多的非股股票 - 由家庭或政府拥有的股票，这些股票从未实际交易的家庭或政府。因此，股票的市场资本化可能似乎是巨大的，但交易的股票数量实际上是最小的。摩根士丹利确实不时调整股票的相对加权，以反映他们的自由浮动，而是以“适度和临时”的方式，乔治说。竞争对手指数人员，包括道琼斯＆Co.和FTSE，更好地反映了市场的免费浮动。但乔治说，新建的EAFE更加“精确而系统地”调整免费浮动。
结果：EAFE现在涵盖了85％的浮动调整后的市场上限 - 与11月30日之前的FTSE相反 - 与总市场上限（其中包括非资源股）的60％相同。
高级议案认为，改变加强了EAFE作为领先外国股权基准的地位。“如果您是一个寻找基准的基金经理，您需要一个不使用EAFE的充分理由，”他说。
在一个国家加权的基础上，U.K.是EAFE阵容变化的主要受益者，其加权增长率为5％。法国，德国和意大利分别看到了最大的损失 - 下降1.7％，1.5％和0.9％。
这五股，其市场加权增加了最大：壳牌运输和贸易有限公司，NTT DOCOMO，BP，沃达丰集团和Glaxosmithkline。最大的加权减少了法国Télécom，丰田汽车公司和Deutsche Telekom - 具有大量限制股的股票。
该指数中最明显的变化可能是日本NTT DOCOMO的出现，母公司Nippon Telegraphy和电话公司的无线附属公司。当Docomo加入EAFE时，NTT在指数中的加权下降。在指数变化之前的几周内，投机者在Docomo中购买了股票，但他们误判需求，因此，到11月30日，Docomo股份表现得较低了4％的NTT。
Some market observers anticipated that the change in the EAFE would impose very high trading costs for the week or so around the time of the change. Lehman Brothers estimated that the first phase of the EAFE rebalance would cost 80 basis points - reflecting the expense of buying and selling the shares needed to bring portfolios in line with the revised index. Citigroup/Salomon Smith Barney's Global Equity Index Group predicted that the "massive MSCI conversion likely will generate 25 percent turnover each way (or 50 percent round trip [both additions and deletions]) in fully indexed MSCI EAFE portfolios."
实际上，交易成本更为谦虚 - 往返约30％ - 因为许多指数基金逐步调整他们的控股，以便在变更迫在眉睫的情况下恢复新的指数名册。因此，他们避免了一些投机者所希望的价格。
在下一轮变化前不到两个月，市场比这是索引的第一套变化的“更安静”，这是一个索引器，但要预期。一个华尔街分析师报告说，他已经派生了“来自投机者的一些询问”，但没有任何戏剧性。索引者可能会在最多31个前几个星期将其交易活动展开，就像他们在11月30日之前一样。
但是，正如那个截止日期的方法，“贪婪和恐惧会踢进去”，暗示巴克莱的乔治。“投资者可能警惕的努力使利润的交易上的EAFE未来的变化，但基金经理也可能觉得它越来越难跑赢大市 - 。他们可能会看到EAFE变化为契机，他们可以对自己说，“没有人会在这方面进行交易，所以我可以。”
“当然，如果每个人都说那，它就无法工作。”
合并搬家
In marketing to large pension funds, most money managers have traditionally kept separate departments to cater to defined contribution and defined benefit plans. But recently, some of them have begun to merge the two teams.
对于金钱管理者来说，这是一种削减成本和支持润滑力盈利边距的方法。在许多情况下，客户宁愿处理一个人的角色 - 并支付一套费用。
During the last quarter of 2001, both Putnam Investments and Barclays Global Investors merged their defined benefit and defined contribution units. More investment managers will likely follow suit, says Joshua Dietch, a consultant with Cerulli Associates in Boston.
"It's a mature marketplace," Dietch says. "There's a finite number of plan sponsors out there, and there is some pretty serious overlap."
通过结合界定的福利和界定的贡献部门，Putnam和BGI希望跨越他们的更多客户，获得规模经济并改善客户关系。计划赞助商还将切片费用高达50％，因为调整定价术语以反映所定义的福利和定义缴费计划的合并资产。
“将双方汇集在一起比拥有两个独立的销售部队更强大，”纽约投资经理的投资经理多元化投资顾问营销副总裁Chris Cumming说。
Most of the largest plan sponsors already use the same money managers for both their defined contribution and defined benefit plans. Among plans with combined assets of $1 billion or more, 71 percent use at least one of the same managers for both defined contribution and defined benefit, according to a recent study by William M. Mercer.
David Holmes, a Mercer senior consultant, believes that for large plans that do use multiple investment managers, it makes even more sense to reduce the parade of sales representatives marching into the treasurer's office. According to Mercer, 102 of 159 large plan sponsors prefer a single contact person. "It's a lot more efficient and effective to have the same contact marketing to both plans," Holmes says.
在Putnam去年的客户调查显示了同样的情绪：计划管理员想要一个联系人。“我们的很多客户告诉我们，”我不想在普特南处理很多人，“”波士顿的公司的机构管理负责人John Brown表示，“John Brown”。
Putnam于12月份合并其业务，将150人从其定义的福利部门合并，在其定义的捐款单位中。当BGI结合其定义的福利和去年10月界定的捐款部门时，它会消除约20个职位。
In recent years many defined contribution plan supervisors have been asking their money managers more sophisticated questions about asset allocation and investment strategy. In the past plan administrators had asked mostly about procedural and administrative matters. "We're seeing the sophistication on the defined benefit side roll over to the defined contribution side," says Peter Landin, chief executive officer of BGI's U.S. institutional business.
Conversely, investment managers also see an opportunity to leverage the knowledge on one side of the business in cross-selling to the other. Growth has been flat in the $6 trillion defined benefit universe for the past two years, and as a result, "firms are looking for the last reaches of the market they have not penetrated," says Mercer's Holmes.
但在资金管理的动力降低成本irms is probably the most powerful factor driving the trend. With two years of declines in the Standard & Poor's 500 index, assets are down, and so too are fees. "The downturn crystallized what they need to do," says Cerulli's Dietch. "You are looking to cut costs. And do more with less." - Charles Keenan
By Kerry Hannon
2002年4月
亚博赞助欧冠机构投资者杂志
As they anticipate a second and final installment of changes to the MSCI Europe, Australasia and Far East index - the first came in at the end of November and the next will hit the market on May 31 - money managers are assessing the index's makeover. On the whole, they like what they see.
"The benchmark was due for tweaking," says Binu George, international equity strategist at Barclays Global Investors. "This version of EAFE is broader and deeper than its predecessor."
“这是一个更好的指数，”华盛顿州的美国股权衍生品研究负责人Sandy Rattray说“索引的工作是重复投资市场，EAFE现在更好。”
The first round of changes, which took effect on November 30, involved 210 additions to and 91 deletions from the index, announced last May. Next month Morgan Stanley will complete the changes in the index's country and sector weightings. The firm declined the opportunity to speak about the index or the changes.
第一次班次没有播放，因为至少有许多人 - 至少是针对投机者。在11月30日之前，指数基金悄然交易了某些股份来定位自己的EAFE变化;与此同时，对冲基金和其他人在股票中积累了相当大的职位，这些股票将被添加到指数中。最终，投机者举行了更多的股票供应，这些股票就实际需要的分度人员加入EAFE。
As a result, Barclays' George recalls, "trading imploded," and additions to the index underperformed the deletions, for both the week leading up to the switch and on November 30 itself. In the week of the rebalance, the adds underperformed the deletes by more than 3 percent.
“人们被烧毁了，”乔治说。
多年来，投资者和金钱经理抓住了EAFE指数包括太多的非股股票 - 由家庭或政府拥有的股票，这些股票从未实际交易的家庭或政府。因此，股票的市场资本化可能似乎是巨大的，但交易的股票数量实际上是最小的。摩根士丹利确实不时调整股票的相对加权，以反映他们的自由浮动，而是以“适度和临时”的方式，乔治说。竞争对手指数人员，包括道琼斯＆Co.和FTSE，更好地反映了市场的免费浮动。但乔治说，新建的EAFE更加“精确而系统地”调整免费浮动。
结果：EAFE现在涵盖了85％的浮动调整后的市场上限 - 与11月30日之前的FTSE相反 - 与总市场上限（其中包括非资源股）的60％相同。
高级议案认为，改变加强了EAFE作为领先外国股权基准的地位。“如果您是一个寻找基准的基金经理，您需要一个不使用EAFE的充分理由，”他说。
在一个国家加权的基础上，U.K.是EAFE阵容变化的主要受益者，其加权增长率为5％。法国，德国和意大利分别看到了最大的损失 - 下降1.7％，1.5％和0.9％。
这五股，其市场加权增加了最大：壳牌运输和贸易有限公司，NTT DOCOMO，BP，沃达丰集团和Glaxosmithkline。最大的加权减少了法国Télécom，丰田汽车公司和Deutsche Telekom - 具有大量限制股的股票。
该指数中最明显的变化可能是日本NTT DOCOMO的出现，母公司Nippon Telegraphy和电话公司的无线附属公司。当Docomo加入EAFE时，NTT在指数中的加权下降。在指数变化之前的几周内，投机者在Docomo中购买了股票，但他们误判需求，因此，到11月30日，Docomo股份表现得较低了4％的NTT。
Some market observers anticipated that the change in the EAFE would impose very high trading costs for the week or so around the time of the change. Lehman Brothers estimated that the first phase of the EAFE rebalance would cost 80 basis points - reflecting the expense of buying and selling the shares needed to bring portfolios in line with the revised index. Citigroup/Salomon Smith Barney's Global Equity Index Group predicted that the "massive MSCI conversion likely will generate 25 percent turnover each way (or 50 percent round trip [both additions and deletions]) in fully indexed MSCI EAFE portfolios."
实际上，交易成本更为谦虚 - 往返约30％ - 因为许多指数基金逐步调整他们的控股，以便在变更迫在眉睫的情况下恢复新的指数名册。因此，他们避免了一些投机者所希望的价格。
在下一轮变化前不到两个月，市场比这是索引的第一套变化的“更安静”，这是一个索引器，但要预期。一个华尔街分析师报告说，他已经派生了“来自投机者的一些询问”，但没有任何戏剧性。索引者可能会在最多31个前几个星期将其交易活动展开，就像他们在11月30日之前一样。
但是，正如那个截止日期的方法，“贪婪和恐惧会踢进去”，暗示巴克莱的乔治。“投资者可能警惕的努力使利润的交易上的EAFE未来的变化，但基金经理也可能觉得它越来越难跑赢大市 - 。他们可能会看到EAFE变化为契机，他们可以对自己说，“没有人会在这方面进行交易，所以我可以。”
“当然，如果每个人都说那，它就无法工作。”
合并搬家
In marketing to large pension funds, most money managers have traditionally kept separate departments to cater to defined contribution and defined benefit plans. But recently, some of them have begun to merge the two teams.
对于金钱管理者来说，这是一种削减成本和支持润滑力盈利边距的方法。在许多情况下，客户宁愿处理一个人的角色 - 并支付一套费用。
During the last quarter of 2001, both Putnam Investments and Barclays Global Investors merged their defined benefit and defined contribution units. More investment managers will likely follow suit, says Joshua Dietch, a consultant with Cerulli Associates in Boston.
"It's a mature marketplace," Dietch says. "There's a finite number of plan sponsors out there, and there is some pretty serious overlap."
通过结合界定的福利和界定的贡献部门，Putnam和BGI希望跨越他们的更多客户，获得规模经济并改善客户关系。计划赞助商还将切片费用高达50％，因为调整定价术语以反映所定义的福利和定义缴费计划的合并资产。
“将双方汇集在一起比拥有两个独立的销售部队更强大，”纽约投资经理的投资经理多元化投资顾问营销副总裁Chris Cumming说。
Most of the largest plan sponsors already use the same money managers for both their defined contribution and defined benefit plans. Among plans with combined assets of $1 billion or more, 71 percent use at least one of the same managers for both defined contribution and defined benefit, according to a recent study by William M. Mercer.
David Holmes, a Mercer senior consultant, believes that for large plans that do use multiple investment managers, it makes even more sense to reduce the parade of sales representatives marching into the treasurer's office. According to Mercer, 102 of 159 large plan sponsors prefer a single contact person. "It's a lot more efficient and effective to have the same contact marketing to both plans," Holmes says.
在Putnam去年的客户调查显示了同样的情绪：计划管理员想要一个联系人。“我们的很多客户告诉我们，”我不想在普特南处理很多人，“”波士顿的公司的机构管理负责人John Brown表示，“John Brown”。
Putnam于12月份合并其业务，将150人从其定义的福利部门合并，在其定义的捐款单位中。当BGI结合其定义的福利和去年10月界定的捐款部门时，它会消除约20个职位。
In recent years many defined contribution plan supervisors have been asking their money managers more sophisticated questions about asset allocation and investment strategy. In the past plan administrators had asked mostly about procedural and administrative matters. "We're seeing the sophistication on the defined benefit side roll over to the defined contribution side," says Peter Landin, chief executive officer of BGI's U.S. institutional business.
Conversely, investment managers also see an opportunity to leverage the knowledge on one side of the business in cross-selling to the other. Growth has been flat in the $6 trillion defined benefit universe for the past two years, and as a result, "firms are looking for the last reaches of the market they have not penetrated," says Mercer's Holmes.
但在资金管理的动力降低成本irms is probably the most powerful factor driving the trend. With two years of declines in the Standard & Poor's 500 index, assets are down, and so too are fees. "The downturn crystallized what they need to do," says Cerulli's Dietch. "You are looking to cut costs. And do more with less." - Charles Keenan