lm investment management trilogy rio

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An investmentfonds wikipedia free fund also index tracker is a mutual fund or exchange-traded fund ETF designed to follow certain preset rules so that the fund can track a specified basket johann pfeiffer iforex underlying investments. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing.

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Lm investment management trilogy rio

Further documents filed in the proceedings will be uploaded to this website as and when they become available. A copy of the Court Order and Judgement is available below. On 20 December the Queensland Supreme Court made orders in relation to the costs of these proceedings. It ordered that:. LMIM also gave an undertaking that it would not seek from the FMIF any costs of or incidental to the investor meeting convened by notice dated 26 April As advised in our reports to investors, FTI appealed the above decision.

This matter was heard by the Court of Appeal on 28 November with the decision to dismiss the appeal being handed down on 6 June A copy of the judgement in this respect is available below:. A copy of the order made on 15 October is available below: Order of the Supreme Court of Queensland dated 15 October 0. As always, please read the prospectus carefully before you invest or send money. If you are curious about how you can better diversify your investment program, visit our web site for information on other MIG product offerings.

You can rest assured that under all market conditions our team is focused on delivering excellent investment management services for your benefit. We thank you for your continued confidence and investment in The Managers Funds. Keitha Kinne. Managing Partner. This example is intended to help you understand your ongoing costs in dollars of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses. The first line of the following table provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Hypothetical Example for Comparison Purposes.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Please note that the expenses shown in the table are meant to highlight your on going costs only and do not reflect any transactional costs, such as sales charges loads , redemption fees, or exchange fees.

Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Based on Actual Fund Return. The Fund intends to diversify investments among both countries and sectors. Investments may be made in companies in developed as well as developing countries. The Fund may also engage in currency-hedging strategies and may invest in companies of any size.

The Fund employs multiple portfolio managers who specialize in distinct investment approaches. Fund management strives to achieve its performance goals and diversification while ensuring that the Fund operates within the framework of its investment objective and principal investment strategies. AllianceBernstein L. They believe investors confuse temporary or cyclical characteristics with the creation of buying opportunities, as investors underestimate the potential for corrective strategies to restore long-term earnings power.

The investment team, led by Kevin Simms, attempts to exploit this disconnect by using research to separate fact from emotion. AllianceBernstein screens their initial universe with a proprietary return model in order to identify the companies with the most attractive value attributes.

The model derives an expected return for each company within the universe by assessing companies both from a global industry-based perspective and from a country-based standpoint, evaluating such factors as price-to-cash earnings, price-to-book, return on equity, and price momentum. The ideal company would exhibit strong fundamentals and have strong future business prospects.

Portfolio Construction. Investment team screens this universe using a proprietary-return model to identify the companies with the most attractive value attributes. The model derives an expected return for each company in the universe by assessing companies both from a global industry-based perspective and from a country-based standpoint.

Factors include price-to-cash earnings, price-to-book, return on equity, and price momentum. Analysts perform extensive research, focusing on the most attractively valued stocks. They then build detailed spreadsheets of historical and projected balance-sheet and income-statement information in order to estimate:.

Perform simulations to see the potential impact of changes in various financial-statement components. Analysts present their estimates and ratings for each security to the Research Review Committee of the Investment Policy Group. The Portfolio. Typically holds stocks.

Initial stock weightings are 0. Portfolio Manager William Willy Holzer believes that there is a single global economy and marketplace within which everything is connected. Within this single market it is important to distinguish between three types of companies: domestic companies are those that produce, sell, and raise capital all in their home country; international companies are those that produce at home, but sell their products and raise capital anywhere in the world; and global companies are those that produce, sell, and raise capital anywhere in the world.

Holzer will invest in any of these types of companies in order to capitalize on a theme. However, he prefers global companies, which generally have the flexibility and resources to exploit global trends. He views the world as a single global economic unit as opposed to a collection of separate country economies.

Willy focuses his efforts by first analyzing the connections within the global economy and from this analysis develops global investment themes. These themes target the segments of the global economy. Portfolio Manager leverages stock ideas and research from top-down themes based on bottom-up observations and company analysis. Portfolio is constructed around approximately ten investment themes to diversify opportunity sets and provide risk benefits.

Portfolio heavily weights large-capitalization, multi-national companies. Concentrated in the developed markets. May have operations or distribution in the emerging markets. Portfolio typically holds 90 to stocks. Initial stock weightings are 1. Martin Currie Inc. Martin Currie, based in Edinburgh, Scotland, is a year old firm. It specializes in developed market ex-U.

James Fairweather, Chief Investment Officer, heads the international equity investment team which has four members who have 75 years of total investment experience. The team is supported in their efforts by an experienced person global sector analyst staff with no member having less than 9 years of total investment experience.

In addition, regional teams also support the stock selection process by contributing insights and ideas on companies within their specific geographic coverage area. Finally, a separate risk management team helps support the portfolio construction. Focused on identifying companies at the earlier stages of change with the thought that the market usually underestimates the amount by which change will take place.

Team uses a fully integrated global approach to stock selection and use a high level of communication across regions to build a truly global portfolio. Focus on speaking a common language when doing all stock level research with the emphasis on quality, value, growth, and change. Risk is managed at every level of the investment process including when conducting stock selection and when constructing the portfolio. Portfolio typically holds 45 to 80 stocks.

Holdings tend to have low cross-stock correlations. Holdings tend to have low sensitivity to macro factors. For the year , the Fund returned Note that unless otherwise stated, all performance cited in this commentary is in U. International equity markets struggled in , with a majority of losses concentrated in the third quarter. For the full calendar year, there was a sharp dichotomy in performance at the sector level within non-US. At the manager level, both Lazard and Martin Currie outperformed in while Bernstein failed to keep pace with the benchmark.

Martin Currie, in particular, performed well boosted by strong stock selection as well as by their higher quality focus. The table is not intended to imply any future performance of the Fund. Performance for periods longer than one year is annualized. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares.

The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Past performance is not indicative of future results. Total returns would have been lower had certain expenses not been reduced. Average Annual Total Returns 1. Managers International Equity Fund 2,3,4. The performance data shown represents past performance, which is not a guarantee of future results.

Current performance may be lower or higher than the performance data quoted. Read it carefully before investing or sending money. Funds are distributed by Managers Distributors, Inc. Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the Prospectus.

No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are the average annual return. All returns are in U. Dollar security when converted back to U. Copying or redistributing the MSCI data is strictly prohibited. Not FDIC insured, nor bank guaranteed. May lose value. Fund Snapshots unaudited. Portfolio Breakdown.

Consumer Discretionary. Health Care. Consumer Staples. Information Technology. Telecommunication Services. Other Assets and Liabilities. Top Ten Holdings. Security Name. BP PLC. Nestle SA, Registered. Air Liquide SA. ING Groep N. Top Ten as a Group. Fund Snapshots continued. Summary of Investments by Country.

Cayman Islands. Hong Kong. Jersey, Channel Islands. New Zealand. South Africa. South Korea. United Kingdom. United States. Schedule of Portfolio Investments. Common Stocks - Consumer Discretionary - Bridgestone Corp. Cyrela Brazil Realty, S. Daimler AG Germany. Magna International, Inc. Nissan Motor Co. Parkson Retail Group, Ltd.

Renault SA France. Sekisui House, Ltd. Sharp Corp. SJM Holdings, Ltd. Sony Corp. Volkswagen AG Germany. Vivendi Universal SA France. Sumitomo Rubber Industries, Ltd. Total Consumer Discretionary. Consumer Staples - 8. Asahi Breweries, Ltd. Groupe Danone SA France. Heineken N. Japan Tobacco, Inc. Koninklijke Ahold N. Lawson,, Inc. Metro AG Germany. Nestle SA, Registered Switzerland.

South African Brewing United Kingdom. Tingyi Cayman Islands Holding Corp. Uni-President Enterprises Corp. X5 Retail Group, N. Total Consumer Staples. Energy - Canadian Natural Resources, Ltd. Cenovus Energy, Inc. China Shenhua Energy Co. EnCana Corp. Nexen, Inc. Petrofac, Ltd. Petroleo Brasileiro, S. SeaDrill, Ltd. Woodside Petroleum, Ltd. Total Energy. Financials - AIA Group, Ltd.

Allianz SE Germany. Banco do Brasil, S. Banco Santander, S. Bank of East Asia, Ltd. Bank of Yokohama, Ltd. CapitaLand, Ltd. CapitaMalls Asia, Ltd. Cathay Financial Holding Co. China Life Insurance Co. Chinatrust Financial Holding Co. Chuo Mitsui Trust Holdings, Inc. Dai-ichi Mutual Life Insurance Co. The accompanying notes are an integral part of these financial statements. Schedule of Portfolio Investments continued.

Daiwa House Industry Co. Daiwa Securities Group, Inc. Hana Financial Group, Inc. Hang Lung Properties, Ltd. Henderson Land Development Co. Hong Kong Exchanges and Clearing, Ltd. Itau Unibanco Holding, S. Kasikornbank PCL Thailand. KB Financial Group, Inc. Macquarie Group, Ltd. Mitsubishi Estate Co. Mitsubishi Tokyo Financial Group, Inc.

Mitsui Fudosan Co. Muenchener Rueckversicherungs AG Germany. National Australia Bank, Ltd. Nomura Holdings, Inc. Oversea-Chinese Banking Corp. Societe Generale France. Sumitomo Mitsui Financial Group, Inc.

Sun Hung Kai Properties, Ltd. Turkiye Is Bankasi A. Isbank Turkey. Total Financials. Health Care - 8. Actelion, Ltd. Mindray Medical International, Ltd. Novartis AG Switzerland. Roche Holding AG Switzerland. Sanofi-Aventis SA France. Teva Pharmaceutical Industries, Ltd. Yamanouchi Pharmaceutical Co. Total Health Care. Industrials - 9. ABB, Ltd.

Asahi Glass Co. Atlas Copco AB Sweden. Bouygues France. China Merchants Holdings International Co. Daikin Industries, Ltd. Far Eastern New Century Corp. Kajima Corp. Mitsubishi Corp. Mitsubishi Heavy Industries. QR National, Ltd. Safran SA France. Schneider Electric SA France. Shimizu Corp. Siemens AG Germany. Sumitomo Electric Industries, Ltd. Tostem Inax Holding Corp. Yamato Transport Co.

Total Industrials. Information Technology - 6. Advanced Semiconductor Engineering, Inc. AU Optronics Corp. Check Point Software Technologies, Ltd. Companhia Brasileira de Meios de Pagamentos Brazil. Fujitsu, Ltd. Gemalto N. Infosys Technologies, Ltd. LG Display Co. Redecard, S. Samsung Electronics Co. Taiwan Semiconductor Manufacturing Co.

Total Information Technology. Materials - Air Liquide SA France. Barrick Gold Corp. Gold Fields, Ltd. Goldcorp, Inc. Impala Platinum Holdings, Ltd. Incitec Pivot, Ltd. JFE Holdings, Inc. Kinross Gold Corp. Koninklijke DSM N. Newcrest Mining, Ltd. Taiwan Fertilizer Co. ThyssenKrupp AG Germany. Toray Industries, Inc. Vale, S. Xstrata PLC Switzerland. Yamana Gold, Inc. Total Materials.

Telecommunication Services - 5. Bharti Tele-Ventures, Ltd. Telecom Italia S. Tim Participacoes, S. Total Telecommunication Services. Utilities - 2. ON AG Germany. Eletricidade de Portugal, S. Hong Kong and China Gas Co. Total Utilities. Exchange Traded Funds - 1. Short-Term Investments - 6. Total Investments - Other Assets, less Liabilities - 3. Net Assets - The Fund may invest in companies of any size. The Fund employs multiple subadvisors who specialize in distinct investment approaches. Fund management strives to achieve its performance and diversification objectives while ensuring that the Fund operates within the framework of its investment objective and principal investment strategies.

Rexiter Capital Management Limited. Investment decisions are based on fundamental analysis of countries and stocks. Portfolio management is controlled by a disciplined process that seeks to add to returns through the exploitation of market inefficiency while constraining risk. Schroder Investment Management Limited. This value can be extracted through both country and stock selection. Schroders uses a time-tested quantitative model to aid in their country selection process, and seeks to add value equally over time from both country and stock selection.

Schroders further believes that applying a systematic, disciplined approach along with a strong team culture increases the ability to add value. Schroders believes that equal attention should be given to managing both return and risk.

The Fund returned Emerging market equities had a difficult amid the global volatility and uncertainty spurred by one off macroeconomic events in the first quarter, such as the Arab Spring and the Japanese tsunami, and market related events in the third quarter including an increasingly untenable sovereign debt situation in Europe and the downgrade of U. As a result, emerging market equities underperformed developed market equities after several years of outperformance.

In fact, it was just the second time that emerging markets had underperformed developed markets over the course of the past 10 years. At the country level, there were only a handful of positive performers for the year with several countries in Asia, most notably Indonesia and Malaysia, leading the way.

On the downside, the Indian market dropped On a sector basis, only the defensive minded consumer staples sector added positive performance for the year and modest positive performance at that 0. The worst performing sectors, not surprisingly, were those most closely tied to global growth prospects including industrials The Fund underperformed its benchmark for the year primarily driven by stock selection weakness within the consumer discretionary and materials sectors.

At the country level, the Fund was able to add value via both solid stock selection from its holdings in South Korea and by virtue of its overweight to that same market, as South Korea was an outperforming market during Managers Emerging Markets Equity Fund 2,3. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Unlike the Fund, the Index is unmanaged, is not available for investment, and does not incur expenses. Hyundai Motor Co. Industrial and Commercial Bank of China, Ltd. China Mobile, Ltd. China Construction Bank Corp. America Movil, S. Czech Republic. Belle International Holdings, Ltd. Cheil Communications, Inc. Dongfeng Motor Group Co. Far Eastern Department Stores, Ltd.

The role of the liquidators is to undertake the orderly wind up of LM.

Crveni kupus kao univerzalni indikator forex Morgan Stanley Capital Group, Inc. Trinity Rail Leasing, L. National Australia Bank, Ltd. Corus Entertainment, Inc. In fact, it was just the second time that emerging markets had underperformed developed markets over the course of the past 10 years. Address of principal executive offices Zip code.
Lm investment management trilogy rio Ongoing status of schemes and additional information ASIC has been and will continue to liaise with the external administrators and monitor the current status of the managed investment schemes LM operated. Kinross Gold Corp. Gilt Bonds. The worst performing sectors, not surprisingly, were those most closely tied to global growth prospects including industrials Table of Contents Letter to Shareholders.
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Ag mortgage investment trust preferred stocks Investment Company Act file number: Tata Steel, Ltd. The Fund employs multiple subadvisors who specialize in distinct investment approaches. China Shenhua Energy Co. Trinity Rail Leasing, L.

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Bondholders are now alleging that PwC, who did accounting work on the prospectus, failed to adequately consider changes to accounting standards that meant the company's assets, liabilities and expected losses would be measured differently from July The action was launched in August in the Federal Court. The firm was added to the class action in March over its audit of Vocation.

Deloitte previously made the same arguments regarding privilege to the Federal Court in the Hastie case, and is awaiting a judgment from the Full Federal Court on whether the protection extends to the entire partnership. The Federal Court's Justice John Middleton originally put off making a decision on the claim until the Full Court handed down its decision in the Hastie case. The class action is part of a complicated number of claims and counter claims that are ongoing over the collapse of the company.

PwC partner Stephen Bourke, the lead auditor for Vocation's report, saw his audit registration cancelled in late He has retired as an auditor but remains at the firm as a partner. The matter is before the Federal Court. PwC is facing a Federal Court action from the Australian Taxation Office over its work for meat producer JBS in a battle over documents the two firms are refusing to hand over because of lawyer-client confidentiality.

The legal action represents an escalation of the ATO's ongoing battle with PwC and other professional services firms over the scope of the privilege, which has traditionally been restricted to documents prepared in contemplation of litigation.

Deloitte succeeded in a bid to strike out a number of claims made by two shareholder class actions alleging the big four consulting firm's accounting work on failed retailer Dick Smith was negligent. The two class actions dropped their cross-claims against Deloitte and other parties in November, The four claims are scheduled to be heard together in The defendants in each of the four proceedings also filed cross-claims against Deloitte.

KPMG has settled a class action with Discovery Metals shareholders over allegations the firm's advisory arm provided an independent expert report that contained misleading advice to the board of the failed junior miner. KPMG denied the allegations and agreed to the settlement "without any admission of liability".

KPMG settled in mid two long-running cases in the Federal Court against the firm over its auditing of the collapsed fund manager Equititrust. All of the settlement amount would go to the case funder, International Litigation Partners. The settlement meant that a cross-claim against Deloitte in the class action was dismissed, although the proportion of the settlement paid by the big four firm is unknown.

A cross-claim against Grant Thornton was also dismissed, as was a separate cross-claim filed by the firm against Ashley Services. Investors in failed debenture issuer Provident Capital brought a class action against Australian Executor Trustees, the fund's trustee, and its auditors PwC and HLB Mann Judd in , after 3, investors lost money in its collapse.

Plaintiff law firm Slater and Gordon, who brought the action, said these were "mum and dad investors". Deloitte faced two proceedings in relation to its audit of the failed Tamaya Resources , one from liquidators on behalf of the company and one from investors through a class action. Deloitte settled the class action in without admissions.

The firm said it did so "on a commercial basis". Listed real estate group GDI Investment Management accused KPMG 's property consulting arm of giving misleading advice in a due diligence report about an investment in a commercial building in Townsville. GDI alleged the report contained untrue and misleading findings that the lifts within the building had been upgraded in when they had not been improved since their installation in Allco became insolvent, with receivers appointed in November KPMG auditor Christopher Whittingham agreed to an enforceable undertaking to not act as an auditor for nine months.

The fund had invested in real estate during the boom of and KPMG had audited its compliance plan. The case was funded by IMF Bentham. Trilogy Funds Management , in its capacity of responsible entity of the failed Pacific First Mortgage Fund , sued KPMG in relation to its role as the compliance plan auditor of the fund.

Investors brought a case against failed renewable energy company CBD Energy , its officers, and its auditor PwC over an audit opinion. A US judge found that the opinion did not violate securities law because the auditor genuinely believed the information to be correct at the time.

It was struck out by the court on PwC's application. Various proceedings were brought against PwC and Deloitte. The former firm settled the matter. The big four firm was the fund's compliance plan auditor. Just eight months before Octavier's collapse, KPMG said its financial statements provided a "true and fair view of the company's … financial position as at June 3, ".

There were related proceedings brought against the directors and for relevant purposes the Court held that service of the claim was ineffective. The matter was resolved in PwC privately settled the claims levelled against it for an undisclosed amount. KPMG faced litigation following the collapse of electronic payments company, and the firm's audit client, Bill Express. KPMG ultimately settled the matter. The administrators had claimed the firm was negligent in the way it accounted for the gold and dollar hedging contracts at Sons of Gwalia, while former directors of the miner were accused of having insufficient internal controls.

EY said the payment was a commercial decision and not an admission of liability. Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement. Companies Professional Services Accounting Print article. Edmund Tadros and Hannah Wootton. Updated Sep 16, — ASIC was also concerned, after Mr Park and Ms Muller had recommended strongly against the changing of the responsible entity, that the outcome of the meeting which was held on 13 June would be largely pointless and not in the broader interests of unitholders.

My view is that they have preferred their own commercial interests to the interests of the fund. This is demonstrated in the conduct It extends to the point where both administrators have sworn to matters which they either conceded were wrong on cross-examination In a winding-up where conflicts may well arise, and may involve questions of some complexity, I feel no assurance that the current administration would act properly in the interests of members of the fund in identifying those issues or dealing with them.

In my view, that makes it necessary that someone independent have charge of winding-up FMIF The appeal is currently scheduled to be heard on 28 November

XLT FOREX TRADING COURSE REVIEW

The Notice to the Members of the LM First Mortgage Income Fund Receiver Appointed with respect to that application together with a copy of the application and supporting material can be found below. The hearing for the remuneration application of the Court Appointed Receiver took place on 2 July A copy of the order made on 15 October is available below:. The exemption applies during the period ending on 16 March A notice explaining the instrument of relief and a copy of the instrument can be found below.

The Notice to the Members of the LM First Mortgage Income Fund Receiver Appointed in relation to the application together with a copy of the application and supporting material can be found below. Further documents filed in the proceedings will be uploaded to this website as and when they become available. A copy of the Court Order and Judgement is available below.

On 20 December the Queensland Supreme Court made orders in relation to the costs of these proceedings. Shimizu Corp. Siemens AG Germany. Sumitomo Electric Industries, Ltd. Tostem Inax Holding Corp. Yamato Transport Co. Total Industrials. Information Technology - 6.

Advanced Semiconductor Engineering, Inc. AU Optronics Corp. Check Point Software Technologies, Ltd. Companhia Brasileira de Meios de Pagamentos Brazil. Fujitsu, Ltd. Gemalto N. Infosys Technologies, Ltd. LG Display Co. Redecard, S. Samsung Electronics Co.

Taiwan Semiconductor Manufacturing Co. Total Information Technology. Materials - Air Liquide SA France. Barrick Gold Corp. Gold Fields, Ltd. Goldcorp, Inc. Impala Platinum Holdings, Ltd. Incitec Pivot, Ltd. JFE Holdings, Inc. Kinross Gold Corp. Koninklijke DSM N. Newcrest Mining, Ltd. Taiwan Fertilizer Co. ThyssenKrupp AG Germany. Toray Industries, Inc. Vale, S. Xstrata PLC Switzerland.

Yamana Gold, Inc. Total Materials. Telecommunication Services - 5. Bharti Tele-Ventures, Ltd. Telecom Italia S. Tim Participacoes, S. Total Telecommunication Services. Utilities - 2. ON AG Germany. Eletricidade de Portugal, S. Hong Kong and China Gas Co. Total Utilities. Exchange Traded Funds - 1. Short-Term Investments - 6. Total Investments - Other Assets, less Liabilities - 3.

Net Assets - The Fund may invest in companies of any size. The Fund employs multiple subadvisors who specialize in distinct investment approaches. Fund management strives to achieve its performance and diversification objectives while ensuring that the Fund operates within the framework of its investment objective and principal investment strategies.

Rexiter Capital Management Limited. Investment decisions are based on fundamental analysis of countries and stocks. Portfolio management is controlled by a disciplined process that seeks to add to returns through the exploitation of market inefficiency while constraining risk. Schroder Investment Management Limited. This value can be extracted through both country and stock selection.

Schroders uses a time-tested quantitative model to aid in their country selection process, and seeks to add value equally over time from both country and stock selection. Schroders further believes that applying a systematic, disciplined approach along with a strong team culture increases the ability to add value. Schroders believes that equal attention should be given to managing both return and risk.

The Fund returned Emerging market equities had a difficult amid the global volatility and uncertainty spurred by one off macroeconomic events in the first quarter, such as the Arab Spring and the Japanese tsunami, and market related events in the third quarter including an increasingly untenable sovereign debt situation in Europe and the downgrade of U. As a result, emerging market equities underperformed developed market equities after several years of outperformance.

In fact, it was just the second time that emerging markets had underperformed developed markets over the course of the past 10 years. At the country level, there were only a handful of positive performers for the year with several countries in Asia, most notably Indonesia and Malaysia, leading the way. On the downside, the Indian market dropped On a sector basis, only the defensive minded consumer staples sector added positive performance for the year and modest positive performance at that 0.

The worst performing sectors, not surprisingly, were those most closely tied to global growth prospects including industrials The Fund underperformed its benchmark for the year primarily driven by stock selection weakness within the consumer discretionary and materials sectors. At the country level, the Fund was able to add value via both solid stock selection from its holdings in South Korea and by virtue of its overweight to that same market, as South Korea was an outperforming market during Managers Emerging Markets Equity Fund 2,3.

The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Unlike the Fund, the Index is unmanaged, is not available for investment, and does not incur expenses. Hyundai Motor Co. Industrial and Commercial Bank of China, Ltd. China Mobile, Ltd. China Construction Bank Corp. America Movil, S. Czech Republic. Belle International Holdings, Ltd. Cheil Communications, Inc. Dongfeng Motor Group Co. Far Eastern Department Stores, Ltd. Foschini, Ltd. Genting Malaysia Berhad Malaysia. Hero Honda Motors, Ltd. Hyundai Mobis Co. Imperial Holdings, Ltd.

Kia Motors Corp. Kroton Educacional, S. Lojas Renner, S. Mr Price Group, Ltd. Naspers, Ltd. PDG Realty S. Empreendimentos e Participacoes Brazil. Consumer Staples - 6. China Mengniu Dairy Co. E-Mart Co. Grupo Bimbo, S. Hengan International Group Co. Olam International, Inc. Shinsegae Co. Wal-Mart de Mexico S. China Petroleum and Chemical Corp. Reliance Industries, Ltd. Rosneft Oil Co.

Sasol, Ltd. SK Energy Co. Tupras Turkiye Petrol Rafine Turkey. Ultrapar Participacoes, S. Ayala Land, Inc. Banco Bradesco, S. BR Malls Participacoes, S. BR Properties, S. Bumiputra-Commerce Holdings Berhad Malaysia. China Pacific Insurance Group Co. Commercial International Bank Egypt. Credicorp, Ltd. FirstRand, Ltd. Grupo Financiero Banorte, S. Grupo Financiero Galicia, S.

Infrastructure Development Finance Co. Ping An Insurance Group Co. PT Bank Mandiri Indonesia. Public Bank Berhad Malaysia. Shinhan Financial Group Co. Turkiye Garanti Bankasi A. Turkiye Halk Bankasi A. Warsaw Stock Exchange Poland. Health Care - 0. ADR India. Industrials - 5. China Shipping Development Co. Companhia de Concessoes Rodoviarias Brazil. Copa Holdings, S. Enka Insaat ve Sanayi A. Hyundai Heavy Industries Co.

Industries Qatar Q. Iochpe-Maxion, S. Samsung Heavy Industries Co. Sime Darby Berhad Malaysia. SM Investments Corp. Weichai Power Co. Information Technology - Asustek Computer, Inc. Daum Communications Corp. Hon Hai Precision Industry Co. Hynix Semiconductor, Inc. Largan Precision Co.

Lenovo Group, Ltd. Ru Group, Ltd. MediaTek, Inc. NCSoft Corp. Siliconware Precision Industries Co. Simplo Technology Co. Tencent Holdings, Ltd. WPG Holdings, Ltd. Yandex, N. ZTE Corp. AngloGold Ashanti, Ltd. Anhui Conch Cement Co. Gerdau, S. Grupo Mexico, S. KG Chemical Co. Mongolian Mining Corp. Nan Ya Plastics Corp. Raspadskaya Russia. Taiwan Cement Corp.

Tata Steel, Ltd. Ternium, S. Uralkaliy OAO Russia. Axiata Group Berhad Malaysia. Chunghwa Telecom Co. MTN Group, Ltd. Taiwan Mobile Co. Telekomunikacja Polksa SA Poland. Turk Telekomunikasyon A. Utilities - 1. China Resources Power Holdings Co. Rights - 0. Warrants - 0. Other Investment Companies - 4. Other Assets, less Liabilities - 2. Managers Global Bond Fund returned 3. At the beginning of , a low interest rate environment continued to reinforce the reach for yield at a time when economic conditions were slowly improving.

Despite negative headline risk out of Japan, the Middle East and the northern Africa region, ongoing European sovereign issues, rising concerns of a Chinese economic slowdown, and ratings downgrades in peripheral corporate names, global bond market returns mostly held in positive territory with a notable exception being European High Yield. The seemingly endless buildup of stress on the European banking system and global financial markets increased the downside risk of global growth and led to increased market volatility during the summer months and early fall.

Continued market volatility from a lack of resolution regarding the European debt crisis impacted riskier assets, particularly high yield and emerging market bonds. Downgrade fears within Europe and continued bickering in Washington around two key items with growth implications for payroll taxes and unemployment benefits kept pressure on markets during the remainder of the year.

During the fourth quarter, some optimism returned with better than expected economic releases in the U. On a security selection basis, the Fund also lagged through its selections in U. Banking and U. Furthermore, underperformance can be attributed to a lower-quality bias in investment grade security selection as well as off-benchmark high yield securities.

As measured by Barclays Capital Indices, government bonds outperformed investment-grade and high yield corporate bonds during Markets took a year-end holiday from the Euro-zone crisis, after digesting the December Summit and the arguably more important European Central Bank ECB decision to offer three-year repo in huge size to European banks. This LTRO long-term refinancing operation arguably gives banks enough liquidity to at least slow their balance sheet shrinkage.

We believe that massive deleverage by Euro-zone banks was a key driver of wider spreads in the second half of However, liquidity is not equity, and realized losses on Greek paper this quarter may lead to renewed pressures on banks and risk appetite. For , we expect the U. Economic data has been improving in recent months, and we find more reasons to be positive than negative on the outlook a likely bottom in housing starts, the shale gas boom, better auto sales.

In Europe, we expect recession, with the ECB providing just enough liquidity to avoid a collapse. We remain underweight the Euro. In Asia, we have grown more cautious, and have reduced some currency positions. Reviewing sector positioning, we are less negative on U.

We see little long-term value in lending money to the U. Government for ten years at 2. This is our medium term U. Quality yield is scarce worldwide and is expected to remain so, as Europe has elected a fiscal contraction solution to its policy dilemmas. We see Europe following a Japan-type path, where fiscal contraction will be employed to deflate domestic demand to a point where Europe as a bloc is in current account surplus, and hence can be self-financing.

Ireland is in current account surplus, and Spain may be just getting there. Despite the recent weakness of the Euro, and very one-sided short technical trading positions among currency traders, we still see good reason to retain our underweight to the Euro-zone. Performance for periods longer than one year is the average annual return.

Managers Global Bond Fund 2,3,4,5,6. Returns for periods greater than one year are annualized. An increase in interest rates typically causes the value of bonds and other fixed-income securities to fall. The three major components of this index are the U. Unlike the Fund, the Barclays Capital Global Aggregate Bond Index is unmanaged, is not available for investment, and does not incur fees.

Foreign Government Obligations. Corporate Bonds. Government Obligations. Asset-Backed Securities. Mortgage Backed Securities. Municipal Bonds. Not Rated. Japan Government, Bonds, Series , 1. Japan Government Notes, Series 84, 0. Mexican Fixed Rate Bonds, 8. Norway Government Bonds, 4. Canada Government Notes, 3. Singapore Government Notes, 1. Italian Treasury Bonds, 4. Japan Government Bonds, Series , 2.

United States Treasury Notes, 1. Asset-Backed Securities - 3. Hyundai Capital Auto Funding, Ltd. Trinity Rail Leasing, L. Corporate Bonds and Notes - Allianz Finance II, B. AXA SA, 7. Bank of America Corp. Barclays Bank PLC, 6.

Citigroup, Inc. Dolphin Subsidiary II, Inc. Ford Motor Credit Co. LLC, 7. GMAC, Inc. Goldman Sachs Group, Inc. KfW Bankengruppe, 2. Morgan Stanley,. EMTN, 5. SLM Corp. Societe Generale SA, 5. Videotron, Ltee. Westpac Banking Corp.

White Mountains Insurance Group, Ltd. EMTN, 4. Industrials - Alstom SA, 4. Asciano Finance, Ltd. Avnet, Inc. Axtel S. Bell Aliant Regional Communications, 5. Bell Canada,. British Telecommunications PLC, 5. Cameron International Corp. Citizens Communications Co. Corus Entertainment, Inc. Delta Air Lines, Inc. Desarrolladora Homex, S. Deutsche Telekom International Finance, B. Dish DBS Corp. DP World, Ltd. Edcon Proprietary Ltd. Fibria Overseas Finance, Ltd. Finmeccanica SpA, 4.

HCA, Inc. Hyatt Hotels Corp. International Paper Co. Koninklijke KPN, N. Nabors Industries, Inc. Nextel Communications, Inc. NII Capital Corp. Owens-Illinois, Inc. Qwest Corp. Reynolds Group Issuer, Inc. Rowan Companies, Inc. Telecom Italia Capital S. Telefonica Emisiones, S. Transport De Gas Del Sur, 7.

Valeant Pharmaceuticals International, Inc. Voto-Votorantim, Ltd. Utilities - 3. Centrais Eletricas Brasileiras, S. EDP Finance, B. EMTN, 8. Iberdrola Finance Ireland, Ltd. Foreign Government Obligations - Bundesrepublik Deutschland Bonds, 4.

Canadian Government Notes, 3. Eksportfinans ASA, 2. European Investment Bank,. Bonds, 2. Notes, 5. Inter-American Development Bank Notes, 6. Italian Treasury,.