It was all done in the name of innovation, and any regulatory initiative was fought away with claims that it would suppress that innovation. Due to extraordinary central bank policy intervention and investor risk aversion, U. Some have contributes hundreds of millions of dollars to push Congress to cut Social Security, Medicare and Medicaid — while providing tax breaks for corporations and the wealthy.
We started planning the introduction of a completely new set of best in breed tools four years ago, and expect to complete that effort in We remind ourselves daily that what we do affects real people: Many thanks to our client Boards, the Province of Alberta and the many individuals who work alongside our team to support us in meeting our objectives.
It is my good fortune to lead a team of highly motivated yet down-to-earth professionals. I want to thank the entire AIMCo team for always working to push the boundaries of the possible, and for what that allowed us to accomplish for our clients last year.
Alberta has a can-do spirit, great career possibilities, and excellent access to quality education and healthcare. The global market for talent is exceptionally competitive, and AIMCo continues to source top talent from within Alberta, and around the world. The diversity of our employees is rivaled only by the diversification of our investments. Our team brings relevant experience from multiple disciplines with experience in established and emerging markets.
We align our Core Values in day-to-day decision making, knowing that a meaningful organizational culture will enable us to attract and retain top quartile talent. This all translates into a high performing workplace, with solid business results. Departing Eastern Canada for life on the prairies, Justin brought considerable expertise and a growing family to Alberta where he keeps his eye on global market movements to execute trades and formulate investment strategies for our clients.
We work hard to be a valued service provider and a trusted advisor, and to better understand the unique needs of our pension, endowment and government funds. AIMCo earned a total fund net return of The net return was In , we achieved more than double our active return target.
The easiest return we can earn for our clients is the dollar that we do not spend. According to the latest CEM Benchmarking survey, AIMCo continues to be a low-cost manager compared to peers with similar asset mix and implementation style, a clear advantage for our clients. However, total operating costs have increased over the last four years. Global markets have shown tremendous volatility over the past four years. We suspect that the next few years will not be different, so we try to anticipate where opportunity will be next.
Given current global economic conditions, corporate profitability, and relative asset class valuations, our long-term investment outlook favors equities over the next decade.
Moderate but stable economic growth, low inflation, expanding credit, housing recovery, re-stocking of inventories, and overall earnings growth are the key drivers for our preference for equities. The better we collectively understand how risks affect our portfolios, the more we can turn our analytical resources toward improving long-term return. We believe we can make a difference to the companies we partner with, and the communities we serve. We also continue to build and refine our own organization, strengthening our systems and operational capacity under the governance of a strong and independent Board of Directors.
We integrate consideration of environmental, social, governance ESG factors into each investment decision. AIMCo enhances shareholder value by exercising proxy voting rights. AIMCo is an engaged member of the RI community, and is a signatory to a number of responsible investment initiatives.
True to our aim to be an organization in which all Albertans can take pride, AIMCo is attentive of our responsibility to the community and our role as a corporate citizen. AIMCo is a Crown corporation of the Province of Alberta and is committed to the highest standards of corporate governance. AIMCo is committed to a culture of integrity and accountability in the pursuit of its goals.
The Board of Directors has established five standing committees, which assist the Board in discharging its responsibilities:. All our services are provided on a fee-only basis which means our compensation is a percentage of the assets under management. We understand that clients are entrusting us with their life savings and take that responsibility seriously.
We take our fiduciary responsibility seriously. We manage your portfolio in line with your unique needs, goals, and risk tolerance and have multiple people continually reviewing different aspects of your accounts. In addition, our Investment Committee monitors the market and your investments, managing opportunities and risks in a constantly evolving world. We will develop a portfolio appropriate for your situation that positions your assets to meet your unique needs and goals.
We apply the same personalized approach to our institutional clients as we do to our individual clients. We focus on your investments so you can focus on your mission. Prior to that it was able to obtain practically next-to-zero haircuts as its trades were considered safe by its lenders. This was likely due to LTCM's clout and the fact that no counterparty had a total picture of the extent of its complex and highly leveraged operations. When used in the context of exchange traded products such as stocks , options , or futures , haircut is used interchangeably with the term margin.
It is the amount of capital required by a broker to maintain the positions currently in a trading account.
If haircut exceeds the account's capital, the broker can either require additional capital e. During the Eurozone crisis , and particularly in the context of the Greek financial crisis , the term "haircut" acquired more specifically the meaning of state-debt holders receiving less than par.
The haircut agreed to by Greek-state debt holders was deemed "voluntary" by the banks ' chief negotiator Charles Dallara , although, in order to convince domestic bond holders, the Greek government Greece "made it clear that holdouts would not receive a sweeter deal," while it also declared that if the haircut was not completed, the Greek state would not be able to "further service its debt.
From Wikipedia, the free encyclopedia. The New York Times. Retrieved 3 July Greece's debt jargon explained". Fundamentals of Financial Management. An Analysis of Greek Government Debt". International Research Journal of Applied Finance.
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