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CMA Five-Year Outlook | 2019

Building Smart Portfolios

Our forward-looking, historically aware investment approach powers a breadth of capabilities and solutions — spanning a full spectrum of asset class strategies and investment styles — to meet a variety of portfolio needs.

Innovative Investment Products

We offer investment solutions and asset allocation informed by deep capital markets analysis.

Our comprehensive asset class offering includes a full suite of traditional index, quantitative strategies using factors, fundamental active strategies and multi-asset class solutions, available in a variety of investment vehicles.

Fixed Income

A comprehensive suite of fixed income solutions, focused on preservation of capital and income, for taxable and tax-exempt investors.

Fixed Income Solutions to Fit Your Needs

Spanning the fixed income spectrum, we offer an efficient mix of risk asset portfolios and risk-control asset portfolios based on risk tolerance.

Graph showing risk verses return

Starting on the left side bottom of the graph continuing to the right go the top side of the graph

  • Cash management low risk low return

    High quality securities structured to preserve principle, generate income and provide daily liquidity.

  • Ultra Short more risk more return

    Total Return Portfolio invested in high quality instruments overnight to five years.

  • core/core plus medium risk medium return

    Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

  • High yield High risk high return

    Total Return Portfolio focusing on high yield bonds.

CASH MANAGEMEN T ULTRA SHOR T CORE / CORE PLU S HIGH YIEL D Risk Return (%)

Cash Management

High quality securities structured to preserve principle, generate income and provide daily liquidity.

Ultra Short

Total Return Portfolio invested in high quality instruments overnight to five years.

Core / Core Plus

Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

High Yield

Total Return Portfolio focusing on high yield bonds.

Our Advantage

  • 1

    Experience

    More than 40 years experience managing high-quality, well-diversified portfolios.

  • 2

    Comprehensive Process

    Our investment process integrates proprietary research, strategy, and portfolio management to uncover relative value in the marketplace.

  • 3

    Range of Solutions

    Spanning the spectrum of fixed income and using multiple investment vehicles and currencies.

Our fixed income strategies invest in government and corporate debt securities, either seeking to track or outperform an index. Fixed income investing is subject to: interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and credit risk: the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

Open Disclosures Hide Disclosures

Fixed Income Products

Fixed Income

A comprehensive suite of fixed income solutions, focused on preservation of capital and income, for taxable and tax-exempt investors.

Fixed Income Solutions to Fit Your Needs

Spanning the fixed income spectrum, we offer an efficient mix of risk asset portfolios and risk-control asset portfolios based on risk tolerance.

Graph showing risk verses return

Starting on the left side bottom of the graph continuing to the right go the top side of the graph

  • Cash management low risk low return

    High quality securities structured to preserve principle, generate income and provide daily liquidity.

  • Ultra Short more risk more return

    Total Return Portfolio invested in high quality instruments overnight to five years.

  • core/core plus medium risk medium return

    Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

  • High yield High risk high return

    Total Return Portfolio focusing on high yield bonds.

CASH MANAGEMEN T ULTRA SHOR T CORE / CORE PLU S HIGH YIEL D Risk Return (%)

Cash Management

High quality securities structured to preserve principle, generate income and provide daily liquidity.

Ultra Short

Total Return Portfolio invested in high quality instruments overnight to five years.

Core / Core Plus

Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

High Yield

Total Return Portfolio focusing on high yield bonds.

Our Advantage

  • 1

    Experience

    More than 40 years experience managing high-quality, well-diversified portfolios.

  • 2

    Comprehensive Process

    Our investment process integrates proprietary research, strategy, and portfolio management to uncover relative value in the marketplace.

  • 3

    Range of Solutions

    Spanning the spectrum of fixed income and using multiple investment vehicles and currencies.

Our fixed income strategies invest in government and corporate debt securities, either seeking to track or outperform an index. Fixed income investing is subject to: interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and credit risk: the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

Open Disclosures Hide Disclosures

Fixed Income Products

Fixed Income

A comprehensive suite of fixed income solutions, focused on preservation of capital and income, for taxable and tax-exempt investors.

Fixed Income Solutions to Fit Your Needs

Spanning the fixed income spectrum, we offer an efficient mix of risk asset portfolios and risk-control asset portfolios based on risk tolerance.

Graph showing risk verses return

Starting on the left side bottom of the graph continuing to the right go the top side of the graph

  • Cash management low risk low return

    High quality securities structured to preserve principle, generate income and provide daily liquidity.

  • Ultra Short more risk more return

    Total Return Portfolio invested in high quality instruments overnight to five years.

  • core/core plus medium risk medium return

    Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

  • High yield High risk high return

    Total Return Portfolio focusing on high yield bonds.

CASH MANAGEMEN T ULTRA SHOR T CORE / CORE PLU S HIGH YIEL D Risk Return (%)

Cash Management

High quality securities structured to preserve principle, generate income and provide daily liquidity.

Ultra Short

Total Return Portfolio invested in high quality instruments overnight to five years.

Core / Core Plus

Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

High Yield

Total Return Portfolio focusing on high yield bonds.

Our Advantage

  • 1

    Experience

    More than 40 years experience managing high-quality, well-diversified portfolios.

  • 2

    Comprehensive Process

    Our investment process integrates proprietary research, strategy and portfolio management to uncover relative value in the marketplace.

  • 3

    Range of Solutions

    Spanning the spectrum of fixed income and using multiple investment vehicles and currencies.

Our fixed income strategies invest in government and corporate debt securities, either seeking to track or outperform an index. Fixed income investing is subject to: interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and credit risk: the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

Open Disclosures Hide Disclosures

Fixed Income Products

Fixed Income

A comprehensive suite of fixed income solutions, focused on preservation of capital and income, for taxable and tax-exempt investors.

Fixed Income Solutions to Fit Your Needs

Spanning the fixed income spectrum, we offer an efficient mix of risk asset portfolios and risk-control asset portfolios based on risk tolerance.

Graph showing risk verses return

Starting on the left side bottom of the graph continuing to the right go the top side of the graph

  • Cash management low risk low return

    High quality securities structured to preserve principle, generate income and provide daily liquidity.

  • Ultra Short more risk more return

    Total Return Portfolio invested in high quality instruments overnight to five years.

  • core/core plus medium risk medium return

    Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

  • High yield High risk high return

    Total Return Portfolio focusing on high yield bonds.

CASH MANAGEMEN T ULTRA SHOR T CORE / CORE PLU S HIGH YIEL D Risk Return (%)

Cash Management

High quality securities structured to preserve principle, generate income and provide daily liquidity.

Ultra Short

Total Return Portfolio invested in high quality instruments overnight to five years.

Core / Core Plus

Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

High Yield

Total Return Portfolio focusing on high yield bonds.

Our Advantage

  • 1

    Experience

    More than 40 years experience managing high-quality, well-diversified portfolios.

  • 2

    Comprehensive Process

    Our investment process integrates proprietary research, strategy, and portfolio management to uncover relative value in the marketplace.

  • 3

    Range of Solutions

    Spanning the spectrum of fixed income and using multiple investment vehicles and currencies.

Our fixed income strategies invest in government and corporate debt securities, either seeking to track or outperform an index. Fixed income investing is subject to: interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and credit risk: the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

Open Disclosures Hide Disclosures

Fixed Income Products

Fixed Income

A comprehensive suite of fixed income solutions, focused on preservation of capital and income, for taxable and tax-exempt investors.

Fixed Income Solutions to Fit Your Needs

Spanning the fixed income spectrum, we offer an efficient mix of risk asset portfolios and risk-control asset portfolios based on risk tolerance.

Graph showing risk verses return

Starting on the left side bottom of the graph continuing to the right go the top side of the graph

  • Cash management low risk low return

    High quality securities structured to preserve principle, generate income and provide daily liquidity.

  • Ultra Short more risk more return

    Total Return Portfolio invested in high quality instruments overnight to five years.

  • core/core plus medium risk medium return

    Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

  • High yield High risk high return

    Total Return Portfolio focusing on high yield bonds.

CASH MANAGEMEN T ULTRA SHOR T CORE / CORE PLU S HIGH YIEL D Risk Return (%)

Cash Management

High quality securities structured to preserve principle, generate income and provide daily liquidity.

Ultra Short

Total Return Portfolio invested in high quality instruments overnight to five years.

Core / Core Plus

Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

High Yield

Total Return Portfolio focusing on high yield bonds.

Our Advantage

  • 1

    Experience

    More than 40 years experience managing high-quality, well-diversified portfolios.

  • 2

    Comprehensive Process

    Our investment process integrates proprietary research, strategy, and portfolio management to uncover relative value in the marketplace.

  • 3

    Range of Solutions

    Spanning the spectrum of fixed income and using multiple investment vehicles and currencies.

Our fixed income strategies invest in government and corporate debt securities, either seeking to track or outperform an index. Fixed income investing is subject to: interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and credit risk: the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

Open Disclosures Hide Disclosures

Fixed Income Products

Fixed Income

A comprehensive suite of fixed income solutions, focused on preservation of capital and income, for taxable and tax-exempt investors.

Fixed Income Solutions to Fit Your Needs

Spanning the fixed income spectrum, we offer an efficient mix of risk asset portfolios and risk-control asset portfolios based on risk tolerance.

Graph showing risk verses return

Starting on the left side bottom of the graph continuing to the right go the top side of the graph

  • Cash management low risk low return

    High quality securities structured to preserve principle, generate income and provide daily liquidity.

  • Ultra Short more risk more return

    Total Return Portfolio invested in high quality instruments overnight to five years.

  • core/core plus medium risk medium return

    Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

  • High yield High risk high return

    Total Return Portfolio focusing on high yield bonds.

CASH MANAGEMEN T ULTRA SHOR T CORE / CORE PLU S HIGH YIEL D Risk Return (%)

Cash Management

High quality securities structured to preserve principle, generate income and provide daily liquidity.

Ultra Short

Total Return Portfolio invested in high quality instruments overnight to five years.

Core / Core Plus

Total Return Portfolio focusing on sector allocation, security selection and duration/yield curve management.

High Yield

Total Return Portfolio focusing on high yield bonds.

Our Advantage

  • 1

    Experience

    More than 40 years experience managing high-quality, well-diversified portfolios.

  • 2

    Comprehensive Process

    Our investment process integrates proprietary research, strategy and portfolio management to uncover relative value in the marketplace.

  • 3

    Range of Solutions

    Spanning the spectrum of fixed income and using multiple investment vehicles and currencies.

Our fixed income strategies invest in government and corporate debt securities, either seeking to track or outperform an index. Fixed income investing is subject to: interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and credit risk: the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

Open Disclosures Hide Disclosures

Fixed Income Products

Liquidity Solutions

Liquidity solutions manage cash along the liquidity spectrum of investor needs — from operational to reserve to longer-term, strategic uses of cash. Our deep global expertise in rates, credit and risk management — together with our global scale — can help clients navigate changing economic landscapes.

AN EFFECTIVE STRATEGY FOR ANY LIQUIDITY PROFILE

Changes in global liquidity markets require investors to adopt a more strategic and focused approach to liquidity management. With maturities from one day to 18 months, our solutions seek to maximize returns across the liquidity spectrum.

Operational

(1 to 30-day maturities)

  • Day-to-day spending needs
  • High Liquidity, invested conservatively
Product Type

Money Market Fund

Reserve

(1 to 90-day maturities)

  • Intermediate or uncertain spending needs
  • Slightly reduced liquidity
Product Type

Money Market Fund, Custom Strategy

Strategic

(6 to 8-month maturities)

  • Long-term spending needs
  • Reduced liquidity
  • Seeks highest possible yield while preserving principle
Product Type

Ultra-short, Custom Strategy

Our Advantage

  • 1

    PRESERVING CAPITAL

    Comprehensive risk controls and an extensive credit review process are fundamental in implementation of our investment strategy.

  • 2

    MANAGING LIQUIDITY

    Size and scale coupled with sophisticated technology allow for the precise management of flows and participant daily liquidity needs.

  • 3

    MAXIMIZING YIELD

    Fundamental research and relative value analysis seek to identify highest return potential securities while actively maintaining necessary daily liquidity.

Our cash management strategies invest in short-term government and corporate debt instruments. (Bonds and money market instruments) While generally subject to lower levels of risk than investing in equities or longer term debt, the strategies are not risk free. Risks include credit risk: that the lender may default; and liquidity risk: that it may be difficult to value or sell at the desired time or price.

Open Disclosures Hide Disclosures

Liquidity Solutions Products

Liquidity Solutions

Liquidity solutions manage cash along the liquidity spectrum of investor needs — from operational to reserve to longer-term, strategic uses of cash. Our deep global expertise in rates, credit and risk management — together with our global scale — can help clients navigate changing economic landscapes.

AN EFFECTIVE STRATEGY FOR ANY LIQUIDITY PROFILE

Changes in global liquidity markets require investors to adopt a more strategic and focused approach to liquidity management. With maturities from one day to 18 months, our solutions seek to maximize returns across the liquidity spectrum.

Operational

(1 to 30-day maturities)

  • Day-to-day spending needs
  • High Liquidity, invested conservatively
Product Type

Money Market Fund

Reserve

(1 to 90-day maturities)

  • Intermediate or uncertain spending needs
  • Slightly reduced liquidity
Product Type

Money Market Fund, Custom Strategy

Strategic

(6 to 8-month maturities)

  • Long-term spending needs
  • Reduced liquidity
  • Seeks highest possible yield while preserving principle
Product Type

Ultra-short, Custom Strategy

Our Advantage

  • 1

    PRESERVING CAPITAL

    Comprehensive risk controls and an extensive credit review process are fundamental in implementation of our investment strategy.

  • 2

    MANAGING LIQUIDITY

    Size and scale coupled with sophisticated technology allow for the precise management of flows and participant daily liquidity needs.

  • 3

    MAXIMIZING YIELD

    Fundamental research and relative value analysis seek to identify highest return potential securities while actively maintaining necessary daily liquidity.

Our cash management strategies invest in short-term government and corporate debt instruments. (Bonds and money market instruments) While generally subject to lower levels of risk than investing in equities or longer term debt, the strategies are not risk free. Risks include credit risk: that the lender may default; and liquidity risk: that it may be difficult to value or sell at the desired time or price.

Open Disclosures Hide Disclosures

Liquidity Solutions Products

Liquidity Solutions

Liquidity solutions manage cash along the liquidity spectrum of investor needs — from operational to reserve to longer-term, strategic uses of cash. Our deep global expertise in rates, credit and risk management — together with our global scale — can help clients navigate changing economic landscapes.

AN EFFECTIVE STRATEGY FOR ANY LIQUIDITY PROFILE

Changes in global liquidity markets require investors to adopt a more strategic and focused approach to liquidity management. With maturities from one day to 18 months, our solutions seek to maximize returns across the liquidity spectrum.

Operational

(1 to 30-day maturities)

  • Day-to-day spending needs
  • High Liquidity, invested conservatively
Product Type

Money Market Fund

Reserve

(1 to 90-day maturities)

  • Intermediate or uncertain spending needs
  • Slightly reduced liquidity
Product Type

Money Market Fund, Custom Strategy

Strategic

(6 to 8-month maturities)

  • Long-term spending needs
  • Reduced liquidity
  • Seeks highest possible yield while preserving principle
Product Type

Ultra-short, Custom Strategy

Our Advantage

  • 1

    PRESERVING CAPITAL

    Comprehensive risk controls and an extensive credit review process are fundamental in implementation of our investment strategy.

  • 2

    MANAGING LIQUIDITY

    Size and scale coupled with sophisticated technology allow for the precise management of flows and participant daily liquidity needs.

  • 3

    MAXIMIZING YIELD

    Fundamental research and relative value analysis seek to identify highest return potential securities while actively maintaining necessary daily liquidity.

Our cash management strategies invest in short-term government and corporate debt instruments. (Bonds and money market instruments) While generally subject to lower levels of risk than investing in equities or longer term debt, the strategies are not risk free. Risks include credit risk: that the lender may default; and liquidity risk: that it may be difficult to value or sell at the desired time or price.

Open Disclosures Hide Disclosures

Liquidity Solutions Products

Liquidity Solutions

Liquidity solutions manage cash along the liquidity spectrum of investor needs — from operational to reserve to longer-term, strategic uses of cash. Our deep global expertise in rates, credit and risk management — together with our global scale — can help clients navigate changing economic landscapes.

AN EFFECTIVE STRATEGY FOR ANY LIQUIDITY PROFILE

Changes in global liquidity markets require investors to adopt a more strategic and focused approach to liquidity management. With maturities from one day to 18 months, our solutions seek to maximize returns across the liquidity spectrum.

Operational

(1 to 30-day maturities)

  • Day-to-day spending needs
  • High Liquidity, invested conservatively
Product Type

Money Market Fund

Reserve

(1 to 90-day maturities)

  • Intermediate or uncertain spending needs
  • Slightly reduced liquidity
Product Type

Money Market Fund, Custom Strategy

Strategic

(6 to 8-month maturities)

  • Long-term spending needs
  • Reduced liquidity
  • Seeks highest possible yield while preserving principle
Product Type

Ultra-short, Custom Strategy

Our Advantage

  • 1

    PRESERVING CAPITAL

    Comprehensive risk controls and an extensive credit review process are fundamental in implementation of our investment strategy.

  • 2

    MANAGING LIQUIDITY

    Size and scale coupled with sophisticated technology allow for the precise management of flows and participant daily liquidity needs.

  • 3

    MAXIMIZING YIELD

    Fundamental research and relative value analysis seek to identify highest return potential securities while actively maintaining necessary daily liquidity.

Our cash management strategies invest in short-term government and corporate debt instruments. (Bonds and money market instruments) While generally subject to lower levels of risk than investing in equities or longer term debt, the strategies are not risk free. Risks include credit risk: that the lender may default; and liquidity risk: that it may be difficult to value or sell at the desired time or price.

Open Disclosures Hide Disclosures

Liquidity Solutions Products

Liquidity Solutions

Liquidity solutions manage cash along the liquidity spectrum of investor needs — from operational to reserve to longer-term, strategic uses of cash. Our deep global expertise in rates, credit and risk management — together with our global scale — can help clients navigate changing economic landscapes.

AN EFFECTIVE STRATEGY FOR ANY LIQUIDITY PROFILE

Changes in global liquidity markets require investors to adopt a more strategic and focused approach to liquidity management. With maturities from one day to 18 months, our solutions seek to maximize returns across the liquidity spectrum.

Operational

(1 to 30-day maturities)

  • Day-to-day spending needs
  • High Liquidity, invested conservatively
Product Type

Money Market Fund

Reserve

(1 to 90-day maturities)

  • Intermediate or uncertain spending needs
  • Slightly reduced liquidity
Product Type

Money Market Fund, Custom Strategy

Strategic

(6 to 8-month maturities)

  • Long-term spending needs
  • Reduced liquidity
  • Seeks highest possible yield while preserving principle
Product Type

Ultra-short, Custom Strategy

Our Advantage

  • 1

    PRESERVING CAPITAL

    Comprehensive risk controls and an extensive credit review process are fundamental in implementation of our investment strategy.

  • 2

    MANAGING LIQUIDITY

    Size and scale coupled with sophisticated technology allow for the precise management of flows and participant daily liquidity needs.

  • 3

    MAXIMIZING YIELD

    Fundamental research and relative value analysis seek to identify highest return potential securities while actively maintaining necessary daily liquidity.

Our cash management strategies invest in short-term government and corporate debt instruments. (Bonds and money market instruments) While generally subject to lower levels of risk than investing in equities or longer term debt, the strategies are not risk free. Risks include credit risk: that the lender may default; and liquidity risk: that it may be difficult to value or sell at the desired time or price.

Open Disclosures Hide Disclosures

Liquidity Solutions Products

Liquidity Solutions

Liquidity solutions manage cash along the liquidity spectrum of investor needs — from operational to reserve to longer-term, strategic uses of cash. Our deep global expertise in rates, credit and risk management — together with our global scale — can help clients navigate changing economic landscapes.

AN EFFECTIVE STRATEGY FOR ANY LIQUIDITY PROFILE

Changes in global liquidity markets require investors to adopt a more strategic and focused approach to liquidity management. With maturities from one day to 18 months, our solutions seek to maximize returns across the liquidity spectrum.

Operational

(1 to 30-day maturities)

  • Day-to-day spending needs
  • High Liquidity, invested conservatively
Product Type

Money Market Fund

Reserve

(1 to 90-day maturities)

  • Intermediate or uncertain spending needs
  • Slightly reduced liquidity
Product Type

Money Market Fund, Custom Strategy

Strategic

(6 to 8-month maturities)

  • Long-term spending needs
  • Reduced liquidity
  • Seeks highest possible yield while preserving principle
Product Type

Ultra-short, Custom Strategy

Our Advantage

  • 1

    PRESERVING CAPITAL

    Comprehensive risk controls and an extensive credit review process are fundamental in implementation of our investment strategy.

  • 2

    MANAGING LIQUIDITY

    Size and scale coupled with sophisticated technology allow for the precise management of flows and participant daily liquidity needs.

  • 3

    MAXIMIZING YIELD

    Fundamental research and relative value analysis seek to identify highest return potential securities while actively maintaining necessary daily liquidity.

Our cash management strategies invest in short-term government and corporate debt instruments. (Bonds and money market instruments) While generally subject to lower levels of risk than investing in equities or longer term debt, the strategies are not risk free. Risks include credit risk: that the lender may default; and liquidity risk: that it may be difficult to value or sell at the desired time or price.

Open Disclosures Hide Disclosures

Liquidity Solutions

Quantitative Strategies

Quantitative Equity strategies seek to outperform a benchmark by exploiting market anomalies and behavioral biases using proprietary, quantitative models and processes to select securities, construct portfolios, and manage risk in an effort to deliver targeted outcomes.

Our strategies seek to be cost-efficient, perform as designed, take intentional compensated risks, and improve asset allocation through purer factor exposures. We focus on multi-factor portfolio construction using our proprietary definitions for quality, value, volatility, and momentum in an effort to enhance risk-adjusted returns. We focus on six main style factors that historically have provided a return premium and are backed by extensive research and economic rationalization.

STRATEGIES CAN BE TAILORED TO ACHIEVE SPECIFIC OUTCOMES BY INCORPORATING ESG AND TAX-EFFICIENCY PREFERENCES

  • Multi-factor Strategies
  • Sustainable Investing
  • Custom Solutions

Key Equity Factors

Our Advantage

  • 1

    PROPRIETARY, MULTI-DIMENSIONAL FACTOR DEFINITIONS

    Our factor definitions are designed to be multi-dimensional, sector/region neutral and sector/region specific as applied.

  • 2

    MULTI-FACTOR PORTFOLIO CONSTRUCTION

    Our quantitative strategies combine multiple factors for optimal positive factor content while striving to reduce dilution or cancellation effect.

  • 3

    EFFICIENT USE OF RISK

    Strategies designed purposely to take risk intentionally — and avoid unintended consequences.

Quantitative equity strategies target specific factors. These strategies do not seek to replicate the performance of a specified cap-weighted index; also, factors are cyclical in nature. Therefore, it is possible for these strategies to underperform an index.

Multi factor strategies seek diversification across a mix of factors but are subject to concentration risk: Investments within the same industry, region or security type tend to be highly correlated and cyclical in nature; unlike diversified investments, they may experience periods of underperformance/overperformance in tandem.

A ‘quality’ investment strategy, which seeks to invest in companies with high returns, stable earnings, and low financial leverage, is subject to the risk that the past performance of these companies does not continue. ‘Quality’ equity securities may outperform/underperform other securities or the overall stock market from time to time.

Open Disclosures Hide Disclosures

Quantitative Active Equity products

Quantitative Strategies

Quantitative Equity strategies seek to outperform a benchmark by exploiting market anomalies and behavioral biases using proprietary, quantitative models and processes to select securities, construct portfolios, and manage risk in an effort to deliver targeted outcomes.

Our strategies seek to be cost-efficient, perform as designed, take intentional compensated risks, and improve asset allocation through purer factor exposures. We focus on multi-factor portfolio construction using our proprietary definitions for quality, value, volatility, and momentum in an effort to enhance risk-adjusted returns. We focus on six main style factors that historically have provided a return premium and are backed by extensive research and economic rationalization.

STRATEGIES CAN BE TAILORED TO ACHIEVE SPECIFIC OUTCOMES BY INCORPORATING ESG AND TAX-EFFICIENCY PREFERENCES

  • Multi-factor Strategies
  • Sustainable Investing
  • Custom Solutions

Key Equity Factors

Our Advantage

  • 1

    PROPRIETARY, MULTI-DIMENSIONAL FACTOR DEFINITIONS

    Our factor definitions are designed to be multi-dimensional, sector/region neutral and sector/region specific as applied.

  • 2

    MULTI-FACTOR PORTFOLIO CONSTRUCTION

    Our quantitative strategies combine multiple factors for optimal positive factor content while striving to reduce dilution or cancellation effect.

  • 3

    EFFICIENT USE OF RISK

    Strategies designed purposely to take risk intentionally — and avoid unintended consequences.

Quantitative equity strategies target specific factors. These strategies do not seek to replicate the performance of a specified cap-weighted index; also, factors are cyclical in nature. Therefore, it is possible for these strategies to underperform an index.

Multi factor strategies seek diversification across a mix of factors but are subject to concentration risk: Investments within the same industry, region or security type tend to be highly correlated and cyclical in nature; unlike diversified investments, they may experience periods of underperformance/overperformance in tandem.

A ‘quality’ investment strategy, which seeks to invest in companies with high returns, stable earnings, and low financial leverage, is subject to the risk that the past performance of these companies does not continue. ‘Quality’ equity securities may outperform/underperform other securities or the overall stock market from time to time.

Open Disclosures Hide Disclosures

Quantitative Active Equity products

Quantitative Strategies

Quantitative Equity strategies seek to outperform a benchmark by exploiting market anomalies and behavioral biases using proprietary, quantitative models and processes to select securities, construct portfolios, and manage risk in an effort to deliver targeted outcomes.

Our strategies seek to be cost-efficient, perform as designed, take intentional compensated risks, and improve asset allocation through purer factor exposures. We focus on multi-factor portfolio construction using our proprietary definitions for quality, value, volatility, and momentum in an effort to enhance risk-adjusted returns. We focus on six main style factors that historically have provided a return premium and are backed by extensive research and economic rationalization.

STRATEGIES CAN BE TAILORED TO ACHIEVE SPECIFIC OUTCOMES BY INCORPORATING ESG AND TAX-EFFICIENCY PREFERENCES

  • Multi-factor Strategies
  • Sustainable Investing
  • Custom Solutions

Key Equity Factors

Our Advantage

  • 1

    PROPRIETARY, MULTI-DIMENSIONAL FACTOR DEFINITIONS

    Our factor definitions are designed to be multi-dimensional, sector/region neutral and sector/region specific as applied.

  • 2

    MULTI-FACTOR PORTFOLIO CONSTRUCTION

    Our quantitative strategies combine multiple factors for optimal positive factor content while striving to reduce dilution or cancellation effect.

  • 3

    EFFICIENT USE OF RISK

    Strategies designed purposely to take risk intentionally — and avoid unintended consequences.

Quantitative equity strategies target specific factors. These strategies do not seek to replicate the performance of a specified cap-weighted index; also, factors are cyclical in nature. Therefore, it is possible for these strategies to underperform an index.

Multi factor strategies seek diversification across a mix of factors but are subject to concentration risk: Investments within the same industry, region or security type tend to be highly correlated and cyclical in nature; unlike diversified investments, they may experience periods of underperformance/overperformance in tandem.

A ‘quality’ investment strategy, which seeks to invest in companies with high returns, stable earnings, and low financial leverage, is subject to the risk that the past performance of these companies does not continue. ‘Quality’ equity securities may outperform/underperform other securities or the overall stock market from time to time.

Open Disclosures Hide Disclosures

Quantitative Active Equity products

Quantitative Strategies

Quantitative Equity strategies seek to outperform a benchmark by exploiting market anomalies and behavioral biases using proprietary, quantitative models and processes to select securities, construct portfolios, and manage risk in an effort to deliver targeted outcomes.

Our strategies seek to be cost-efficient, perform as designed, take intentional compensated risks, and improve asset allocation through purer factor exposures. We focus on multi-factor portfolio construction using our proprietary definitions for quality, value, volatility, and momentum in an effort to enhance risk-adjusted returns. We focus on six main style factors that historically have provided a return premium and are backed by extensive research and economic rationalization.

STRATEGIES CAN BE TAILORED TO ACHIEVE SPECIFIC OUTCOMES BY INCORPORATING ESG AND TAX-EFFICIENCY PREFERENCES

  • Multi-factor Strategies
  • Sustainable Investing
  • Custom Solutions

Key Equity Factors

Our Advantage

  • 1

    PROPRIETARY, MULTI-DIMENSIONAL FACTOR DEFINITIONS

    Our factor definitions are designed to be multi-dimensional, sector/region neutral and sector/region specific as applied.

  • 2

    MULTI-FACTOR PORTFOLIO CONSTRUCTION

    Our quantitative strategies combine multiple factors for optimal positive factor content while striving to reduce dilution or cancellation effect.

  • 3

    EFFICIENT USE OF RISK

    Strategies designed purposely to take risk intentionally — and avoid unintended consequences.

Quantitative equity strategies target specific factors. These strategies do not seek to replicate the performance of a specified cap-weighted index; also, factors are cyclical in nature. Therefore, it is possible for these strategies to underperform an index.

Multi factor strategies seek diversification across a mix of factors but are subject to concentration risk: Investments within the same industry, region or security type tend to be highly correlated and cyclical in nature; unlike diversified investments, they may experience periods of underperformance/overperformance in tandem.

A ‘quality’ investment strategy, which seeks to invest in companies with high returns, stable earnings, and low financial leverage, is subject to the risk that the past performance of these companies does not continue. ‘Quality’ equity securities may outperform/underperform other securities or the overall stock market from time to time.

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Quantitative Active Equity products

Quantitative Strategies

Quantitative Equity strategies seek to outperform a benchmark by exploiting market anomalies and behavioral biases using proprietary, quantitative models and processes to select securities, construct portfolios, and manage risk in an effort to deliver targeted outcomes.

Our strategies seek to be cost-efficient, perform as designed, take intentional compensated risks, and improve asset allocation through purer factor exposures. We focus on multi-factor portfolio construction using our proprietary definitions for quality, value, volatility, and momentum in an effort to enhance risk-adjusted returns. We focus on six main style factors that historically have provided a return premium and are backed by extensive research and economic rationalization.

STRATEGIES CAN BE TAILORED TO ACHIEVE SPECIFIC OUTCOMES BY INCORPORATING ESG AND TAX-EFFICIENCY PREFERENCES

  • Multi-factor Strategies
  • Sustainable Investing
  • Custom Solutions

Key Equity Factors

Our Advantage

  • 1

    PROPRIETARY, MULTI-DIMENSIONAL FACTOR DEFINITIONS

    Our factor definitions are designed to be multi-dimensional, sector/region neutral and sector/region specific as applied.

  • 2

    MULTI-FACTOR PORTFOLIO CONSTRUCTION

    Our quantitative strategies combine multiple factors for optimal positive factor content while striving to reduce dilution or cancellation effect.

  • 3

    EFFICIENT USE OF RISK

    Strategies designed purposely to take risk intentionally — and avoid unintended consequences.

Quantitative equity strategies target specific factors. These strategies do not seek to replicate the performance of a specified cap-weighted index; also, factors are cyclical in nature. Therefore, it is possible for these strategies to underperform an index.

Multi factor strategies seek diversification across a mix of factors but are subject to concentration risk: Investments within the same industry, region or security type tend to be highly correlated and cyclical in nature; unlike diversified investments, they may experience periods of underperformance/overperformance in tandem.

A ‘quality’ investment strategy, which seeks to invest in companies with high returns, stable earnings, and low financial leverage, is subject to the risk that the past performance of these companies does not continue. ‘Quality’ equity securities may outperform/underperform other securities or the overall stock market from time to time.

Open Disclosures Hide Disclosures

Quantitative Active Equity products

Quantitative Strategies

Quantitative Equity strategies seek to outperform a benchmark by exploiting market anomalies and behavioral biases using proprietary, quantitative models and processes to select securities, construct portfolios, and manage risk in an effort to deliver targeted outcomes.

Our strategies seek to be cost-efficient, perform as designed, take intentional compensated risks, and improve asset allocation through purer factor exposures. We focus on multi-factor portfolio construction using our proprietary definitions for quality, value, volatility, and momentum in an effort to enhance risk-adjusted returns. We focus on six main style factors that historically have provided a return premium and are backed by extensive research and economic rationalization.

STRATEGIES CAN BE TAILORED TO ACHIEVE SPECIFIC OUTCOMES BY INCORPORATING ESG AND TAX-EFFICIENCY PREFERENCES

  • Multi-factor Strategies
  • Sustainable Investing
  • Custom Solutions

Key Equity Factors

Our Advantage

  • 1

    PROPRIETARY, MULTI-DIMENSIONAL FACTOR DEFINITIONS

    Our factor definitions are designed to be multi-dimensional, sector/region neutral and sector/region specific as applied.

  • 2

    MULTI-FACTOR PORTFOLIO CONSTRUCTION

    Our quantitative strategies combine multiple factors for optimal positive factor content while striving to reduce dilution or cancellation effect.

  • 3

    EFFICIENT USE OF RISK

    Strategies designed purposely to take risk intentionally — and avoid unintended consequences.

Quantitative equity strategies target specific factors. These strategies do not seek to replicate the performance of a specified cap-weighted index; also, factors are cyclical in nature. Therefore, it is possible for these strategies to underperform an index.

Multi factor strategies seek diversification across a mix of factors but are subject to concentration risk: Investments within the same industry, region or security type tend to be highly correlated and cyclical in nature; unlike diversified investments, they may experience periods of underperformance/overperformance in tandem.

A ‘quality’ investment strategy, which seeks to invest in companies with high returns, stable earnings, and low financial leverage, is subject to the risk that the past performance of these companies does not continue. ‘Quality’ equity securities may outperform/underperform other securities or the overall stock market from time to time.

Open Disclosures Hide Disclosures

Quantitative Active Equity products

Multi-Asset Strategies

Success is improving investor outcomes. We believe an optimal strategic asset allocation combined with an active tactical view provides a strong investor foundation while seeking to capitalize on near-term market opportunities.

Multi-asset strategies are constructed with multiple asset classes and designed to meet target returns or achieve investor outcomes. We can deliver these solutions as total or completion portfolios in scalable vehicles, model portfolios or bespoke solutions.

Five-year Capital Market Assumptions

Leveraging decades of capital markets expertise in global asset allocation, Northern Trust Multi-Asset strategies puts our asset class outlook, market forecasts and global investment themes into action. We seek to create an optimal and efficient mix of global equities, fixed income, real assets and cash in an effort to outperform. With precise and targeted exposures to equity and fixed income risk factors, our strategies are built with ETFs and mutual funds designed to create risk-, cost- and tax-efficient portfolios.

Five-year Capital Market Assumptions
Five-year Capital Market Assumptions

Our Advantage

  • 1

    Optimize Strategic Allocation

    Our strategic asset allocation serves as the foundation of the portfolio and is grounded by our “forward-looking, historically aware” approach.

  • 2

    CAPITALIZE ON MARKET OPPORTUNITIES

    We seek to add value by exploiting near-term financial market opportunities and incorporating active risk constraints on asset class overweights/underweights.

  • 3

    TARGET FACTOR EXPOSURES

    We implement targeted factor exposures in our portfolio using exchange-traded funds designed to improve risk, cost, and tax efficiency.

Multi-asset strategies invest in a broad range of global assets such as equities, bonds, deposits, cash, property and commodities. An asset allocation strategy does not guarantee any specific result nor protect against loss. The underlying assets in a multi-asset class strategy may be subject to equity risk: equity securities are more volatile than other asset classes and may fluctuate in value; interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and international risk: international investing involves increased risk and volatility.

Open Disclosures Hide Disclosures

Multi-Asset Class Products

Multi-Asset Strategies

Success is improving investor outcomes. We believe an optimal strategic asset allocation combined with an active tactical view provides a strong investor foundation while seeking to capitalize on near-term market opportunities.

Multi-asset strategies are constructed with multiple asset classes and designed to meet target returns or achieve investor outcomes. We can deliver these solutions as total or completion portfolios in scalable vehicles, model portfolios or bespoke solutions.

Five-year Capital Market Assumptions

Leveraging decades of capital markets expertise in global asset allocation, Northern Trust Multi-Asset strategies puts our asset class outlook, market forecasts and global investment themes into action. We seek to create an optimal and efficient mix of global equities, fixed income, real assets and cash in an effort to outperform. With precise and targeted exposures to equity and fixed income risk factors, our strategies are built with ETFs and mutual funds designed to create risk-, cost- and tax-efficient portfolios.

Five-year Capital Market Assumptions
Five-year Capital Market Assumptions

Our Advantage

  • 1

    Optimize Strategic Allocation

    Our strategic asset allocation serves as the foundation of the portfolio and is grounded by our “forward-looking, historically aware” approach.

  • 2

    CAPITALIZE ON MARKET OPPORTUNITIES

    We seek to add value by exploiting near-term financial market opportunities and incorporating active risk constraints on asset class overweights/underweights.

  • 3

    TARGET FACTOR EXPOSURES

    We implement targeted factor exposures in our portfolio using exchange-traded funds designed to improve risk, cost, and tax efficiency.

Multi-asset strategies invest in a broad range of global assets such as equities, bonds, deposits, cash, property and commodities. An asset allocation strategy does not guarantee any specific result nor protect against loss. The underlying assets in a multi-asset class strategy may be subject to equity risk: equity securities are more volatile than other asset classes and may fluctuate in value; interest rate risk: increases in prevailing interest rates may cause underlying fixed income securities to decline in value; and international risk: international investing involves increased risk and volatility.

Open Disclosures Hide Disclosures

Multi-Asset Class Products

Northern Trust Asset Management

Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments, so they can confidently realize their long-term objectives.

Entrusted with more than $900 billion of assets, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy.

$885 Billion in A U M1

That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management to craft innovative and efficient solutions that deliver targeted investment outcomes.

As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect, and transparency.

1Assets under management as of December 31, 2018. For the Northern Trust Asset Management entities included in the A U M total, please see disclosure at end of this page.
Institutional, North America
John Abunassar
Head of Institutional Distribution
Institutional, EMEA
Gerard van Leusden

Head of Sales, EMEA
Institutional, APAC
John McCareins, CAIA, CIMA
Managing Director, Asset Management - APAC
Financial Intermediaries/RIAs
Michael Natale
Head of Intermediary Distribution
Media Inquiries
Tom Pinto
Asset Management Media Relations
New York