The table below shows the top five domestic equity mutual funds and ETFs, in terms
of asset flows.
Those huge pools used to represent a tiny part of BMOAM's ETF business, but have accounted for some 30 %
of asset flows over the past three years, Gopaul says.
Research continues on efforts to optimize the parameters
of the asset flow equations in order to forecast near term prices (see Duran and Caginalp [10]-RRB-.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan
assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash
flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
«For most
of the last 80 years, venture as an
asset class has been really difficult for the average investor to get in, unless you are a high net worth individual, unless you get the deal
flow, you are part
of an angel group or you invest into VCs, you just didn't have access into this
asset class,» Wang says.
«For more than six months, dollar - liability
flows have outstripped dollar -
asset flows but that is now reversing which is helping the dollar,» said Hans Redeker, head
of global FX strategy at Morgan Stanley based in London.
Therefore, the entity controlling the
flow of «monetization» is the Treasury as it determines the quantity
of net financial
asset issuance.
Barrick plans to eliminate $ 3 billion in debt by the end
of the year through
asset sales and partnerships, and by using its free cash
flow.
Capital restrictions will become commonplace, as nations awaken to the fact that their sovereignty and control
of their own
assets will be lost if they allow uncontrolled
flows of capital in and out
of their economy.
This system has never made me pass up an opportunity — in fact, it's helped me strengthen my cash
flow so much that I've been able to contemplate all kinds
of growth options, including a recent $ 325,000 bid on a bankrupt company whose
assets were worth nearly 10 times that much.»
Standard Chartered's Nelson estimates $ 8 billion in
assets under management will
flow into the MSCI Emerging Markets Index as a result
of initial A share inclusion.
Northern Star Resources says it is generating over $ 200 million in free cash
flow per year on the back
of an expansion
of its
asset base, lower costs and increased gold sales.
The valuator will examine past and projected cash
flows, business
assets, along with other available financial and operational information within the context
of the industry and economic conditions.
He also cited a single late payment in July as being one
of the key causes
of LeEco's cash -
flow problems, saying it led to the freezing
of his
assets and prompted a slew
of early loan recoveries.
So it requires a blend
of pro forma cash
flows, tangible
assets, financial and industry ratios, earnings multiples and a wide range
of «comps,» all shaded by investor sentiment, personal gut feeling and a healthy dose
of reasonableness.
A
flow of money into the dollar often hurts
assets in emerging markets including the European Union's eastern economies even though integration with the euro zone and fast growth provides them with some protection.
«KMI has many
of the qualities Buffett looks for in his investments, including stable, fee - based
assets which generate significant amounts
of cash
flow,» Morningstar Inc analyst Peggy Connerty said in an email, referring to Kinder Morgan's ticker.
Regardless
of traffic volumes, traffic
flow for given volumes is a major problem compared to other major Australian cities, more efficient use
of the road
asset is possible if merging is improved and if the «keep left unless overtaking» is promoted on freeways.
«While
asset monetizations enhance our liquidity, sales
of producing natural gas and oil properties adversely affect the amount
of cash
flow we generate and reduce the amount and value
of collateral available to secure our obligations, both
of which are exacerbated by low natural gas prices..
Assets rose mainly in «alternative risk premia», an automated investment style, but also thanks to the launch
of a $ 400 million European credit product and modest
flows into computer - driven and discretionary long - only funds.
From the entire spectrum
of fixed income and securitized loans to the so - called liquid alternatives and venture funds, strategies and
asset classes that had never been so readily and seamlessly accessed may soon be tested like never before should capital
flows reverse from in to out.
It's a great way
of getting some cash
flow if you have some
assets.
Dudas, a partner at Vertical Research, refers to the emerging
asset class as a «dicey investment» — citing the amount
of fast money
flowing into the space and the lack
of regulation.
Said differently, unless an improvement in fundamentals boosts the underlying cash
flows of these
assets, real valuations will fall back.
We asked the ETF experts and ETF strategist firms to make investing sense
of recent
asset flows in the ETF universe.
In August, the investment firm Richard Bernstein Advisors compared the performance
of the average investor — based on the monthly
flows of money in and out
of mutual funds — against a variety
of stock indexes, commodities and other
asset classes over a 20 - year period ending Dec. 31, 2013.
A company might decide to sell some
of its
assets in order to raise the short - term finance they need or they may use their
assets as collateral to access secured loans that might ease cash
flow concerns or help them make other important investments.
To put it simply, cash
flow is the journey
of financial
assets into and out
of your business.
James P. Gorman, President and Chief Executive Officer, said, «Morgan Stanley effectively navigated turbulent markets while consolidating our market share gains with Institutional clients and demonstrating resilience across the Global Wealth Management business as evidenced by record net new
assets flows since the formation
of MSSB.
In fact, in my own businesses I would never consider using anything other than the free cash
flow formula because it more accurately indicates the underlying economic condition
of a business or
asset.
Also included in this portion
of your cash
flow analysis should be non-cash expenses such as depreciation, adjustments made for losses or gains, and changes in all
of your current
assets and liabilities.
For companies involved in capital intensive activities, such as the auto companies and railroads, you are going to see much lower price to cash
flow multiples because investors know that much
of the money is going to have to be poured back into equipment, facilities, materials, and fixed
assets or else the firm will be hurt.
If we do not generate sufficient cash
flow from operations to satisfy the debt service obligations, we may have to undertake alternative financing plans, such as refinancing or restructuring our indebtedness, selling
of assets, reducing or delaying capital investments or seeking to raise additional capital.
The performance goals upon which the payment or vesting
of any Incentive Award (other than Options and stock appreciation rights) that is intended to qualify as Performance - Based Compensation depends shall relate to one or more
of the following Performance Measures: market price
of Capital Stock, earnings per share
of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash
flow (including but not limited to operating cash
flow and free cash
flow), cash position, return on
assets or net
assets, return on capital, return on invested
Just as debt deflation diverts income to pay interest and other financial charges — often at the cost
of paying so much corporate cash
flow that
assets must be sold off to pay creditors — so the phenomenon leads to stripping the natural environment.
After all, when a central bank influences the cost
of financing through changes in the policy interest rate, its actions affect the economy by changing
asset prices, encouraging or discouraging risk taking, and influencing credit
flows.
Insufficiently flexible exchange rate regimes have the potential to alter the pattern
of capital
flows and the price
of financial
assets.
As you accumulate
assets, you are going to want to learn about different tax strategies that allow you and your family to keep more
of your cash
flows and net worth.
That some
of the forces governing capital
flows and
asset values are driven not by market - determined expected return but by policy measures directed at, for example, an exchange rate objective means that at least some
of what we observe in global capital markets may be attributed to these distortions.
Cash
Flow Return on Invested Capital (CFROIC) is defined as consolidated cash
flow from operating activities minus capital expenditures, the difference
of which is divided by the difference between total
assets and non-interest bearing current liabilities.
OnDeck loan approvals are based upon healthy business fundamentals like cash
flow, not based solely upon the value
of any particular business
asset.
The fact that official purchases
of financial
assets are determined by different factors than those influencing private investors suggests that we would probably see a somewhat different combination
of capital
flows, exchange rates and interest rates in the absence
of official intervention.
To the extent that the factors affecting capital
flows act to raise
asset prices, lower interest rates and reduce risk premiums, it is harder for the markets to assess how much
of the currently very favorable conditions are likely to reflect fundamentals and prove more durable.
If the prevailing patterns
of capital
flows were to exert downward pressure on interest rates and upward pressure on other
asset prices, they would contribute to more expansionary financial conditions than would otherwise be the case.
Under the Bonus Plan, our compensation committee, in its sole discretion, determines the performance goals applicable to awards, which goals may include, without limitation: attainment
of research and development milestones, sales bookings, business divestitures and acquisitions, cash
flow, cash position, earnings (which may include any calculation
of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net earnings), earnings per share, net income, net profit, net sales, operating cash
flow, operating expenses, operating income, operating margin, overhead or other expense reduction, product defect measures, product release timelines, productivity, profit, return on
assets, return on capital, return on equity, return on investment, return on sales, revenue, revenue growth, sales results, sales growth, stock price, time to market, total stockholder return, working capital, and individual objectives such as MBOs, peer reviews, or other subjective or objective criteria.
Broader EAFE
flows totaled $ 11.7 billion in the first quarter while Japan equity brought in $ 14.2 billion; corporate governance reforms have shown progress and pensions have announced further reallocation
of assets to equities as well.
Winterberg says advisors have to offer an equivalent robo - advisor service but also make clear that they do much more than just «turnkey
asset management and stock selection... This week
of all weeks they should be saying that to clients, how they create financial plans and go beyond just investments but talk about cash
flow, taxes, estate plans and college planning.
«Liquidity,» in fact, is THE watchword now in bond trading — ironic, considering that the U.S. central bank's primary intention has been to boost the
flow of cash through financial markets, drive a push toward riskier
assets like stocks and corporate credit, and thus generate a wealth effect that would spread through the economy.
Meanwhile, those would - be profits that could have
flowed to a buyer
of newspaper
assets now won't.
The second part
of a cash
flow statement shows the cash
flow from all investing activities, which generally include purchases or sales
of long - term
assets, such as property, plant and equipment, as well as investment securities.