13/03/2020. “These strategies, like reaching for yield or reaching for return, while tempting, are still unlikely to escape the forces of expected lower portfolio returns, especially when compared with the unprecedented returns investors have experienced over the past decade.”. 2016 Annual Report 5.6 MB. Vanguard ETF Series Annual Report For the year ended 31 December 2019 Vanguard Sub-Funds covered in this annual report Vanguard FTSE Asia ex Japan Index ETF SEHK Stock code: 2805 - HKD Counter SEHK Stock code: 82805 - RMB Counter SEHK Stock code: 9805 - USD Counter Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF SEHK Stock code: 3085 - HKD Counter Strong performance over the past 9 ½ years has raised valuations much higher, and they remain elevated relative to  Vanguard’s “fair-value” CAPE benchmark in the United States, hence the more guarded outlook than what may be reflected in investors’ portfolios as of late. Despite slowing global growth, disparate inflation rates, and continued normalization for monetary policy, Vanguard economists believe that a near-term recession will be avoided. Continued interest rate increases have positively benefited Vanguard’s outlook for fixed income markets versus previous reports. <>stream 5 0 obj 3. From an asset return standpoint, Vanguard foresees a 10-year outlook for a balanced portfolio in the 4%-6% range, representing a modest improvement over 2018.1, “While market volatility over the past two-to-three months has some investors overly cautious going into 2019, our outlook, while still guarded for the near-term, shows optimism for long-term investors as we move into the next year,” said Joseph Davis, Ph.D, Vanguard’s Global Chief Economist and head of Vanguard’s Investment Strategy Group. Benefit Plan, EIN 23-1945930 (Plan 506) This is a summary of the annual report of The Vanguard Group, Inc. We also share information about your use of our site with our advertising and analytics partners. This remains starkly lower than the experience of previous decades and of the post-crisis years, when global equities have risen 12.6% a year since the trough of the market downturn. The theoretical and empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk (beta). The model generates a large set of simulated outcomes for each asset class over several time horizons. VCR: As of 08/31/2020 : As of 02/29/2020 : Consumer Staples ETF. <> VOX: As of 08/31/2020 : As of 02/29/2020 : Consumer Discret ETF. However, the information presented here is not final. Annual Report 2019. “Higher short-term interest rates, coupled with improved international equity market valuations, slightly raises our expectations for long-term global investment returns for U.S. investors.”, Economic growth will shift down, but not out. 1 Balanced portfolio represents a 60/40 stock/bond dollar-denominated balanced portfolio. 2019 Annual Report and Form 10K. Anchored inflation and normalized monetary policy. Recommended Provider for Investment Platforms 2019 and 2020. 1 0 obj VCMM results will vary with each use and over time. Overview; Fast facts; A remarkable history; Our leaders; Our crew's perspective; What sets Vanguard apart. Annual Report | December 31, 2019 Vanguard U.S. Stock Index Funds Large-Capitalization Portfolios Vanguard Growth Index Fund Vanguard Value Index Fund Vanguard Large-Cap Index Fund. Hong Kong Annual Report “As the global markets continue to move into a lower orbit of returns, it’s only natural that investors start seeking out strategies to help increase their chances for investment success,” said Mr. Davis. Despite several factors pointing to a higher risk of a recession in 2019, Vanguard’s analysis on the fundamentals and historical drivers causing recessions concludes that the more likely scenario is a slowdown in growth, led by the U.S. and China. As of October 31, 2018, Vanguard managed $5.0 trillion in global assets. For 2019, our economists do not see a material risk of further strong rises in core inflation despite lower unemployment rates and higher wages. Vanguard is one of the world's largest investment companies, with more than $4.9 trillion in global assets. Semiannual reports. Name . Proxy Statement 2.3 MB. All these reports are published on NN Group’s corporate website in the Investors/Annual Report section. As we observe the effects of monetary policy going forward, we can expect to see countries other than the U.S. just beginning to raise rates above post-crisis lows. Together with this report, NN Group publishes a Solvency and Financial Condition Report, a Total Tax Contribution Report, and a Carbon Footprint Report. Forecasts are obtained by computing measures of central tendency in these simulations. Global central banks will be expected to continue on their gradual paths to normalization, which will likely include a rate increase from the European Central Bank in the third quarter. %���� Given the somewhat challenging outlook ahead, it’s important investors focus on key factors like saving more, spending less, and controlling investment costs, rather than concentrating on the less reliable benefits of ad-hoc portfolio tilting. Proxy Statement 3.6 MB. 2017 Annual Report 8.8 MB. Non-U.S. bond investors could expect returns from 2%-4%, and while slightly lower than that of U.S. bonds, would still provide positive diversification benefits in a balanced portfolio. Over the next 10 years, investors can expect to see global fixed income returns in the 2.5%-4.5% range. Please fill out the form below and click "Place Order" to complete your order. Investments in bond funds are subject to interest rate, credit, and inflation risk. We plan to provide updated Vanguard Managed Payout Fund information on December 17, 2019. Financials TD's 2019 Consolidated Financial Statements, and Management's Discussion and Analysis, are available for download by clicking below. Request Information. Overview; Who we are. %PDF-1.5 Evolution of our engagements Vanguard’s outlook for U.S. equities over the next decade is in the 3%-5% range and we can expect to see equity valuations continue to contract as interest rates rise over time. endobj 13/03/2020. 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