Country Indices Flash Report – December 2023
China (and Hong Kong) limped into the new year, cementing their status as the weakest markets in ACWI during 2023. An anemic fiscal response (and little support for the struggling real estate sector), ongoing political purges, distancing from the West, and moving closer to the U.S.’s enemies have all contributed to a dramatic cheapening of both markets
Impersonation of Bailard Portfolio Manager on WhatsApp
Important Notice
We have been alerted to a scam involving the impersonation of a senior member of our portfolio management team on WhatsApp. The impersonator is falsely claiming to be Chris Moshy, Bailard’s Senior Vice President of Domestic Equities, and offering stock and trading tips in WhatsApp group chats named “Bailard Wealth Management VIP” and “Stock Market Elite -150.”
Actions Taken:
- We have reported the issue with law enforcement and with the SEC.
- Also, we identified misleading business reviews on Google and Yelp, seemingly related to this scam.
Bailard’s Business Practices:
- Please note that Bailard does not conduct business over social media or social messaging platforms.
- If you receive information regarding an investment opportunity allegedly associated with Bailard on platforms like WhatsApp, be aware that it is a scam.
Contact Us:
- For any inquiries or to report suspicious activities, please reach out to us at info@bailard.com.
Our Commitment to Integrity
Considering these recent fraudulent activities, we want to reassure you of our unwavering commitment to professionalism, which is deeply anchored in our core values of accountability, compassion, courage, excellence, fairness, and independence.
Bailard remains steadfast in its commitment to serving clients with the utmost professionalism. The trust and security of our clients are paramount, and we are committed to ensuring these are never compromised by such fraudulent schemes.
Technology Strategy Named Top Performer by P&I
Top performing in the Morningstar Technology Category over 1- and 5- year periods as of Q3 2023
San Francisco – December 22, 2023 – Bailard, Inc. an independent, values-driven asset and wealth manager in the San Francisco Bay Area, is pleased to announce that its Technology Strategy was a top performer in the Morningstar Technology Category for both the 1-year and 5-year periods ending September 30, 2023.
The ranking, compiled by Morningstar, was recently unveiled by Pensions & Investments, the global news source of money management and institutional investing in “Top Performing Separate Accounts and CITs (collective investment trusts).” Every quarter, Morningstar compiles a list of “Top Performing Separate Accounts and CITs” for Pensions & Investments. The top performers are selected based on 1-year and 5-year returns (calculated using the monthly returns input to Morningstar).
The Bailard Technology Strategy placed in the top ten of its Technology Category, posting a 42.7% gross of fee return and 42.2% net of fee return for the 1-year period ending September 30, 2023. For the 5-year period ending September 30, 2023, the Strategy posted a 13.4% gross of fee return and 12.9% net of fee return.
“We see technology as a key growth catalyst for the global economy, with innovation-forward companies creating value across a variety of non-traditional technology industries,” said Dave Harrison Smith, CFA, Executive Vice President of Domestic Equities and Head of Technology Investing at Bailard. Dave continued, “We are excited by the step-function change in innovation and investment opportunities around technology companies today, particularly as the sector undergoes major shifts, like the emergence of Generative AI and the growing demand for cybersecurity solutions.”
Interested in Learning More about the Technology Strategy, or Meeting with the Technology Strategy Team?
Interested in Learning More about the Technology Strategy, or Meeting with the Technology Strategy Team?Diana L. Dessonville
Executive Vice President | Director, Institutional Client Services
diana.dessonville@bailard.com
(650) 571-5800
About Bailard, Inc.
Founded in 1969, Bailard is an independent asset and wealth management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible, and impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with over $5.4 billion in assets under management as of 9/30/2023, Bailard is a majority employee-owned and women-led firm, a Certified B Corporation™, and a Principles of Responsible Investing signatory.
Important Disclosures
The list was compiled through the Morningstar Separate Account/CIT Fund Database, as of the third quarter of 2023, based on data populated as of November 20, 2023. An estimated 42 Separate Account/CIT Funds appeared in the Morningstar Technology universe as of September 30, 2023. There was no fee to be considered for this recognition.
Past performance is no indication of future results. All investments involve a risk of loss.
Risks: The Bailard Technology Composite is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks and technology stocks. The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate plus the style and sector risks associated with a complete weighting in the technology sector, which may be more volatile than the overall stock market. The strategy is also subject to the size risks associated with investments in smaller market cap stocks in addition to its predominant tilt toward large cap stocks. The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards). The strategy may invest in derivative securities, which may be volatile and may increase investment leverage.
The application of various environmental, social, and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in lower returns than a similar investment strategy without such screens or other strategies that use a different methodology to exclude issuers or evaluate ESG criteria. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the strategy may invest in issuers that do not reflect the ESG beliefs and values of any particular investor.
Adherence with strategy’s ESG criteria is determined at the date of purchase. Individual equity holdings in the strategy may cease to meet the relevant ESG criteria after the initial purchase but may nevertheless remain in the strategy until a future review or rebalance by the Bailard. As a result, certain securities in the strategy or the client’s portfolio as a whole, may not meet the relevant ESG criteria at all times.
In evaluating a security or issuer based on ESG criteria, we are dependent upon certain information and data from third party providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that we may incorrectly assess a security or issuer. There is also a risk that we may not apply the relevant ESG criteria correctly or that the strategy could have indirect exposure to issuers that do not meet the relevant ESG criteria used by the strategy. We do not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. Our evaluation of ESG criteria is subjective and may change over time.
There can be no assurance that this or any investment strategy will achieve its investment objectives. All investments have the risk of loss.
Composite Performance Disclosures
Definition: The Technology Composite (“the Composite”) includes all portfolios invested primarily in the stocks of firms that predominately use technology to drive their business. The Technology Composite is a carve-out (the “Carve-Out”) from a composite (the Bailard Inc. Technology & Science Composite) that was managed to the firm’s all cap growth / technology and science equity strategy. The Carve Out’s portfolio consists of all holdings in the Technology & Science Composite after filtering out health care stocks as defined by GICS. Through June 2016, cash was allocated to the Carve-Out based on the relative value of its holdings within the Technology & Science Composite. Since July 2016 the Carve-Out has been managed as a sub-portfolio with its own cash. As of November 30, 2023, the Composite from which the Carve-Out was drawn consisted of a single mutual fund portfolio, which has been managed in an advisory or subadvisory capacity since 2001. The Composite had a market value of $146.47M as of November 30, 2023. The Composite’s returns are total returns presented net of management fees (“net of fees”) and assume reinvestment of dividends and other earnings. The returns do not reflect a fiduciary fulfilment fee payable to Bailard (where applicable), or custody and other account expenses not payable to Bailard.
Gross of management fee returns were calculated by Bailard’s portfolio accounting system. Through June 2016, net of management fee performance was calculated by netting down the gross return by a model fee of 0.65% (applied by reducing monthly returns by 0.054%). From July 2016, net of management fee performance was calculated by netting down the gross return by a model fee of 0.75% (applied by reducing monthly returns by 0.0625%). This model fee is representative of the fees charged for a separately managed portfolio and is the highest management fee for this strategy.
No representation is made that any account will obtain similar results to those shown above.
Bailard Wins First in its Category as Best Places to Work, 2023
San Francisco, CA (December 14, 2023) – Bailard, a values-driven asset and wealth manager in the San Francisco Bay Area, is recognized as one of the 2023 Best Places to Work in Money Management, announced by Pensions & Investments. The firm is honored to be ranked first in its category (of companies with 50-99 employees). Notably, this marks the sixth consecutive year Pensions & Investments has recognized Bailard as a Best Place to Work.
Presented earlier this week by Pensions & Investments, the global news source of money management and institutional investing, the 12th annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry. In attendance, Dave Harrison Smith, CFA, Executive Vice President of Domestic Equities at Bailard, reflected on this achievement, “Accepting this award on behalf of Bailard is a humbling experience, as our culture is not the work of one person, but the collaborative effort of all. When asked why I chose, and continue to choose, Bailard, my answer is always the same: our team. I think I work with some of the most intelligent, passionate, and driven individuals. Their dedication and brilliance are what keep me committed, proud, and continuously inspired every day.”
Bailard’s culture, built on its core values of accountability, compassion, courage, excellence, fairness, and independence, fosters not only fruitful client relationships but also a nurturing and dynamic workplace.
President and Publisher of Pensions & Investments, Nikki Pirrello, commended the winners, “A strong workplace culture that supports talent, advocates progress and drives innovation is paramount to driving the best outcomes and these asset managers demonstrate that. Congratulations to the 2023 honorees for their commitment to demonstrating how investing in your employees can elevate our industry to greater heights.”
Sonya Mughal, CFA, Bailard’s Chief Executive Officer, expressed her gratitude, “Our team’s dedication to our core values and mission is evident in everything we do. This culture of mutual respect and support is what truly differentiates us. While accolades like this are gratifying, our true reward is the ongoing commitment of our employees and the trust of our clients. Leading this exceptional team is an honor, and I eagerly anticipate further strengthening our commitments to our values, our clients and each other in the years ahead.”
The selection process, conducted by Pensions & Investments in partnership with Best Companies Group, involved a comprehensive two-part survey. Approximately 75% of the evaluation was based on an employee experience survey, with the remaining 25% assessing workplace policies, practices, philosophy, systems, and demographics. The combined scores determined the top companies. For more details and a complete list of the 2023 winners, including profiles of the top firms across size categories, please visit www.pionline.com/BPTW2023.
About Bailard, Inc.
Founded in 1969, Bailard is an independent asset and wealth management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible, and impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with over $5.4 billion in assets under management as of 9/30/2023, Bailard is a majority employee-owned and women-led firm, Certified B Corporation™, and a Principles of Responsible Investing signatory.
About Pensions & Investments’ Best Places to Work in Money Management
Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source of money management and institutional investing. P&I is written for executives at defined benefit and defined contribution retirement plans, endowments, foundations, and sovereign wealth funds, as well as those at investment management and other investment-related firms. The 2023 ranking was released by Pensions & Investments in December 2023. To have been eligible for consideration, companies must meet the following criteria: be a for-profit or not-for-profit business or public agency; have a facility in the United States; have a minimum of 20 full and/or part-time employees working in the United States; must be in business a minimum of one year; and have at least $100 million of discretionary AUM. This award does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. There was no cost for Bailard to enter. In 2023, 123 firms were ranked with 25 managers recognized in Bailard’s category of 50 to 99 employees. For 2022, 2021, 2020, 2019, and 2018, there were 100, 76, 94, 76, and 69 firms ranked, respectively.
