MERIAN GLOBAL INVESTORS - AN
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
MERIAN GLOBAL INVESTORS AN INTRODUCTION For investment professionals only.
AN
INTRODUCTION OUR INVESTMENT
CAPABILITIES
Merian Global Investors does not seek
to be “all things to all people,” not least
because we know that by doing so we
would dilute – and ultimately lose – the
qualities that make the firm distinct from
other asset managers.
Merian Global Investors is a As an investment-led business, we
strive to deliver investment strategies
leading, independent, global that are truly differentiated from those
asset management firm. While available elsewhere. As such, we are
resolutely committed to active investment
Leading, our name may suggest we are management; we target a high “active
independent a relative newcomer, our roots share” among our long-only strategies,
asset and our absolute return strategies are
manager in fact go back many years.
expected to deliver on their commitments,
while offering return profiles with a low
The company as it is now known was correlation with other absolute return
formed in June 2018 when its management strategies.
team, together with funds operated by
the global growth private equity firm, TA Our products and services are broadly
summarised here. Please contact us for
Commitment Associates, acquired the “single-strategy”
more detailed information on any of
to active investment capabilities of Old Mutual our capabilities.
management Global Investors.
As an independent firm, we are committed
to continuing to build a successful,
specialised asset management business.
Central to the future of our business is a
belief that our clients appreciate the value
Investment of active investment management when it
led
delivers what they reasonably expect.
Our strategy is to seek to attract and retain
talented investment professionals, who
are experts in their particular fields, and
to provide them with the operational, risk OUR CLIENTS AND
No house management and distribution environment GLOBAL PRESENCE
view, no CIO and support they need in order to thrive,
yet without encumbering them with a
blunt “house view” imposed
by a chief investment officer.
Distinctive
culture
1
AUM:
£34.5bn, €38.5bn, US$44.8bn
Equities Alternatives
£19.0bn, €21.2bn, US$24.6bn £13.6bn, €15.2bn, US$17.7bn
We offer a wide range of equity Merian Global Investors has been
capabilities, including global, UK, managing alternative strategies since
European, North American, Asian and December 2001. The range of funds
emerging markets. Award-winning fund spans equity market neutral, directional
manager, Richard Buxton, heads a UK equity, absolute return multi-sector fixed
and European equity team dedicated to income, style premia absolute return,
fundamental research, across the market systematic positive skew, and gold &
cap spectrum. Emerging market equities silver strategies. In recent years, the
are available from our specialist team, firm has become a market-leader in
led by Nick Payne. Meanwhile, our global specialised alternative strategies seeking
equities team, led by Ian Heslop, offers to deliver returns that are uncorrelated
expertise in global, North American and with traditional asset classes. Alternative
Asian equities. strategies are offered by a number of
different investment teams within the
company.
Fixed income
£1.7bn, €1.9bn, US$2.2bn
Our highly experienced fixed income
team covers multi-sector bonds, emerging
market debt and credit strategies. The
team offers long-only and long/short fixed Sub-advised
income capabilities, as well as expertise £0.2bn, €0.2bn, US$0.3bn
in contingent convertible bonds (“cocos”)
Specialist investment strategies from
issued by financial institutions.
leading asset management firms benefiting
from our expertise in governance and
distribution.
Source: Merian Global Investors, as at 31/08/2018.
Our clients include many of the world’s • Iberia INDUSTRY RECOGNITION
largest and most sophisticated financial • Italy
institutions, including global banks, • The Middle East Merian Global Investors has won over
insurers, multi-asset fund managers, • The Nordics 90 industry awards since 2014 and has
sovereign wealth funds, pension funds, • The United Kingdom established a real presence in the markets
and retail financial advisers. in which it operates. The quality of our
Our distribution coverage in the Americas fund managers, their teams and our
Our specialised distribution teams support is exclusively through The AMCS Group, a performance is recognised by independent
our clients globally from offices in London, separate, independently owned company, rating agencies and endorsed by the
Edinburgh, Zurich, Milan, Hong Kong and whose directors and senior staff have a investment awards we have won.
Singapore. long history of marketing our funds. Prior
to the buy-out of our business, many of the
We have dedicated teams to support the directors and staff of The AMCS Group Equity Market Neutral (Quantitative) –
following regions: were employed by another subsidiary of
Global >$100 million of assets
Best Performing Fund over 3, 4 and 5 Year Periods
Old Mutual Global Equity Absolute Return Fund
(Old Mutual Global Investors)
• The Americas Old Mutual plc, which at the time was
• Asia-Pacific also our ultimate parent company. The
• France and Benelux AMCS Group has offices in Miami and
• Germany, Switzerland and Austria Montevideo.
2
OUR NAME What’s in a name? Well, quite a lot,
we think.
MERIAN GLOBAL INVESTORS As we went about the process of finding a new name
for our business, we knew from the outset that we
wanted to be called something that truly reflected our
values and our approach to doing business.
After much consideration, discussion and, dare we
say it, debate, we settled on the name Merian Global
Investors, inspired by the remarkable life of the
scientist, adventurer and artist Maria Sibylla Merian.
3
ABOUT MARIA SIBYLLA MERIAN
Born in Frankfurt am Main in 1647, Merian’s story elegantly reflects
both our values and the unique mix of investment styles that can
be found within our firm. Hailed by Sir David Attenborough as
one of the most significant contributors to the field of entomology
(the study of insects), Merian is considered one of the first
scientists to debunk widely believed myths about the lifecycles and
metamorphosis of insects.
Merian’s travels took her as far away from Northern Europe as the
jungles of Surinam in South America. At the time, it was exceptional
for women to lead such expeditions, and her actions raised
eyebrows in some quarters.
During her career, Merian endured exceptional hardships: despite
contracting malaria in Surinam, and subsequently suffering a stroke
that led to her partial paralysis, she nevertheless continued her
work.
Merian captured her scientific findings and observations in a large
number of exquisitely detailed illustrations, many of which survive
to this day and are held by major art collections around the world.
Indeed, she is often described as “the woman who made science
beautiful.”
So important were Merian’s illustrations that Carl Linnaeus – the
renowned Swedish botanist and zoologist responsible for creating
the system of naming organisms still in use to this day – is thought
to have relied upon them to identify approximately 100 new
species.
4
WHY “MERIAN
GLOBAL INVESTORS”?
What is the relevance of a 17th-
Century scientific illustrator to a
modern asset management firm? RECOGNITION OF MERIAN’S
ACHIEVEMENTS
The answer is twofold. First, as a polymath, Merian
embodied the multi-faceted approach we take to The last 40 years have seen a significant resurgence of interest in
investment. While some of our fund managers – for the life and works of Maria Sybilla Merian. Her images are held in
example our global equities team – invest in a way major public and private art collections and museums worldwide.
that is definitively scientific, others, for example
some of our UK equity fund managers, believe that
investment is first and foremost an art.
Secondly, Merian’s achievements and strength of
character symbolise our vision and values as a
firm. We are proud, for example, that our executive
committee has more women members than men,
reflecting our progressive outlook and belief that
diversity strengthens our business. Just as Maria
Merian overcame obstacles and stereotypes in her
era, today we are building a truly different kind of
Merian’s portrait and references to her works featured on the 500 Deutsche Mark note
asset manager. before Germany’s adoption of the Euro.
The scientific research vessel, the Maria S. Merian was launched in 2005.
Merian featured on the 0.4 Deutsche Mark stamp, released in September 1987.
OUR VISION IS TO:
Build a leading, specialist, Be a partner of choice for
asset management our clients;
business;
5
MERIAN CONNECTION WITH
CHARACTERISTIC OUR VALUES
A renowned female polymath who By forgoing house views and the role of
is credited with blending art and the CIO, we enable investors with markedly
sciences. different approaches to thrive in one firm.
A pioneer ahead of her time whose Having a multiplicity of backgrounds and
detailed research and observation broke viewpoints is central to our ability to think
new ground. differently and challenge received wisdom.
A leading entomologist, she thrived in the We value a more entrepreneurial, creative
face of adversity in the jungles of environment than that which characterises
South America. many asset managers.
OUR BRAND The “Geomag” device – which had
become a popular feature of our brand
identity before our change of name
– remains, reflecting our established
heritage.
Our logo is designed to reflect Merian’s
work. The dot of the “i” in her name is
formed by a stylised butterfly, represented
as a source of light, symbolising both her
artistry and her scientific endeavours.
Our tagline, “The art and science
of investing” represents the differing Our brand colours take inspiration from
approaches to investment that can be original Merian artworks. The vibrant tones
found within Merian Global Investors, complement each other naturally, while
while reflecting our namesake’s helping us to communicate in a clear and
achievements as a polymath. engaging way.
Have a distinctive culture, Provide equal opportunities Be a profitable and
aided by size, helping us for talented and committed responsible business,
to remain a destination for employees, regardless of respected by regulators
talent; their backgrounds; and and peers.
6
OUR CULTURE
BOUTIQUE ENERGY
BIG-FIRM CAPABILITY
240 EMPLOYEES
46 INVESTMENT PROFESSIONALS
AMBITIOUS
COLLABORATIVE
FRIENDLY
MOTIVATED
OPEN
EGOS
POLITICS
Figures as at 30/06/2018.
In 2012, long before we became an
independent firm, we embarked
on a mission to build a new kind of
asset management company.
7
We had a clearly stated objective to be a leader in of maintaining a diverse workforce. Many of the
the markets in which we choose to do business. To people who have come together to create our
achieve this goal, we knew we would need to foster business have spent decades working in large,
a passion for excellence in both investment and established firms, while others have joined us much
service. earlier in their careers, and from a wide variety of
backgrounds. What unites them is a desire to work
When we talk about our culture, we are referring to in a more entrepreneurial, creative environment
something that has been nurtured with great care than that which characterises many asset managers.
and attention ever since this time. For us, culture is
not a corporate cliché; rather, it is something that is We believe that our size makes a major positive
palpable during a visit to our offices, where skilled contribution to our culture – large enough to inspire
professionals, covering a multitude of disciplines, confidence, but small enough to remain open,
collaborate in pursuit of our goals. collegiate, collaborative, motivated, ambitious and,
perhaps above all, friendly. There is no space for
We place considerable emphasis on the importance ego or office politics.
8
OWNERSHIP
AND LEADERSHIP
THE BOARD
THE EXECUTIVE COMMITTEE
Private offices don’t exist at Merian Richard Buxton
Chief executive officer
Global Investors. Instead, everyone
sits in an open plan arrangement, Richard joined the firm as head of UK
and that is just how we like it – equities in June 2013, and was appointed
as chief executive in August 2015. He
because real leadership is about was previously at Schroders, where he
helping our colleagues to achieve managed the Schroder UK Alpha Plus
Fund for over 10 years. Prior to Schroders
their best, for the ultimate benefit of he spent more than a decade at Baring
our clients, and not about sitting in Asset Management, having commenced
his investment career in 1985 at Brown
ivory towers.
Shipley Asset Management.
With this in mind, we have established a
number of key committees, both to ensure
robust governance and to help facilitate
effective communication across the business.
Who owns us? Merian Global Investors is owned by members
of the senior management team, including the firm’s most senior
fund managers, other members of Merian Global Investors staff,
and funds operated by TA Associates, the global growth private
equity firm. The ownership structure of the business has been
designed to ensure the highest level of alignment of the interests
of our personnel with those of our clients.
About TA Associates: Now in its 50th year, TA Associates is
one of the largest and most experienced global growth private
equity firms. Focused on five target industries – technology,
healthcare, financial services, consumer and business services
– TA invests in profitable, growing companies with opportunities
for sustained growth, and has invested in nearly 500 companies
around the world. Investing as either a majority or minority
investor, TA employs a long-term approach, utilising its strategic
resources to help management teams build lasting value in
growth companies. TA has raised US$24 billion in capital since
its founding in 1968 and is investing out of current funds of
US$7.25 billion. The firm’s more than 80 investment professionals THE SIX FUND MANAGERS
are based in Boston, Menlo Park, London, Mumbai and WHO LED OUR BUY-OUT
Hong Kong.
9The board of our ultimate holding company, which has nine seats, includes representation from our most senior investors, our backers,
TA Associates, and independent, non-executive directors.
Our executive committee (exco) is comprised of some of the most experienced leaders in the field of asset management. The committee
leads on and implements the overall strategy of the business, with the overriding aim of meeting clients’ needs. The exco meets frequently
with, and receives significant input from, the six key investors who led the buyout of the business from its previous parent company.
Karen Barnett Terri Borain Jessica Brescia
Head of human resources Chief financial officer Chief risk officer
Karen joined the firm in 1999, and is Terri was appointed as chief financial Jessica is responsible for the legal,
responsible for creating, implementing and officer in December 2017. She joined the compliance, enterprise risk and company
driving forward its people strategy. She has firm in 2014 as the head of finance. She secretarial functions. She joined the
25 years’ experience in human resources has spent over 10 years working in the company in 2009, first as a funds lawyer,
– of which 19 in asset management – and asset management industry, joining from then as head of legal. Jessica previously
is a fellow of the Chartered Institute of KPMG’s asset management and funds worked as a funds lawyer at Dechert LLP.
Personnel and Development. division. Jessica is a member of the New York State
Bar, New Jersey State Bar and admitted as
a solicitor in England and Wales.
Simon Stratford Nicola Stronach Warren Tonkinson
Chief technology officer Chief operating officer Managing director, distribution
Simon joined the firm as chief technology Nicola joined the firm in 2016 as chief Warren joined the business in 2012 as
officer in 2014. Prior to this, Simon spent administrative officer and was appointed head of distribution, and in August 2015
seven years at Investit, a consultancy to chief operating officer in December was appointed as managing director,
focused on the investment industry. He 2017. She has over 20 years’ operational distribution. Previously, Warren spent
has over 20 years’ experience in the experience within asset management, nearly 10 years at UBS Global Asset
investment industry. having spent 15 years at Credit Suisse Management, where he was managing
Asset Management and five years at The director, and in a variety of roles at Fidelity
Bank of New York Mellon, as managing and Prudential.
director within the asset servicing division.
THE RISK AND THE QUARTERLY THE DISTRIBUTION
GOVERNANCE COMMITTEE INVESTMENT COMMITTEE COMMITTEE
The risk and governance committee, a The quarterly investment committee, a We have built one of the most experienced
board committee, ensures the effectiveness board committee, provides independent distribution teams in the sector. The team
of the systems of governance, risk oversight of portfolio management works hand in hand with fund managers
management, and internal controls, and activities for all our funds and strategies to develop and market products and
capital management of the business. with a view to ensuring investors are capabilities to meet our clients’ investment
provided with products which perform as challenges, and to provide them with the
they expect. support and service they appreciate and
rightly expect.
Amadeo Alentorn Richard Buxton Ian Heslop
Dan Nickols Mike Servent Richard Watts
10MILESTONES:
OUR HISTORY AND HERITAGE
Although our name and brand are new, our heritage and asset
management pedigree go back many years…
Late 1990s – 2000s 2012 2013
early 2000s The business now known OMAM is Richard Buxton
as Merian Global Investors merged with joins the firm from
The origins of parts of the Merian remains a part of Old Mutual another asset Schroders as head
Global Investors business (including plc, trading as Old Mutual management of UK equities.
the global equity and the mid- Asset Managers (OMAM). subsidiary of
and small-cap UK equities desks) Old Mutual
are formed from the acquisitions A number of the firm’s senior plc, Skandia
and mergers of a number of UK investment professionals join Investment
stockbroking businesses by the the business during this time. Group (SIG),
South African financial services to form Old
giant, Old Mutual plc. Mutual Global
Investors
(OMGI).
112014 2016 2017 2018
OMGI wins Mark Nash is Italian distribution is deepened through Completed the sale of
Investment Week appointed as the opening of a Milan office. the business to OMGI
Global Group of head of global senior management
the Year award. bonds. Further investment enhancements and funds operated
are made through the launches of by TA Associates.
Distribution Further expansion systematic positive skew managed
representation of the firm’s futures, financials contingent capital Announced new
in the Americas investment (coco), strategic absolute return bond name (from autumn
is significantly capability, with and US equity income capabilities. 2018): Merian Global
enhanced. launches of gold Investors.
& silver, UK mid- Global emerging market (GEM) equity
European and small-cap team, led by Nick Payne joins, leading Management of
small-cap equity liquid alternative to the launch of a GEM capability. China equity fund
capability is and style premia delegated to Ping An.
launched with hire funds. Freddie Woolfe is appointed head
of Ian Ormiston. of responsible investment and
International stewardship.
reach is further
2015 enhanced Announcement of the sale of OMGI’s
through the single-strategy business by Old Mutual
OMGI’s opening of a to OMGI senior management and
international Singapore office, funds operated by TA Associates,
distribution in addition to key creating the business that becomes
footprint is distribution hires today’s Merian Global Investors.
broadened covering Italy,
through the Singapore and
opening of offices China.
in Edinburgh and
Zurich.
12OUR INVESTMENT TEAMS
AND FUND MANAGERS
UK EQUITIES Expertise across the market cap spectrum.
Merian UK Alpha Fund
The award-winning UK equities team is headed by Richard Buxton, one of the most
Merian UK Alpha Fund (IRL)
prominent UK equities investors currently active in the market. With a full range of
Merian UK Dynamic Equity Fund strategies that span the risk/return spectrum, the team holds impressive long-term
Merian UK Equity Fund performance with proven, fundamental-driven processes.
Merian UK Equity Income Fund UK LARGE CAP TEAM
Merian UK Mid Cap Fund
Merian UK Opportunities Fund
Merian UK Smaller Companies Fund
Richard Buxton Errol Francis Simon Murphy Ed Meier James Bowmaker
Merian UK Smaller Companies Focus Fund
Head of UK equities Portfolio manager Portfolio manager Portfolio manager Assistant portfolio manager
Merian UK Specialist Equity Fund
UK MID AND SMALL CAP TEAM
Rob James Kunal kothari Dan Nickols Richard Watts Luke Kerr
Senior UK equities Research analyst Head of UK mid and Portfolio manager Portfolio manager
analyst small cap
Freddie Woolfe Tim Service Nick Williamson James Gilbert David Cameron- Claudia Ho
Head of responsible Portfolio manager Portfolio manager UK equities analyst Mowat Research analyst
investment and stewardship UK equities analyst
EUROPEAN EQUITIES Investing with conviction.
Merian European Equity Fund
Merian European Equity (ex UK) Fund
The team puts the company at the centre of their process, constructing concentrated
portfolios with a high degree of conviction.
Merian Europe (ex UK) Smaller Companies Fund
Ian Ormiston Liam Nunn Nikisha Mistry
Portfolio manager Portfolio manager European equities analyst
GLOBAL, NORTH AMERICAN Global equities present a compelling opportunity for
AND
Merian ASIAN
Asia EQUITIES
Pacific Fund investors.
Merian Asian Equity Income Fund
Headed by Ian Heslop, this highly regarded team boasts a formidable record in global
Merian Global Equity Fund equities, utilising a robust portfolio modelling system.
Merian Global Equity Absolute Return Fund
Merian Global Equity Income Fund (IRL)
Merian North American Equity Fund
Merian North American Equity Fund (IRL) Ian Heslop Amadeo Alentorn Mike Servent Yuangao Liu Sean Storey
Head of global Head of research/ Head of systems/ Senior analyst Senior quantitative
Merian Pacific Equity Fund equities/portfolio portfolio manager portfolio manager developer
Merian World Equity Fund manager
Merian US Equity Income Fund
MGI Arbea Fund
Matus Mrazik Justin Wells
Senior analyst Stategist
CHINA EQUITIES Managed since 23 March 2018 by Ping An of China Asset Management (HK) Co. Ltd.
Merian China Equity Fund
13GLOBAL EMERGING MARKETS Combining discipline with years of experience.
Merian Global Emerging Markets Fund While the team covers a broad investment universe, stock selection is narrowed down
using rigorous screening techniques combining fundamental research with a broader
macro view. The result is a highly active concentrated portfolio of around 40 holdings.
Nick Payne Salman Siddiqui Liz Gifford
Head of global Portfolio manager Portfolio manager
emerging markets
FIXED INCOME Our experienced team employs a high conviction,
Merian Corporate Bond Fund thematic approach.
Merian Emerging Market Debt Fund The team has four core areas of expertise: multi-sector bonds, emerging market debt,
Merian Financials Contingent Capital Fund credit and cocos.
Merian Global Strategic Bond Fund
Merian Global Strategic Bond Fund (IRL)
Merian Investment Grade Corporate Bond Fund
Mark Nash Nicholas Wall Delphine Arrighi Patty Cao Lloyd Harris
Merian Local Currency Emerging Market Debt Fund Head of fixed income/ Portfolio manager Lead emerging market Assistant portfolio Lead credit
Merian Monthly Income Bond Fund portfolio manager portfolio manager manager/sovereign portfolio manager
analyst
Merian Strategic Absolute Return Bond Fund
Rob James Deepa Abraham Simon Prior Lakshay Thakur Przemyslaw Pietraszek
Portfolio manager, Portfolio manager Assistant portfolio Fixed income analyst Fixed income analyst
cocos* manager
Huw Davies Anish Shah Bhavesh Trivedi
*Rob James is formally a member of the UK equities team. Investment director Senior fixed income Fixed income dealer
dealer
SYSTEMATIC POSITIVE SKEW A strategy led by process and theory.
Merian Systematic Positive Skew Fund
Mark Greenwood joined the firm in 2015 and has particular expertise in derivatives
markets. The strategy uses options-market data to analyse futures contracts, is wholly
systematic and aims to benefit from crowded and volatile market conditions.
Mark Greenwood Vytaute Maciulskyte
Portfolio manager Analyst
STYLE PREMIA ABSOLUTE RETURN Systematic diversification.
Merian Style Premia Absolute Return Fund
Building on our heritage in systematic alternative strategies, the fund offers efficient
exposure to five market-neutral styles across multiple asset classes.
Leif Cussen John Dow
Portfolio manager Portfolio manager
PRECIOUS METALS An enigmatic world where specialist sector knowledge
Merian Gold & Silver Fund is key.
An alternative asset class to bonds and equities, precious metals are blended to take
account of differing macroeconomic environments.
Ned Naylor- Joe Lunn Chris Mahoney
Leyland Assistant portfolio Assistant portfolio
Portfolio manager manager manager
14Past performance is not a guide to future performance CONTACT US
and may not be repeated. Investment involves risk.
Americas (The AMCS Group):
The performance data does not take account of the
+1 866 925 3863
commissions and costs incurred on the issue and Germany, Austria, Switzerland:
redemption of shares. The value of investments and +41 (0)44 201 1070
the income from them may go down as well as up Hong Kong:
and investors may not get back any of the amount +852 2810 8626
Italy:
originally invested.The value of investments and
+39 02 3679 9880
the income from them may go down as well as up Singapore:
and investors may not get back any of the amount +65 6818 6228
originally invested. Because of this, an investor is not UK/rest of world:
certain to make a profit on an investment and may +44 (0)20 7332 7500
lose money. Exchange rate changes may cause the
Client services:
value of overseas investments to rise or fall. +44 (0)20 7332 7524
@ clientservices@merian.com
merian.com
@MerianGlobal
Merian Global Investors
This communication is issued by Merian Global Investors (UK) Limited (“Merian Global Investors”), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom,
EC4VP 4WR. Merian Global Investors is registered in England and Wales (number: 02949554) and is authorised and regulated by the Financial Conduct Authority
(FRN: 171847).
This communication is for information purposes only. Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation.
This communication should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation
or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a
complete statement or summary of the securities, markets or developments referred to in the document.
Any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or companies
within the same group as Merian Global Investors as a result of using different assumptions and criteria.
In Hong Kong this communication is issued by Merian Global Investors (Asia Pacific) Limited. Merian Global Investors (Asia Pacific) Limited is licensed to carry out Type 1
and Type 4 regulated activities in Hong Kong. This communication has not been reviewed by the Securities and Futures Commission in Hong Kong.
In Singapore this document is issued by Merian Global Investors (Singapore) Pte Limited, which is not licensed or regulated by the Monetary Authority of Singapore (“MAS”)
in Singapore. Merian Global Investors (Singapore) Pte Limited is affiliated with Merian Global Investors. Merian Global Investors is not licensed or regulated by the MAS.
This document has not been reviewed by the MAS.
In Switzerland this communication is issued by Merian Global Investors (Schweiz) GmbH, Schützengasse 4, 8001 Zürich, Switzerland.
This communication is for investment professionals only and should not be relied upon by private investors.
Models constructed with Geomag. MGI 09/18/0048You can also read
