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Fundamental (11 items)

A Case for: Emerging Markets Local Currency Debt

Discover why emerging market debt, characterized by strong risk-adjusted returns, has become an increasingly appealing asset class.

article : 4 pages
Exposed to the Unexposed: How the Global Financial Crisis Changed the Way Markets Interact and Traders Execute

Learn more about how global financial events since the fall of 2008 have reshaped the way markets interact with one another

article : 5 pages
Helping Retirement Savers Make Better Choices By State Street Global Advisors

Learn how a well designed plan that takes into consideration the importance of framing choices and guiding investors in the right direction can improve retirement outcomes for their participants.

article : 4 pages
Housing’s Role (or Lack Thereof) in the US Recovery

Examine the continuing unusual behavior of the US housing market during the slowest post-war recovery since World War II. Hear what SSgA Chief Economist Chris Probyn and Senior Economist Geoff Somes, believe to be at the root of the problem.

article : 4 pages
How to Increase Investment Income in Low-Yielding, Uncertain Times

Find our more about how to potentially increase investment income along with where interest rates may, or may not, be headed.

article : 5 pages
Investing in Emerging Markets Small-Capitalization Stocks

Learn more about the characteristics of the emerging markets small-capitalization asset class and how domestic demand in emerging markets is rising.

article : 5 pages
Investment Quarterly Q3 2011

Explore the events of the third quarter including the global markets and why low volatility couldn't last, emerging market equities, minimum variance portfoilios and whether or not they behave like long-short hedge funds and Behavioral Finance in asset management.

commentary : 16 pages
Looking Beyond the BRICs: What Smaller Emerging and Frontier Markets Offer

Considering an allocation to emerging markets? Learn about the potential upside, as well as downside, of investing in smaller frontier emerging markets like Peru, Colombia, and Turkey.

article : 4 pages
Navigating the US Market – Plotting a Course Through Recent Regulation

Learn more about current rules and proposed SEC changes for the US Market and why they matter.

article : 4 pages
Quantitative Equity Investing: Why PGA Golfers Sometimes Leave Birdie Putts Short By State Street Global Advisors

Discover how to manage loss aversion bias among investors using a disciplined quantitative investing approach.

article : 4 pages
Wider Political Lessons from the European Sovereign Debt Crisis

Learn more about the debt crisis in Europe and the challenges that lie ahead.

article : 3 pages

Advanced (15 items)

Are Emerging Market Equities Currently Overvalued?

Learn more about why investors are increasingly attracted to this asset class and whether or not it faces an eventual bubble.

article : 6 pages
CoCos and Hybrid Bank Capital - Lessons from the Credit Crunch and Implications for Investors

Find out more about the evolution of the CoCos, market reactions and international response.

article : 7 pages
Do Minimum Variance Portfolios Behave Like Long-Short Hedge Funds?

Find out more about minimum variance equity portfolios, whether or not they behave like long-short equity hedge funds, and the implications of these findings.

article : 5 pages
Emerging Market Debt Outlook: Divergence and Decoupling

Learn more about the global economic trends and the policies of the advanced and emerging market economies.

article : 4 pages
Lessons From History: Fixed Exchange Rate Systems Under Strain By State Street Global Advisors

Explore how the ongoing collapse of the economy and the financial system in Argentina is reminiscent of the crises that rocked the world financial system in the 1930s.

article : 2 pages
Managing Liquidity Needs in Changing Markets

Learn about three ways investors can potentially strengthen their portfolios and mitigate liquidity risk, including; determining the appropriate liquidity risk premium for different asset classes, building an optimal mix of liquid and illiquid asset classes in a portfolio, and managing portfolio liquidity needs.

article : 4 pages
Minimum Variance Benchmarks: Making the Case for Managed Volatility

Managed Volatility mandates control the overall risk or volatility of a portfolio. This approach allows investors to have less risk and better downside protection in their equity portfolio than a traditional cap-weighted portfolio allows. Learn about several benchmark providers and investment managers that have created Managed Volatility strategies to take advantage of these appealing characteristics.

article : 7 pages
Modeling Risk Appetite - Implications for Asset Managers

Find out how to better weather the turbulence and harness the swings from a risk management perspective.

article : 5 pages
Tactical Asset Allocation Revisited By State Street Global Advisors

Learn more about Tactical Asset allocation as both an independent source of active returns and as a potentially vital part of their risk management toolkit.

article : 4 pages
The Financial, Economic and Political Consequences of the European Debt Crisis

Explore some of the possible consequences – financial, economic, and political – of the situation in Europe including the fate of the Euro itself.

article : 5 pages
The Future of ESG Investing

Learn about environmental, social and governance investing and whether or not ESG ratings can enhance the performance of a portfolio.

article : 6 pages
The Greek Bailout: Still Kicking the Can Down the Road…Just a Little Further This Time

Learn more about the second bailout package for Greece and their efforts to return to solvency.

commentary : 2 pages
Trading Insight: The Developing Nature of Emerging Markets

Discover the nuances involved in trading emerging markets, and learn about best practices for trading in these markets.

article : 4 pages
Unintended Risk in the Bond Market and How to De-Risk When the Environment Changes

Learn why viewing fixed income as exclusively low risk can ultimately affect the overall portfolio objective.

article : 5 pages
What is the Volcker Rule's Impact on Market Liquidity

Learn more about the impact of the Volcker Rule provisions and how they will effect securities markets including fixed income markets and liquidity.

article : 3 pages

Leading Edge (14 items)

A Case for Managed Volatility Equity Strategies By State Street Global Advisors

Learn about why this style of equity investing should be an attractive approach to consider.

article : 5 pages
Cap-Weighted Versus Advanced Beta Benchmarks: A ‘Big Tent’ Investment Approach

Is indexing a form of investing, or is it only a vehicle for die-hard efficient markets or CAPM believers?

article : 4 pages
Capturing the Value Premium with Passive Valuation Tilted Strategies By State Street Global Advisors

Examine how valuation-tilting offers advantages over traditional passive approaches to value investing by incorporating all stocks, differentiating across the valuation spectrum and responding to changes in valuation dispersion. Learn why valuation-tilted passive investing is seen as an attractive alternative to the cap-weighted market portfolio for many investors.

article : 3 pages
Do ETFs Increase Correlations?

Explore the potential impact of the expansion of ETFs and shifts in the macroeconomic environment may have on volatility and correlations. Learn about the potential advantages ETFs offer investors to better navigate market environments that exhibit high volatility and correlations.

whitepaper : 8 pages
Emerging Markets Benchmarks: Understanding an Evolving Asset Class

Despite impressive returns and increases in accessibility, capital and volumes over the past decade, there are still apparent reasons as to why the emerging markets as an asset class is still considered to be “emerging.” Explore the progression of investing in emerging markets, including the differences between emerging and developed markets, and examine the challenges and headwinds that index portfolio managers face in this unique asset class.

article : 6 pages
Global Benchmarks: Owning the World

Asset owners and consultants are now considering global equity as a single strategic asset class and marking it as a starting point for asset allocation. Evaluate four broad global benchmarks investors can use to “own the world.”

article : 7 pages
Regulatory Reform and the Implications for Derivatives

The global derivatives market faces sweeping changes as a wave of new and proposed regulatory requirements begin to take hold. Learn how to operate in the new environment and position yourself to gain as the changes unfold.

article : 16 pages
SSgA Equity Beta Directory

This directory provides an outline of popular equity and alternative equity indices, including index family mapping and definitions.

article : 12 pages
Setting the Stage… Why Beta?: From Investment Theory to Practical Applications

Passive strategies seek to provide inexpensive and risk-managed access to investment opportunities all over the world. Examine the advantages of passive investing and its emergence as the most efficient and cost-effective way to achieve broad, diversified equity exposure.

article : 6 pages
The Beta Book

View titles in this Content Kit

In recent years, there has been a significant evolution in passive investing with a massive proliferation of benchmark alternatives and construction modifications. While this has provided investors with the ability to obtain and measure virtually any type of beta exposure, it can also make benchmark selection a daunting task.

In an effort to educate investors and help them better understand the differences between indices and the nuances of index management, we have created The Beta Book, A Comprehensive Overview of Equity Benchmarks. The Beta Book is a compilation of nearly 20 articles, all authored by members of the State Street Global Advisors (SSgA) Global Equity Beta Solutions team, that examine a broad range of topics within global indices and provide a comprehensive directory of popular benchmarks. As one of the world’s premier index managers, with more than three decades of experience, SSgA is uniquely positioned to offer these compelling analyses.

This content kit includes a list of selected articles within The Beta Book. To download the entire book, please see the link under Additional Resources. We hope you find The Beta Book valuable, thought provoking and supportive as you evaluate benchmark alternatives and passive investing strategies.

content kit : 8 pieces
The SSgA Beta Book, A Comprehensive Overview of Equity Benchmarks

The Beta Book is a compilation of nearly 20 articles, all authored by members of the SSgA Global Equity Beta Solutions team, that examine a broad range of topics within global indices and provide a comprehensive directory of popular benchmarks.

article : 109 pages
US Small-Cap Benchmarks: Different Approaches, Similar Conclusions

Examine the construction and maintenance of the Russell 2000, S&P SmallCap 600 and the MSCI US Small Cap Indices, as well as their performance and the similarities and differences between their characteristics.

article : 7 pages
Viewing Liquidity Management Through a Wider Lens By State Street Global Advisors

Find out how investors are managing liquidity in today's market.

article : 4 pages
Why High-Conviction Investing Doesn’t Have to Entail Highly Concentrated Holdings By State Street Global Advisors

Examine how the quantitative investment process can express high conviction by creating models with concentrated factor exposures, not concentrated stock holdings, allowing investors to diversify among many more individual stock names and potentially mitigating firm-specific idiosyncratic risk.

article : 3 pages

Fundamental (11 items)

Title/Description	Format	Length	Client Ready	CE Credits
A Case for: Emerging Markets Local Currency Debt Discover why emerging market debt, characterized by strong risk-adjusted returns, has become an increasingly appealing asset class.	article	4 pages	—	—
Exposed to the Unexposed: How the Global Financial Crisis Changed the Way Markets Interact and Traders Execute Learn more about how global financial events since the fall of 2008 have reshaped the way markets interact with one another	article	5 pages	—	—
Helping Retirement Savers Make Better Choices Learn how a well designed plan that takes into consideration the importance of framing choices and guiding investors in the right direction can improve retirement outcomes for their participants.	article	4 pages	—	—
Housing’s Role (or Lack Thereof) in the US Recovery Examine the continuing unusual behavior of the US housing market during the slowest post-war recovery since World War II. Hear what SSgA Chief Economist Chris Probyn and Senior Economist Geoff Somes, believe to be at the root of the problem.	article	4 pages	—	—
How to Increase Investment Income in Low-Yielding, Uncertain Times Find our more about how to potentially increase investment income along with where interest rates may, or may not, be headed.	article	5 pages	—	—
Investing in Emerging Markets Small-Capitalization Stocks Learn more about the characteristics of the emerging markets small-capitalization asset class and how domestic demand in emerging markets is rising.	article	5 pages	—	—
Investment Quarterly Q3 2011 Explore the events of the third quarter including the global markets and why low volatility couldn't last, emerging market equities, minimum variance portfoilios and whether or not they behave like long-short hedge funds and Behavioral Finance in asset management.	commentary	16 pages	—	—
Looking Beyond the BRICs: What Smaller Emerging and Frontier Markets Offer Considering an allocation to emerging markets? Learn about the potential upside, as well as downside, of investing in smaller frontier emerging markets like Peru, Colombia, and Turkey.	article	4 pages	—	—
Navigating the US Market – Plotting a Course Through Recent Regulation Learn more about current rules and proposed SEC changes for the US Market and why they matter.	article	4 pages	—	—
Quantitative Equity Investing: Why PGA Golfers Sometimes Leave Birdie Putts Short Discover how to manage loss aversion bias among investors using a disciplined quantitative investing approach.	article	4 pages	—	—
Wider Political Lessons from the European Sovereign Debt Crisis Learn more about the debt crisis in Europe and the challenges that lie ahead.	article	3 pages	—	—

Advanced (15 items)

Title/Description	Format	Length	Client Ready	CE Credits
Are Emerging Market Equities Currently Overvalued? Learn more about why investors are increasingly attracted to this asset class and whether or not it faces an eventual bubble.	article	6 pages	—	—
CoCos and Hybrid Bank Capital - Lessons from the Credit Crunch and Implications for Investors Find out more about the evolution of the CoCos, market reactions and international response.	article	7 pages	—	—
Do Minimum Variance Portfolios Behave Like Long-Short Hedge Funds? Find out more about minimum variance equity portfolios, whether or not they behave like long-short equity hedge funds, and the implications of these findings.	article	5 pages	—	—
Emerging Market Debt Outlook: Divergence and Decoupling Learn more about the global economic trends and the policies of the advanced and emerging market economies.	article	4 pages	—	—
Lessons From History: Fixed Exchange Rate Systems Under Strain Explore how the ongoing collapse of the economy and the financial system in Argentina is reminiscent of the crises that rocked the world financial system in the 1930s.	article	2 pages	—	—
Managing Liquidity Needs in Changing Markets Learn about three ways investors can potentially strengthen their portfolios and mitigate liquidity risk, including; determining the appropriate liquidity risk premium for different asset classes, building an optimal mix of liquid and illiquid asset classes in a portfolio, and managing portfolio liquidity needs.	article	4 pages	—	—
Minimum Variance Benchmarks: Making the Case for Managed Volatility Managed Volatility mandates control the overall risk or volatility of a portfolio. This approach allows investors to have less risk and better downside protection in their equity portfolio than a traditional cap-weighted portfolio allows. Learn about several benchmark providers and investment managers that have created Managed Volatility strategies to take advantage of these appealing characteristics.	article	7 pages	—	—
Modeling Risk Appetite - Implications for Asset Managers Find out how to better weather the turbulence and harness the swings from a risk management perspective.	article	5 pages	—	—
Tactical Asset Allocation Revisited Learn more about Tactical Asset allocation as both an independent source of active returns and as a potentially vital part of their risk management toolkit.	article	4 pages	—	—
The Financial, Economic and Political Consequences of the European Debt Crisis Explore some of the possible consequences – financial, economic, and political – of the situation in Europe including the fate of the Euro itself.	article	5 pages	—	—
The Future of ESG Investing Learn about environmental, social and governance investing and whether or not ESG ratings can enhance the performance of a portfolio.	article	6 pages	—	—
The Greek Bailout: Still Kicking the Can Down the Road…Just a Little Further This Time Learn more about the second bailout package for Greece and their efforts to return to solvency.	commentary	2 pages	—	—
Trading Insight: The Developing Nature of Emerging Markets Discover the nuances involved in trading emerging markets, and learn about best practices for trading in these markets.	article	4 pages	—	—
Unintended Risk in the Bond Market and How to De-Risk When the Environment Changes Learn why viewing fixed income as exclusively low risk can ultimately affect the overall portfolio objective.	article	5 pages	—	—
What is the Volcker Rule's Impact on Market Liquidity Learn more about the impact of the Volcker Rule provisions and how they will effect securities markets including fixed income markets and liquidity.	article	3 pages	—	—

Leading Edge (14 items)

Title/Description	Format	Length	Client Ready	CE Credits
A Case for Managed Volatility Equity Strategies Learn about why this style of equity investing should be an attractive approach to consider.	article	5 pages	—	—
Cap-Weighted Versus Advanced Beta Benchmarks: A ‘Big Tent’ Investment Approach Is indexing a form of investing, or is it only a vehicle for die-hard efficient markets or CAPM believers?	article	4 pages	—	—
Capturing the Value Premium with Passive Valuation Tilted Strategies Examine how valuation-tilting offers advantages over traditional passive approaches to value investing by incorporating all stocks, differentiating across the valuation spectrum and responding to changes in valuation dispersion. Learn why valuation-tilted passive investing is seen as an attractive alternative to the cap-weighted market portfolio for many investors.	article	3 pages	—	—
Do ETFs Increase Correlations? Explore the potential impact of the expansion of ETFs and shifts in the macroeconomic environment may have on volatility and correlations. Learn about the potential advantages ETFs offer investors to better navigate market environments that exhibit high volatility and correlations.	whitepaper	8 pages	—	—
Emerging Markets Benchmarks: Understanding an Evolving Asset Class Despite impressive returns and increases in accessibility, capital and volumes over the past decade, there are still apparent reasons as to why the emerging markets as an asset class is still considered to be “emerging.” Explore the progression of investing in emerging markets, including the differences between emerging and developed markets, and examine the challenges and headwinds that index portfolio managers face in this unique asset class.	article	6 pages	—	—
Global Benchmarks: Owning the World Asset owners and consultants are now considering global equity as a single strategic asset class and marking it as a starting point for asset allocation. Evaluate four broad global benchmarks investors can use to “own the world.”	article	7 pages	—	—
Regulatory Reform and the Implications for Derivatives The global derivatives market faces sweeping changes as a wave of new and proposed regulatory requirements begin to take hold. Learn how to operate in the new environment and position yourself to gain as the changes unfold.	article	16 pages	—	—
SSgA Equity Beta Directory This directory provides an outline of popular equity and alternative equity indices, including index family mapping and definitions.	article	12 pages	—	—
Setting the Stage… Why Beta?: From Investment Theory to Practical Applications Passive strategies seek to provide inexpensive and risk-managed access to investment opportunities all over the world. Examine the advantages of passive investing and its emergence as the most efficient and cost-effective way to achieve broad, diversified equity exposure.	article	6 pages	—	—
The Beta Book View titles in this Content Kit In recent years, there has been a significant evolution in passive investing with a massive proliferation of benchmark alternatives and construction modifications. While this has provided investors with the ability to obtain and measure virtually any type of beta exposure, it can also make benchmark selection a daunting task. In an effort to educate investors and help them better understand the differences between indices and the nuances of index management, we have created The Beta Book, A Comprehensive Overview of Equity Benchmarks. The Beta Book is a compilation of nearly 20 articles, all authored by members of the State Street Global Advisors (SSgA) Global Equity Beta Solutions team, that examine a broad range of topics within global indices and provide a comprehensive directory of popular benchmarks. As one of the world’s premier index managers, with more than three decades of experience, SSgA is uniquely positioned to offer these compelling analyses. This content kit includes a list of selected articles within The Beta Book. To download the entire book, please see the link under Additional Resources. We hope you find The Beta Book valuable, thought provoking and supportive as you evaluate benchmark alternatives and passive investing strategies.	content kit	8 pieces	—	—
The SSgA Beta Book, A Comprehensive Overview of Equity Benchmarks The Beta Book is a compilation of nearly 20 articles, all authored by members of the SSgA Global Equity Beta Solutions team, that examine a broad range of topics within global indices and provide a comprehensive directory of popular benchmarks.	article	109 pages	—	—
US Small-Cap Benchmarks: Different Approaches, Similar Conclusions Examine the construction and maintenance of the Russell 2000, S&P SmallCap 600 and the MSCI US Small Cap Indices, as well as their performance and the similarities and differences between their characteristics.	article	7 pages	—	—
Viewing Liquidity Management Through a Wider Lens Find out how investors are managing liquidity in today's market.	article	4 pages	—	—
Why High-Conviction Investing Doesn’t Have to Entail Highly Concentrated Holdings Examine how the quantitative investment process can express high conviction by creating models with concentrated factor exposures, not concentrated stock holdings, allowing investors to diversify among many more individual stock names and potentially mitigating firm-specific idiosyncratic risk.	article	3 pages	—	—

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In providing these services to you, the SSgA Funds may share this information with financial service providers pursuant to agreements in which the funds have entered to provide distribution, shareholder servicing, administration, advisory, transfer agency and custodial services. The SSgA Funds and our service providers do not disclose current or past investor's nonpublic, personal information to third parties, except as permitted by law under certain limited circumstances, such as to resolve a dispute or prevent fraud.

Access to nonpublic, personal information about our investors that we possess is restricted to our servicing agent, Boston Financial Data Services, Inc., and its employees and affiliates. We may also share selected portions of this information with unaffiliated companies that we hire to perform administrative services on our behalf. Examples include transaction processing and servicing organizations that administer transactions you request or authorize, and print and mail service providers that assist in distributing investor materials such as transaction confirmations, annual reports, prospectuses, tax forms and proxies.

Under no circumstances do we sell any of the nonpublic, personal information we collect. The service providers and unaffiliated companies with whom we share nonpublic, personal information are not authorized to use or share this information for any purpose other than to provide the services to the SSgA Funds for which they have been contracted.

We maintain strong physical, electronic and procedural safeguards and security controls designed to ensure that the nonpublic, personal information about prospective, current and former customers in our files and computers is protected.

SSgAfunds.com contains links to other web sites. The SSgA Funds are not responsible for the privacy practices or the content of these web sites.

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