The S&P GIVI (Global Intrinsic Value Index) Japan underperformed its benchmark index, the S&P Japan BMI, by 1.21% in Q4 2017 and 2.99% for the entire year.1 Since its launch in March 2012, the S&P GIVI Japan has outperformed its benchmark index by 0.68% per year, with a tracking error of 2.34%.
The S&P/JPX JGB VIX came off an intra-month low of 1.38 to jump almost 20% over three trading sessions, while 10-year JGB futures plummeted ahead of the Bank of Japan’s (BoJ’s) regularly scheduled monetary policy announcement on Dec. 21, 2017.
The S&P 500® gained 0.98% in December, bringing its 2017 return to 19.42%.
Despite losing 118+ points during the final trading session, the Dow Jones Industrial Average ended the year at 24,719.22, close to its all-time high, and having advanced just shy of 5,000 points for an annual gain of 25.08%. That performance is the best since 2013, when the DJIA gained 26.50%.
The S&P/JPX JGB VIX came off the highs of the month (Oct. 3, 2017, close of 2.03) to finish at 1.40, as uncertainty around a possible change in Japan’s overall political landscape and near-term lower house election results were resolved.
The S&P 500® gained 2.81% in November, bringing its YTD return to 18.26%.
S&P GIVI（グローバル・イントリンシック・バリュー指数）ジャパンは2017年7-9月期にベンチマークであるS&P 日本総合指数を0.46%アウトパフォームしました。1 S&P GIVI ジャパンは2012年3月に指数算出を開始して以降、ベンチマークを年率0.94%アウトパフォームしており、トラッキング・エラーは2.36%となっています。
The S&P GIVI (Global Intrinsic Value Index) Japan outperformed its benchmark index, the S&P Japan BMI, by 0.46% in the third quarter of 2017.1 Since its launch in March 2012, the S&P GIVI Japan has outperformed its benchmark index by 0.94% per year, with a tracking error of 2.36%.
The Dow Jones Industrial Average ended June 2017 at 21,349.63—up 1,522.86 points for a 7.68% first half return, the best year since 2013 when the market surged over 13.78% during the same period.