1
2008 2
2
1 Strategic Asset Allocation (Asset Class) 2 Tactical Asset Allocation ETF market position intrinsic value earning
surprise investment trend 60% MSCI MSCI World Index +40% MSCI MSCI Emerging Markets Index
3
BNY Mellon Asset Management
International Limited
2000
BNY Mellon Asset Management
International Limited 2000 2,500 The Bank of New York Mellon Corporation 15
2007 7 1 T. Mellon and Son’s Bank 1869 Alexander
Hamilton 1784
40,600 2007 9 30 20.8 1.1 34 100 (Pensions & Investments)
2006 9 2007 7
1. -13,073,190.67
2. -972,119,336.36
3. -0.0005
4. 21,314,368,762.44
5. 0.785
4
1
2
5
1 Hugh Hunter
Plymouth Polytechnic CFA 20 WestLB Mellon Asset Management 8
2 Christian Sobotta
University of Ulm 20 INVESCO We s t K A 2000 We s t L B
Mellon Asset Management
3 Jonathan H. Xiong
San Francisco State University CFA Mellon
Capital Management 10 Mellon Capital , - (Taft-Hartley)
6
( )
5,428,279,984.46 25.33%
-- --
11,801,569,455.34 55.08%
3,992,381,849.14 18.63%
204,988,005.68 0.96%
21,427,219,294.62 100.00%
5,428,279,984.46 25.47%
5,428,279,984.46 25.47%
-- --
1,008,099,946.42 4.73%
608,466,532.43 2.86%
49,856,499.87 0.23%
-- --
-- --
-- --
137,895,352.82 0.65%
-- --
289,602,571.85 1.36
131,112,107.89 0.62
-- --
-- --
86,246,577.00 0.40%
7
262,203,194.84 1.23%
71,979,406.24 0.34%
1,147,667,972.91 5.38%
308,375,822.94 1.45%
1,879,465,441.79 8.82%
-- --
55,775,089.89 0.26%
-- --
-- --
5,428,279,984.46 25.47%
China Construction
Bank Corporation 00939 77,132,000.00 425,860,241.96 2.00%
HSBC Holdings plc 00005 4,000,000.00 425,166,612.00 1.99%
China Mobile Limited 00941 4,533,500.00 417,703,162.04 1.96%
China Life Insurance
Company Limited 02628 14,032,840.00 336,806,978.04 1.58%
CNOOC Limited 00883 26,271,000.00 309,957,379.44 1.45%
China Oilfield
Services Limited
02883 22,528,000.00 277,283,184.64 1.30%
China Shenhua Energy
Company Limited 01088 9,000,000.00 242,123,418.00 1.14%
China Merchants Bank
Co.,Limited 03968 11,000,000.00 236,936,315.00 1.11%
CNPC (Hong Kong)
Limited 00135 66,060,000.00 213,726,930.34 1.00%
Tencent Holdings
Limited 00700 3,962,000.00 210,041,273.86 0.99%
GOLDMAN
SACHS LIQ RES
FD INSTL CL 2,321,306,879.79 2,321,306,879.79 10.89% ISHARES MSCI
BRAZIL
ETF
2,867,300.00 1,756,075,129.52 8.24%
MARKET
VECTORS RUSSIA
ETF ETF
Van Eck
Associates
Corporation
3,347,500.00 1,235,522,652.42 5.80% US NATURAL GAS
FUND LP ETF
2,479,700.00 1,071,025,891.70 5.02% UNITED STATES
OIL FUND LP ETF
1,300,000.00 1,013,486,897.80 4.75% FORDING
CANADIAN COAL
TRUST
Computershare
1,344,238.00 881,549,332.60 4.14%
8
POWERSHARES
DB COMMODITY
IND ETF
2,694,464.00 827,605,959.44 3.88% MARKET
VECTORS
AGRIBUSINESS ETF
Van Eck
Associates
Corp
1,401,420.00 595,493,131.17 2.79% ENERGY SELECT
SECTOR SPDR ETF
962,112.00 583,899,199.65 2.74% POWERSHARES
DB
AGRICULTURE F ETF
1,918,814.00 535,403,193.53 2.51%
163,873,000.00 0.77
163,873,000.00 0.77
1
2
3
1,978.13
40,420,310.64
67,561.94
625,154.97
163,873,000.00
204,988,005.68
4
28,337,488,464.66
101,566,037.29
1,281,899,319.01
27,157,155,182.94
1
http://www.nffund.com
