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By Geoffrey Dennis, Citi Global Emerging Markets Strategist May 15, 2012 12:00 PM
To "Sell in May" is a fabled investment thesis. But does it actually work? Over the past 20 years, EM equities have tended to do better in the three months up to May (+2.8%, on average) than the three months after (-0.4%). We also show that May-October has been the worst rolling six months of the year for EM since 1990 (average monthly fall of 0.2%). However, while, since 1991, EM equities have risen in the three months to mid-May in 15 out of 22 years (68% of the time) they have still risen in the three months after mid-May in only 11 of 21 years (52%). So, "Sell in May" does work, but barely. Asia and EMEA have clear "Sell in May" effects; for Latin America, they are less clear.
With this in mind, investors currently fear a repeat of 2011. While YTD performance is better this year, the short-term patterns seem similar; the focus is so intense this year as "sell in May" worked so well in 2011. However, "sell in May" has failed badly in six of the past ten years in EM and has only clearly worked in three of the past 10 years (including 2011). In many recent years (2004-7, 2010) there were 'spring' corrections - remember those - which should have been bought. Average full year returns were 27% in those five years.
January 19, 2012 03:51 PM
This past September, Citigroup pledged to lend $24 billion to American small businesses over three years--starting with a goal of $7 billion for 2011. We exceeded that goal by $900 million. The $7.9 billion we lent to small businesses in 2011 was $1.9 billion more than our 2010 total, and significantly higher than our $4.5 billion total in 2009.
By Citi September 20, 2011 12:30 PM
Today, Citi announced our commitment to lend American businesses $24 billion over the next three years. We're proud to do our part in answering the U.S. Small Business Administration's call to provide access to lending and capital that will help create jobs and speed economic recovery.
In conjunction with the announcement today in Cleveland, Citi's head of U.S. Head of Small Business Raj Seshadri joined Vice President Joe Biden and SBA Administrator Karen Mills in a show of support for America's small businesses and their finance needs.
By Citi September 09, 2011 10:38 AM
San Franciscans recently marked the completion of extensive renovations of the Martin Luther King-Marcus Garvey Square Cooperative Apartments, a landmark affordable housing project in the city's Fillmore District. A rededication ceremony brought together the wide range of partners and interests involved in this important community reinvestment project, including its developer Related California, the San Francisco Redevelopment Agency (SFRA), the U.S. Department of Housing and Urban Development (HUD), Freddie Mac, the development's co-op board and Citi Community Capital.
The renovations represent a major turning point for a ground-breaking 1960's low-income co-op development, which had struggled to maintain its buildings to the standard required by HUD for certain subsidies. With those subsidies nearly rescinded in 2008, the co-op board tapped advisers to develop a plan, secure funding and manage a major renovation and upgrades.