About the Author

Clement K. Miller, CFA

Administrative Vice President and Senior Portfolio Manager

As senior portfolio manager of the Wilmington International Fund, Clem develops and maintains close working relationships with a network of investment managers located in Europe, Japan, and Asia ex-Japan. He is a voting member of the firm’s investment committee and a non-voting member of its portfolio management committee. He is a frequent contributor to the firm’s Wilmington Wire publications.

Prior to joining investment management, Clement was a senior relationship manager with M&T Bank’s international trade division. He led a team of four relationship managers who financed transactions supporting foreign buyers’ purchases of U.S. exports, often from firms in M&T Bank’s business regions. He received the President’s Council Award for his sales accomplishments. Before joining M&T, Clem served in a variety of positions with the Export-Import Bank of the United States. As a relationship manager, he shepherded U.S. firms’ export finance transactions through the bank’s credit approval process. He served on the bank’s credit committee, which approved all loans under $10 million and managed the bank’s workouts division, working within creditor groups to renegotiate the debts of foreign and U.S. borrowers. He participated as the bank’s representative on a U.S. government delegation to inter-governmental trade financing negotiations organized by the OECD in Paris. Clem also served as a country risk economist, advising the bank’s board on country eligibility and sovereign loan pricing decisions and participating in inter-agency working groups. Earlier in his career, he served as an international economist with business consulting firm WEFA, providing economic advice to a range of business clients.

Clem holds an MBA in finance and international business from George Washington University and a bachelor’s degree in international economics from the School of Foreign Service at Georgetown University. He is a CFA® charterholder and served five terms on the board of the 600-member Baltimore CFA Society, including two as its elected president. Currently, he is serving as the M&T appointed board member of the Maryland Chamber of Commerce.


By the Author

Global Equities Pullback, Very Low Dispersion across Global Markets

Clement K. Miller, CFA |
Wilmington Wire
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February 8, 2018— Since January 30, we have seen sharp movements in both domestic and international equity markets. The most significant drop thus far came on Monday, Feb. 5, when the S&P 500 declined by 4.1%, and international markets fell as well.   Global markets remained volatile on February 6 and 7. A notable feature of the early February 2018 equities pullback is the low dispersion of negative equity returns across global markets.

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Senate Version of Tax Bill Aims to Raise Tax Revenues from First-In, First-Out Share Sales

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Wilmington Wire
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December 5, 2017— The Senate tax bill contains a provision that would force individual investors to use first-in-first-out (FIFO) tax treatment for sales of the shares of most stocks.  Markets have risen substantially in recent years, making management of taxable gains an important consideration in delivering after-tax returns to investors.

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Political Turmoil in Saudi Arabia Could Place ARAMCO IPO and Potential MSCI EM Status at Risk

Clement K. Miller, CFA |
Wilmington Wire
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November 10, 2017— Saudi Arabia is planning an IPO for 5% of ARAMCO, the state-owned oil company, for 2018 or 2019. With an estimated value ranging from $50-$100 billion, the IPO would be the largest-ever IPO. The proceeds are slated to fund a capital increase in Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. New York and London are competing to be the listing venue – President Trump even promoted New York by tweet.

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Japan’s Snap Elections – Shinzo Abe’s Likely Re-Election is Constructive for Japanese Equities

Clement K. Miller, CFA |
Wilmington Wire
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October 17, 2017—Japan holds general elections on October 22. Polls suggest Prime Minister Shinzo Abe’s Liberal Democratic Party (LDP) will secure its current large majority of seats. ‎  Abe’s personal popularity has sagged due to family and cabinet scandals. Nevertheless, voters welcome an improving local economy and support his plans to strengthen the armed forces and increase education and childcare spending.

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