This document discusses balance sheet risk management for universities. It provides an overview of common risks such as financing, investment, operational and construction risks that institutions face. It emphasizes quantifying exposures through measures like expected outcomes, volatility and correlations. The goal is to manage risk versus return, accept appropriate risk levels and maximize financial performance while planning for downside scenarios. Simple tools from investment management like analyzing averages, standard deviations and correlations can help simplify risk management. Constructing efficient frontiers can also help institutions optimize portfolios of investments or debt strategies based on their individual risk tolerances.
The daily report summarizes the performance of the Straits Times Index and notable top gainers and losers among Singapore stocks. It also provides updates on Singapore banks improving their global brand rankings, new City Direct bus services being launched, and recommends buying Hong Kong Land stock above S$6.12.
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Index, You can get Daily Favorable Tips & future Strategy for SGX Market
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
Epic Research has a team of experts that can recommend you with FOREX trading ideas in Singapore. We are experienced in analyzing IFOREX signals, Forex Factory Signal and DailyFX. Call- 6531581402
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
This document provides a technical analysis of CANFINHOME stock with the following key points:
1) The stock has shown strength despite market turbulence by maintaining its price above support levels.
2) The stock is in a positive trend forming higher highs and higher lows on the chart.
3) It has emerged from a brief consolidation phase and found support at the 21 day moving average.
4) The RSI momentum indicator has risen above its average line, indicating further upward momentum.
5) Based on this analysis, the stock is expected to reach a target price of 1315 in the next few trading sessions.
The daily report summarizes the performance of the Straits Times Index on March 10th. It opened at 3,132.45 points and closed at 3,129.17 points. Top gainers were led by SIA Engineering with a gain of 2.93% while top losers were led by United Overseas Bank declining 0.87%. The report also provides updates on companies such as Hongkong Land and recommends buying Hongkong Land above 6.500.
This document provides a technical analysis and recommendation to buy Reliance shares at Rs. 993.8 per share. The analysis notes that the stock has taken support at its 250-day moving average, breached prior support lines and consolidation areas, and shows rising momentum on indicators like RSI. A breakout of an inverted head and shoulder pattern on intraday charts further supports the bullish outlook. Based on these technical factors, the document recommends buying Reliance with a stop loss of Rs. 970 and target price of Rs. 1040, expecting further momentum in the stock price over the next few trading sessions.
The daily report summarizes the performance of the Straits Times Index and notable top gainers and losers among Singapore stocks. It also provides updates on Singapore banks improving their global brand rankings, new City Direct bus services being launched, and recommends buying Hong Kong Land stock above S$6.12.
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Index, You can get Daily Favorable Tips & future Strategy for SGX Market
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
Epic Research has a team of experts that can recommend you with FOREX trading ideas in Singapore. We are experienced in analyzing IFOREX signals, Forex Factory Signal and DailyFX. Call- 6531581402
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
This document provides a technical analysis of CANFINHOME stock with the following key points:
1) The stock has shown strength despite market turbulence by maintaining its price above support levels.
2) The stock is in a positive trend forming higher highs and higher lows on the chart.
3) It has emerged from a brief consolidation phase and found support at the 21 day moving average.
4) The RSI momentum indicator has risen above its average line, indicating further upward momentum.
5) Based on this analysis, the stock is expected to reach a target price of 1315 in the next few trading sessions.
The daily report summarizes the performance of the Straits Times Index on March 10th. It opened at 3,132.45 points and closed at 3,129.17 points. Top gainers were led by SIA Engineering with a gain of 2.93% while top losers were led by United Overseas Bank declining 0.87%. The report also provides updates on companies such as Hongkong Land and recommends buying Hongkong Land above 6.500.
This document provides a technical analysis and recommendation to buy Reliance shares at Rs. 993.8 per share. The analysis notes that the stock has taken support at its 250-day moving average, breached prior support lines and consolidation areas, and shows rising momentum on indicators like RSI. A breakout of an inverted head and shoulder pattern on intraday charts further supports the bullish outlook. Based on these technical factors, the document recommends buying Reliance with a stop loss of Rs. 970 and target price of Rs. 1040, expecting further momentum in the stock price over the next few trading sessions.
- The Straits Times Index gained 18.01 points to close at 3,088.79 on February 20th with gainers outnumbering losers.
- Seek Ltd, an Australian online employment company, saw a 38% increase in revenue for the second half of 2013.
- The Singapore government plans to introduce a law allowing prosecution of companies that contribute to transboundary haze pollution.
- Hong Kong's Hang Seng Index closed up 0.3% at 22,664.52 ahead of a key China manufacturing survey and on gains in China Citic Bank after strong 2013 profit growth.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
The document recommends buying shares of DLF at 133 rupees per share, with a stop loss of 127 rupees and target price of 145 rupees. It notes that the real estate sector and DLF stock have shown positive developments, with the stock breaking out of a consolidation phase and trend line and trading above short and long term moving averages, indicating growing momentum. Given these factors, it expects the stock to rise further to 145 rupees in the coming trading sessions.
The document reports on the top gainers and losers on the Malaysian stock market on July 7th, 2014. It provides stock price percentage changes for the top 10 gainers, led by SHL at 16.38%, and top 10 losers, led by PETDAG at -1.90%. It also includes a snapshot of the FTSE Bursa Malaysia KLCI index performance, and brief updates on selected company and market news from Malaysia. The document is a daily market research report from July 23rd, 2014.
The document recommends buying shares of IOC with a target price of Rs. 515 and a stop loss of Rs. 475 based on technical analysis. It notes that IOC and other oil marketing companies have been moving strongly upwards in tandem. IOC has broken out of a consolidation phase indicating the previous upward trend will continue. Volume is also expanding at the breakout level, suggesting a genuine upward move that could take the price to Rs. 515.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
- The Straits Times Index (STI) fell slightly to 3011.41 from 3027.22 the previous day. DBS Group Holdings saw the largest gain of 0.43% while Jardine Strategic Holdings saw the largest drop of 3.63%.
- Sembcorp Industries announced acquiring a 45% stake in an Indian power company for potential synergies. SP AusNet's euro bond issue was oversubscribed, raising $606 million for the electricity distributor.
- Singapore's property cooling measures have pushed some firms to increase overseas investments, with interests growing in Australia, the UK, and US. The report recommends selling Hongkong Land below $5.85.
The document recommends buying shares of SURYALAXMI at 152 with a target price of 172 within the next few trading sessions. It notes that the textile sector has been rising, SURYALAXMI has been moving higher the past two sessions and rising above short and long term moving averages. Volume has also been picking up the past couple days. The analysis indicates the stock could reach 172 based on these positive technical indicators.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
- The Singapore stock market was hovering just below a resistance level and continued recovery on Wall Street could keep local sentiments buoyant.
- According to Moody's, Singapore's GDP decline would be driven mainly by exports and investment, though private consumption would hold up relatively well since exports make up 226% of GDP.
- Singapore Exchange and Clearstream will jointly offer a new collateral management solution for SGX customers to get more efficient use of their assets.
The daily report summarizes the performance of the Straits Times Index (STI) on February 24th. The STI opened at 3,103.30 points and fluctuated within a range of 3,096.54 to 3,109.80 points for the day. The top gainers were led by Jardine Cycle & Carriage Ltd with a gain of 3.82%. Noble Group Ltd suffered the largest loss of 3.90%. The report also provides an acquisition announcement by Ascott Residence Trust and earnings reports from BBR Holdings and Noble Group. It includes a stock recommendation to buy Jardine Cycle above 38.700 with target prices up to 40.000.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
The document provides a technical analysis of SMLISUZU stock. It summarizes:
1) The stock has broken past a resistance point and is moving higher again after retracing.
2) The stock is taking support from its 250 day moving average, which has previously acted as a trend decider.
3) The RSI momentum oscillator is in rising mode, indicating increasing momentum in the stock.
4) Based on this analysis, the stock is expected to continue rising to a level of 1130.
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Index, You can get Daily Favorable Tips & future Strategy for SGX Market
The document provides a technical analysis of TATAELXSI stock. It summarizes that the stock has entered an intermediate correction phase but is likely to conclude its negative movement based on technical indicators. The stock has taken multiple supports, broken above downward trend lines and its 21-day moving average on strong volume. Based on this analysis, the stock is expected to move further upwards to a target price of 1810.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
The document provides a technical analysis and recommendation for the stock SRTRANSFIN. It summarizes that:
1) The stock has remained in a structural bull trend, forming higher highs and higher lows on the long term chart.
2) At a recent intermediate correction, the stock found support at a previous resistance level. Momentum indicators like RSI have formed positive patterns.
3) Based on the technical factors, the stock is expected to rise further to the 1070 level in the next few trading sessions.
The document provides an overview and agenda for a presentation on mergers and acquisitions valuation using discounted cash flow analysis and merger analysis. It discusses key aspects of a DCF valuation including projecting cash flows, determining terminal value, calculating the weighted average cost of capital, and other considerations. The document is confidential and intended for an internal client of JPMorgan to evaluate a potential transaction.
Ashok Leyland Q3FY15 Preview: Buy at a CMP of Rs51IndiaNotes.com
Expect volumes to grow by 33% YoY (-3.6% QoQ) led by a revival in demand seen in HCV.
- MHCVs volumes are expected to grow by 60% YoY (-6.1% QoQ) as business sentiments and economic activity improve.
- Expect realizations to improve by 17.8% YoY (-1.4% QoQ) on better product mix (higher MHCV share)
- The Straits Times Index gained 18.01 points to close at 3,088.79 on February 20th with gainers outnumbering losers.
- Seek Ltd, an Australian online employment company, saw a 38% increase in revenue for the second half of 2013.
- The Singapore government plans to introduce a law allowing prosecution of companies that contribute to transboundary haze pollution.
- Hong Kong's Hang Seng Index closed up 0.3% at 22,664.52 ahead of a key China manufacturing survey and on gains in China Citic Bank after strong 2013 profit growth.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
The document recommends buying shares of DLF at 133 rupees per share, with a stop loss of 127 rupees and target price of 145 rupees. It notes that the real estate sector and DLF stock have shown positive developments, with the stock breaking out of a consolidation phase and trend line and trading above short and long term moving averages, indicating growing momentum. Given these factors, it expects the stock to rise further to 145 rupees in the coming trading sessions.
The document reports on the top gainers and losers on the Malaysian stock market on July 7th, 2014. It provides stock price percentage changes for the top 10 gainers, led by SHL at 16.38%, and top 10 losers, led by PETDAG at -1.90%. It also includes a snapshot of the FTSE Bursa Malaysia KLCI index performance, and brief updates on selected company and market news from Malaysia. The document is a daily market research report from July 23rd, 2014.
The document recommends buying shares of IOC with a target price of Rs. 515 and a stop loss of Rs. 475 based on technical analysis. It notes that IOC and other oil marketing companies have been moving strongly upwards in tandem. IOC has broken out of a consolidation phase indicating the previous upward trend will continue. Volume is also expanding at the breakout level, suggesting a genuine upward move that could take the price to Rs. 515.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
- The Straits Times Index (STI) fell slightly to 3011.41 from 3027.22 the previous day. DBS Group Holdings saw the largest gain of 0.43% while Jardine Strategic Holdings saw the largest drop of 3.63%.
- Sembcorp Industries announced acquiring a 45% stake in an Indian power company for potential synergies. SP AusNet's euro bond issue was oversubscribed, raising $606 million for the electricity distributor.
- Singapore's property cooling measures have pushed some firms to increase overseas investments, with interests growing in Australia, the UK, and US. The report recommends selling Hongkong Land below $5.85.
The document recommends buying shares of SURYALAXMI at 152 with a target price of 172 within the next few trading sessions. It notes that the textile sector has been rising, SURYALAXMI has been moving higher the past two sessions and rising above short and long term moving averages. Volume has also been picking up the past couple days. The analysis indicates the stock could reach 172 based on these positive technical indicators.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
- The Singapore stock market was hovering just below a resistance level and continued recovery on Wall Street could keep local sentiments buoyant.
- According to Moody's, Singapore's GDP decline would be driven mainly by exports and investment, though private consumption would hold up relatively well since exports make up 226% of GDP.
- Singapore Exchange and Clearstream will jointly offer a new collateral management solution for SGX customers to get more efficient use of their assets.
The daily report summarizes the performance of the Straits Times Index (STI) on February 24th. The STI opened at 3,103.30 points and fluctuated within a range of 3,096.54 to 3,109.80 points for the day. The top gainers were led by Jardine Cycle & Carriage Ltd with a gain of 3.82%. Noble Group Ltd suffered the largest loss of 3.90%. The report also provides an acquisition announcement by Ascott Residence Trust and earnings reports from BBR Holdings and Noble Group. It includes a stock recommendation to buy Jardine Cycle above 38.700 with target prices up to 40.000.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
The document provides a technical analysis of SMLISUZU stock. It summarizes:
1) The stock has broken past a resistance point and is moving higher again after retracing.
2) The stock is taking support from its 250 day moving average, which has previously acted as a trend decider.
3) The RSI momentum oscillator is in rising mode, indicating increasing momentum in the stock.
4) Based on this analysis, the stock is expected to continue rising to a level of 1130.
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Index, You can get Daily Favorable Tips & future Strategy for SGX Market
The document provides a technical analysis of TATAELXSI stock. It summarizes that the stock has entered an intermediate correction phase but is likely to conclude its negative movement based on technical indicators. The stock has taken multiple supports, broken above downward trend lines and its 21-day moving average on strong volume. Based on this analysis, the stock is expected to move further upwards to a target price of 1810.
Epic Research is a leading global financial services provider. Headquartered in Indore, India, Epic has offices and representatives in U.S.A., Singapore, Australia and Middle East. With its full fledged research operations, Epic Research has proven itself as Investment Advisory Company that produces and delivers high accuracy tips and recommendations for the Singapore market .We Provide Services In :SGX Equities,SGX Derivatives - Futures and Options,Global Commodities – Bullion, Energy and Agri,Global Forex – Major currency pairs
The document provides a technical analysis and recommendation for the stock SRTRANSFIN. It summarizes that:
1) The stock has remained in a structural bull trend, forming higher highs and higher lows on the long term chart.
2) At a recent intermediate correction, the stock found support at a previous resistance level. Momentum indicators like RSI have formed positive patterns.
3) Based on the technical factors, the stock is expected to rise further to the 1070 level in the next few trading sessions.
The document provides an overview and agenda for a presentation on mergers and acquisitions valuation using discounted cash flow analysis and merger analysis. It discusses key aspects of a DCF valuation including projecting cash flows, determining terminal value, calculating the weighted average cost of capital, and other considerations. The document is confidential and intended for an internal client of JPMorgan to evaluate a potential transaction.
Ashok Leyland Q3FY15 Preview: Buy at a CMP of Rs51IndiaNotes.com
Expect volumes to grow by 33% YoY (-3.6% QoQ) led by a revival in demand seen in HCV.
- MHCVs volumes are expected to grow by 60% YoY (-6.1% QoQ) as business sentiments and economic activity improve.
- Expect realizations to improve by 17.8% YoY (-1.4% QoQ) on better product mix (higher MHCV share)
This document provides an overview of Latin America's economy, including key metrics like GDP growth rates and currency exchange rates. It notes that Latin America's GDP growth averaged 4.5% from 2012-2016, driven by commodities exports which account for around 50% of the region's exports. However, the region faces challenges from potential European economic issues, dependence on commodity prices and China's economy, as well as domestic issues like inequality and education levels. A slowdown in US or European growth could significantly impact Latin America's growth.
Daily equity market news updates by marketmagnifySelf-employed
The daily newsletter provides an overview of the performance of the Indian equity market on the day. Key points include:
- The Nifty ended down 58 points and the Sensex down 188 points.
- Asian economic growth is expected to remain slow in 2014, with China being a concern.
- Several Indian companies reported quarterly earnings results, with Axis Bank and Biocon reporting profit growth.
Ashok Leyland: Reports sales volume growth of 16.7% in Aug'14 - Motilal OswalIndiaNotes.com
- Ashok Leyland reported sales growth of 16.7% YoY in August 2014 to 8,331 units, above estimates of 7,413 units.
- Medium and heavy commercial vehicle (MHCV) volumes grew 18% YoY to 5,830 units, while light commercial vehicle (LCV) volumes returned to growth with a 14% YoY increase.
- The analyst maintains a "Buy" rating on Ashok Leyland with a target price of INR45, citing improved demand outlook for the second half of the year and valuation ratios that remain attractive.
This document discusses how equity investors assess risks associated with company pension schemes and how de-risking pension schemes may affect share prices. It notes that equity analysts want to understand liability levels and risks, and that de-risking transactions like longevity swaps and buy-ins have had generally positive impacts on share prices as they reduce pension risks, while buy-outs are more expensive. Medium-term trends in accounting standards and funding deficits may further incentivize companies to de-risk pension schemes.
Rates markets vignettes
Periodically, we compile series of snapshots on markets that have seen interesting developments in recent times. This note includes a selection of such high-level snapshots for Rates markets, with special emphasises on EMEA and Americas.
- The document is an investor presentation for One 97 Communications Limited (Paytm) for the quarter ending September 2023.
- It provides operating metrics for Paytm including the number of registered merchants and devices, average monthly transacting users, GMV and loan distribution volumes.
- Paytm's core business is payments and it aims to acquire customers for payments and cross-sell loans. It generates revenue from payment processing, subscription fees from merchant devices, and distribution and collection fees from loan disbursement and repayments.
Hyundai Card is the leading credit card company in South Korea with over 14% market share. It has maintained stable profitability and excellent asset quality. To drive future growth, Hyundai Card recently announced two new brands - M Card and X Card - as part of a two-track brand portfolio strategy. M Card will offer a simple product focused on earning points, while X Card will provide differentiated services and the ability to select a card product. This portfolio approach aims to simplify Hyundai Card's offerings and concentrate on key customer benefits like savings and service.
RBI has introduced new guidelines for gold financing NBFCs that will negatively impact business growth and margins. Key changes include:
1) Capping the loan-to-value ratio at 60% for loans against gold collateral.
2) Increasing the minimum Tier 1 capital requirement to 12% by April 2014.
3) Requiring disclosure of gold loans as a percentage of total assets.
4) Disallowing lending against bullion or gold coins.
While current portfolios are not affected, the lower LTV ratio will reduce incremental yields and require higher volumes to compensate, posing challenges to growth. The increased capital requirements will also curb leverage abilities.
Nifty ended at 6,694.80 down 1.60 points and the Sensex at 22,403.89 down -13.91 points. Economic growth of 6% in FY15 is possible: Chidambaram. Factory activity steady in April, demand tepid: PMI
Daily sgx sinagpore report by epic research singapore 23th april 2014Epic Research Singapore
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Singapore and SGX Exchange, You can get Daily Favorable Tips & future Strategy for SGX Stocks Market
Mock pitchbook for an Investment Banking class in SMU. This is produced by students, and has no affiliation with the companies mentioned in the materials.
Anglo American reported its 2019 interim results, highlighting improvements in safety, health, and environmental performance. Production volumes increased 8% compared to 2012 levels due to increased productivity. Unit costs decreased 27% over the same period due to a focus on operational efficiency. Anglo American has a leading competitive cost position and differentiated growth profile compared to peers. The company is focused on sustainable long-term value creation through its FutureSmart Mining initiative and innovation driving sustainability goals.
In today’s global economy, many local businesses are beginning to expand beyond our country’s borders. View our International Banking & Tax Update presented by Richard Krucher, CPA of Insero & Company CPAs, P.C. and Grace Jahng of JPMorgan Chase & Co.
Loan and deposit growth in India remained stable at 17.4% and 13.8% respectively on a yearly basis. The credit-deposit ratio improved marginally to 76.7%. Investments declined and the statutory liquidity ratio moderated to 27.6%. Loan and deposit growth in absolute terms were muted, with loans increasing marginally by INR40b and deposits declining by INR21b. The Reserve Bank of India is expected to take further liquidity easing measures to boost deposit growth and reduce lending rates.
Anglo American 2017 Results - PresentationAnglo American
Anglo American reported its 2017 results, with key highlights including:
- EBITDA of $8.8 billion, up 40% from 2016, driven by productivity improvements and a stronger price environment.
- Free cash flow of $4.9 billion, up 93% from 2016.
- Return on capital employed of 19%, up from 11% in 2016.
The company aims to deliver a further $3-4 billion in cost and volume improvements by 2022 to strengthen margins and returns. Anglo American also continued upgrading its portfolio and allocating capital disciplined towards high-quality assets.
Summit Coal Pitch (Arame and Joseph) (1) - CopyArame Niang
This document is a pitch presentation for a proposed merger between Peabody Energy and Cloud Peak Energy. It provides an overview of each company, including operational details, financial statistics, and analyst commentary. Peabody is the world's largest private-sector coal company, while Cloud Peak operates solely in the Powder River Basin of Wyoming. The presentation outlines the benefits of combining the two companies and forming a new entity called "Summit Coal" to capitalize on growth opportunities in metallurgical and international thermal coal markets.
Partners Capital is an investment management firm that provides its view of the future of private equity investing over the next 5 years based on historical trends and forecasts. It projects that private equity assets under management will increase from $4.5 trillion to $6 trillion from 2017 to 2021 as committed but uncalled capital grows 80% and net asset value increases due to strong returns. It also examines projected returns for large cap buyout funds under different earnings growth and valuation scenarios, finding returns of 6.7-12% are possible. The document provides context and sources for its projections primarily using data from Preqin and the firm's own models.
- Mahindra & Mahindra's (M&M) August 2014 auto sales declined 3.6% YoY to 50,181 units due to a 7% decline in auto sales, while tractor volumes grew 6%.
- Management is hopeful that improved consumer and business sentiment will lead to better auto sales during the festive season. Tractor sales growth was supported by a doubling of exports, despite a deficient monsoon impacting farmers' sentiments.
- The report maintains a "Buy" rating on M&M, trading at 18.2x/14.1x forward P/E for FY2015/2016, citing the company's optimism around demand recovery during the upcoming festival season.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Balance Sheet Risk Management
1. M A R C H 2 0 0 8
C R E A T I N G S U P E R I O R B A L A N C E S H E E T R I S K M A N A G E M E N T S O L U T I O N S
2008 EACUBO Annual Workshop
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L
2. E A C U B O 2 0 0 8
l
This presentation was prepared exclusively for the benefit and internal use of the JPMorgan client to whom it is directly addressed and delivered (including
such client’s subsidiaries, the “Company”) in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or
transactions and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes
only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by JPMorgan. Neither this
presentation nor any of its contents may be disclosed or used for any other purpose without the prior written consent of JPMorgan.
The information in this presentation is based upon any management forecasts supplied to us and reflects prevailing conditions and our views as of this date,
all of which are accordingly subject to change. JPMorgan’s opinions and estimates constitute JPMorgan’s judgment and should be regarded as indicative,
preliminary and for illustrative purposes only. In preparing this presentation, we have relied upon and assumed, without independent verification, the
accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was
otherwise reviewed by us. In addition, our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or any
other entity. JPMorgan makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or
accounting effects of consummating a transaction. Unless expressly contemplated hereby, the information in this presentation does not take into account
the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other
effects.
Notwithstanding anything herein to the contrary, the Company and each of its employees, representatives or other agents may disclose to any and all
persons, without limitation of any kind, the U.S. federal and state income tax treatment and the U.S. federal and state income tax structure of the
transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such
tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to the Company
by JPMorgan.
JPMorgan’s policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a
rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. JPMorgan also prohibits its
research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to
benefit investors.
IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters
included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing
or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S.
tax-related penalties.
JPMorgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan
arranging, financial advisory and other investment banking activities are performed by a combination of J.P. Morgan Securities Inc., J.P. Morgan plc,
J.P. Morgan Securities Ltd. and the appropriately licensed subsidiaries of JPMorgan Chase & Co. in Asia-Pacific, and lending, derivatives and other
commercial banking activities are performed by JPMorgan Chase Bank, N.A. JPMorgan deal team members may be employees of any of the foregoing
entities.
This presentation does not constitute a commitment by any JPMorgan entity to underwrite, subscribe for or place any securities or to extend or arrange
credit or to provide any other services.
C R E A T I N G S U P E R I O R B A L A N C E S H E E T R I S K M A N A G E M E N T S O L U T I O N S
3. Agenda
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Treasury Management at University of Pennsylvania
Internal Bank Management at University of Virginia
Overview of Risk Management Principles
Introduction
1
1
5
15
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Today’s panelists
Helen Kreider, University of Pennsylvania
INSERT BRIEF BIO
Jim Matteo, University of Virginia
Director of Treasury Operations since August 2005, responsible for debt
management, banking & cash management, investment portfolio oversight, liquidity
& interest rate management
Charlie Giffin, JPMorgan
Co-Head of Issuer Solutions group within Tax Exempt Capital Markets, with specialty
in enterprise risk management, market analytics, and integrated solutions across
different markets
2
I N T R O D U C T I O N
5. E A C U B O 2 0 0 8
What do we mean by “Balance Sheet Risk Management?”
Identify risk exposures
Financing risks
Investment risks
Operational risks
Construction risks
Quantify risk exposures (where possible)
Expected outcome
Volatility
Correlation
Manage risk vs. return
Accept appropriate amounts of risk
Maximize net financial performance
Anticipate “worst case” outcomes
3
I N T R O D U C T I O N
6. E A C U B O 2 0 0 8
The danger of what we don’t yet know
“With these advances in technology, lenders have taken advantage of credit-scoring
models and other techniques for efficiently extending credit to a broader spectrum
of consumers. …Where once more-marginal applicants would simply have been
denied credit, lenders are now able to quite efficiently judge the risk posed by
individual applicants and to price that risk appropriately. These improvements
have led to rapid growth in subprime mortgage lending; indeed, today subprime
mortgages account for roughly 10 percent of the number of all mortgages
outstanding, up from just 1 or 2 percent in the early 1990s.”
- Alan Greenspan, April 5, 2005
“We are all wrong so often that it amazes me that we can have any conviction at all
over the direction of things to come. But we must.”
- Jim Cramer, CNBC
“It's tough to make predictions, especially about the future.”
- Yogi Berra
4
I N T R O D U C T I O N
7. Agenda
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Treasury Management at University of Pennsylvania
Internal Bank Management at University of Virginia
Overview of Risk Management Principles
Introduction
5
1
5
15
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Much of risk management can be simplified to averages
and standard deviations (volatility)
There are a number of common risk factors within investment management…
Investment Factors
Average Return Annual Volatility
S&P 500 7.50% 14.0%
Russell 2000 9.00% 18.0%
MSCI EAFE 10.00% 14.0%
Lehman Bros. Agg 6.00% 3.5%
US Treasury Bills 3.75% 0.5%
HFR FOF Strategic 8.00% 9.0%
HFR FOF Conserv 6.50% 3.5%
Yield Factors
Average Rate Annual Volatility
LIBOR 5.00% 25.0%
BMA 3.40% 25.0%
BMA/LIBOR 68.00% 9.0%
CPI 3.25% 40.0%
… as well as within debt management
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O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
9. E A C U B O 2 0 0 8
Correlations between risk factors is what drives the
benefits of portfolio diversification
Correlation Matrix
LIBOR BMA/LIB 5Y LIB S&P 500 Russell 2000 MSCI EAFE Lehman Agg T-Bills HFR FOF A HFR FOF B
LIBOR 1.00 (0.35) 0.65 0.06 0.01 0.20 (0.05) (0.02) 0.09 0.08
BMA/LIB (0.35) 1.00 (0.20) 0.07 (0.01) 0.00 0.08 0.01 (0.10) (0.07)
5Y LIB 0.65 (0.20) 1.00 0.24 0.23 0.20 (0.88) (0.09) 0.16 0.12
S&P 500 0.06 0.07 0.24 1.00 0.74 0.82 (0.22) (0.00) 0.57 0.46
Russell 2000 0.01 (0.01) 0.23 0.74 1.00 0.72 (0.18) (0.08) 0.77 0.56
MSCI EAFE 0.20 0.00 0.20 0.82 0.72 1.00 (0.20) (0.08) 0.67 0.58
Lehman Agg (0.05) 0.08 (0.88) (0.22) (0.18) (0.20) 1.00 0.10 (0.15) (0.12)
T-Bills (0.02) 0.01 (0.09) (0.00) (0.08) (0.08) 0.10 1.00 (0.03) 0.02
HFR FOF A 0.09 (0.10) 0.16 0.57 0.77 0.67 (0.15) (0.03) 1.00 0.89
HFR FOF B 0.08 (0.07) 0.12 0.46 0.56 0.58 (0.12) 0.02 0.89 1.00
7
O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
10. E A C U B O 2 0 0 8
For investment portfolio management, the “efficient
frontier” is a common representation of risk vs. return
Potential Investment Allocation Alternatives1Potential Investment Allocation Alternatives1
1
Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements on financial market trends, which are based on current
market conditions. We believe the information provided herein is reliable, but it should not be assumed to be either accurate or complete. Actual cash flows may vary
substantially from figures shown based upon changes in market condition, our judgment or the underlying assumptions or methodology employed. Past performance should
not be taken as a guarantee of future results. Analysis includes assumptions for initial and average interest rates, correlations, volatility and reversion speed, among others.
Volatility is defined here as standard deviation of annual changes in an exposure, and not necessarily a cross section of potential future cumulative outcomes.
Current Portfolio
Efficient Frontier of
investment alternatives
Current Portfolio Allocation
Balance
S&P 500 25,000,000
Russell 2000 25,000,000
MSCI EAFE 25,000,000
Lehman Bros. Agg 25,000,000
US Treasury Bills 200,000,000
HFR FOF Strategic 100,000,000
HFR FOF Conserv 100,000,000
Total 500,000,000
Institutions can choose an
efficient portfolio of
investment alternatives,
subject to individual risk
tolerance constraints
8
O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
11. E A C U B O 2 0 0 8
Debt managers can benefit from adopting risk management
principles developed through the investment community
Investment Management Debt Management
Sensitivity Total Return (Mark to Market) Cost (Cash Flow)
Risk Measures Value at Risk (VaR); Price Volatility Cash Flow at Risk (CFaR); Cost
Volatility
Objective Maximize Return; Minimize Risk Minimize Cost; Minimize Risk
Analytics Capture Correlations of Returns Capture Correlations of Carry
Diversification Uncorrelated Sources of Return Uncorrelated Sources of Carry
Market
Constraints
Value at Risk Important Both VaR and CFaR Important
Market
Opportunities
Hedge Funds, Energy, Weather BMA, LIBOR, CPI, CMS, ???
Investment Management Compared to Debt Management
Investment Management Compared to Debt Management
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O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
12. E A C U B O 2 0 0 8
We can also create an “efficient frontier” for various debt
management strategies in the current market
Potential Investment Allocation Alternatives1Potential Investment Allocation Alternatives1
1
Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements on financial market trends, which are based on current
market conditions. We believe the information provided herein is reliable, but it should not be assumed to be either accurate or complete. Actual cash flows may vary
substantially from figures shown based upon changes in market condition, our judgment or the underlying assumptions or methodology employed. Past performance should
not be taken as a guarantee of future results. Analysis includes assumptions for initial and average interest rates, correlations, volatility and reversion speed, among others.
Volatility is defined here as standard deviation of annual changes in an exposure, and not necessarily a cross section of potential future cumulative outcomes.
Current Portfolio
Efficient Frontier of
debt alternatives
Current Portfolio Allocation
Balance
Fixed 150,000,000
% Libor Synthetic Fixed 150,000,000
Floating 100,000,000
BMA Basis Swap -
CMS Swap -
Total 400,000,000
Institutions can choose an
efficient portfolio of debt
instruments, again subject to
individual risk tolerance
constraints
10
O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
13. E A C U B O 2 0 0 8
Finally, we can also incorporate operational exposures that
are specific to each institution
Institutions have a number of potential operational risk exposures:
Changes in top line revenue
Changes in expenses
Changes in Endowment distribution
Other potential sources of risk:
Healthcare related income / expenses
Royalties
State contributions
11
O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
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The Central Treasury function manages a number of
different risks for the University
Internal
Loans
Internal
Deposits
Return: 4.5%
Volatility: 0.5%
Cost: 5.0%
Volatility: 0.0%
Capital
Projects
Operations
$250mm
Central
Treasury
External
Assets
External
Debt
Return: 6.5%
Volatility: 4.5%
Cost: 4.25%
Volatility: 0.4%
$500mm
$400mm
$350mm
12
O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
15. E A C U B O 2 0 0 8
With this framework, institutions can choose an appropriate
level of risk, and maximize related net returns
Potential Net Risk/Return Alternatives1Potential Net Risk/Return Alternatives1
Current Portfolio
Efficient Frontier of
Central Treasury
1
Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements on financial market trends, which are based on current
market conditions. We believe the information provided herein is reliable, but it should not be assumed to be either accurate or complete. Actual cash flows may vary
substantially from figures shown based upon changes in market condition, our judgment or the underlying assumptions or methodology employed. Past performance should
not be taken as a guarantee of future results. Analysis includes assumptions for initial and average interest rates, correlations, volatility and reversion speed, among others.
Volatility is defined here as standard deviation of annual changes in an exposure, and not necessarily a cross section of potential future cumulative outcomes.
$354
$455
$556
$657
$758
$859
$960
$1,061
$1,162
$1,263
5Y Ending Balance
Current Solution
Ending Balance Distribution ($mm)Ending Balance Distribution ($mm)
Solution
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O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
16. E A C U B O 2 0 0 8
Better understanding of risk exposures leads to superior
balance sheet risk management
Measures of annual risk exposure
Annual external debt portfolio volatility of $4 million
Annual external investment volatility of $22 million
Annual net balance sheet volatility of $23 million
Size appropriate reserves
95% confidence level reserve: $55 million
Determine appropriate liquidity requirements
A liquidity strategy is essential to anticipate sources of risk that cannot
be wholly quantified
14
O V E R V I E W O F R I S K M A N A G E M E N T P R I N C I P L E S
17. Agenda
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Treasury Management at University of Pennsylvania
Internal Bank Management at University of Virginia
Overview of Risk Management Principles
Introduction
15
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University of Virginia Overview
Public University Founded by Thomas Jefferson in 1819
Ranked #2 among public universities and #23 among all universities in U.S. News and
World Report’s 2008 Rankings
Fall 2007 - 20,834 students enrolled in 10 Schools on Main Grounds
FY 2007 Financial Data
Net Assets = $5.4b
Total Revenue = $2.8b
Debt Outstanding = $573m
Endowment Value = $4.4b
AAA ratings from Moody’s, S&P, and Fitch
Operates the University of Virginia Medical Center
Recognized among Solucient’s Top 100 Hospitals every year since 1998
Responsible for 31% of University’s FY07 Total Revenue
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I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
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University of Virginia Treasury Department Overview
Debt Management
Fixed and Variable Rate Bonds
Commercial Paper
Interest Rate Derivatives
Investment Management
ST Investment Management
Oversight of LT Investments in Endowment
Oversight of Other Financial Assets (Securities, Trusts, etc.)
Cash Management
Bank Account Management
Cash Forecasting
Internal Bank Management
Internal Loan Program
Internal Investment Program
Quasi-endowment Administration
17
I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
20. E A C U B O 2 0 0 8
Dual Goals of Treasury
University-wide Goals
Optimize risk/return profile for financial assets and liabilities
Provide for sufficient liquidity
Manage the cash flow volatility
Treasury Internal Bank Goals
Manage Budgetary Volatility
Manage Allocation of Financial Resources
Manage Margins
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I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
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Scope of Identified Risk Exposures
19
I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
University-wide Internal Bank
Investment
Activities
External Investments External Investments
Internal Loans to Units
Financing Activities External Borrowing External Borrowing
Internal Investments by
Units
Operating Activities University Operating Cash Flow
University Non-Financial Capital
Flows
Cash Flow Managed by
Treasury
23. E A C U B O 2 0 0 8
Treasury Internal Bank Balance Sheet
20
I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
Assets
Cash 27,232
Short Term Investments 98,393
Internal Borrowing Program Receivable 321,521
Long Term Investments (LTP) 539,822
Total Assets 986,968
Liabilities
Short Term Debt - Commercial Paper and Other 84,900
Long Term Debt - Bonds 505,151
Bond Premium/Discount 17,779
Internal Investment Program (IIP) Deposits 358,859
Deposits Due To/(From) Departments (9,218)
Total Liabilities 957,471
Retained Earnings 29,868
Net Assets Designated to Budget Office (372)
Net Assets 29,496
Total Net Assets and Liabilities 986,968
Internal Bank Balance Sheet – December 31, 2007 ($000’s)
Internal Bank Balance Sheet – December 31, 2007 ($000’s)
24. E A C U B O 2 0 0 8
Initial Internal Bank risk assessment
Internal Bank Risk Factors ($ in mm) – FYE 12/30
Internal Bank Risk Factors ($ in mm) – FYE 12/30
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I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
25. E A C U B O 2 0 0 8
Pursuing the Efficient Frontier
Potential Internal Bank Alternatives1Potential Internal Bank Alternatives1
1
Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements on financial market trends, which are based on current
market conditions. We believe the information provided herein is reliable, but it should not be assumed to be either accurate or complete. Actual cash flows may vary
substantially from figures shown based upon changes in market condition, our judgment or the underlying assumptions or methodology employed. Past performance should
not be taken as a guarantee of future results. Analysis includes assumptions for initial and average interest rates, correlations, volatility and reversion speed, among others.
Volatility is defined here as standard deviation of annual changes in an exposure, and not necessarily a cross section of potential future cumulative outcomes.
UVA can choose a desirable risk level and implement changes to any number of the
underlying risk factors
External investments
External debt
Internal debt
Internal deposits
Current Portfolio
Efficient Frontier of portfolio
combinations
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I N T E R N A L B A N K M A N A G E M E N T A T U N I V E R S I T Y O F V I R G I N I A
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Developing a Planning Horizon
INSERT
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28. E A C U B O 2 0 0 8
Next Steps on Balance Sheet Management
Education and Buy-in
Drawing from the Endowment Model
Making it manageable
Setting Priorities between External and Internal Goals
Implementation
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29. Agenda
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Treasury Management at University of Pennsylvania
Internal Bank Management at University of Virginia
Overview of Risk Management Principles
Introduction
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University overview & background
Academic Component
12 Schools
Health System
3 Hospitals
19 Clinical Practices
Revenues of $4.8 billion
55% Health System
15% Research; 13% Tuition; 6% Investment income; 10% Other
Expenses of $4.4 Billion
53% Health System
47% Academic
$7.3 Billion Investments
$6.6 billion Endowment
$1.3 Billion Debt
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T R E A S U R Y M A N A G E M E N T A T U N I V E R S I T Y O F P E N N S Y L V A N I A
31. E A C U B O 2 0 0 8
Overview of treasury structure
$705 Million Working Capital at December 31,2007
$340 Million money market investment
— Recent in depth review of all money market funds in conjunction with our
Investment Office
$320 Million invested in the University’s endowment
$45 Million in Stafford loans
$570 Million Debt
$228 Million variable rate
— $123 Million in auction market
— $62 Million in VRDO market
— $43 Million in private placements, bank loans
$342 Million fixed rate debt
$200 Million Projected Borrowing Needs
$100 Million forward starting fixed rate swap
26
T R E A S U R Y M A N A G E M E N T A T U N I V E R S I T Y O F P E N N S Y L V A N I A
32. E A C U B O 2 0 0 8
Management goals & objectives
Optimize investment return within acceptable risk parameters
Primary object for working capital is preservation of capital
Competitive real return
— Cash return (benchmarked at tbill) supports operating budget
— Excess return funds a reserve and supports President’s initiatives
Stable return
— Reserve fund created
— Currently 5% of equity fund
— Target 10% of equities
Optimize debt service cost within acceptable risk parameters
Debt policy
— Consider the hedge between cash and variable debt
— May choose to issue fixed rate in historically low environments to preserve
variable capacity
Derivatives policy
— May be used to reduce costs or hedge exposures
— Review broker exposures relative to market value of derivatives
27
T R E A S U R Y M A N A G E M E N T A T U N I V E R S I T Y O F P E N N S Y L V A N I A
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Scope of identified risk exposures
Investment activities
Return volatility
Call on cash from schools
Capital expenditures
Financing activities
Variable Rate exposure
— SIFMA vs LIBOR
— Health System risk
Operational activities
Business continuity
— Identified critical procedures
— Contract for off campus facilities in emergency
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34. E A C U B O 2 0 0 8
Sample analysis of alternative investment portfolios for
working capital
Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements on financial market
trends, which are based on current market conditions. We believe the information provided herein is reliable, but it should not be assumed
to be either accurate or complete. Actual cash flows may vary substantially from figures shown based upon changes in market condition,
our judgment or the underlying assumptions or methodology employed. Past performance should not be taken as a guarantee of future
results.
Alternative Investment Analysis ($inMM)
Current
Portfolio
More
Endowment
More Fixed
Income
More
Alternatives
Cash 430 310 100 80
ML 1-3 - - 180 75
Lehman Agg - - 150 50
S&P 500 - - - -
Russell 2000 - - - -
HFR FOF
Conserv. - - - 150
HFR FOF
Strategic - - - 75
Penn Endowment 330 450 330 330
760 760 760 760
Expected Return 6.30% 7.15% 6.93% 7.59%
Volatility 3.63% 4.92% 4.02% 4.12%
Average Annual
NFI 56.0 66.4 57.3 67.4
95% Worst Case
NFI (38.0) (64.9) (47.0) (43.5)
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