The Global Industry Classification Standard (GICS) is reclassifying real estate as the eleventh sector beginning in August 2016. Currently, real estate investment trusts (REITs) are classified within the financials sector. Under the new classification, equity REITs will combine with real estate management and development securities to form the new real estate sector, totaling approximately $3 trillion in market capitalization. Creating a separate real estate sector may increase investor interest in REITs, decrease correlations between REITs and financials, and decrease REIT volatility, especially during financial crises. While short-term effects from portfolio rebalancing may cause volatility, the new sector classification is expected to benefit real estate investing over the medium and
The document provides an analysis of India's economic growth. It summarizes key indicators such as GDP growth projected at 8-8.2% annually through 2012, with per capita income of $3,319 ranking India 129th globally. Industries like manufacturing and IT-ITES are growing at double digits, while agriculture and infrastructure development face challenges of low mechanization and funding respectively. Inflation and economic stability remain concerns for sustaining growth into the future.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
With the positive momentum of the first half, 2017 is poised to surpass 2016 global IPO levels by both number and proceeds.
The US NASDAQ and NYSE saw 80 IPOs during the first half of 2017 (an 82% increase compared to the same period in prior year), with $22.0b proceeds and median IPO deal size of $127.6M. Some key trends by sector for Q2 2017 in the Americas were: (1) Health care 14 IPOs/$1.0b proceeds, (2) Technology 10 IPOs/$1.3b proceeds, Industrials 8 IPOs/$2.5b proceeds, Real Estate 6 IPOs/$1.2b proceeds and Financials 5 IPOs/$575m proceeds.
Asia-Pacific’s position as the leading center of IPO activity will remain unchallenged through the remainder of 2017. Greater China was the world’s standout market in the first half of 2017 and this lead is expected to continue in the second half of 2017. Overall, the Greater China market saw 317 IPOs during the first half of 2017 (a 217% increase compared to the same period in prior year), with $25.4b proceeds. In Q2 2017, the Hong Kong Main Market saw 13 IPOs with $5.1b proceeds, while the Shanghai and Shenzhen Markets saw 115 IPOs with $8.1b proceeds. Some key trends by sector for Q2 2017 in the Greater China Market were: (1) Industrials 25 IPOs/$1.4b proceeds, (2) Technology 24 IPOs/$1.4b proceeds, (3) Consumer products 16 IPOs/$754m proceeds, (4) Financials 3 IPOs/$3.5b proceeds and (5) Energy 2 IPOs/$606m proceeds.
Modelling the Long Run Determinants of Foreign Portfolio in NigeriaMoses Oduh
1) This study examines the long-run determinants of foreign portfolio investment in Nigeria from 1981-2010 using time series analysis.
2) It finds that foreign portfolio investment has a positive long-run relationship with market capitalization and trade openness in Nigeria.
3) The study aims to help policymakers pursue policies that can attract more foreign portfolio investment in the long run, such as efforts to improve and sanitize the Nigerian capital market.
The document provides a summary of global market performance in the 4th quarter of 2016. It discusses performance of various asset classes including US and international stocks, bonds, real estate, and commodities. US stocks outperformed international stocks for the quarter. Within fixed income, US bonds underperformed international bonds. The document also provides an overview of select country and currency performance during the period.
The document provides a summary of global market performance in the 4th quarter of 2016. It discusses performance of various asset classes including US and international stocks, bonds, real estate, and commodities. US stocks outperformed international developed and emerging market stocks. Value stocks outperformed growth stocks in the US and internationally. The document also provides headlines from financial news that occurred during the quarter for context.
The Global Industry Classification Standard (GICS) is reclassifying real estate as the eleventh sector beginning in August 2016. Currently, real estate investment trusts (REITs) are classified within the financials sector. Under the new classification, equity REITs will combine with real estate management and development securities to form the new real estate sector, totaling approximately $3 trillion in market capitalization. Creating a separate real estate sector may increase investor interest in REITs, decrease correlations between REITs and financials, and decrease REIT volatility, especially during financial crises. While short-term effects from portfolio rebalancing may cause volatility, the new sector classification is expected to benefit real estate investing over the medium and
The document provides an analysis of India's economic growth. It summarizes key indicators such as GDP growth projected at 8-8.2% annually through 2012, with per capita income of $3,319 ranking India 129th globally. Industries like manufacturing and IT-ITES are growing at double digits, while agriculture and infrastructure development face challenges of low mechanization and funding respectively. Inflation and economic stability remain concerns for sustaining growth into the future.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
With the positive momentum of the first half, 2017 is poised to surpass 2016 global IPO levels by both number and proceeds.
The US NASDAQ and NYSE saw 80 IPOs during the first half of 2017 (an 82% increase compared to the same period in prior year), with $22.0b proceeds and median IPO deal size of $127.6M. Some key trends by sector for Q2 2017 in the Americas were: (1) Health care 14 IPOs/$1.0b proceeds, (2) Technology 10 IPOs/$1.3b proceeds, Industrials 8 IPOs/$2.5b proceeds, Real Estate 6 IPOs/$1.2b proceeds and Financials 5 IPOs/$575m proceeds.
Asia-Pacific’s position as the leading center of IPO activity will remain unchallenged through the remainder of 2017. Greater China was the world’s standout market in the first half of 2017 and this lead is expected to continue in the second half of 2017. Overall, the Greater China market saw 317 IPOs during the first half of 2017 (a 217% increase compared to the same period in prior year), with $25.4b proceeds. In Q2 2017, the Hong Kong Main Market saw 13 IPOs with $5.1b proceeds, while the Shanghai and Shenzhen Markets saw 115 IPOs with $8.1b proceeds. Some key trends by sector for Q2 2017 in the Greater China Market were: (1) Industrials 25 IPOs/$1.4b proceeds, (2) Technology 24 IPOs/$1.4b proceeds, (3) Consumer products 16 IPOs/$754m proceeds, (4) Financials 3 IPOs/$3.5b proceeds and (5) Energy 2 IPOs/$606m proceeds.
Modelling the Long Run Determinants of Foreign Portfolio in NigeriaMoses Oduh
1) This study examines the long-run determinants of foreign portfolio investment in Nigeria from 1981-2010 using time series analysis.
2) It finds that foreign portfolio investment has a positive long-run relationship with market capitalization and trade openness in Nigeria.
3) The study aims to help policymakers pursue policies that can attract more foreign portfolio investment in the long run, such as efforts to improve and sanitize the Nigerian capital market.
The document provides a summary of global market performance in the 4th quarter of 2016. It discusses performance of various asset classes including US and international stocks, bonds, real estate, and commodities. US stocks outperformed international stocks for the quarter. Within fixed income, US bonds underperformed international bonds. The document also provides an overview of select country and currency performance during the period.
The document provides a summary of global market performance in the 4th quarter of 2016. It discusses performance of various asset classes including US and international stocks, bonds, real estate, and commodities. US stocks outperformed international developed and emerging market stocks. Value stocks outperformed growth stocks in the US and internationally. The document also provides headlines from financial news that occurred during the quarter for context.
We look closely at the fourth quarter of 2011. We reflect that anxiety over recent market developments is completely understandable, and it is quite human to feel concerned about events in Europe. But amid all the bad news, it is also clear that the world is changing in positive ways that provide plenty of cause for hope and, at the very least, gratitude for what we already have.
- The document provides a summary of global market performance in the third quarter of 2020, including stock, bond, and currency returns.
- US stocks posted gains of 9.21%, outperforming international developed markets but underperforming emerging markets. Value stocks underperformed growth stocks in the US.
- Bond markets were up modestly, with the US bond market returning 0.62% and international bonds returning 0.68%.
The document provides an overview and summary of major world asset class performance in 2019. US stocks outperformed international developed and emerging market stocks for the year. Within stocks, growth outperformed value globally. Among fixed income, US bonds outperformed global ex-US bonds. Real estate investment trusts (REITs) in the US underperformed global ex-US REITs. Commodities posted modest gains. Country-level, Switzerland led developed markets while Greece led emerging markets in performance. Currencies were mixed against the US dollar.
- The document provides a summary of global market performance in the third quarter of 2020, including returns for US, international developed, and emerging market stocks as well as bonds. US stocks posted gains of 9.21% for the quarter while international developed stocks rose 4.92% and emerging markets stocks had the strongest gains at 9.56%. Bond returns were more modest.
- It also shows long-term average quarterly and annual returns for various asset classes over different time periods, demonstrating the benefits of diversification and long-term investing.
- A section on the impacts of diversification reviews how holding a globally diversified portfolio can help reduce volatility and improve risk-adjusted returns.
- The document provides a summary of global market performance in the third quarter of 2018, including returns for US and international stocks, bonds, real estate, and commodities.
- US stocks outperformed international stocks, with the Russell 3000 returning 7.12% compared to 1.31% for international developed markets and -1.09% for emerging markets.
- Small caps underperformed large caps in the US as well as international markets. Value strategies underperformed growth in the US and international developed markets.
- Global stock markets posted negative returns in 2018, with US stocks outperforming international developed and emerging markets. Within international markets, emerging market stocks had the worst performance.
- Value stocks underperformed growth stocks in the US and international developed markets. Emerging markets saw the opposite, with value outperforming growth. Small caps underperformed large caps globally.
- Most currencies declined against the US dollar. Real estate investment trusts in the US outperformed global REITs. Commodities fell sharply in US dollar terms.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
- The document provides a summary of global market performance in the third quarter of 2019, including returns for US, international developed, and emerging market stocks as well as bonds.
- US stocks outperformed international developed and emerging markets in the third quarter. Within international markets, emerging markets underperformed developed markets.
- The document also includes longer term average annualized returns for various asset classes over 1, 3, 5, and 10 year periods.
The document provides a summary of global market performance in 2017. Key points include:
- Emerging markets significantly outperformed other asset classes, returning over 37%.
- International developed markets outperformed the US market but underperformed emerging markets.
- Within the US, large cap growth strongly outperformed other styles such as small cap value.
- Several emerging market countries such as Poland and China saw returns over 50% while others like Pakistan had negative returns.
- Currencies of many developed market countries appreciated against the US Dollar.
- The document provides a quarterly market review of Q1 2020, summarizing the performance of major asset classes including stocks, bonds, and commodities.
- Global stock markets saw steep declines in Q1 2020 due to the economic impact of the coronavirus pandemic. The US stock market fell 20.9% while international developed markets fell 23.3%.
- Bond markets were less negatively impacted, with the US bond market returning 3.15% in Q1 2020, providing some diversification benefit for balanced portfolios.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
Monthly newsletter of Griffon Capital, an Iran focused asset management and private equity group covering Iran's capital market and economic developments.
IN THIS ISSUE:
• Record high fiscal-year trade value at IME
• CBI intervention: Rial stabilises, bond prices fall
• FATF continues suspension of countermeasures
• An overview of System Group
- The document is a quarterly market review that provides an overview of global capital market performance and key events from the second quarter of 2021.
- Major US and international stock indexes posted positive returns for the quarter, with the US stock market outperforming international developed and emerging markets.
- Within international markets, developed markets outperformed emerging markets, and value underperformed growth.
The document provides a summary of global market performance in the 4th quarter of 2018. Key points include:
- Global stocks posted losses, with emerging markets faring better than developed international markets.
- REITs outperformed stock markets in the US and internationally.
- Value stocks outperformed growth stocks globally.
- The US bond market posted modest gains while global bonds were flat.
The document provides a summary of global market performance for the third quarter of 2016. It discusses performance of asset classes including US, international developed markets and emerging market stocks as well as bonds. US stocks posted moderate gains while international developed markets outperformed US but underperformed emerging markets. REITs recorded negative returns. Country performances are also provided.
The document is Wealth-X's 2018 Billionaire Census report which analyzes trends in the global billionaire population and their wealth in 2017. Some key findings include:
- The number of billionaires reached a record high of 2,754, surpassing the previous peak, as their total wealth grew 24% to $9.2 trillion.
- Asia surpassed North America in number of billionaires for the first time, as the Asia-Pacific region experienced the strongest growth in billionaire populations (29%) and wealth (48%).
- Performance varied by country, with China and India achieving the fastest growth rates while the UK saw declines in both billionaire numbers and wealth.
The document provides a summary of global market performance in the third quarter of 2021. It discusses declines in major stock indices including the US, international developed markets, and emerging markets. The report also includes information on currency and bond market performance over the quarter and highlights the benefits of diversification. It concludes with a 50-year timeline of events related to improving investment strategies.
The document provides a summary of global market performance in the 4th quarter of 2017. It discusses returns for various asset classes including US and international stocks, emerging market stocks, bonds, and real estate. US stocks posted a return of 6.34% while international developed stocks returned 4.23% and emerging markets returned 7.44%. Small caps outperformed large caps internationally. The document also provides headlines from the quarter and highlights the benefits of diversification.
This document provides a summary of global market performance in the second quarter of 2018. US stocks outperformed international developed and emerging markets, returning 3.89%. Small caps outperformed large caps in the US but underperformed internationally. Value underperformed growth in all markets. The report also includes headlines from the quarter and provides long-term context by illustrating returns from 2000 to the present.
This curriculum vitae outlines Ahmad Altamimi's work experience and qualifications. He has over 10 years of experience in retail banking operations at Jordan Dubai Islamic Bank and Standard Chartered Bank, where he held roles in areas such as retail operations, e-banking customer services, and retail banking sales and telemarketing. He has a Bachelor's Degree in Marketing and seeks a stable and challenging position where he can continue developing his skills.
This short document promotes the creation of presentations using Haiku Deck on SlideShare. It includes a stock photo and text suggesting the reader may be inspired to create their own Haiku Deck presentation. In just a few words, it pitches the idea of using Haiku Deck on SlideShare to easily make engaging presentations.
We look closely at the fourth quarter of 2011. We reflect that anxiety over recent market developments is completely understandable, and it is quite human to feel concerned about events in Europe. But amid all the bad news, it is also clear that the world is changing in positive ways that provide plenty of cause for hope and, at the very least, gratitude for what we already have.
- The document provides a summary of global market performance in the third quarter of 2020, including stock, bond, and currency returns.
- US stocks posted gains of 9.21%, outperforming international developed markets but underperforming emerging markets. Value stocks underperformed growth stocks in the US.
- Bond markets were up modestly, with the US bond market returning 0.62% and international bonds returning 0.68%.
The document provides an overview and summary of major world asset class performance in 2019. US stocks outperformed international developed and emerging market stocks for the year. Within stocks, growth outperformed value globally. Among fixed income, US bonds outperformed global ex-US bonds. Real estate investment trusts (REITs) in the US underperformed global ex-US REITs. Commodities posted modest gains. Country-level, Switzerland led developed markets while Greece led emerging markets in performance. Currencies were mixed against the US dollar.
- The document provides a summary of global market performance in the third quarter of 2020, including returns for US, international developed, and emerging market stocks as well as bonds. US stocks posted gains of 9.21% for the quarter while international developed stocks rose 4.92% and emerging markets stocks had the strongest gains at 9.56%. Bond returns were more modest.
- It also shows long-term average quarterly and annual returns for various asset classes over different time periods, demonstrating the benefits of diversification and long-term investing.
- A section on the impacts of diversification reviews how holding a globally diversified portfolio can help reduce volatility and improve risk-adjusted returns.
- The document provides a summary of global market performance in the third quarter of 2018, including returns for US and international stocks, bonds, real estate, and commodities.
- US stocks outperformed international stocks, with the Russell 3000 returning 7.12% compared to 1.31% for international developed markets and -1.09% for emerging markets.
- Small caps underperformed large caps in the US as well as international markets. Value strategies underperformed growth in the US and international developed markets.
- Global stock markets posted negative returns in 2018, with US stocks outperforming international developed and emerging markets. Within international markets, emerging market stocks had the worst performance.
- Value stocks underperformed growth stocks in the US and international developed markets. Emerging markets saw the opposite, with value outperforming growth. Small caps underperformed large caps globally.
- Most currencies declined against the US dollar. Real estate investment trusts in the US outperformed global REITs. Commodities fell sharply in US dollar terms.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
- The document provides a summary of global market performance in the third quarter of 2019, including returns for US, international developed, and emerging market stocks as well as bonds.
- US stocks outperformed international developed and emerging markets in the third quarter. Within international markets, emerging markets underperformed developed markets.
- The document also includes longer term average annualized returns for various asset classes over 1, 3, 5, and 10 year periods.
The document provides a summary of global market performance in 2017. Key points include:
- Emerging markets significantly outperformed other asset classes, returning over 37%.
- International developed markets outperformed the US market but underperformed emerging markets.
- Within the US, large cap growth strongly outperformed other styles such as small cap value.
- Several emerging market countries such as Poland and China saw returns over 50% while others like Pakistan had negative returns.
- Currencies of many developed market countries appreciated against the US Dollar.
- The document provides a quarterly market review of Q1 2020, summarizing the performance of major asset classes including stocks, bonds, and commodities.
- Global stock markets saw steep declines in Q1 2020 due to the economic impact of the coronavirus pandemic. The US stock market fell 20.9% while international developed markets fell 23.3%.
- Bond markets were less negatively impacted, with the US bond market returning 3.15% in Q1 2020, providing some diversification benefit for balanced portfolios.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
Monthly newsletter of Griffon Capital, an Iran focused asset management and private equity group covering Iran's capital market and economic developments.
IN THIS ISSUE:
• Record high fiscal-year trade value at IME
• CBI intervention: Rial stabilises, bond prices fall
• FATF continues suspension of countermeasures
• An overview of System Group
- The document is a quarterly market review that provides an overview of global capital market performance and key events from the second quarter of 2021.
- Major US and international stock indexes posted positive returns for the quarter, with the US stock market outperforming international developed and emerging markets.
- Within international markets, developed markets outperformed emerging markets, and value underperformed growth.
The document provides a summary of global market performance in the 4th quarter of 2018. Key points include:
- Global stocks posted losses, with emerging markets faring better than developed international markets.
- REITs outperformed stock markets in the US and internationally.
- Value stocks outperformed growth stocks globally.
- The US bond market posted modest gains while global bonds were flat.
The document provides a summary of global market performance for the third quarter of 2016. It discusses performance of asset classes including US, international developed markets and emerging market stocks as well as bonds. US stocks posted moderate gains while international developed markets outperformed US but underperformed emerging markets. REITs recorded negative returns. Country performances are also provided.
The document is Wealth-X's 2018 Billionaire Census report which analyzes trends in the global billionaire population and their wealth in 2017. Some key findings include:
- The number of billionaires reached a record high of 2,754, surpassing the previous peak, as their total wealth grew 24% to $9.2 trillion.
- Asia surpassed North America in number of billionaires for the first time, as the Asia-Pacific region experienced the strongest growth in billionaire populations (29%) and wealth (48%).
- Performance varied by country, with China and India achieving the fastest growth rates while the UK saw declines in both billionaire numbers and wealth.
The document provides a summary of global market performance in the third quarter of 2021. It discusses declines in major stock indices including the US, international developed markets, and emerging markets. The report also includes information on currency and bond market performance over the quarter and highlights the benefits of diversification. It concludes with a 50-year timeline of events related to improving investment strategies.
The document provides a summary of global market performance in the 4th quarter of 2017. It discusses returns for various asset classes including US and international stocks, emerging market stocks, bonds, and real estate. US stocks posted a return of 6.34% while international developed stocks returned 4.23% and emerging markets returned 7.44%. Small caps outperformed large caps internationally. The document also provides headlines from the quarter and highlights the benefits of diversification.
This document provides a summary of global market performance in the second quarter of 2018. US stocks outperformed international developed and emerging markets, returning 3.89%. Small caps outperformed large caps in the US but underperformed internationally. Value underperformed growth in all markets. The report also includes headlines from the quarter and provides long-term context by illustrating returns from 2000 to the present.
This curriculum vitae outlines Ahmad Altamimi's work experience and qualifications. He has over 10 years of experience in retail banking operations at Jordan Dubai Islamic Bank and Standard Chartered Bank, where he held roles in areas such as retail operations, e-banking customer services, and retail banking sales and telemarketing. He has a Bachelor's Degree in Marketing and seeks a stable and challenging position where he can continue developing his skills.
This short document promotes the creation of presentations using Haiku Deck on SlideShare. It includes a stock photo and text suggesting the reader may be inspired to create their own Haiku Deck presentation. In just a few words, it pitches the idea of using Haiku Deck on SlideShare to easily make engaging presentations.
Dokumen tersebut menjelaskan tentang penggunaan parental control di Windows 7. Parental control memungkinkan orang tua untuk membatasi akses anak-anak ke konten online dan aplikasi tertentu dengan membuat akun pengguna baru dan mengatur batasan waktu serta program yang diizinkan. Dokumen tersebut memberikan contoh konfigurasi parental control dengan memblokir permainan dan browser Firefox pada akun pengguna anak.
Work at home on the Internet. Free quick courses show you how. We supply free training to start your business. There is no cost to you. Start part time and make money in your spare time.
This document discusses liberalism and the state's role in issues of life, death, and bioethics according to Australian ethicist Max Charlesworth. It makes three key points:
1. Charlesworth argues that under liberalism, individuals must be free to make their own choices in matters like abortion, suicide, and euthanasia, even if objectively mistaken. The state cannot impose one moral view but must treat all views equally.
2. He acknowledges critics who say he overemphasizes autonomy without considering socially destructive values. However, he asserts the state has a role in promoting conditions for personal freedom through policies like health care and education.
3. Charlesworth stresses that for choice in
This document defines and describes solid waste and hazardous waste. Solid waste includes any garbage, refuse, and discarded materials from industrial, commercial, mining, agricultural, and community activities. Hazardous waste is dangerous or potentially harmful to health or the environment. The document discusses the types of solid waste including municipal waste from households, hazardous industrial waste, and biomedical waste from hospitals. It also provides tips for reducing solid waste and describes the Ecological Solid Waste Management Act of 2000 which established a comprehensive program for managing solid waste in the Philippines.
Lichens are a symbiotic combination of a fungus and an alga or cyanobacterium. They can grow in all climates and environments as long as they have an undisturbed surface, time, and clean air. Lichens do not damage the plants they grow on, but their growth may increase when more sunlight reaches the bark due to plant decline. Different lichen types can indicate varying levels of air pollution tolerance, with bushy lichens only surviving in very clean air.
This document summarizes W. Edwards Deming's famous "14 Points" for achieving quality management in organizations. It provides background on Deming, noting that he was an American engineer and management consultant who taught at NYU and Columbia. It then lists and briefly explains each of Deming's 14 points, which focus on adopting a philosophy of continuous improvement, eliminating barriers between staff, instituting training, breaking down barriers, and getting everyone involved in the transformation to quality.
empowr (FanBox) is an experiment--a partnership between academia and tech entrepreneurs that's attempting to deliver a democratized social media experience where the company is governed by its citizens.
The company's patented platform aims to provide economic opportunities for its citizens and return 97 percent of company revenues to them. empowr achieves this by democratizing the core elements of social media: user interface, advertising,and the marketplace, as well as the company’s governance, leadership and profits.
Users (called citizens on empowr) can earn via a multitude of knowledge-based roles, including from the views of their photos, videos, status updates and blogs.
Citizens can also sell virtually any product or service; or assist in a variety of roles with the promotion, distribution, reselling, education or dispute management relating to the sale of most products and services available in the the empowr marketplace.
In addition, they can earn by assisting in the growth of the empowr economy, by working as teachers or Success Coaches to other members of the community.
Just Dial is India's largest local search company with over 5 lakh daily callers seeking information on businesses and services. It employs 4,000 people and has over 1,00,000 small and medium business advertisers. Just Dial allows users to search via phone, website, SMS, and WAP. Becoming a Just Dial reseller provides an opportunity to earn over Rs. 6 lakhs annually by collecting business listings and selling basic advertisement packages to customers. Resellers earn commissions on listings and monthly advertisement payments. Online training is provided to help resellers perform their role.
Lessons for 2010: Yields, Breakdown historical yields – compare indirect dividend yields from REITs with direct-yields from property funds. Market Backdrop, Discuss long-term trends, contrast recent recover with 2008 performance, total return composition and lessons learned. Position, Explore the prevailing opportunities in REITs and suggest best practices for investing REIT Funds in the future..
Need of REIT and its prospective implication in india- phoenix mall case studyAjinkya jagtap
A Real Estate Investment Trust is a company which modelled after mutual fund that owns or finances income-producing real estate. It provides investors regular income streams, long-term capital appreciation and diversification. REITs typically distribute all of their taxable income as dividends to shareholders. On those dividends shareholders pay the income taxes. REITs are strong income vehicles because REITs must pay out at least 90 percent of their taxable income in the form of dividends to shareholders .Office buildings, hotels, shopping malls, apartments, resorts, warehouses, self-storage facilities and mortgages or loans are the income producing real estate assets of REITS.
India has also tried to establish REIT. Mainly due to global slowdown and resultant impact on the property markets in India the earlier attempts to introduce REITs in India did not succeed. The other aspect is mortgage backed securities which is not permitted to invest, resulted real estate market opportunities shrinkage. However, SEBI announced the draft consultation paper on Real Estate Investment Trust (REIT) Regulations on October 10, 2013. Earlier in 2008, SEBI had issued certain draft regulations for introducing REITs. I-REITs (REITs in India) will invest in completed rent generating properties in India (to comprise minimum 90% of net asset value) and mortgage backed securities, would issue securities, which would be listed on stock exchanges and. In earlier phase I-REITs are planned to be available only to high net worth individuals and institutions to develop the market but now there are some relaxations introduced.
Need of REIT and its prospective implication in india- phoenix mall case studyAjinkya jagtap
A Real Estate Investment Trust is a company which modelled after mutual fund that owns or finances income-producing real estate. It provides investors regular income streams, long-term capital appreciation and diversification. REITs typically distribute all of their taxable income as dividends to shareholders. On those dividends shareholders pay the income taxes. REITs are strong income vehicles because REITs must pay out at least 90 percent of their taxable income in the form of dividends to shareholders .Office buildings, hotels, shopping malls, apartments, resorts, warehouses, self-storage facilities and mortgages or loans are the income producing real estate assets of REITS.
India has also tried to establish REIT. Mainly due to global slowdown and resultant impact on the property markets in India the earlier attempts to introduce REITs in India did not succeed. The other aspect is mortgage backed securities which is not permitted to invest, resulted real estate market opportunities shrinkage. However, SEBI announced the draft consultation paper on Real Estate Investment Trust (REIT) Regulations on October 10, 2013. Earlier in 2008, SEBI had issued certain draft regulations for introducing REITs. I-REITs (REITs in India) will invest in completed rent generating properties in India (to comprise minimum 90% of net asset value) and mortgage backed securities, would issue securities, which would be listed on stock exchanges and. In earlier phase I-REITs are planned to be available only to high net worth individuals and institutions to develop the market but now there are some relaxations introduced.
May 2015 real estate securities funds monitorConsiliacapital
This document provides a summary of real estate securities fund performance in May 2015 and year-to-date. It focuses on fundamental indices, examining the Kempen Global Property Fundamental Index Strategy and Dow Jones Townsend Core US REIT Index. The Kempen strategy uses rental income, dividends paid, and EBITDA to weight constituents, while the Dow Jones index targets a public market analog for core private real estate and weights based on float-adjusted market capitalization with constraints. European and Asian funds performed best in May and year-to-date, while Japanese and Asian funds saw declines in May reversing prior gains.
This document summarizes macroeconomic performance in India across four areas: foreign capital flows, human development indicators, the power sector, and globalization/privatization/liberalization. It provides details on foreign portfolio flows, foreign institutional investments, gender equality, healthcare, education, the power industry, and reforms related to capital flows and the economy. Key points include gradual liberalization of capital flows, a shift from debt to non-debt flows, improvements in gender equality and health/education indicators, issues facing the power sector, and the impact of reforms on foreign investment.
This document is a report from PitchBook on unicorns (privately held startups valued at $1 billion or more). Some key points:
- The number of active US unicorns grew significantly from 2014-2015 but has slowed in recent years, with 128 qualifying so far in 2017.
- Unicorn financings account for a disproportionate amount of overall VC deal value, though they make up a small fraction of deal count. In 2017 so far they are 21% of deal value.
- The total post-valuation of US unicorns has grown enormously over time and now exceeds $670 billion, though relatively little has been realized through exits.
- Exits of unicorns have been
Venture Capital Investment Q3 '06 - MoneyTree mensa25
Venture capital investing remained above $6 billion for the third consecutive quarter, with $6.2 billion invested in 797 deals. Seed/Early stage deals saw increased investment of 10% while Later stage deals declined. Biotechnology surpassed Software as the top industry sector with $1.14 billion invested. Telecommunications also saw strong growth with $848 million invested, its best quarter since 2002.
The WFE published its annual IOMA Derivatives Report, which shows that overall derivatives contracts traded in 2018 exceeded 30 billion for the first time since the WFE started publishing the report in 2005.
Global financial markets had a turbulent year in 2018. Volatility made a come-back, breaking the spell of stable markets in 2017. The return of volatility was against the backdrop of a global economic slowdown, geopolitical and trade tensions, concerns about tightening monetary policy, currency exchange rate fluctuations, and increased scrutiny of the technology sector among other factors. For stock markets, while the year began on a high note, with domestic market capitalisation scaling record levels in markets across the globe, there were significant declines in market valuations by the end of the year. Meanwhile, overall trading activity was up, with value and volumes of trades in equity markets up 15.4% and 11.5% respectively on 2017.
The report focused on trends in derivatives against this backdrop, and examines how market participants responded to shifts in the underlying market. In this high volatility environment, 2018 saw record high volumes of trading in derivatives. For the first time in the period under review (since 2005), overall volumes exceeded the 30 billion mark, with 30.1 billion contracts traded in 2018. This was a 20.9% increase in volumes on 2017.
Key highlights of the report include:
•The overall increase in volumes was driven by growth across all three regions. The Americas region was up 23.8%, the Asia-Pacific region up 27.1%, and the EMEA region up 5.5%.
•Nearly all the derivatives product categories - namely equity, ETF, currency, interest rate and commodities - recorded increases in volumes on 2017. The one exception was ‘other derivatives’, which consists of ‘other’ options and futures.
•In 2018, equity derivatives volumes exceeded 13.6 billion contracts, the highest in the 14-year period under review. Volumes were up 33.8% on 2017, due to increases across single stock and stock index options and futures.
•Interest rate derivatives volumes were up 14.6% on 2017, with a trading volume of 4.6 billion contracts, a new high for interest rate derivatives.
•Currency derivatives reached a record high of 3.7 billion contracts traded in 2018, a 32.9% increase on 2017.
•Commodity derivatives volumes saw a marginal 0.6% increase on 2017, largely due to declining volumes in the Asia-Pacific region (1.4%), where a major share of global commodity derivatives trading takes place. Agriculture, energy and non-precious metals accounted for the bulk (32%, 31% and 26% respectively) of global commodity derivatives volumes. While volumes of agriculture and energy-based derivatives were up 9.9% and 6.2% respectively, non-precious metals volumes fell 12.6% on 2017.
U.S. core real estate funds provide international investors with:
1. Immediate diversification across major U.S. markets and property types.
2. Steady income from high occupancy properties.
3. High transparency thanks to the widely used NCREIF ODCE benchmark index.
The document discusses real estate investment trusts (REITs) markets globally. Some key points:
- North America had the largest listed real estate market in 2023 at $1.4 trillion, driven by the US and Canada.
- The three largest REITs globally by market cap in 2023 were Prologis, American Tower, and Equinix, all headquartered in the US.
- REIT price-to-earnings ratios varied widely in 2023 between countries, from 6x in Singapore to 26x in the US.
- One-year returns for the FTSE EPRA/Nareit Global Real Estate Index were negative across all regions as of
An article in the Wall Street Journal (http://online.wsj.com/news/articles/SB10001424052702303819704579320581924300124) focused on whether REIT stock prices typically decline when interest rates increase. They usually don't, because the pace of economic growth is generally more important--and interest rates generally increase as a result of improving economic conditions. When demand conditions (employment, income, consumer spending, etc.) are strengthening, commercial real estate usually becomes more valuable because prospects improve for future growth in rents and occupancy levels.
I have done many other versions of this analysis, updated by several years.
Questions? Contact me at bcase@nareit.com.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
This document provides guidance on pursuing a better investment experience. It recommends embracing market pricing, not trying to outguess the market, resisting chasing past performance, letting markets work for you long-term, considering drivers of returns like company size and profitability, practicing smart diversification globally, avoiding market timing, managing emotions, focusing on long-term advice over entertainment, and controlling what you can like having a tailored plan.
- The document provides an equity market update for November 2018, summarizing macroeconomic indicators, global market performance, and the performance of the Indian market.
- Key developments in October included a decline in major Indian equity indices of around 5% due to domestic and global factors, continued weakness in the rupee, and heavy selling by foreign institutional investors.
- The document recommends that investors continue investing in pure equity schemes through SIPs for long-term exposure, and consider asset allocation schemes for new investments given ongoing volatility.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The report also illustrates the impact of globally diversified portfolios and features a quarterly topic.
Listed property securities markets tend to lead direct property markets by about six months, as REIT liquidity allows for quicker pricing of new information. While listed returns provide a directional signal, they may overstate eventual direct market moves. Understanding the relationship between listed and direct markets can help investors with asset allocation. Introducing a six-month lag to listed returns increases their correlation with direct returns across most markets. Listed returns often accurately predict accelerations and decelerations in direct returns several months in advance.
The document makes the case for international investing by providing several key points:
1) Nearly half of the world's stock market capitalization is in non-U.S. companies, so international diversification provides access to a larger pool of potential investments.
2) International stocks have lagged U.S. stocks since the financial crisis, so some experts believe they may have potential for higher returns going forward.
3) Including international stocks can help reduce overall portfolio volatility through diversification, as different markets experience cycles of outperformance.
The document summarizes emerging trends in real estate for 2014. It finds that the real estate recovery is gaining momentum and fundamentals are expected to drive returns more than capitalization rate compression. Job and economic growth are projected to continue improving demand for commercial real estate across property types. While risks like interest rates remain, tailwinds like employment growth are expected to outweigh headwinds, leading to a broader recovery in 2014.
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A brief report on REITs and the Indian connect
1. A Brief Report on REITs and the Indian Connect 2016
1 Sources: NAREIT website and reports, and other publically available sources
Real Estate Investment Trusts (REITs)
Real estate investment trusts (‘REITs’) have been
around for more than fifty years. REITs were first
created when President Eisenhower signed into law
the REIT Act in 1960, to allow individual investors to
invest in large-scale, income-producing real estate.
What is a REIT?
A REIT is a company that owns – and typically
operates – income-producing real estate or real
estate-related assets. The difference between REITs
and other real estate companies is that a REIT must
acquire and develop its real estate properties primarily
to operate them as part of its own investment portfolio,
as opposed to reselling those properties after they
have been developed.
The Three Categories of REITs: Equity,
Mortgage, and Hybrid
Equity REITs typically own and operate
income-producing real estate
Mortgage REITs provide money to real estate
owners and operators either directly in the
form of mortgages or other types of real estate
loans, or indirectly through the acquisition of
mortgage-backed securities
Hybrid REITs generally are companies that
use the investment strategies of both equity
REITs and mortgage REITs
Publicly Traded REITs and Non-Traded
REITs
Many REITs (whether equity or mortgage) are
registered with the SEC and are publicly traded on a
stock exchange. These are known as publicly traded
REITs. In addition, there are REITs that are registered
with the SEC, but are not publicly traded. These are
known as non-traded REITs (also known as Public
Non-Listed REITs (PNLRs)). Such REITs do file
reports with the SEC but there is no independent
information about the share value available. The
company may provide and estimated share value 18
months after the offering has closed.
Advantages of REITs
Evolution of REITs
1960
Introduction
of REITs
1965-1975
Dominance
of Mortgage
REITs
1976
Tax Reform Act
authorized REITs to be
established as
corporations in addition
to business trusts
1986
Tax Reform Act
made equity
REITs popular
1997-2007
Numerous
REITs offerings
2014
Paramount
launched IPO to
raised $2.3bn
Factors Driving REIT Earnings
The key demand drivers for revenue generation for
REITs are:
An uptick in economic fundamentals
positively affects REITs by increasing
business growth
The strength of job market fuels the demand
for the housing, office, and hotel industry
Rising population results in greater demand
for apartments, hotels, and warehouses units
Higher occupancy rates leads to higher
income
With higher mortgage rates, renting an
apartment becomes more appealing, further
leading to a rise in occupancy rates
Rising interest rates can hurt REITs in many
ways
2. A Brief Report on REITs and the Indian Connect 2016
2 Sources: NAREIT website and reports, and other publically available sources
REITs Valuation Techniques
Traditional valuation methods don’t apply to REITs
because their operations are different from traditional
companies. REITs are valued based on three main
techniques namely:
Net Asset Value (NAV) is one of the most
important valuation metrics for REITs. NAV is
the market value of all the assets, including
cash and indirect property assets, net of
liabilities and deliberated dividends or
distributions. A high NAV indicates that REITS
have strong earning potential and good
management
Fund from Operations (FFOs) is a measure
to evaluate the cash generated from their
operations. It is calculated as net income +
depreciation and amortization + impairment
charges + losses from sale of property – gains
from sale of property
Adjusted Fund From Operations (AFFOs)
further deducts the capital expenditures
required to maintain the existing portfolio of
properties
How is the Global Listed Property Market
Configured?
As earlier stated, REITs were introduced in the US in
1960. For the next 30 years, REITs were largely
confined to the US and Australia. The major growth of
REITs happened only after 2000 when some of the
key Asian countries introduced REITs. Japan adopted
REITs in 2000. It was followed by Singapore in 2002
and Hong Kong in 2003. While France was the first
major European country to launch REITs in 2003, the
United Kingdom & Germany introduced REITs in 2007.
REIT Indexes
The most common index for the REIT and global listed
property market is the FTSE EPRA/NAREIT Global
Real Estate Index Series. It constitutes of both REITs
and non-REIT listed property companies. The Global
Index Series contains the Developed Markets indices
and the Emerging Markets indices.
Industry Snapshot
(Monthly data for
February 2016)
FTSE NAREIT All
REITs
FTSE NAREIT All
Equity REITs
Equity Market
Capitalization
$901bn $846bn
Yield Comparison
4.51% 4.05%
Leverage &
Coverage Ratios
Debt Ratio 46.4% 36.0%
Coverage Ratio 4.0x 4.3x
Fixed Charge
Ratio
3.7x 3.9x
Investment Grade 46 (67% by M.Cap.) 46 (67% by M.Cap.)
(Balance sheet data as of Q3 2015)
S&P 500: 2.24%
221 REITs are in the FTSE NAREIT All REITs
Index
196 REITs trade on the NYSE
NYSE listed REITs equity market
capitalization = $853bn
Stock exchange-listed REITs paid out
approximately $42bn and PNLRs paid out
approximately $4bn in dividends during 2014
Capital Offerings:
(2016: YTD)
Capital
Raised (mm)
Number of
Offerings
IPOs 0 0
Secondary Common $2,764 8
Secondary Preferred $300 1
Secondary Debt $7,700 13
Total $10,764 22
3. A Brief Report on REITs and the Indian Connect 2016
3 Sources: NAREIT website and reports, and other publically available sources
Overview of US REITS
By the end of 2014 REITs in the US owned nearly $3
trillion of gross real estate assets. Public listed REITs
saw their combined equity market capitalization grow
from the end of 1990 at a 21% compound annual rate,
from $9bn to nearly $950bn at the end of 2015.
Public listed equity REITs constitute the bulk of today’s
REIT market. As of year-end 2014, equity REITs
accounted for more than 70% of all US public listed
REIT gross assets and more than 90% of the
approximately $950bn of equity market capitalization.
Economic contribution of REITs in the US
An EY study (commissioned by the NAREIT) to
estimate the economic impact of REITs on the US
economy for 2014 revealed:
Their total economic contribution in 2014 was
an estimated 1.8mm full-time equivalent (FTE)
jobs and $107.5bn of labor income
REIT activities also resulted in the payment of
an estimated $44bn of interest income and the
distribution of $81.6bn of dividends in 2014
REITs invested $55.9bn in new construction
and routine capital expenditures to maintain
existing property in 2014
US REIT Merger and Acquisition Activity
Between 2004 and 2016, US REIT Industry saw M&A
deals to the tune of US$293bn, with Public to public
deals making 64% of the total deals.
$14
$6
$47
$11
$5 $6
$24
$13
$30
$16 $16
$0
$9
$35
$87
$0 $0
$5
$1
$29
2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2016
Public to Public (in bn) Public to Private (in bn)
(YE March 31st)
US Real Estate Indicators
Even though the US economy appears to have
entered into a “goldilocks” environment, in which its
growth trajectory remains solid and inflation remains
low against continued global economic concerns, one
would never know it based on the REIT stock price
roller coaster. Along with the broader stock market, as
represented by the S&P 500 Index, REITs had
declined substantially for 2016 through mid-February,
only to roar back over the intervening six weeks. This
volatility occurred even though property fundamentals
and REIT earnings remain solid and are still growing.
Listed Real Estate Market Performance
REITs and the S&P 500 Index increased by
10.0% and 6.8%, respectively in March 2016
In possibly another indication of the industry
being in the later innings of the cycle, with the
exception of the apartments sector (with
expectations of 6% NOI growth), the other
core sectors (industrials, regional mall, office,
community retail, hotel, and health care) are
expecting property performance in a fairly
narrow band between 2.5% and 4.0%.
With annualized three-month volume of
$535bn, property transactions are still at fairly
high levels, but are now pacing even with last
year rather than showing year-over-year
increases
REITs now trade in line to NAV, which is
slightly below the sector’s long-term 3%
average premium
REITs are trading at an approximately 17.9
P/FFO multiple, which is 1.6 above the
sector’s long-term average of 16.3
US Real Estate Market Returns
(%cumulative) All REITs Equity REITs REIT Preferred S&P500
1 Month 10.0% 10.2% 3.3% 6.8%
YTD 5.9% 5.8% 2.7% 1.3%
1 Year 4.1% 4.7% 5.6% 1.8%
3 Years 30.2% 32.6% 19.8% 39.8%
5 Years 71.5% 72.8% 45.6% 72.9%
(As of March 31, 2016)
4. A Brief Report on REITs and the Indian Connect 2016
4 Sources: NAREIT website and reports, and other publically available sources
Opening Doors to REITs in India and China
While institutional and retail investors have had a
sampling of Asian real estate through REITs, in a
sense they still have been shut out of the continent’s
most significant economies, China and India.
As of mid-2014, China had a population of 1.4bn, and
India, 1.2bn, according to the CIA World Factbook.
These countries have witnessed growth in GDP much
greater than their developed counterparts.
However, for now, India has a head start on China.
While the guidelines were issued by the Securities and
Exchange Board of India (SEBI) last year on REITs
and so-called infrastructure investment trusts (InvITs),
it is only in February this year, that Budget 2016
cleared Dividend Distribution Tax (DDT) hurdle in
making REITs reality in India.
Importance of REITs in Indian Context
A REIT could:
Provide an attractive alternative investment
instrument in the Indian financial markets
Help in bringing the much required
professionalism and transparency in the
real estate sector in India
Provide developers and large investors of
commercial real estate to tap into the REITs
for investment in the real estate assets
Conducive Investment Environment
Growing economy could be a key driver for
growth of the REIT regime in the Indian
market
Increasing working age population will push
the demand and promote the development of
commercial real estate
Housing and urban infrastructure
requirement will be needed to support the
increasing population
Disposable income and retirement savings
gives individuals flexibility to invest in long-
term investment options for future savings
India is one of the countries globally offering
affordable prime spaces, with high growth
potential
The Potential
The top seven cities of India together have
more than 400mm sqft of operational office
space, according to Mr. Raheja of K Raheja
Corp. This is expected to grow by approx.
25mm to 30mm sqft annually. Of this, more
than 150mm sqft will be ready for REIT listing
Embassy Office Parks, a joint venture
between Embassy Group and Blackstone,
holds 22 mm sqft of space in three cities,
including Bangalore
Mr. Anuj Puri, JJL Chairman, adds that
currently, approx. 229mm sqft of office space
in India can be seen as REIT-compliant, and
assuming even 50% of these get listed, we are
looking at a total REITs listing worth $18.5bn
India needs to develop almost 45mm to 50mm
housing units by 2028
Key Regulations relating to Indian REIT
Initially proposed in December 2008 by the SEBI, the
2014 SEBI REIT Regulations have been notified.
Offer and listing: Initial offer of units through
public issue to third parties, with mandatory
listing
Minimum subscription: INR 2lakh (primary
market)
Trading lot size: INR 1lakh (secondary
market)
Dividend income: At least 90% of the
distributable cash flow must be distributed and
at least twice a year
Transparency: REIT, through a valuer, will
undertake full valuation on a yearly basis and
update the same on a half-yearly basis and
declare NAV within 15 days from the date of
such valuation / updation
Diversification: REITs will have to invest in at
least two projects. Not more than 60% value of
assets will be in one project
Property concentration: Not less than 80%
of the assets should be invested in completed
and revenue generating properties
Sponsor commitment: Sponsors must hold
25% of the units for first three years and 15%
thereafter