This document discusses strategies for hedge funds to generate returns. It summarizes that:
1) Hedge funds can generate returns through alpha (excess returns) or alternative betas (systematic exposures different from traditional markets).
2) Less liquid hedge fund strategies historically offered higher returns but the move away from them post-2008 has been painful.
3) Frontier markets may offer attractive growth potential at lower prices than more developed markets. Stock pickers can add value in these markets.
4) Structured credit markets now offer compelling risk-reward after difficulties in 2011. Specialists can add value through security selection and hedging strategies within these markets.
Next generation Waterside Convention 10-2012 AmundiMarnix van Eerde
This document discusses improving equity exposure through asymmetrical strategies. It notes that average stock market returns have declined since 2000 while volatility has increased, presenting challenges. It then outlines Amundi's approaches for navigating volatile markets, moving from minimum risk to total risk strategies including minimum variance, risk parity, and directional asymmetric funds. These strategies aim to reduce downside risk while enhancing risk-adjusted returns through asymmetrical participation in market movements. Performance simulations show these approaches outperforming a traditional market-cap weighted benchmark since their inceptions.
This document discusses strategies for cultivating and optimizing an affiliate marketing "long tail". The long tail refers to the large number of affiliates that may drive relatively few sales individually, but contribute significantly in aggregate. The document provides examples of challenges advertisers face with long tails and gives recommendations for segmenting, benchmarking, and treating long tail affiliates differently through incentives, creative flexibility, and recruitment efforts in order to increase their contributions over time.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
The document compares the performance of different portfolio allocations from 2001-2004 and 1Q 2004. It shows that portfolios with a mix of stocks and bonds significantly outperformed those with 100% stock allocations during periods of market decline from 2001-2003. The key finding is that asset allocation, or how assets are divided among asset classes like stocks and bonds, has the biggest impact on portfolio performance rather than choices about specific securities or market timing.
MIPIM 2012 - Wrap-Up Keynote address from Mark RobertsMIPIMWorld
Austerity-Stimulus, Risks-Opportunities: Fresh insights and way forward.
The US and Europe have embarked on fundamentally different paths in resolving their debt challenges: Austerity measures in Europe versus stimulus in the US. Policy outcomes will be different, and cannot be overlooked by real estate investors. There are many risks to consider and lots of opportunities ahead. How should investors approach the market today? What strategies are investors pursuing for a brighter tomorrow? Join us for the freshest insights on real estate markets: A combination of our panelists' research, your insights gathered during MIPIM conferences and events, and through our survey responses.
26.10.2009 Presentation of President José Sergio Gabrielli de Azevedo- “A Ne...Petrobras
Petrobras aims to increase oil and gas production by 7.5% annually through 2013, reaching 5.7 million boe/d. It plans to increase refining capacity to 3 million bpd by 2013 and expand premium fuel production. The business plan also focuses on increasing gas and energy investments with $174.4 billion in planned CAPEX through 2013, front-loading investments through 2010.
Next generation Waterside Convention 10-2012 AmundiMarnix van Eerde
This document discusses improving equity exposure through asymmetrical strategies. It notes that average stock market returns have declined since 2000 while volatility has increased, presenting challenges. It then outlines Amundi's approaches for navigating volatile markets, moving from minimum risk to total risk strategies including minimum variance, risk parity, and directional asymmetric funds. These strategies aim to reduce downside risk while enhancing risk-adjusted returns through asymmetrical participation in market movements. Performance simulations show these approaches outperforming a traditional market-cap weighted benchmark since their inceptions.
This document discusses strategies for cultivating and optimizing an affiliate marketing "long tail". The long tail refers to the large number of affiliates that may drive relatively few sales individually, but contribute significantly in aggregate. The document provides examples of challenges advertisers face with long tails and gives recommendations for segmenting, benchmarking, and treating long tail affiliates differently through incentives, creative flexibility, and recruitment efforts in order to increase their contributions over time.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
The document compares the performance of different portfolio allocations from 2001-2004 and 1Q 2004. It shows that portfolios with a mix of stocks and bonds significantly outperformed those with 100% stock allocations during periods of market decline from 2001-2003. The key finding is that asset allocation, or how assets are divided among asset classes like stocks and bonds, has the biggest impact on portfolio performance rather than choices about specific securities or market timing.
MIPIM 2012 - Wrap-Up Keynote address from Mark RobertsMIPIMWorld
Austerity-Stimulus, Risks-Opportunities: Fresh insights and way forward.
The US and Europe have embarked on fundamentally different paths in resolving their debt challenges: Austerity measures in Europe versus stimulus in the US. Policy outcomes will be different, and cannot be overlooked by real estate investors. There are many risks to consider and lots of opportunities ahead. How should investors approach the market today? What strategies are investors pursuing for a brighter tomorrow? Join us for the freshest insights on real estate markets: A combination of our panelists' research, your insights gathered during MIPIM conferences and events, and through our survey responses.
26.10.2009 Presentation of President José Sergio Gabrielli de Azevedo- “A Ne...Petrobras
Petrobras aims to increase oil and gas production by 7.5% annually through 2013, reaching 5.7 million boe/d. It plans to increase refining capacity to 3 million bpd by 2013 and expand premium fuel production. The business plan also focuses on increasing gas and energy investments with $174.4 billion in planned CAPEX through 2013, front-loading investments through 2010.
Petrobras aims to expand oil and gas production significantly by 2013 and beyond through developing major pre-salt discoveries and increasing refining capacity. The company will invest heavily in exploration and production, with a focus on the promising pre-salt region, and plans to contract additional drilling rigs and FPSOs to help develop major new fields. Technological innovation will also be important for addressing the challenges of developing pre-salt reserves, which have greater uncertainties than traditional fields.
How can financial services regain consumer trust presentationsRachel Aldighieri
1) A presentation was given at a DMA Financial Services Council event on consumer trust in financial services.
2) Research findings showed that trust in the financial services industry remains low but recommendation and satisfaction with main banks is generally positive.
3) The presentation discussed focusing on core products and benefits, improving the customer experience through added value products, and opportunities for cross-selling other financial products to improve trust and the customer relationship.
Google Automotive provides this data and presentation to automotive marketing professionals.
The ADM Professional Community is a living example of the compelling value proposition for online communities that serve the automotive industry. ADM serves as proof that the impact of Social Media on the automotive vertical is more significant than widely understood. Be sure to visit the ADM Professional Community at http://www.AutomotiveDigitalMarketing.com or the acronym URL at http://www.ADMPC.com or the Twitter URL at http://ADM.fm today, and don't just be a Lurker... Join!
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
The document summarizes industry trends in the wine industry over the past 10 years for the SJVWA's 10th anniversary. It finds that overall wine consumption and the premium wine segment have grown significantly. Varietals like Pinot Grigio, Pinot Noir, and Sauvignon Blanc have increased in popularity, while Chardonnay and Cabernet Sauvignon remain top sellers. Innovation through new products and approachable styles has also fueled category growth. The wine supply outlook for 2012 is more balanced after shortages in 2010-2011, though grape prices are increasing. The trends present opportunities and challenges for SJVWA members to supply popular high-growth varietals at the right cost structure.
This document outlines an investment opportunity in emerging and frontier markets debt. It notes that emerging market economies are experiencing high growth while developed markets maintain low interest rates. This creates an opportunity to invest in emerging market corporate bonds, which offer higher yields than US high yield bonds yet carry less risk due to stronger balance sheets of emerging market companies. The proposed investment funds would pursue this opportunity by investing in emerging market sovereign and corporate debt across various countries and industries.
EVS full year 2011 earnings presentationgdoultremont
EVS reported its financial results for the full year 2011. Key highlights included record order book of EUR 46.1 million, up 83% year-over-year. Revenue for 2011 was EUR 106.9 million, down 3.8% compared to 2010 but up 6.3% excluding revenue from big event rentals. Operating margin for 2011 was 41.3%. The presentation discussed financial results, business updates, outlook for 2012 including new product launches, and corporate information. Forward-looking statements were also provided regarding expectations, risks, and uncertainties.
William Blair & Company 27th Annual Growth Stock Conferencefinance7
William Blair Growth Stock Conference was held on June 21, 2007. Darren Jackson, CFO of Best Buy, presented on the company's performance. He discussed Best Buy's continued leadership in the North American consumer electronics market, with 20% US market share. Best Buy has achieved strong revenue and earnings growth in recent years through expanding its store base, investing in private label brands, and focusing on the customer experience. Looking ahead, Best Buy expects further growth from new store openings, acquisitions, and expanding its international presence while continuing to return value to shareholders through dividends and stock repurchases.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's market share and growth in the United States and Canada. Best Buy has achieved 20% market share in the US and over 30% in Canada. The presentation outlines Best Buy's strategies for continued growth, including expanding its store base, developing new store formats, growing private label offerings, and expanding services. It also discusses Best Buy's international expansion into China and plans to test new markets in Mexico and Turkey.
- The document discusses various options for reducing counterparty credit exposure when trading derivatives, including bilateral trading, TriReduce, and Ovovis.
- Bilateral trading involves directly agreeing terms with a counterparty but results in a win-lose outcome. TriReduce allows for netting trades among multiple parties to find win-win outcomes more efficiently.
- Ovovis uses a centralized platform to match traders and net positions, providing credit exposure reduction while keeping trades anonymous and neutral in profit/loss.
D2 Capital Partners: Opportunity For AccessIan Nguyen
The document discusses opportunities for private equity and strategic partnerships in Vietnam. It notes that Vietnam has experienced strong GDP growth driven by domestic consumption and urbanization. However, foreign direct investment in domestic sectors like education, healthcare, and retail has been low, representing opportunities for growth capital. While Vietnam faces some economic challenges, policies aim to sustain growth and manage risks. Overall, the document outlines several attractive sectors in Vietnam, such as real estate and consumer, for private equity investment.
What the Cloud Vendors Don't Want You to KnowChris Mullins
Companies are moving key business processes to the cloud at breakneck speed. Can you advise your constituents on the risks inherent in transferring these operations to a third party? This session will offer a "behind the scenes" look at the risks that typically are only known to the vendor, and what tools you can use to help your organization identify & manage these risks. Attendees will also receive a Risk Management Checklist for use when evaluating and procuring managed services.
Waterside convention 2012 joshua mc callum ubs global amMarnix van Eerde
The document discusses the tipping equilibrium and potential outcomes for economies and countries in Europe. It suggests that economies could significantly improve or deteriorate depending on factors like confidence levels, spending behaviors, and capital flight. Specifically, it notes that if confidence rises and deferred spending resumes, borrowing costs will fall and growth will increase. However, if fear of a breakup rises, there could be capital flight, bank runs, and negative spillover effects across countries as they potentially leave the Eurozone. The document cautions that the current situation is precarious and could tip in either direction.
There are 3 types of cerebral palsy caused by damage to the cerebellum, a part of the brain that coordinates voluntary movement. Cerebral palsy affects posture, balance, and the ability to perform voluntary movements. Several websites provide information and support for people living with cerebral palsy.
Pearson Plug & Play allows developers access to Pearson's content through APIs. The summary describes three APIs currently available - for Eyewitness Travel Guides, business/marketing titles, and the Longman Dictionary. It also discusses an Android app called ShowMe London built using the Eyewitness Travel Guide API to plan trips and itineraries.
This document discusses abbreviations used in texting and different ways of communicating through technology. It briefly mentions abbreviations, ways of communicating like texting and talking, and using images from Google. The document ends abruptly.
Este documento habla sobre la Navidad en el Caribe. El autor normalmente prepara felicitaciones navideñas con imágenes de paisajes nevados, pero se dio cuenta de que él vive en el Caribe, donde no nieva. Aunque no hay nieve, la gente del Caribe igual celebra la Navidad poniendo el belén y el árbol, decorando con motivos navideños y reuniéndose con seres queridos. La Navidad se celebra aunque no haya nieve en el Caribe.
Practical Measures for Measuring SecurityChris Mullins
Security is often a frustrating field for business and IT decision makers. It can be difficult to quantify, difficult to get visibility, and it’s difficult to know when you have “enough”. Do you really need that latest threat feed subscription or state of the art malware protection device? Do you need to add another security analyst to your team? And if so, how can you understand, in business terms, the value these investments bring to the business? This session will explore practical methods for the application of metrics in security to support business decision making, and provide a framework to implement straightforward security metrics, whether inside your wall or at a service provider.
The Waterside Convention 2011 Invesco - Volatiliteit: een anomalie?Marnix van Eerde
This document discusses the volatility anomaly, where higher risk stocks do not necessarily earn higher returns as expected. Several reasons are proposed for why this anomaly occurs, including investment restrictions, behavioral biases, and lottery effect preferences. The document then discusses an alternative investment process that focuses on risk management, stock selection, and constructing a portfolio with absolute risk aversion rather than benchmark orientation. The proposed process aims to produce a diversified portfolio with limited volatility and liquidity risks.
The Waterside Convention 2011 - Kempen Capital Management - Nieuw leiderschap...Marnix van Eerde
The document discusses the shift in asset management from a profession to a marketing-driven industry, and argues that the ladder is leaning against the wrong wall. It suggests that the trend should move back towards privately-owned, entrepreneurial asset managers that specialize and focus on long-term client interests over short-term performance. Smaller asset managers with specialized strategies tend to outperform larger "supermarket" managers over time. New leadership is needed that prioritizes employee ownership, long-term clients, conservative innovation, and alignment with client interests through a commitment to stewardship over salesmanship.
Petrobras aims to expand oil and gas production significantly by 2013 and beyond through developing major pre-salt discoveries and increasing refining capacity. The company will invest heavily in exploration and production, with a focus on the promising pre-salt region, and plans to contract additional drilling rigs and FPSOs to help develop major new fields. Technological innovation will also be important for addressing the challenges of developing pre-salt reserves, which have greater uncertainties than traditional fields.
How can financial services regain consumer trust presentationsRachel Aldighieri
1) A presentation was given at a DMA Financial Services Council event on consumer trust in financial services.
2) Research findings showed that trust in the financial services industry remains low but recommendation and satisfaction with main banks is generally positive.
3) The presentation discussed focusing on core products and benefits, improving the customer experience through added value products, and opportunities for cross-selling other financial products to improve trust and the customer relationship.
Google Automotive provides this data and presentation to automotive marketing professionals.
The ADM Professional Community is a living example of the compelling value proposition for online communities that serve the automotive industry. ADM serves as proof that the impact of Social Media on the automotive vertical is more significant than widely understood. Be sure to visit the ADM Professional Community at http://www.AutomotiveDigitalMarketing.com or the acronym URL at http://www.ADMPC.com or the Twitter URL at http://ADM.fm today, and don't just be a Lurker... Join!
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
The document summarizes industry trends in the wine industry over the past 10 years for the SJVWA's 10th anniversary. It finds that overall wine consumption and the premium wine segment have grown significantly. Varietals like Pinot Grigio, Pinot Noir, and Sauvignon Blanc have increased in popularity, while Chardonnay and Cabernet Sauvignon remain top sellers. Innovation through new products and approachable styles has also fueled category growth. The wine supply outlook for 2012 is more balanced after shortages in 2010-2011, though grape prices are increasing. The trends present opportunities and challenges for SJVWA members to supply popular high-growth varietals at the right cost structure.
This document outlines an investment opportunity in emerging and frontier markets debt. It notes that emerging market economies are experiencing high growth while developed markets maintain low interest rates. This creates an opportunity to invest in emerging market corporate bonds, which offer higher yields than US high yield bonds yet carry less risk due to stronger balance sheets of emerging market companies. The proposed investment funds would pursue this opportunity by investing in emerging market sovereign and corporate debt across various countries and industries.
EVS full year 2011 earnings presentationgdoultremont
EVS reported its financial results for the full year 2011. Key highlights included record order book of EUR 46.1 million, up 83% year-over-year. Revenue for 2011 was EUR 106.9 million, down 3.8% compared to 2010 but up 6.3% excluding revenue from big event rentals. Operating margin for 2011 was 41.3%. The presentation discussed financial results, business updates, outlook for 2012 including new product launches, and corporate information. Forward-looking statements were also provided regarding expectations, risks, and uncertainties.
William Blair & Company 27th Annual Growth Stock Conferencefinance7
William Blair Growth Stock Conference was held on June 21, 2007. Darren Jackson, CFO of Best Buy, presented on the company's performance. He discussed Best Buy's continued leadership in the North American consumer electronics market, with 20% US market share. Best Buy has achieved strong revenue and earnings growth in recent years through expanding its store base, investing in private label brands, and focusing on the customer experience. Looking ahead, Best Buy expects further growth from new store openings, acquisitions, and expanding its international presence while continuing to return value to shareholders through dividends and stock repurchases.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's market share and growth in the United States and Canada. Best Buy has achieved 20% market share in the US and over 30% in Canada. The presentation outlines Best Buy's strategies for continued growth, including expanding its store base, developing new store formats, growing private label offerings, and expanding services. It also discusses Best Buy's international expansion into China and plans to test new markets in Mexico and Turkey.
- The document discusses various options for reducing counterparty credit exposure when trading derivatives, including bilateral trading, TriReduce, and Ovovis.
- Bilateral trading involves directly agreeing terms with a counterparty but results in a win-lose outcome. TriReduce allows for netting trades among multiple parties to find win-win outcomes more efficiently.
- Ovovis uses a centralized platform to match traders and net positions, providing credit exposure reduction while keeping trades anonymous and neutral in profit/loss.
D2 Capital Partners: Opportunity For AccessIan Nguyen
The document discusses opportunities for private equity and strategic partnerships in Vietnam. It notes that Vietnam has experienced strong GDP growth driven by domestic consumption and urbanization. However, foreign direct investment in domestic sectors like education, healthcare, and retail has been low, representing opportunities for growth capital. While Vietnam faces some economic challenges, policies aim to sustain growth and manage risks. Overall, the document outlines several attractive sectors in Vietnam, such as real estate and consumer, for private equity investment.
What the Cloud Vendors Don't Want You to KnowChris Mullins
Companies are moving key business processes to the cloud at breakneck speed. Can you advise your constituents on the risks inherent in transferring these operations to a third party? This session will offer a "behind the scenes" look at the risks that typically are only known to the vendor, and what tools you can use to help your organization identify & manage these risks. Attendees will also receive a Risk Management Checklist for use when evaluating and procuring managed services.
Waterside convention 2012 joshua mc callum ubs global amMarnix van Eerde
The document discusses the tipping equilibrium and potential outcomes for economies and countries in Europe. It suggests that economies could significantly improve or deteriorate depending on factors like confidence levels, spending behaviors, and capital flight. Specifically, it notes that if confidence rises and deferred spending resumes, borrowing costs will fall and growth will increase. However, if fear of a breakup rises, there could be capital flight, bank runs, and negative spillover effects across countries as they potentially leave the Eurozone. The document cautions that the current situation is precarious and could tip in either direction.
There are 3 types of cerebral palsy caused by damage to the cerebellum, a part of the brain that coordinates voluntary movement. Cerebral palsy affects posture, balance, and the ability to perform voluntary movements. Several websites provide information and support for people living with cerebral palsy.
Pearson Plug & Play allows developers access to Pearson's content through APIs. The summary describes three APIs currently available - for Eyewitness Travel Guides, business/marketing titles, and the Longman Dictionary. It also discusses an Android app called ShowMe London built using the Eyewitness Travel Guide API to plan trips and itineraries.
This document discusses abbreviations used in texting and different ways of communicating through technology. It briefly mentions abbreviations, ways of communicating like texting and talking, and using images from Google. The document ends abruptly.
Este documento habla sobre la Navidad en el Caribe. El autor normalmente prepara felicitaciones navideñas con imágenes de paisajes nevados, pero se dio cuenta de que él vive en el Caribe, donde no nieva. Aunque no hay nieve, la gente del Caribe igual celebra la Navidad poniendo el belén y el árbol, decorando con motivos navideños y reuniéndose con seres queridos. La Navidad se celebra aunque no haya nieve en el Caribe.
Practical Measures for Measuring SecurityChris Mullins
Security is often a frustrating field for business and IT decision makers. It can be difficult to quantify, difficult to get visibility, and it’s difficult to know when you have “enough”. Do you really need that latest threat feed subscription or state of the art malware protection device? Do you need to add another security analyst to your team? And if so, how can you understand, in business terms, the value these investments bring to the business? This session will explore practical methods for the application of metrics in security to support business decision making, and provide a framework to implement straightforward security metrics, whether inside your wall or at a service provider.
The Waterside Convention 2011 Invesco - Volatiliteit: een anomalie?Marnix van Eerde
This document discusses the volatility anomaly, where higher risk stocks do not necessarily earn higher returns as expected. Several reasons are proposed for why this anomaly occurs, including investment restrictions, behavioral biases, and lottery effect preferences. The document then discusses an alternative investment process that focuses on risk management, stock selection, and constructing a portfolio with absolute risk aversion rather than benchmark orientation. The proposed process aims to produce a diversified portfolio with limited volatility and liquidity risks.
The Waterside Convention 2011 - Kempen Capital Management - Nieuw leiderschap...Marnix van Eerde
The document discusses the shift in asset management from a profession to a marketing-driven industry, and argues that the ladder is leaning against the wrong wall. It suggests that the trend should move back towards privately-owned, entrepreneurial asset managers that specialize and focus on long-term client interests over short-term performance. Smaller asset managers with specialized strategies tend to outperform larger "supermarket" managers over time. New leadership is needed that prioritizes employee ownership, long-term clients, conservative innovation, and alignment with client interests through a commitment to stewardship over salesmanship.
Saeed Amidi keynote at TEC International Startup Conference (Dec 6,2011)Stas Khirman
More details at http://www.tecglobal.org
Saeed Amidi is the Founder, President and CEO of Plug and Play Tech Center. Plug and Play is the premier technology startup accelerator in the world with over 200 companies which collectively have raised over $750 million.
Saeed has been investing in technology companies for over 15 years and holds successful investments in over 70 technology companies such as PayPal, Powerset, Danger, Bix, etc.
The Waterside Convention 2011 - Amundi Volatiliteit PresentatieMarnix van Eerde
This document discusses volatility as an asset class and different approaches to investing in volatility. It provides an overview of Amundi's volatility expertise and funds. The first section describes how volatility tends to rise when equity markets fall, providing diversification. The second section notes that while VIX futures can hedge an equity portfolio, passive approaches using VIX ETNs suffer high costs over time. The third section discusses mean reversion in volatility and the potential for active approaches to add value by investing during periods of low volatility.
Hemas Group is a diversified conglomerate operating in Sri Lanka with businesses in FMCG, healthcare, transportation, leisure and power generation. The document provides an overview of the group highlighting its various business segments, key financial statistics and growth strategies. It summarizes the performance of each business segment for the financial year 2010/2011 and outlines expansion plans. The group aims to consolidate market leadership positions and pursue opportunities for growth across its portfolio.
Hemas Group is a diversified conglomerate operating in Sri Lanka with businesses in FMCG, healthcare, transportation, leisure and power generation. The document provides an overview of the group highlighting its various business segments, key financial statistics and growth strategies. It summarizes the performance of each business segment for the financial year 2010/2011 and outlines expansion plans. The group aims to consolidate market leadership positions and pursue opportunities for growth across its portfolio.
IBM's strategy focuses on shifting to higher value segments of the IT industry through global integration, productivity improvements, and investing in growth markets and technologies. This transformation has driven margin expansion and allowed IBM to invest in the future while providing returns to shareholders. IBM is well ahead of its goal to achieve $10-11 EPS by 2010 through revenue growth, continued margin gains, and share repurchases. The company will focus on growth markets, acquisitions, technology leadership, and new initiatives to sustain long-term performance.
This document provides an agenda and overview of Cermaq's Capital Markets Day in 2012. It discusses Cermaq's two business units: EWOS, which produces salmonid feed with a 37% global market share, and Mainstream, the third largest global salmon farmer. In 2011, Cermaq had total revenues of NOK 8 billion and EBIT of NOK 1.369 billion. Cermaq aims to be a global leader in sustainable aquaculture and salmon/trout farming and feed production through profitable growth while maintaining strong operations and financial performance.
The document provides an overview of Bank of America's financial results for 2004 and the first quarter of 2005. Some key points:
- For 2004, Bank of America reported revenue of $49.6 billion, net income of $14.1 billion, and earnings per share growth of 30.8%. However, return on equity declined to 16.8% from 22% in 2003.
- All business segments saw revenue and earnings growth in 2004 compared to 2003, led by Global Business & Financial Services with earnings growth of 92.6%.
- First quarter 2005 results showed continued growth in revenue, loans, and deposits compared to fourth quarter 2004, with earnings per share of $1.14 and return on equity of
This document provides a summary of key strategies for effective communication during an economic downturn. It discusses cutting costs selectively while maintaining marketing activities to protect brand equity in the long run. Specifically, the document recommends: (1) cutting less than competitors to gain market share during the recovery, (2) using emotional branding to strengthen customer connections, and (3) continuing innovation and fame-building campaigns to drive growth. The overall message is that recessions accelerate changes in consumer behavior, so companies must adapt strategically while retaining their strategic assets.
Hemas Holdings PLC reported strong financial results for the first half of 2012/13, with group turnover increasing 29% and PAT growing 46% compared to the same period last year. Key drivers of growth were the power, healthcare, and FMCG sectors. The company's consumer businesses, including FMCG, healthcare, and leisure, contributed over 80% of total revenue. Earnings growth boosted ROE to 13.6% for the period.
The document discusses providing product flexibility in fluid catalytic cracking (FCC) units using FlexEneTM technology. It describes how FlexEneTM integrates oligomerization and FCC to more selectively produce propylene. FlexEneTM allows optimization of gasoline, jet fuel, diesel or propylene production depending on market demand. Examples are given of refineries using FlexEneTM technology to increase propylene yields from vacuum gas oil and residue. FlexEneTM provides a flexible way to meet growing demand for both fuels and petrochemicals.
Angel Ron: European Banks Conference. CrisisBanco Popular
Popular has been able to deleverage faster than peers by gathering deposits rather than shrinking its loan book. This has allowed Popular to maintain its leadership in recurrent profit while adjusting rapidly to changes in funding costs due to the short duration of its lending book. Even in a complex environment, Popular has managed to remain the most efficient bank in Spain. The acquisition of Pastor will improve Popular's efficiency further through annual synergies. Popular has reduced its wholesale dependence by €19 billion over 4 years while maintaining a robust second line of liquidity.
World Newspaper Congress 11: Session Finance, Gregor WallerWAN-IFRA
The document summarizes Gregor Waller's presentation at the 63rd World Newspaper Congress on how newspapers can survive the next economic crisis. Waller predicts European newspapers will see large declines in revenue from 2012-2015 due to an expected "double dip" recession. He identifies several signs that a newspaper has poor management unprepared for the digital transition, such as a lack of restructuring, digital strategy, or vision for digital editorial workflow. Waller also argues newspapers relying solely on advertising for digital revenue are vulnerable to takeover by investors who can leverage paid content models to significantly grow profits.
The NOAH Conference 2012 was held on November 6th in London. İlker Baydar, the General Manager of Hepsiburada.com, Turkey's largest e-commerce company, presented at the conference. Hepsiburada.com has over 35% compound annual growth rate over the last 5 years, $300 million in annual revenues, and 3 million active customers as of October 2012. The presentation highlighted Hepsiburada.com's position as the dominant online retailer in Turkey and opportunities for continued growth.
Champion League - Presentation by Ilker Baydar, General Manager of Hepsiburada.com at the NOAH 2012 Conference in London, Old Billingsgate on the 6th of November 2012.
The document is a presentation by Banco Santander (Brasil) S.A. for fixed income investors in February 2011. It discusses Brazil's solid macroeconomic fundamentals including large foreign reserves, declining debt levels, and stable interest and inflation rates. It also notes Brazil's favorable social dynamics including a demographic bonus from a growing workforce and increasing social mobility. The presentation aims to provide investors an overview of the Brazilian economy, Santander Group, and Santander Brasil.
Apresentacao renda fixa_final.v2.11.02.11risantander
The document is a presentation by Banco Santander (Brasil) S.A. for fixed income investors in February 2011. It discusses Brazil's solid macroeconomic fundamentals including large foreign reserves, declining debt levels, and stable interest and inflation rates. It also notes Brazil's favorable social dynamics including a demographic bonus from a growing workforce and increasing social mobility. The presentation aims to provide investors an overview of the Brazilian economy, Santander Group, and Santander Brasil.
This document summarizes key points from a presentation on the cost of capital for small and medium enterprises. It discusses findings from the Pepperdine Private Capital Markets Project, including expected returns for different capital providers and the status of privately-held businesses. The presentation covered topics such as sources of financing for businesses of various sizes, issues facing private companies, and estimates of cost of equity by revenue size.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
The document discusses national giving trends in higher education based on an annual benchmarking index. Some key findings from the index include median changes in revenue, donor counts, new donors, retention rates, and reactivation rates between 2008-2010 for private and public institutions. Participation and retention rates for young alumni from the 1990s and 2000s are also presented for different benchmarking groups.
The document discusses national giving trends in higher education benchmarking. It provides data on median changes in revenue, donors, and retention rates for private and public institutions from 2008-2010. Specifically, it shows median revenue per donor decreased for both private and public schools in this period. The document advocates for institutions to conduct benchmarking to identify strengths and weaknesses, consider new ideas, and improve fundraising.
Similar to Against the tide Waterside Convention 10-2012 Kempen Capital Management (20)
Against the tide Waterside Convention 10-2012 Kempen Capital Management
1. Against the tide
► Michiel Meeuwissen
► Senior Portfolio Manager Funds of Hedge Funds
► Kempen Capital Management N.V.
2. “Against the tide”
Hedge funds: added value comes from alpha and
alternative beta’s
Decomposition of hedge fund returns
Alpha
Least liquid
strategies/funds, but most
Non-traditional
added value
beta
Beta timing
Most liquid
Traditional strategies/funds, but least
beta added value
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3. “Against the tide”
The general move away from less liquid hedge fund
strategies post-2008 has been painful
Annual returns (net) post 2008 from most liquid solutions and KCM FoHF’s
41%
34%
22%23%
13%
10% 11%
9% 9%
7%
5% 3%
2% 1% 0% 2% 3% 2%
-4%
-9%
2009 2010 2011 YTD* Jan'09-Mar'12
UCITS Alternative Index Global HFRX Global Hedge Fund Index
Kempen Non-Directional Partnership Kempen Orange Investment Partnership
* March 2012 results for KOIP and KNDP based on preliminary estimates
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4. “Against the tide”
Frontier markets offer the most attractive growth at the
lowest P/E
GDP growth (source: IMF) Dangote Cement versus Lafarge
14
6%
12
5%
10
4%
8
3% 6
2% 4
1% 2
0% 0
1980s 1990s 2000s 2011-15 Market cap ($bn) P/E (2012)
Dangote Cement Lafarge
Asia Africa OECD
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5. “Against the tide”
Frontier markets: specialists add value with stock
picking
Blakeney (specialist since 1990) versus benchmark (in existence since 2002)
80% Blakeney
MSCI Frontier Markets (TR, USD)
60%
40%
20%
20%
9%
0%
-20%
-40%
-60%
2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD Cum
(ann)
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6. “Against the tide”
After a difficult 2011, structured credit markets offer a
compelling risk/reward
Sub-prime senior front cash flow
Unlevered IRR (December 2011 example) Investors prefer “short and liquid”
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
No Fundamental Fundamental US Treasury US IG credits Euro
improvement improvement improvement (10y) corporates
& market (ex financials)
repricing
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7. “Against the tide”
Structured credits: specialists add value with stock
picking and hedges
One William Street & LibreMax versus ABX HE 06-2 AAA Index
160
140
120
100 OWS
LibreMax
80
ABX
60
40
Mar-08 Oct-08 May-09 Dec-09 Jul-10 Feb-11 Sep-11
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8. Disclaimer
This presentation of Kempen Capital Management NV (KCM) is for information purposes only. The information in this document is incomplete
without the verbal explanation given by an employee of KCM. This presentation provides insufficient information for an investment decision. Before
making such a decision, please read information such as simplified prospectuses, prospectuses or information memoranda of the investment funds.
These are available on the website www.kempen.nl.
KCM is included in the register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as manager of investment
funds and as asset manager. Kempen Capital Management (UK) ltd. is subject to regulation of the Financial Services Authority and is registered
under no.166063.
No part of this presentation may be used without prior permission from KCM.
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