The document provides performance metrics for the Buddha Yoga Strategy from August 1994 to August 2011 compared to the S&P 500 benchmark. Key metrics include an annualized return of 14.01% for the strategy versus 7.90% for the S&P 500, and a cumulative excess return versus the benchmark of 572.80%. The strategy has an average annualized excess return of 6.11% over the period. Charts show the strategy outperforming the S&P 500 benchmark on a cumulative, annual, and calendar year basis over the 17-year period.
1) Anant Raj Industries reported a 203.4% quarter-over-quarter growth in net sales to Rs. 103 crore for the first quarter of FY2011, though sales were down 1.5% from the prior year. However, margins declined due to a change in accounting practices.
2) The company launched two residential projects during the quarter and has already sold all units in one project and 50% of units in the other.
3) Anant Raj maintains a strong balance sheet with a net cash position and fully paid land banks, providing flexibility for future growth.
Dabur reported a mixed set of results for the first quarter of fiscal year 2011. While revenue growth was strong at 23% due to a record 20% increase in volume, earnings growth disappointed at 17% due to margin contraction and higher taxes. Revenue was boosted by double-digit growth in consumer care division categories like oral care, health supplements, and home care. However, earnings fell short of estimates due to a rise in advertising spending squeezing margins. The company also announced an acquisition and a bonus share issue.
Tata Motors reported strong results for the first quarter of fiscal year 2011. Consolidated net sales grew 65% year-over-year to Rs. 27,056 crore, driven by higher domestic and JLR volumes as well as a 27% increase in JLR realizations. Consolidated operating profit jumped 667% to Rs. 3,855 crore and operating margins increased substantially to 14.2% compared to 3.1% in the prior year period. However, standalone performance was marginally below expectations with net sales up 63% to Rs. 10,416 crore and net profit falling 23% to Rs. 396 crore due to lower other income. While volumes grew 48% driven by strong
1) Nestle reported a 16.9% increase in top-line to Rs1,480cr, slightly below estimates, due to higher volumes and limited price increases. Bottom-line grew only 2.3%, significantly below expectations, due to a spike in input costs.
2) Gross margins contracted 263bps and EBITDA margins fell 397bps as input costs rose substantially. Higher brand investments and other expenses also weighed on profits.
3) The analyst downgrades Nestle to Neutral and lowers earnings estimates due to higher input costs and competitive pressures. Valuations leave little upside potential given cost pressures.
The document provides an overview of Barry Mendelson and his firm Just Plans Etc. It then outlines Barry's agenda to discuss the current market and economic environment, provide historical perspective, and discuss lessons for the future. Charts are included analyzing equity and fixed income returns from 1998 to the present.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
Pantaloon Retail reported a 25.3% year-over-year growth in net sales to Rs. 2,057.6 crore for the third quarter of fiscal year 2010, below expectations of 30.2% growth. Same store sales growth was 13.9% and 13.2% for value and lifestyle retailing respectively. Operating margins remained flat at 10.5% while net profit grew 62.7% to Rs. 55.9 crore due to sales growth and unchanged interest costs. The analyst maintains an accumulate rating and target price of Rs. 469 based on retail space expansion, revival in consumer sentiment, and organizational restructuring.
1) Anant Raj Industries reported a 203.4% quarter-over-quarter growth in net sales to Rs. 103 crore for the first quarter of FY2011, though sales were down 1.5% from the prior year. However, margins declined due to a change in accounting practices.
2) The company launched two residential projects during the quarter and has already sold all units in one project and 50% of units in the other.
3) Anant Raj maintains a strong balance sheet with a net cash position and fully paid land banks, providing flexibility for future growth.
Dabur reported a mixed set of results for the first quarter of fiscal year 2011. While revenue growth was strong at 23% due to a record 20% increase in volume, earnings growth disappointed at 17% due to margin contraction and higher taxes. Revenue was boosted by double-digit growth in consumer care division categories like oral care, health supplements, and home care. However, earnings fell short of estimates due to a rise in advertising spending squeezing margins. The company also announced an acquisition and a bonus share issue.
Tata Motors reported strong results for the first quarter of fiscal year 2011. Consolidated net sales grew 65% year-over-year to Rs. 27,056 crore, driven by higher domestic and JLR volumes as well as a 27% increase in JLR realizations. Consolidated operating profit jumped 667% to Rs. 3,855 crore and operating margins increased substantially to 14.2% compared to 3.1% in the prior year period. However, standalone performance was marginally below expectations with net sales up 63% to Rs. 10,416 crore and net profit falling 23% to Rs. 396 crore due to lower other income. While volumes grew 48% driven by strong
1) Nestle reported a 16.9% increase in top-line to Rs1,480cr, slightly below estimates, due to higher volumes and limited price increases. Bottom-line grew only 2.3%, significantly below expectations, due to a spike in input costs.
2) Gross margins contracted 263bps and EBITDA margins fell 397bps as input costs rose substantially. Higher brand investments and other expenses also weighed on profits.
3) The analyst downgrades Nestle to Neutral and lowers earnings estimates due to higher input costs and competitive pressures. Valuations leave little upside potential given cost pressures.
The document provides an overview of Barry Mendelson and his firm Just Plans Etc. It then outlines Barry's agenda to discuss the current market and economic environment, provide historical perspective, and discuss lessons for the future. Charts are included analyzing equity and fixed income returns from 1998 to the present.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
Pantaloon Retail reported a 25.3% year-over-year growth in net sales to Rs. 2,057.6 crore for the third quarter of fiscal year 2010, below expectations of 30.2% growth. Same store sales growth was 13.9% and 13.2% for value and lifestyle retailing respectively. Operating margins remained flat at 10.5% while net profit grew 62.7% to Rs. 55.9 crore due to sales growth and unchanged interest costs. The analyst maintains an accumulate rating and target price of Rs. 469 based on retail space expansion, revival in consumer sentiment, and organizational restructuring.
Asian Paints reported strong quarterly results that beat estimates. Revenue grew 25% year-over-year to Rs. 1,830 crore, driven by 18-20% volume growth and 2-3% price-led growth. Earnings grew 26% to Rs. 222 crore due to operating leverage, although gross margins contracted due to rising input costs. The analyst maintains an Accumulate rating and revised target price of Rs. 2,773, expecting sustained 15.5% volume growth, price hikes of 8%, and operating margins around 18%.
Anant Raj Industries' (ARIL) 4QFY2010 results were below expectations due to a delay in launching a premium residential project. Rental income grew 10.6% but profit fell 53.9% quarter-over-quarter. The analyst downgraded earnings estimates for FY2011-FY2012 to account for the delayed project launch. However, ARIL has a strong development pipeline and the analyst maintains a Buy rating due to ARIL's low-cost land bank and strong balance sheet.
TAJGVK reported an 11.2% year-over-year growth in net sales to Rs63.3cr for the fourth quarter of fiscal year 2010. EBITDA and PAT improved year-over-year due to rising occupancy rates and average room rates. For the full fiscal year 2010, revenues declined 3.5% to Rs229.2cr while EBITDA fell 13.9% and PAT declined 32.1% due to higher interest costs. The analyst maintains a buy rating based on improving industry dynamics and expects the company to benefit from economic recovery in key markets like Hyderabad, Chandigarh, and Chennai.
The document provides preliminary unaudited results for 2011 and outlines Gafisa Group's strategic plan. Key points include:
- 4Q11 results include non-cash corrective adjustments totaling R$889 million, mostly from budget revisions and strategy changes at Tenda.
- A new strategic plan focuses operations in key markets, reduces risk at Tenda under a profitable model, and expands AlphaVille's share.
- Guidance for 2012 includes operational cash flow of R$500-700 million, launches of R$2.7-3.3 billion, and delivery of 22,000-26,000 units.
The document analyzes the financial and market performance of a company over 6 periods, including metrics like net contribution, ROI, stock price, market share, and marketing investments. It shows fluctuations in sales revenue, expenses, and profits impacting other KPIs. Different brands are launched and their prices, awareness, and purchase intentions are tracked over time.
Terry Crews, Chief Financial Officer of Bank of America, presented at the 38th Annual Investment Conference on September 16, 2008. The presentation discussed Monsanto's growth opportunity in agricultural productivity through increased demand for yield and innovation to meet that demand. Monsanto aims to double its gross profit from 2007 to 2012 through expanding its seed footprint and introducing valuable biotech traits. Corn seeds and traits were highlighted as demonstrating strong financial growth and momentum through increased market share and trait penetration.
Investment Idea - JSW Energy Limited (JSWEL) : Recommended as "BUY"Fullerton Securities
JSW Energy Ltd is expanding its operating capacity significantly over the next few years through various projects. The company expects to enhance capacity to nearly 11,500MW by 2015-16 from the current 995MW. Revenue is projected to grow at a CAGR of 58% through FY2012. The report recommends a 'Buy' rating based on a fair value of Rs. 145 per share using a FY2012 P/E multiple of 15 times. Key risks include uncertainty in merchant power rates and imported coal prices.
For 1QFY2011, NMDC reported a 97% increase in net sales to Rs2,518cr driven by higher iron ore realizations and sales volume. Net profit grew 94.4% to Rs1,504cr due to strong top-line growth. EBITDA margin expanded significantly by 726bps to 81.5% despite higher royalty charges. The company aims to increase production capacity to 50mn tonnes by FY2014-15 through mine expansion projects, however volume growth faces risks from ongoing Naxal activities in its mine areas. At the current market price, the stock trades at lower multiples compared to its historical averages.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
GSK Consumer reported a 14.5% year-over-year increase in revenue to Rs537 crore for the second quarter of 2010, below analyst estimates. Earnings grew 30% to Rs71.8 crore, ahead of estimates, driven by margin expansion from lower advertising spending and higher other income. While the company's core brands Horlicks and Boost saw healthy volume growth of 10% and 17% respectively, overall volume growth moderated to around 10%. Looking forward, the company expects advertising spending to increase in the second half of the year with the national rollout of new product Horlicks Foodles.
PVR is expected to see strong performance in its exhibition business in the second and third quarters of FY2011, aided by a robust movie pipeline (both domestic and Hollywood films) and substantial screen additions over the last six months. Management expects 14-15 new 3D English movies to be released over the next 18-24 months. Additionally, PVR is looking to unlock value by selling and leasing back its Phoenix Mill property, which could generate around Rs. 80-100 crore in cash. PVR Pictures is also expected to see multi-fold revenue growth in FY2011 with more film productions lined up. Blu-O, PVR's bowling business, aims to have 150 lanes by FY2012 and
This document provides an overview of MannaQuest and announcements about new incentives and tools. Key points:
1) MannaQuest is launching new fast start incentives to help associates earn rewards like iPads and cash by finding a small number of partners within their first business period.
2) Tools and a new business plan are being introduced to help associates educate and inspire more people to switch to real-food supplements, which could impact millions.
3) Updates to the compensation plan and new Omega-3 with D3 products are also announced. The goal is to help associates make a difference by changing more lives with nutrition.
Taiwan Synthetic Rubber Corporation (TSRC) reported 3Q11 earnings that were in line with expectations and 32% above analyst consensus estimates. While revenue increased 1% quarter-over-quarter and 67% year-over-year, gross profits rose 3% quarter-over-quarter and 99% year-over-year. The analyst maintains a Buy rating and NT$97 target price, expecting TSRC to benefit from continued margin expansion as butadiene prices decline more than synthetic rubber product prices. Downside risks include lower-than-expected tire demand and high raw material prices.
Nestle reported a 21% increase in revenue for the second quarter driven by 20% growth in domestic sales and 36% growth in exports. However, earnings grew at a slower 12% due to a contraction in operating margins from rising input costs and increased spending on marketing. The analyst downgraded the stock to Reduce due to concerns over margin pressure and high valuations leaving little room for negative surprises. Top-line growth was robust due to increased sales volumes and limited price increases while exports picked up on higher sales to Russia.
The document provides a daily market commentary and notes from Valuehunt on April 9, 2013. It includes updates on the Indian market indices and global markets, commentary from finance ministers on removing roadblocks for long term projects in India, and value stock picks such as Aditya Birla Nuvo which is divesting its carbon black business. Special situation stocks with corporate actions like buybacks are also highlighted.
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
- Kesoram Industries is a diversified company with businesses in cement and tyre manufacturing. It has attractive valuations for both businesses that are at a substantial discount to peers and replacement costs.
- The analyst values the cement business at EV/tonne of $65, lower than replacement costs of $80/tonne but comparable to southern peers. The tyre business valuation of Rs2cr/tpd is at a 35-63% discount to peers.
- Based on this sum-of-the-parts valuation, the analyst assigns a target price of Rs437 per share, implying attractive valuations on a 12 month horizon.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Vedanta Resources and Sesa Goa have agreed to acquire a 51-60% stake in Cairn India from Cairn Energy for Rs405 per share, of which Rs355 per share is for acquisition and Rs50 is a non-compete fee. Vedanta and Sesa Goa will make an open offer for 20% of Cairn India shares at Rs355 per share, and Sesa Goa will make a strategic investment of 20% in Cairn India acquired from Vedanta. The deal is subject to regulatory approvals and a special shareholder resolution.
The document discusses vocabulary related to travel reservations such as booking a room or flight. It provides definitions and examples for terms like "reservation", "booked", "deposit", and "available". It also defines the city nickname "Big Apple" and items like "suitcase" and "bellboy". The second half contains sample dialogues between a hotel receptionist and guest discussing check-in details like room upgrades, wifi access, and local sightseeing tips.
Asian Paints reported strong quarterly results that beat estimates. Revenue grew 25% year-over-year to Rs. 1,830 crore, driven by 18-20% volume growth and 2-3% price-led growth. Earnings grew 26% to Rs. 222 crore due to operating leverage, although gross margins contracted due to rising input costs. The analyst maintains an Accumulate rating and revised target price of Rs. 2,773, expecting sustained 15.5% volume growth, price hikes of 8%, and operating margins around 18%.
Anant Raj Industries' (ARIL) 4QFY2010 results were below expectations due to a delay in launching a premium residential project. Rental income grew 10.6% but profit fell 53.9% quarter-over-quarter. The analyst downgraded earnings estimates for FY2011-FY2012 to account for the delayed project launch. However, ARIL has a strong development pipeline and the analyst maintains a Buy rating due to ARIL's low-cost land bank and strong balance sheet.
TAJGVK reported an 11.2% year-over-year growth in net sales to Rs63.3cr for the fourth quarter of fiscal year 2010. EBITDA and PAT improved year-over-year due to rising occupancy rates and average room rates. For the full fiscal year 2010, revenues declined 3.5% to Rs229.2cr while EBITDA fell 13.9% and PAT declined 32.1% due to higher interest costs. The analyst maintains a buy rating based on improving industry dynamics and expects the company to benefit from economic recovery in key markets like Hyderabad, Chandigarh, and Chennai.
The document provides preliminary unaudited results for 2011 and outlines Gafisa Group's strategic plan. Key points include:
- 4Q11 results include non-cash corrective adjustments totaling R$889 million, mostly from budget revisions and strategy changes at Tenda.
- A new strategic plan focuses operations in key markets, reduces risk at Tenda under a profitable model, and expands AlphaVille's share.
- Guidance for 2012 includes operational cash flow of R$500-700 million, launches of R$2.7-3.3 billion, and delivery of 22,000-26,000 units.
The document analyzes the financial and market performance of a company over 6 periods, including metrics like net contribution, ROI, stock price, market share, and marketing investments. It shows fluctuations in sales revenue, expenses, and profits impacting other KPIs. Different brands are launched and their prices, awareness, and purchase intentions are tracked over time.
Terry Crews, Chief Financial Officer of Bank of America, presented at the 38th Annual Investment Conference on September 16, 2008. The presentation discussed Monsanto's growth opportunity in agricultural productivity through increased demand for yield and innovation to meet that demand. Monsanto aims to double its gross profit from 2007 to 2012 through expanding its seed footprint and introducing valuable biotech traits. Corn seeds and traits were highlighted as demonstrating strong financial growth and momentum through increased market share and trait penetration.
Investment Idea - JSW Energy Limited (JSWEL) : Recommended as "BUY"Fullerton Securities
JSW Energy Ltd is expanding its operating capacity significantly over the next few years through various projects. The company expects to enhance capacity to nearly 11,500MW by 2015-16 from the current 995MW. Revenue is projected to grow at a CAGR of 58% through FY2012. The report recommends a 'Buy' rating based on a fair value of Rs. 145 per share using a FY2012 P/E multiple of 15 times. Key risks include uncertainty in merchant power rates and imported coal prices.
For 1QFY2011, NMDC reported a 97% increase in net sales to Rs2,518cr driven by higher iron ore realizations and sales volume. Net profit grew 94.4% to Rs1,504cr due to strong top-line growth. EBITDA margin expanded significantly by 726bps to 81.5% despite higher royalty charges. The company aims to increase production capacity to 50mn tonnes by FY2014-15 through mine expansion projects, however volume growth faces risks from ongoing Naxal activities in its mine areas. At the current market price, the stock trades at lower multiples compared to its historical averages.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
GSK Consumer reported a 14.5% year-over-year increase in revenue to Rs537 crore for the second quarter of 2010, below analyst estimates. Earnings grew 30% to Rs71.8 crore, ahead of estimates, driven by margin expansion from lower advertising spending and higher other income. While the company's core brands Horlicks and Boost saw healthy volume growth of 10% and 17% respectively, overall volume growth moderated to around 10%. Looking forward, the company expects advertising spending to increase in the second half of the year with the national rollout of new product Horlicks Foodles.
PVR is expected to see strong performance in its exhibition business in the second and third quarters of FY2011, aided by a robust movie pipeline (both domestic and Hollywood films) and substantial screen additions over the last six months. Management expects 14-15 new 3D English movies to be released over the next 18-24 months. Additionally, PVR is looking to unlock value by selling and leasing back its Phoenix Mill property, which could generate around Rs. 80-100 crore in cash. PVR Pictures is also expected to see multi-fold revenue growth in FY2011 with more film productions lined up. Blu-O, PVR's bowling business, aims to have 150 lanes by FY2012 and
This document provides an overview of MannaQuest and announcements about new incentives and tools. Key points:
1) MannaQuest is launching new fast start incentives to help associates earn rewards like iPads and cash by finding a small number of partners within their first business period.
2) Tools and a new business plan are being introduced to help associates educate and inspire more people to switch to real-food supplements, which could impact millions.
3) Updates to the compensation plan and new Omega-3 with D3 products are also announced. The goal is to help associates make a difference by changing more lives with nutrition.
Taiwan Synthetic Rubber Corporation (TSRC) reported 3Q11 earnings that were in line with expectations and 32% above analyst consensus estimates. While revenue increased 1% quarter-over-quarter and 67% year-over-year, gross profits rose 3% quarter-over-quarter and 99% year-over-year. The analyst maintains a Buy rating and NT$97 target price, expecting TSRC to benefit from continued margin expansion as butadiene prices decline more than synthetic rubber product prices. Downside risks include lower-than-expected tire demand and high raw material prices.
Nestle reported a 21% increase in revenue for the second quarter driven by 20% growth in domestic sales and 36% growth in exports. However, earnings grew at a slower 12% due to a contraction in operating margins from rising input costs and increased spending on marketing. The analyst downgraded the stock to Reduce due to concerns over margin pressure and high valuations leaving little room for negative surprises. Top-line growth was robust due to increased sales volumes and limited price increases while exports picked up on higher sales to Russia.
The document provides a daily market commentary and notes from Valuehunt on April 9, 2013. It includes updates on the Indian market indices and global markets, commentary from finance ministers on removing roadblocks for long term projects in India, and value stock picks such as Aditya Birla Nuvo which is divesting its carbon black business. Special situation stocks with corporate actions like buybacks are also highlighted.
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
- Kesoram Industries is a diversified company with businesses in cement and tyre manufacturing. It has attractive valuations for both businesses that are at a substantial discount to peers and replacement costs.
- The analyst values the cement business at EV/tonne of $65, lower than replacement costs of $80/tonne but comparable to southern peers. The tyre business valuation of Rs2cr/tpd is at a 35-63% discount to peers.
- Based on this sum-of-the-parts valuation, the analyst assigns a target price of Rs437 per share, implying attractive valuations on a 12 month horizon.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Vedanta Resources and Sesa Goa have agreed to acquire a 51-60% stake in Cairn India from Cairn Energy for Rs405 per share, of which Rs355 per share is for acquisition and Rs50 is a non-compete fee. Vedanta and Sesa Goa will make an open offer for 20% of Cairn India shares at Rs355 per share, and Sesa Goa will make a strategic investment of 20% in Cairn India acquired from Vedanta. The deal is subject to regulatory approvals and a special shareholder resolution.
The document discusses vocabulary related to travel reservations such as booking a room or flight. It provides definitions and examples for terms like "reservation", "booked", "deposit", and "available". It also defines the city nickname "Big Apple" and items like "suitcase" and "bellboy". The second half contains sample dialogues between a hotel receptionist and guest discussing check-in details like room upgrades, wifi access, and local sightseeing tips.
A basic overview of modern UX techniques and concepts. Originally presented at Destination Summit 2014, a conference for destination and ski industry marketing professionals.
The document discusses the results of a study on the impact of climate change on global wheat production. Researchers found that rising temperatures will significantly reduce wheat yields across different regions of the world by the end of the century. Under a high emissions scenario, the study projects a global average decrease in wheat production of 6% by 2050, and a 17% decrease by 2100, threatening global food security.
The document discusses different tenses and provides examples of their use. It also describes a conversation between two characters, Abby and Nita, where they discuss movies and books. Some classroom activities involving vocabulary from the conversation are outlined, like a matching game and unscrambling sentences.
Here are two examples where performing a risk assessment may be beneficial:
1. When introducing a new ingredient or food product. A risk assessment could help identify any potential biological, chemical, or physical hazards and evaluate the risk to consumers from exposure to help ensure the product is safe.
2. After receiving consumer complaints of illness related to a product. A risk assessment could help determine if there is a link between the product and illnesses by identifying hazards, evaluating exposures, and characterizing potential risks to understand what controls may need to be implemented.
Performing a risk assessment provides a systematic, science-based process to identify hazards and evaluate potential risks to public health from a food. This can help inform risk management decisions to improve food safety
The portfolio manager Indira Amladi can be reached at 646-843-9725 to discuss a portfolio that has achieved 3.55% annual returns at an 82% significance level over 10 years or to review the holdings-based attribution analysis. An independent third party CPA firm conducted an examination of the 10-year strategy, and a Zephyr report is attached in subsequent slides.
Making Lean Actionable - Lean UX NYC 2014Angelique S
The document discusses how to take a lean approach to product development. It notes that teams are often asked to build products based on inconsistent requirements without clear performance metrics. It advocates adopting a lean process of creating minimum viable products, testing assumptions through experiments, continuously improving based on user testing and metrics, and designing solutions that are relevant to the current context but can adapt over time. The key aspects of lean highlighted are challenging assumptions, setting measurable goals, iterating through testing, and designing for an ideal future state while accounting for real-world constraints.
Updated and repurposed for Tahoe Tourism and Technology conference in 2014.
Original presentation from 2013 here: http://www.slideshare.net/joeartdotcom/emailing-your-brand
Shiv-Vani Oil and Gas (SOGES) reported strong results for the first quarter of fiscal year 2011. Revenue grew 43.8% over the previous year to Rs399 crore, driven by the deployment of two additional drilling rigs. Operating profit margin expanded 302 basis points to 44% despite rupee appreciation. Net profit increased 53.4% to Rs65 crore. The company maintained a strong order backlog of Rs3,200 crore, providing visibility for continued growth. The analyst expects SOGES to grow revenues and profits at a compounded annual growth rate of 24.4% and 14.5% respectively over the fiscal years 2009 to 2012. The stock remains rated a "Buy" with
Cairn India reported a quarterly net profit of Rs281cr for 1QFY2011, an increase of 519.3% over the previous year. Revenue grew 310.1% to Rs841cr due to higher production and realisations from the Mangala oil fields. Operating margins expanded significantly to 77% from 64.5% last year due to lower production costs. However, net profit was lower than estimates due to higher financing costs and lower other income. While production and revenues grew strongly year-over-year, costs were also higher than expected, leading to profits below analyst forecasts.
CESC reported a 2.1% year-over-year growth in net sales to Rs770cr in the fourth quarter of fiscal year 2010, aided by a 1.7% increase in sales volume. The company's operating profit margin improved by 409 basis points to 26% during the quarter, helping net profit rise by 6.4% to Rs100cr. For the full fiscal year 2010, CESC's top-line grew by 8% to Rs3,351cr while bottom-line increased 5.6% to Rs433cr. The analyst maintained a "Buy" recommendation on the stock based on its fiscal year 2012 estimated price-to-earnings ratio of 7.4x and price-to-
Goodrich reported first quarter 2007 results with sales growth of 12% and segment operating income margin expansion to 14.5% compared to 12% in first quarter 2006. Net income was $100 million or $0.78 per share compared to $202 million or $1.60 per share in first quarter 2006, which included a large tax benefit. Goodrich increased its full year 2007 sales outlook to $6.3-6.5 billion and net income per share outlook to $3.20-3.35 per share. Segment margins and cash flow are expected to continue expanding.
Goodrich reported first quarter 2007 results with sales growth of 12% and segment operating income margin expansion to 14.5% compared to 12% in first quarter 2006. Net income was $100 million or $0.78 per share compared to $202 million or $1.60 per share in first quarter 2006, which included a large tax benefit. The company increased its full year 2007 outlook with sales expected between $6.3-6.5 billion and net income per share of $3.20-$3.35. Market channels such as commercial aerospace production and aftermarket as well as defense were expected to see continued growth through 2008 and beyond.
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
Based on the analysis of the key financial metrics of the four companies, SPRITZER BHD, GUINNESS ANCHOR BHD, FRASER & NEAVE BHD and YEO HIAP SENG BHD, Guinness Anchor BHD is the best company for investors. Specifically, GAB has the lowest average WACC at 2.62%, is debt-free with no debt to equity ratio, has a low average operating cycle of 65.54 days and positive average cash cycle of 27.31 days, indicating efficient use of working capital. Overall, GAB consistently ranked first or second across the different metrics considered and provides the best risk-return profile for investors.
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share was $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by a 10% increase in revenue per unit, offset by a 5% decline in volumes. Expenses increased primarily due to higher materials, supplies and other costs and depreciation, though this was partially offset by productivity gains.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
The document provides information on ACE Investments Strategists, LLC, a commodity trading advisor that employs an aggressive option writing strategy on stock indices to generate returns. The strategy aims to collect premiums by selling puts and calls on the S&P 500 futures at opportune times when volatility is higher. The minimum investment is $100,000 and the CTA has approximately $3.8 million in assets under management.
Steel Authority of India reported a 1.7% decline in EBITDA to Rs. 1,843 cr for the first quarter of FY2011, below Angel Research's estimate, due to lower sales volume and higher staff costs. Net profit declined 11.3% to Rs. 1,177 cr for the same reasons. While steel prices increased, sales volume fell 15.5% from a year ago. Staff costs rose sharply due to additional provisions for employee benefits. Going forward, the company is expected to benefit from strong domestic demand, but capacity expansion benefits will only be seen after FY2012. Angel Research maintains a Neutral rating on the stock.
CastlePoint Investment Group manages a large cap equity product. They have an investment philosophy based on rigorous analytical research and sound financial theory. Their investment returns have been strong, outperforming benchmarks like the S&P 500 Index and Russell 1000 Value Index over 1, 3, 5 years and since inception in 2001. Their process and long-term results demonstrate consistent outperformance of major market indices.
1) Colgate reported a 13.4% year-over-year growth in top-line to Rs. 516 crores, in line with estimates. Volume growth was steady at 11%.
2) Earnings grew 39.6% year-over-year to Rs. 114.4 crores, significantly beating estimates. This was driven by a 638 basis point expansion in operating margins to 24.1% due to higher gross margins.
3) The analyst maintains an 'Accumulate' rating and revised target price of Rs. 752, expecting the company to report a 15.1% CAGR in revenue through FY2012, while margins remain stable.
The document provides an overview of AES Corporation's financial results for 2004 and outlook for 2005. Some key highlights include revenues for 2004 increasing 13% over 2003 to $9.4 billion, with adjusted earnings per share growing 32% year-over-year. For the fourth quarter of 2004, revenues were up 11% and adjusted earnings per share increased 91% compared to the same period last year. The company also discusses cash flow results for 2004 and reconciliation of adjusted earnings per share.
The document summarizes Piaggio Group's strategic plan from 2010 to 2013. Some key points:
1) Piaggio aimed to grow its international presence, with Asia's share of volumes increasing from 25% in 2009 to 40% in 2013.
2) Financial targets included increasing revenues from around €1.5 billion to €1.9 billion, expanding EBITDA margin from 13.3-13.4% to 14.2%, and reducing net financial position from €352 million to around €300 million.
3) Planned capex of €312 million from 2011-2013 focused on new products, manufacturing, and other investments to support growth.
Piaggio Group reported its full year 2010 financial results. Net sales were largely unchanged from 2009 at €1.485 billion, while EBITDA declined slightly by 1.8% to €197.1 million. Net income decreased by 9.7% to €42.8 million due to higher taxes. Motorcycle sales in Asia and commercial vehicle sales in India increased significantly, while sales declined in other regions. The company's working capital position improved in 2010.
Oriental Bank of Commerce reported a 41.1% rise in net profit for the quarter compared to the same period last year. Net interest income grew 118.4% on strong loan growth of 20.3% and deposit growth of 19.8%. Asset quality was stable with gross and net NPA ratios of 1.7% and 0.7% respectively. The bank upgraded its target price for OBC stock to Rs. 409 based on improved near-term net interest margins and asset quality.
CESC reported a 33.7% year-over-year growth in revenue for the first quarter of fiscal year 2011, driven by the commissioning of its new 250MW Budge-Budge power plant. However, operating margins declined from the previous quarter due to a 90.6% year-over-year increase in other expenses. While revenue beat estimates, net profit growth was moderate at 4.8% year-over-year due to higher expenditure, growing at a faster pace than revenues. The company continues construction on its 600MW Chandrapur and Haldia power projects.
This document contains a disclaimer and forward-looking statements regarding a company's presentation. It discusses the company's 2007 financial results including:
- Net income increased 11.6% and consolidated EBITDA reached R$1,123 million, a 4.6% growth. EBITDA growth excluding non-recurring items would have been 16.3%.
- Generation segment's EBITDA grew 62.1% to R$442 million contributing 38% of consolidated EBITDA.
- Commercialization grew 7.2% in volume and 25.7% in margin. Distribution grew 9.6% in net operating revenue but EBITDA declined 18.1% due to an extraordinary reduction in
Similar to Buddha Yoga Long Term 17 Yr Tack Record (20)
1. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager Performance
August 1994 - August 2011 (Single Computation)
1000
900
800
700
600
Buddha Yoga Strategy
S&P 500
500
400
300
200
100
600%
400% Cumulative Excess Return
vs. Market Benchmark
200%
0%
Jul 1994 Dec 1995 Dec 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Aug 2011
Portfolio Performance vs. S&P 500
Annualized Cumulative
Annualized Cumulative Std Dev Info Significance Explained Tracking
Excess Excess
Return (%) Return (%) (%) Ratio Level (%) Variance (%) Error (%)
Return (%) Return (%)
Buddha Yoga Strategy 14.01 839.09 20.39 6.11 572.80 0.28 86.98 8.89 21.70
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
2. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Benchmark: Return
August 1994 - August 2011 (not annualized if less than 1 year)
20
15
10
Return
Buddha Yoga Strategy
S&P 500
5
0
-5
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years Since
Inception
Manager vs Benchmark: Return
August 1994 - August 2011 (not annualized if less than 1 year)
Since
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Inception
Buddha Yoga Strategy 1.80% 11.63% 12.48% 1.09% 3.25% 4.18% 8.69% 10.07% 14.01%
S&P 500 -1.77% 18.50% 11.50% 0.54% -2.52% 0.78% 2.70% 6.13% 7.90%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
3. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Calendar Year Return
As of August 2011
30%
20%
10%
0%
Buddha Yoga Strategy
-10% S&P 500
-20%
-30%
-40%
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002
Buddha Yoga Strategy 1.80% 11.05% 3.93% -13.96% 16.50% 14.10% 8.69% 13.79% 19.92% 9.10%
S&P 500 -1.77% 15.06% 26.46% -37.00% 5.49% 15.79% 4.91% 10.88% 28.68% -22.10%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
4. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager Style Asset Allocation Buddha Yoga Strategy
August 1994 - August 2011 (Single Computation) August 1994 - August 2011 (Single Computation)
Large
Citigroup 3-month T-bill 57.9%
Russell 1000 Value Russell 1000 Growth
1
Russell 1000 Value 42.1%
0 Buddha Yoga Strategy Russell 1000 Growth 0.0%
S&P 500
Buddha Yoga Strategy
Zephyr Large Core Universe (Monthly)
Russell Generic Corners
Russell 2000 Value 0.0%
-1
Russell 2000 Value Russell 2000 Growth
Russell 2000 Growth 0.0%
Small
Value -1 0 1 Growth 0% 20% 40% 60% 80% 100%
Manager Style Asset Allocation Buddha Yoga Strategy
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly) August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
Large 100%
Russell 1000 Value Russell 1000 Growth 80%
1
60%
Citigroup 3-month T-bill
0
Russell 1000 Value
Buddha Yoga Strategy
Russell 1000 Growth
Russell Generic Corners
Russell 2000 Value
40% Russell 2000 Growth
-1
Russell 2000 Value Russell 2000 Growth 20%
Small 0%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Aug 2011
Value -1 0 1 Growth
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
5. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Risk / Return
August 1994 - August 2011 (Single Computation)
16%
14%
12%
10%
Return
Buddha Yoga Strategy
8% Market Benchmark:
S&P 500
Zephyr Large Core Universe (Monthly)
6%
Cash Equivalent:
Citigroup 3-month T-bill
4%
2%
0%
0% 5% 10% 15% 20%
Standard Deviation
Beta Alpha R-Squared R-Squared Tracking Error
Return Std Dev Downside Risk Sharpe
vs. vs. Market vs. Market vs. Style vs. Market Observs.
(%) (%) (%) Ratio
Market (%) (%) (%) (%)
Buddha Yoga Strategy 14.01 20.39 15.39 0.3874 12.59 8.89 17.60 0.5249 21.7036 205
S&P 500 7.90 15.69 12.03 1.0000 0.00 100.00 99.50 0.2924 0.0000 205
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
6. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Upside / Downside
August 1994 - August 2011 (Single Computation)
200
150
Upside%
100
Buddha Yoga Strategy
S&P 500
50
0
0 50 100 150 200
Downside%
Average Return (%)
# of Months Month (%) 1-Year (%) Market Benchmark (%)
vs. Market
Up Down Up Down
Up Down Best Worst Best Worst R-Squared
Market Market Capture Capture
Buddha Yoga Strategy 122 83 2.25 -0.44 24.70 -35.42 73.05 -41.32 56.6 17.6 8.89
S&P 500 131 74 3.42 -4.00 9.78 -16.79 53.62 -43.32 100.0 100.0 100.00
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
7. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Multi-Statistic
August 1994 - August 2011
14
12
10
8
6 Buddha Yoga Strategy
S&P 500
4
2
0
Alpha Beta Excess Return Sharpe Information Ratio Pain
vs. vs. vs. Ratio vs. Ratio
Market Market Market Market
Multi-Statistic (Custom Table)
August 1994 - August 2011: Summary Statistics
Alpha Beta Excess Return Information Ratio
Sharpe Pain
vs. vs. vs. vs.
Ratio Ratio
Market Market Market Market
Buddha Yoga Strategy 12.59% 0.39 6.11% 0.52 0.28 1.19
S&P 500 0.00% 1.00 0.00% 0.29 0.00 0.35
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
8. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Benchmark: Multi-Statistic
August 1994 - August 2011 (not annualized if less than 1 year)
25%
Standard Deviation
20%
15%
Buddha Yoga Strategy
10% S&P 500
5%
0%
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
16%
Downside Deviation (MAR = 0.00%)
14%
12%
10%
8% Buddha Yoga Strategy
6% S&P 500
4%
2%
0%
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
1.4
1.2
1
Sharpe Ratio
0.8
0.6
Buddha Yoga Strategy
0.4 S&P 500
0.2
0
-0.2
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
9. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Histogram of Returns
August 1994 - August 2011
25
20
Percentage of Months (%)
15
Buddha Yoga Strategy
10 S&P 500
5
0
< -36 -36 to -34 -34 to -32 -32 to -30 -30 to -28 -28 to -26 -26 to -24 -24 to -22 -22 to -20 -20 to -18 -18 to -16 -16 to -14 -14 to -12 -12 to -10 -10 to -8 -8 to -6 -6 to -4 -4 to -2 -2 to 0 0 to 2 2 to 4 4 to 6 6 to 8 8 to 10 10 to 12 12 to 14 14 to 16 16 to 18 18 to 20 20 to 22 22 to 24 > 24
Returns Range (%)
Histogram of Returns (Custom Table)
August 1994 - August 2011: Summary Statistics
# of Average Downside # of Average Upside Sortino
Standard Omega
Skewness Kurtosis Down Down Deviation Up Up Deviation Ratio
Deviation (MAR = 0.00%)
Periods Return (MAR = 0.00%) Periods Return (MAR = 0.00%) (MAR = 0.00%)
Buddha Yoga Strategy -1.08 7.75 20.39% 83 -3.74% 13.49% 122 4.70% 15.85% 1.84 1.04
S&P 500 -0.71 0.98 15.69% 74 -4.00% 10.80% 131 3.42% 11.62% 1.51 0.73
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
10. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Excess Return vs. Market Benchmark / Time
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
40%
30%
Excess Return vs. S&P 500
20%
10%
0%
Buddha Yoga Strategy
-10%
-20%
-30%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Aug 2011
Time
Std Dev of Excess Return vs. Market Benchmark / Time
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
45%
Std Dev of Excess Return vs. S&P 500
40%
35%
30%
25%
20% Buddha Yoga Strategy
15%
10%
5%
0%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Aug 2011
Time
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
11. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Excess Return vs. Market Benchmark / Batting Average vs. Market Benchmark
August 1994 - August 2011 (Single Computation)
7%
6%
Excess Return vs. S&P 500
5%
4%
3% Buddha Yoga Strategy
2%
1%
0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Batting Average vs. S&P 500
Batting Average vs. Market Benchmark / Time
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
100%
90%
Batting Average vs. S&P 500
80%
70%
60%
50%
Buddha Yoga Strategy
40%
30%
20%
10%
0%
Jul 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Aug 2011
Time
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
12. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Drawdown
August 1994 - August 2011
0%
-10%
-20%
Buddha Yoga Strategy
-30% S&P 500
-40%
-50%
Jul 1994 Dec 1995 Dec 1997 Dec 1999 Dec 2001 Dec 2003 Dec 2005 Dec 2007 Aug 2011
Max Max Max Max Gain
Max Pain Pain Omega High Water To High
Drawdown Drawdown Drawdown Drawdown to Loss
Drawdown Index Ratio (MAR = 0.00%) Mark Date Water Mark
Begin Date End Date Length Recovery Date Ratio
Buddha Yoga Strategy -48.03% Jan 2000 Mar 2000 3 Jan 2004 8.97% 1.19 1.84 1.25 May 2011 3.91%
S&P 500 -50.95% Nov 2007 Feb 2009 16 N/A 13.20% 0.35 1.51 0.85 Oct 2007 16.70%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
13. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Zephyr Large Core Universe (Monthly): Return
August 1994 - August 2011 (not annualized if less than 1 year)
25
20
15
10 Buddha Yoga Strategy
Return
S&P 500
5th to 25th Percentile
5 25th Percentile to Median
Median to 75th Percentile
75th to 95th Percentile
0
-5
-10
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Manager vs Zephyr Large Core Universe (Monthly): Return
August 1994 - August 2011 (not annualized if less than 1 year)
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
386 mng 382 mng 371 mng 363 mng 355 mng 334 mng 233 mng 125 mng
Median -1.78% 18.49% 11.40% 0.76% -1.83% 1.30% 3.78% 6.85%
Buddha Yoga Strategy 1.80% 11.63% 12.48% 1.09% 3.25% 4.18% 8.69% 10.07%
S&P 500 -1.77% 18.50% 11.50% 0.54% -2.52% 0.78% 2.70% 6.13%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
14. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Zephyr Large Core Universe (Monthly): Return Rank
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
0%
25%
Return Rank
Buddha Yoga Strategy
S&P 500
Median
5th to 25th Percentile
25th Percentile to Median
Median to 75th Percentile
75th to 95th Percentile
75%
100%
Jul 1997 Dec 1999 Dec 2004 Dec 2009 Aug 2011
Manager vs Zephyr Large Core Universe (Monthly): Return Rank
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
Sep 1998 Nov 1999 Jan 2001 Mar 2002 May 2003 Jul 2004 Oct 2005 Dec 2006 Feb 2008 Apr 2009 Jun 2010 Aug 2011
130 mng 155 mng 190 mng 211 mng 247 mng 275 mng 312 mng 346 mng 363 mng 379 mng 390 mng 363 mng
Buddha Yoga Strategy 3.63% 10.98% 100.00% 59.87% 0.36% 0.00% 82.91% 39.66% 5.31% 2.38% 0.55% 39.44%
S&P 500 38.88% 34.99% 69.41% 87.47% 88.21% 83.63% 72.72% 75.48% 75.79% 71.82% 69.71% 61.69%
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
15. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Manager vs Zephyr Large Core Universe (Monthly): Multi-Statistic
August 1994 - August 2011 (not annualized if less than 1 year)
10%
8%
6%
4% Buddha Yoga Strategy
S&P 500
Alpha
2%
0% 5th to 25th Percentile
25th Percentile to Median
-2%
Median to 75th Percentile
-4% 75th to 95th Percentile
-6%
-8%
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
2
1.5
Information Ratio
1
Buddha Yoga Strategy
0.5
S&P 500
0
-0.5
5th to 25th Percentile
25th Percentile to Median
-1 Median to 75th Percentile
-1.5 75th to 95th Percentile
-2
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
2
1.5
Sharpe Ratio
Buddha Yoga Strategy
1 S&P 500
0.5 5th to 25th Percentile
25th Percentile to Median
0 Median to 75th Percentile
75th to 95th Percentile
-0.5
YTD 1 year 2 years 3 years 4 years 5 years 10 years 15 years
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
16. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Omega
August 1994 - August 2011
2
1.8
1.6
1.4
Omega
1.2
Buddha Yoga Strategy
S&P 500
1
0.8
0.6
0.4
0% 5% 10% 15% 20% 25%
Annual MAR
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
17. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Annualized Excess Return / Standard Deviation of Excess Return (vs. S&P 500)
August 1994 - August 2011 (Single Computation)
7%
6%
5%
Excess Return
4%
3% Buddha Yoga Strategy
2%
1%
0%
0% 5% 10% 15% 20%
Standard Deviation of Excess Return
Annualized Excess Return / Standard Deviation of Excess Return (vs. S&P 500)
August 1994 - August 2011 (36-Month Moving Windows, Computed Monthly)
40%
30%
20%
Excess Return
10%
0% Buddha Yoga Strategy
-10%
-20%
-30%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Standard Deviation of Excess Return
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr
18. Zephyr StyleADVISOR
Zephyr StyleADVISOR: Zephyr Associates, Inc.
Correlation Matrix: Returns vs. S&P 500
August 1994 - August 2011
(1) (2)
1) Buddha Yoga Strategy 1.00
2) S&P 500 0.30 1.00
Created with Zephyr StyleADVISOR. Manager returns supplied by: Zephyr