Vicat is a leading cement producer in Europe and emerging markets. The presentation discussed Vicat's business overview, investment programs, valuation, and risks. Key points include that Vicat has a quality management team, is increasing capacity in emerging markets, and trades at a discount to peers despite having stronger earnings power. While the industry faces risks from recession and overcapacity, Vicat is well-positioned due to its diverse markets and focus on efficiency gains.
This presentation will provide you an overview of the various strategies you must consider before investing for the long term and will help you understand & evaluate the various investment options available. Learn how you can use the power of knowledge to safeguard and grow your investments manifold!
10 Year Anniversary Tocqueville Value Europefitzgeralddon
The long-only equity fund that we manage, Tocqueville Value Europe, celebrated its 10th Anniversary on April 1st.
Thanks to our approach to value investing we managed to comfortably outperform European equity markets and over 95% of comparable funds over the past decade with a lower than average volatility.
In fact, over the last decade the fund is ranked 2nd out of 67 funds in the general European equities category marketed in France.
We have always been transparent in our communications with investors. To this end, we have prepared the attached presentation to share with our clients.
It deals with our approach to value investing, the sources of the fund\’s out-performance and how we are managing the fund in the current environment.
Presentation originally made in conjunction with LV considering benefits of using Discretionary Fund Manager, particularly for SIPPs, as well as looking at current market views as at Oct 2011.
This document discusses Dimensional Fund Advisors' approach to investing based on financial science and capital markets research. It summarizes that:
1) Dimensional designs portfolios to capture the returns offered by financial markets rather than trying to beat the market through speculation.
2) Markets reward risk appropriately, so Dimensional focuses on identifying risks shown to produce higher returns rather than attempting to predict market movements.
3) Dimensional's approach provides clarity and relies on decades of research showing that passive portfolios designed around robust risk factors can achieve market returns.
This document discusses investing during bear markets and periods of volatility. It provides two hypothetical examples where investing $1 million halfway through a market decline and recovery resulted in better returns than trying to time the market bottom. Waiting until the market clearly rebounded also resulted in lower returns. The document advocates for long-term investing through downturns rather than trying to predict short-term market movements. History shows that while bear markets are painful, positive market years have outweighed negative years. A diversified "core and satellite" approach is presented as a prudent strategy for investors.
Small capitalization stocks, also known as small caps or junior stocks, typically have market capitalizations between $10 million to $500 million. They serve niche or emerging growth markets and have little to no dividend payouts. Returns have historically been superior to large caps due to market mispricing from low liquidity and analyst coverage. Junior mining stocks listed on the TSX Venture Exchange represent opportunities in mining exploration, production, and other industries like oil and gas or biotechnology. Key indicators of a successful junior mining project include large reserves, low costs, proven extractive technology, and quality management. Small caps can be included in a well-diversified growth portfolio for tax benefits and high potential returns, though they carry higher
SensiblePortfolios is an investment advisory service that offers four investment strategies with different portfolio options tailored to clients' risk tolerance and financial goals. The strategies include options for tax-sheltered, taxable, and socially responsible investing. SensiblePortfolios aims to help clients pursue their investment goals simply, intelligently and affordably through low-cost, diversified portfolios.
Revolution Asset Management offers a hedged equity strategy that seeks to mirror benchmarks like the CBOE Put Index. The strategy maintains a long position in equities and carefully selected hedges, adjusting the hedge monthly. It aims to outperform the market with significantly less risk through consistent hedging. The portfolio managers have extensive experience in equities, derivatives, and risk management. They employ strategies like put writing, buy writes, and volatility spreads to generate premiums and lower portfolio risk.
This presentation will provide you an overview of the various strategies you must consider before investing for the long term and will help you understand & evaluate the various investment options available. Learn how you can use the power of knowledge to safeguard and grow your investments manifold!
10 Year Anniversary Tocqueville Value Europefitzgeralddon
The long-only equity fund that we manage, Tocqueville Value Europe, celebrated its 10th Anniversary on April 1st.
Thanks to our approach to value investing we managed to comfortably outperform European equity markets and over 95% of comparable funds over the past decade with a lower than average volatility.
In fact, over the last decade the fund is ranked 2nd out of 67 funds in the general European equities category marketed in France.
We have always been transparent in our communications with investors. To this end, we have prepared the attached presentation to share with our clients.
It deals with our approach to value investing, the sources of the fund\’s out-performance and how we are managing the fund in the current environment.
Presentation originally made in conjunction with LV considering benefits of using Discretionary Fund Manager, particularly for SIPPs, as well as looking at current market views as at Oct 2011.
This document discusses Dimensional Fund Advisors' approach to investing based on financial science and capital markets research. It summarizes that:
1) Dimensional designs portfolios to capture the returns offered by financial markets rather than trying to beat the market through speculation.
2) Markets reward risk appropriately, so Dimensional focuses on identifying risks shown to produce higher returns rather than attempting to predict market movements.
3) Dimensional's approach provides clarity and relies on decades of research showing that passive portfolios designed around robust risk factors can achieve market returns.
This document discusses investing during bear markets and periods of volatility. It provides two hypothetical examples where investing $1 million halfway through a market decline and recovery resulted in better returns than trying to time the market bottom. Waiting until the market clearly rebounded also resulted in lower returns. The document advocates for long-term investing through downturns rather than trying to predict short-term market movements. History shows that while bear markets are painful, positive market years have outweighed negative years. A diversified "core and satellite" approach is presented as a prudent strategy for investors.
Small capitalization stocks, also known as small caps or junior stocks, typically have market capitalizations between $10 million to $500 million. They serve niche or emerging growth markets and have little to no dividend payouts. Returns have historically been superior to large caps due to market mispricing from low liquidity and analyst coverage. Junior mining stocks listed on the TSX Venture Exchange represent opportunities in mining exploration, production, and other industries like oil and gas or biotechnology. Key indicators of a successful junior mining project include large reserves, low costs, proven extractive technology, and quality management. Small caps can be included in a well-diversified growth portfolio for tax benefits and high potential returns, though they carry higher
SensiblePortfolios is an investment advisory service that offers four investment strategies with different portfolio options tailored to clients' risk tolerance and financial goals. The strategies include options for tax-sheltered, taxable, and socially responsible investing. SensiblePortfolios aims to help clients pursue their investment goals simply, intelligently and affordably through low-cost, diversified portfolios.
Revolution Asset Management offers a hedged equity strategy that seeks to mirror benchmarks like the CBOE Put Index. The strategy maintains a long position in equities and carefully selected hedges, adjusting the hedge monthly. It aims to outperform the market with significantly less risk through consistent hedging. The portfolio managers have extensive experience in equities, derivatives, and risk management. They employ strategies like put writing, buy writes, and volatility spreads to generate premiums and lower portfolio risk.
Ermitage Group General Creds Usa Q1 2010guest0fdd16a
Ermitage Asset Management is a hedge fund manager founded in 1975 that employs a macro-driven investment approach. It utilizes specialized teams and proprietary systems to select hedge fund managers and construct portfolios designed to perform across different market environments. Ermitage provides customized portfolio solutions for institutional clients seeking specific risk-return profiles.
Volatility of Fair Value Accounting from a Reinsurer's Perspectivemfrings
At the October 2012 Society of Actuaries annual meeting, Michael Frings gave a presentation entitled “Volatility of Fair Value Accounting from a Reinsurer’s Perspective”. He described the sources of fair value volatility on income statement and balance sheets both in US GAAP and IFRS frameworks. He described the assumptions and interpretations which can lead to increased volatility. He outlined where volatility is viewed more or less favorably by financial analysts. He proposed solutions to the fair value volatility problem emphasizing that while there is no silver bullet, astute setup of the hedges, accounting, and reinsurance can reduce fair value accounting volatility. Michael’s presentation was well-received and he will present it again at a future SOA webcast on Fair Value Accounting Volatility planned for early 2013.
FPM Frankfurt Performance Management AG is an independent fund management company focused on investing in German equities. They practice fundamental bottom-up stock picking without regard to benchmarks or sector/index weightings. Their two flagship funds are the FPM Funds Stockpicker Germany All Cap fund and the FPM Funds Stockpicker Germany Small/Mid Cap fund, which invest primarily in large/mid and small/mid sized German companies respectively based on rigorous fundamental analysis.
The document discusses a private equity style approach to investing in public markets called Avenir Capital. It summarizes Avenir's strategy of seeking undervalued securities trading well below their intrinsic value with a large margin of safety. Avenir aims to generate superior long-term returns while minimizing the risk of permanent capital loss. It applies three pillars: focusing on downside risk first, fundamental bottom-up analysis, and targeting absolute rather than relative returns. Avenir is managed by an experienced investor and has an incentive fee structure aligned with investors.
Igor Zax, founder and MD of Tenzor Ltd., moderated a panel at a conference “Private Equity in Central and Eastern Europe”, London, 15 October 2010, organised by C5. The presenation, Valuations – Practical Questions for PE Investor, focuses on shortcomings of traditional valuation techniques, exit strategies, criteria and motivations of investors.
This document discusses the growth of long-short Ucits funds in Europe and whether they should be considered hedge funds. It finds that only 40% of surveyed long-short funds describe themselves as hedge funds. The document analyzes the funds launched in the past nine months by asset size, fees, and performance. While the funds aim to generate positive returns in all markets, performance data is limited and average returns are below long-only equity funds. Overall the document examines the characteristics and popularity of these new long-short Ucits funds.
This document discusses strategies for early-stage ventures to successfully raise capital in uncertain economic times. It recommends (1) recognizing and embracing uncertainty rather than ignoring it, (2) developing flexible business plans that can adapt to different outcomes, and (3) taking a portfolio approach by placing small bets on multiple strategic opportunities to increase chances of success. Early execution and adapting quickly to changes in the market are also emphasized as critical to attracting investors.
The document discusses financial statement analysis and financial ratios analysis. It describes the purpose and calculation of various types of financial ratios including liquidity ratios, efficiency ratios, leverage ratios, profitability ratios, and market ratios. Liquidity ratios measure a firm's ability to meet current obligations, efficiency ratios measure asset usage, leverage ratios indicate reliance on debt, profitability ratios assess profit generation, and market ratios relate stock price to financials. Ratio analysis is used by creditors, management, equity investors, and others to evaluate financial performance and position.
Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit
Investing in the Exotic and Speciality Metals Sector
18 March 2010
by Adam Darling, Barclays Capital
Catella Nordic Tiger is a fund that aims to exploit opportunities in Nordic growth stocks with significant revenue exposure to emerging markets. It invests in highly liquid Nordic stocks where a minimum of 20% of revenues come from emerging markets. The fund uses a long only strategy and aims to outperform the Nordic equity market index with a tracking error between 4-8%. Backtesting results have been impressive with the portfolio outperforming the index.
This issue of Zimtu-Inside provides information on Zimtu Capital Corp.'s strategy and investments. It includes an editorial by Sven Olsson on Zimtu's approach of investing in early stage companies and realizing value through transactions. An interview with Ryan Fletcher discusses expanding applications of graphite in battery technologies and the resulting growth in demand. The issue also previews upcoming industry events where readers can meet with Zimtu.
This document provides an overview of active and passive investing styles. It explains that passive investing aims to track market indexes in order to reduce risk, while active investing attempts to outperform the market by selecting securities believed to be mispriced. Research shows that most active managers underperform the market average, but some argue active investing may exploit occasional market inefficiencies. The document concludes that both styles have merits, and investors should consider their personal objectives in choosing an approach.
This document discusses an initiative by Industreams Ltd to explore better ways of working with and gaining value from volatility in port and infrastructure investments. It acknowledges that precise forecasting is limited and payoffs are distributed over a wide range rather than single points. It introduces exploring a "payoff function" approach to understand how business model factors translate market variability into payoff outcomes. A case study demonstrates how understanding this can substantially shift a project's potential payoff distribution through options that limit downside risk and increase upside potential. The goal is to embrace variability and create robustness and upside in asset values through the payoff function.
Closed-End Funds: Opportunities and Challenges in a Unique Market - Dec. 2011RobertWBaird
This document provides an overview of closed-end funds, comparing them to mutual funds and ETFs. Some key opportunities of closed-end funds include the potential to buy funds trading at a discount to their net asset value, access to higher investment income, and exposure to illiquid markets through professional management. Potential challenges include funds trading at a premium, volatility from leverage, distributions including return-of-capital rather than income, and lower market liquidity compared to other investment vehicles. The document discusses these opportunities and challenges in more detail.
Game companies as an investment 4.9.2012butterfly_vc
Presentation given at game seminar 4.9.2012 at OAMK. Talks about investors different business models and their wants when looking at game companies as investment target.
This document discusses strategies for managing equity and retirement funds. It analyzes 16 categories of investments based on liquidity, safety, and rate of return. Riskier investments like commodities, business ventures, and speculative stocks are eliminated for not meeting the criteria. The document recommends lower risk investments like Treasury bills, money market funds, and annuities that offer guaranteed returns and safety of principal.
Diversification applications in portfolio managementManik Kapoor
The document provides an overview of portfolio management and diversification applications. It discusses key concepts such as portfolio, risk, investment alternatives, criteria for evaluating investments, and types of risk. Specifically, it defines a portfolio as a collection of investments that reduce risk through diversification. It identifies two types of risk - systematic/undiversifiable risk that affects all investments, and unsystematic/diversifiable risk that is unique to a particular investment. The document also outlines various investment options including stocks, bonds, mutual funds, insurance policies, real estate, and derivatives. It describes criteria for evaluating investments such as return, risk, marketability, tax benefits, and convenience. Overall, the document presents fundamental information on portfolio construction and
Real World Sourcing Series - Maximising Success from eAuctionsBravoSolution
The document discusses maximizing success with eAuctions. It provides an overview of eAuctions, including a brief history and how they have grown in popularity. It discusses determining suitability, overcoming resistance, planning an auction, and benefits. It also provides case studies from supplier and buyer perspectives. The key lessons are to pre-approve bidders, define requirements clearly, quantify evaluation criteria, and be clear what the winning bidder will receive.
The document provides an overview of a common sense approach to value investing. It discusses analyzing businesses by understanding the business model, industry dynamics, competitive advantages, financials, management and risks. Key steps include understanding the business, industry, sources of competitive advantage, profitability, cash flows, management quality and identifying risks. Examples provided include analyzing a Spanish winemaker, cement industry, Norwegian furniture maker, airline catering company and assessing their business quality, industry dynamics, competitive advantages and risks. The goal is to invest in well-run companies that are undervalued after understanding all aspects of the business.
Investment Case Gategroup & Ekornes Vis Italy 2011fitzgeralddon
GateGroup is a leading global airline catering and provisioning company. It has a strong market position through its locations at major airport hubs. While the business faces headwinds from cost-cutting by airline clients and economic volatility, it generates stable cash flows through long-term contracts. The company appears undervalued given its market leadership, recurring revenues, growth prospects, and modest valuation multiples relative to past and potential future earnings and cash flows.
Ermitage Group General Creds Usa Q1 2010guest0fdd16a
Ermitage Asset Management is a hedge fund manager founded in 1975 that employs a macro-driven investment approach. It utilizes specialized teams and proprietary systems to select hedge fund managers and construct portfolios designed to perform across different market environments. Ermitage provides customized portfolio solutions for institutional clients seeking specific risk-return profiles.
Volatility of Fair Value Accounting from a Reinsurer's Perspectivemfrings
At the October 2012 Society of Actuaries annual meeting, Michael Frings gave a presentation entitled “Volatility of Fair Value Accounting from a Reinsurer’s Perspective”. He described the sources of fair value volatility on income statement and balance sheets both in US GAAP and IFRS frameworks. He described the assumptions and interpretations which can lead to increased volatility. He outlined where volatility is viewed more or less favorably by financial analysts. He proposed solutions to the fair value volatility problem emphasizing that while there is no silver bullet, astute setup of the hedges, accounting, and reinsurance can reduce fair value accounting volatility. Michael’s presentation was well-received and he will present it again at a future SOA webcast on Fair Value Accounting Volatility planned for early 2013.
FPM Frankfurt Performance Management AG is an independent fund management company focused on investing in German equities. They practice fundamental bottom-up stock picking without regard to benchmarks or sector/index weightings. Their two flagship funds are the FPM Funds Stockpicker Germany All Cap fund and the FPM Funds Stockpicker Germany Small/Mid Cap fund, which invest primarily in large/mid and small/mid sized German companies respectively based on rigorous fundamental analysis.
The document discusses a private equity style approach to investing in public markets called Avenir Capital. It summarizes Avenir's strategy of seeking undervalued securities trading well below their intrinsic value with a large margin of safety. Avenir aims to generate superior long-term returns while minimizing the risk of permanent capital loss. It applies three pillars: focusing on downside risk first, fundamental bottom-up analysis, and targeting absolute rather than relative returns. Avenir is managed by an experienced investor and has an incentive fee structure aligned with investors.
Igor Zax, founder and MD of Tenzor Ltd., moderated a panel at a conference “Private Equity in Central and Eastern Europe”, London, 15 October 2010, organised by C5. The presenation, Valuations – Practical Questions for PE Investor, focuses on shortcomings of traditional valuation techniques, exit strategies, criteria and motivations of investors.
This document discusses the growth of long-short Ucits funds in Europe and whether they should be considered hedge funds. It finds that only 40% of surveyed long-short funds describe themselves as hedge funds. The document analyzes the funds launched in the past nine months by asset size, fees, and performance. While the funds aim to generate positive returns in all markets, performance data is limited and average returns are below long-only equity funds. Overall the document examines the characteristics and popularity of these new long-short Ucits funds.
This document discusses strategies for early-stage ventures to successfully raise capital in uncertain economic times. It recommends (1) recognizing and embracing uncertainty rather than ignoring it, (2) developing flexible business plans that can adapt to different outcomes, and (3) taking a portfolio approach by placing small bets on multiple strategic opportunities to increase chances of success. Early execution and adapting quickly to changes in the market are also emphasized as critical to attracting investors.
The document discusses financial statement analysis and financial ratios analysis. It describes the purpose and calculation of various types of financial ratios including liquidity ratios, efficiency ratios, leverage ratios, profitability ratios, and market ratios. Liquidity ratios measure a firm's ability to meet current obligations, efficiency ratios measure asset usage, leverage ratios indicate reliance on debt, profitability ratios assess profit generation, and market ratios relate stock price to financials. Ratio analysis is used by creditors, management, equity investors, and others to evaluate financial performance and position.
Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit
Investing in the Exotic and Speciality Metals Sector
18 March 2010
by Adam Darling, Barclays Capital
Catella Nordic Tiger is a fund that aims to exploit opportunities in Nordic growth stocks with significant revenue exposure to emerging markets. It invests in highly liquid Nordic stocks where a minimum of 20% of revenues come from emerging markets. The fund uses a long only strategy and aims to outperform the Nordic equity market index with a tracking error between 4-8%. Backtesting results have been impressive with the portfolio outperforming the index.
This issue of Zimtu-Inside provides information on Zimtu Capital Corp.'s strategy and investments. It includes an editorial by Sven Olsson on Zimtu's approach of investing in early stage companies and realizing value through transactions. An interview with Ryan Fletcher discusses expanding applications of graphite in battery technologies and the resulting growth in demand. The issue also previews upcoming industry events where readers can meet with Zimtu.
This document provides an overview of active and passive investing styles. It explains that passive investing aims to track market indexes in order to reduce risk, while active investing attempts to outperform the market by selecting securities believed to be mispriced. Research shows that most active managers underperform the market average, but some argue active investing may exploit occasional market inefficiencies. The document concludes that both styles have merits, and investors should consider their personal objectives in choosing an approach.
This document discusses an initiative by Industreams Ltd to explore better ways of working with and gaining value from volatility in port and infrastructure investments. It acknowledges that precise forecasting is limited and payoffs are distributed over a wide range rather than single points. It introduces exploring a "payoff function" approach to understand how business model factors translate market variability into payoff outcomes. A case study demonstrates how understanding this can substantially shift a project's potential payoff distribution through options that limit downside risk and increase upside potential. The goal is to embrace variability and create robustness and upside in asset values through the payoff function.
Closed-End Funds: Opportunities and Challenges in a Unique Market - Dec. 2011RobertWBaird
This document provides an overview of closed-end funds, comparing them to mutual funds and ETFs. Some key opportunities of closed-end funds include the potential to buy funds trading at a discount to their net asset value, access to higher investment income, and exposure to illiquid markets through professional management. Potential challenges include funds trading at a premium, volatility from leverage, distributions including return-of-capital rather than income, and lower market liquidity compared to other investment vehicles. The document discusses these opportunities and challenges in more detail.
Game companies as an investment 4.9.2012butterfly_vc
Presentation given at game seminar 4.9.2012 at OAMK. Talks about investors different business models and their wants when looking at game companies as investment target.
This document discusses strategies for managing equity and retirement funds. It analyzes 16 categories of investments based on liquidity, safety, and rate of return. Riskier investments like commodities, business ventures, and speculative stocks are eliminated for not meeting the criteria. The document recommends lower risk investments like Treasury bills, money market funds, and annuities that offer guaranteed returns and safety of principal.
Diversification applications in portfolio managementManik Kapoor
The document provides an overview of portfolio management and diversification applications. It discusses key concepts such as portfolio, risk, investment alternatives, criteria for evaluating investments, and types of risk. Specifically, it defines a portfolio as a collection of investments that reduce risk through diversification. It identifies two types of risk - systematic/undiversifiable risk that affects all investments, and unsystematic/diversifiable risk that is unique to a particular investment. The document also outlines various investment options including stocks, bonds, mutual funds, insurance policies, real estate, and derivatives. It describes criteria for evaluating investments such as return, risk, marketability, tax benefits, and convenience. Overall, the document presents fundamental information on portfolio construction and
Real World Sourcing Series - Maximising Success from eAuctionsBravoSolution
The document discusses maximizing success with eAuctions. It provides an overview of eAuctions, including a brief history and how they have grown in popularity. It discusses determining suitability, overcoming resistance, planning an auction, and benefits. It also provides case studies from supplier and buyer perspectives. The key lessons are to pre-approve bidders, define requirements clearly, quantify evaluation criteria, and be clear what the winning bidder will receive.
The document provides an overview of a common sense approach to value investing. It discusses analyzing businesses by understanding the business model, industry dynamics, competitive advantages, financials, management and risks. Key steps include understanding the business, industry, sources of competitive advantage, profitability, cash flows, management quality and identifying risks. Examples provided include analyzing a Spanish winemaker, cement industry, Norwegian furniture maker, airline catering company and assessing their business quality, industry dynamics, competitive advantages and risks. The goal is to invest in well-run companies that are undervalued after understanding all aspects of the business.
Investment Case Gategroup & Ekornes Vis Italy 2011fitzgeralddon
GateGroup is a leading global airline catering and provisioning company. It has a strong market position through its locations at major airport hubs. While the business faces headwinds from cost-cutting by airline clients and economic volatility, it generates stable cash flows through long-term contracts. The company appears undervalued given its market leadership, recurring revenues, growth prospects, and modest valuation multiples relative to past and potential future earnings and cash flows.
Don Fitzgerald presents a stock idea - Publicis Groupe SA, the world's 3rd largest advertising agency group. Publicis has generated high and sustainable returns through best-in-class margins, a competitive edge in digital advertising, and consistent earnings growth of 15% annually. The company is well-positioned for continued growth and has solid management despite being in the soft cyclical advertising industry. At a valuation of 7x EBIT, Publicis represents a good investment idea.
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
Este documento expresa apoyo y cariño hacia alguien a pesar de la distancia física. Aunque no puedan estar juntos, sus corazones están unidos y esperan que sus abrazos y sonrisas lleguen al corazón puro de la otra persona. Marchan juntos en la vida y bendicen haberse conocido, porque la otra persona está en sus corazones con todo su amor.
This presentation was made at SocialBizWorld in Petaluma, CA on 10/22/10. "The 411 on Location Based Services" by Kerry Rego of Kerry Rego Consulting. http://www.kerryregoconsulting.com
How to Use Ebsco Business Searching Interfacegueste9844
This document provides instructions for using the EBSCO Business Searching Interface database through the DeVry University Library. It outlines how to log in, search for company and industry profiles, find and save articles, and get help from a librarian. The steps include searching for a specific company, limiting search results, viewing full texts and abstracts of articles, and saving articles to folders. Information on a company can be found through its profile, including SWOT analyses, competitors, products, and financial data. Country reports also provide well-rounded overviews of economic, political, and cultural information.
Community Health Charities Introduction 2010sshwiff
The document discusses the benefits of workplace wellness programs and charitable giving campaigns. It notes that over 133 million Americans have chronic illnesses, which account for 75% of healthcare spending. Workplace wellness programs have been shown to lower medical costs by $3.27 for every dollar spent and reduce absenteeism costs by $2.73 for every dollar spent. Such programs can improve employee health and productivity while reducing employers' healthcare costs.
Social Media: How You & Your Business Can Use This Powerful ToolKerry Rego
Kerry Rego Consulting shows a step by step, easy to understand methodology and education for how social media can be powerful for you and your business or cause.
CaringBridge is a nonprofit founded in 1997 to connect those with health challenges to loved ones through online sites and journals. It aims to amplify love, hope and compassion during health journeys. Over 44 million people have connected on CaringBridge in the last 12 months. The organization's vision is for caring to be amplified throughout the world.
CaringBridge Support Planner For Caregiverssshwiff
This document discusses the magnitude and costs of family caregiving in the United States. It notes that over 40 million family caregivers provide unpaid care each year, and this number is expected to grow as the population ages. Caregiving can negatively impact caregivers' health, with many experiencing increased stress, chronic disease, and depression. It estimates the total annual cost of lost productivity from caregiving to be $25.2 billion. Caregiving also increases healthcare costs for employers. Tools like SupportPlanner aim to help coordinate caregiving tasks and provide support to caregivers.
Kerry Rego spoke at the Sonoma County Library on 6/18/16 and helped historical and genealogical societies come to terms with how to incorporate social media into their communication and archival process. See blog with resource links here: http://kerryregoconsulting.com/2016/06/18/social-media-brings-history-life/
The Role of Partnership in Achieving Program Objectives: Issues and ChallengesAED
This presentation was made at the USAID/East Africa partners meeting on July 1st 2009. The theme of the meeting was “Building Regional Alliances: Strengthening African Leadership” The presentation focus on the role partnerships play towards the achievement of program objectives, highlighting some of the issues and challenges of partnership. Starting with a key characteristic of partnership as a union of equals, the presentation traces partnership as a strategy that USAID has applied in its work with Africa since the agency was established. The presentation indicates that there is a perception gap in which US partners view their relationship with African partners with a high degree of satisfaction, while African partners are more reserved, identifying several concerns with their relationship with US partners. However, over time, the presentation indicated that, there have been major changes in the relationships between US and African partners. For example there is a significant shift in the degree of influence and responsibility that are now afforded African partners; as a well as recognition of the resource contributions by African organizations, such as knowledge of the environment, relationship with communities, and other stakeholders.
Would You Care for a Tour of Instagram? by Kerry RegoKerry Rego
I teach social media at Sonoma State University, Santa Rosa Junior College, Windsor High School, and at the Napa Sonoma Small Business Development Center. I was teaching an Instagram & Pinterest class in December 2014 and made this slideshow for the students because Insta looks so different on the desktop. http://kerryregoconsulting.com
Financial engineering involves designing innovative financial instruments and processes to solve problems in finance. It applies theoretical finance and modeling to make pricing, hedging, and portfolio management decisions. Financial engineers bundle and unbundle securities to maximize profits using various assets. They are prepared for careers in areas like money and banking, corporate finance, investments, and financial markets.
This document provides an investment case for the Galloway Global Emerging Markets Fixed Income Fund. It summarizes the opportunity in investing in emerging market bonds which offer higher yields than developed markets. The fund aims to generate consistent risk-adjusted returns through a diversified portfolio of emerging market corporate and sovereign bonds, using rigorous due diligence and risk management practices. It has achieved strong historical performance since inception in 2009.
This document discusses investment management and whether it should be considered a luxury or commodity. It covers various topics related to investment strategies including different asset classes, packaging and costs of investments, qualitative strategy analysis, and active versus passive management. The document also discusses challenges and opportunities in the current macroeconomic environment, and considerations for individual investors in building future portfolios.
Private equity and venture capital firms play an important role in the companies they invest in by providing active support and guidance to help create shareholder value. They have historically created value through financial engineering and leverage, but more recently focus on operational improvements, growth strategies, and helping portfolio companies professionalize their governance and management. Gimv, the private equity firm discussed in the document, takes a collaborative approach focused on long-term value creation through its specialized investment platforms and networks.
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
This document discusses diversification and synergy in mergers and acquisitions. It defines synergy as value creation for shareholders through a merger that could not be achieved independently. Diversification refers to a company operating in multiple business lines or industries. The document provides examples of related and unrelated diversification strategies and discusses how companies like Berkshire Hathaway have successfully implemented diversification through acquisitions that generate cash flow.
This document provides an overview of the hedge fund industry, including its principles, performance, size, business characteristics, and data. It discusses hedge funds as a commodity or product offered by private businesses for discerning clients. While the industry has grown significantly since the 2008 financial crisis, most hedge funds remain small businesses owned by their managers. Data on hedge fund performance and strategies is often limited due to self-reporting. The document concludes by emphasizing that hedge funds can help investors stay wealthy during economic downturns by providing unique risk premia not available through traditional index funds or ETFs.
The document discusses measuring procurement's performance and calculating savings. It covers:
1) The challenges of accurately measuring procurement savings, as focus on savings can incentivize deliberately misleading reporting through methods like carrying forward savings from prior years.
2) The need to separate external factors like currency fluctuations and market movements from internal procurement actions to identify true savings.
3) Different approaches for measuring one-time vs recurring spend, and ensuring negotiated savings are captured in actual spending to benefit the bottom line.
4) The importance of a balanced set of metrics beyond just savings, including quality, operational performance, added value, and people factors.
The document provides an overview of the typical divisions within a multi-divisional global banking group, including investment banking, private banking, and asset management. It discusses the key services each division provides, such as mergers and acquisitions advisory, capital raising, sales and trading, wealth management, and portfolio management across asset classes. The investment banking division in particular focuses on maintaining client relationships and providing capital raising and advisory services.
1) The document discusses investment strategies for advisors in today's challenging market landscape characterized by a secular stock bear market, inflation threats, and low bond returns.
2) It introduces Emerald's alternative asset allocation approaches across three strategies - Hybrid, Concentrated Equity, and Global Cycle - that aim to preserve capital, provide growth, and avoid style-box thinking.
3) The strategies utilize various mutual funds and investment styles, including hedged funds, theme-based funds, and short positions, to capture upside while limiting downside in different market environments over timeframes of 3+ years.
Venture capital and private equity are forms of equity funding for startups. Venture capitalists invest in high-growth companies and can provide competence, access to networks, and support for global expansion. However, VCs primarily seek significant return on investment potential, a clear path to profitability, and identifiable exit opportunities. Founders need to understand the priorities and perspective of VCs to effectively prepare their business case and negotiate terms.
Venture capital provides long-term funding for growing companies in exchange for equity. Venture capitalists seek high-growth companies led by experienced management teams. To attract venture capital, a business plan must demonstrate a large market opportunity, competitive advantage, strong financial projections, and validation. Raising venture capital is a selective process that can take several months and requires understanding the investors' evaluation criteria.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
The document outlines the process of portfolio management over four parts. It discusses background principles like security analysis and portfolio construction. The portfolio manager's job begins with an investment policy statement setting objectives and constraints. The six steps of portfolio management are to learn principles, set objectives, formulate strategy, plan for revisions, evaluate performance, and protect the portfolio. Portfolio construction involves diversification, international investments, and analyzing stock and debt securities. Portfolio management requires maintenance and allows for passive or active approaches. Performance is evaluated based on return and risk. Portfolio protection tools and contemporary issues are also reviewed.
The document outlines the process of portfolio management over four parts. It discusses background principles like security analysis and portfolio construction. Portfolio management involves maintaining the portfolio over time through both passive and active strategies. Part four discusses protecting the portfolio through tools like futures and addressing contemporary issues. The overall document provides an introduction to portfolio management concepts, strategies, and responsibilities.
This document provides guidance for business owners during the COVID-19 pandemic. It discusses economic cycles and where the current economy is in the cycle. It outlines common mistakes made during downturns, such as reducing risk profiles too much. Opportunities in downturns include innovating products, finding new marketing channels, and improving efficiencies. Recessions follow a V-shaped recovery pattern, so planning for different scenarios is important. The overall message is that recessions are normal economic cycles and the opportunity is in investing counter-cyclically during the downturn.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Vine Valuations Inc. provides business valuation services with offices in Hamilton, Burlington, and Kitchener. The document discusses business valuation methods and exit planning strategies. It notes that business valuation is critical for exit planning and maximizing wealth from a business sale. The valuation approach depends on the unique characteristics of each business and involves considering factors like profit history, market conditions, and future potential.
1. VALUE INVESTING IN EUROPE
DON FITZGERALD, CFA
dfitzgerald@tocquevillefinance.fr
Fund Manager, Tocqueville Value Europe
6th Annual Value Investing Seminar
Molfetta, Italy July 14-15, 2009
2. Tocqueville Finance
Tocqueville Finance & investment philosophy
Some investing principles re-visited
Case study: Vicat
2
4. Tocqueville Finance
Established May 1991
(AMF [French Financial Securities Regulator] approval No. GP 91-12)
International footprint - France, Switzerland, USA
Independent company with capital divided between European (92%)
and US (8%) shareholders
2 business lines: Asset Management and Private Wealth Management
53 staff in Paris and 8 in Geneva
€1.5bn of assets under management at 30/6/2009
A range of 9 funds
4
5. The investment philosophy
Fundamental analysis of companies based on a bottom-up approach
No geographical or sector bias
Non-benchmarked, contrarian, value-oriented approach
Interest in all market caps
• History of expertise in small and medium caps (€ 100 m - € 5 bn)
Low portfolio turnover
Marginal use of derivatives (covered calls…)
5
6. The investment philosophy
Profile of stocks in which we invest
Quality companies we understand
• Unique & durable market position
• History of improving margins and return on capital employed
• Sound balance-sheet structure
• Quality management or replacement of disappointing team
Stocks undervalued in relation to intrinsic value (probable transaction value)
• Company generating high cash flows: high FCF yield
• Candidate for corporate activity: sum of the parts vs market value
• Turnaround situation
• Optimisation of capital structure: significant cash surplus
Stocks of companies out of favour with or forgotten by the market
• Historically weak stock-market price
• Succession of profits warnings
• Illiquid & ill-covered
6
7. The investment philosophy
Performance of Ulysse since creation
Past performance is no indication of future performance. Performance is not constant over time
7
9. Some investing principles re-visited
Carry cash ...
“Holding cash is uncomfortable but not as uncomfortable as doing something stupid”
W. Buffett
… and be patient
… But remain alert
Continuous review – Add where fundamentals are intact & cull value traps
Discipline to sell when value is “outed”
9
10. Some investing principles re-visited
Be humble not dogmatic
Don’t confuse a bull market with being a super-investor
Balance conviction with humility
If facts change or new facts emerge that challenge investment, take action
10
11. Some investing principles re-visited
How to get most out of Management Meetings
Some “Dos”
Use meetings to understand barriers to entry, competitive advantage & company
strategy, alignment of shareholder interests
Complement/cross-check insights with other sources
Judge by actions not words
Some “Don’ts”
Search for information that confirms your investment case
Expect management to pick economic turning points
11
12. Some investing principles re-visited
Try to have basic understanding of cycles …
Credit/ Liquidity – cost, availability & terms
• For financials, corporations, households & sovereigns
Industry Economics – supply, demand, capacity utilization, etc.
Sentiment – Irrational exuberance & hubris to gloom to doom
"Buy when there's blood in the streets,
even if the blood is your own and sell to the sound of trumpets."
Baron Nathan Rothschild, 19th Century
Identify bubbles (and inverse bubbles) in earnings, valuation multiples and sentiment
12
13. Some investing principles re-visited
… But precisely predicting the future is a waste of energy
“Better to be roughly right than precisely wrong”
John Maynard Keynes
Macro variables
Economy, inflation, interest rates, FX rates, sector bets, political interference etc.
Micro variables
Price, volumes, gross margin, SG&A, tax rate etc.
EPS more volatile than intrinsic value
Focus on where consensus thinking is wrong
Use price volatility arising from short term trading noise, quarterly EPS revisions,
sector rotation etc. to optimize your entry & exit point
13
14. Some investing principles re-visited
Understand different layers of Leverage
Investor level – amongst shareholders of your (potential) investments
At level of corporation’s clients and supply chain
Concealed leverage at company level
e.g. lease obligations, defined benefit pension obligations etc.
On pensions
• Gross assets vs gross liabilities not net position
• Are you investing in an operating business or an investment company that also
controls an industrial company?
• Accounting Liability – Challenge key assumptions regarding life span of retirees,
discount rate
• Is statutory liability disclosed
14
15. Some investing principles re-visited
We should all be better Investors after our experiences in 2008
“Experience is not what happens to you
It's what you do with what happens to you.”
Aldous Huxley
But we’ve had several boom bust cycles in last 20 years
1980s Japan, 1990s Tech, 2000s Structured credit, real estate etc.
Understand both fundamentals & psychology
What is next bubble?
Guiding principal “Price is what you pay. Value is what you get” not seducing story
15
17. Case Study: Vicat
Company Overview
Leader in South East France and strong regional positions in mature markets (Western
Switzerland, California, South East USA) and in emerging countries (Western Africa,
Egypt & Turkey)
Vertically integrated - 2/3 cement, 1/3 aggregates / RMC
Modern production base & cautious acquisition strategy
60% family controlled. Free float increased from 5% to 40% in 2007
Strategy - use group cash-flow to improve vertical integration, diversify from home
base and increase exposure to faster growing markets
17
18. Case Study: Vicat
Cement Industry
Uses - housing, commercial construction, infrastructure, RMI
High weight to value
Producers concentrated vs customer base, limited substitutes
Barriers to entry
• Ownership of quarries / environmental constraints
• Capital intensity
• Geographic / Transport costs
• Control over import terminals
• Vertical integration
18
22. Case Study: Vicat
Business overview
Supply /
Market % of sales Market Share C A R Producers Imports Comments
Demand
• Demographics
Terminals
France • • • 4 Balanced • Limited housing
controlled
bubble
• Western border
Switzerland • • • 3 Balanced Landlocked • Alpine
• No housing bubble
• Infrastructure
South-East Distance
• • 6 Balanced deficit
US from sea
• Integrate vertically
Terminals • Demographics
California • • 7 Normally deficit
controlled • Integrate vertically
Key : C : Cement / A : Aggregates / R : Readymix concrete
Source : company filings, industry reports
22
23. Case Study: Vicat
Business overview
Supply /
Market % of sales Market Share C A R Producers Imports Comments
Demand
Senegal Exports Mali,
• • 2 Deficit • Limestone rare
(West Africa) Mauritania
Fragmented,
Turkey • • • Surplus Exports Russia, Syria • Lowest cost producer
volatile
Will move • Regional leader
Medium Deficit moving to
Egypt • from importer Sinai
concentration surplus
to exporter • Low cost energy
Key : C : Cement / A : Aggregates / R : Readymix concrete
Source : company filings, industry reports
23
24. Case Study: Vicat
Management
Alignment of interests - Allocate capital with care, no dilutive option programmes
All growth self-financed
Conservative capital structure – net debt ca 1.6x EBITDA
Long term approach – secure reserves of ca. 100 years for limestone / clay & 30 years
for aggregates
Efficient operator – production per employee, ROCE, alternative energy
24
25. Case Study: Vicat
Investment Programme - Efficiency Gains
Increase portion of alternative fuel sources from 14% to 23% and other measures to
reduce energy costs per tonne by ca. 10% (ca. 1% of sales)
Less external procurement, reduced logistics & maintenance costs (ca. 1% of sales)
Further EUR 50m cost savings announced in Q4 2008 - of which ca. EUR 20m relate
to fixed costs => sustainable margin improvement of ca. 1% p.a.
All in all we estimate these measures, ceteris paribus, relutive to margins by ca. 3%
25
26. Case Study: Vicat
Investment Programme – Capacity Additions
Ca. 50% increase in capacity from 2006 to 2012. Biased towards emerging countries
Estimate increase in sustainable earnings power from new capacity at existing sites at
least EUR 130m of EBITDA p.a.
Developing markets move from ca 25% to 35% of EBITDA
CEMENT CAPACITIES (m tonnes) 2006 2007 2008 2009 2010 2011 2012
France 6,0 6,4 6,8 6,8 6,8 6,8 6,8
Switzerland 0,9 0,9 0,9 1,2 1,2 1,2 1,2
USA 2,1 2,1 2,1 2,1 2,1 2,1 2,1
Turkey 3,7 5,3 5,3 5,3 5,3 5,3 5,3
Kazahkstan 1,2 1,2 1,2
India 2,75
Egypt 2,1 2,1 3,5 3,5 3,5 3,5 3,5
Senegal 2,2 2,2 2,2 3,6 3,6 3,6 3,6
TOTAL 17,0 19,0 20,8 22,5 23,7 23,7 26,5
Growth 12% 9% 8% 5% 0% 12%
% Capacity Developing 47% 51% 53% 55% 57% 57% 62%
26
27. Case Study: Vicat
Kazakhstan - 60% stake in JV
1.1Mt cement plant due to start operations in 2010
Country recently moved from deficit to surplus but long term growth prospects very
promising
India – 51% stake in JV
5.5Mt cement plant. 2.75Mt is due to start operations in 2012
Fragmented - MNCs already trying to begin move to consolidation
We estimate the combined earnings power of the two JVs at ca. EUR 100m (Vicat share
EUR 55m)
27
28. Case Study: Vicat
Valuation
Earnings
Peer Group
Transaction multiples
Balance sheet
28
29. Case Study: Vicat
Valuation - Earnings
Current earnings
• 9x 2009 net earnings and 5x EV / EBITDA which should represent trough in
earnings cycle. In 2010 lagged benefit energy price deflation
• Free Cash flow yield before expansionary capex ca. 15%.
Peak 2007 earnings
• 5.8x 2007 net profit; 4.3x 2007 EBITDA
Earnings power in next cycle
• We estimate mid-cycle EBITDA at ca. 600m comparable to 2007 levels
(current EV EUR 2.6Bn). If mid-cycle 2012 – ca. 3.5x EBITDA
• Peak earnings - next cycle
29
30. Case Study: Vicat
Valuation - Peer Group
Trades at discount of ca. 20% to peer group despite better pricing power, stronger
balance sheet, superior track record and better medium term growth
Implied value of equity per share ca. EUR 60
EV EV/EBITDA EV/EBITDA
2009 2010
Cemex (USD) 23 307 7,1 6,8
CRH 14 837 6,7 6,6
Lafarge 29 655 7,5 7,3
Holcim (CHF) 35 039 7,9 7,5
Heidelberg Cement 15 433 6,9 6,7
Italcementi 5 533 5,6 5,2
Ciments Français 4 459 4,9 4,6
Cimpor 5 555 9,3 8,7
Titan 2 709 8,1 7,3
Cementir 845 5,6 4,9
Buzzi Unicem 3 193 5,3 4,8
Peers average 6,8 6,4
Vicat 2 623 5,7 5,2
30
31. Case Study: Vicat
Valuation - transaction multiples
Industry average 8.7x EBITDA transactions over last 17 years
(Source JP Morgan)
Given family control & cyclical considerations a transaction is unlikely but implied
value of equity is ca EUR 75 per share
31
32. Case Study: Vicat
Valuation – Balance Sheet
Ca. 1x book value
Replacement Value of industrial assets
Cement Cost Replacement
Capacity per tonne Value (EUR m)
OECD 8,8 200 1764
Developing 11,8 100 1181
Value - cement capacity 2 945
Value - Aggs & RMC * 511
Implied EV 3456
Implied Value per share 61
* Eur 51M EBITx10
32
33. Case Study: Vicat
Key Risks
Prolonged deeper recession
Price Deflation – Mitigated by
• Industry consolidation
• Focus of geared players cash generation not market share
• Capacity utilization comparable to 1990s
• Capacity additions delayed / cancelled
• Limited risk of falling prices for Vicat due to market mix
Antitrust investigations / fines
CO2 compliance costs
33
34. Case Study: Vicat
Where we diverge from consensus thinking
Consensus concern industry-wide price deflation – Vicat largely protected
Industry out-of-favour due to negative momentum
Consensus focus on cyclical downturn not through the cycle earnings power.
Next cycle’s earnings power for Vicat higher due to:
• Efficiencies from industrial upgrades
• Increased earnings from capacity additions & JVs
• Possible acquisitions at bottom of cycle
Liquidity
Overexposed to France? Attractive market & diluted over time
34
35. Case Study: Vicat
Summary
Cement - reasonable business in cyclical downturn
Vicat:
• Quality operator, proven management, interests aligned with shareholders,
cautious growth strategy
• Balanced portfolio, cash generative oligopolistic businesses & fast-growing
markets
• Underappreciated through the cycle earnings power and earnings growth
• Stable balance sheet & option value to create value from acquiring assets at
bottom of cycle
Status change: Improved diversification & developed vs emerging mix
Value exceeds price
35
36. Grazie per la vostra attenzione
Qualche domanda?
... in inglese per favore
Contact:
DON FITZGERALD, CFA
Fund Manager, European Equities
Tocqueville Finance S.A.
Tel. :+33 (0)1 53 77 20 36
dfitzgerald@tocquevillefinance.fr
36