The portfolio of the EDM Ahorro fund focuses on short-term fixed income investments with high credit quality and low volatility. It holds 85 different investment grade corporate bonds and government debt, all denominated in euros, with an average duration of 1.6 years. The fund aims to preserve capital above the inflation rate with a low historical default rate of 0% and current portfolio returns over 3.5%.
The document summarizes the EDM Strategy Fund, a European equities fund managed by EDM Asset Management since 1995. It provides an overview of the fund's performance, investment philosophy, portfolio composition, and top holdings. The fund has outperformed major European indices with higher returns and lower volatility since inception due to its bottom-up stock picking approach and focus on high quality companies with sustainable earnings growth trading at reasonable prices.
This document provides an investment primer covering various topics:
- It emphasizes the importance of being prepared when investing and quotes several famous investors.
- It shows that average investors historically underperformed mutual funds and market indexes due to poor timing and fees.
- Diversification across different asset classes can reduce risk and volatility compared to investing in a single asset class.
- Starting investments earlier and making regular contributions can significantly increase long-term returns due to compounding.
- Stocks have generally outperformed other assets classes over long periods of time, even after accounting for inflation.
The document summarizes the EDM Strategy Fund, a European equities fund that aims for growth and low volatility. It provides performance data showing the fund has outperformed European stock indices like the STOXX 50 since 1995 while exhibiting lower volatility. The document then discusses the fund's investment philosophy, portfolio holdings, and performance during the financial crisis.
Interactive Brokers Group reported financial results for the first quarter of 2009. Net revenues were $296 million and income before taxes was $167 million, declines from the first quarter of 2008. Earnings per share were $0.30. While trading activity increased with customer account and trade volumes up, lower interest rates and competitive pressures on trading spreads reduced net interest income and trading gains compared to the prior year.
1) Mahindra & Mahindra Ltd is an Indian automobiles and tractor manufacturing company with a market capitalization of Rs. 48,001 crores.
2) In the quarter ending June 2011, the company reported sales of Rs. 6,733.54 crores and a net profit margin of 11.12%.
3) Several mutual funds have significant holdings in Mahindra & Mahindra, including the JM Core 11 Fund and Religare AGILE Fund, reflecting over 8% of their total asset sizes.
Maybank - proposed dividend reinvestment plan EGM 14 may 2010guest6398289
The document proposes a dividend reinvestment plan and provides key financial highlights for Maybank for 3Q10 and 9M10. PATAMI for 3Q10 rose 104.7% YoY to RM1,030 million. For 9M10, PATAMI rose 60.5% YoY to RM2,906 million. Asset quality continued to improve with the net NPL ratio declining to 1.36%. The meeting will discuss and vote on the proposed dividend reinvestment plan.
This document outlines a presentation about the benefits of financial advice. It discusses how financial advice has changed from being commission-based to fee-based and requiring higher qualifications. The presentation shows how financial advice can save clients money on insurance and pensions. It also discusses the hidden risks of short-term thinking, taxes, and inflation. The presentation argues that DIY financial planning often goes wrong and outlines who could benefit from financial advice, such as those retiring early or worried about estate planning. It highlights particular risks in later life like inheritance tax, long-term care costs, and longevity. The presentation concludes by showing options to make money last a lifetime, such as growth and income portfolios, and stresses the importance of having a will.
If you're planning to invest oversea ( FDI) and wan to take advantage on low labor cost, fast growing market, stable political, and the gate to ASEAN plus 3 ( China, Korea, Japan) or TPP. Let's go to Vietnam.
The document summarizes the EDM Strategy Fund, a European equities fund managed by EDM Asset Management since 1995. It provides an overview of the fund's performance, investment philosophy, portfolio composition, and top holdings. The fund has outperformed major European indices with higher returns and lower volatility since inception due to its bottom-up stock picking approach and focus on high quality companies with sustainable earnings growth trading at reasonable prices.
This document provides an investment primer covering various topics:
- It emphasizes the importance of being prepared when investing and quotes several famous investors.
- It shows that average investors historically underperformed mutual funds and market indexes due to poor timing and fees.
- Diversification across different asset classes can reduce risk and volatility compared to investing in a single asset class.
- Starting investments earlier and making regular contributions can significantly increase long-term returns due to compounding.
- Stocks have generally outperformed other assets classes over long periods of time, even after accounting for inflation.
The document summarizes the EDM Strategy Fund, a European equities fund that aims for growth and low volatility. It provides performance data showing the fund has outperformed European stock indices like the STOXX 50 since 1995 while exhibiting lower volatility. The document then discusses the fund's investment philosophy, portfolio holdings, and performance during the financial crisis.
Interactive Brokers Group reported financial results for the first quarter of 2009. Net revenues were $296 million and income before taxes was $167 million, declines from the first quarter of 2008. Earnings per share were $0.30. While trading activity increased with customer account and trade volumes up, lower interest rates and competitive pressures on trading spreads reduced net interest income and trading gains compared to the prior year.
1) Mahindra & Mahindra Ltd is an Indian automobiles and tractor manufacturing company with a market capitalization of Rs. 48,001 crores.
2) In the quarter ending June 2011, the company reported sales of Rs. 6,733.54 crores and a net profit margin of 11.12%.
3) Several mutual funds have significant holdings in Mahindra & Mahindra, including the JM Core 11 Fund and Religare AGILE Fund, reflecting over 8% of their total asset sizes.
Maybank - proposed dividend reinvestment plan EGM 14 may 2010guest6398289
The document proposes a dividend reinvestment plan and provides key financial highlights for Maybank for 3Q10 and 9M10. PATAMI for 3Q10 rose 104.7% YoY to RM1,030 million. For 9M10, PATAMI rose 60.5% YoY to RM2,906 million. Asset quality continued to improve with the net NPL ratio declining to 1.36%. The meeting will discuss and vote on the proposed dividend reinvestment plan.
This document outlines a presentation about the benefits of financial advice. It discusses how financial advice has changed from being commission-based to fee-based and requiring higher qualifications. The presentation shows how financial advice can save clients money on insurance and pensions. It also discusses the hidden risks of short-term thinking, taxes, and inflation. The presentation argues that DIY financial planning often goes wrong and outlines who could benefit from financial advice, such as those retiring early or worried about estate planning. It highlights particular risks in later life like inheritance tax, long-term care costs, and longevity. The presentation concludes by showing options to make money last a lifetime, such as growth and income portfolios, and stresses the importance of having a will.
If you're planning to invest oversea ( FDI) and wan to take advantage on low labor cost, fast growing market, stable political, and the gate to ASEAN plus 3 ( China, Korea, Japan) or TPP. Let's go to Vietnam.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
The document discusses portfolio diversification through asset allocation. It explains that asset allocation is the process of combining different asset classes like stocks, bonds, and cash in a portfolio to reduce risk and meet investment goals. The document shows that diversifying across multiple asset classes can lower the overall risk of a portfolio for the same expected return compared to investing in a single asset class. It emphasizes that diversification helps reduce volatility and smooth returns because different asset classes do not always move in the same direction.
1) The document provides an analysis of the Franklin Mutual European Fund, including performance metrics and charts comparing the fund to its benchmark from 2001-2015.
2) The fund has outperformed its benchmark on a risk-adjusted basis over most periods, with higher returns and lower volatility, though underperformed over the last 1 and 5 years.
3) A breakdown of the fund's portfolio shows overweight positions in several European industry sectors that have contributed to improved risk-adjusted return characteristics for the fund.
Conditional probabilities for euro area sovereign default risk - Andre Lucas,...SYRTO Project
This document presents a novel framework for modeling conditional and joint probabilities of sovereign default risk in the Euro area based on credit default swap data. The model uses a dynamic multivariate skewed-t distribution with time-varying volatility and correlations. The analysis finds that while large-scale asset purchase programs by central banks reduced joint default risks, they did not significantly impact perceived interconnectedness between countries.
Presentation by Meyer Shields, Managing Director Stifel, Nicolaus & Company, Inc. to the 66th Annual Fowler Seminar on Oct 12 2012 titled Equity Analyst’s View on Insurance
The Korea Fund underperformed the MSCI Korea benchmark in the second quarter of 2012, with the MSCI Korea dropping sharply by 8.6% in USD terms. Foreign investors sold a net $5 trillion worth of Korean equities, though the Korean won depreciated only moderately against the USD. During the quarter, the Fund outperformed its benchmark by 42 basis points due to strong stock picks in consumer discretionary, while IT and materials detracted. Quality stocks outperformed in the volatile market conditions, with low debt, low volatility stocks performing well.
This document presents an investment case for a pair trade of going long on TeliaSonera and shorting Tele2. TeliaSonera faces potential cash inflows from transactions including the sale of its stake in Megafon and potential sales of its Spanish and Kazakhstan businesses. However, Tele2 faces some operational headwinds in Russia with no near-term spectrum award and uncertainty around a potential fourth license in the Netherlands. The document defines a price target and stop-loss level for the pair trade ratio of these two companies.
Objective Capital's West Africa Investment Conference 2012
Moevenpick Ambassador Hotel in Accra, Ghana
7-9 May 2012
Speaker: Dr Toni Aubynn, The Ghana Chamber of Mines
The weekly investment bulletin provides an overview of market performance and news from the past week:
- Fears about the US economy caused investors to move into safe haven assets like government bonds and the yen, causing equities and commodities to fall sharply.
- Comments from the Federal Reserve chairman helped improve sentiment by signaling the central bank's willingness to further support the economy.
- Ireland was downgraded by S&P on concerns about its banking system, while most market indexes fell over the past week.
The document provides an overview of the Canadian mortgage insurance market. It discusses that mortgage insurance (MI) was developed to protect investors and increase housing affordability by allowing consumers to buy homes with lower down payments. The key characteristics of the Canadian MI market are that MI is prevalent in over 50% of originations, it is a highly profitable duopoly dominated by CMHC and Genworth, it has a hybrid public-private system with government backing, and consumers and lenders drive the demand for insurance. The document also analyzes MI industry financials, market sizing, competitive dynamics between CMHC and Genworth, and expected future growth in the Canadian MI market.
07 30 2009 I Second Quarter Results 2009 In UsgaapEmbraer RI
The document summarizes Embraer's financial results for the second quarter of 2009. It shows that Embraer delivered 56 jets in Q2 2009, with net revenue of $1.457 billion and net income of $134 million. It also provides details on Embraer's order backlog, debt levels, inventories and other financial details. Embraer's jet deliveries and financial results improved in Q2 2009 compared to Q1 2009.
T-Mobile's integration of Sprint is going well and risks are narrowing. The company is on track to cover over 200M people with mid-band 5G by the end of 2021. The author projects strong subscriber growth for T-Mobile and market share gains over the next several years as its 5G network coverage expands. New opportunities in fixed wireless broadband and mobile edge computing could further increase T-Mobile's valuation beyond current estimates that only consider its traditional wireless business. The author's "Home Run Scenario" values T-Mobile reaching $294 per share by 2024 based on robust growth across both its core wireless segments and new 5G markets.
Larsen and Toubro (L&T) reported much better than expected results for the fourth quarter of fiscal year 2010. Revenues grew 28.1% year-over-year to Rs. 13,858 crore, driven by increases in several business segments. Operating margins reached a historic high of 15.1% due to cost controls. The order backlog remained robust at Rs. 1,00,239 crore. Going forward, the analyst maintains a positive view on the company given its strong order backlog, operating cash flows, and return ratios above 20%.
Financial Times -2010 Fund Image Summary Of FindingsDaniel Rothman
Measuring the standing and profile of 24 leading asset management companies among US financial intermediaries.
Conducted by the FT Global Research team.
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.
The document discusses various patterns of irrational investor behavior including overconfidence, hindsight bias, short-term focus, regret, mental accounting, and the hot-hand fallacy. It provides examples and illustrations of how each of these behaviors can negatively impact investment decisions and lead to suboptimal outcomes. The conclusion emphasizes that markets and investing are best viewed rationally and that investor misconceptions need to be identified and addressed to make productive financial decisions.
Venture-backed mergers and acquisitions held steady in the second quarter of 2005, with 75 companies acquired for a total of $4.4 billion. The average deal size of $136.7 million was the highest in four years. While the top 10 deals accounted for nearly 80% of the total value, valuations and deal sizes overall continued to rise from the previous quarter. The software industry saw the largest deals but with lower average values, while biotechnology and energy sector deals made up some of the largest transactions. Around a third of deals returned less than the total investment, a third returned 1-4 times the investment, and a third returned over 4 times the investment.
The DRILL 300 is a new EDM drilling machine manufactured in Switzerland by GF Machining Solutions for machining cooling holes in aircraft engine components. It features a state-of-the-art digital generator that increases drilling speed by up to 40% compared to conventional EDM drilling. The machine also reduces the heat-affected layer to just a few microns for high-quality holes. Optional automatic electrode and guide changers provide long periods of unmanned operation for high productivity.
Characterization of metals machined using EDM.
Machining on materials - SS304, D2 ; EDM Machine - Sparkonix SN25 ; Study on MRR, Hardness, Roughness, Grain Size with Voltage, Current, Lift as working parameters.
Este documento proporciona información sobre la inscripción para una competición de baile. Detalla las diferentes categorías de competición con sus respectivos precios de inscripción, así como la opción de tomar clases magistrales. Solicita datos personales y de contacto del grupo o participante, los detalles del pago y el consentimiento para participar acordando los términos y condiciones establecidos.
Este documento describe un campamento de Semana Santa sobre tecnología para niños y adolescentes de 7 a 17 años. El campamento se llevará a cabo del 27 de marzo al 1 de abril e incluirá actividades como robótica con Lego Mindstorms y Arduino, diseño e impresión 3D, y desarrollo de aplicaciones móviles. El objetivo es que los participantes aprendan a crear y usar la tecnología en lugar de solo consumirla.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
The document discusses portfolio diversification through asset allocation. It explains that asset allocation is the process of combining different asset classes like stocks, bonds, and cash in a portfolio to reduce risk and meet investment goals. The document shows that diversifying across multiple asset classes can lower the overall risk of a portfolio for the same expected return compared to investing in a single asset class. It emphasizes that diversification helps reduce volatility and smooth returns because different asset classes do not always move in the same direction.
1) The document provides an analysis of the Franklin Mutual European Fund, including performance metrics and charts comparing the fund to its benchmark from 2001-2015.
2) The fund has outperformed its benchmark on a risk-adjusted basis over most periods, with higher returns and lower volatility, though underperformed over the last 1 and 5 years.
3) A breakdown of the fund's portfolio shows overweight positions in several European industry sectors that have contributed to improved risk-adjusted return characteristics for the fund.
Conditional probabilities for euro area sovereign default risk - Andre Lucas,...SYRTO Project
This document presents a novel framework for modeling conditional and joint probabilities of sovereign default risk in the Euro area based on credit default swap data. The model uses a dynamic multivariate skewed-t distribution with time-varying volatility and correlations. The analysis finds that while large-scale asset purchase programs by central banks reduced joint default risks, they did not significantly impact perceived interconnectedness between countries.
Presentation by Meyer Shields, Managing Director Stifel, Nicolaus & Company, Inc. to the 66th Annual Fowler Seminar on Oct 12 2012 titled Equity Analyst’s View on Insurance
The Korea Fund underperformed the MSCI Korea benchmark in the second quarter of 2012, with the MSCI Korea dropping sharply by 8.6% in USD terms. Foreign investors sold a net $5 trillion worth of Korean equities, though the Korean won depreciated only moderately against the USD. During the quarter, the Fund outperformed its benchmark by 42 basis points due to strong stock picks in consumer discretionary, while IT and materials detracted. Quality stocks outperformed in the volatile market conditions, with low debt, low volatility stocks performing well.
This document presents an investment case for a pair trade of going long on TeliaSonera and shorting Tele2. TeliaSonera faces potential cash inflows from transactions including the sale of its stake in Megafon and potential sales of its Spanish and Kazakhstan businesses. However, Tele2 faces some operational headwinds in Russia with no near-term spectrum award and uncertainty around a potential fourth license in the Netherlands. The document defines a price target and stop-loss level for the pair trade ratio of these two companies.
Objective Capital's West Africa Investment Conference 2012
Moevenpick Ambassador Hotel in Accra, Ghana
7-9 May 2012
Speaker: Dr Toni Aubynn, The Ghana Chamber of Mines
The weekly investment bulletin provides an overview of market performance and news from the past week:
- Fears about the US economy caused investors to move into safe haven assets like government bonds and the yen, causing equities and commodities to fall sharply.
- Comments from the Federal Reserve chairman helped improve sentiment by signaling the central bank's willingness to further support the economy.
- Ireland was downgraded by S&P on concerns about its banking system, while most market indexes fell over the past week.
The document provides an overview of the Canadian mortgage insurance market. It discusses that mortgage insurance (MI) was developed to protect investors and increase housing affordability by allowing consumers to buy homes with lower down payments. The key characteristics of the Canadian MI market are that MI is prevalent in over 50% of originations, it is a highly profitable duopoly dominated by CMHC and Genworth, it has a hybrid public-private system with government backing, and consumers and lenders drive the demand for insurance. The document also analyzes MI industry financials, market sizing, competitive dynamics between CMHC and Genworth, and expected future growth in the Canadian MI market.
07 30 2009 I Second Quarter Results 2009 In UsgaapEmbraer RI
The document summarizes Embraer's financial results for the second quarter of 2009. It shows that Embraer delivered 56 jets in Q2 2009, with net revenue of $1.457 billion and net income of $134 million. It also provides details on Embraer's order backlog, debt levels, inventories and other financial details. Embraer's jet deliveries and financial results improved in Q2 2009 compared to Q1 2009.
T-Mobile's integration of Sprint is going well and risks are narrowing. The company is on track to cover over 200M people with mid-band 5G by the end of 2021. The author projects strong subscriber growth for T-Mobile and market share gains over the next several years as its 5G network coverage expands. New opportunities in fixed wireless broadband and mobile edge computing could further increase T-Mobile's valuation beyond current estimates that only consider its traditional wireless business. The author's "Home Run Scenario" values T-Mobile reaching $294 per share by 2024 based on robust growth across both its core wireless segments and new 5G markets.
Larsen and Toubro (L&T) reported much better than expected results for the fourth quarter of fiscal year 2010. Revenues grew 28.1% year-over-year to Rs. 13,858 crore, driven by increases in several business segments. Operating margins reached a historic high of 15.1% due to cost controls. The order backlog remained robust at Rs. 1,00,239 crore. Going forward, the analyst maintains a positive view on the company given its strong order backlog, operating cash flows, and return ratios above 20%.
Financial Times -2010 Fund Image Summary Of FindingsDaniel Rothman
Measuring the standing and profile of 24 leading asset management companies among US financial intermediaries.
Conducted by the FT Global Research team.
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.
The document discusses various patterns of irrational investor behavior including overconfidence, hindsight bias, short-term focus, regret, mental accounting, and the hot-hand fallacy. It provides examples and illustrations of how each of these behaviors can negatively impact investment decisions and lead to suboptimal outcomes. The conclusion emphasizes that markets and investing are best viewed rationally and that investor misconceptions need to be identified and addressed to make productive financial decisions.
Venture-backed mergers and acquisitions held steady in the second quarter of 2005, with 75 companies acquired for a total of $4.4 billion. The average deal size of $136.7 million was the highest in four years. While the top 10 deals accounted for nearly 80% of the total value, valuations and deal sizes overall continued to rise from the previous quarter. The software industry saw the largest deals but with lower average values, while biotechnology and energy sector deals made up some of the largest transactions. Around a third of deals returned less than the total investment, a third returned 1-4 times the investment, and a third returned over 4 times the investment.
The DRILL 300 is a new EDM drilling machine manufactured in Switzerland by GF Machining Solutions for machining cooling holes in aircraft engine components. It features a state-of-the-art digital generator that increases drilling speed by up to 40% compared to conventional EDM drilling. The machine also reduces the heat-affected layer to just a few microns for high-quality holes. Optional automatic electrode and guide changers provide long periods of unmanned operation for high productivity.
Characterization of metals machined using EDM.
Machining on materials - SS304, D2 ; EDM Machine - Sparkonix SN25 ; Study on MRR, Hardness, Roughness, Grain Size with Voltage, Current, Lift as working parameters.
Este documento proporciona información sobre la inscripción para una competición de baile. Detalla las diferentes categorías de competición con sus respectivos precios de inscripción, así como la opción de tomar clases magistrales. Solicita datos personales y de contacto del grupo o participante, los detalles del pago y el consentimiento para participar acordando los términos y condiciones establecidos.
Este documento describe un campamento de Semana Santa sobre tecnología para niños y adolescentes de 7 a 17 años. El campamento se llevará a cabo del 27 de marzo al 1 de abril e incluirá actividades como robótica con Lego Mindstorms y Arduino, diseño e impresión 3D, y desarrollo de aplicaciones móviles. El objetivo es que los participantes aprendan a crear y usar la tecnología en lugar de solo consumirla.
Este documento presenta recetas típicas de la cocina mexicana, incluyendo tacos al pastor, sopa juliana de verduras, camarones adobados y carne asada al carbón tipo argentino. Proporciona instrucciones detalladas para preparar cada plato.
Our Community Spouse Club Brochure 2012Noel Waterman
The OCSC provided over $33,000 in donations to various charitable organizations in 2012 that support the Fort Riley community, offers social and volunteer activities for members such as luncheons and fundraising events, and encourages all military spouses to join in order to foster friendship and support networks while giving back to the local community.
Fumeripits was the first being on earth who felt lonely. To cure his loneliness, he carved human figures out of trees and placed them in a ceremonial house, but they did not come to life. Then Fumeripits created a drum from a hollowed tree and animal skin. When he played the drum, the carved human figures came to life and were the first Asmat people.
The document provides a guide for preventing anxiety and stress through breathing exercises and body positioning. It discusses identifying unhealthy respiratory patterns and creating a body map to locate areas of tension. The guide outlines steps for managing stress, including concentrating on breathing, prioritizing tasks, and developing relaxing exercises and a balanced lifestyle to break the cycle of discomfort leading to anxiety.
Este documento presenta una serie de afirmaciones positivas sobre cómo pensar, sentir y comportarse de manera optimista, saludable y compasiva. Alienta al lector a enfocarse en lo bueno de la vida, a tratar a los demás con valor y respeto, y a mantener siempre una actitud y expresión agradables. Finalmente, pregunta al lector qué tipo de persona decide ser.
This newsletter article provides information about marketing professional services in Peru. It summarizes that Peru offers significant business opportunities due to its privatization efforts and infrastructure development needs. It recommends doing research on funding organizations and local regulations before pursuing projects there. The article also suggests identifying a reputable local partner and attending trade missions to help connect with political and business leaders in Peru.
HomeBook®System : une révolution dans le monde de l'interphonieMonimmeuble.com
Urmet, leader dans le domaine de l’interphonie et du contrôle d’accès résidentiel, présente une nouvelle génération d’interphones connectés « HomeBook®System », conçus pour assurer tous les besoins en maîtrise de l’énergie, en domotique simplifiée de l’habitat et capable de créer un réseau social au sein de l’immeuble.
www.homebooksystem.fr
Jornada de Alcuentru “Jóvenes y Redes Sociales”Laura Abella
Presentación para Alcuentru - Asociación de Jóvenes de MCA-UGT Asturias. Jornada sobre “Jóvenes y redes sociales” Martes, 18 de diciembre en el Palacio de Valdecarzana de Avilés (C/Sol, nº1).
Este documento presenta la unidad de ejecución curricular de Ortodoncia II impartida en la Universidad Peruana Los Andes. La unidad dura 16 semanas y cubre temas como historia clínica en ortodoncia, biomecánica ortodóntica, tratamiento preventivo e interceptivo de maloclusiones, y tratamiento de distintas maloclusiones. La unidad incluye clases teóricas, prácticas clínicas con pacientes, y seminarios donde los estudiantes presentan casos clínicos.
La Federación de Asociaciones de Padres y Madres de la Comunidad de Madrid escribe una carta abierta al profesorado para agradecer su responsabilidad durante las huelgas, felicitarlos por sus esfuerzos para recuperar clases perdidas, y pedirles que difundan planes para recuperar clases a través de clases extras o una programación diferente. La Federación cree que las acciones de los docentes benefician la educación de los estudiantes más que las decisiones de la Consejería de Educación que ha dejado a estudiantes sin prof
La autora recordará con nostalgia y afecto a One Direction cuando sea mayor y sus nietos le pregunten sobre la banda. Revivirá los recuerdos de cuando los conoció, los vio actuar por primera vez, y escuchaba su música, que la hacía feliz. Aunque llorará por su ausencia, les enseñará a sus nietos que One Direction le enseñó a soñar, valorarse a sí misma, y que el amor y la amistad son lo más importante.
This document discusses product design reuse and challenges. It describes design reuse as leveraging previous CAD models and design knowledge to develop new products faster. Challenges include accessing relevant information in context, determining how and when to reuse designs, and utilizing existing designs and associated engineering data like specifications and test reports. The demonstration will showcase an Aras Innovator product lifecycle management solution for improving design reuse through capabilities like integrated search across data sources, capturing design knowledge in a data model, and SolidWorks integration for operations that aid reuse like copy, insert and replace of CAD components.
Portfolio Management & Trading Assistant: Administration & Operations
Graduated in Business Administration from the University of Deusto. Graduated in Business Administration from the University of
Holds a Master in Financial Markets from the University of Barcelona. Barcelona. Holds a Master in Financial Markets from the University
Worked at BBVA Asset Management and Gesconsult SGIIC in the areas of Barcelona. Worked at Gesconsult SGIIC in the areas of
of portfolio management and trading. Joined EDM in July 2005. administration and operations. Joined EDM in July 2005.
Javier García, 38 Javier Sánchez,
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
The Korea Fund underperformed its benchmark, the MSCI Korea Index, in the fourth quarter of 2012 by 39 basis points. Within sectors, stock picks in consumer discretionary hurt performance while selections in industrials and an underweight in financials helped. Growth stocks strongly outperformed value stocks last quarter, contrasting the third quarter. The Fund initiated positions in selected IT and consumer names and exited a credit card company due to regulatory changes.
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
http://www.slideshare.net/ignaciopedrosa/edm-strategy-factsheet
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance) 2-Very small volatility for an equity fund (-4% annual bellow benchmark) 3-Excellent relative performance throughout the financial crisis (2007-2011) 4- Stable investment philosophy all over 23 years 5-Unique and tested investment process developed by an experienced management team 6-Very high quality (ROE) and liquid concentrated portfolio 7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors 8-Portfolio valuation at historial minimum levels 9-Poor overlapping and low correlation with other fund managers 10-Complementary with other equity styles
Deutsche EuroShop | Company Presentation | 03/13 (Preliminary Results)Deutsche EuroShop AG
This document provides an overview of Deutsche EuroShop, a German company that invests solely in shopping centers. It discusses Deutsche EuroShop's equity story, key figures, lease system, targets, and recent acquisition of the Herold-Center Norderstedt shopping center. The company owns interests in 20 shopping centers across Germany, Poland, Austria and Hungary, with a focus on locations with over 500,000 inhabitants within a 30 minute drive. It aims for long-term growth in net asset value and stable dividends.
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located in Germany, Poland, Austria and Hungary, with a total lettable space of approximately 905,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually.
- Shopping centers provide stable returns through long-term lease agreements with mostly well-known retailers. Rents are linked to sales volumes and inflation.
- Financial results have shown steady growth in revenue, earnings, and
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company focused on shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located primarily in Germany but also in Poland, Austria, and Hungary.
- The company aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy of acquiring and expanding high-quality shopping centers.
- Shopping centers provide stable returns through long-term leases with inflation-linked rent increases and potential upside from turnover-linked rent components.
- The portfolio is well-occupied at 99% and generates stable cash flows, with a weighted average lease term of 7.4
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 20 shopping centers located in Germany, Poland, Austria, and Hungary, with a total lettable space of approximately 960,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually through acquisitions and expansions.
- Deutsche EuroShop presents information on its key financial figures, lease terms, tenant mix, and the locations and details of its shopping center properties.
-
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company that invests solely in shopping centers. It discusses Deutsche EuroShop's equity story, key figures, lease system, targets, and shopping center portfolio. Specifically, it notes that Deutsche EuroShop owns interests in 20 shopping centers located primarily in Germany, with a total lettable space of approximately 960,000 square meters. It aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy focused on net asset value and dividends.
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 20 shopping centers located in Germany, Poland, Austria, and Hungary, with a total lettable space of approximately 960,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually through acquisitions and expansions.
- Deutsche EuroShop presents information on its centers' locations, investments, lettable space, tenants, and other details. It also provides financial highlights and targets maintaining
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company that invests solely in shopping centers. It owns interests in 20 shopping centers located in Germany, Poland, Austria, and Hungary. The document summarizes the company's equity story, key figures, lease terms, acquisition of a new shopping center in Norderstedt, and details about its existing portfolio of shopping centers in Germany and Europe. It also provides information on tenants, lease maturity distribution, and sector/retailer mix within its properties.
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. It discusses the company's equity story, key figures, portfolio of 19 shopping centers located primarily in Germany, Poland, Austria and Hungary. It also summarizes the company's lease system, targets of long-term growth and stable dividends, and provides an overview of its financial results for Q1 2012.
Infosys has consistently grown revenues and EPS at high double digit rates between 2002 and 2012, with revenues growing at a 32.7% CAGR and EPS growing at 28.2% CAGR. Infosys has also maintained a high return on equity of around 30% with no long term debt. Despite this strong financial performance, Infosys is currently trading at a discount to its peers Wipro and Cognizant based on its price-to-earnings ratio when adjusted for its higher cash balance per share.
This document provides an overview of Deutsche EuroShop, a German company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns 19 shopping centers located primarily in Germany but also in Poland, Austria and Hungary, with a total lettable space of approximately 905,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value rather than short-term success.
- Key financial figures for 2011 show revenues of €190 million, EBIT of €165.7 million, and FFO per share of €1.61, representing growth over previous years.
- Rents are based on a lease system that includes both minimum rents linked to
Piaggio Group reported financial results for the first half of 2010. Net sales increased 3.2% to €820.8 million compared to the first half of 2009. EBITDA grew 9.3% to €117.5 million with an EBITDA margin of 14.3%. Net income increased 28.6% to €33.1 million. Volumes increased 8.5% to 340,800 units sold. The net financial position decreased slightly from €352 million at the end of 2009 to €341.7 million in the first half of 2010.
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company focused on shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located primarily in Germany but also in Poland, Austria, and Hungary.
- The company aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy of acquiring and expanding high-quality shopping centers.
- Shopping centers provide stable returns through long-term lease agreements with mostly inflation-linked rent increases and potential upside from turnover-linked rent components.
- The company targets annual portfolio expansion of 10% through acquisitions and developments to continue growing revenue, FFO, and
This document provides an overview of Deutsche EuroShop, a German company that invests solely in shopping centers. It owns 19 shopping centers across Germany, Poland, Austria and Hungary totaling approximately 905,000 square meters of lettable space. Deutsche EuroShop aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy focused on acquisitions and expansions. Key performance metrics like revenue, earnings, occupancy rates and net asset value have increased in recent years. The company targets a dividend yield of over 4% through stable dividend payouts.
Este documento analiza el fondo de renta fija EDM-Ahorro. El fondo invierte en bonos de alta calidad a corto y medio plazo, principalmente de emisores europeos. El fondo es gestionado por Karina Sirkia desde 2001, obteniendo rentabilidades superiores a la media de su categoría con menor volatilidad. El fondo mantiene un enfoque conservador invirtiendo en deuda pública y corporativa en euros a corto plazo, con una duración actual algo alta. El analista asigna al fondo la cal
This document provides an overview and performance summary of the EDM Strategy European Equities Fund as of June 30, 2012. The fund manager comments that while global growth forecasts have been revised down, the fund focuses on companies not highly susceptible to economic slowdowns. Recent additions to the portfolio include the freight forwarders Panalpina and Kuehne & Nagel due to their quality and attractive valuations. Long-term performance charts show the fund outperforming benchmarks over various time periods.
Este documento presenta información sobre el fondo EDM Strategy, un fondo de renta variable europea gestionado activamente. Incluye datos sobre el fondo como su fecha de lanzamiento, patrimonio, rentabilidad y riesgo en comparación con índices de referencia. También resume la opinión del gestor sobre algunas compañías de logística como posibles incorporaciones a la cartera debido a su calidad y generación de flujo de caja.
This document provides an overview and performance summary of the EDM International Strategy fund as of March 31, 2012. The fund focuses on large cap European equities and has €70.4 million in assets under management. For the past five years, the fund has outperformed benchmark indexes with lower volatility. The fund manager comments that the fund has performed well in 2012 due to strong results from holdings like Danone and Roche, and reiterated growth targets for the year.
Este documento resume la estrategia y rendimiento del fondo EDM Strategy, un fondo de renta variable europea. El fondo ha obtenido buenos rendimientos superiores a sus índices de referencia en los últimos 5 y 10 años a pesar de la volatilidad de los mercados. Su cartera está bien diversificada en sectores como salud, consumo defensivo e industrias, y en países como Francia, Alemania y Reino Unido.
Este documento resume los resultados y la filosofía de inversión del fondo EDM Strategy Fund, que invierte en renta variable europea desde 1995. Ofrece una cartera concentrada de hasta 30 compañías con sólidos fundamentales y crecimiento sostenible de beneficios. El fondo ha obtenido mayores rentabilidades que el índice Stoxx 50 con menor volatilidad desde su creación.
The document provides information on the EDM-Inversión FI Spanish equities fund. It summarizes the fund's performance over various time periods, showing it has outperformed its benchmark index. The fund has a long-term investment horizon, low turnover, and focuses on selecting stocks of high-quality companies with sustainable earnings growth trading at reasonable prices across different market sectors.
Este documento resume los resultados, la filosofía de inversión, la cartera y el equipo de gestión de EDM Inversión, una firma de inversión española especializada en renta variable española. EDM Inversión ha obtenido mayores rendimientos que el IBEX 35 con menor volatilidad desde 1987. Su estilo de inversión se basa en el análisis fundamental a largo plazo de unas 20 compañías españolas de alta calidad. El equipo de gestión lleva trabajando junto durante más de 6 años con el
Este documento resume los resultados, la filosofía de inversión, la cartera y el equipo de gestión de EDM Inversión, una empresa de gestión de activos española fundada en 1989 que se especializa en la gestión de renta variable española. EDM Inversión ha obtenido mayores rendimientos y menor volatilidad que el índice IBEX 35 a lo largo de sus 23 años de historia. Su filosofía de inversión se basa en el análisis fundamental a largo plazo de unas 20 compañías españolas líder
El documento resume un fondo de inversión en renta variable española. El fondo se centra en compañías sólidas con buenos resultados financieros y presencia internacional, evitando sectores como la banca. El fondo ofrece una rentabilidad superior a largo plazo respecto al índice Ibex 35, con una cartera concentrada en unas 20 compañías y baja rotación. Sus principales posiciones son Grifols, Técnicas Reunidas y deuda pública española.
Este documento resume la información clave sobre el fondo EDM Ahorro. Ofrece resultados históricos que demuestran rentabilidades superiores a la inflación y a su categoría con menor volatilidad. Describe la cartera diversificada con énfasis en deuda corporativa de grado de inversión y corta duración. También presenta información sobre EDM Asset Management, la gestora experta con 23 años de experiencia enfocada exclusivamente en renta fija.
Este documento proporciona información sobre el fondo de inversión EDM Ahorro, que invierte principalmente en bonos corporativos españoles. El fondo ha tenido un rendimiento del 1.13% en el mes de febrero y del 2.87% en lo que va del año. Su duración efectiva promedio es de 1.67 años y su calidad crediticia promedio es BBB. Sus principales tenencias son bonos de entidades bancarias españolas como BBVA, Bankinter y Santander.
1-Consistent returns above benchmark (+6% annual outperformance) 2-Very small volatility for an equity fund (-4% annual bellow benchmark) 3-Excellent relative performance throughout the financial crisis (2007-2011) 4- Stable investment philosophy all over 23 years 5-Unique and tested investment process developed by an experienced management team 6-Very high quality (ROE) and liquid concentrated portfolio 7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors 8-Portfolio valuation at historial minimum levels 9-Poor overlapping and low correlation with other fund managers 10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Este documento presenta la estrategia de inversión EDM Strategy Sicav, que se centra en el crecimiento y la baja volatilidad en renta variable europea. La estrategia ha demostrado mayores rentabilidades que los principales índices europeos con menor volatilidad. La cartera está compuesta por alrededor de 30 compañías europeas de alta calidad con sólidos fundamentales y crecimiento sostenible de beneficios. La estrategia también ha mostrado su resistencia durante la crisis financiera, superando a la mayoría de sus competidores.
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Este documento proporciona información sobre el fondo EDM Strategy Sicav Renta Variable Europea. Resume los resultados del fondo, su filosofía de inversión basada en el stock picking a largo plazo de compañías de calidad, su cartera concentrada liderada por Roche, Tesco y Danone, sus sólidos resultados durante la crisis financiera en comparación con los índices, y brevemente describe su equipo de gestión y enfoque en la renta variable europea.
1-Consistent returns above benchmark (+6% annual outperformance)
2-Very small volatility for an equity fund (-4% annual bellow benchmark)
3-Excellent relative performance throughout the financial crisis (2007-2011)
4- Stable investment philosophy all over 23 years
5-Unique and tested investment process developed by an experienced management team
6-Very high quality (ROE) and liquid concentrated portfolio
7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors
8-Portfolio valuation at historial minimum levels
9-Poor overlapping and low correlation with other fund managers
10-Complementary with other equity styles
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Discover the Future of Dogecoin with Our Comprehensive Guidance
EDM Ahorro Fund
1. EDM Ahorro
Solvency control & minimum volatility
Short term credit since 1991
March 2012 This document is intended solely for professional investors according to the MIFID definition
2. Index EDM Ahorro
1- Fund’s Performance
2- Portfolio
3- About EDM Asset Mangement
4- Annex
2
4. Fund’s performance EDM Ahorro
Excellent Risk-Return Ratio
Relative
Year EDM AHORRO INFLATION
Performance
2000 2,39% 2,48% -0,09%
2001 4,49% 2,05% 2,45%
2002 2,19% 2,28% -0,09%
2003 2,22% 1,97% 0,25%
2004 1,61% 2,36% -0,75%
2005 1,18% 2,22% -1,05%
2006 0,01% 1,92% -1,91%
2007 1,58% 3,07% -1,49%
2008 3,15% 1,58% 1,56%
2009 6,94% 0,93% 6,01%
2010 1,73% 2,21% -0,48%
2011 2,00% 2,01% -0,01%
Total Return 33,60% 28,10% 5,50%
Annual Return 2,44% 2,10% 0,34%
Annualized Volatility 1,29% 1,50% -0,21%
EDM return data is expressed in euros and stated net of expenses and fees.
4
5. Ratings & Awards EDM Ahorro
Expansión Awards 2011 Morningstar Awards 2012
Best Fixed Income Short Term Fund Best Fixed IncomeShort Term Fund
Rating Lipper: Rating Morningstar 3Y:
Rating Morningstar 5Y:
Rating Interactive Data:
5
6. Performance & Ranking EDM Ahorro
Beating the Peer Group
5 Years 3 Years 3 Years 2011 2010 2009 2008
YTD Fund / Category
Return Return Volatility Return Return Return Return
16,26 10,30 1,94 3,01 EDM Ahorro 2,00 1,73 6,94 3,15
7,92 4,42 1,34 1,66 Europe Diversified Bond (Category) 0,49 0,66 3,71 0,70
8,66 9,73 2,49 2,61 Europe Corporate Bond (Category) -0,25 1,98 8,28 -3,23
Allfunds Bank’s Ranking:
5 YEARS 3 YEARS 1 YEAR VOLATILITY
EDM Ahorro 18,22% 12,19% 3,95% 1,38%
Euro Fixed Income 12,94% 23,52% 3,26% 3,57%
Data as of: January 2012
6
9. Portfolio EDM Ahorro
Portfolio’s construction
• Objective: to preserve capital, above the rate of inflation
• Rigorous analysis of solvency by issuer
• Global issuers with no currency risk (100% Euro)
• Historical default rate: 0%
• Short duration: from 1 to 3 years
• Actively managing fund duration (current: 1.6 years)
• Widely diversified portfolio (85 issues)
• Investment Grade corporate credit predominates (80%)
• Limited exposure to government debt (highly diversified)
• Current portfolio returns of over 3.5%
9
10. Portfolio EDM Ahorro
Limits on concentration
• Maximum weighting of Spain: 50%
• Maximum weighting of the financial sector (including bonds): 30%
• Maximum weighting of regional governments: 20%
• Maximum high yield weighting: 10%
• Maximum weighting of bank deposits: 10%
• Maximum exposure to a single security: 5%
10
11. Portfolio EDM Ahorro
EDM AHORRO,FI (31.12.2011)
PORTFOLIO RATING
CASH % FIXED INCOME INVESTMENT GRADE %
Spanish Treasury Biels (1 Week) 5,52% B EDP FINANCE EM.0310 3,25% VT.0315 0,93%
Aaa 8% B AMADEUS CAP EM.0711 4,875% VT.0716 0,93%
B PETROBRAS INTL EM.1211 4.875% VT.0318 0,95%
Aa1 1% DEPOSITS % B ADIDAS INTL EM.0709 4,75% VT.0714 0,98%
Deposits 1,13% B ALSTOM EM.0210 4,125% VT. 0217 0,91%
Aa2 1% B GAZPRU CAPITAL EM.1205 4,56% VT.1212 1,13%
B BANESTO CED.EM.0910 3,625% VT.0915 1,06%
Aa3 5% PUBLIC DEBT % B BANCO SABADELL EM.0211 4,50% VT.0213 0,91%
B BTPS EM.0802 4,75% VT.0213 1,13% B B.SABADELL CED.EM.0910 3,25% VT.0912 1,08%
A1 17% B IRISH GOVT EM.0309 3.9% VT.0312 1,10% B BANKIA EM.0910 3,50% VT.0313 1,08%
B IRISH GOVT EM.0102 5% VT.0413 1,08% B HUTCH WHAMPOA EM.1109 4,75% VT.1116 0,97%
A2 6% B COMUNIDAD MADRID EM.0904 4,2% VT0914 0,89% B CASINO GUICH EM.1011 4,472% VT.0416 0,93%
B COMUNIDAD MURCIA EM.0511 CUPONO V.0512 0,87% B VW CREDIT EM.1009 3,375 % VT.1012 0,75%
A3 11% B XUNTA GALICIA EM.0611 6,22% VT.1114 0,92% B ARKEMA EM.1010 4% VT.1017 0,90%
B XUNTA GALICIA EM.1111 6,72% VT.1113 0,92% B PEUGEOT EM.0110 3,875% VT. 0113 1,10%
Baa1 17% B ESTADO EM.0497 6,25% VT.0412 0,91% B ARCELOMITTAL EM.0609 8,25% VT.0613 0,98%
B GENCAT EM.0407 4,125% VT.0413 1,06% B DEUTSCHE B.FIN.EM.1104 4,25% VT.1116 1,01%
B GENCAT EM.0305 3,875% VT.0915 0,74% B REDES ENERGETICAS 6,375% VTO.101213 0,67%
Baa2 16%
B GENCAT EM.0402 5,20% VT.0912 0,79% B VINCI EM.0309 7,375%,TV.0319 1,09%
B ICO CRDT OFCL EM.2010 2,875% VT.1113 0,89% B BERTELSMANN EM.0109 7,875% VT.0114 1,05%
Baa3 9% B ICO CRDT OFCL EM.1009 FRN VT.1015 0,76% B CARREFOUR EM.1106 4,375% VT.1116 0,93%
B ICO EM.0311 FRN VTO.0314 0,87% B SODEXO EM.0109 6,25% VT.0115 1,24%
HY 8% B JUNTA ANDALUCIA EM.0708 5,125% VT.0713 0,90% B BBVA EM.0711 3,500% VT.0713 1,09%
B FUND ORD.BK RESTR.EM.1011 4,4% VT.1013 0,92% B RCI BANQUE EM.1011 5,625% VT.1015 0,92%
WR 1% B FADE EM.0111 4,8% VT.0314 0,94% B CALSBERG BREW. EM.1010 3,375% VT.1017 0,92%
B FADE EM.0211 5% VT.0615 0,94% B AREVA EM.10/11 4,625% VT.1017 0,88%
Total Public Debt 16,63% B VIVENDI EM.0109 7,75% VT.0114 1,01%
B KPN EM.0209 7,5% VT.0219 1,13%
FIXED INCOME (FLOATING) % B ELSEVIER FINANCE EM.0409 6,5% VT.0413 1,19%
B BANESTO F. EM.0110 EURIBOR+50 VT.0113 1,07% B GAS NATURAL EM.0709 5,25% VT.0714 1,15%
B SANTANDER EM.0110 FRN VT.0113 0,18% B GAS NATURAL EM.1109 4,375% VT.1116 0,89%
Fixed Deposits 1% MM B SANTANDER EM.0411 FRN VT.0413 1,42% B NOKIA CORPORAT. EM.0209 5,50% VT.0214 1,18%
Income Treasury B ERICSSON LM EM.0607 FRN VT.0614 0,73% B REPSOL EM.0703 5% VT.0713 1,17%
13% B VODAFONE EM.0607 FRN VT.0614 1,14% B REPSOL INTL EM.1211 4,25% VT.0216 0,93%
(Floating) B TELECOM IT. EM.1205 FRN VT.1212 0,79% B TELECOM ITAL EM.0111 5,125% VT.0116 0,88%
12% Public Debt B CEDULAS CAJAS G. EM.1205 FRN VT.1212 1,73% B IBERDROLA FIN EM.1010 3,500% VTO.1016 0,88%
B ENEL INVEST. EM.0607 FRN VT.0614 1,00% B CEDULAS LA CAIXA EM.0211 5,0% VT.0216 0,92%
17% B BBVA SENIOR FIN. EM.0110 FRN VT0113 1,77% B METRO AG EM.0709 5,75% VT.0714 0,79%
B BANCO BPI EM.0110 EURIBOR+80 VT.0112 1,08% B ENEL FIN.INTL NV EM.1011 4,625 VT.0615 0,56%
B BANKINTER EM.0110 FRN VT.0113 1,41% B EDP FINANCE EM.0606 4,25% VT.0612 1,51%
Total Fixed Income (Floating) 12,32% B CAP GEMINI SOGETI.1111 5,25% VTO.1116 0,94%
B EUTELSAT SA EM.1211 5% VT.0119 0,93%
FIXED INCOME INVESTMENT GRADE % B PORTUGAL TEL EM.0306 4,75% VT.0312 0,91%
B TELEFONICA EUR EM.0203 5,125% VT.0213 0,78% B PORTUGAL TEL EM.0409 6,00% VT.0413 0,94%
B TELEFONICA EM.0109 5,431% VT.0214 1,15% B PORTUGAL TEL EM.0211 5,625% VT.0216 0,75%
B TELEFONICA EM.0211 4,750% VT.0217 0,90% B THAMES WATER EM.0209 6,125% VT.0213 0,99%
B TELEFONICA EM.1111 4,967% VT.0216 0,75% B ABERTIS INF. EM.1009 4.625% VT.1016 0,87%
B BBVA VIZCAYA ARG. EM.1009 3% VT1014 0,87% B CRITERIA CAIXACO EM.1109 4,125% VT1114 1,06%
Fixed 11
B BANKINTER CED.EM.0910 3,75% VT.0913 1,08% PG BANKINTER VT.040112 4,59%
Income 57% Total Fixed Income Investment Grade 57,09%
14. About EDM Asset Management
EDM Senior Managers
Eusebio Díaz-Morera, 66 Antonio Estabanell, 52
EXECUTIVE CHAIRMAN CEO
Graduated in Economy from Barcelona Holds an MBA from ESADE University
University and MBA from IESE (Barcelona). (Barcelona). Worked at KPMG and two
Before founding EDM in 1989, he was international food companies in the Financial
General Director of PAS (Fund Management Area. Joined EDM in 1990 and since then has
and Corporate Finance), Chairman of Caja de been involved in all investment management
Barcelona (Savings Bank), Chairman of activity within the company. Until 2010 he was
Banca Catalana, and Chairman of Tunel del the Managing Director and CIO.
Cadí (tollway concession)
Javier Prada, 62 Luis Fortuny , 45
DIRECTOR HEAD OF BACK-OFFICE & COMPLIANCE
Graduated in Law, he holds a Master in Graduated in Economics and Finances from
Finance (University of Paris). He started his UAB. In 2006, he received a BA degree in PDD
career in Banif Private Bank (Santander) from IESE Business School. He was working at
where he was Regional Manager and Former SONY from 1990 to 2000 as Accounting
Managing Director. In 1991 he joined Manager and Control Manager. He was Senior
Indosuez-Credit Agricole where he was Private Consultant at Cap Gemini Ernst & Young. He
Banking General Manager and Regional was also Finance Director at Baker & Mc
President. He joined EDM in 2005. Kenzie (Law firm). He joined EDM in 2008.
15. About EDM Asset Management Investment team
Juan Grau. EDM Gestión, SGIIC President
Adolfo Monclús Ricardo Vidal
Co-CIO Co-CIO
Retail Consumption
Business Services TMT’s
TMT’s
Karina Sirkia Gonzalo Cuadrado Beatriz López Albert Fayos
Fixed Income Pharmacy Food/Beverages Specialised Industries
Corporate Debt IG Construction Medical Devices Financials
Infrastructure Insurance
• No distinction between analyst & portfolio manager
• Collective discussion & Individual decision
• Investment Team over the last 6 years: Non-existent staff turnover
15
16. About EDM Asset Management Investment team
Juan Grau, 66. EDM Gestión, SGIIC President
He worked in several industrial companies as CFO during 16 years. Joined EDM in 1989 where he has
always worked on Investment Management as a fund manager. Holds a degree in Economics and a
PDE IESE Business School. Manager of EDM Inversion since 1989.
Ricardo Vidal, 42. CO-CIO
Consumption Sector Specialist
Holds an MBA from ESADE University (Barcelona). Worked at Banco Vitalicio (Insurance Company)
and Gesindex SGIIC (Financial Services) from 1993 until 1997. Holds the Certified of European
Financial Analyst (CEFA). Joined EDM in July 1997.
Adolfo Monclús, 38. CO-CIO
Retail, Business Services and TMT´s Sector Specialist
Graduated in Business Administration by the Universitat Internacional de Catalunya & in Economics
Finance by Bentley College (USA). Holds an International MBA from Instituto de Empresa (Madrid).
Worked at Argentaria and BBVA in the Mid-Corporate Banking area. Joined EDM in July 2005 after
finishing his MBA. 16
17. Acerca de EDM Investment team
Karina Sirkia, 39. Fixed Income and Corporate Debt IG Specialist
Graduated in Economics from Universitat Pompeu Fabra, Barcelona (1993-1997), followed by a Master
of Science in Economics, Universitat Pompeu Fabra (1.998). She started her career at GAUDIT
Consultores and FIMARGE S.A. Sociedad Gestora de Inversiones. She has been fixed income manager
at EDM since 2001.
Gonzalo Cuadrado, 41. Pharmacy, construction and infrastructure Sector Specialist
Graduated in Economy by UB. Holds a Master in Finances by the IEF, the CEFA, the CIIA and the CAIA.
Holds the “Certificado de Experto en Valoración de Empresas”(CEVE) by IEAF. Worked as a fund
manager and analyst in Caixa Penedès. Analyst and asset manager in EDM since 2004.
Beatriz López, 34. Medical, Food and Insurance Specialist
Graduated in Economics from Universitat Pompeu Fabra (UPF) in 1999, followed by a Master’s Degree in
Finance from CEMFI (Bank of Spain) in 2001. Holds the Chartered Alternative Investment Analyst (CAIA)
by the CAIA Association. She started her career at Banco Sabadell, where she became Senior Equity
Analyst. Joined EDM in 2007 as a Financial Analyst and Fund Manager.
Alberto Fayos, 39. Specialised industries and Financials Sector Specialist
Holds a Bachelor’s Degree in Actuarial and Finances and a Degree in Statistics from University of Barcelona
(UB). Holds the Certified European Financial Analyst (CEFA). Worked at Gaesco Gestión SCIIC from 1997
until 2005. Worked at Banc Sabadell Gestión SGIIC from 2006 until 2009. Joined the Investment
17
Department of EDM in March 2009, where he is analyst and portfolio manager.
19. Annex EDM Ahorro
Investment strategy and philosophy
EDM Ahorro invests in short and medium-term government and corporate euro-denominated bonds (mainly from
European issuers). In the past the fund held a very significant position in government bonds, but more recently has
invested mostly in stable and high-quality corporate bonds. Over the last year and a half the weighting of government
bonds has grown, reaching up to 25% on occasions.
This is a highly conservative fund that seeks stable yields with no surprises, generated chiefly via coupon rates. The bond
term is typically between 1 and 2 years (currently standing at 1.72 years). Interest risk is therefore confined. Bond
durations are typically short, although they have stretched to 2.5 years on occasions.
The fund invests in high-quality bonds, although there have been exceptions of investments in lower quality bonds.
Nearly 100% of the portfolio is “investment grade”, including BBB exposure of close to 45%. The portfolio has
practically no illiquid securities, no currency risk and does not use derivatives.
Fund background
Early in the 2000s, when there was a very flat debt curve but attractive interest rates (4.5% 2Y Spanish rate), the EDM
Ahorro portfolio had a short term. As there was little carry, no risk was assumed. The portfolio’s short duration meant
that we did not benefit from the sharp decline in interest rates seen in 2002-2003. During these years credit had a
greater weighting in the portfolio than debt.
19
20. Annex EDM Ahorro
From early 2003 until late 2005, Spanish and other euro country sovereign bond yields were at record lows with flat
yield curves. The particular sensitivity of long tranches with low interest rates led us to adopt a highly cautious
approach to the yield curve, keeping the portfolio term very short. Meanwhile, credit spreads tightened to record
lows in 2003 and then held stable until mid-2007. Due to this very low-risk premium, between 2004 and 2006 we gave
a greater weighting to public debt, reaching 65% of the fund.
In 2006, amid a sharp spike in debt interest rates, the fund’s short duration led to good results. At the time numerous
structured credit issuances were being made, such as CDOs (Collateralised Debt Obligations) and CDO-squared (CDOs
of CDOs). Investors were driven towards profitable instruments such as CDOs thanks to very low debt interest rates
and credit spreads. At EDM Asset Management, we invest only in assets that we fully understand. Therefore we
opted not to invest in these instruments, which, initially appeared attractive. When the sub-prime crisis hit, most of
these instruments suffered enormous losses.
In 2007 credit spreads began to rally. Several primary issues were made at attractive spreads and we saw a return to
value from such assets. In 2007 we began to rotate our sovereign debt portfolio, where we identified growing risk on
the credit side. In 2008 the portfolio was entirely comprised of credit with a duration of less than 1 year.
The following year, in 2009, the fund subscribed to several primary credit issuances from companies selected by EDM
with highly attractive spreads. The duration of the portfolio grew as we acquired somewhat longer terms, but very
attractive credit. The fund saw good results in 2009 thanks to its strong position in credit and a near complete
absence of debt, as well as a longer yet still defensive term, all while corporate bond spreads were narrowing rapidly.
Having no position in fixed income instruments was also very positive
20
21. Annex EDM Ahorro
In 2010 credit was again relatively expensive compared to debt. The debt crisis triggered significant growth in Spanish
bond spreads compared to Central European bonds, making the former more attractive than credit and German bonds.
We gradually began to increase the weighting of Spanish and similar debt (agencies and regions) in the portfolio,
subscribing to certain primary issuances. Likewise, we began to invest modestly in financial entities via mortgage-
backed securities.
In 2011 deteriorating financial forecasts, along with a sluggish political response to the European sovereign debt crisis,
caused panic to sweep the markets, triggering a slump in Spanish government debt prices on at least two occasions. As
we saw no insolvency problems for the country, we decided to significantly increase the fund’s exposure to Spanish
sovereign debt (at highly attractive returns) when this occurred. The first occasion came in July when the possibility of
recession began to loom larger, triggering a risk-off period in the markets and causing heavy declines in peripheral
European debt. On 8 August, following S&P’s decision to downgrade its U.S. credit rating, the ECB began buying up
Spanish and Italian bonds on the market and lowered debt rates by a further 100bp to 5%. On that very day we reduced
our exposure to debt from 30% to 18%.
The second occasion came in November, when the markets were again swept by panic. On this occasion we increased
our exposure to peripheral government bonds (mostly Spanish) to nearly 40%, to subsequently reduce this exposure
by more than half in December when the ECB’s 3-year liquidity auction, as well as other support measures for the
financial system, returned calm and confidence to the markets.
Other investments of interest made in 2011 included the purchase of high-quality senior financial entity securities
(Santander and BBVA) in the form of very short-term floating bonds with yields of over 5%. These rallied significantly in
price in the second half of the year thanks to the December liquidity auction, when we took the opportunity to reduce
some of our positions.
21
22. Annex EDM Ahorro
Late in the year, with confidence returning to the markets, the primary corporate credit market improved and we took
up several non-peripheral, non-financial credit issuances, aimed at diversifying the portfolio in terms of core /
peripheral exposure.
In 2011, as prospects of a recession going forward began to look stronger, with no inflationary pressure and a sharper
yield curve, we decided to extend the duration of the fund, investing in somewhat longer term corporate bonds, most
of which were bought in the primary market. Thus the duration of the bond portfolio at year-end stood at slightly over
2 years.
In early 2012 the duration of the bond portfolio increased somewhat. At the beginning of March the portfolio duration
stood at over 2.3 years, although a strong influx of money into the fund over the last week meant an exceptionally
high level of cash and put the term at less than 2 years.
More attractive non-financial corporate bonds were issued in January, in which we took positions, but a sharp rally in
corporate bond prices (and narrowing spreads) in January and February made it increasingly difficult to identify high-
quality corporate bonds with attractive yields.
There are, however, certain sectors within investment grade bonds where we do see value. These include regional
government debt. Despite the financing difficulties that some regional governments are facing, Spain’s central
government has shown a clear intention of providing support. Firstly, it stated that no regional government would be
allowed to fail, and secondly, it has adopted specific measures to help the most indebted regions to refinance their
debt. The credit facilities made available to pay off regional debt and government suppliers are an indication of this.
The regions with the worst problems may also be allowed to issue some kind of sovereign guarantee on the markets
(hispabonds). Given these circumstances and the high yields offered by some regional debt, we have acquired such
bonds with short maturities. 22
23. Annex EDM Ahorro
Turning to financial entities, we have not held subordinated bonds in recent years, but price slumps in late 2011 and
early 2012 saw us take small positions in good-quality subordinated bonds from banks such as BBVA and Santander.
Bonds have performed spectacularly well in the first two months of 2012, largely thanks to liquidity injections from the
ECB and progress towards a solution for the Greek debt crisis. Both corporate credit and peripheral sovereign debt
prices have rallied significantly and yields have fallen. Despite this, we expect to see further episodes of panic sweeping
the markets. We are therefore in no hurry to invest the fund’s cash at any price. Our intention is to take advantage of
market corrections to further build the portfolio, both in credit and government bonds, at more attractive yields and
spreads than currently available.
23
24. Summary EDM Ahorro
EDM AHORRO
CURRENCY Euro IDENTITY
NAV 22,86 € German Tax Transparency
FUND AUM 64.300.000 € UCITS
EUROPEAN PORTFOLIO AUM 380.000.000 € LEGAL STRUCTURE ES & PT- FI
INCEPTION DATE 01/04/1991 INCOME DISTRIBUTION Retained
MANAGEMENT FEE (Private) 0,75%
CUSTODIAN FEE 0,08%
TOTAL EXPENSE RATIO 0,83%
FUND MANAGERS Karina Sirkia
MANAGER EDM Gestión SGIIC EU TAX DIRECTIVE
CUSTODIAN Bankinter, S.A. Eu Tax Directive Start Date 01/05/2012
AUDITOR KPMG Auditores, S.L. Eu Tax End Date 30/04/2013
DOMICILE Spain Eu Tax Directive Status Out of Scope
DEALING Daily Eu Tax Directive 15% Threshold No
CATEGORY Euro Fixed Income Eu Tax Directive 40% Threshold No
HOLDING BASED CLASSIFICATION Euro Corporate Fixed Income Prospectus vs Asset Allocation No
MORNINGSTAR CLASSIFICATION Europe Diversified Bond-Short Term NAV Taxable Interest Income Accrued No
LIPPER CLASSIFICATION Bond Eur Dividend Taxable Interest Incime Accrued No
COUNTRIES REGISTERED FOR SALE DISTRIBUTION PLATFORMS
Spain ("Traspasable") Inversis Banco
CROSS REFERENCES CROSS REFERENCES
ISIN ES0168673038 F&E FUND CODE 37768
ISIN CURRENCY CLASS ES0168673038.EUR F&E GROUP CODE 21027
CNMV CODE 71 PERM ID 18060016051
BLOOMBERG EDMAHOR SM RIC 0168673038.ES
REUTERS 0168673038.ES RIC LP60016051
LIPPER 60016051 VALOR 467142
WKN- GERMAN A0RLJ8 24
25. www.edm.es
Ignacio Pedrosa
Head of Investor Relations
+34 636814186
+34 914110398
ipedrosa@edm.es
LEGAL NOTICE
1) This information represents disclosure by EDM and is intended merely to inform those to whom it is addressed in compliance with the code of cunsuct applying to all investment services in Spain. For this reason
efforts have been made to ensure that it is sufficient and understandable to anybody likely to receive it.
Given that the information may refer to or include separate additional documentation, the recipient is invited to request this from EDM.
If, within the body of information in this notification, there should be any offer regarding products, financial instruments or services, the recipients thereof also have at their disposition supplementary or additional
documentation which will enable them to authorise all the terms and conditions pertaining to the offer of interest to them.
2) EDM is a securities broker registered in Spain (Avda. Diagonal 399 3º 1ª, 08008 Barcelona) and is authorised to provide investment services with regard to securities and financial instruments for clients, in relation
to whom it is subject to the supervision of the Comisión Nacional del Mercado de Valores (National Securities Market Commission) (CNMV, Paseo de la Castellana 19, 28046 Madrid), where it is registered under
number 139. The broker is a member of the Fondo de Garantía de Inversiones (FOGAIN, the Investment Guarantee Fund).
3) The recipients of this information should bear in mind that any results or data provided may be subject to fees, commission, taxes, expenses or duties, which could lead to a reduction in the gross return, which
will depend on the particular nature of each case.
4) It is here left on record that the instruments described in this information are subject to the impact of various common causes, such as:
i- Alterations to the markets due to unforeseen circumstances
i- Liquidity risks and others which affect the progress of the investment.
5) Within this information here figures appear that refer to past returns for the products mentioned. It is obvious that such information should be used as a reference and as valid background data to reach one’s
own conclusions, but under no circumstances should it be employed as an indicator guaranteeing future performance.
By the same token, the information contained that might simulate future trends for any product and its performance must, for identical reasons as those cited for past data, be considered as a valid reference to
reach one’s own conclusions but in no way seen as a guarantee of returns that will be obtained.
6) Within this documentation there may be figures based on currencies other than those used by recipients hereof. For this reason consideration should be given to any possible change upwards or downwards in the
value of the currency and how this affects the results for the products or instruments proposed.
Este documento está dirigido exclusivamente a inversores profesionales según su definición MIFID