Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
The Case For Impact Mezzanine Finance in Emerging MarketsPabloVerra
A primer developed for general partners, limited partners, large and small companies and the general public with an interest in optimizing financial structures in Emerging Markets. The presentation makes the case for general partners to deploy further mezzanine-dedicated funds in developing economies.
The Perfect Application: Hybrids and Leveraged Recapitizations - May 2007Adrian Crockett, CFA
Recent corporate finance trends lay the groundwork for a powerful new type of capital structure rebalancing: the hybrid-financed share repurchase. Three notable trends, each individually significant, conjoin to create a uniquely appealing environment for such a restructuring:
Significant growth in the hybrid capital market
Increasing importance of share repurchases
Downward rating migrations toward the Baa/BBB category
We believe that using hybrid capital to finance share repurchases will become a popular mechanism for management to increase shareholder value, and that companies that check most of the boxes below are likely to benefit from using hybrid capital to finance share repurchases.
Thirst for Additional Distributions from Shareholders
Companies that have experienced calls from shareholders to receive larger
distributions
Especially companies that have a lower total shareholder return than the market or their peer group
Equity Relatively Undervalued
Companies with undervalued equity compared to either their peers’ or to
“true” value
The benefits of a share repurchase will be magnified as the unrealized value is transferred to remaining shareholders
Undervaluation will also increase the EPS pickup Investor Perception of Inefficient Balance Sheet
Companies that are perceived to have additional balance sheet capacity and which the market believes could safely operate with higher leverage
Especially companies that have activist shareholders or that may be LBO targets
Limited Capacity Within Target Ratings Constraints
Companies that have limited debt capacity within their targeted rating
(which may be lower than their current rating)
The hybrid instrument’s equity credit will increase the size of share repurchase capacity within the ratings constraints
The key takeaway from this paper is that if your shareholders are tapping you on the shoulder and asking for additional shareholder distributions, but you want to maintain a certain rating, then a hybrid-financed share repurchase may be the answer.
In November 2009, we published a white paper on the endowment model of
investing (The Yale Endowment Model of Investing is Not Dead) that argued that the
melt down at certain endowments had nothing to do with purported flaws in
modern portfolio theory. Now that the financial crisis has receded, we thought it
would be instructive to take a fresh look at some of these same endowments to see
what lessons they learned and what, if any, changes they made to the constructions
of their portfolios.
For financial institutions and real estate investment trusts (REITs), hybrid securities are a familiar tool and a regular component of the capital structure. Corporates have only begun using hybrids since the ratings agencies changed their guidelines, which enabled instruments to be structured that receive significant equity credit and a tax deduction. The corporate market is already established and liquid, but corporates so far have focused on using hybrids to relieve ratings pressure and strengthen their balance sheets. They are not yet proactively optimizing their capital structure with hybrids but we expect this to be a trend in 2007 and beyond, as corporates assess the value of hybrids in reducing equity funding required for acquisitions and in upsizing share repurchases.
We examined the use of funds provided in the documentation of 211 issues in 2005 and 2006.
1) Despite an uncertain economic environment, many private equity firms are raising new funds dedicated to consumer deals in hopes of benefitting from market share gains.
2) However, investors have mixed views on dedicated consumer funds, with some preferring diversification across sectors while others welcome the specialization.
3) Private equity firms will use these new funds to acquire consumer brands, but valuations remain high for quality companies and the sector remains challenging with risks of failures or bankruptcies for certain deals.
Holden & Partners is a wealth management firm established in 2003 that provides financial planning, investment management, and estate planning services. The firm takes a comprehensive long-term approach to investing clients' assets across their entire balance sheet. Services include financial strategy, investment selection, and pension and estate planning. Fees range from 0.875% to 0.35% of assets under management.
Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
The Case For Impact Mezzanine Finance in Emerging MarketsPabloVerra
A primer developed for general partners, limited partners, large and small companies and the general public with an interest in optimizing financial structures in Emerging Markets. The presentation makes the case for general partners to deploy further mezzanine-dedicated funds in developing economies.
The Perfect Application: Hybrids and Leveraged Recapitizations - May 2007Adrian Crockett, CFA
Recent corporate finance trends lay the groundwork for a powerful new type of capital structure rebalancing: the hybrid-financed share repurchase. Three notable trends, each individually significant, conjoin to create a uniquely appealing environment for such a restructuring:
Significant growth in the hybrid capital market
Increasing importance of share repurchases
Downward rating migrations toward the Baa/BBB category
We believe that using hybrid capital to finance share repurchases will become a popular mechanism for management to increase shareholder value, and that companies that check most of the boxes below are likely to benefit from using hybrid capital to finance share repurchases.
Thirst for Additional Distributions from Shareholders
Companies that have experienced calls from shareholders to receive larger
distributions
Especially companies that have a lower total shareholder return than the market or their peer group
Equity Relatively Undervalued
Companies with undervalued equity compared to either their peers’ or to
“true” value
The benefits of a share repurchase will be magnified as the unrealized value is transferred to remaining shareholders
Undervaluation will also increase the EPS pickup Investor Perception of Inefficient Balance Sheet
Companies that are perceived to have additional balance sheet capacity and which the market believes could safely operate with higher leverage
Especially companies that have activist shareholders or that may be LBO targets
Limited Capacity Within Target Ratings Constraints
Companies that have limited debt capacity within their targeted rating
(which may be lower than their current rating)
The hybrid instrument’s equity credit will increase the size of share repurchase capacity within the ratings constraints
The key takeaway from this paper is that if your shareholders are tapping you on the shoulder and asking for additional shareholder distributions, but you want to maintain a certain rating, then a hybrid-financed share repurchase may be the answer.
In November 2009, we published a white paper on the endowment model of
investing (The Yale Endowment Model of Investing is Not Dead) that argued that the
melt down at certain endowments had nothing to do with purported flaws in
modern portfolio theory. Now that the financial crisis has receded, we thought it
would be instructive to take a fresh look at some of these same endowments to see
what lessons they learned and what, if any, changes they made to the constructions
of their portfolios.
For financial institutions and real estate investment trusts (REITs), hybrid securities are a familiar tool and a regular component of the capital structure. Corporates have only begun using hybrids since the ratings agencies changed their guidelines, which enabled instruments to be structured that receive significant equity credit and a tax deduction. The corporate market is already established and liquid, but corporates so far have focused on using hybrids to relieve ratings pressure and strengthen their balance sheets. They are not yet proactively optimizing their capital structure with hybrids but we expect this to be a trend in 2007 and beyond, as corporates assess the value of hybrids in reducing equity funding required for acquisitions and in upsizing share repurchases.
We examined the use of funds provided in the documentation of 211 issues in 2005 and 2006.
1) Despite an uncertain economic environment, many private equity firms are raising new funds dedicated to consumer deals in hopes of benefitting from market share gains.
2) However, investors have mixed views on dedicated consumer funds, with some preferring diversification across sectors while others welcome the specialization.
3) Private equity firms will use these new funds to acquire consumer brands, but valuations remain high for quality companies and the sector remains challenging with risks of failures or bankruptcies for certain deals.
Holden & Partners is a wealth management firm established in 2003 that provides financial planning, investment management, and estate planning services. The firm takes a comprehensive long-term approach to investing clients' assets across their entire balance sheet. Services include financial strategy, investment selection, and pension and estate planning. Fees range from 0.875% to 0.35% of assets under management.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Forward-‐thinking defined contribution retirement plan sponsors are recognizing the benefits of communicating to employees in a language
they can understand: monthly income. Investment solutions focused on income fundamentally improve the participant experience and ultimately deliver better outcomes.
Impact Investing: Flavor of the Month or Here to Stay?PabloVerra
A presentation delivered at the Impact Investment webinar at Universidad Torcuato Di Tella, introducing the main aspects of impact investment and the latest trends in Latin America.
The document discusses the findings of a survey on cost of capital practices conducted by the Association of Financial Professionals. Key findings include:
- 55% of respondents believe their cost of capital estimates are off by more than 50 basis points, indicating a lack of confidence in these projections.
- Only 15% of businesses communicate their weighted average cost of capital estimates company-wide.
- While most companies estimate cost of capital using discounted cash flow techniques, there is little consistency in how cash flows are estimated and the discount rate determined.
- Five years is the most common forecast period for explicit cash flows, but practices vary greatly for estimating terminal value beyond that point.
This budget analysis examines the financial health of Idaho Nonprofit Center (INP) using seven financial ratios calculated from INP's 2012 balance sheet and Form 990. The analysis finds that INP has a positive current ratio and low debt-to-equity ratio, indicating good cash flow and low debt load. However, INP only had three days of cash on hand, below the recommended minimum. Program expenses accounted for 84% of expenditures, and administrative and fundraising costs were within recommended limits. Overall the analysis finds INP to be in good financial shape except for low cash reserves, suggesting it focus on building a larger cash cushion.
This document discusses how Multiple Employer Plans (MEPs) can help provide retirement plans to uncovered workers, especially those employed by small businesses. It notes that about one-third of private sector workers currently do not have access to employer-sponsored retirement benefits. MEPs allow small businesses to pool resources and administrative functions, achieving economies of scale similar to large plans. Proposed legislation would make MEPs more accessible by removing commonality requirements among participating employers. MEPs have the potential to significantly increase retirement plan coverage for workers currently without access to benefits.
Ladder Capital - Investor Presentation (March 2019)Ladder Capital
Ladder Capital Corp presented an investor presentation in March 2019. The presentation contained forward-looking statements regarding potential future results and should not be relied upon as investment advice. Certain information was based on third party sources and not independently verified. The presentation included non-GAAP financial measures and definitions were provided. Ladder is an internally-managed commercial real estate finance REIT with $6.3 billion in total assets, including $3.3 billion in balance sheet loans and $1.2 billion in real estate equity.
The mainstreaming of alternative investmentsIwan Suryadi
- Alternative investments have doubled in AUM globally since 2005 to $6.5 trillion in 2011, growing much faster than traditional assets. Growth is expected to continue driven by increasing allocations from institutional and retail investors.
- Alternatives are moving into the mainstream investment market due to increasing adoption by retail investors, a shift from relative to absolute return benchmarks, and convergence of traditional and alternative products. This is fueling the next wave of growth in asset management.
- Mainstreaming is occurring through regulated retail investment vehicles that package alternative strategies for individual investors, growing the U.S. retail alternatives market to $700 billion or 7% of long-term retail fund AUM.
This document discusses sources of finance for small businesses and entrepreneurs. It begins by outlining learning outcomes related to understanding different sources of finance and issues around obtaining financing. It then provides an overview of internal and external sources of financing for small businesses. The document focuses on debt financing and discusses theoretical issues small businesses face in obtaining external financing, such as potential finance gaps. It also notes initiatives by governments and organizations to help address financing difficulties for small businesses.
Ladder Capital – Investor Presentation (March 2019)David Merkur
Ladder Capital Corp presented its investment strategy and financial performance. Key points include:
- Ladder has a fully integrated commercial real estate platform focused on senior secured lending across the capital stack. Notable competitive advantages include its experienced management team and national origination platform.
- Since its IPO, Ladder has grown total assets by 150% to $6.3 billion while only adding 11 employees, demonstrating scalability. Over 75% of revenue is recurring from net interest margin and rental income.
- Ladder targets an attractive core return on equity of 9-10% from real estate lending and investments, which is further enhanced by gains from asset sales and securitizations. Its after-tax core ROE was
China has rapidly become the second largest economy in the world and is expected to contribute two-fifths of global growth in 2012, however it faces significant challenges including a potential real estate slump, a growing bad debt problem in its financial system, and difficulties transitioning to a more consumption-based economy. The upcoming leadership change also brings uncertainty as the new leaders will need to navigate domestic and global economic issues while addressing issues such as corruption, inequality, and environmental degradation.
Effect of Leverage on Expected Stock Returns and Size of the FirmAakash Kumar
This document presents a study on the effect of leverage on expected stock returns and firm size for companies listed on the KSE100 index in Pakistan. It reviews previous literature that has found mixed results on the relationship between leverage and various performance measures. The study uses linear regression to analyze the impact of leverage on earnings-to-price ratio as a proxy for expected stock returns and market value as a proxy for firm size. Preliminary results are presented along with conclusions and recommendations for further study.
- The author recommends buying Berkshire Hathaway stock based on its low cost of capital from insurance float, stable and above-average investment returns, and strong financial position and reputation. Berkshire has consistently outperformed the S&P 500 by 50% over the past 5 years.
- Berkshire is engaged in insurance, utilities, energy, manufacturing, and other industries through subsidiaries. Its large investment portfolio includes stocks like Wells Fargo and Coca-Cola.
- Key risks include over-reliance on Warren Buffett and potential changes in insurance regulations that could limit investment options for float. However, the company has demonstrated strong performance for decades.
Private financing of renewable energy comes from a variety of financial institutions seeking different risk-return profiles. Venture capital invests in high-risk startups for returns over 50%. Private equity and infrastructure funds target somewhat lower risks for 25-15% returns. Pension funds and bank debt provide lowest risk financing for around 15% returns. Policy and regulatory risks are a key consideration for all financiers when investing in renewable energy projects and companies.
This presentation from February 2020 contains forward-looking statements about the Company's operations, financial performance, and risks. It notes that actual results could differ materially from what is presented. The document discusses the Company's global presence and advisory services in M&A, restructuring, and capital markets. It highlights the Company's consistent top performance, record revenues, healthy balance sheet, and commitment to returning capital to shareholders.
Updated Summary of Academic Research on Performance of Private Equity Investm...Brad Case, PhD, CFA, CAIA
This document summarizes 61 independent academic studies of private equity investment performance, with at least one key quotation from each study, plus a web link to each one.
Most of the empirical evidence suggests that private equity investments perform relatively poorly, but some reach the opposite conclusion--generally those that do not take into account leverage or illiquidity risk.
Several of the studies investigate the ill effects of poor alignment of interests between investment managers and their investors. Some find evidence that investment managers manipulate their reported returns while they are raising capital for a follow-on fund; others find evidence that investment managers make poor investments to deploy unused capital. One shows that the way returns to private equity funds are measured makes it possible to achieve no better than average results for decades but to report spectacular performance.
Questions? Contact me at bcase@nareit.com.
DST Systems, Inc. provides technology-based information and servicing solutions. It has segments in financial services, healthcare services, customer communications, and investments. A regression analysis calculated DST's beta against several indices, finding it most correlated to the S&P 500. Compared to the NASDAQ, DST has higher total risk and risk per unit of return but similar systematic risk. DST's financial analysis found increasing shareholder equity and decreasing liabilities over time. Valuation models using conservative growth rates found DST to be overvalued compared to its current stock price.
21st Century Strategies for Financial InclusionJon Gosier
The wealth of black american households was decimated in 2008. This white paper outlines a strategy on how to structure new instruments for investment for black americans and other minority communities.
Hedge funds have evolved from an elite investment for wealthy individuals to an important tool for institutional investors like pensions and endowments. Over 65% of hedge fund assets are now owned by institutions rather than private investors. Adding hedge funds to investment portfolios can increase returns and lower risk by improving the probability of positive returns and reducing volatility. Studies estimate hedge funds could add $13.67 billion in annual returns to US public pensions and $1.73 billion to university endowments.
Sustainability issues are increasingly being factored into IPO planning and disclosures. More companies addressing sustainability risks and opportunities in SEC filings. Growing investor interest in environmental, social and governance issues leads companies to consider sustainability as part of overall business strategy and risk management.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Forward-‐thinking defined contribution retirement plan sponsors are recognizing the benefits of communicating to employees in a language
they can understand: monthly income. Investment solutions focused on income fundamentally improve the participant experience and ultimately deliver better outcomes.
Impact Investing: Flavor of the Month or Here to Stay?PabloVerra
A presentation delivered at the Impact Investment webinar at Universidad Torcuato Di Tella, introducing the main aspects of impact investment and the latest trends in Latin America.
The document discusses the findings of a survey on cost of capital practices conducted by the Association of Financial Professionals. Key findings include:
- 55% of respondents believe their cost of capital estimates are off by more than 50 basis points, indicating a lack of confidence in these projections.
- Only 15% of businesses communicate their weighted average cost of capital estimates company-wide.
- While most companies estimate cost of capital using discounted cash flow techniques, there is little consistency in how cash flows are estimated and the discount rate determined.
- Five years is the most common forecast period for explicit cash flows, but practices vary greatly for estimating terminal value beyond that point.
This budget analysis examines the financial health of Idaho Nonprofit Center (INP) using seven financial ratios calculated from INP's 2012 balance sheet and Form 990. The analysis finds that INP has a positive current ratio and low debt-to-equity ratio, indicating good cash flow and low debt load. However, INP only had three days of cash on hand, below the recommended minimum. Program expenses accounted for 84% of expenditures, and administrative and fundraising costs were within recommended limits. Overall the analysis finds INP to be in good financial shape except for low cash reserves, suggesting it focus on building a larger cash cushion.
This document discusses how Multiple Employer Plans (MEPs) can help provide retirement plans to uncovered workers, especially those employed by small businesses. It notes that about one-third of private sector workers currently do not have access to employer-sponsored retirement benefits. MEPs allow small businesses to pool resources and administrative functions, achieving economies of scale similar to large plans. Proposed legislation would make MEPs more accessible by removing commonality requirements among participating employers. MEPs have the potential to significantly increase retirement plan coverage for workers currently without access to benefits.
Ladder Capital - Investor Presentation (March 2019)Ladder Capital
Ladder Capital Corp presented an investor presentation in March 2019. The presentation contained forward-looking statements regarding potential future results and should not be relied upon as investment advice. Certain information was based on third party sources and not independently verified. The presentation included non-GAAP financial measures and definitions were provided. Ladder is an internally-managed commercial real estate finance REIT with $6.3 billion in total assets, including $3.3 billion in balance sheet loans and $1.2 billion in real estate equity.
The mainstreaming of alternative investmentsIwan Suryadi
- Alternative investments have doubled in AUM globally since 2005 to $6.5 trillion in 2011, growing much faster than traditional assets. Growth is expected to continue driven by increasing allocations from institutional and retail investors.
- Alternatives are moving into the mainstream investment market due to increasing adoption by retail investors, a shift from relative to absolute return benchmarks, and convergence of traditional and alternative products. This is fueling the next wave of growth in asset management.
- Mainstreaming is occurring through regulated retail investment vehicles that package alternative strategies for individual investors, growing the U.S. retail alternatives market to $700 billion or 7% of long-term retail fund AUM.
This document discusses sources of finance for small businesses and entrepreneurs. It begins by outlining learning outcomes related to understanding different sources of finance and issues around obtaining financing. It then provides an overview of internal and external sources of financing for small businesses. The document focuses on debt financing and discusses theoretical issues small businesses face in obtaining external financing, such as potential finance gaps. It also notes initiatives by governments and organizations to help address financing difficulties for small businesses.
Ladder Capital – Investor Presentation (March 2019)David Merkur
Ladder Capital Corp presented its investment strategy and financial performance. Key points include:
- Ladder has a fully integrated commercial real estate platform focused on senior secured lending across the capital stack. Notable competitive advantages include its experienced management team and national origination platform.
- Since its IPO, Ladder has grown total assets by 150% to $6.3 billion while only adding 11 employees, demonstrating scalability. Over 75% of revenue is recurring from net interest margin and rental income.
- Ladder targets an attractive core return on equity of 9-10% from real estate lending and investments, which is further enhanced by gains from asset sales and securitizations. Its after-tax core ROE was
China has rapidly become the second largest economy in the world and is expected to contribute two-fifths of global growth in 2012, however it faces significant challenges including a potential real estate slump, a growing bad debt problem in its financial system, and difficulties transitioning to a more consumption-based economy. The upcoming leadership change also brings uncertainty as the new leaders will need to navigate domestic and global economic issues while addressing issues such as corruption, inequality, and environmental degradation.
Effect of Leverage on Expected Stock Returns and Size of the FirmAakash Kumar
This document presents a study on the effect of leverage on expected stock returns and firm size for companies listed on the KSE100 index in Pakistan. It reviews previous literature that has found mixed results on the relationship between leverage and various performance measures. The study uses linear regression to analyze the impact of leverage on earnings-to-price ratio as a proxy for expected stock returns and market value as a proxy for firm size. Preliminary results are presented along with conclusions and recommendations for further study.
- The author recommends buying Berkshire Hathaway stock based on its low cost of capital from insurance float, stable and above-average investment returns, and strong financial position and reputation. Berkshire has consistently outperformed the S&P 500 by 50% over the past 5 years.
- Berkshire is engaged in insurance, utilities, energy, manufacturing, and other industries through subsidiaries. Its large investment portfolio includes stocks like Wells Fargo and Coca-Cola.
- Key risks include over-reliance on Warren Buffett and potential changes in insurance regulations that could limit investment options for float. However, the company has demonstrated strong performance for decades.
Private financing of renewable energy comes from a variety of financial institutions seeking different risk-return profiles. Venture capital invests in high-risk startups for returns over 50%. Private equity and infrastructure funds target somewhat lower risks for 25-15% returns. Pension funds and bank debt provide lowest risk financing for around 15% returns. Policy and regulatory risks are a key consideration for all financiers when investing in renewable energy projects and companies.
This presentation from February 2020 contains forward-looking statements about the Company's operations, financial performance, and risks. It notes that actual results could differ materially from what is presented. The document discusses the Company's global presence and advisory services in M&A, restructuring, and capital markets. It highlights the Company's consistent top performance, record revenues, healthy balance sheet, and commitment to returning capital to shareholders.
Updated Summary of Academic Research on Performance of Private Equity Investm...Brad Case, PhD, CFA, CAIA
This document summarizes 61 independent academic studies of private equity investment performance, with at least one key quotation from each study, plus a web link to each one.
Most of the empirical evidence suggests that private equity investments perform relatively poorly, but some reach the opposite conclusion--generally those that do not take into account leverage or illiquidity risk.
Several of the studies investigate the ill effects of poor alignment of interests between investment managers and their investors. Some find evidence that investment managers manipulate their reported returns while they are raising capital for a follow-on fund; others find evidence that investment managers make poor investments to deploy unused capital. One shows that the way returns to private equity funds are measured makes it possible to achieve no better than average results for decades but to report spectacular performance.
Questions? Contact me at bcase@nareit.com.
DST Systems, Inc. provides technology-based information and servicing solutions. It has segments in financial services, healthcare services, customer communications, and investments. A regression analysis calculated DST's beta against several indices, finding it most correlated to the S&P 500. Compared to the NASDAQ, DST has higher total risk and risk per unit of return but similar systematic risk. DST's financial analysis found increasing shareholder equity and decreasing liabilities over time. Valuation models using conservative growth rates found DST to be overvalued compared to its current stock price.
21st Century Strategies for Financial InclusionJon Gosier
The wealth of black american households was decimated in 2008. This white paper outlines a strategy on how to structure new instruments for investment for black americans and other minority communities.
Hedge funds have evolved from an elite investment for wealthy individuals to an important tool for institutional investors like pensions and endowments. Over 65% of hedge fund assets are now owned by institutions rather than private investors. Adding hedge funds to investment portfolios can increase returns and lower risk by improving the probability of positive returns and reducing volatility. Studies estimate hedge funds could add $13.67 billion in annual returns to US public pensions and $1.73 billion to university endowments.
Sustainability issues are increasingly being factored into IPO planning and disclosures. More companies addressing sustainability risks and opportunities in SEC filings. Growing investor interest in environmental, social and governance issues leads companies to consider sustainability as part of overall business strategy and risk management.
Effect of Directors’ Tunneling on Financial Performance of Selected Listed De...ijtsrd
This study investigated the effect of directors’ tunneling on financial performance of selected listed Deposit Money banks in Nigeria. A sample of 10 Deposit Money banks listed on the Nigerian Stock Exchange for a period of 9 years from 2012 2020 was selected. Secondary method of data collection was adopted data was sourced from the Nigerian Stock Exchange fact book. This study applied the longitudinal research design. Data collected were analyzed using Ordinary Least Square regression Method. The results show that for Deposit money banks in Nigeria, directors’ remuneration has a positive insignificant effect on return on asset financial performance . This study therefore concluded that directors’ tunneling have an insignificant positive effect on financial performance of selected listed Deposit Money banks in Nigeria and recommended that regulators should make it mandatory for listed banks to clearly show all the remunerations and bonuses in monetary value on the annual reports and accounts to enable stakeholders determine the extent to which shareholders wealth maximization objective is in pursuit, thereby reducing the possibility of corporate tunneling. Amaka Silver Anah | Okenwa Cyprian Ogbodo | Akinroluyo Bankole Isaac "Effect of Directors’ Tunneling on Financial Performance of Selected Listed Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49174.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/49174/effect-of-directors’-tunneling-on-financial-performance-of-selected-listed-deposit-money-banks-in-nigeria/amaka-silver-anah
This report analyzes venture capital investment in the Denver metro area from 2008 to 2012. Some key findings:
- Total venture capital funding declined sharply from $300 million in early 2008 to a low of $60 million in late 2012 due to the economic downturn, but has begun to recover in recent years.
- Denver ranked 8th among peer cities in deal count and 9th in total funding over this period.
- Funding has shifted towards earlier and later stage businesses, with less at the seed stage due to high risk.
Financial Structure and the Financial Performance of Quoted Consumer Goods Fi...ijtsrd
The study investigated the effect of financial structure on the financial performance of quoted consumer goods firms in Nigeria. The study used profit after tax PAT to represented financial performance as the dependent variable while financial structure was disintegrated into Short Term Debt STD , Long Term Debt LTD , share capital SC and retained earnings RE as the independent variable. The data for the study were obtained from the Financial Statement and Annual Reports of the selected firms. The data set comprised fifty 50 observations comprising five year time series data spanning 2010 to 2019 from ten firms in the consumer goods sector. The panel regression technique based on Fixed and Random Effects were used for data analyses. The Hausman test showed that the Fixed Effect model is more suitable for the study. The findings revealed that STD and SC have significant positive effects on the PAT of consumer goods firms in Nigeria while LTD and RE were found to have positive but no significant effect on the PAT of consumer goods firms in Nigeria. The study conclude that b working capital management is an efficient tool for the consumer goods subsector in Nigeria. Among the contributions of the study is the use of all the four sources of funds and the use of profit after tax that tends to capture the overall effect of the various fund sources on the holistic profitability of the consumer goods firms. The recommendations included use of share capital for long term investment and working capital management for operations. Daniel, Prince Chinwendu | Dr. Joseph A. Nduka "Financial Structure and the Financial Performance of Quoted Consumer Goods Firms in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37967.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/37967/financial-structure-and-the-financial-performance-of-quoted-consumer-goods-firms-in-nigeria/daniel-prince-chinwendu
Plan sponsors hire and fire investment management firms to manage retirement plan assets totaling $6.3 trillion. The study examines the hiring and firing decisions of 3,400 plan sponsors between 1994-2003. It finds that plan sponsors hire managers after periods of strong excess returns, but these returns do not continue afterward. Managers are terminated for various reasons, including but not limited to underperformance, and excess returns after firings are indistinguishable from zero. When comparing returns from fired vs. newly hired managers, staying with fired managers would have yielded similar returns. Hiring and firing patterns vary based on plan sponsor characteristics.
An Empirical Analysis on the Nature of Relationship between Capital Structure...iosrjce
The financing decision with regard to capital structure theory of finance has been a topic of many
theories and their conflicting output for past many years. This paper aims to analyse the nature of relationship
between the capital structure of a firm and its performance. The data of 40 firms excluding financial services
firms listed on Nifty indices on National Stock Exchange is studied (The composition of 50 firms on Nifty
represents a well branch out index reflecting precisely the overall market conditions). Financial services firms
have been excluded from purview of this paper, as they are in the business of collecting money and investing in
financial assets rather than producing goods, hence follow a unique business valuation model. Further financial
services sector being one of the most sensitive sectors. This paper analyzes a period of 13 years (2001-2014)
covering the phases of a business cycle starting from boom (2001/02-2006/07), recession (2007/08-2008/09)
and then recovery (2009/10-2013/14). The complete business cycle will aid to demonstrate the results more
accurately. This paper also surveys the topical developments in the empirical capital structure research. The
data for a period of 13 years is analysed using descriptive statistics, correlation and multiple regression
techniques. For research purpose, the ratios such as debt-equity ratio, debt-asset ratio and long term debt are
taken as independent variables whereas Net Profit, Net Profit Margin, ROCE, ROE and ROA are the ratios
taken as dependent variables.
With heavyweights like PIMCO entering the managed futures mutual fund space, interest appears to be rising from both investors and asset managers in this investment vehicle. PIMCO recently filed documents with the SEC for a new mutual fund that will pursue a quantitative trading strategy to capture trends in global markets and commodities. While PIMCO declined to comment, analysts from Morningstar indicate the interest from a large firm like PIMCO shows ongoing demand for managed futures despite poor performance in recent years.
The document discusses using the information ratio to measure the performance of mutual funds relative to a benchmark. It defines the information ratio as the excess return of a portfolio over the benchmark return, divided by the tracking error. A higher information ratio means a fund's performance is more consistent relative to the benchmark. The document also notes limitations of the information ratio include needing substantial data and being sensitive to the chosen benchmark.
8-15 Fund Size And Performance Of Unit Trust Funds In KenyaGina Brown
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1. DHR International N.A.
US Endowments & Foundations
Compensation, Investment Performance & Asset Allocation Study
December 2011
Aneil Luhan, Vice President
Atlanta | Boston | Chicago | Houston | Indianapolis | Los Angeles
Milwaukee | Minneapolis | New York City | San Francisco | St. Louis | Stamford | Washington D.C.
2. DHR International
ENDOWMENTS & FOUNDATIONS
Table of Contents
Executive Summary Page 3
Page | 2
Surveyed Participants Page 4
Compensation Page 5
Asset Allocation Page 6
Endowment vs. Foundation Page 8
Performance Page 9
Trends Page 10
People Moves Page 11
Please address any questions or comments regarding this survey to:
Aneil Luhan
Vice President, Financial Services Practice
DHR International I Suite 2220 I 10 S. Riverside Plaza, Chicago, IL 60606
aluhan@dhrinternational.com I 312.782.1581
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3. DHR International
ENDOWMENTS & FOUNDATIONS
Executive Summary
DHR International periodically conducts a comprehensive survey and reports on compensation,
people moves and general sector trends. Our Financial Services Practice has focused on researching,
analyzing and reporting the quantifiable information pertaining to specialized sectors within the
market vertical. The primary purpose of the study is to provide greater insight into compensation Page | 3
trends at the Chief Investment Officer level, asset allocation developments, investment performance
and a summary of people moves across specialized sectors.
Data was compiled by using both primary and secondary sources. Primary sources included telephone
and face-to-face interviews with prominent investment professionals within each of the respective
organizations – Chief Investment Officers and Senior Portfolio Managers – as well as annual and
quarterly reports. Secondary sources include third-party databases and news sources from online
providers. Whilst endeavoring to provide a rigorous research process, complete sets of data could not
always be provided for each section given the confidential nature of the information being obtained.
DHR International began compiling real-time data in May 2011, making subsequent amendments as
changes to specific data points occurred, e.g. asset allocation or compensation changes. Fiscal Year is
factored into our results as 1 July – 30 June, and is applicable to compensation and investment
performance data. All financial values are in USD.
We surveyed and reported on a total of 118 endowments and foundations, representing a total
market value of $420.9 billion. Assets under management range from $800m to $32 billion, with the
median fund size of $3.5 billion. Seventy five percent of respondent had assets under management of
$1-5 billion.
The study found marked difference in compensation, asset allocation and investment performance
when compared by fund type and size. Average compensation for CIO’s is roughly equal between
endowments and foundations, though endowments have a more extreme compensation range. The
general trend also showed that compensation increases with fund size. However, fund size does not
translate into significantly differing performance. Endowments & Foundations will be looking to
increase their allocation to alternatives – Private Equity, Hedge Funds, Infrastructure and
Commodities – and emerging markets in the coming years.
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4. DHR International
ENDOWMENTS & FOUNDATIONS
Surveyed Participants
DHR International focused its efforts to interview and gather data on endowments and foundations
across the US. For endowments, we endeavored to cover a variety of educational institutions,
including public, regional, private, liberal arts and specialized universities. This 2011 survey examined
compensation, asset allocation and investment performance for a total of 118 funds. This includes 74 Page | 4
endowments and 44 foundations with a collective market value of $420.9 billion.
The tables below break down the assets among respondents by fund type and assets under
management:
Type Number of Funds Market Value (Bln)
Endowments 74 278.2
Foundations 44 142.7
Asset Size Number of Funds Market Value (Bln)
(Billions)
<1 3 2.5
1-2 62 86.7
2-5 28 91
5-10 17 114.7
> 10 6 124
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5. DHR International
ENDOWMENTS & FOUNDATIONS
Compensation
The latter half of 2011 was an active period by all accounts with, a larger degree of turnover resulting
from retirements, abrupt departures, internal promotions and new opportunities arising within
competitor institutions. During the course of the downturn, 2008-09 in particular, employed
individuals were primarily focused on “weathering the storm” in order to ensure that they were Page | 5
sufficiently protected from layoffs. With increased economic confidence, we are seeing a rise in
willingness to consider new options.
From an employer’s standpoint, the downturn in the
markets forced organizations to evaluate their bottom
line and make cuts where necessary. In the endowment
and foundations sectors, there was an ever-present need
to cut unproductive staff, and at the same time
incentivize high performance employees. Despite relative
insecurity in the market, the demand remained for
investment professionals capable of generating steady
returns through bull and bear markets. Endowments and
foundations have generally paid employees better than
public pension plans, with greater incentives through pay-
for-performance structures. Moving forward, both types
of institution will need to focus on performance-related
pay in order to attract talent.
The median compensation for CIO’s at endowments and
foundations remain closely correlated. Base salaries
continue to be in the range of $200,000-$350,000, with
total compensation ranging from $350,000-$800,000.
Seventy percent of respondents have a base salary
between $200,000 and $350,000 with their total
compensation ranging from $350,000 to $800,000. The
main difference between endowments and foundations is
at the extremities. The lowest salaries for endowments
and foundations were $200,000 and $220,000
respectively, but highest salaries were $4.75m and $2.8m
respectively. Furthermore, a greater percentage of
endowment CIO’s were remunerated above $2m per
annum than foundation CIO’s. The most significant finding
shows that annual compensation increases based upon a
fund’s assets under management, regardless of
investment performance. Therefore, if two managers
record equivalent investment performance, their annual
compensation will be greatly determined by the sum total of the assets each manages.
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6. DHR International
ENDOWMENTS & FOUNDATIONS
Asset Allocation
DHR’s asset allocation survey focused on ten categories listed in the table below. The percentage
breakdown represents weighted averages. As such, the portfolios of the largest funds had a greater
influence on the results.
Page | 6
Total Assets Breakdown Market Total
Value Assets
(Blns) (Median)
Total Assets 420.9 100%
Domestic Equity 78.7 18.7%
Domestic Fixed Income 55.1 13.1%
Global/International Equity 59.8 14.2%
Global International Fixed Income 1.7 0.4%
Emerging Markets Equity 4.6 1.1%
Private Equity 70.7 16.8%
Hedge Funds 83.3 19.8%
Real Estate 20.6 4.9%
Inflation Hedging/Other 38.7 9.2%
Cash 7.6 1.8%
The asset classes representing the largest allocations were hedge funds, domestic equity, private
equity and global/international equity. Collectively these figures represent approximately 70%
exposure to equity. Significant allocations also include domestic fixed income, inflation hedging and
real asset type asset classes. Collectively these six asset classes represented almost 80% of the $420.9
billion surveyed. Investments in the remaining asset classes accounted a much smaller proportion of
total assets.
Surveyed funds reported diversified investment
portfolios, with a large proportion of non-
correlated assets. Increasingly larger allocations to
alternative investments, commodities,
infrastructure and real estate provided enhanced
returns through 2010-11. Despite suffering from
significant losses in 2008-09, the
endowment/foundation model is providing a
benchmark for achieving “equity-like” returns,
non-correlated to the US market cycle.
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7. DHR International
ENDOWMENTS & FOUNDATIONS
Endowments Allocation
With approximately 20.3%, endowments had the highest allocation to hedge funds in 2011. This
figure is closely followed by domestic equities (18.1%), private equity (16.1%), global/international
equity (14.1%) and domestic fixed income (13.2%). Endowments also had the largest allocation to
alternative asset classes in general, representing over 40% of their portfolio. Page | 7
Endowments Asset Breakdown Market Total
Value Assets
(Blns) (Median)
Total Assets 278.2 100%
Domestic Equity 50.4 18.1%
Domestic Fixed Income 36.7 13.2%
Global/International Equity 39.2 14.1%
Global International Fixed Income 1.1 0.4%
Emerging Markets Equity 3.1 1.1%
Private Equity 44.8 16.1%
Hedge Funds 56.47 20.3%
Real Estate 14.5 5.2%
Inflation Hedging/Other 26.7 9.6%
Cash 5.3 1.9%
Foundations
The average alternatives exposure for foundations was 38%, with 18.1% and 17.3% allocation to
private equity and hedge fund respectively. Foundations also had an 8.2% exposure to infrastructure,
commodities and other inflation hedging assets. Indications show that future years will provide
greater allocation to asset classes that provide higher returns within low-risk parameters.
Foundations Asset Breakdown Market Total
Value Assets
(Blns) (Median)
Total Assets 142.7 100%
Domestic Equity 33.2 23.3%
Domestic Fixed Income 17.7 12.4%
Global/International Equity 20.8 14.6%
Global International Fixed Income 0.1 0.1%
Emerging Markets Equity 1.7 1.2%
Private Equity 25.8 18.1%
Hedge Funds 24.7 17.3%
Real Estate 4.6 3.2%
Inflation Hedging/Other 11.7 8.2%
Cash 2.3 1.6%
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8. DHR International
ENDOWMENTS & FOUNDATIONS
Endowment vs. Foundation Asset Allocation
Our survey results showed that both endowments and foundations have sought out diverse
investment opportunities, incorporating a blend of equity, fixed income, real estate, private equity,
commodities, infrastructure and emerging market asset classes. Whilst continuing to incorporate
domestic stocks and bonds as well as global/international equity and fixed income, the predominant Page | 8
focus of both types of funds rests on diversification away from traditional asset classes to alternative
asset classes.
Many endowments and foundations are allocating 15-20% toward absolute return strategies, and
reducing their fixed income exposure. CIO’s deduce that this type of strategy will lead to stabilized
returns over the long-term given that absolute return strategies respond to all types of market
conditions, while bonds do not participate equally in strong markets. Furthermore, commodities,
infrastructure, emerging market equities and real estate have gained increased prominence in
endowment and foundation portfolios.
Participation in private equity and venture capital investments has fluctuated very little over the past
few years. Foundations generally have a higher allocation to private equity type investments;
however the asset class remains an important allocation to both types of funds. Despite poor returns
in recent years, private equity/venture capital is viewed as a critical component in the asset allocation
for both endowments and foundations alike.
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9. DHR International
ENDOWMENTS & FOUNDATIONS
Performance
Endowments fared better than foundations in the past few years. Between 2009 and 2011,
endowments out-performed foundations by an average of 65 basis points. Despite significant losses
in FY 2009 (-19.1% on average), both endowments and foundations had erased the differential by FYE
2011 (19.8% and 19.1% respectively). However, with markets tumbling in Q$ 2011, performance once Page | 9
more receded into negative territory. Endowments managed to stymie losses due to a higher
allocation to absolute return strategies, commodities and other real assets as well as lower
allocations to domestic equities and private equity/venture capital. Despite significant losses in FY
2009, the last two years resulted in exceptional returns as the market grew in confidence. Yet, given
the deteriorating situation in Europe and resultant figures closer to home, the FY 2012 has gotten off
to a cumbersome start.
Recent years showed that funds with greater assets outperformed those with smaller funds when the
markets were strong, but small funds fared better in weaker markets. Funds between $2-10 billion
generally performed better whilst the market posted negative returns in 2009; however larger funds
posted greater returns in the stronger markets of 2010 and 2011. Our results showed that funds with
higher assets tended to have a higher allocation to hedge funds and other higher-yielding asset
classes and hence could weather this more recent downturn better than funds with less
diversification. In the long run, greater assets under management may well result in greater
opportunities at home and overseas, allowing larger funds to gain increased prominence.
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10. DHR International
ENDOWMENTS & FOUNDATIONS
Trends
During the course of our research we asked participating CIO’s and Senior Portfolio Managers about
likely asset allocation trends in the near future. In particular, we were keen to ascertain the allocation
changes regarding the asset classes discussed thus far. Our research uncovered the following asset
allocation considerations for the coming three years: Page | 10
Our findings highlighted that investors turned negative towards sovereign debt – primarily as a result
of concerns over the Eurozone – and also towards core equity classes. The outlook over the next
three years is likely to be one of diversification from core asset classes into alternatives, with real
estate, infrastructure, private equity and hedge funds attracting the strongest interest. Despite
stagnation in fixed income asset classes, anticipated increases in allocation to alternatives is likely to
come from equities.
Entry into emerging market equities is also likely to increase steadily over the next three years. As
equities in the domestic and global markets yield lesser returns, funds will likely access the potential
of harnessing greater risk-adjusted returns through investments in emerging markets, in particular
BRIC countries as well as peripheral Asia-Pacific and South American countries.
Respondents indicated plans to make changes to their risk management approach, increasing the
sophistication of their internal decision making and governance processes. Across endowments and
foundations, investors are seeking greater transparency. Larger institutions are trending towards
separately managed accounts, but nearly all respondents want greater accountability from external
managers.
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11. DHR International
ENDOWMENTS & FOUNDATIONS
People Moves (2011)
Jonathan Glidden joined Delta Airlines as Managing Director for Pensions. He previously held the
Director of Manager Research and Portfolio Construction designation at Wilmington Trust.
Karl Scheer joined University of Cincinnati as Chief Investment Officer. He previously held a senior Page | 11
manager role at Summer Hill Capital Partners, a low-profile multi-family office controlled by the
Farmer family of Cincinnati
Trent May joined Koch Industries as Chief Investment Officer for the family office and foundation. He
previously held the CIO designation for Wyoming Retirement System.
John Devir joined PIMCo as Executive Vice President for the Credit Analysis team. The move comes as
controversial following Mr. Devir’s acceptance of a Managing Director position within Harvard
Management Co. which he subsequently turned down. Mr. Devir was previously Head of Equity
Strategies for Barclays Capital.
Du Chai joined Horsley Bridge Partners as Managing Director. He previously held a Managing Director
designation for Private Investments and Real Assets at Northwestern University.
John Regan leaves Cornell University to start Permanens Capital Advisors. He previously held a Senior
Investment Officer designation within the endowment.
Michael Reist was promoted by Phillips Academy endowment as Chief Investment Officer. He
previously held the Director of Investments designation at the endowment.
Ken Frier stepped down as Chief Investment Officer of Stanford Management Co. He joined SMCo in
August 2010 from Hewlett-Packard Co.
Allison Kendrick Thacker joined Rice Management Co. as Chief Executive Officer and Chief Investment
Officer. She previously held a Managing Director designation within RS Investments.
Meredith Jenkins and Kim Lew were promoted to Co-Chief Investment Officers of the Carnegie
Corporation Foundation. They replace D. Ellen Schuman who resigned for personal reasons.
Satu Parikh joined Harvard Management Co. as Head of Commodities. He previously held the
President and Head of Trading with RBS Sempra Commodities.
Lisa Mazzocco joined USC endowment as Chief Investment Officer. She previously held the CIO
designation within the Los Angeles County ERA Pension Fund.
Mansco Perry III joined Macalester College as Chief Investment Officer. He previously held the CIO
designation within the Maryland State Retirement Agency.
Michael Barry joined Georgetown University as Chief Investment Officer. He previously held the CIO
designation within the University System of Maryland Foundation.
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12. DHR International
ENDOWMENTS & FOUNDATIONS
Rosalind Hewsenian was promoted to Chief Investment Officer of the Leona M. and Harry B. Helmsley
Charitable Trust in New York. She was previously Deputy CIO, and replaces Linda Strumpf.
Michael Abbott stepped down as Chief Investment Officer of Cornell University. A.J. Edwards, Senior
Investment Officer, steps in a Interim Chief Investment Officer.
Page | 12
Lisa Danzig joined Post Rock Advisors as Managing Director. She previously held the CIO designation
within the Rockefeller University endowment.
Daniel Arlandson joined University of Minnesota Foundation Investment Advisors as an Investment
Manager. He previously held a Senior Investment Associate designation at Jeffrey Slocum & Co.
James Cuno joined J. Paul Getty Trust as President and Chief Executive Officer. He previously held the
President designation for the Art Institute of Chicago.
Clarrissa Hunnewell joined Boston University as Chief Investment Officer. She previously held a
Managing Director role within Cambridge Associates.
Nicholas Warren joined Brandeis University as Chief Investment Officer. He previously held a
Managing Director role within Cambridge Associates.
Pamela Peedin joined Dartmouth University as Chief Investment Officer. She previously held the CIO
designation at Boston University.
Rene Canazin joined Harvard Management Co. as Managing Director and Senior Portfolio Manager
for Debt Markets. He previously held a Managing Director and Head of U.S. Credit and Global High
Yield Trading at Barclays Capital.
Amy Falls joined Rockefeller University as Chief Investment Officer. She previously held the CIO
designation within the Phillips Academy endowment.
Sid Browne stepped down as Chief Investment Officer of Yeshiva University.
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