Ermitage Asset Management is a hedge fund manager founded in 1975 that employs a macro-driven investment approach. It utilizes specialized teams and proprietary systems to select hedge fund managers and construct portfolios designed to perform across different market environments. Ermitage provides customized portfolio solutions for institutional clients seeking specific risk-return profiles.
The document discusses challenges that investors face with current investment options and introduces Spoke Funds as a better alternative. It summarizes key limitations of mutual funds, hedge funds, and ETFs in meeting investors' needs around alignment of interests, transparency, accessibility, and liquidity. The document then introduces Spoke Funds, noting their key advantage is that the portfolio manager invests their own money alongside investors'. It provides an overview of The Mosaic Portfolio, a long-term, business-owner approach to investing run by The Free Investors. The Free Investors aims to be accessible, transparent, invest for the long-term, have no conflicts of interest, be low cost, and independent.
This document discusses the growth of long-short Ucits funds in Europe and whether they should be considered hedge funds. It finds that only 40% of surveyed long-short funds describe themselves as hedge funds. The document analyzes the funds launched in the past nine months by asset size, fees, and performance. While the funds aim to generate positive returns in all markets, performance data is limited and average returns are below long-only equity funds. Overall the document examines the characteristics and popularity of these new long-short Ucits funds.
10 Year Anniversary Tocqueville Value Europefitzgeralddon
The long-only equity fund that we manage, Tocqueville Value Europe, celebrated its 10th Anniversary on April 1st.
Thanks to our approach to value investing we managed to comfortably outperform European equity markets and over 95% of comparable funds over the past decade with a lower than average volatility.
In fact, over the last decade the fund is ranked 2nd out of 67 funds in the general European equities category marketed in France.
We have always been transparent in our communications with investors. To this end, we have prepared the attached presentation to share with our clients.
It deals with our approach to value investing, the sources of the fund\’s out-performance and how we are managing the fund in the current environment.
This document provides an introduction and overview of the FIN1613: Business Finance course at the Australian School of Business, UNSW. It outlines the key concepts that will be covered, including world views on business ownership and investment decisions. It discusses the roles and responsibilities of financial managers in making investment and financing decisions. It also defines important terminology related to firm ownership structures, including sole traders, partnerships, corporations, equity, debt, and agency costs. The document compares the characteristics of different types of business entities and ownership.
The document discusses current challenges in structuring domestic portfolios. It notes money market outflows in Q2 2012 while unit trusts saw inflows. Balanced funds have been outperforming due to their diversification, flexibility, and strong equity and fixed income teams. The core PSG funds range from high to low risk. The philosophy is to be consistent, conservative, and contrarian in investments. Portfolios are constructed based on moats, management, and margin of safety analysis of companies. Current portfolio themes include offshore, mid-cap domestic industrials, large-cap industrials and resources.
Altium Capital is a leading European corporate finance firm with offices across Europe and North America. It provides a full range of investment banking services including mergers and acquisitions, corporate finance advisory, equity and debt capital markets, and valuations. The Athens office focuses on transactions in Greece and emerging markets in Central and Eastern Europe and North Africa.
The document provides an overview of the Alternative Investment Fund Managers Directive (AIFMD), a new regulatory regime for hedge funds and private equity funds being implemented in the European Union. It discusses what the AIFMD is, who it affects, key requirements around registration, conduct of business, transparency and leverage, and a timeline for implementation. It also analyzes different fund structures and how managers can take advantage of the European passport once compliant with AIFMD.
The document discusses challenges that investors face with current investment options and introduces Spoke Funds as a better alternative. It summarizes key limitations of mutual funds, hedge funds, and ETFs in meeting investors' needs around alignment of interests, transparency, accessibility, and liquidity. The document then introduces Spoke Funds, noting their key advantage is that the portfolio manager invests their own money alongside investors'. It provides an overview of The Mosaic Portfolio, a long-term, business-owner approach to investing run by The Free Investors. The Free Investors aims to be accessible, transparent, invest for the long-term, have no conflicts of interest, be low cost, and independent.
This document discusses the growth of long-short Ucits funds in Europe and whether they should be considered hedge funds. It finds that only 40% of surveyed long-short funds describe themselves as hedge funds. The document analyzes the funds launched in the past nine months by asset size, fees, and performance. While the funds aim to generate positive returns in all markets, performance data is limited and average returns are below long-only equity funds. Overall the document examines the characteristics and popularity of these new long-short Ucits funds.
10 Year Anniversary Tocqueville Value Europefitzgeralddon
The long-only equity fund that we manage, Tocqueville Value Europe, celebrated its 10th Anniversary on April 1st.
Thanks to our approach to value investing we managed to comfortably outperform European equity markets and over 95% of comparable funds over the past decade with a lower than average volatility.
In fact, over the last decade the fund is ranked 2nd out of 67 funds in the general European equities category marketed in France.
We have always been transparent in our communications with investors. To this end, we have prepared the attached presentation to share with our clients.
It deals with our approach to value investing, the sources of the fund\’s out-performance and how we are managing the fund in the current environment.
This document provides an introduction and overview of the FIN1613: Business Finance course at the Australian School of Business, UNSW. It outlines the key concepts that will be covered, including world views on business ownership and investment decisions. It discusses the roles and responsibilities of financial managers in making investment and financing decisions. It also defines important terminology related to firm ownership structures, including sole traders, partnerships, corporations, equity, debt, and agency costs. The document compares the characteristics of different types of business entities and ownership.
The document discusses current challenges in structuring domestic portfolios. It notes money market outflows in Q2 2012 while unit trusts saw inflows. Balanced funds have been outperforming due to their diversification, flexibility, and strong equity and fixed income teams. The core PSG funds range from high to low risk. The philosophy is to be consistent, conservative, and contrarian in investments. Portfolios are constructed based on moats, management, and margin of safety analysis of companies. Current portfolio themes include offshore, mid-cap domestic industrials, large-cap industrials and resources.
Altium Capital is a leading European corporate finance firm with offices across Europe and North America. It provides a full range of investment banking services including mergers and acquisitions, corporate finance advisory, equity and debt capital markets, and valuations. The Athens office focuses on transactions in Greece and emerging markets in Central and Eastern Europe and North Africa.
The document provides an overview of the Alternative Investment Fund Managers Directive (AIFMD), a new regulatory regime for hedge funds and private equity funds being implemented in the European Union. It discusses what the AIFMD is, who it affects, key requirements around registration, conduct of business, transparency and leverage, and a timeline for implementation. It also analyzes different fund structures and how managers can take advantage of the European passport once compliant with AIFMD.
The document outlines the five key concepts of structured investing:
1) Accept market efficiency and focus on low-cost institutional asset classes rather than active management.
2) Take risks worth taking like investing in global stocks across large and small cap sizes and value factors.
3) Customize portfolios for individual goals through one of 270 model portfolios.
4) Effectively diversify across asset classes, geographies, securities, and styles to reduce risk.
5) Exercise patience and discipline by maintaining a long-term perspective and rebalancing periodically.
The document outlines the agenda and materials for Swiss Re's Investors' Day on June 15, 2005. It includes presentations on corporate strategy, Swiss Re's global business, risk management, asset management strategy, capital adequacy and outlook. The asset management strategy section discusses Swiss Re's absolute return approach to investment management, including constructing replicating portfolios to determine insurance liability values and tailoring investments to maximize shareholder returns while considering liability structures. Active management examples provided include equity exposure management and fixed income duration adjustments.
Features of a Captive Insurance Strategy CBIZ, Inc.
A captive insurance company allows businesses to minimize risk mitigation costs by recapturing underwriting profits usually earned by commercial insurers. It provides broader coverage than commercial insurance, including risks that are hard to insure. Using a captive insurance strategy can reduce insurance costs by 30-40% by allowing businesses to deduct premiums paid and retain investment income. Captives provide flexibility in coverage options and claims control processes.
DeA Capital is De Agostini Group's vehicle for alternative investments. It has two lines of business: private equity investments including direct investments and indirect investments through funds; and alternative asset management with over €10 billion under management in real estate and private equity funds. Notable direct investments include stakes in Generale de Santé, the largest private healthcare operator in France, and Migros Turk, the largest supermarket chain in Turkey. DeA Capital also invests in funds like the IDeA Opportunity Fund focused on Italian mid-market companies.
Aicpa Jan 2012 Miccolis State-of-the-Art Portfolio Designjmiccolis
Jerry Miccolis gave a presentation on using an enterprise risk management (ERM) approach to portfolio design. He discussed how ERM principles like strategic focus, natural hedging, risk exploitation, and catastrophe protection can be applied to individual investing. Modern portfolio theory provides a conceptual framework, but its tools need updating to account for realistic risks and return distributions over time. A properly diversified portfolio following ERM principles can help investors meet financial objectives while managing various risks.
This document provides a performance review of investment funds for the week ending December 30, 2011. It includes indexes of funds organized by strategy and by fund name. The top and bottom 20 performing funds are listed, along with a newsletter section and disclaimer.
This document provides a weekly investment funds performance review from an alternative investment group. It includes indexes of strategies and funds, a top/bottom 20 list of best and worst performing funds, and a newsletter section with various fund news and commentary. The disclaimer at the end indicates this is an internal HSBC document and unauthorized dissemination is prohibited.
The document summarizes an All Cap Core investment strategy managed through UBS Financial Services' Portfolio Management Program (PMP). The strategy aims to achieve positive total returns across asset classes including equities, closed-end funds, and ETFs. It takes an opportunistic approach and does not focus on a single market cap, growth, or value style. The portfolio managers lead a team approach to research and use predefined criteria to make buy and sell decisions. Fees are an inclusive flat rate paid quarterly based on assets.
The document discusses concepts related to investment including definitions of investment, speculation, and gambling. It defines investment as the employment of funds on assets with the aim of earning income or capital appreciation over time while accepting risk. Speculation is described as short-term trading of securities in hopes of profiting from price changes, while gambling relies solely on chance. The document also outlines the investment process, constraints that impact investment decisions, and different investment strategies such as active versus passive portfolio strategies.
This document is an estimated monthly NAV report from Fairfield Greenwich Group for November 2008. It provides the name, investment strategy, net asset value, month-to-date return, and year-to-date return for 39 different funds managed by Fairfield Greenwich Group. The funds cover a wide range of strategies including equity long/short, arbitrage, multi-manager, and macro funds focused on regions including Greater China, Asia, Australia, and Japan. Performance varied significantly among the funds, with month-to-date returns ranging from -9.09% to 5.67% and year-to-date returns from -58.25% to 24.57%.
1) The document discusses investment strategies for advisors in today's challenging market landscape characterized by a secular stock bear market, inflation threats, and low bond returns.
2) It introduces Emerald's alternative asset allocation approaches across three strategies - Hybrid, Concentrated Equity, and Global Cycle - that aim to preserve capital, provide growth, and avoid style-box thinking.
3) The strategies utilize various mutual funds and investment styles, including hedged funds, theme-based funds, and short positions, to capture upside while limiting downside in different market environments over timeframes of 3+ years.
Подход к IR с позиции специалиста по рынкам акционерного капиталаRTS Stock Exhange
The document discusses improving the standard IPO process through a more balanced and collaborative approach between issuers and investors. It proposes broader and deeper marketing that maps over 380 investors, with fewer overlaps in bank coverage. This would lead to more accurate pricing, greater liquidity, and wider research coverage through a focus on education and transparency throughout the process.
This document is a portfolio management case study analyzing the risk-adjusted performance of the Multi-Employer Property Trust (MEPT), an open-end diversified core equity commercial real estate fund. It discusses real estate investment strategies, fund structures, and the importance of analyzing risk-adjusted returns rather than just raw returns. The case study will evaluate MEPT's risk-adjusted performance and identify portfolio characteristics that enhance investment efficiency.
Gibraltar Asset Management Limited (GAM) is an independent asset management firm regulated by the Financial Services Commission and a member of the London Stock Exchange. GAM offers execution-only, advisory, and discretionary portfolio management services. For discretionary clients, GAM's Investment Committee builds model portfolios based on asset allocation across equities, fixed income, and other asset classes tailored to clients' risk tolerance and time horizon. Client assets are held with a third-party custodian and GAM provides regular reporting including online access, statements, and notifications of corporate actions.
Company X is seeking funding to commercialize and market a patented widget process that increases effectiveness by 60% and decreases costs by 40% compared to existing solutions. The technology platform utilizes a patented process that drives faster, better, and cheaper products and services while being backward compatible with legacy systems. An analysis of the target market identified approximately 120 potential customer companies with annual widget purchases between $1-12 million per company, representing a billion dollar market opportunity for growth.
The document summarizes key concepts from Lecture 4, which covered introduction to market risk, modelling volatility, and VaR models. It began with an overview of market risk and risk measurement, including the classification of various financial risks. It then discussed modelling volatility using standard approaches, GARCH models, and exponentially weighted moving average (EWMA) models. The lecture concluded with an introduction to VaR models for measuring market risk.
This document provides an overview of the steps involved in conducting a systematic review and meta-analysis. It discusses defining a research question, developing search strategies to identify relevant studies, establishing inclusion/exclusion criteria, selecting studies, extracting effect sizes from studies, and conducting a statistical analysis to summarize results. The goal is to synthesize research evidence in a transparent, reproducible manner to answer the research question.
This document provides definitions and examples of key concepts for estimating risk from epidemiological studies, including probability, odds, relative risk, and absolute risk. It discusses how relative risk is calculated from cohort and case-control study designs. Relative risk compares the risk of an outcome between exposed and unexposed groups to determine if exposure is associated with increased risk. The odds ratio, which estimates relative risk, is presented as the measure used to assess association in case-control studies. Examples are provided to demonstrate calculating and interpreting these risk measures.
The document outlines the five key concepts of structured investing:
1) Accept market efficiency and focus on low-cost institutional asset classes rather than active management.
2) Take risks worth taking like investing in global stocks across large and small cap sizes and value factors.
3) Customize portfolios for individual goals through one of 270 model portfolios.
4) Effectively diversify across asset classes, geographies, securities, and styles to reduce risk.
5) Exercise patience and discipline by maintaining a long-term perspective and rebalancing periodically.
The document outlines the agenda and materials for Swiss Re's Investors' Day on June 15, 2005. It includes presentations on corporate strategy, Swiss Re's global business, risk management, asset management strategy, capital adequacy and outlook. The asset management strategy section discusses Swiss Re's absolute return approach to investment management, including constructing replicating portfolios to determine insurance liability values and tailoring investments to maximize shareholder returns while considering liability structures. Active management examples provided include equity exposure management and fixed income duration adjustments.
Features of a Captive Insurance Strategy CBIZ, Inc.
A captive insurance company allows businesses to minimize risk mitigation costs by recapturing underwriting profits usually earned by commercial insurers. It provides broader coverage than commercial insurance, including risks that are hard to insure. Using a captive insurance strategy can reduce insurance costs by 30-40% by allowing businesses to deduct premiums paid and retain investment income. Captives provide flexibility in coverage options and claims control processes.
DeA Capital is De Agostini Group's vehicle for alternative investments. It has two lines of business: private equity investments including direct investments and indirect investments through funds; and alternative asset management with over €10 billion under management in real estate and private equity funds. Notable direct investments include stakes in Generale de Santé, the largest private healthcare operator in France, and Migros Turk, the largest supermarket chain in Turkey. DeA Capital also invests in funds like the IDeA Opportunity Fund focused on Italian mid-market companies.
Aicpa Jan 2012 Miccolis State-of-the-Art Portfolio Designjmiccolis
Jerry Miccolis gave a presentation on using an enterprise risk management (ERM) approach to portfolio design. He discussed how ERM principles like strategic focus, natural hedging, risk exploitation, and catastrophe protection can be applied to individual investing. Modern portfolio theory provides a conceptual framework, but its tools need updating to account for realistic risks and return distributions over time. A properly diversified portfolio following ERM principles can help investors meet financial objectives while managing various risks.
This document provides a performance review of investment funds for the week ending December 30, 2011. It includes indexes of funds organized by strategy and by fund name. The top and bottom 20 performing funds are listed, along with a newsletter section and disclaimer.
This document provides a weekly investment funds performance review from an alternative investment group. It includes indexes of strategies and funds, a top/bottom 20 list of best and worst performing funds, and a newsletter section with various fund news and commentary. The disclaimer at the end indicates this is an internal HSBC document and unauthorized dissemination is prohibited.
The document summarizes an All Cap Core investment strategy managed through UBS Financial Services' Portfolio Management Program (PMP). The strategy aims to achieve positive total returns across asset classes including equities, closed-end funds, and ETFs. It takes an opportunistic approach and does not focus on a single market cap, growth, or value style. The portfolio managers lead a team approach to research and use predefined criteria to make buy and sell decisions. Fees are an inclusive flat rate paid quarterly based on assets.
The document discusses concepts related to investment including definitions of investment, speculation, and gambling. It defines investment as the employment of funds on assets with the aim of earning income or capital appreciation over time while accepting risk. Speculation is described as short-term trading of securities in hopes of profiting from price changes, while gambling relies solely on chance. The document also outlines the investment process, constraints that impact investment decisions, and different investment strategies such as active versus passive portfolio strategies.
This document is an estimated monthly NAV report from Fairfield Greenwich Group for November 2008. It provides the name, investment strategy, net asset value, month-to-date return, and year-to-date return for 39 different funds managed by Fairfield Greenwich Group. The funds cover a wide range of strategies including equity long/short, arbitrage, multi-manager, and macro funds focused on regions including Greater China, Asia, Australia, and Japan. Performance varied significantly among the funds, with month-to-date returns ranging from -9.09% to 5.67% and year-to-date returns from -58.25% to 24.57%.
1) The document discusses investment strategies for advisors in today's challenging market landscape characterized by a secular stock bear market, inflation threats, and low bond returns.
2) It introduces Emerald's alternative asset allocation approaches across three strategies - Hybrid, Concentrated Equity, and Global Cycle - that aim to preserve capital, provide growth, and avoid style-box thinking.
3) The strategies utilize various mutual funds and investment styles, including hedged funds, theme-based funds, and short positions, to capture upside while limiting downside in different market environments over timeframes of 3+ years.
Подход к IR с позиции специалиста по рынкам акционерного капиталаRTS Stock Exhange
The document discusses improving the standard IPO process through a more balanced and collaborative approach between issuers and investors. It proposes broader and deeper marketing that maps over 380 investors, with fewer overlaps in bank coverage. This would lead to more accurate pricing, greater liquidity, and wider research coverage through a focus on education and transparency throughout the process.
This document is a portfolio management case study analyzing the risk-adjusted performance of the Multi-Employer Property Trust (MEPT), an open-end diversified core equity commercial real estate fund. It discusses real estate investment strategies, fund structures, and the importance of analyzing risk-adjusted returns rather than just raw returns. The case study will evaluate MEPT's risk-adjusted performance and identify portfolio characteristics that enhance investment efficiency.
Gibraltar Asset Management Limited (GAM) is an independent asset management firm regulated by the Financial Services Commission and a member of the London Stock Exchange. GAM offers execution-only, advisory, and discretionary portfolio management services. For discretionary clients, GAM's Investment Committee builds model portfolios based on asset allocation across equities, fixed income, and other asset classes tailored to clients' risk tolerance and time horizon. Client assets are held with a third-party custodian and GAM provides regular reporting including online access, statements, and notifications of corporate actions.
Company X is seeking funding to commercialize and market a patented widget process that increases effectiveness by 60% and decreases costs by 40% compared to existing solutions. The technology platform utilizes a patented process that drives faster, better, and cheaper products and services while being backward compatible with legacy systems. An analysis of the target market identified approximately 120 potential customer companies with annual widget purchases between $1-12 million per company, representing a billion dollar market opportunity for growth.
The document summarizes key concepts from Lecture 4, which covered introduction to market risk, modelling volatility, and VaR models. It began with an overview of market risk and risk measurement, including the classification of various financial risks. It then discussed modelling volatility using standard approaches, GARCH models, and exponentially weighted moving average (EWMA) models. The lecture concluded with an introduction to VaR models for measuring market risk.
This document provides an overview of the steps involved in conducting a systematic review and meta-analysis. It discusses defining a research question, developing search strategies to identify relevant studies, establishing inclusion/exclusion criteria, selecting studies, extracting effect sizes from studies, and conducting a statistical analysis to summarize results. The goal is to synthesize research evidence in a transparent, reproducible manner to answer the research question.
This document provides definitions and examples of key concepts for estimating risk from epidemiological studies, including probability, odds, relative risk, and absolute risk. It discusses how relative risk is calculated from cohort and case-control study designs. Relative risk compares the risk of an outcome between exposed and unexposed groups to determine if exposure is associated with increased risk. The odds ratio, which estimates relative risk, is presented as the measure used to assess association in case-control studies. Examples are provided to demonstrate calculating and interpreting these risk measures.
This meta-analysis examined the relationship between body mass index (BMI) and incident asthma. It identified 2006 relevant studies and included 12 prospective cohort studies. Inclusion criteria required adult subjects, asthma as the primary outcome, BMI measurement, minimum 1-year follow up of 70%, and BMI data categorized by standard ranges. Random effects models were used to generate summary odds ratios. Results showed overweight individuals had a 38% higher odds of developing asthma compared to normal weight, and obese individuals had 92% higher odds. When stratified by sex, the association was stronger for women. The analysis provided evidence that higher BMI is a risk factor for incident asthma.
An introduction on how to go about a meta-analysis. Primarily designed for people with non statistical background. Heavily borrows from Cochrane Handbook of Systematic Reviews of Interventions.
This document provides information about conducting and appraising a meta-analysis on the use of prophylactic antibiotics for pancreatic necrosis. It outlines the steps of formulating the clinical question using PICO, acquiring relevant studies through database searches and hand searches, appraising study quality, collecting and recording study data, analyzing results using both individual and pooled treatment effects, and reporting findings in a forest plot. Key aspects of meta-analysis methodology are discussed including biases that can affect results.
Randomized controlled trials (RCTs) are considered the gold standard for evaluating interventions. An RCT involves randomly assigning participants into experimental and control groups to receive different interventions. Randomization aims to make the groups comparable to reduce bias. The control group receives either a placebo, no intervention, or the current standard of care. RCTs are more reliable than non-randomized studies because randomization balances both known and unknown factors between groups. Proper blinding of participants and investigators further reduces bias. Intention-to-treat analysis examines all participants based on their original group assignment.
1. The document discusses various research designs including descriptive designs like case reports, case series, and cross-sectional studies as well as analytical designs like case-control and cohort studies.
2. Key aspects of different research designs are explained, including their merits and limitations. For example, case reports are useful for rare diseases but cannot assess statistical associations, while cohort studies directly measure risk but are time-consuming.
3. Randomized controlled trials are covered, outlining basic steps like drawing protocols, randomization, and intervention/follow-up. Randomization techniques like simple, block, and stratified methods are also summarized.
Meta analysis - qualitative research designDinesh Selvam
Meta-analysis is a statistical technique that combines the results of multiple quantitative studies on a topic to draw overall conclusions. Key studies are entered into a database and analyzed similarly to other data to test hypotheses. Meta-analysis provides a systematic overview that can increase power, resolve uncertainty, and address questions not originally posed. It involves carefully selecting and evaluating relevant studies, extracting common measures, and performing analyses to interpret overall results. Meta-analysis is appropriate when multiple studies test similar hypotheses or produce contradictory findings.
The document discusses odds ratios, which are used to measure the association between an exposure and an outcome. An odds ratio is calculated by dividing the odds of an event in one group (e.g. exposed to a drug) by the odds of the event in another unexposed group. Odds ratios can be calculated in both cohort and case-control studies. While relative risk can only be calculated in cohort studies, odds ratios are commonly used to approximate relative risk in case-control studies when the outcome is rare. The document provides examples of how to calculate odds ratios from 2x2 contingency tables and interprets what different values mean.
Randomized controlled trials (RCTs) are considered the gold standard for clinical research. An RCT involves randomly assigning participants into experimental and control groups to receive different interventions. Randomization aims to make the groups comparable to limit bias. It reduces the influence of unknown factors and ensures the only difference between groups is the intervention being tested. RCTs can be single blind, double blind, or triple blind depending on who is aware of group assignments. They provide the most powerful and least biased assessments of clinical interventions.
This document discusses randomised controlled trials (RCTs) and their use in evaluating health care interventions. It provides background on James Lind, who in 1747 conducted one of the earliest known clinical trials to test treatments for scurvy. The document outlines key aspects of RCTs such as defining the research question, population, interventions, and outcomes, as well as the importance of randomization and blinding to reduce bias. It distinguishes between explanatory and pragmatic trials and notes RCTs are generally considered the gold standard for evaluating health care technologies.
The document discusses descriptive epidemiology and provides definitions and examples. Descriptive epidemiology studies the occurrence and distribution of disease. It describes the who, where, and when of diseases. Key terms discussed include:
- Time trends which can be secular (long-term), periodic (interruptions to secular trends), or seasonal (cyclical yearly variations).
- Place patterns looking at geographic distributions of disease.
- Person characteristics of those affected such as age, sex, occupation.
Descriptive studies are the first step in understanding diseases and include case reports, case series, and cross-sectional prevalence studies.
This document discusses different types of epidemiological studies, with a focus on experimental studies and randomized controlled trials (RCTs). It describes the key features of RCTs, including that they: (1) involve randomly allocating subjects into study and control groups to receive or not receive an intervention, (2) aim to control for confounding factors through randomization, and (3) are considered the gold standard for evaluating interventions due to their ability to minimize bias. The document outlines the basic steps in conducting an RCT, from developing a protocol to randomization, intervention, follow-up, assessment and analysis. It also discusses types of RCTs and their importance in evaluating treatments, prevention, risk factors and more.
This document provides an overview of cohort studies. It defines a cohort study as an analytical study that observes groups over time to determine the frequency of disease among those with and without an exposure. Key features discussed include cohorts being identified prior to disease appearance and the study proceeding from cause to effect. Prospective, retrospective, and ambidirectional cohort study designs are described. Steps of cohort studies include selection of study subjects, obtaining exposure data, comparing exposed and unexposed groups, follow up, and analysis of incidence rates.
This document provides an overview of key concepts in research methodology, including:
1. It defines research as an organized and systematic process of finding answers to questions through a defined set of steps and procedures.
2. It discusses different types of research including quantitative, qualitative, basic, applied, longitudinal, descriptive, classification, comparative, exploratory, explanatory, causal, theory testing, and theory building research.
3. It also discusses alternatives to research-based knowledge such as relying on authority, tradition, common sense, media, and personal experience.
The document discusses various types of research including applied research, basic research, correlational research, descriptive research, ethnographic research, experimental research, and exploratory research. Applied research seeks practical solutions to problems, while basic research expands knowledge without a direct application. Correlational research examines relationships between variables without determining cause and effect. Descriptive research provides accurate portrayals of characteristics, and ethnographic research involves in-depth study of cultures. Experimental research establishes cause-and-effect through controlled manipulation of variables.
Ermitage Global Dynamic Trading Fund January 2010 UsPhilip Sewell
The document provides an overview of the Ermitage Global Dynamic Trading Fund. The fund trades liquid futures markets using technical inputs based on pattern, time, and price. It is highly adaptive to changing market conditions and aims to generate returns irrespective of market direction. Since October 2007, the fund has achieved an average annual return of 22.65% with low correlation to macro systematic or trend following funds. The experienced investment team applies over 60 years of combined expertise in global markets.
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
This document provides an overview of a private equity masterclass on deal origination, execution, and portfolio management. It discusses industry analysis, financial modeling, leveraged buyouts, due diligence, deal structuring, and portfolio company management. Specifically, it covers topics like investment strategies, industry KPIs, valuation methods, private equity returns calculations, debt financing, commercial and legal due diligence, legal deal documents, and portfolio company board representation.
The document describes Emerald Asset Advisors, an investment management firm that offers alternative portfolio strategies using mutual funds and ETFs. It summarizes three core investment disciplines:
1) A hybrid strategy seeking absolute returns regardless of market conditions.
2) A concentrated equity strategy generating "alpha" through funds with limited holdings.
3) A global cycle strategy identifying long-term global investment themes over decades.
The firm develops diversified portfolios blending these disciplines for different risk/return profiles and pursuing returns with low correlations to markets.
FinCorp provides a range of investment banking and strategic advisory services including mergers and acquisitions. For M&A transactions, FinCorp works closely with clients to understand objectives, identify potential candidates, advise on value, structure and negotiate deals, coordinate due diligence, and manage the acquisition process. FinCorp's M&A specialists can identify cross-border opportunities and execute deals through FinCorp's network in the Middle East region.
Harvest one percent fund presentation version 2 open subscriptionsAndy Varoshiotis
The Harvest One Percent Fund is a regulated international collective investment scheme that aims to generate above average returns through a multi-asset investment strategy. It is managed by Harvest Financial Services, a leading Cyprus-based investment management firm with over 10 years of experience. The fund seeks to achieve a 1% monthly return and over 12% annually by tracking the FTSE/Athex-CSE Banking Index for 70% of investments and exploiting mispriced securities in Cyprus and Greece for the remaining 30%. Its objectives are aggressive absolute returns through a diversified portfolio approach while also aiming to preserve capital.
The document discusses a private equity style approach to investing in public markets called Avenir Capital. It summarizes Avenir's strategy of seeking undervalued securities trading well below their intrinsic value with a large margin of safety. Avenir aims to generate superior long-term returns while minimizing the risk of permanent capital loss. It applies three pillars: focusing on downside risk first, fundamental bottom-up analysis, and targeting absolute rather than relative returns. Avenir is managed by an experienced investor and has an incentive fee structure aligned with investors.
Demystifying the Role of Alternative Investments in a Diversified Investment ...RobertWBaird
Alternative investments can potentially improve the risk-return profile of investment portfolios by increasing diversification and enhancing returns. They invest in less traditional assets and strategies than stocks and bonds. While alternatives may boost portfolio performance, they also carry higher fees and less liquidity, transparency and tax efficiency than traditional investments. For most investors, allocating 10-20% of a portfolio to alternatives can provide benefits while balancing their risks.
Vicat is a leading cement producer in Europe and emerging markets. The presentation discussed Vicat's business overview, investment programs, valuation, and risks. Key points include that Vicat has a quality management team, is increasing capacity in emerging markets, and trades at a discount to peers despite having stronger earnings power. While the industry faces risks from recession and overcapacity, Vicat is well-positioned due to its diverse markets and focus on efficiency gains.
Beyond Boundaries...
Rethinking the foundation of a portfolio
Plato thought
beyond a cave.
Copernicus thought
beyond the earth.
Einstein thought
beyond space
and time.
The document discusses thinking beyond traditional boundaries when constructing an investment portfolio. It advocates taking a global perspective to potentially enhance returns and better manage risk. A broader investment approach that invests across multiple markets focusing on opportunities worldwide can provide both return opportunities and risk diversification benefits compared to a more narrow focus only on large U.S. companies. Investors are encouraged to discuss their portfolio allocations with a financial advisor to ensure adequate diversification globally.
Beyond Boundaries...
Rethinking the foundation of a portfolio
Plato thought
beyond a cave.
Copernicus thought
beyond the earth.
Einstein thought
beyond space
and time.
The document advocates thinking beyond traditional boundaries when constructing an investment portfolio. It suggests that taking a broader global perspective can enhance returns through additional opportunities and aid risk management. Investors are encouraged to ensure their portfolio is not too dependent on one market or asset class, and to consider allocating a greater percentage globally in line with 21st century business.
The document discusses private equity, providing an overview of key concepts like the private equity landscape, funds, deal origination and execution, and portfolio management. It also examines factors that contribute to successful private equity deals such as investing in market leaders, having a strong management team, establishing a fair entry price, implementing clear exit strategies, and leveraging industry growth opportunities.
An Understanding Of Financial Communications And Investor RelationsMSL
This presentation is by MSLGROUP thought leader Jaideep Shergill, head of our financial communications in Asia and CEO, Hanmer MSL.
Hanmer MSL is one of India’s largest multi-discipline communications firms and a leader in the area of speciality communications services, including strategic public relations, financial communications, social media, events, activation and creative services. It is part of MSLGROUP, Publicis Groupe's flagship strategic communications and engagement network.
This presentation offers an in-depth understanding of financial communications and investor relations.
The document discusses the role of investment banks and investment bankers. It covers various topics related to investment banking services including expertise, relationships, organization structure, fees, required skill sets, and mobility of skills. It also discusses clients that investment banks work with including corporates, governments, investors, banks, and internal management. The key services provided by investment banks are outlined as advisory, research, valuations, acquisitions, capital structuring, capital raising, and underwriting. The document emphasizes that investment banking requires critical thinking skills, market analysis skills, and the willingness to go the extra mile for clients.
The document discusses the role of investment banks and investment bankers. It covers various topics related to investment banking services including expertise, relationships, organization structure, fees, required skill sets, and mobility of skills. It also discusses clients that investment banks work with including corporates, governments, investors, banks, and internal management. The key services provided by investment banks are outlined as advisory, research, valuations, acquisitions, capital structuring, capital raising, and underwriting. The document emphasizes that investment banking requires critical thinking skills, market analysis skills, and the willingness to go the extra mile for clients.
Harvest stargate fund version en11 f4 october 2012Andy Varoshiotis
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Similar to Ermitage Group General Creds Usa Q1 2010 (20)
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"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.
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"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.
1. 1
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Ermitage introduction
1st Quarter 2010
These presentation materials and the information contained herein, and any oral or other
written information disclosed or provided is strictly confidential and may not be reproduced
or redistributed, in whole or in part, nor may its contents be disclosed to any other person
under any circumstances without the express written consent of Ermitage Asset
Management Jersey Limited.
An investment in the Funds is speculative and involve a high degree of risk. The Funds
may, through their investments, employ certain trading techniques that may include short
selling, options, and the use of leverage which may increase the risk of investment loss.
As a result, performance may be volatile and an investor may lose some or all of his or her
investment. Furthermore, the ability to withdraw investments or redeem shares or to
transfer such shares or interests will be limited. It is anticipated that there will not be a
secondary market for interests or shares in the Funds nor is any expected to develop.
Fees and expenses may offset trading profits. Please refer to the Confidential Private
Offering Memorandum when available for all risks associated with investments in the
Funds.
2. 2
Ermitage profile
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Founded 1975, $1.8bn AUM
Alternative pioneer – 1st HF investment 1984
Owned by Caledonia Investments Plc
46 staff – Jersey, London, New York
FoHF’s, Single Funds, Wealth Management
Macro-driven portfolios, integrating top-down view
with bottom-up selection
Manage CalPERS customised portfolio
Edge: Intelligent Portfolio Design
3. 3
Ermitage – key milestones
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Ermitage Ltd MBO completed:
Ermitage founded 1st FoHF launched
1975 Management/Caledonia Investments Plc
1997
2006
1984 2001 2007
1st HF Investment Acquired by Liberty OPTICS Portfolio
Group System launched
4. 4
Specialist teams, aided by innovative systems
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
5. 5
All FoHF’s are not created equal
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Designed to deliver specific objectives
Built to perform in multiple scenarios
Obsessed with ‘market wizards’
Each manager given portfolio role
Bundle top managers together
Managed for ‘real world risk’
High market /event correlation
Low diversification, downside protection
6. 6
Ermitage – investment philosophy
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Markets are complex & dynamic
…don’t fit Efficient Market model
Periodic, fundamental changes Not uncorrelated ‘asset class’
Forecasting near term impact of Dynamic, adaptive strategies
market changes is vital Portfolios need clear objectives
Effected by market environments
Selecting Q1 managers no guarantee
Knowing behaviour pattern key of reliable future returns
Selected managers given specific role
Aim: robust ‘all weather’ portfolio
7. 7
Investment process
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Manager Selection Portfolio Construction Active Management
Identify definable edge Built for varied market scenarios Sub-strategy allocations
Classification by style / focus Focus on style diversification Manager vs. forecast returns
Forecasts for different scenarios Every manager given specific role Portfolio re-tested vs. scenarios
8. 8
Hedge fund research – LEWIS
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Qualitative evaluation by strategy specialists
LEWIS Qualitative & Quantitative Database
All research stored in proprietary LEWIS system:
– Statistical analysis on 4500+ funds
– Multiple data feeds (Altvest, Tass, Eurohedge)
– Manager ‘rolodex’, documents, meeting notes
– Operational Due Diligence reports
– Alpha / beta return, performance, risk,
correlation analysis
– Benchmark / peer group regression
9. 9
Portfolio construction – OPTICS
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Ermitage’s proprietary system
Transforms forecasts into effective
portfolios
Glass box process helps evaluate:
– Capital allocation (by strategy /
manager)
– Managers’ roles in portfolio
– Portfolio behaviour in different
scenarios
– Performance versus objectives
10. 10
Portfolio construction – guiding principals
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Be precise about portfolio objectives
Be specific about beliefs
Don’t extrapolate the past into the future – the world does change
Create a clear link between beliefs, objectives, and actions
Don’t overlook (or downplay) the ‘what-if-we’re-wrong’ scenarios
Examine the key positions embedded in each portfolio
Confront reality directly – don't accept what conflicts with common sense
Use models as guides and recognise their limitations
11. 11
Managing ‘investment risk’
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Qualitative assessment by specialist team Style diversification (not just by ‘name’)
Manager’s ability to perform to potential Position size limits
5 independent references compulsory Liquidity risk analysis
P&L analysis – are returns repeatable? Factor risk analysis (e.g. beta, market cap)
Multiple scenario forecasting Flag report / IMC Exception Report
Continuous scenario testing
13. 13
Fund solutions – track record of innovation
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
14. 14
Customised portfolios – harnessing HF talent
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Risk/return specified by client
Uses robust, transparent process
and advanced systems
Investment goals driven by Designed for multiple scenarios Strategy specialists – niche areas
liabilities
Opportunities dictated by market
Conservative risk appetite
Environment change leads to
Require transparency and risk/return volatility
understanding of portfolio
15. 15
Customised portfolios – key benefits
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Control … specify strategies, liquidity, risk/return targets, etc
Synergy … with client objectives & existing investments
Performance … increased probability of consistent risk adjusted returns
Flexibility … adaptive to changing environments / circumstances
Transparency … manager selection, due diligence, asset allocation
Service … access to seniors, partnership approach
16. 16
Ermitage – value adding expertise, processes, tools
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary
Established hedge fund specialist
Track record of risk-adjusted performance*
Leading edge systems (OPTICS, LEWIS)
Intelligent portfolio design approach
Innovative customised portfolio service
Proactive, partnership culture
*6 InvestHedge 2009 Award nominations; Winner of PAM and FT/Investor Chronicle 2009 Awards
17. 17
Ermitage Asset Management Jersey Ltd
47 The Esplanade, St Helier, Jersey
Channel Islands JE1 9LB
Company overview │ Investment approach │ Risk management & ODD │ Client solutions │ Summary Tel: +44 (0) 1534 615500
Fax: +44 (0) 1534 615520
Ermitage UK Ltd
25 Savile Row, London, W1S 2ES
Tel: +44 (0) 207 333 0900
Fax: +44 (0) 207 333 0443
Ermitage Americas Inc
Suite 917, 9th Floor, 330 Madison Avenue
New York, NY 10017
Tel: +1 646 495 5665
info@ermitagegroup.com
www. ermitagegroup.com
DISCLAIMER Ermitage Asset Management Jersey Limited ("EAMJL") is registered with the Jersey Financial Services Commission for the conduct of investment business and fund services business and with the U.S.
Securities and Exchange Commission as an investment adviser. Information contained in this publication, where not externally sourced, has been provided by EAMJL. EAMJL has issued this publication which is for
private circulation only, is published solely for information purposes and does not constitute an offer to sell or an invitation to buy any of the securities or funds mentioned herein or any other financial instruments.
Subscriptions will only be received and units or shares issued on the basis of the current offering document (s) for the fund and prospective investors should carefully consider the risk warnings and disclosures for the
fund set out therein. Investors should also consider any other factors that may be relevant to their circumstances. The investor must take an independent assessment of any legal, credit, tax, regulatory and accounting
issues and determine with his or her professional advisors any suitability or appropriateness implications of any transaction contemplated or referred herein. Units or shares in the fund are not for sale in any
jurisdiction in which such sale would be prohibited. Without limiting the generality of the previous statement, with particular reference to the UK, this document may only be distributed to and acted upon by those
persons in the UK pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 as amended. None of the funds described herein are regulated under the Financial Services and Markets Act
2000, and for such funds protections provided by the UK regulatory system do not apply, nor are the benefits available under the Financial Services Compensation Scheme. When issued in the UK, this publication is
issued by Ermitage UK Limited, which is authorised by the Financial Services Authority. The Fund will not register as an investment company under the U.S Investment Company Act of 1940, as amended (the “Company
Act”) and, accordingly, the provisions of the Company Act will not be applicable to the Fund. Whilst reasonable efforts have been made to ensure the accuracy of the information herein, which may be based on
proforma, estimated or unaudited figures, the Ermitage Group accepts no responsibility for its accuracy, nor the reasonableness of the conclusions based upon such information. The contents of this document are
believed to be accurate at the date hereof but are subject to change without prior notification. Past performance is not a guarantee of future performance. The price of units or shares can go down as well as up and
may be affected by changes in rates of exchange. An investor may not receive back the amount invested.