Created by the 10 Student Fund Managers under the direction of Dr. Michael Melton, this presentation discusses our portfolio during the Fall 2012 semester. Furthermore, the presentation is meant to serve as an example of the advanced techniques learned while in the Center for Advanced Financial Education.
Este documento presenta un proceso paso a paso para lograr un objetivo, primero analizando la situación actual, luego imaginando el resultado deseado y finalmente describiendo las acciones específicas para alcanzar ese resultado.
The document appears to be a slide presentation discussing the benefits of using digital advertising. It notes that digital ads allow for precise targeting of specific audiences based on their interests and behaviors. Metrics can also track ad performance in real-time to optimize campaigns. Digital advertising is thus a flexible and measurable way for brands to reach customers.
The document appears to be from a company called RPM Tools Consulting that manufactures, supplies and distributes a wide range of computer numerical control (CNC) machines including wood lathes, routers of different sizes, laser engraving/cutting machines, plasma cutting machines, water jet machines, and more. The company describes its products as having leading technology, quality, competitive pricing, service and support.
Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems?
Here’s what AI learnings your business should keep in mind for 2017.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
Este documento presenta un proceso paso a paso para lograr un objetivo, primero analizando la situación actual, luego imaginando el resultado deseado y finalmente describiendo las acciones específicas para alcanzar ese resultado.
The document appears to be a slide presentation discussing the benefits of using digital advertising. It notes that digital ads allow for precise targeting of specific audiences based on their interests and behaviors. Metrics can also track ad performance in real-time to optimize campaigns. Digital advertising is thus a flexible and measurable way for brands to reach customers.
The document appears to be from a company called RPM Tools Consulting that manufactures, supplies and distributes a wide range of computer numerical control (CNC) machines including wood lathes, routers of different sizes, laser engraving/cutting machines, plasma cutting machines, water jet machines, and more. The company describes its products as having leading technology, quality, competitive pricing, service and support.
Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems?
Here’s what AI learnings your business should keep in mind for 2017.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
With all of the recent media attention surrounding hedge funds, there are bound to be some misconceptions regarding the hedge fund industry. Dick Hooey led a stimulating discussion surrounding the evolution of this esoteric investment vehicle and tried to answer the question “Just what is a Hedge Fund, anyways?”. Dick is a strategic minded finance executive with expertise in valuation and decision support analyses of transactions including acquisitions and new business ventures in consulting and corporate environments. In addition, Dick has 13 years experience managing a market neutral equity portfolio representing capital in excess of $100 million for a leading billion dollar hedge fund.
Fixed interest rate markets, global bond markets, and the competing nature of risk versus return provide an update about how governments are tracking when compared to corporates.
This document provides an overview and performance summary of various investment funds managed by PM CAPITAL.
The Absolute Performance Fund has significantly outperformed its benchmark, the MSCI World Index, with a total return of 167.4% since inception compared to 19.5% for the index. The fund utilizes a selective, high conviction and contrarian investment approach focusing on undervalued global businesses.
The Emerging Asia Fund has also significantly outperformed its benchmark, with a total return of 139.4% compared to 11.6% for the MSCI Asia ex-Japan Index. It takes a similar investment approach and focuses on investments in infrastructure, internet, retail and other sectors within Asia.
Both funds aim to generate
Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food.
Based on the Target Corporation stock forecasts from 22 analysts, the average analyst target price for Target Corporation is USD 231.78 over the next 12 months. Target Corporation’s average analyst rating is Buy . Stock Target Advisor’s own stock analysis of Target Corporation is Very Bullish, which is based on 14 positive signals and 1 negative signals. At the last closing, Target Corporation’s stock price was USD 155.36. Target Corporation’s stock price has changed by -29.30% over the past week, -35.72% over the past month and -30.98% over the last year.
This document provides an investment case for the Galloway Global Emerging Markets Fixed Income Fund. It summarizes the opportunity in investing in emerging market bonds which offer higher yields than developed markets. The fund aims to generate consistent risk-adjusted returns through a diversified portfolio of emerging market corporate and sovereign bonds, using rigorous due diligence and risk management practices. It has achieved strong historical performance since inception in 2009.
Caledonia Mining Corporation Plc primarily engages in the operation of a gold mine. The company also explores for and develops mineral properties for precious metals. Its primary asset is the Blanket Mine, a gold mine located in Zimbabwe.
Stock Target Advisor’s own stock analysis of Caledonia Mining Corporation Plc is Slightly Bullish , which is based on 7 positive signals and 4 negative signals. At the last closing, Caledonia Mining Corporation Plc’s stock price was USD 12.79. Caledonia Mining Corporation Plc’s stock price has changed by -3.69% over the past week, -28.67% over the past month and -11.37% over the last year.
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, and views on the current economic environment. Some key points:
- The fund has outperformed its benchmark over various time periods since inception, with an annualized return of 8% vs the benchmark's 7.3%. It aims to participate in rallies and protect in sell-offs.
- The investment framework focuses on balancing income, capital preservation, and diversification across different asset classes. In recent years it has benefited from exposures to bonds, credit, and selectively to property.
- Local economic growth is lagging while inflation is improving, which could allow interest rate cuts. However, external factors
This is the presentation given to the Geeks on a Plane 500 Startups Group (GOAP) in Mexico City on Saturday May 12, 2012 by Paul Ahlstrom. This is a summary of the internal market research that led Alta to create a two investment funds in Mexico (Alta Growth Capital and Alta Ventures Mexico) (Excuse the formatting issues... We call this our kitchen sink version and although it is fairly complete, it was never meant for external publication..) Enjoy - It will be posted here for a limited time
Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items.
Based on the Target Corporation stock forecasts from 25 analysts, the average analyst target price for Target Corporation is USD 216.11 over the next 12 months. Target Corporation’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Target Corporation is Very Bullish, which is based on 14 positive signals and 1 negative signals. At the last closing, Target Corporation’s stock price was USD 156.70. Target Corporation’s stock price has changed by +0.12% over the past week, -30.42% over the past month and -33.35% over the last year.
This document discusses an investment opportunity in emerging and frontier markets fixed income. It notes that emerging markets have experienced high GDP growth compared to developed economies. The fund, called the Galloway Global Emerging Markets Fixed Income Fund, aims to provide equity-like returns through investing in emerging market corporate and sovereign bonds while maintaining a fixed income risk profile. The fund utilizes a rigorous investment process including multi-faceted due diligence and risk management controls.
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, process and current views. Some key points:
- The fund has outperformed its benchmark over various periods since inception in 2009, with an annualized return of 8% vs the benchmark's 7.3%.
- The investment framework aims to participate in bond market rallies while protecting against downturns by maintaining a capital preservation bias.
- The process involves developing strategic and tactical views through proprietary analysis and debate, then implementing these views through active management within the framework.
- Currently, improving local politics are being swamped by a hostile external environment, making valuations on local bonds compelling.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
Objective Capital Global Mining Investment Conference
30 Sep 2009
Mining financing through the cycle in frontier countries
by Sacha BackesDepartment for Oil, Gas, Mining and Chemicals
International Finance CorporationWorld Bank Group
This document provides a detailed stock report on Caledonia Mining Corporation (CMCL:NYE), a gold mining company. The report summarizes the company's fundamentals, financial ratios, market performance, and analyst ratings. Overall, the stock is rated as bullish based on superior risk-adjusted returns, total returns, and various profitability ratios compared to industry peers. However, it also has a low market capitalization and high volatility. Annual and quarterly financial data is also presented.
Electrolux Capital Markets Day 2012 - Presentation Keith McLoughlin and Tomas...Electrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
This document discusses strategies for generating income in a low yield, high stress environment. It begins by outlining Picton Mahoney Asset Management's services and investment principles. It then discusses the risks associated with rising interest rates and recommends hedged income strategies, including high quality high yield bonds and investment grade financials. The document provides examples of long and short positions and outlines the objectives of the Picton Mahoney Income Opportunities Fund, which aims to generate returns of 6-8% with lower volatility than high yield indexes.
The Ontario Teachers' Pension Plan annual meeting addressed the economic crisis and its impact on the pension fund. The fund experienced a 18% rate of return loss in 2008, in line with average losses for other large Canadian pension plans. Several strategies were discussed to protect the fund from ongoing recession impacts and deploy strategies with appropriate risk levels, including reducing equity exposure from 45% to 40% and shifting to more conservative fixed income investments. The meeting also discussed resolving a 2008 funding shortfall and ongoing efforts to pay pensions over the long term despite challenges from low interest rates and increased life expectancies.
Fami save learn mutual funds financial administrators of the philippinespadre821
This document discusses various investing myths and tips for building a winning portfolio. It begins by debunking common myths such as the notion that higher risk or returns always translate to wealth. It emphasizes the importance of financial discipline and paying yourself first. The rest of the document provides information on mutual funds, including their advantages and how they can be used for different financial goals like retirement, education, or an emergency fund. It stresses starting early, knowing your objectives, and taking a long-term approach to achieve your investment goals.
2012 Midyear Economic And Market Outlooksumguyatvt
Uncertainty overshadows an improving economy. The economy continues to recover from the worse downturn since the Great Depression, which caused the S&P 500 to lose more than 1/2 of its value between October 2007 and March 2009. Although things are better now, this recovery has taken longer than many of us would have liked. As a result, I think we\’re still at least a little nervous about the future and uncertain about how to prepare our portfolios to face what may be down the road. In this presentation, I discuss what we at Wells Fargo Advisors see ahead for the economy, the domestic and international equity markets, fixed income investments, and commodities.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
With all of the recent media attention surrounding hedge funds, there are bound to be some misconceptions regarding the hedge fund industry. Dick Hooey led a stimulating discussion surrounding the evolution of this esoteric investment vehicle and tried to answer the question “Just what is a Hedge Fund, anyways?”. Dick is a strategic minded finance executive with expertise in valuation and decision support analyses of transactions including acquisitions and new business ventures in consulting and corporate environments. In addition, Dick has 13 years experience managing a market neutral equity portfolio representing capital in excess of $100 million for a leading billion dollar hedge fund.
Fixed interest rate markets, global bond markets, and the competing nature of risk versus return provide an update about how governments are tracking when compared to corporates.
This document provides an overview and performance summary of various investment funds managed by PM CAPITAL.
The Absolute Performance Fund has significantly outperformed its benchmark, the MSCI World Index, with a total return of 167.4% since inception compared to 19.5% for the index. The fund utilizes a selective, high conviction and contrarian investment approach focusing on undervalued global businesses.
The Emerging Asia Fund has also significantly outperformed its benchmark, with a total return of 139.4% compared to 11.6% for the MSCI Asia ex-Japan Index. It takes a similar investment approach and focuses on investments in infrastructure, internet, retail and other sectors within Asia.
Both funds aim to generate
Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items; apparel, accessories, home décor products, electronics, toys, seasonal offerings, food.
Based on the Target Corporation stock forecasts from 22 analysts, the average analyst target price for Target Corporation is USD 231.78 over the next 12 months. Target Corporation’s average analyst rating is Buy . Stock Target Advisor’s own stock analysis of Target Corporation is Very Bullish, which is based on 14 positive signals and 1 negative signals. At the last closing, Target Corporation’s stock price was USD 155.36. Target Corporation’s stock price has changed by -29.30% over the past week, -35.72% over the past month and -30.98% over the last year.
This document provides an investment case for the Galloway Global Emerging Markets Fixed Income Fund. It summarizes the opportunity in investing in emerging market bonds which offer higher yields than developed markets. The fund aims to generate consistent risk-adjusted returns through a diversified portfolio of emerging market corporate and sovereign bonds, using rigorous due diligence and risk management practices. It has achieved strong historical performance since inception in 2009.
Caledonia Mining Corporation Plc primarily engages in the operation of a gold mine. The company also explores for and develops mineral properties for precious metals. Its primary asset is the Blanket Mine, a gold mine located in Zimbabwe.
Stock Target Advisor’s own stock analysis of Caledonia Mining Corporation Plc is Slightly Bullish , which is based on 7 positive signals and 4 negative signals. At the last closing, Caledonia Mining Corporation Plc’s stock price was USD 12.79. Caledonia Mining Corporation Plc’s stock price has changed by -3.69% over the past week, -28.67% over the past month and -11.37% over the last year.
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, and views on the current economic environment. Some key points:
- The fund has outperformed its benchmark over various time periods since inception, with an annualized return of 8% vs the benchmark's 7.3%. It aims to participate in rallies and protect in sell-offs.
- The investment framework focuses on balancing income, capital preservation, and diversification across different asset classes. In recent years it has benefited from exposures to bonds, credit, and selectively to property.
- Local economic growth is lagging while inflation is improving, which could allow interest rate cuts. However, external factors
This is the presentation given to the Geeks on a Plane 500 Startups Group (GOAP) in Mexico City on Saturday May 12, 2012 by Paul Ahlstrom. This is a summary of the internal market research that led Alta to create a two investment funds in Mexico (Alta Growth Capital and Alta Ventures Mexico) (Excuse the formatting issues... We call this our kitchen sink version and although it is fairly complete, it was never meant for external publication..) Enjoy - It will be posted here for a limited time
Target Corporation operates as a general merchandise retailer in the United States. The company offers food assortments, including perishables, dry grocery, dairy, and frozen items.
Based on the Target Corporation stock forecasts from 25 analysts, the average analyst target price for Target Corporation is USD 216.11 over the next 12 months. Target Corporation’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Target Corporation is Very Bullish, which is based on 14 positive signals and 1 negative signals. At the last closing, Target Corporation’s stock price was USD 156.70. Target Corporation’s stock price has changed by +0.12% over the past week, -30.42% over the past month and -33.35% over the last year.
This document discusses an investment opportunity in emerging and frontier markets fixed income. It notes that emerging markets have experienced high GDP growth compared to developed economies. The fund, called the Galloway Global Emerging Markets Fixed Income Fund, aims to provide equity-like returns through investing in emerging market corporate and sovereign bonds while maintaining a fixed income risk profile. The fund utilizes a rigorous investment process including multi-faceted due diligence and risk management controls.
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, process and current views. Some key points:
- The fund has outperformed its benchmark over various periods since inception in 2009, with an annualized return of 8% vs the benchmark's 7.3%.
- The investment framework aims to participate in bond market rallies while protecting against downturns by maintaining a capital preservation bias.
- The process involves developing strategic and tactical views through proprietary analysis and debate, then implementing these views through active management within the framework.
- Currently, improving local politics are being swamped by a hostile external environment, making valuations on local bonds compelling.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
Objective Capital Global Mining Investment Conference
30 Sep 2009
Mining financing through the cycle in frontier countries
by Sacha BackesDepartment for Oil, Gas, Mining and Chemicals
International Finance CorporationWorld Bank Group
This document provides a detailed stock report on Caledonia Mining Corporation (CMCL:NYE), a gold mining company. The report summarizes the company's fundamentals, financial ratios, market performance, and analyst ratings. Overall, the stock is rated as bullish based on superior risk-adjusted returns, total returns, and various profitability ratios compared to industry peers. However, it also has a low market capitalization and high volatility. Annual and quarterly financial data is also presented.
Electrolux Capital Markets Day 2012 - Presentation Keith McLoughlin and Tomas...Electrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
This document discusses strategies for generating income in a low yield, high stress environment. It begins by outlining Picton Mahoney Asset Management's services and investment principles. It then discusses the risks associated with rising interest rates and recommends hedged income strategies, including high quality high yield bonds and investment grade financials. The document provides examples of long and short positions and outlines the objectives of the Picton Mahoney Income Opportunities Fund, which aims to generate returns of 6-8% with lower volatility than high yield indexes.
The Ontario Teachers' Pension Plan annual meeting addressed the economic crisis and its impact on the pension fund. The fund experienced a 18% rate of return loss in 2008, in line with average losses for other large Canadian pension plans. Several strategies were discussed to protect the fund from ongoing recession impacts and deploy strategies with appropriate risk levels, including reducing equity exposure from 45% to 40% and shifting to more conservative fixed income investments. The meeting also discussed resolving a 2008 funding shortfall and ongoing efforts to pay pensions over the long term despite challenges from low interest rates and increased life expectancies.
Fami save learn mutual funds financial administrators of the philippinespadre821
This document discusses various investing myths and tips for building a winning portfolio. It begins by debunking common myths such as the notion that higher risk or returns always translate to wealth. It emphasizes the importance of financial discipline and paying yourself first. The rest of the document provides information on mutual funds, including their advantages and how they can be used for different financial goals like retirement, education, or an emergency fund. It stresses starting early, knowing your objectives, and taking a long-term approach to achieve your investment goals.
2012 Midyear Economic And Market Outlooksumguyatvt
Uncertainty overshadows an improving economy. The economy continues to recover from the worse downturn since the Great Depression, which caused the S&P 500 to lose more than 1/2 of its value between October 2007 and March 2009. Although things are better now, this recovery has taken longer than many of us would have liked. As a result, I think we\’re still at least a little nervous about the future and uncertain about how to prepare our portfolios to face what may be down the road. In this presentation, I discuss what we at Wells Fargo Advisors see ahead for the economy, the domestic and international equity markets, fixed income investments, and commodities.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"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.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...
Final CAFE Presentation
1. Roger Williams Mario J. Gabelli
School of Business
University
Student Investment Fund Performance – Fall 2012
Student Fund Managers
Mr. David Aldo, Mr. Thomas Custance, Mr. Michael Densmore, Mr. Matthew DiPlacido,
Mr. Matthew Hoff, Mr. Matthew T. Paige, Mr. Maximilian Recker, Mr. Sean Reilly,
Mr. Daniel Walser, Mr. Charles Weidmuller
Associate Director
Ms. Lauren Tierney
Under the Supervision of:
Michael Melton Ph.D.
Director, Center for Advanced Financial Education
Professor of Finance
Center for Advanced Financial Education
2. FNCE 450 – Portfolio Analysis
Roger Williams University Mario J. Gabelli School of Business
3. Research In Motion Limited, Inc
Friday, September 27, 2012
• Acquired 2 million Analysts’ Estimates: Actual Earnings:
new subscribers -$0.46 -$0.27
• Posted $2.2 billion
in cash
Earnings
• Introduced new Surprise
beta version of
BlackBerry 10
SFM Prediction:
-$0.30
$0.19
Roger Williams University Mario J. Gabelli School of Business
4. Research In Motion Limited, Inc
•The top arrow indicates the
purchase price of $6.96 on
September 27, 2012
•RIMM was sold at $8.17
for a gain of $516 or 16.7%
on September 28, 2012
Roger Williams University Mario J. Gabelli School of Business
5. Center for Advanced Financial
Education
• “State-of-the-art”
• “Global” markets never sleep - 24 hours a day
• 16 computer screens + a “Big Board”
• Driven by Real-time Financial Platforms
• Perform every aspect of fund management throughout
the day
Roger Williams University Mario J. Gabelli School of Business
6. How Our Program Is Unique
CAFÉ Program Other Schools
• Do not inherit portfolio from previous • May inherit previous semester’s portfolio
semester • Do not execute own trades
– Active Management • Must answer to a advisory board
• Execute own trades via Ameritrade • Do not deal in real-time
• Do not seek trade approval from an – Need extended time to get trades
advisory board approved
• Deal in real-time • Limited ability to maximize potential
– Trades only need approval from returns
Associate Director or Managing Director – Cannot take advantage of momentum
• Maximize potential returns trading
– Take advantage of momentum trading • Classroom Setting
• Real-World Setting
• Real-Dollar Portfolio
Roger Williams University Mario J. Gabelli School of Business
7. Portfolio Objective
• Utilizing Top-Down Analysis Approach
• Global Mid-Large Cap Blend
– Over $2B market capitalization
– Provides hedge against market risk
– Allows opportunity for growth
• Markowitz Portfolio Theory
– 8-9 Sectors
– 17 Industries
– 20-25 Companies
Roger Williams University Mario J. Gabelli School of Business
8. Global Economic Analysis
Economic
Sector
Industry
Company
Roger Williams University Mario J. Gabelli School of Business
9. International Economic Analysis
Market
Market
Country Overall Performance GDP "Inflation" Unemployment
since 1/1/11
Performance
CPI
China Bullish -26.65% Bearish Bullish Neutral Neutral
Hong Kong Bullish -6.86% Bearish Bullish Neutral Neutral
Chile Bullish -16.13% Bullish Bullish Bullish Neutral
United Kingdom Bullish -0.99% Bullish Bullish Bullish Bullish
Israel Bullish 3.23% Bullish Bullish Bullish Bullish
Malaysia Bullish -1.57% Bullish Bullish Bullish Bullish
Brazil Bullish -17.55% Bullish Bullish Bullish Bullish
Canada Bullish -7.90% Bullish Bullish Neutral Bullish
Australia Bullish -8.84% Bullish Bullish Bullish Bullish
Switzerland Bullish 3.26% Neutral Bullish Bullish Bullish
Ireland Neutral 13.06% Bearish Bullish Bearish Neutral
Russia Neutral -21.00% Bullish Bearish Bullish Neutral
Germany Neutral 5.29% Bullish Neutral Bearish Neutral
Austria Neutral -28.29% Bullish Bearish Neutral Bearish
Colombia Neutral 8.33% Bullish Bearish Neutral Bearish
Czech Republic Neutral -28.40% Bullish Bullish Bearish Bearish
South Africa Neutral 11.28% Bullish Bullish Neutral Bearish
Norway Neutral 9.80% Bullish Bullish Bullish Neutral
Japan Neutral -13.51% Bearish Bearish Neutral Bearish
Philippines Neutral 21.92% Bullish Bearish Neutral Bullish
South Korea Neutral -6.84% Neutral Bullish Bullish Bullish
Luxembourg Neutral -16.09% Neutral Bullish Bullish Bearish
United Emirates Neutral -5.90% Bullish Bullish Bullish Neutral
Mexico Bearish 3.81% Bearish Bearish Bullish Bullish
Argentina Bearish -36.10% Bearish Bearish Neutral Bearish
Egypt Bearish -2.00% Bearish Bearish Bearish Bearish
Spain Bearish -20.84% Bearish Neutral Bearish Bearish
Greece Bearish -98.00% Bearish Bullish Bearish Bearish
Poland Bearish -11.80% Neutral Bearish Bearish Bearish
Iceland Bearish N/A Bearish Bullish Bearish Bearish
Portugal Bearish -27.47% Bearish Bullish Bearish Bearish
France Bearish -9.94% Bullish Bullish Bearish Bearish
Italy Bearish 4.24% Bearish Bearish Bearish Bearish
Denmark Bearish 9.26% Neutral Bearish Bearish Bearish
Sweden Bearish -7.64% Bullish Bullish Neutral Bearish
Finland Bearish -23.49% Neutral Bearish Bearish Bearish
Belgium Bearish -6.28% Bearish Bearish Bearish Bearish
Roger Williams University Mario J. Gabelli School of Business
10. Global Economic Analysis
Economic
Analysis
Sector
Analysis
Industry
Analysis
Company
Analysis
Roger Williams University Mario J. Gabelli School of Business
11. Domestic Economic Analysis
Leading Bullish
Economic Indicator Lagging Trend Bearish
Coincidental Neutral
Housing Starts Leading Upward Bullish
Industrial Production/ Capacity Utilization Leading Upward Bullish
Retail Sales Leading Upward Moderately Bullish
Business Sales and inventories Leading Upward Neutral
(Inventory/Sales Ratio)
Yield on 10-year Treasury Bonds Leading Downward Bullish
S&P 500 Stock Index Leading Upward Moderately Bullish
CCI Leading Upward Neutral
Nonfarm Payroll Employment Lagging Downward Neutral
Advance Durable Goods Shipments, New Lagging Upward Bullish
Orders and Unfilled Orders
Lightweight Vehicle Sales Lagging Upward Neutral
Unemployment Lagging Downward Bullish
M2 Coincidental Upward Bullish
MCSI Coincidental Upward Bullish
Real Gross Domestic Product (GDP) Coincidental Upward Bullish
Consumer Price Index (CPI) Coincidental Upward Bullish
Roger Williams University Mario J. Gabelli School of Business
12. Domestic Economic Analysis
Economic Indicator Outlook Reasoning
Over the past few months, unemployment rates have declined
Unemployment Rate Bullish to numbers unseen since early 2009. We see this strong trend
continuing into the near future, as jobless rates decline.
Since monetary easing was expected through Bernanke’s QE3,
Consumer Price Index (CPI) Bearish we were bearish on the future outlook for inflation in the
United States.
Historically, United States GDP has risen at a stable and
Gross Domestic Product (GDP) Bullish consistent rate. We see this growth continuing strong into the
coming years.
Interest rates have continued to drop since the Federal Reserve
Interest Rates Bullish introduced monetary easing following the 2008 crisis.
Bernanke pledged to keep interest rates low until 2015, a
bullish indicator for stocks.
As consumer confidence is correlated to many of the economic
Consumer Confidence Index (CCI) Bullish indicators, such as unemployment and housing starts, we are
confident in increased consumer confidence going into Q4.
This is reiterated by a decrease in unemployment and an
increase in housing starts.
Going into the fourth quarter, we were bullish in retail sales.
Retail Sales Bullish This is affirmed as retail sales tend to have a cyclical upward
trend in the later months of the year.
Roger Williams University Mario J. Gabelli School of Business
13. Portfolio Construction: Top Down
Approach
Economic
Analysis
Sector
Analysis
Industry
Analysis
Company
Analysis
Roger Williams University Mario J. Gabelli School of Business
14. Sector Analysis
Overweight Bullish
Energy Sector Marketweight Neutral
Underweight Bearish
Industrials Technology Overweight Bullish
Healthcare Conglomerates Marketweight Neutral
Basic Consumer Goods Overweight Bullish
Materials Utilities Underweight Bearish
Consumer Staples Services Marketweight Neutral
Basic Materials Marketweight Neutral
Consumer Utilities Healthcare Underweight Bearish
Discretionary Financials Underweight Bearish
Industrial Goods Overweight Bullish
Financials
Technology
Source: Sam Stovall, BusinessWeek Online, “A Cyclical Take on Performance.”
Roger Williams University Mario J. Gabelli School of Business
15. Portfolio Construction: Top Down
Approach
Economic
Analysis
Sector
Analysis
Industry
Analysis
Company
Analysis
Roger Williams University Mario J. Gabelli School of Business
16. Industry Analysis
Bad Economy/Sector ≠ Bad Industry
Bullish Industries Bullish Industries
Internationally Domestically
• Chemicals • Gaming
Manufacturing • Retail
• Casinos & Gaming • Consumer Financial
• Education Services Services
• Computer Services • Personal and Household
Products
Roger Williams University Mario J. Gabelli School of Business
17. Portfolio Construction: Top Down
Approach
Economic
Analysis
Sector
Analysis
Industry
Analysis
Company
Analysis
Roger Williams University Mario J. Gabelli School of Business
18. Company Evaluation and Selection
Process
Fundamental
Behavioral
Technical
AVOID SFM Consensus WATCH
BUY
Roger Williams University Mario J. Gabelli School of Business
19. Fundamental Analysis
• Price/Earnings • Liquidity
• Price/Earnings • Management
Growth Effectiveness
• Price/Cash Flow • Profitability
Key
Ratio
Financial
Analysis
Ratios
Financial
EPS
Statement
Analysis
Analysis
• Historical • Common Sizing
Surprise • Trend Analysis
• EPS Growth
Roger Williams University Mario J. Gabelli School of Business
20. Valuation
CF Industries Holdings (CF)
Sociedad Quimica Industry:
Valuation Ratios CF Industries (CF) (SQM) Chemicals
Trailing P/E Ratio 8.2 24.44 14.44
Forward P/E Ratio 7.1 21.36 -
PEG Ratio 0.99 1.31 -
Price to Sales 2.03 6.76 2.45
Price to Book 2.6 7.31 1.86
Price to Cash Flow 7.07 21.05 8.67
Price per Share
P/E Ratio = Lower than Competitor
Earnings per Share
Price/Earnings Growth
PEG Ratio = Close to or less than 1.0
Earnings Growth
Share Price
Price to Cash Flow = Lower than Competitor
Cash Flow per Share
Roger Williams University Mario J. Gabelli School of Business
21. Ratio Analysis
Nu Skin (NUS)
NU Skin Avon Products Industry:
Profitability Ratios (NUS) (AVP) Personal Products
Gross Margin (TTM) 0.84 0.62 0.63
EBITD Margin (TTM) 0.16 0.07 -0.02
Operating Margin (TTM) 9.95 4.3 2.02
Net Profit Margin (TTM) 10.34 2.3 2.08
Management NU Skin Avon Products Industry:
Effectiveness (%) (NUS) (AVP) Personal Products
Return on Assets (TTM) 19.43 6.07 8.58
Return on Investment (TTM) 28.05 11.64 15.75
Return on Equity (TTM) 34.19 28.96 19.91
NU Skin Avon Products Industry: Personal
Financial Strength (NUS) (AVP) Products
Quick Ratio (MRQ) 1.73 1.02 1.5
Current Ratio (MRQ) 2.01 1.45 1.95
LT Debt to Equity (MRQ) 0.33 1.79 0.21
Total Debt to Equity
(MRQ) 0.33 1.79 20.98
Interest Coverage (TTM) 48.24 3.85 91.29
Roger Williams University Mario J. Gabelli School of Business
22. Earnings Per Share Consensus
Honeywell (HON)
EPS Consensus Perspectives: Honeywell (HON)
This Next Long-Term
Recent Perspective This Year Next Year Growth this year
Quarter Quarter Growth
Current Consensus EPS Estimate 1.11 1.14 4.48 4.95 10.43% 10.49%
Mean of 3 most recent estimates 1.1 1.11 4.49 4.95 10.67% 10.24%
Age of the oldest from the three most recent estimate
changes 10 days 11 days 10 days 9 days 11 days
Earnings Report: Honeywell (HON)
This Quarter Next Quarter
Earnings Estimates 12-Dec 13-Mar This Year Next Year
Number of Estimates 16 6 19 20
Average Estimate 1.11 1.14 4.48 4.95
Low Estimate 1.08 1.09 4.45 4.79
High Estimate 1.16 1.19 4.53 5.05
Historical EPS Surprises: Honeywell (HON)
13-Sep 13-Jun 12-Mar 11-Dec 11-Sep
Estimate 1.13 1.11 0.99 1.04 0.99
Actual 1.2 1.14 1.04 1.05 1.1
Difference 0.07 0.03 0.05 0.01 0.11
Surprise 6.19% 2.70% 5.05% 0.96% 11.11%
Roger Williams University Mario J. Gabelli School of Business
24. Technical Analysis
• A method of assessing
securities based on charts
and past price history.
• Identify trends using
indicators and patterns.
• Useful for timing buy and
sell decisions.
Technical Indicators Used
• Indicators when used alone • Relative Strength Index
• Stochastic Oscillator
are not enough, but they are
• MACD Oscillator
a powerful tool.
• Volume
• Price Patterns (Head and Shoulder)
Roger Williams University Mario J. Gabelli School of Business
25. Relative Strength Index (RSI)
CF Industries Holdings (CF)
The RSI on a scale from 1-100
Quantifies price momentum
Oversold Scenario
• Below 30
• Buy opportunity
Overbought Scenario
• Above 70
• Sell opportunity
Purchase Price: $193.00
Current Price: $213.30 Purchased on 10/15
$ Return: $ 252.36
% Return: 10.90%
Roger Williams University Mario J. Gabelli School of Business
26. Stochastic Oscillator
NU Skin Enterprises Inc. (NUS)
Used to judge a stock’s
momentum
Short-term moving average
Long-term moving average
Overbought above 80
Oversold below 20
Sold for 8.847% gain on 11/2
Purchase Price: $41.85
Current Price:$44.93
Combined % Return: 10.087%
Roger Williams University Mario J. Gabelli School of Business
27. MACD Oscillator
New Oriental Education & Technology Group Inc. (EDU)
MACD: Moving Average
Convergence Divergence
12-day moving average
•Red Line
26-day moving average
•Blue Line
Strong indicator
Purchased on 11/9
Whipsaw on 11/29
Purchase Price: $16.72
Current Price: $20.96
$ Return: $ 529.76
% Return: 20.57%
Roger Williams University Mario J. Gabelli School of Business
28. Trend Analysis
Similar500 (May 2008-Present)
S&P Funds’ Performance
Ceiling: 1465
Floor: 1330
Roger Williams University Mario J. Gabelli School of Business
30. Company Specific News
Ecolab (ECL)
• Acquisition of
Champion
Technologies
• Growing
popularity of
unconventional
drilling methods
Purchased Champion
• Became #1 Technologies
manufacturer of
energy field
chemicals in
North America
Roger Williams University Mario J. Gabelli School of Business
31. Sector Cyclicality
• Certain Sectors Perform
well in Different time
periods
Consumer Goods/Services
• Holiday shopping
• 75% of annual revenue
• Correlation with
consumer spending
Activision Blizzard Inc (ATVI)
• Released Call of Duty
Black Ops 2
• Since the release the stock
has seen an steady
increase in stock price
• ATVI overall has been
trending up
Roger Williams University Mario J. Gabelli School of Business
32. Investor Sentiment
Standard & Poor’s 500 (SPX)
S&P 500 Black Friday 2011
Black Friday & Cyber
Monday
• Start of the holiday
shopping season
• Projection of quarterly sales
S&P 500 Black Friday 2012
Market Reaction
•This year sales fell 1.8% store
visits climbed 3.5%
•Comparison to a weak Black
Friday
Roger Williams University Mario J. Gabelli School of Business
33. Institutional & Insider Activity
LyondellBasell (LYB)
When institutions purchase shares it leads to a bullish trend, adversely
when institutions sell shares it leads to a bearish trend. In terms of insider
transactions, this rule does not always remain true.
LyondellBasell Industries CEO sold
$4.7 million in shares causing a
12.5% decrease in stock price
Roger Williams University Mario J. Gabelli School of Business
34. Portfolio Construction
SIMF
Roger Williams University Mario J. Gabelli School of Business
36. Expected Return
Minimum Variance Portfolio
100% equities high
SIMF risk & return
MVP
100% fixed income low
risk & low return
Expected Risk
Roger Williams University Mario J. Gabelli School of Business
37. Portfolio Holdings
Company Ticker Purchase Price Current Price # of Shares Cost Value Beta Weight Weighted Beta Yield Sector Country
Accenture Plc ACN $66.27 $67.92 33 $2,186.91 $2,241.36 0.87 0.0298 0.0259 2.49% Technology Ireland
Activision Blizzard ATVI $10.96 $11.46 203 $2,224.88 $2,325.37 0.54 0.0309 0.0167 4.52% Technology U.S.
American Water Works AWK $36.29 $38.17 72 $2,612.88 $2,748.24 0.65 0.0365 0.0237 5.18% Utilities U.S.
B/E Aerospace BEAV $44.09 $47.36 102 $4,497.18 $4,830.72 1.22 0.0642 0.0783 7.42% Industrial Goods U.S.
Baidu BIDU $103.28 $96.31 21 $2,168.88 $2,022.51 1.79 0.0269 0.0481 -6.75% Technology China
Berkshire Hathaway BRK.B $83.46 $88.08 48 $4,006.08 $4,227.84 0.82 0.0562 0.0461 5.54% Conglomerate U.S.
Chicago Bridge Inc. CBI $37.40 $40.63 60 $2,244.00 $2,437.80 1.43 0.0324 0.0463 8.64% Industrial Goods Netherlands
CF Holdings CF $193.00 $214.03 12 $2,316.00 $2,568.36 1.15 0.0341 0.0393 10.90% Basic Materials U.S.
Carlisle Companies CSL $55.53 $56.67 58 $3,220.74 $3,286.86 1.45 0.0437 0.0633 2.05% Consumer Goods U.S.
Discover Financial DFS $39.00 $41.61 77 $3,003.00 $3,203.97 1.28 0.0426 0.0545 6.69% Services U.S.
Walt Disney DIS $47.33 $49.66 50 $2,366.50 $2,483.00 1.12 0.0330 0.0370 4.92% Services U.S.
EcoLab ECL $67.09 $72.08 57 $3,824.13 $4,108.56 0.82 0.0546 0.0448 7.44% Consumer Goods U.S.
New Oriental EDU $16.72 $20.16 154 $2,574.88 $3,104.64 1.08 0.0413 0.0446 20.57% Services China
Galaxy Entertainment GXYEY $31.53 $38.09 100 $3,153.00 $3,809.00 1.44 0.0506 0.0729 20.81% Services China
Honeywell HON $60.42 $61.33 37 $2,235.54 $2,269.21 1.31 0.0302 0.0395 1.51% Industrial Goods U.S.
LyondellBasell LYB $54.22 $49.73 61 $3,307.42 $3,033.53 0.53 0.0403 0.0214 -8.28% Basic Materials Netherlands
Mattel MAT $35.70 $37.51 104 $3,712.80 $3,901.04 0.92 0.0519 0.0477 5.07% Consumer Goods U.S.
Merck MRK $43.74 $44.30 96 $4,199.04 $4,252.80 0.65 0.0565 0.0367 1.28% Healthcare U.S.
NuSkin NUS $45.30 $45.40 89 $4,031.70 $4,040.60 1.19 0.0537 0.0639 0.22% Consumer Goods U.S.
O'Reilly Auto Parts ORLY $89.96 $94.08 39 $3,508.44 $3,669.12 0.99 0.0488 0.0483 4.58% Services U.S.
Raymond James RJF $37.08 $37.75 62 $2,298.96 $2,340.50 1.35 0.0311 0.0420 1.81% Financial U.S.
Telefonica TEF $13.20 $13.03 157 $2,072.40 $2,045.71 1.67 0.0272 0.0454 -1.29% Technology Spain
Trimble TRMB $47.22 $55.64 64 $3,022.08 $3,560.96 1.71 0.0473 0.0809 17.83% Technology U.S.
United Technologies UTX $76.29 $80.11 34 $2,593.86 $2,723.74 1.19 0.0362 0.0431 5.01% Conglomerate U.S.
15 October to 30 November 2012
Roger Williams University Mario J. Gabelli School of Business
38. Top Gainer & Losers
Gainers Losers
• Galaxy Entertainment • Baidu Inc
Group Ltd (BIDU) -6.71%
(GXYEY) 20.81%
• American Eagle Outfitters
• New Oriental Education
& Technologies Group (AEO) -8.02%
(EDU) 20.57%
• LyondellBasell Industries
• Trimble Navigation Ltd NV
(TRMB) 17.83% (LYB) -8.26%
Roger Williams University Mario J. Gabelli School of Business
39. Portfolio Weightings
15 October to 30 November 2012
Roger Williams University Mario J. Gabelli School of Business
40. Portfolio Weightings
Sector Weightings
5.81% 3.24%
16.38%
Technology
21.08% 3.61%
Utilities
Industrial Goods
Conglomerate
12.45% Basic Materials
Consumer Goods
Services
9.22% Healthcare
20.72%
Financial
7.50%
15 October to 30 November 2012
Roger Williams University Mario J. Gabelli School of Business
41. Portfolio Statistics
Beta Trailing P/E Forward P/E PEG Dividend Yield
.94 15.49 14.89 1.12 1.33%
15 October to 30 November 2012
Roger Williams University Mario J. Gabelli School of Business
42. Similar Funds Performance
15 October to 29 November 2012
Roger Williams University Mario J. Gabelli School of Business
43. SIMF vs. S&P 500
15 October to 29 November 2012
Roger Williams University Mario J. Gabelli School of Business
44. Risk-Adjusted Performance
Sharpe Ratio Treynor Ratio
( Rp - rf ) ( Rp - rf )
sp bp
SIMF: 1.938% SIMF: 0.023%
S&P: -1.996% S&P: -0.0177%
CGI: .6313% CGI: 0.0055%
Jensen’s Alpha
a = Rp - é Rp - b p ( Rm - Rp)ù
ë û
vs S&P: 3.8%
vs CGI: 1.48%
Roger Williams University Mario J. Gabelli School of Business
45. Lessons Learned
“Valuable knowledge gained through a hands-on learning approach”
• Calculating our own data
• Regression Analysis
• Earnings Announcements
• EPS isn’t the only factor
• Stop-Losses
• Understanding a stock’s volatility
• Hedging
• Use of various- ETF’s
Roger Williams University Mario J. Gabelli School of Business
46. Calculating our Own Data
Discover Financial Services (DFS)
Zacks Fundamentals Yahoo Finance Reuters CAFE
1.47 .96 1.45 1.28
Regression Statistics
Multiple R 0.679291
R Square 0.461437
Adjusted R Square 0.458966
Standard Error 0.012228
Observations 220
ANOVA
df SS MS F Significance F
Regression 1 0.02793035 0.02793 186.7807751 4.00566E-31
Residual 218 0.03259874 0.00015
Total 219 0.06052909
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 0.001536 0.00082828 1.853846 0.065112168 -9.69585E-05 0.003168
DFS vs S&P 500 1.280846 0.09371966 13.66678 4.00566E-31 1.096132981 1.465558
Roger Williams University Mario J. Gabelli School of Business
47. Earnings Announcements
Mattel (MAT)
• Stock price was lower than
the day before
• Earnings surprised analysts
estimates
• They beat EPS from the
previous year by 22%
• Stock Price Surged after
Opening bell.
Purchase Price: $35.70
Current Price:$37.51
Percent Return: 5.07%
Roger Williams University Mario J. Gabelli School of Business
48. Stop-Losses
Hillenbrand (HI)
Hillenbrand (HI)
• A trailing stop loss was
triggered during pre-market
trading on October 17th
• Missed a 20% price increase
• Misjudged the stock’s
Volatility
Purchase Price: $18.68
Sell Price:$19.28
Percent Return: 3.21%
Roger Williams University Mario J. Gabelli School of Business
49. Hedging
ETF Exchange Traded Market Close
Funds News is released of probably
President Obama re-election
• Stocks that represent
sectors, commodities, Credit swaps 4 AM Report
etc.
Confirmation of the re-election of
• Used as a hedge to prevent losses President Obama
• Helped regain losses.
Market Open
Cash Purchased SDS in anticipation of the
reaction
• Balance of 10- 15% at all times
• Gave us room to make momentum
Purchase Price: $56.10
trades
Sell Price:$56.90
Percent Return: 1.4%
Roger Williams University Mario J. Gabelli School of Business
50. Future Global Economic Outlook
Bullish Countries Reasoning
Germany Strongest economy in
Europe.
United Kingdom Highly correlated to the U.S.
economy
Switzerland Limited risk associated with
other European markets
China Large GDP growth rate
Brazil Leading emerging market
Roger Williams University Mario J. Gabelli School of Business
51. Future Domestic Economic Outlook
Post November 30, 2012
Pros Cons
Industrial and Basic Materials Sectors are expected to Financial Sector expected to underperform.
outperform. Bearish on Money Center Banks
Bullish on Residential Construction, and Industrial
Metals and Materials Industries
America’s Infrastructure is expected to improve, as cited by US Fiscal Cliff could potentially pull U.S. economy back into
President Barack Obama recession.
Bullish signals in consumer spending and confidence, housing Potential political gridlock following reelection of US President
starts, and existing home sales. Barack Obama.
Increased government regulation and implementation of new
tax policies could pull down the Financial Sector.
Roger Williams University Mario J. Gabelli School of Business
52. Economic Behavioral Factors
Pros Cons
Multinational Health Care companies will GDP will decrease
outperform Unemployment will increase
Generic pharmaceutical companies will outperform. Taxes will rise for nearly everyone
Funding for federal programs cut
Real Estate Investment Trusts specializing in Health Already seeing affects of fiscal cliff
Care facilities or hospitals will outperform Hiring rate down
Fewer large investment decisions
Moderately bullish outlook for 2013 Aerospace and defense will underperform
Roger Williams University Mario J. Gabelli School of Business
53. Conclusion
• CAFÉActive ManagementIndustry
• Fiduciary Responsibility
• Qualitative Skills
• Quantitative Skills
• Team
Roger Williams University Mario J. Gabelli School of Business
54. Gabelli Funds Sponsored Trip to
Mainland China
Roger Williams University Mario J. Gabelli School of Business
55. Beijing Foreign Studies University
Roger Williams University Mario J. Gabelli School of Business
62. Special Thanks
• Mr. Mario J. Gabelli
CEO, Gabelli Asset Management
• Dr. Jerry Dauterive
Dean, Mario J. Gabelli School of Business
• Dr. Michael Melton, (Doc)
Director, Center for Advanced Financial
Education
The CAFÉ Program would like to thank Rhody Couture
(www.rhodycouture.com) for providing neckwear for the
Student Fund Managers.
Roger Williams University Mario J. Gabelli School of Business