The document provides an overview of the Next Fund Manager 2010 presentation by Nelson Lim, Darryl Koh, and Koh Yong Seng for the Invictus Global Emerging Market Fund. The summary includes:
- The fund composition includes investments in the First State GEM Leaders Fund, Aberdeen Global Opportunities Fund, United GEMs Investments Fund, and DWS Lion Bond Fund.
- Effects of natural disasters like hurricanes were analyzed, finding an initial fall in stock prices followed by recovery. The fund's exposure to US markets is minimal so impacts should be limited.
- Investment opportunities during recovery include companies in construction and materials like URS Corporation and ArcelorMittal which are
The investment philosophy focuses on efficient market investing through portfolio design and implementation that targets dimensions of higher expected returns like value, size, and profitability. It believes prices reflect all available information and aims to add value not by forecasting but by pursuing risk premia in a low-cost, diversified portfolio. Traditional active management often relies on forecasting and generates higher costs without consistent outperformance, while index funds provide little flexibility.
JPM Global Dividend A (acc) - EUR[LU_EN][2_5_2016]_AFTERBernard Lambeau
This document provides an overview of the JPMorgan Investment Funds - Global Dividend Fund. The fund aims to provide long-term capital growth by investing in companies globally that generate high and rising income. It is designed for investors seeking an income-producing core equity investment or long-term capital gains over a minimum five-year period. The fund is diversified across sectors and markets and currently has assets of USD 115.0 million. Its largest holdings are in the energy, technology, and healthcare sectors.
The document discusses various risks in retirement planning such as longevity risk, market volatility, inflation, and sequencing of returns. It provides simulations showing the probability of different portfolio allocations meeting income needs over a 25-year retirement and the likelihood of funds lasting to different ages. The key risks retirees face include running out of money, healthcare costs, and inflation eroding purchasing power. Managing these risks requires intelligent diversification among stocks, bonds, and funds.
Greenwich Asset Management is an independently owned investment firm established in 2001 that offers a proprietary global equity strategy managed by Peter Lundstedt, who has over 24 years of investment experience. The firm uses a quantitative process to select stocks and aims to provide diversified exposure across different industries and countries through a portfolio of 30 equally weighted positions.
The document summarizes the key topics discussed in a presentation about macroeconomic and financial policies before and after the global financial crisis:
1) Financial policies in the run-up to the crisis, including deregulation, lack of regulation of derivatives and mortgage lenders, and inadequate regulatory resources.
2) The role of Glass-Steagall elimination and government-sponsored enterprises like Fannie Mae and Freddie Mac in subsidizing home loans and fueling the subprime mortgage market.
3) How global imbalances including large US trade deficits, low US interest rates, and European bank investment in subprime products contributed to the crisis.
4) The initial policy response including coordinated fiscal stimulus, interest rate
This document provides an overview and summary of the Basel III accords and their implementation in the United States. It discusses key provisions of Basel III including revised definitions of regulatory capital, capital buffers, risk-weighted assets, leverage ratios, liquidity requirements, and disclosures. It outlines which US banking organizations are subject to Basel III and to what extent based on their size. The document also discusses implications for banking organizations and options they should consider to evaluate their compliance with the new requirements.
Global financial crisis & its impact on INDIASaad Khan
The document discusses the global financial crisis that originated in the US and its impact on India. It provides background on the crisis, including the boom and subsequent bust of the US housing sector due to risky lending practices. It outlines rescue measures taken by the US as well as the effects on India, including declines in the stock market, industrial output, exports, and employment. The response by India included monetary policy easing and fiscal stimulus. Overall, the crisis significantly impacted the Indian economy, though to a lesser extent than other nations.
This document provides an update on CT&T Capital's investments following an Atlantic Ocean windstorm that impacted New York. It discusses that the windstorm is expected to surpass Hurricane Katrina's total economic impact, with over $300 billion in property damages and economic costs. The event will negatively impact industries like insurance through increased claims, but provide benefits to the construction sector through reconstruction efforts. The impacts on global markets are uncertain but could be significant given New York's importance in the global economy and financial system.
The investment philosophy focuses on efficient market investing through portfolio design and implementation that targets dimensions of higher expected returns like value, size, and profitability. It believes prices reflect all available information and aims to add value not by forecasting but by pursuing risk premia in a low-cost, diversified portfolio. Traditional active management often relies on forecasting and generates higher costs without consistent outperformance, while index funds provide little flexibility.
JPM Global Dividend A (acc) - EUR[LU_EN][2_5_2016]_AFTERBernard Lambeau
This document provides an overview of the JPMorgan Investment Funds - Global Dividend Fund. The fund aims to provide long-term capital growth by investing in companies globally that generate high and rising income. It is designed for investors seeking an income-producing core equity investment or long-term capital gains over a minimum five-year period. The fund is diversified across sectors and markets and currently has assets of USD 115.0 million. Its largest holdings are in the energy, technology, and healthcare sectors.
The document discusses various risks in retirement planning such as longevity risk, market volatility, inflation, and sequencing of returns. It provides simulations showing the probability of different portfolio allocations meeting income needs over a 25-year retirement and the likelihood of funds lasting to different ages. The key risks retirees face include running out of money, healthcare costs, and inflation eroding purchasing power. Managing these risks requires intelligent diversification among stocks, bonds, and funds.
Greenwich Asset Management is an independently owned investment firm established in 2001 that offers a proprietary global equity strategy managed by Peter Lundstedt, who has over 24 years of investment experience. The firm uses a quantitative process to select stocks and aims to provide diversified exposure across different industries and countries through a portfolio of 30 equally weighted positions.
The document summarizes the key topics discussed in a presentation about macroeconomic and financial policies before and after the global financial crisis:
1) Financial policies in the run-up to the crisis, including deregulation, lack of regulation of derivatives and mortgage lenders, and inadequate regulatory resources.
2) The role of Glass-Steagall elimination and government-sponsored enterprises like Fannie Mae and Freddie Mac in subsidizing home loans and fueling the subprime mortgage market.
3) How global imbalances including large US trade deficits, low US interest rates, and European bank investment in subprime products contributed to the crisis.
4) The initial policy response including coordinated fiscal stimulus, interest rate
This document provides an overview and summary of the Basel III accords and their implementation in the United States. It discusses key provisions of Basel III including revised definitions of regulatory capital, capital buffers, risk-weighted assets, leverage ratios, liquidity requirements, and disclosures. It outlines which US banking organizations are subject to Basel III and to what extent based on their size. The document also discusses implications for banking organizations and options they should consider to evaluate their compliance with the new requirements.
Global financial crisis & its impact on INDIASaad Khan
The document discusses the global financial crisis that originated in the US and its impact on India. It provides background on the crisis, including the boom and subsequent bust of the US housing sector due to risky lending practices. It outlines rescue measures taken by the US as well as the effects on India, including declines in the stock market, industrial output, exports, and employment. The response by India included monetary policy easing and fiscal stimulus. Overall, the crisis significantly impacted the Indian economy, though to a lesser extent than other nations.
This document provides an update on CT&T Capital's investments following an Atlantic Ocean windstorm that impacted New York. It discusses that the windstorm is expected to surpass Hurricane Katrina's total economic impact, with over $300 billion in property damages and economic costs. The event will negatively impact industries like insurance through increased claims, but provide benefits to the construction sector through reconstruction efforts. The impacts on global markets are uncertain but could be significant given New York's importance in the global economy and financial system.
This document outlines a portfolio management strategy for braving economic storms like hurricanes. It begins with an economic outlook analysis and then discusses portfolio allocation, backup strategies, and implementation. The backup strategy section describes using leading economic indicators to forecast disasters, value at risk analysis to estimate potential losses, and guidelines for rebalancing to limit losses. Specific holdings are then analyzed for their exposure to disasters, with recommendations to reduce exposure to financials but increase exposure to construction and metals companies expected to benefit from rebuilding. The portfolio is rebalanced to reflect these views.
This document discusses three investors who achieved billion-dollar fortunes through successful investing strategies:
- Warren Buffett achieved annual returns of 28% by investing in "great businesses with wide moats" and holding them for the long term.
- George Soros made $1.8 billion in 1992 by shorting the British pound and investing in German marks, epitomizing a willingness to take huge risks.
- John Paulson made $20 billion for his firm during the financial crisis by correctly betting against the US housing market and financial stocks.
Essential things that should always be in your carEason Chan
A driver can bail out of a lot of sticky situations if he plans ahead. More often than not, things go south on you when you think nothing could go wrong. So it pays to hope for the best and plan for the worst, especially on the road. Here are some things that should always be kept in your car for all those just in case moments.
What happens when the digital tools and platforms we make and use for communication and entertainment are hijacked for terrorism, violence against the vulnerable and nefarious transactions? What role do designers and developers play? Are we complicit as creators of these technologies and products? Should we police them or fight back? As Portfolio Lead for Northern Lab, Northern Trust's internal innovation startup focused on client and partner experience, Antonio will share a mix of provocative scenarios torn from today's headlines and compelling stories where activism and technology facilitated peace—and war.
As a call-to-action for designers and developers to engage in projects capable of transformational change, he'll explore the question: How might technology foster new experiences to better accelerate social activism and make the world a smarter, safer place?
This document summarizes a study of CEO succession events among the largest 100 U.S. corporations between 2005-2015. The study analyzed executives who were passed over for the CEO role ("succession losers") and their subsequent careers. It found that 74% of passed over executives left their companies, with 30% eventually becoming CEOs elsewhere. However, companies led by succession losers saw average stock price declines of 13% over 3 years, compared to gains for companies whose CEO selections remained unchanged. The findings suggest that boards generally identify the most qualified CEO candidates, though differences between internal and external hires complicate comparisons.
32 Ways a Digital Marketing Consultant Can Help Grow Your BusinessBarry Feldman
How can a digital marketing consultant help your business? In this resource we'll count the ways. 24 additional marketing resources are bundled for free.
FMP Market Themes and Outlook January 2013kmyoung1
This document provides a market outlook and investment themes for 2013 from FMPartners. It summarizes current economic conditions and sees modest GDP growth in the US. The main investment themes highlighted are global fiscal concerns, divergent growth between developed and emerging markets, credit dislocation, and inflationary pressures. The market outlook projects the S&P 500 will end 2013 around 1561 based on analyst forecasts. Key drivers of growth are seen as the ongoing US housing recovery, employment gains, manufacturing expansion, and domestic energy production. Equities are assessed as fairly valued currently based on dividend and debt yield comparisons. Risks in fixed income include the constrained credit environment and global deleveraging.
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.
The document provides commentary on Lloyd's Aggregate Accounts for 2008. Some key points:
- Lloyd's achieved a profit before tax of £1,899m and a combined ratio of 91.3% for 2008, a solid performance given turbulence in financial markets.
- Major losses in 2008 included Hurricanes Gustav and Ike, costing Lloyd's estimated losses of £219m and £1,211m respectively.
- Prior year reserves developed positively again in 2008, with a surplus of £1,265m as claims developed within projections for the fourth consecutive year.
- Currency movements, particularly the decline of sterling against the US dollar, impacted reported results. An exchange gain of £
This document provides an overview of Montgomery Investment Management, including:
- Key personnel with photos and titles
- Investment philosophy
- Fund performance charts showing the Montgomery Fund outperforming benchmarks over time
It also includes the firm's views on:
- The coronavirus and its potential economic impacts
- Ongoing low interest rates and stretched stock market valuations
- Resources sector outlook for 2020 and beyond
- Australian banking sector challenges in 2020
- Slowing Australian retail sales and consumer outlook
Financial Crises and Public Private Partnership by Filip DrapakFilipDrapak
PPP and financial crises; how did the financial crises impacted PPP market in particular and project finance market in general? What is the impact on VFM? What are the remedies?
Financial frictions likely contributed to the sharp and persistent productivity slowdown observed in advanced economies since the Global Financial Crisis (GFC).
The study finds that firms with higher pre-GFC debt vulnerabilities, such as larger amounts of debt maturing in 2008, experienced larger post-GFC declines in productivity growth compared to less vulnerable firms. This negative effect was stronger in countries where credit conditions tightened more severely after the collapse of Lehman Brothers.
The results suggest financial frictions hampered investment in intangible assets at vulnerable firms, reducing productivity. In contrast, such relationships were not observed following past recessions that did not involve banking crises, indicating the GFC had distinct and longer-lasting impacts
Risk Management at Wellfleet Bank: All That Glitters Is Not GoldHira Naz
Case Study Solution: Gatwick Gold Corporation
Case Study Solution: Gatwick Gold Corporation
Risk Management at Wellfleet Bank: All That Glitters Is Not Gold
Advanced Financial Risk Management
Institute of Business Management
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.
Berkshire Hathaway New Strategy (McKinsey Case Championship)Andrey Aliasov
1. The document analyzes how Berkshire Hathaway can decrease its dependence on Warren Buffett and dramatically improve profitability over the next 5 years.
2. It recommends maximizing profitability by targeting the issues of greatest influence on Berkshire Hathaway's core businesses of manufacturing, utilities, finance and insurance.
3. The strategy developed would decrease Berkshire Hathaway's dependence on Buffett by developing its core businesses and slowing down equity investments, allowing earnings before tax to increase by 58-88% by 2014.
Risk Management at Wellfleet Bank: Deciding about MegadealsRishi Bajaj
Risk Management at Wellfleet Bank: Deciding about Megadeals
HBR Case Study
Contents:
§ Introduction
§ What kind of Risk does Wellfleet Bank face?
§ Overview of Proposal 1 and 2
§ Evaluation of Proposal 1 and 2
Done By-
109 Ghanshyam Gupta
301 Balagopal Padmakumar
302 Harbir Singh Banga
402 Rishi Bajaj
503 Anirwan Bhattacharya
Financial management function bae system plcClifford Moon
This document discusses the financial management function of BAE Systems PLC. It covers topics like the role of financial management, sources of finance and their advantages/disadvantages. It provides an overview of BAE Systems, including its revenues, employees and areas of business. The company's financial management functions like investments and dividends are also summarized. The document analyzes how the economic downturn has impacted BAE Systems' performance and the strategies it is adopting to deal with the challenging environment.
Cougar Global Investments utilizes a proprietary methodology for global asset allocation that combines advanced research in two areas: (1) modeling global capital market behavior using the Theory of Rational Beliefs, and (2) optimizing client portfolios for downside risk using specialized software. In response to the emerging financial crisis, Cougar adjusted its portfolios in January 2008 by selling most equity holdings and moving 80% of assets into money markets. While some regions will struggle, Cougar believes global growth will continue due to emerging markets, and it will keep portfolios defensive until signs of recovery in the U.S. economy emerge.
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
- The Concentrated Growth strategy had strong returns in Q1 2011, with the portfolio rising 11.7% compared to a 9.8% rise in the benchmark index. Since inception in August 2007, the strategy has earned an annualized return of 10.0% versus 5.3% for the benchmark.
- Top contributors included stocks like Monotype Imaging Holdings and Chart Industries, while detractors included stocks like Bridgepoint Education and Primo Water Corp, which was sold during the quarter.
- The portfolio manager remains optimistic due to holdings in well-positioned secular growth companies, though acknowledges economic headwinds like inflation could lead to short-term volatility.
This document outlines a portfolio management strategy for braving economic storms like hurricanes. It begins with an economic outlook analysis and then discusses portfolio allocation, backup strategies, and implementation. The backup strategy section describes using leading economic indicators to forecast disasters, value at risk analysis to estimate potential losses, and guidelines for rebalancing to limit losses. Specific holdings are then analyzed for their exposure to disasters, with recommendations to reduce exposure to financials but increase exposure to construction and metals companies expected to benefit from rebuilding. The portfolio is rebalanced to reflect these views.
This document discusses three investors who achieved billion-dollar fortunes through successful investing strategies:
- Warren Buffett achieved annual returns of 28% by investing in "great businesses with wide moats" and holding them for the long term.
- George Soros made $1.8 billion in 1992 by shorting the British pound and investing in German marks, epitomizing a willingness to take huge risks.
- John Paulson made $20 billion for his firm during the financial crisis by correctly betting against the US housing market and financial stocks.
Essential things that should always be in your carEason Chan
A driver can bail out of a lot of sticky situations if he plans ahead. More often than not, things go south on you when you think nothing could go wrong. So it pays to hope for the best and plan for the worst, especially on the road. Here are some things that should always be kept in your car for all those just in case moments.
What happens when the digital tools and platforms we make and use for communication and entertainment are hijacked for terrorism, violence against the vulnerable and nefarious transactions? What role do designers and developers play? Are we complicit as creators of these technologies and products? Should we police them or fight back? As Portfolio Lead for Northern Lab, Northern Trust's internal innovation startup focused on client and partner experience, Antonio will share a mix of provocative scenarios torn from today's headlines and compelling stories where activism and technology facilitated peace—and war.
As a call-to-action for designers and developers to engage in projects capable of transformational change, he'll explore the question: How might technology foster new experiences to better accelerate social activism and make the world a smarter, safer place?
This document summarizes a study of CEO succession events among the largest 100 U.S. corporations between 2005-2015. The study analyzed executives who were passed over for the CEO role ("succession losers") and their subsequent careers. It found that 74% of passed over executives left their companies, with 30% eventually becoming CEOs elsewhere. However, companies led by succession losers saw average stock price declines of 13% over 3 years, compared to gains for companies whose CEO selections remained unchanged. The findings suggest that boards generally identify the most qualified CEO candidates, though differences between internal and external hires complicate comparisons.
32 Ways a Digital Marketing Consultant Can Help Grow Your BusinessBarry Feldman
How can a digital marketing consultant help your business? In this resource we'll count the ways. 24 additional marketing resources are bundled for free.
FMP Market Themes and Outlook January 2013kmyoung1
This document provides a market outlook and investment themes for 2013 from FMPartners. It summarizes current economic conditions and sees modest GDP growth in the US. The main investment themes highlighted are global fiscal concerns, divergent growth between developed and emerging markets, credit dislocation, and inflationary pressures. The market outlook projects the S&P 500 will end 2013 around 1561 based on analyst forecasts. Key drivers of growth are seen as the ongoing US housing recovery, employment gains, manufacturing expansion, and domestic energy production. Equities are assessed as fairly valued currently based on dividend and debt yield comparisons. Risks in fixed income include the constrained credit environment and global deleveraging.
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.
The document provides commentary on Lloyd's Aggregate Accounts for 2008. Some key points:
- Lloyd's achieved a profit before tax of £1,899m and a combined ratio of 91.3% for 2008, a solid performance given turbulence in financial markets.
- Major losses in 2008 included Hurricanes Gustav and Ike, costing Lloyd's estimated losses of £219m and £1,211m respectively.
- Prior year reserves developed positively again in 2008, with a surplus of £1,265m as claims developed within projections for the fourth consecutive year.
- Currency movements, particularly the decline of sterling against the US dollar, impacted reported results. An exchange gain of £
This document provides an overview of Montgomery Investment Management, including:
- Key personnel with photos and titles
- Investment philosophy
- Fund performance charts showing the Montgomery Fund outperforming benchmarks over time
It also includes the firm's views on:
- The coronavirus and its potential economic impacts
- Ongoing low interest rates and stretched stock market valuations
- Resources sector outlook for 2020 and beyond
- Australian banking sector challenges in 2020
- Slowing Australian retail sales and consumer outlook
Financial Crises and Public Private Partnership by Filip DrapakFilipDrapak
PPP and financial crises; how did the financial crises impacted PPP market in particular and project finance market in general? What is the impact on VFM? What are the remedies?
Financial frictions likely contributed to the sharp and persistent productivity slowdown observed in advanced economies since the Global Financial Crisis (GFC).
The study finds that firms with higher pre-GFC debt vulnerabilities, such as larger amounts of debt maturing in 2008, experienced larger post-GFC declines in productivity growth compared to less vulnerable firms. This negative effect was stronger in countries where credit conditions tightened more severely after the collapse of Lehman Brothers.
The results suggest financial frictions hampered investment in intangible assets at vulnerable firms, reducing productivity. In contrast, such relationships were not observed following past recessions that did not involve banking crises, indicating the GFC had distinct and longer-lasting impacts
Risk Management at Wellfleet Bank: All That Glitters Is Not GoldHira Naz
Case Study Solution: Gatwick Gold Corporation
Case Study Solution: Gatwick Gold Corporation
Risk Management at Wellfleet Bank: All That Glitters Is Not Gold
Advanced Financial Risk Management
Institute of Business Management
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.
Berkshire Hathaway New Strategy (McKinsey Case Championship)Andrey Aliasov
1. The document analyzes how Berkshire Hathaway can decrease its dependence on Warren Buffett and dramatically improve profitability over the next 5 years.
2. It recommends maximizing profitability by targeting the issues of greatest influence on Berkshire Hathaway's core businesses of manufacturing, utilities, finance and insurance.
3. The strategy developed would decrease Berkshire Hathaway's dependence on Buffett by developing its core businesses and slowing down equity investments, allowing earnings before tax to increase by 58-88% by 2014.
Risk Management at Wellfleet Bank: Deciding about MegadealsRishi Bajaj
Risk Management at Wellfleet Bank: Deciding about Megadeals
HBR Case Study
Contents:
§ Introduction
§ What kind of Risk does Wellfleet Bank face?
§ Overview of Proposal 1 and 2
§ Evaluation of Proposal 1 and 2
Done By-
109 Ghanshyam Gupta
301 Balagopal Padmakumar
302 Harbir Singh Banga
402 Rishi Bajaj
503 Anirwan Bhattacharya
Financial management function bae system plcClifford Moon
This document discusses the financial management function of BAE Systems PLC. It covers topics like the role of financial management, sources of finance and their advantages/disadvantages. It provides an overview of BAE Systems, including its revenues, employees and areas of business. The company's financial management functions like investments and dividends are also summarized. The document analyzes how the economic downturn has impacted BAE Systems' performance and the strategies it is adopting to deal with the challenging environment.
Cougar Global Investments utilizes a proprietary methodology for global asset allocation that combines advanced research in two areas: (1) modeling global capital market behavior using the Theory of Rational Beliefs, and (2) optimizing client portfolios for downside risk using specialized software. In response to the emerging financial crisis, Cougar adjusted its portfolios in January 2008 by selling most equity holdings and moving 80% of assets into money markets. While some regions will struggle, Cougar believes global growth will continue due to emerging markets, and it will keep portfolios defensive until signs of recovery in the U.S. economy emerge.
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
- The Concentrated Growth strategy had strong returns in Q1 2011, with the portfolio rising 11.7% compared to a 9.8% rise in the benchmark index. Since inception in August 2007, the strategy has earned an annualized return of 10.0% versus 5.3% for the benchmark.
- Top contributors included stocks like Monotype Imaging Holdings and Chart Industries, while detractors included stocks like Bridgepoint Education and Primo Water Corp, which was sold during the quarter.
- The portfolio manager remains optimistic due to holdings in well-positioned secular growth companies, though acknowledges economic headwinds like inflation could lead to short-term volatility.
This document provides an interim report for the UK Leveraged and Diversified Large Cap Alpha Fund. It discusses the fund's investment thesis, team, objectives, strategy, holdings and performance between February and March 2013. Some key themes that emerged were growth in the UK, Eurozone and US economies, the impact of central bank monetary policy, ongoing deleveraging, and positive fund flows indicating a secular bull market. Potential risks discussed included a UK credit downgrade, the Italian election, and a possible UK triple-dip recession. Going forward, the report remains optimistic given themes indicating positive equity market opportunities.
The document provides an outlook and investment insights for 2012. It discusses that developed economies must address unsustainable fiscal positions which will require changes to economic governance and social welfare systems. It notes that policy consensus may be less assured going forward. The outlook suggests that while the Eurozone crisis requires major policy actions, global economic growth should still be over 3% on average, creating investment opportunities for flexible companies plugged into global growth.
Morgan Stanley: Barclays Financial Services Conferenceinvestorrelation
Morgan Stanley's Co-President James Gorman and CFO Colm Kelleher presented at the Barclays Financial Services Conference. They discussed Morgan Stanley's strategic priorities which include optimizing Institutional Securities, successfully integrating the Morgan Stanley Smith Barney joint venture, restructuring Asset Management, and developing a strategic alliance with MUFG. They provided an update on the integration of Morgan Stanley Smith Barney, noting that cost synergies exceeded $1.1 billion and revenue synergies were $275 million. Gorman stated that Morgan Stanley Smith Barney is positioned to achieve industry-leading margins of over 20% by 2011.
1) New central bank policies have calmed markets but risks remain in Europe. Politics could have a greater impact on markets in 2012 with high stakes.
2) Stocks are relatively cheap reflecting challenges but risks need acknowledgement. Within fixed income, investment-grade corporates offer opportunities.
3) Central bank liquidity has eased concerns but European issues like banks, sovereign debt, and austerity remain difficult hurdles in the coming months. Renewed volatility can't be ruled out.
1. The Next Fund Manager 2010
INVICTUS
Global
Emerging
Market Fund
Presented By:
Nelson Lim
Darryl Koh
K o h Yo n g S e n g
2. The Scenario
• Windstorm from Atlantic Ocean made a
landfall in New York
• Caused billions of dollars in damages and
brought businesses in New York to a standstill
3. Agenda: The Preview
Fund Composition – The Overview
Reassuring Investors – The Effects
Adjusted Fund Portfolio – The Strategy
Investment – The Analysis
Opportunities
The Overview The Effects The Strategy The Analysis
4. Invictus Global Emerging Markets Fund
Fund Composition
DWS Lion Fund
Fix Income
20%
30%
United GEMs
First State GEM Investments
Leaders 10%
55%
Equities Aberdeen Global
70% Opportunities
15%
The Overview The Effects The Strategy The Analysis
5. Effects of Natural Disaster on
Financial Markets
• Past Similar Case: Hurricane Katrina(Aug 2005)
– Caused damages in excess of US$100 billion
– Devastated several US states and disrupted oil supply
Hurricane Katrina
Hurricane Katrina
• Effects of Hurricane Katrina on Financial Markets:
– Initial fall in stock prices
– Shortly after, Markets recovered and continued to rise
higher than before disaster
The Overview The Effects The Strategy The Analysis
6. Effects of Natural Disaster on
Financial Markets
• Observed similar findings during Hurricane
Andrew (1992), Hurricane Hugo (1989) and
even during should be advised not to do
Investors September 11 Terrorist Attack
panic exit as this will result in selling at
an unfavourable price
The Overview The Effects The Strategy The Analysis
7. How will our Fund be Affected
• Pre-dominantly invested in Emerging Markets
• Minimum exposure in US markets (≈3%)
• Negative impacts of US markets on our fund
should be minimal
The Overview The Effects The Strategy The Analysis
8. How will our Fund be Affected
• However, we need to take a Cautious Approach!
– Economy is just recovering
– Fragile state
– Possibility of triggering another recession in US
The Overview The Effects The Strategy The Analysis
10. Implementing Changes to
Portfolio Composition
Maintaning •Moderately
Existing Aggressive
Strategy
Maintaining •Emerging
Key Revenue Markets
Driver
The Overview The Effects The Strategy The Analysis
11. Moderately Aggressive Portfolio
Composition
United GEM
Investments, 10%
Fixed
DWS Lion Income, 30%
Fund, 20% First State
GEM, 45%
Global Equity, 70%
Aberdeen, 10%
Construction, 5%
Material , 10%
The Overview The Effects The Strategy The Analysis
12. Moderately Aggressive Portfolio
Composition
United GEM
Investments, 1
DWS Lion 0%
Fund, 20%
Increasing US Incurring Focus on High
Sovereign Additional Grade
Risk, especially Debt to Investmenet
Eurozone finance Corporate
reconstruction Bonds
The Overview The Effects The Strategy The Analysis
13. Emerging Market as Key
Revenue Driver
Global
Markets, 45 Emerging
% Markets, 55
%
The Overview The Effects The Strategy The Analysis
14. Analysis of Investment
Opportunities
Construction,
5%
Material , 10%
The Overview The Effects The Strategy The Analysis
15. URS Corporation
• Leading US federal government contractor
• Provides planning, design and program and
construction management services for
public buildings
• Strong fundamentals, with stable growth in
earnings
• Participated in the rebuilding work in the
aftermath of Hurricane Katrina
The Overview The Effects The Strategy The Analysis
16. URS Corporation
•Annualized return of approximately 17%
between 2005 and 2007, compared to 10-yr
annualized return of 13%
The Overview The Effects The Strategy The Analysis
17. ArcelorMittal
• World’s largest steel company
• 10% of world’s steel output in 2007
• 23% of steel sales to USA, 39% to EM
• Demand of steel, a key material for
construction, is expected to rise substantially
during the rebuilding stage of natural disaster
recovery
The Overview The Effects The Strategy The Analysis
18. ArcelorMittal
• Annualized return of approximately 49%
between 2005 and 2007, compared to
10-yr annualized return of 10.7%
The Overview The Effects The Strategy The Analysis
19. • Largest steel producer in China,tord largest in
Share price is highly correlated 3 world steel
price
the world
• An increase in demandgiven the will raise the
High growth potential for steel likelihood on
increase in demand of steel caused by disaster
price of steel
Share Price Chart for
Baosteel (2005-2009)
The Overview The Effects The Strategy The Analysis
20. Projected Fund Performance
Invictus Global Emerging Markets Fund
Proportion Returns Std Dev
Security 10-yr Annualize Projected
First State GEM Leaders SGD
United Baosteel, 0.45 Annualized
11.25% d Return 2-yr
5.30
GEM, 1
Aberdeen Global Opportunities 5%
Return between Annualized
SGD 0% First 0.10 2.49% 2005-07 Return
4.84
DWS
United GEMs Investments SGD State
0.10 6.84% 2.04
Lion GEM, 4 URS 13.0% 17% 17%
Fund, 2Lion Fund
DWS 5% 0.20 Corp. 2.70% 0.46
0% Arcelor Mittal 0.05 49% 27.40
URS Corporation Arcelor 10.7% 49% 49%
0.05 Mittal 17% 6.92
Baosteel Group 0.05 11.1% 13.02
Aberdeen, Arcelor
Expected Returns URS
Bao 3.9% N/A 11.1%*
10% Mittal, 5
Corp, 5% % steel10.39% (7.79%)
Std Dev
5.532 (3.937)
Coefficient of Variation * approximated using rise in steel price from 2005-07
0.53 (0.51)
The Overview The Effects The Strategy The Analysis
21. Looking Forward
PROPOSED STRATEGY IMPLEMENTATION
Current 2011 2012 Onwards
MAIN STRATEGY
• Divest into US • Capitalize and reap the • Re-Analyse Market
disaster recovery profits of projected Conditions
industries growth in disaster
• Explore
recovery companies
• Balance of portfolio opportunities
Allocation
• Consistent with
Objectives
BACKUP STRATEGIES
• US market becomes too volatile
• Re-allocate portfolio by pulling out of USA
• Possible use of gold fund as hedging tool
Overview Challenges Implications Measures Evaluation
23. Appendix
Slides: Additional Fund Information:
Client Profile
Fund Composition First State GEM Leaders Fund
Aberdeen Global Opportunities Fund
Effects on Capital Market United GEMs Investments Fund
Effects on the Fund DWS Lion Bond Fund
United Gold and General Fund
Investment Opportunities Original Fund Overview
Implementing Changes B.Strategy 1 – Bearish EM Outlook
B.Strategy 2 – Bearish Equities
Moderately Aggressive Portfolio First State Peer Comparison/ Additional Info
Key Revenue Driver Aberdeen Peer Comparison/ Additional Info
United GEMs Peer Comparison/ Add Info
Analysis of Opportunities DWS Lion Bond Peer Comparison/ Additional Info
United Gold & General Fund Additional Info
URS Corp
Arcelor Mittal
Baosteel New Assets Information:
Projected Fund Performance Analysis on URS Corporation
Looking Forward Analysis on Arcelor Mittal
Analysis on Baosteel
24. Client Profile
• Moderately aggressive investors
• Mid to long-term investment horizon
• Willing to withstand short-term fluctuations
25. •Diversification
Main Strategy
•Cushion downside
risk
•More emphasis on Fixed Income
global bond funds Funds
(30%)
Equities Commodity
Funds Funds
(70%) (Backup)
Invictus
•Mid to Long Term Global •Hedging purpose
Capital Appreciation Emerging •Times of highly
•Main driver of return Market Fund volatile market
•Key focus on Emerging conditions
Markets
26. First State GEM
Leaders
• Consistently outperforming the emerging
market
• 5-yr annualized returns of 11.25%
• Low volatility with standard deviation of 5.3%
Performance of First State GEM Leaders Fund Versus MSCI Emerging Markets Index
27. First State GEM
Leaders
• Strong emphasis on Asia – region of high
growth
• Heavily focused on defense industries –
creating stable growth
28. • Uptrend shift, consistently support by 100-day
and 200-day moving average since mid-July 2009
• Highest returns (2.49%) with least volatility
(4.84%) among peers
29. • Investments in developed countries
• Primary allocations in financials, energy and IT
• Well poised to capture effects of economic
recovery
30. United GEMs
Investments
• Stable growth even in times of volatile market
conditions
• Highest annualized returns per unit risk taken
• Impressive excess return (alpha) of 0.35
Performance of United Global Emerging Markets versus MSCI World Index and MSCI Asia EX Japan
31. United GEMs
Investments
• Significant interests in Brazil and
Russia, complementing First State GEM Leaders
• Focused on government bonds and corporate
bonds from defense industries, providing stability
Asset Allocation - by Country Asset Allocation - by Industry
Brazil Energy
3.00%
13.13% 5.38% Indonesia 9.68% 11.14% 5.01% Financials
7.94%
Mexico
41.88% Government
7.85% Philippines
10.58% Russia Government Agency
USA 57.74%
16.42% Special Purpose
Others Entity
4.76% Utilities
32. • Resistant to market fluctuations
• Stable growth of 2.70% (annualized)
• 2X Sharpe ratio of competing funds at 0.11
Performance of DWS Lion Fund versus MSCI World Index and MSCI Asia EX Japan
33. • Mainly in developed Asian countries which are
less affected by recent economic crisis
• Comprising of corporate bonds from key
sectors such as banking and transportation
Asset Allocation - by Country Asset Allocation - by Industry
5.23% 11.16% Banks
Singapore
26.34% Real Estate
South Korea 37.24%
8.61% Transport
USA
10.79% Finance
64.21% Hong Kong
18.40% Electronic
Others
Others
10.29%
3.75%
3.98%
34. • Used as a hedging tool given negative
correlation with the global market
• Cumulative return of 88.25%, 6.16% YTD
Annualised Standard Sharpe
Fund Current NAV
Return Deviation Ratio
United Gold & General Fund 15.57% 10.10 0.10 1.861
35. • Over 70% investments in gold and precious
metals good hedging instrument
• Used as backup strategy to hedge against
downside risk of a possible W-shaped recovery
36. Original Fund Overview
Invictus Global Emerging Markets Fund
Proportion Returns Std Dev
First State GEM Leaders
SGD
0.55 11.25% 5.30
Aberdeen Global
Opportunities SGD
0.15 2.49% 4.84
United GEMs Investments
SGD
0.1 6.84% 2.04
DWS Lion Fund
0.2 2.70% 0.46
United Gold & General Fund
0 15.57% 10.10
Expected Returns
7.79
Std Dev
3.937
Coefficient of Variation
0.51
37. Backup Strategy 1
Bearish Expectations on Emerging Markets
Backup Strategy + Gold Options
10% Std
Proportion Returns
20% Dev
First State GEM Leaders 0.2 11.25% 5.30
SGD
20% Aberdeen Global 0.4 2.49% 4.84
Opportunities SGD
United GEMs Investments 0.1 6.84% 2.04
SGD
DWS Lion Fund 0.2 2.70% 0.46
10% United Gold & General 0.1 15.57% 10.10
40% Fund
Expected Returns 6.03
Std Dev 4.302
Coefficient of Variation 0.71
38. Backup Strategy 2
Bearish Expectations on Equities Market
Backup Strategy + Gold Options
10% Proportion Returns Std Dev
20% First State GEM Leaders
0.2 11.25% 5.3
SGD
Aberdeen Global
Opportunities SGD
0.2 2.49% 4.84
United GEMs Investments
30% 0.2 6.84% 2.04
SGD
20% DWS Lion Fund 0.3 2.70% 0.46
United Gold & General
Fund 0.1 15.57% 10.1
Expected Returns 6.48
20% Std Dev 3.584
Coefficient of Variation 0.55
43. Aberdeen Global – Peer Comparison
Current
Annualised Standard Sharpe NAV
Fund Alpha Beta
Return Deviation Ratio (caa
03/02/10)
Aberdeen Global
2.49% 4.84 0.30 1.06 0.01 0.80
Opportunities SGD
United International
-1.73% 4.33 -0.07 0.98 -0.07 1.59
Growth Fund
Henderson Global
1.97% 5.38 0.11 0.93 0.00 1.32
Technology
Schroder Global
1.09% 4.97 0.09 0.91 -0.02 1.76
Smaller Companies
49. DWS Lion Bond – Peer Comparison
Annualized Standard Alpha Beta Sharpe Current
Return Deviation Ratio NAV
Fund
(caa
03/02/10)
DWS Lion Bond 2.70% 0.46 0.05 0.07 0.11 1.48
SGD
1.03% 1.72 (0.06) 0.85 (0.05) 1.20
Legg Mason
Global Bond
Trust
LionGlobal Bond 1.98% 1.1 0.06 0.08 0.05 1.56
A SGD
54. Effects of Hurricane Hugo and Camille
on Financial Markets
• Markets move upwards subsequent to the
occurrence of the natural disasters
55. Correlation between US and EM equity
markets
• Past financial market trends have shown slight
positive co-relation between US equities and
Emerging Markets equities
MSCI Emerging Markets Index
S&P 500
Dow Jones
56. Analysis of URS Corp
• Average increase of 15% in EPS for the past 5
years
• Healthy financial leverage, D/E ratio of 17%
• Operating income at approx. 5% of revenue,
increasing over the past 5 years.
• Revenue from Federal sector (energy and
construction) increased by 67% over past year
• Key Competitors: Fluor & Jacobs Engineering
• Key Competitive Advantage: Relationship with
Government
57. Analysis of Arcelor Mittal
• Showing signs of recovery
from the economic crisis
• Improved EDITBA and CF
from Operations in 2009
• Improved leverage with a
USD13.7 billion reduction
in debt since the
economic crisis
• Key Competitors:
Ternium, US Steel Corp.
• Outperformed during
Hurricane Relief
58. Analysis of Baosteel
• Low financial leverage, D/E Ratio approx. 10%
• CF from operating activities take up 50% of
net CF of the year in 2009
• Good growth potential with heavy
investments in research and development
• Key Competitors: Angang Steel, Wuhan Iron
and Steel