Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Oct. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
1) The document describes a long-short investment strategy that aims to build a market-neutral portfolio consisting of long positions in stocks with improving fundamentals and short positions in the Euro STOXX 50 Future.
2) The strategy has achieved positive returns during negative market months and preserved capital during positive months, reaching a nice balance.
3) Over time, the long-only portion of the strategy has exhibited lower beta characteristics than the market index, causing the long-short strategy to take on an unintentional negative beta posture by shorting more futures. However, this positioning helps preserve capital during downturns.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Feb. '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Nov. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Apr. '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Nov. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Oct. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
- The document provides information on the Tulip Trend Fund A EUR, including its monthly net returns from 2002-2016, key figures such as annual returns and maximum drawdown, and fund facts.
- The fund uses a quantitative trend following strategy across global futures and forwards markets to participate systematically in trending markets.
- Over its lifetime, the fund has generated an annualized return of 1.558999% and maximum drawdown of -11.01%, with relatively low correlation to major stock and hedge fund indices.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Oct. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
1) The document describes a long-short investment strategy that aims to build a market-neutral portfolio consisting of long positions in stocks with improving fundamentals and short positions in the Euro STOXX 50 Future.
2) The strategy has achieved positive returns during negative market months and preserved capital during positive months, reaching a nice balance.
3) Over time, the long-only portion of the strategy has exhibited lower beta characteristics than the market index, causing the long-short strategy to take on an unintentional negative beta posture by shorting more futures. However, this positioning helps preserve capital during downturns.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Feb. '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Nov. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Apr. '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Nov. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Oct. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
- The document provides information on the Tulip Trend Fund A EUR, including its monthly net returns from 2002-2016, key figures such as annual returns and maximum drawdown, and fund facts.
- The fund uses a quantitative trend following strategy across global futures and forwards markets to participate systematically in trending markets.
- Over its lifetime, the fund has generated an annualized return of 1.558999% and maximum drawdown of -11.01%, with relatively low correlation to major stock and hedge fund indices.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Dec. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of July '18Giuseppe Piazzolla
This document summarizes a European equity long-short strategy. It provides performance metrics showing the strategy has outperformed European benchmarks like the Euro Stoxx 50 with lower volatility over 3 years. However, it has underperformed in the last 2 years. The strategy aims to generate high single digit returns with half the volatility of the market through a fundamental stock scoring process and both long and short positions.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of May '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
How do you invest when valuations are high? What are the parameters that an investor needs to consider before he decides to invest? Explore the deck where Sorbh Gupta, Fund Manager, Equity, Quantum Mutual Fund answers these questions & more.
www.Quantumamc.com
The forex market is the biggest and most liquid market on the planet. We’ve created a list of vital, current, actionable stats about trading Forex so that you can understand what you’re getting into if you go ahead with your goals. Original infographic here https://www.acorn2oak-fx.com/84-top-forex-statistics-2020.html
Presentación FE SYZ Asset Management - OYSTERRankia
This document provides information on the Oyster Market Neutral fund, a European equity strategy that aims to be uncorrelated with major asset classes. The fund focuses on anticipating revisions to earnings estimates using an experienced team. It targets a return of LIBOR + 5% with maximum volatility of 6% while keeping its beta exposure constantly at zero.
IDFC Bond Fund Medium Term Plan_Fund spotlightJubiIDFCDebt
This fund is an open-ended medium term debt scheme that invests in high quality instruments such that the Macaulay duration is between 3 to 4 years. As of February 2021, the fund had an average AUM of Rs. 4,709.51 crores and invested 100% of its assets in AAA rated or equivalent securities to limit credit risk. The fund is actively managed to limit duration risk and diversifies across government bonds, corporate bonds, money market instruments, and other debt securities. It is suitable for investors seeking optimal returns over the medium term from a high quality, moderately duration portfolio.
The document provides performance data and analysis for various Analytics investment funds for January 2012. It includes tables and charts showing the 1, 3, 6, 12, 24, 36, and 60 month returns for the Cautious, Moderate, Balanced, Flexible, and Managed Equity funds compared to benchmarks like the CPI and FTSE/JSE All Share Index. It also lists the compound and annualized returns for some funds since their inceptions in 2001-2002.
The document provides an overview of the global macroeconomic outlook from the perspective of Raiffeisen Bank. It discusses leading economic indicators, the recovery in the US and Eurozone, inflationary pressures and interest rate forecasts. Specific topics covered include the outlook for stock markets, emerging markets, commodity prices and currency exchange rates. Risk factors mentioned include the sovereign debt crisis in Europe and potential geopolitical conflicts.
Venture capital returns remained positive across nearly all time horizons ending March 31, 2008, according to a report from Thomson Reuters and the National Venture Capital Association. The one-year return saw the largest quarterly decrease to 13.3%, while three-year and ten-year returns also declined slightly. Venture returns outperformed public markets except for the five-year horizon. However, weak exit markets may threaten long-term performance in the coming year according to NVCA President Mark Heesen.
In this presentation we extend our 2018 Q4 Outlook with our views on the global economy and equity markets. We are negative on US equities and see opportunities in Chinese equities.
The trading strategy incorporates fundamental and technical analysis to determine optimal entry and exit points for selling options premium on futures indexes. The strategy aims for monthly returns of 0.5-1% with an annualized return target of 6-8% and has achieved an annualized return of 6.56% since 2010 with monthly volatility of 3.39%. Downside risks have included a maximum drawdown of 15.11% from September to October 2014.
Venture capital performance remained positive across most investment horizons ending in the first quarter of 2007, according to Thomson Financial and the National Venture Capital Association. The 5-year private equity performance index saw the most volatility, increasing 1.5 points to 2.7%, reflecting an improved exit market. Short-term horizons were relatively steady, while longer-term performance indexes like 10-year and 20-year increased slightly. The venture capital industry continues to outperform public markets long-term, offering strong returns to its investors.
SGMT Capital March 2016 Investor Letter - FinalDavid Smith
The SGMT trading system had a gross return of 5.39% in March 2016. Major events influencing the markets included the ECB announcing more stimulus measures, which initially weakened the euro but then strengthened it, and the US Federal Reserve signaling a slower pace of rate hikes in 2016. SGMT performed well by correctly positioning for the impacts of these major central bank announcements and economic data. Looking forward, Brexit negotiations and global economic prospects pose risks and opportunities.
The document discusses investing in a low interest rate environment. It examines where to invest given market divergences, questions what asset valuations truly are with massive liquidity injections by central banks, and whether banks can be profitable with today's low interest rates. The document also provides an analysis of different asset classes and their valuations relative to neutrality. Fund performance summaries are presented for various bond and equity funds.
Five Factors of Return - Stop Wasting Time, Start Adding Value, Part IVAndrew Stotz, PhD, CFA
The document discusses five factors of return that influence stock returns: inflation, dividend yield, real book value growth, share dilution, and the "dream factor". It analyzes the impact of these factors on total returns in various Asian markets between 2001-2013. The analysis shows that real book value growth and dividend yield are typically the main drivers of long-term returns and terminal wealth, while the "dream factor" contributes more variably. Real book value growth and inflation tended to be the largest factors for returns in Indonesia, while returns in Singapore saw more influence from nightmares. Overall, the five factors framework provides insight into past return drivers in different markets.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of November '18Giuseppe Piazzolla
This document summarizes a European equity long-short strategy. It provides performance metrics for the strategy gross of fees from November 2014 to November 2018. The strategy aims to generate long-term capital appreciation with lower volatility than the market by taking long positions in stocks scoring high on its methodology and shorting equity indices. Recently, positions in materials and consumer discretionary stocks negatively impacted performance.
Slides of my investment strategy (updated @ March '18)Giuseppe Piazzolla
This document provides an overview of a long-short equity strategy focused on exploiting pricing inefficiencies related to the quality factor. The strategy aims for returns between 0.5-1 times the market with half the volatility through a combination of long positions in a quality value portfolio and short positions in equity futures to remain beta neutral. Since inception the strategy has achieved an average return of 3% annually with 6% volatility. Stock selection involves filtering for tangible book value growth, high Piotroski scores, and ranking based on free cash flow yield and return on invested capital to identify high quality, undervalued companies.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of Dec. '17Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of July '18Giuseppe Piazzolla
This document summarizes a European equity long-short strategy. It provides performance metrics showing the strategy has outperformed European benchmarks like the Euro Stoxx 50 with lower volatility over 3 years. However, it has underperformed in the last 2 years. The strategy aims to generate high single digit returns with half the volatility of the market through a fundamental stock scoring process and both long and short positions.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of May '18Giuseppe Piazzolla
This is an example of a monthly factsheet I build to track performance and risk data of a mandate I call 'Flexible Equity - Euro Long Short Market Neutral strategy'.
Actually, it is my track record in market neutral format.
How do you invest when valuations are high? What are the parameters that an investor needs to consider before he decides to invest? Explore the deck where Sorbh Gupta, Fund Manager, Equity, Quantum Mutual Fund answers these questions & more.
www.Quantumamc.com
The forex market is the biggest and most liquid market on the planet. We’ve created a list of vital, current, actionable stats about trading Forex so that you can understand what you’re getting into if you go ahead with your goals. Original infographic here https://www.acorn2oak-fx.com/84-top-forex-statistics-2020.html
Presentación FE SYZ Asset Management - OYSTERRankia
This document provides information on the Oyster Market Neutral fund, a European equity strategy that aims to be uncorrelated with major asset classes. The fund focuses on anticipating revisions to earnings estimates using an experienced team. It targets a return of LIBOR + 5% with maximum volatility of 6% while keeping its beta exposure constantly at zero.
IDFC Bond Fund Medium Term Plan_Fund spotlightJubiIDFCDebt
This fund is an open-ended medium term debt scheme that invests in high quality instruments such that the Macaulay duration is between 3 to 4 years. As of February 2021, the fund had an average AUM of Rs. 4,709.51 crores and invested 100% of its assets in AAA rated or equivalent securities to limit credit risk. The fund is actively managed to limit duration risk and diversifies across government bonds, corporate bonds, money market instruments, and other debt securities. It is suitable for investors seeking optimal returns over the medium term from a high quality, moderately duration portfolio.
The document provides performance data and analysis for various Analytics investment funds for January 2012. It includes tables and charts showing the 1, 3, 6, 12, 24, 36, and 60 month returns for the Cautious, Moderate, Balanced, Flexible, and Managed Equity funds compared to benchmarks like the CPI and FTSE/JSE All Share Index. It also lists the compound and annualized returns for some funds since their inceptions in 2001-2002.
The document provides an overview of the global macroeconomic outlook from the perspective of Raiffeisen Bank. It discusses leading economic indicators, the recovery in the US and Eurozone, inflationary pressures and interest rate forecasts. Specific topics covered include the outlook for stock markets, emerging markets, commodity prices and currency exchange rates. Risk factors mentioned include the sovereign debt crisis in Europe and potential geopolitical conflicts.
Venture capital returns remained positive across nearly all time horizons ending March 31, 2008, according to a report from Thomson Reuters and the National Venture Capital Association. The one-year return saw the largest quarterly decrease to 13.3%, while three-year and ten-year returns also declined slightly. Venture returns outperformed public markets except for the five-year horizon. However, weak exit markets may threaten long-term performance in the coming year according to NVCA President Mark Heesen.
In this presentation we extend our 2018 Q4 Outlook with our views on the global economy and equity markets. We are negative on US equities and see opportunities in Chinese equities.
The trading strategy incorporates fundamental and technical analysis to determine optimal entry and exit points for selling options premium on futures indexes. The strategy aims for monthly returns of 0.5-1% with an annualized return target of 6-8% and has achieved an annualized return of 6.56% since 2010 with monthly volatility of 3.39%. Downside risks have included a maximum drawdown of 15.11% from September to October 2014.
Venture capital performance remained positive across most investment horizons ending in the first quarter of 2007, according to Thomson Financial and the National Venture Capital Association. The 5-year private equity performance index saw the most volatility, increasing 1.5 points to 2.7%, reflecting an improved exit market. Short-term horizons were relatively steady, while longer-term performance indexes like 10-year and 20-year increased slightly. The venture capital industry continues to outperform public markets long-term, offering strong returns to its investors.
SGMT Capital March 2016 Investor Letter - FinalDavid Smith
The SGMT trading system had a gross return of 5.39% in March 2016. Major events influencing the markets included the ECB announcing more stimulus measures, which initially weakened the euro but then strengthened it, and the US Federal Reserve signaling a slower pace of rate hikes in 2016. SGMT performed well by correctly positioning for the impacts of these major central bank announcements and economic data. Looking forward, Brexit negotiations and global economic prospects pose risks and opportunities.
The document discusses investing in a low interest rate environment. It examines where to invest given market divergences, questions what asset valuations truly are with massive liquidity injections by central banks, and whether banks can be profitable with today's low interest rates. The document also provides an analysis of different asset classes and their valuations relative to neutrality. Fund performance summaries are presented for various bond and equity funds.
Five Factors of Return - Stop Wasting Time, Start Adding Value, Part IVAndrew Stotz, PhD, CFA
The document discusses five factors of return that influence stock returns: inflation, dividend yield, real book value growth, share dilution, and the "dream factor". It analyzes the impact of these factors on total returns in various Asian markets between 2001-2013. The analysis shows that real book value growth and dividend yield are typically the main drivers of long-term returns and terminal wealth, while the "dream factor" contributes more variably. Real book value growth and inflation tended to be the largest factors for returns in Indonesia, while returns in Singapore saw more influence from nightmares. Overall, the five factors framework provides insight into past return drivers in different markets.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of November '18Giuseppe Piazzolla
This document summarizes a European equity long-short strategy. It provides performance metrics for the strategy gross of fees from November 2014 to November 2018. The strategy aims to generate long-term capital appreciation with lower volatility than the market by taking long positions in stocks scoring high on its methodology and shorting equity indices. Recently, positions in materials and consumer discretionary stocks negatively impacted performance.
Slides of my investment strategy (updated @ March '18)Giuseppe Piazzolla
This document provides an overview of a long-short equity strategy focused on exploiting pricing inefficiencies related to the quality factor. The strategy aims for returns between 0.5-1 times the market with half the volatility through a combination of long positions in a quality value portfolio and short positions in equity futures to remain beta neutral. Since inception the strategy has achieved an average return of 3% annually with 6% volatility. Stock selection involves filtering for tangible book value growth, high Piotroski scores, and ranking based on free cash flow yield and return on invested capital to identify high quality, undervalued companies.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
SFW - FOFA implications, Sum of parts valuation, possible acquirers George Gabriel
This research note analyses potential acquirer of the SFW business, and looks at Future of Financial Advice (FOFA) reforms and values SFW on a sum of the parts basis (a relevant valuation methodology for any business with multiple business segments).
Financial services sector - implications of FOFA, possible acquires of SFW, S...George Gabriel
SFW Australia is rated positively given its scarcity value as one of two listed vertically integrated wealth managers in Australia. The stock offers upside for strategic acquirers at its current sum-of-parts valuation of 42 cents per share. Potential acquirers include regional banks, third tier lenders, trustee companies, and diversified wealth managers seeking to expand their distribution networks and mitigate key person risks. The deferral of mandatory FOFA reforms to 2013 will drive further sector consolidation as smaller players exit and larger players pursue acquisitions.
Market Risk And Return PowerPoint Presentation Slides SlideTeam
The document discusses various topics related to analyzing risk and return of investment portfolios, including:
1) Analyzing the historical risk and return of a company's assets over time periods and comparing the performance of stocks, bonds, and treasury bills.
2) Measuring the risk and return of portfolio managers using graphical and tabular representations and comparing risk and return based on the proportion of stocks and bonds in a portfolio.
3) Discussing strategies for portfolio monitoring and rebalancing, including measuring stock volatility, analyzing portfolio returns, calculating asset betas, and determining portfolio value at risk.
Alexey Debelov has over 10 years of experience in asset management and a solid track record of outperforming the market with his investment strategies. He currently serves as Head of Equity and Structured Products at his firm, where he manages four equity strategies focused on Russian and global markets as well as structured products. His equity strategies have significantly outperformed their respective benchmarks over periods of 7+ years. Debelov takes a value-oriented approach to investing and aims to uncover undervalued companies particularly through his Russian Small-Cap strategy.
Commentary - Top 5 Europe Based Multiline Insurance Groups 09Sep2016Linas Grigali?nas
This document analyzes the performance and outlook of the top five European multiline insurance groups: AXA, Allianz, Generali, Aviva, and Zurich. It finds that they have strong balance sheets, profitability, and capital generation, though profitability may decline slightly in 2016 due to market volatility and regulatory costs. While the economic environment remains strong, challenges include low interest rates, Brexit uncertainty, and regulatory changes. Overall growth is expected to slow in 2016-2017 before improving in 2017 as the companies adapt.
T.I.P. and other Italian entrepreneurial families, which holds a 14% stake in
- The document is a presentation from a European midcap event in Frankfurt on February 26, 2014 discussing an investment group called T.I.P.
Ruffini Partecipazioni S.r.l. (owner of 32% of Moncler S.p.A.)
- T.I.P. holds stakes in 8 global leaders across technology, luxury, and healthcare industries. It has realized capital gains in 80% of divestments over 10 years and generated a 106% total return from 2010-2013.
Moncler is a global
This document provides an overview of the IDFC Focused Equity Fund. The fund is an open-ended equity scheme that invests in a concentrated portfolio of a maximum of 30 stocks with a multi-cap focus. It aims to invest in companies with superior quality and growth characteristics. The fund manager believes returns are driven by identifying the right stocks and allocating sufficiently to them. Currently, the fund is overweight in sectors such as information technology, telecom, and healthcare.
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.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2010BoyarMiller
This document summarizes a presentation on the current state of the capital markets given on September 10, 2010. It discusses 2010 market performance data for various asset classes. It then covers topics like the end of the recession, unemployment, credit availability, the housing market, government stimulus, and earnings estimates. The presentation outlines risks in 2010 like the withdrawal of stimulus, China slowing, and debt issues. It recommends investment strategies focused on capital preservation and diversification. Charts on interest rates, government and consumer debt, and corporate cash levels are also included. The next sections will cover private equity, debt markets, mergers and acquisitions, and conclusions.
The document is Analytics' monthly investment report for January 2012. It includes performance tables and charts for various Analytics funds of funds over various time periods. It also includes analysis of the managed equity fund's sector exposure and share holdings. The market commentary discusses the Greek debt crisis, austerity measures in Europe, and their implications for South Africa and its upcoming budget. It notes the difficult balance between social welfare and economic growth that South Africa must achieve.
1. TenGer Financial Group is a diversified financial services group in Mongolia spanning microfinance, insurance, lending, savings, and payments.
2. As the Mongolian economy and financial sector grows, TenGer is well positioned to track this growth as it offers a full range of financial services.
3. Investing in financial institutions like TenGer provides exposure to Mongolia's economic development, but requires conditions like strong corporate governance, professional management, and balanced ownership to be met.
This document provides an overview and analysis of the European listed real estate sector from the perspective of Degroof Petercam Asset Management. It discusses key debates around interest rates, volatility, valuation, and efficiency compared to other asset classes. It then introduces the investment team, philosophy, and process for several funds managed by Degroof Petercam, including the Petercam Securities Real Estate Europe fund. Tables provide financial details and forecasts for numerous European real estate companies.
The document provides a performance update for the DSP Value Fund, an open-ended equity scheme following a value investment strategy. It summarizes the fund's performance over various periods, finding that it has outperformed comparable indices such as the NIFTY 500 TRI since inception. The document also analyzes the fund's portfolio characteristics, top contributors and detractors, sector and country allocations, and compares the performance of MSCI ACWI and NIFTY 500 indices over several time periods.
This document provides a performance update for the DSP Value Fund, an open-ended equity scheme following a value investment strategy. It summarizes the fund's performance metrics including returns, standard deviation, sector allocation, and top contributors and detractors. The fund has outperformed its benchmark indexes since inception, with returns of 14.0% for its regular growth plan compared to 15.2% for the Nifty 500 index. The document also reviews characteristics of the fund's domestic portfolio such as valuations, growth rates, and returns on equity that demonstrate its value style.
This report provides a strategic analysis and recommendations for Jot, a toy company. It analyzes Jot's strengths, weaknesses, and financial performance. Key recommendations include shifting production to Voldania to reduce costs, launching a new line for the 9-11 age group to tap an untapped market, and prioritizing major customers over small retailers for late Christmas deliveries to preserve important relationships. The report also suggests improving quality control after a faulty toy was found.
The document discusses the strong performance of the Indian stock market after the COVID-19 pandemic. It notes that economic activity and corporate profits are recovering. Some sectors have surpassed pre-pandemic levels while others are recovering gradually. Risks like a potential third wave, rising inflation, and global factors could impact the recovery. The fund manager believes the market rally can continue if COVID containment accelerates and as economic growth remains strong. However, valuations appear elevated and returns may moderate going forward. The portfolio aims to provide value through a focus on quality companies with strong earnings growth at reasonable prices.
Similar to Flexible Equity Euro Long-Short (Market Neutral) strategy_End of January '19 (20)
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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."
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"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.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Flexible Equity Euro Long-Short (Market Neutral) strategy_End of January '19
1. Past performance is not a reliable indicator of future results. Calculations presented here are derived from Bloomberg data. This portfolio is a carve-out of a strategy employed in an
investment fund. Performance presented here for this strategy is gross of fees.
Pag. 1
All data as of January 31, 2019
Flexible Equity Euro Long-Short (Market Neutral) strategy
INVESTMENT OBJECTIVE
The strategy seeks long-term capital
appreciation with minimal correlation to
the stock market while trying to keep
volatility about half that of the stock
market in which it is invested.
It generally takes long positions in
securities of European companies that
score high in the proprietary methodology
and at the same time have a short
exposure (via futures) to equity indices like
the Euro STOXX 50.
Investment Style Long-short equity Fund Features
Morningstar Category Alt - Market Neutral - Equity
Legal Structure UCITS IV SICAV
ISIN Code
Bloomber Code
Share Class Currency EUR
Recommended Investment
Horizon
3-5 years
Risk-Return Profile (1-7) 5
Strategy inception 28/11/14
Strategy size EUR 81 mln. (*)
> European equity strategy
with low correlation to
major asset classes
> Strategy focused on a
systematic fundamental
based scoring process
> Aims at delivering high
single digit performance
over a market cycle
(*) This stratregy represents on average 30% gross exposure of a Luxembourg SICAV
PERFORMANCE AND RISK MEASURES
0
5
10
15
20
25
30
0
20
40
60
80
100
Performance(%)
Aum(mln.€)
Evolution of AUM & Total Return Performance (PORT)
Evolution of aum. (mln.€) Total return performance
11/02/16, -25.04
05/05/17, 25.93
22/09/15, 10.3
10/12/18, -5.58
0
10
20
30
-30
-20
-10
0
10
20
30
standarddeviation%(6m.ann.)
rolling6m.TRperformance%
Historical Total Return, st.dev. (port, 'SX5E')
sd-SX5E sd-PORT tr-SX5E tr-PORT
YTD 6 m. 1Y 2Y (ann.) 3Y (ann.) s.i. (ann.)
1.8 1.0 -0.6 2.2 2.2 5.2
5.6 -9.6 -9.2 2.3 4.9 2.8
0.7 -2.8 -3.9 -1.5 -1.5 0.1
Year to Date YEAR Gen Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1.8 2019 1.8 -- -- -- -- -- -- -- -- -- -- --
-3.8 2018 -1.5 0.0 0.2 -1.4 4.1 -2.5 -1.8 1.5 -1.8 -0.9 0.5 -0.1
7.8 2017 1.0 2.2 -0.4 2.4 0.5 -0.9 -1.2 -0.4 0.7 0.7 -0.3 3.3
-0.2 2016 -1.3 2.0 1.4 -0.7 1.2 -1.1 1.5 0.2 1.0 -2.5 0.4 -2.2
13.6 2015 1.5 0.8 -0.5 1.9 2.1 0.2 -0.3 2.9 1.1 -0.1 1.0 2.3
3.2 2014 -- -- -- -- -- -- -- -- -- -- -- 3.2
1 Y 2 Y 3 Y Port Date
› Risk Best 1 1.91 09/01/15
St. Deviation (Ann.) 6.1 5.6 6.1 Best 2 1.26 29/06/15
VaR 95% (ex-post) -0.6 -0.6 -0.6 Best 3 1.19 18/09/15
› Risk/Return Worst 1 -1.76 27/06/16
Sharpe Ratio 0.0 0.5 0.4 Worst 2 -1.51 14/01/16
Worst 3 -1.43 22/06/15
-7.5% Up Down
Date of Max Drawd. 25/10/18 n° of days 570 519
Days to recovery % of days 52.3 47.7
Recovery date
Portfolio Statistics (%) Best-Worst days (%)
Maximum drawdown Period Analysis
Performance Analysis (%)
** Peers' performance is net of fees and taxes, portfolio's performance is
gross; peer groups returns are calculated by equally weighting NAV
performance of long-short market neutral, EUR hedged or european,
equity mutual funds (with daily liquidity and pricing).
Port
EURO STOXX 50
Peers**
Seasonal Analysis (%)
[-2; -
1.6]
[-1.6;
-1.2]
[-1.2;
-0.8]
[-0.8;
-0.4]
[-0.4;
0]
[0;
0.4]
[0.4;
0.8]
[0.8;
1.2]
[1.2;
1.6]
[1.6;
2]
Observ. 0.001 0.005 0.017 0.118 0.337 0.365 0.137 0.019 0.001 0.001
11.8%
33.7%
36.5%
13.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
FREQUENCY(%)
Histogram showing distribution of daily returns
48% of the days
with returns < 0
52% of the days
with returns > 0
2. Past performance is not a reliable indicator of future results. Calculations presented here are derived from Bloomberg data. This portfolio is a carve-out of a strategy employed in an
investment fund. Performance presented here for this strategy is gross of fees.
Pag. 2
All data as of January 31, 2019
Flexible Equity Euro Long-Short (Market Neutral) strategy
PERFORMANCE AND RISK MEASURES
-10
-5
0
5
10
15
20
25
30
35
40
100
110
120
130
140
150
160
170
180
190
200
11/14 04/15 09/15 02/16 07/16 12/16 05/17 10/17 03/18 08/18 01/19
Avg.NetExp.(%)
Avg.GrossExp.(%)
Historical Grossand NetExposure
Avg. Gross Expos. Average Net Exposure
-1
-0.8
-0.6
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
-3
-2
-1
0
1
2
3
CORRELATION
SHARPERATIO
Rolling 6m. Sharpe & Correlation (with SX5E)
Sh.R. Corr.
-1.0
-0.8
-0.5
-0.3
0.0
0.3
0.5
0.8
1.0
BETA
Rolling 6m. Beta vs SX5E
Beta
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
BETA
Rolling 6m. Beta (long-only portfolio) vs SX5E
Beta Long-Only
-0.05
0.05
0.15
ALPHA
Rolling 6m. alpha (long-only portfolio) vs SX5E
Alpha Long-Only
PORTFOLIO COMPOSITION
Asset Class Equity Exposure by (1st eight): Equity Exposure by (1st eight):
Exposure Weight (%) Sectors (GICS)*** Long Short Tot.Gr. Tot.Net Country *** Long Short Tot.Gr. Tot.Net
› Cash & Margin 10.6 Industrials 26.3 -10.0 36.4 16.3 Britain 29.3 -5.3 34.6 24.0
› Long 89.5 Financials 7.1 -13.9 21.0 -6.8 France 12.3 -31.1 43.4 -18.8
› Long (Beta adj.) 75.5 Consumer Discretionary 16.7 -10.6 27.3 6.0 Germany 6.0 -22.3 28.3 -16.3
› Short -80.7 Consumer Staples 2.9 -8.8 11.7 -5.9 Sweden 5.8 5.8 5.8
› Gross Exposure 170.1 Materials 12.9 -7.3 20.1 5.6 Denmark 5.5 5.5 5.5
› Net Exposure 8.8 Information Technology 3.8 -7.9 11.7 -4.1 Spain 4.6 -8.2 12.9 -3.6
› Net Exp. (Beta adj.) -5.1 Health Care 4.8 -7.0 11.8 -2.3 Switzerland 3.3 3.3 3.3
Communication Services 6.5 -4.6 11.2 1.9 Italy 6.9 -3.9 10.8 3.0
Top 10 Equity Exposure by (1st eight): Equity Exposure by:
Name*** Weight (%) Sub-Industry (GICS)*** Long Short Tot.Gr. Tot.Net Market Cap*** Long Short Tot.Gr. Tot.Net
Total Sa -4.6 Research & Consulting Services 10.3 10.3 10.3 € 50bln. + (Giant) 9.3 -52.0 61.2 -42.7
Relx Plc 4.2 Diversified Banks -8.5 8.6 -8.5 € 10-50bln. (Large) 29.6 -28.7 58.3 0.9
A2A Spa 3.8 Asset Management & Custody Ban 5.2 5.2 5.2 € 1-10bln. (Mid) 49.2 49.1 49.2
Sap Se -3.5 Airlines 5.0 5.0 5.0 € 250mln-1bln. (Small) 1.4 1.4 1.4
Experian Plc 3.4 Industrial Gases -4.4 4.4 -4.4
Roche Hldg-Genus 3.3 Casinos & Gaming 4.4 4.4 4.4
Compagnie De Saint Gobain 3.2 Personal Products -4.4 4.4 -4.4
Upm-Kymmene Oyj 3.1 Diversified Metals & Mining 4.3 4.3 4.3
Fielmann Ag 3
Sanofi -3 *** implied from the short index futures position
Number of stocks 39 50
Mkt Cap (avg. bln.€) 20.9 57.9
FCF Yield (T12 m.) 8.9 6.8
P/Book 5.2 2.6
Roic 22.5 11
Sales Growth (T12 m.) 6.5 3.7
Dividend Yield 3.6 3.9
Dvd. Payout Ratio 57 54
Debt/MktCap 38% 172%
During the last three months we maintained gross long exposure of 90% and gross short exposure of 80%, resulting in 10% net exposure across the
portfolio. A reasonable benchmark for the fund’s performance is an adjusted Euro Stoxx 50 Index, which takes the fund’s average net exposure and
multiplies it by the index return, resulting in a -0.06 % performance, worst than our 2.21%. But looking at 2018 with a near -4%, touching our worst
rolling six months on mid October at -5.58% and experiencing our max drawdown near the end of October with -7.5% we have to remember that we
are coming from a period of negative returns and it is not much solace to find that the entire long short equity asset class and the equity market as a
whole has experienced negative returns in the same perod. But it is unthinkable that the performance evolution could be linear and if it were, better
to re-read Madoff's story with its promises of constant small positive returns and low volatility.
While we are far from our mid single digits objective, we are glad to see that the engine of this strategy, the long exposure, seems to be at an
inflection point and comfortable in seeing that we maintain low correlation and beta with the european stock market.
We are more than ever optimistic about the future and convinced that selecting high free cash flow yield, high roic, low volatility businesses is the
way to reach good results in the stock markets.
PORTFOLIO CHARACTERISTICS COMMENTARY
Long (port.)
Short
(futures