· US equity markets have performed very well but the MSCI World (excluding US) has been relatively subdued and remains 20% below its 2008 peak.
· The global outlook for the twenty-twenties is distinctly ominous with China, Europe, the UK and the US facing systemic challenges.
· High equity yields, creative fiscal measures and unorthodox monetary tools might help markets temporarily but can only delay the day of reckoning.
· The TASI was as much as 19% higher at the end of April ahead of a massive inflow of foreign money but the index trade is now over.
· There are at least seven signs that could limit the scale of the economic rebound and make it difficult for the stock market to move higher.
· Marmore forecasts aggregate GCC profits to decline by 1.8% this year with earnings in Saudi Arabia dropping by 6.1%.
· A lower risk profile can mitigate the lurking dangers as is optimizing portfolios to benefit from falling interest rates and avoiding cyclicals.
Visual Capitalist: The Top 10 Metals Stocks for 2015Ryan Fletcher
Montan Capital Corp. (soon to become "Montan Mining Corp." TSXv: MNY) selected by Visual Capitalist as one of the top 10 metals stocks to watch in 2015. Montan will be focused on acquiring and developing miss-priced and/or under-recongnized, near cash-flow assets in Peru to create shareholder value. Montan was selected independently by Visual Capitalist based on management, structure, financials and plan, project and other factors. Investors can learn about all the other 9 companies here: http://tickerscores.com/top-10-picks-for-2015/
Wilshire Liquid Alternatives Industry Monitor for Q1 2019Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
Frothy global assets are flashing warning signs despite the lack of an obvious catalyst to sell
Political action to redress rising inequality may provide the trigger
Avoiding major market corrections can have a huge impact on long term portfolio returns
The outlook for oil remains murky but expectations for a significant rally have receded
Macro-economic indicators suggest a subdued outlook for the GCC
Profits for listed regional companies are stable but the ‘subsidy arbitrage’ is over
The litmus test for diversification must be based on the ability of countries to meet their bills even if oil prices remain low. No #GCC country passes that test without dipping into savings or borrowings.
The GCC economies need stimulus through focused spending on transformative programs that can boost qualitative growth.
Alas, regional SWFs continue to be fairly shy about engaging proactively in the domestic economy despite the clear opportunities.
Tricumen / Capital Markets: Regions 1Q16_open 260516Tricumen Ltd
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
· US equity markets have performed very well but the MSCI World (excluding US) has been relatively subdued and remains 20% below its 2008 peak.
· The global outlook for the twenty-twenties is distinctly ominous with China, Europe, the UK and the US facing systemic challenges.
· High equity yields, creative fiscal measures and unorthodox monetary tools might help markets temporarily but can only delay the day of reckoning.
· The TASI was as much as 19% higher at the end of April ahead of a massive inflow of foreign money but the index trade is now over.
· There are at least seven signs that could limit the scale of the economic rebound and make it difficult for the stock market to move higher.
· Marmore forecasts aggregate GCC profits to decline by 1.8% this year with earnings in Saudi Arabia dropping by 6.1%.
· A lower risk profile can mitigate the lurking dangers as is optimizing portfolios to benefit from falling interest rates and avoiding cyclicals.
Visual Capitalist: The Top 10 Metals Stocks for 2015Ryan Fletcher
Montan Capital Corp. (soon to become "Montan Mining Corp." TSXv: MNY) selected by Visual Capitalist as one of the top 10 metals stocks to watch in 2015. Montan will be focused on acquiring and developing miss-priced and/or under-recongnized, near cash-flow assets in Peru to create shareholder value. Montan was selected independently by Visual Capitalist based on management, structure, financials and plan, project and other factors. Investors can learn about all the other 9 companies here: http://tickerscores.com/top-10-picks-for-2015/
Wilshire Liquid Alternatives Industry Monitor for Q1 2019Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
Frothy global assets are flashing warning signs despite the lack of an obvious catalyst to sell
Political action to redress rising inequality may provide the trigger
Avoiding major market corrections can have a huge impact on long term portfolio returns
The outlook for oil remains murky but expectations for a significant rally have receded
Macro-economic indicators suggest a subdued outlook for the GCC
Profits for listed regional companies are stable but the ‘subsidy arbitrage’ is over
The litmus test for diversification must be based on the ability of countries to meet their bills even if oil prices remain low. No #GCC country passes that test without dipping into savings or borrowings.
The GCC economies need stimulus through focused spending on transformative programs that can boost qualitative growth.
Alas, regional SWFs continue to be fairly shy about engaging proactively in the domestic economy despite the clear opportunities.
Tricumen / Capital Markets: Regions 1Q16_open 260516Tricumen Ltd
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
2017 Market Outlook - Emerging Markets DebtT. Rowe Price
Portfolio Manager Samy Muaddi, CFA, discusses his perspective on the current emerging markets debt environment and what investors could expect to see in 2017.
The Future of Mobility - How Hyperloop, Boom Supersonic and Driverless Cars W...Antonio Auricchio
We are now on the verge of a new technological revolution of mobility. Transonic trains, supersonic airplanes and electric driverless cars will have the same impact on our modernity as their current old-fashioned versions had on our parents’. Mobility, or the lack of it, once again will decide which country, company or even person will drive the upcoming changes.
The aim of this Policy Brief is to raise awareness on the megatrends that are likely to transform the shape of our cities and the way we commute.
Emirates Airlines' Opportunity to Go Supersonic - The Launch of "Concorde 2.0"Antonio Auricchio
In 2016, the start-up “Boom”, among others, announced to be in the process of developing a supersonic aircraft that would already have its first commercial flight in 2023 and that will fly passengers from London to New York in 3 hours and 15 minutes.
Hence, it seems that the first airline that will adopt supersonic jets back after British Airways and Air France retired the Concorde in 2003 will enjoy a significant advantage of flying “ultra-long-haul” 2.6 times faster than competitors, which will allow them to steal the most profitable business and premium passengers. Will Emirates Airlines take the reins?
The Impact of Blockchain on Ryanair's Dynamic PricesAntonio Auricchio
What impact will the Blockchain have in terms of the design of Ryanair as an organization ? Let's say that we get the world to allow the Blockchain to evolve the way the paper proposes. Then what? How will this affect the way Ryanair will be designed and how will it function if it is based on a Blockchain architecture?
London Stock Exchange FDI Opportunity - How to enter the Indonesian Financial...Antonio Auricchio
We assessed the economic potential of a primary and secondary capital market in Indonesia. Looking at the main industries and key players in those industries we proposed potential IPO target and suggested a multi-stage and hedged market entry.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
Multi-Asset Investment Strategy
1. F I N A N C E P O R T F O L I O C A S E S T U D Y
IE Business School
Financial Markets – Prof. Darío Cestau, PhD
C A S E T E A M
Antonio Auricchio, Théo Tortorici, Julius Kühn, Eudore Pirmez, Radhika Goyal, Andrea Roa
M U L T I A S S E T I N V E S T M E N T S T R A T E G Y
2. Our aim is long-term, sustainable growth, achieved through careful risk assessment and intelligent
fund allocation
I. A B O U T U S
1
Our Firm
§ 70 offices in 30 countries
§ Worlds largest asset manager with currently $5.1 trillion
assets under management
§ Comprehensive range of services offerings, market
access and products
§ Among our clients are governments, companies,
foundations and wide range of individuals
Our core principles
§ We are a fiduciary to our clients – their interests come
first and we are the market voice on their behalf
§ We are passionate about performance – our success
requires that we out-think and out-work the competition
§ We are one BlackRock
§ We are innovators
Sources: Fund website
Fin
Chem
Services
CGHCS
Eco
Insurance
Rest
Senior Secured 1st Debt
Senior Secured 2nd
Debt
Unsecured Debt
Preferred Equity
Common Equity & Other
3. 2
II. E X E C U T I V E S U M M A R Y
Transaction details
§ Invested capital: 1,000,000 €
§ Sharpe Ratio: 1,16
§ PTF Return: 3.05 %
§ PTF Risk: 2.63 %
§ BM Return: 1.64%
§ BM Risk: 3.45%
R² = 0,78024
R² = 0,96823
0%
5%
10%
15%
20%
25%
30%
201720162015
Benchmark Performance Portfolio Performance Poly. (Benchmark Performance) Poly. (Portfolio Performance)
Strategy brief
§ Investment in stable, well-performing, less-hyped industry leaders
§ Bear Put Spread to hedge against US exposure
§ Core-Satellite ROW strategy: participate in the individual markets through
ETFs and a small selection of market-making stocks
5. III.I M A R K E T S
4
§ US being the largest economic partner for
Japan (20% of imports).
§ Continuous innovation in automotive sector.
§ Potential economic and corporate policies
benefit long term investments.
United States
Japan
Europe
Brazil
§ US market is skyrocketing due to the
imminent interest rate increase by the Fed
§ 235,000 new jobs in February
§ Inflation rate: 2%
§ Trump’s tax reform: from 35% to 20%
Sources: Company website
§ New Liberal President: Michel Temer.
§ Team composed with professionals
from the energy sector.
§ Reforms to improve foreign
investments.
§ GDP growth demands more power
capacity and transmission
§ Elections in three major countries.
§ Uncertainty due to Brexit negotiations.
§ Solid companies contribute to a balanced
economy.
6. III.II U P C O M I N G T R E N D S
Singapore
§ A lower seller’s stamp duty
may benefit real estate sector.
Hence, a 3% growth in the
number of residential property
transactions is expected.
Europe
§ Technological companies
raised $3 billion in Q3 2016.
§ New tech hubs emerging.
§ Maersk’s announcement of
purchasing the German
rival, Hamburg Süd.
Brazil
§ Government’s ten-year
energy expansion plan.
Japan
§ Companies are transforming
demographic liability into assets
thanks to robots.
Non-US
Securities
5
8. Off the beaten path: avoiding S&P 500 “trendy names” and grossly inflated (overvalued) titles.
IV.I O U R C R I T E R I A
7
Equity and ETF
§ US Stocks
§ “Value” oriented stocks using Bloomberg rating (3.5+ grade or above)
§ Consistent Market Cap/EBTIDA ratio to avoid inflated/hyped titles (Netflix, Facebook, Snapchat etc.)
§ The best-performing stocks in a 3M, 6M, 1Y, 3Y period
§ ROW Stocks
§ Complementary with ETF strategy, mainly focused on technology (ASTM – Inmarsat), robotics
(Fanuc), mining (CMIG4) and shipping (Maersk) industry.
§ ETF
§ US market: two ETFs to boost performance as interest rates increase
§ Insurance à Insurance companies will maximize their returns on underlying bond investments
so as to amplify the effect on the market growth
§ Currencies: Dollar Index ETF will gaining momentum against other currencies since higher
rates will attract foreign capital into US domestic market.
§ ROW: Core-Satellite approach.
§ Almost 80% of our exposure is in index-tracker ETFs mirroring the given benchmark
§ The remaining funds were invested into high-growth potential stocks
9. We used linear programming to optimize the our portfolio diversification and expected return.
IV.II P O R T F O L I O O P T I M I Z A T I O N
8
Data preparation
§ Calculate the weekly percentage return of different
assets
§ Create a Var/CoVar matrix
§ Compute the risk and return for the portfolio assuming
equal distribution
Linear programming
§ Linear function to be optimized
§ Maximization of the portfolio Sharpe ratio
§ This creates the best possible diversification
§ Problem constraints
§ 100% of the portfolio should be invested
§ Non-negativity
§ All weights have to be positive, no short-selling
Result = Ideal portfolio composition
Return
Risk
PTF Return: 3.05 %
PTF Risk: 2.63 %
Benchmark Return: 1.64%
Benchmark Risk: 3.45%
R² = 0,78024
R² = 0,96823
0%
5%
10%
15%
20%
25%
30%
201720162015
Benchmark Performance Portfolio Performance Poly. (Benchmark Performance) Poly. (Portfolio Performance)
10. The portfolio composition focusses on outperforming the benchmark with high US exposure, while
minimizing volatility through hedging and index diversification.
IV.II A S S E T A L L O C A T I O N
9
Equity; 60%
ETFs; 39%
Real Estate
2%
Derivatives
1%
US
50%
EU
30%
JPY
10%
EM
10%
Asset Allocation
Equity
Altria Group 15,2%
Berkshire Hathaway 5,9%
Johnson & Johnson 0,3%
Northern Trust 7,8%
Phillip Morris 3,0%
Reynolds American 8,0%
Union Pacific 7,4%
Union Pacific 7,4%
AP Moller - Maersk 3,0%
STM 3,0%
Inmarsat 2,5%
Fanuc 1,5%
Companhia Energetica de Minas 1,5%
ETF
Fidelity VIP High Income Portfolio 1,5%
Dollar Index Spot 0,5%
Lyxor UCITS ETF Euro Stoxx 50 21,0%
Lyxor UCITS ETF Euro Stoxx 50 21,0%
LYXOR JPX-NIKKEI 400 (DR) UCITS ETF Daily Hedged C-EUR5,5%
Robo Global Robotics & Automation Index ETF 3,0%
Lyxor ETF Brazil (IBOVESPA) EUR 7,0%
Real Estate
CapitaLand Commercial Trust 1,5%
Derivatives
Future on S&P 500 Put @ 2115 (June 2017) 0,3%
Future on S&P 500 Put @ 2000 (June 2017) 0,3%
11. IV.III H E D G I N G S T R A T E G Y
10
1850 1900 1950 2000 2050 2115 2150 2200 2250 2300 2350
Short Put Long Put Bear Put Spread
Bear Put Spread
§ Low-cost bear put spread as protection
against a general deflation of the S&P500
(nearly 22 times trailing earnings)
§ The strikes were chosen at 2115 and 2000,
thus the portfolio will experience a benefit for
a fall in the index up to 2000
§ Due to the expiry date of the puts (June 2017)
they will maintain a certain residual value
even at the end of the month during which the
portfolio is considered
§ Considering the low market volatility, this
strategy will be relatively cost efficient
Profits
S&P 500 quotation
12. V. F I R S T - M O N T H P E R F O R M A N C E