Chris Joye, Co-CIO at Coolabah Capital Institutional Investments and contributing editor with the Australian Financial Review, provides an update on the current hybrids market and the opportunities available for Australian investors looking to access the unique risk and return features of this asset class.
Rob Jones, managing director of Peloton Partners, shares emerging pricing trends in the industry based on data from 70 advised firms across Australia, and strategies for advice practices to extract latent value out of their business.
Create a strategic roadmap for 2020 and beyondnetwealthInvest
Learn from Brad Fox, Managing Director at SmartBrave Consulting, as he guides you through the process of creating an effective strategic roadmap to not just future-proof your business, but a strategy to thrive in 2020 and beyond.
Key person protection is important for business continuity and to protect against financial loss in the event a key person dies or becomes critically ill. It helps minimize business interruption, ensures loan obligations are met, and protects startups and management buyouts that rely heavily on certain skills and relationships.
As an entrepreneur, your goal is to build a business that will grow for years to come. Review our presenters' slides with notes to show you how you can increase the value of your business, retain employees and evaluate growth options to achieve maximum success. Also learn about increasing the value of your business, leasing, franchising, and purchase & sale agreements.
To view our video coverage of the event, visit: http://www.welchllp.com/resource-centre/videos/events/
The document provides an overview of startup financing options and the investment process. It discusses self-financing, debt financing, equity financing sources like angels and venture capital. It covers how VCs and angels make money, what investors look for, engaging with investors through the deal process, typical deal terms, and important factors to consider when choosing investors beyond just valuation.
This document provides an overview of the fundraising process for startups seeking venture capital. It discusses preparing documentation like a data room with legal, financial, and operational documents for due diligence. It also recommends creating marketing materials to present the business strategy, market insights, and vision. Different sources of early-stage financing are outlined before institutional fundraising, which involves issuing preferred shares and establishing governance structures. The typical stages of funding rounds from seed to series C are also mentioned.
From Bootstrapping to Venture Rounds: A Startup Case StudyRoger Ehrenberg
The document provides an overview of the different stages of startup funding: bootstrapping, angel rounds, seed rounds, and venture rounds. It discusses the characteristics of each stage, when they typically occur, the typical amount of funding, and the tradeoffs involved. It emphasizes the importance of understanding the company's goals before taking external capital and performing diligence on potential investors. The case study describes funding the ad tech company The Trade Desk in 2009 when the industry was considered crowded and venture appetite was low. It prompts evaluating whether one would invest in the company based on the presented information and environment.
Cornerstone Wealth Management's July 2017 "Investment Insights" newsletter, focusing on the Dept. of Labor's Fiduciary Rule, which should reduce conflicts of interest and protect the interests of all investors.
Rob Jones, managing director of Peloton Partners, shares emerging pricing trends in the industry based on data from 70 advised firms across Australia, and strategies for advice practices to extract latent value out of their business.
Create a strategic roadmap for 2020 and beyondnetwealthInvest
Learn from Brad Fox, Managing Director at SmartBrave Consulting, as he guides you through the process of creating an effective strategic roadmap to not just future-proof your business, but a strategy to thrive in 2020 and beyond.
Key person protection is important for business continuity and to protect against financial loss in the event a key person dies or becomes critically ill. It helps minimize business interruption, ensures loan obligations are met, and protects startups and management buyouts that rely heavily on certain skills and relationships.
As an entrepreneur, your goal is to build a business that will grow for years to come. Review our presenters' slides with notes to show you how you can increase the value of your business, retain employees and evaluate growth options to achieve maximum success. Also learn about increasing the value of your business, leasing, franchising, and purchase & sale agreements.
To view our video coverage of the event, visit: http://www.welchllp.com/resource-centre/videos/events/
The document provides an overview of startup financing options and the investment process. It discusses self-financing, debt financing, equity financing sources like angels and venture capital. It covers how VCs and angels make money, what investors look for, engaging with investors through the deal process, typical deal terms, and important factors to consider when choosing investors beyond just valuation.
This document provides an overview of the fundraising process for startups seeking venture capital. It discusses preparing documentation like a data room with legal, financial, and operational documents for due diligence. It also recommends creating marketing materials to present the business strategy, market insights, and vision. Different sources of early-stage financing are outlined before institutional fundraising, which involves issuing preferred shares and establishing governance structures. The typical stages of funding rounds from seed to series C are also mentioned.
From Bootstrapping to Venture Rounds: A Startup Case StudyRoger Ehrenberg
The document provides an overview of the different stages of startup funding: bootstrapping, angel rounds, seed rounds, and venture rounds. It discusses the characteristics of each stage, when they typically occur, the typical amount of funding, and the tradeoffs involved. It emphasizes the importance of understanding the company's goals before taking external capital and performing diligence on potential investors. The case study describes funding the ad tech company The Trade Desk in 2009 when the industry was considered crowded and venture appetite was low. It prompts evaluating whether one would invest in the company based on the presented information and environment.
Cornerstone Wealth Management's July 2017 "Investment Insights" newsletter, focusing on the Dept. of Labor's Fiduciary Rule, which should reduce conflicts of interest and protect the interests of all investors.
Structuring and Financing a Partner BuyoutGreg Tobben
Buying Out a Business Partner or Shareholder: Structuring and Financing the Deal
When an entrepreneur starts a new business, planning for a buyout of a business partner years in the future is rarely a top priority- but maybe it should be.
As businesses grow and evolve, so too do ownership or shareholder groups. The same partners or investors who took a company from startup to $20 million in revenues aren’t necessarily the right people to grow the company from $20 to $50 million, or $50 to $150 million, and so on.
Layer in retirements, partnership disputes and absentee or non-strategic owners receiving generous compensation, and making changes in ownership becomes increasingly more important (and costly) as the business grows.
On the next few pages, we’ll discuss:
1. When a Partner Buyout is a Solution
2. Valuing the Business
3. Structuring a Partner Buyout
4. Financing a Partner Buyout
5. Questions a Business Owner Should Ask When Raising Capital
6. Using an Investment Banker to Raise Capital for the Buyout
About Access Capital Partners:
Access Capital Partners is a middle market investment bank that provides strategic advisory services, raises capital for companies (growth, refinancing, restructuring, acquisitions, partner buyouts, management buyouts, leveraged buyouts), and helps business owners sell or recapitalization their companies.
We are shareholder centric and have deep experience in the middle market. With over 100 transactions representing over $8 billion in volume, business owners leverage our experience as they navigate through inflection points and ultimately achieve personal liquidity.
WORKING WITH BANKERS AND PRIVATE INVESTORS TO FUND YOUR BUYOUTKris Geysels
This document summarizes steps for business owners to fund a buyout of their own company through working with bankers and private investors. It discusses identifying financial needs, funding sources like debt, equity and mezzanine financing, building trust with bankers and investors, and negotiating terms. It also addresses contingencies if the business performs below expectations after the deal and emphasizes the importance of relationship management in that scenario.
Denholtz Associates needed a platform to accelerate their fundraising process, improve investor reporting and management, and integrate with their existing systems. Their in-house solution using Yardi and Access was time-consuming and lacked necessary features. CrowdStreet Sponsor Direct enabled Denholtz to import 450 existing investors onto the platform. It streamlined the investment process from 2 months to as little as 24 hours. It reduced the IRM team's transaction workload from 40% to less than 20% of their time, allowing them to focus on more strategic tasks. The president reported the platform increased efficiency by at least 30%.
Managing A Hedge Fund: Marketing To Investors & Raising CapitalTyra Jeffries
Start Marketing Your Hedge Fund To Investors and Raising Capital with these tips and tricks. Begin to create a sophisticated Investor Relations program today!
Case study on financing capital for a new startupAmitava Sengupta
The document discusses various funding options for a large industrial gases company that needs Rs. 500 cr to install a new oxygen plant. The finance manager evaluates equity capital, retained earnings, debentures, bank loans, trade receivables and a new contract's assured cash flows. Combining rights share issuance, mid-term loans, retained earnings, factoring, securitization and equity with differential voting rights raises Rs. 513.5 cr, fulfilling the target amount. Internal sources and bank financing involve less risk than equity dilution or high-cost debt.
FInancial Modeling and Valuations for Startups: Telling your Story with NumbersForesight Valuation Group
Telling your story with numbers, building a solid financial model and determining pre-money valuations for fundraising, are some of the most challenging activities for entrepreneurs.
Creating a set of realistic financial projections is critical to effectively communicating valuation expectations to investors and potential partners, while at the same time serving as an important tool to help articulate how you will prioritize spending and maximize the return on investment for an investor.
Based on her experiences as a valuation expert, CFO, start-up advisor and Stanford Lecturer, Efrat Kasznik will provide practical, hands-on tools on how you can :
• Build a robust business and financial model, based upon realistic expectations and sound assumptions
• Analyze different revenue models and cost structures associated with the formation of an emerging venture
• Implement best practices for structuring short and long term financial projections for your business plan and investor fundraising
• Understand the factors and models that determine startup valuations throughout the funding cycle, from seed funding to an exit event
• Successfully communicate your financial vision and understanding to investors
Venture Capital Funds 101: Understanding How They Are Structured and Operated...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
The document describes services offered by Hedge Fund Tools to help emerging hedge fund managers launch their funds. It offers legal consultation, prime brokerage services, third party administration, annual audits and taxes, website development, marketing materials, and a hedge fund calculator. The services are designed to provide a full infrastructure and support for launching and operating a new hedge fund in a comprehensive yet efficient manner.
The document discusses sources of finance for business startups. It identifies the key considerations for entrepreneurs in raising finance, including how much is needed and for how long, what security can be provided, and whether the entrepreneur is willing to give up ownership. Potential sources of startup finance mentioned include banks, friends and family, business angels, venture capitalists, grants, and the entrepreneur's own money. Careful planning is important when determining the appropriate sources of financing.
This document summarizes an offering of 10% unsecured bonds from 1885234 Alberta Ltd. The bonds pay monthly interest and principal over 80 months. Funds will be used to purchase and provide cash floats for multi-functional automated commerce machines located throughout the US. The machines provide various financial services and have generated over $8.8 million in distributions since inception. The management team has extensive experience in alternative investments.
Acquisition Financing for Fundless Sponsors: 6 Ways to Negotiate Better Indep...Greg Tobben
Independent sponsor economics are paramount for those operating under a fundless sponsor model. Key components such as deal fees, management fees and carried interests are the reason you're in business.
In this presentation, Acquisition Financing for Fundless Sponsors: 6 Ways to Negotiate Better Independent Sponsor Economics, we'll walk through several practices you can use to get more transactions across the finish line and put yourself in a better position when negotiating with capital providers.
About Access Capital Partners:
Access Capital Partners is a middle market investment bank focused exclusively on raising capital for fundless or independent sponsors, operating executives, management teams and family offices.
We've Leveraged Years of Experience in Raising Capital Across a Wide Variety of Situations to Develop a Focused Effort Tailored to the Unique Needs of Independent or Fundless Sponsors.
For many business owners, the major source of retirement funding is the sale of their business or assets owned by the business. Fortunately, there are a number of capital gains tax (CGT) concessions available to small business that reduce or even eliminate the capital gain on the disposal of certain assets. It is important to understand the concessions available and the eligibility requirements to ensure entitlements are maximised.
The document discusses key factors that determine venture capital deal terms. It notes that deal terms are influenced by the type of investor, size of the investor's fund, and economics of the investment opportunity. Some major deal elements discussed include preferred returns for investors, protection of investor valuation and position for future funding rounds, management rights for investors, and exit strategies for investors such as IPOs, acquisitions, and stock redemption.
The document discusses strategies for improving cash flow and managing cash effectively in a business. It recommends generating cash from sources like private placements, accelerating customer payments, leveraging assets, and developing new products. It warns against manipulating reports or offering extended payment terms to improperly boost short-term cash at the expense of future sales. The document also stresses controlling costs, using metrics like discounted cash flow and payback period to evaluate projects, and implementing operational changes through outsourcing to lower costs and generate cash.
Using treasury metrics to monitor an organization's treasury performance. Measure success with a TMS through the selection, implementation, and post-implementation processes,
Probate To Distribution Of Assets Case Studyshulmandemeo
This document outlines a multi-strategy income portfolio designed for a client who recently inherited $15M and needs substantial income immediately. The portfolio includes high yield closed-end equity funds, high yield preferred equity funds, master limited partnerships, real estate investment trusts, high yield corporate closed-end funds, and government closed-end funds. These different strategies are expected to provide an average effective yield of 7.44% while balancing income and capital appreciation. The portfolio was created by an advisor to meet the client's goals of retiring immediately and maintaining their lifestyle with a moderately conservative inheritance.
- Reassess identification of all assets and liabilities to ensure all were identified
- Review procedures used to measure amounts required to be recognized
- Consider if purchase price is significantly below value of tangible assets, working capital or other benchmarks
- If fair value of net assets exceeds consideration paid, it represents a bargain purchase requiring recognition of gain
Determining if a transaction meets the definition of a bargain purchase requires carefully reassessing the identification and measurement of all assets and liabilities to validate the excess fair value.
Treasury Transformation: From Operational to StrategicGTreasury
The completion of a Treasury Management System implementation does not also mean the end of strategic change you can offer the organization. You likely worked very hard to achieve important victories in your original TMS project, but it should not end there. It’s a well-worn adage that the only constant is change, but you must be prepared to leverage the technology you have implemented to lead that change. Treasury does not have to be a bystander constantly playing catch-up to the rest of the organization.
Financing Acquisitions Using Debt CapitalGreg Tobben
SC Credit Advisors provides financing advisory services for middle market acquisitions. The document includes a case study comparing two capital structures for a $100 million acquisition - a more conservatively leveraged structure with $60 million total debt and an alternative with $75 million total debt. It also discusses considerations for evaluating debt capital and different capital solutions for acquisition types such as conventional, distressed, or those involving multiple acquisitions. SC Credit Advisors aims to develop tailored financing solutions to allow clients to focus on running their businesses.
Netwealth portfolio construction series - Why are ETFs gaining in popularity ...netwealthInvest
Part of Netwealth's portfolio construction webinar series - Vinnie Wadhera from BetaShares presented to an audience on 14th September 2016 about Exchange Traded Funds (ETFs) and strategies on how ETFs can be used in a portfolio.
Fairview webinar presentation 18 june 2013 finalMichael Kennedy
- The document provides an overview and update of the Fairview Equity Partners Emerging Companies Fund. It summarizes recent market performance, key portfolio holdings and changes, and site visits by the fund manager to gain insights into the US shale oil industry. Small industrials and resources stocks have declined 10-15% in recent months but the fund has declined less, and financial stocks have increased. The fund maintains exposures to selected resource sectors and quality industrials.
Structuring and Financing a Partner BuyoutGreg Tobben
Buying Out a Business Partner or Shareholder: Structuring and Financing the Deal
When an entrepreneur starts a new business, planning for a buyout of a business partner years in the future is rarely a top priority- but maybe it should be.
As businesses grow and evolve, so too do ownership or shareholder groups. The same partners or investors who took a company from startup to $20 million in revenues aren’t necessarily the right people to grow the company from $20 to $50 million, or $50 to $150 million, and so on.
Layer in retirements, partnership disputes and absentee or non-strategic owners receiving generous compensation, and making changes in ownership becomes increasingly more important (and costly) as the business grows.
On the next few pages, we’ll discuss:
1. When a Partner Buyout is a Solution
2. Valuing the Business
3. Structuring a Partner Buyout
4. Financing a Partner Buyout
5. Questions a Business Owner Should Ask When Raising Capital
6. Using an Investment Banker to Raise Capital for the Buyout
About Access Capital Partners:
Access Capital Partners is a middle market investment bank that provides strategic advisory services, raises capital for companies (growth, refinancing, restructuring, acquisitions, partner buyouts, management buyouts, leveraged buyouts), and helps business owners sell or recapitalization their companies.
We are shareholder centric and have deep experience in the middle market. With over 100 transactions representing over $8 billion in volume, business owners leverage our experience as they navigate through inflection points and ultimately achieve personal liquidity.
WORKING WITH BANKERS AND PRIVATE INVESTORS TO FUND YOUR BUYOUTKris Geysels
This document summarizes steps for business owners to fund a buyout of their own company through working with bankers and private investors. It discusses identifying financial needs, funding sources like debt, equity and mezzanine financing, building trust with bankers and investors, and negotiating terms. It also addresses contingencies if the business performs below expectations after the deal and emphasizes the importance of relationship management in that scenario.
Denholtz Associates needed a platform to accelerate their fundraising process, improve investor reporting and management, and integrate with their existing systems. Their in-house solution using Yardi and Access was time-consuming and lacked necessary features. CrowdStreet Sponsor Direct enabled Denholtz to import 450 existing investors onto the platform. It streamlined the investment process from 2 months to as little as 24 hours. It reduced the IRM team's transaction workload from 40% to less than 20% of their time, allowing them to focus on more strategic tasks. The president reported the platform increased efficiency by at least 30%.
Managing A Hedge Fund: Marketing To Investors & Raising CapitalTyra Jeffries
Start Marketing Your Hedge Fund To Investors and Raising Capital with these tips and tricks. Begin to create a sophisticated Investor Relations program today!
Case study on financing capital for a new startupAmitava Sengupta
The document discusses various funding options for a large industrial gases company that needs Rs. 500 cr to install a new oxygen plant. The finance manager evaluates equity capital, retained earnings, debentures, bank loans, trade receivables and a new contract's assured cash flows. Combining rights share issuance, mid-term loans, retained earnings, factoring, securitization and equity with differential voting rights raises Rs. 513.5 cr, fulfilling the target amount. Internal sources and bank financing involve less risk than equity dilution or high-cost debt.
FInancial Modeling and Valuations for Startups: Telling your Story with NumbersForesight Valuation Group
Telling your story with numbers, building a solid financial model and determining pre-money valuations for fundraising, are some of the most challenging activities for entrepreneurs.
Creating a set of realistic financial projections is critical to effectively communicating valuation expectations to investors and potential partners, while at the same time serving as an important tool to help articulate how you will prioritize spending and maximize the return on investment for an investor.
Based on her experiences as a valuation expert, CFO, start-up advisor and Stanford Lecturer, Efrat Kasznik will provide practical, hands-on tools on how you can :
• Build a robust business and financial model, based upon realistic expectations and sound assumptions
• Analyze different revenue models and cost structures associated with the formation of an emerging venture
• Implement best practices for structuring short and long term financial projections for your business plan and investor fundraising
• Understand the factors and models that determine startup valuations throughout the funding cycle, from seed funding to an exit event
• Successfully communicate your financial vision and understanding to investors
Venture Capital Funds 101: Understanding How They Are Structured and Operated...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
The document describes services offered by Hedge Fund Tools to help emerging hedge fund managers launch their funds. It offers legal consultation, prime brokerage services, third party administration, annual audits and taxes, website development, marketing materials, and a hedge fund calculator. The services are designed to provide a full infrastructure and support for launching and operating a new hedge fund in a comprehensive yet efficient manner.
The document discusses sources of finance for business startups. It identifies the key considerations for entrepreneurs in raising finance, including how much is needed and for how long, what security can be provided, and whether the entrepreneur is willing to give up ownership. Potential sources of startup finance mentioned include banks, friends and family, business angels, venture capitalists, grants, and the entrepreneur's own money. Careful planning is important when determining the appropriate sources of financing.
This document summarizes an offering of 10% unsecured bonds from 1885234 Alberta Ltd. The bonds pay monthly interest and principal over 80 months. Funds will be used to purchase and provide cash floats for multi-functional automated commerce machines located throughout the US. The machines provide various financial services and have generated over $8.8 million in distributions since inception. The management team has extensive experience in alternative investments.
Acquisition Financing for Fundless Sponsors: 6 Ways to Negotiate Better Indep...Greg Tobben
Independent sponsor economics are paramount for those operating under a fundless sponsor model. Key components such as deal fees, management fees and carried interests are the reason you're in business.
In this presentation, Acquisition Financing for Fundless Sponsors: 6 Ways to Negotiate Better Independent Sponsor Economics, we'll walk through several practices you can use to get more transactions across the finish line and put yourself in a better position when negotiating with capital providers.
About Access Capital Partners:
Access Capital Partners is a middle market investment bank focused exclusively on raising capital for fundless or independent sponsors, operating executives, management teams and family offices.
We've Leveraged Years of Experience in Raising Capital Across a Wide Variety of Situations to Develop a Focused Effort Tailored to the Unique Needs of Independent or Fundless Sponsors.
For many business owners, the major source of retirement funding is the sale of their business or assets owned by the business. Fortunately, there are a number of capital gains tax (CGT) concessions available to small business that reduce or even eliminate the capital gain on the disposal of certain assets. It is important to understand the concessions available and the eligibility requirements to ensure entitlements are maximised.
The document discusses key factors that determine venture capital deal terms. It notes that deal terms are influenced by the type of investor, size of the investor's fund, and economics of the investment opportunity. Some major deal elements discussed include preferred returns for investors, protection of investor valuation and position for future funding rounds, management rights for investors, and exit strategies for investors such as IPOs, acquisitions, and stock redemption.
The document discusses strategies for improving cash flow and managing cash effectively in a business. It recommends generating cash from sources like private placements, accelerating customer payments, leveraging assets, and developing new products. It warns against manipulating reports or offering extended payment terms to improperly boost short-term cash at the expense of future sales. The document also stresses controlling costs, using metrics like discounted cash flow and payback period to evaluate projects, and implementing operational changes through outsourcing to lower costs and generate cash.
Using treasury metrics to monitor an organization's treasury performance. Measure success with a TMS through the selection, implementation, and post-implementation processes,
Probate To Distribution Of Assets Case Studyshulmandemeo
This document outlines a multi-strategy income portfolio designed for a client who recently inherited $15M and needs substantial income immediately. The portfolio includes high yield closed-end equity funds, high yield preferred equity funds, master limited partnerships, real estate investment trusts, high yield corporate closed-end funds, and government closed-end funds. These different strategies are expected to provide an average effective yield of 7.44% while balancing income and capital appreciation. The portfolio was created by an advisor to meet the client's goals of retiring immediately and maintaining their lifestyle with a moderately conservative inheritance.
- Reassess identification of all assets and liabilities to ensure all were identified
- Review procedures used to measure amounts required to be recognized
- Consider if purchase price is significantly below value of tangible assets, working capital or other benchmarks
- If fair value of net assets exceeds consideration paid, it represents a bargain purchase requiring recognition of gain
Determining if a transaction meets the definition of a bargain purchase requires carefully reassessing the identification and measurement of all assets and liabilities to validate the excess fair value.
Treasury Transformation: From Operational to StrategicGTreasury
The completion of a Treasury Management System implementation does not also mean the end of strategic change you can offer the organization. You likely worked very hard to achieve important victories in your original TMS project, but it should not end there. It’s a well-worn adage that the only constant is change, but you must be prepared to leverage the technology you have implemented to lead that change. Treasury does not have to be a bystander constantly playing catch-up to the rest of the organization.
Financing Acquisitions Using Debt CapitalGreg Tobben
SC Credit Advisors provides financing advisory services for middle market acquisitions. The document includes a case study comparing two capital structures for a $100 million acquisition - a more conservatively leveraged structure with $60 million total debt and an alternative with $75 million total debt. It also discusses considerations for evaluating debt capital and different capital solutions for acquisition types such as conventional, distressed, or those involving multiple acquisitions. SC Credit Advisors aims to develop tailored financing solutions to allow clients to focus on running their businesses.
Netwealth portfolio construction series - Why are ETFs gaining in popularity ...netwealthInvest
Part of Netwealth's portfolio construction webinar series - Vinnie Wadhera from BetaShares presented to an audience on 14th September 2016 about Exchange Traded Funds (ETFs) and strategies on how ETFs can be used in a portfolio.
Fairview webinar presentation 18 june 2013 finalMichael Kennedy
- The document provides an overview and update of the Fairview Equity Partners Emerging Companies Fund. It summarizes recent market performance, key portfolio holdings and changes, and site visits by the fund manager to gain insights into the US shale oil industry. Small industrials and resources stocks have declined 10-15% in recent months but the fund has declined less, and financial stocks have increased. The fund maintains exposures to selected resource sectors and quality industrials.
Build a resilient portfolio for all stages of the economic cyclenetwealthInvest
Learn strategies in building your portfolio for any economic condition from John Owen, Portfolio Specialist at MLC Investment Management, as he reviews current market and economic circumstances and provides investment portfolio solutions that are appropriate for a world that will continue to evolve in unpredictable ways.
CEFA is an SEC registered investment advisory firm specializing in closed-end funds. They manage over $65 million in assets for clients seeking above-average income through tactical investment in closed-end funds. Their investment process focuses on evaluating funds based on discounts, dividends, performance and risk factors to construct diversified portfolios targeting different yield levels for clients with varying needs.
Information to help you and your family manage your inheritance questions, plan your retirement and ensure you have sustainable cash flow to see you through your twilight years.
The document discusses the Hilltop Decorrelated Fund and its approach to managing liquidity risk. The fund invests predominantly in liquid strategies trading traditional asset classes on international exchanges. It only considers funds that can liquidate their entire holdings within their dealing period. The fund must invest a minimum of 75% of its assets in funds with monthly liquidity or better to protect investors from liquidity risks while still seeking decent returns.
The USS Growth Fund delivered positive absolute returns over the quarter, driven by positive returns from equity markets that offset losses elsewhere, including in private markets. However, over the last 12 months the fund has delivered negative single digit returns, reflecting the generally negative global market environment. The fund aims to produce a nominal return between 4-8% annually over the long term through a predominantly passive approach with some active management.
This document provides views on asset allocation for 2020. Bonds yields have fallen significantly over the past year across developed markets. The US election poses uncertainty. Equity views are provided for different regions and sectors, with US and emerging markets seen as attractive, while European banks and some commodities are viewed cautiously. Maintaining a balanced portfolio with diversification is emphasized to provide protection against various risks and opportunities.
Objective: The investment objective of Avasar Hudson Partners, LP (‘Fund’) is to generate superior long term returns while minimizing realized investment losses.
GENERAL DISCLAIMER: The information contained herein regarding Avasar Hudson Partners, LP (the "Fund") has been prepared solely for illustration and discussion purposes and is not intended to be, nor should it be construed or used as, an offer to buy or sell or a solicitation of an offer to buy or sell any limited partnership interests in the Fund.
Avasar Partners, 157 Columbus Ave, 4th Floor, New York, NY 10023 Tel: 646‐216‐9890 Email: jjani@avasarpartners.com
Investment Strategy: The fund’s investment manager utilizes a bottom up fundamental research driven Long/Short equity strategy focusing primarily on US equities preferably of small and midcap companies.
Portfolio: Highly selective best ideas portfolio with concentrated positions (<10 Longs). Net exposure is variable based upon opportunities through the cycle. Risk is managed at the investment and portfolio level to limit realized losses at both levels.
Investment Process: Repeatable investment process of Buying equities at attractive prices; Creating a knowledge advantage through detailed research often over years; Identifying value enhancing catalysts; Sizing the position given the opportunity; Patiently managing through volatility to realize gains.
Team: The team has over 15 years of Investment and Credit experience through market cycle and multiple crises. Sidarth Kapoor, CFA, as Portfolio Manager managed a $300 million equity portfolio at Principled Capital Management. Jatin Jani, CFA, as Investment Analyst directly supported investments of $200 million at Principled Capital Management. Both worked in the Credit Division of Mizuho Corporate Bank.
Commitment: The Principals are committed towards meeting their objective with skin in the game and a focus to win.
The document summarizes a panel discussion on various asset classes for investment - equity, debt, and gold. It provides an overview of the current outlook and risks for each asset class according to the panel speakers. For equity, the panelists noted strong economic growth prospects but also risks from COVID variants. For debt, they discussed the shifting global policy landscape and rising inflation. The panel suggested an asset allocation approach with 12% in emergency funds, 20% in gold funds, and 80% in equity funds. It concluded with a Q&A session covering various topics related to investing in each asset class.
- Small cap funds have seen a remarkable surge in subscriptions in recent months, with a record inflow of Rs. 4,264.82 Cr in August 2023. This trend is also seen for midcap funds.
- However, large cap funds have seen declining subscriptions, though the decline is gradually narrowing. These shifting trends raise questions about potential changes in investor preferences.
- Experts advise caution for investors in small cap funds, especially new investors, due to higher risks. They recommend diversifying across market caps and holding for long-term horizons of 5+ years through SIPs to reduce risk.
Boardwalk Capital Management is an independent investment advisory firm based in Atlanta, Georgia that was founded in 2009. It manages portfolios for investors who want to connect their assets with social values without sacrificing returns. Boardwalk brings decades of investment experience and unique expertise in sustainable investing to customize each client's portfolio according to their specific values. It constructs portfolios using both traditional and socially impactful investments like ESG equities, quality of life bonds, and renewable energy to achieve competitive returns while reducing overall portfolio volatility.
A thorough analysis of company , industry and economy goes behind our stock ideas for you. With these picks, you may earn superior returns over a medium to long term period. Visit https://simplehai.axisdirect.in/share-stock-prices/nse/Federal-Bank-Ltd-3709 for more
IDFC Equity Savings Fund is a fund that invests in equity, debt and arbitrage opportunities to provide moderate volatility with potential capital appreciation and stable returns. It allocates 20-60% to arbitrage, 20-45% to unhedged equity, and 20-35% to debt. The fund aims to benefit from market inefficiencies, equity participation and regular income from debt. It is suitable for investors seeking limited equity participation, asset allocation across equity, debt and arbitrage, and downside protection with upside from equity. The fund provides lower volatility than equity funds and higher returns than debt funds through active management across asset classes.
IDFC Equity Savings Fund is a fund that invests in equity, debt and arbitrage opportunities to provide moderate volatility with potential capital appreciation and stable returns. It allocates 20-60% to arbitrage, 20-45% to unhedged equity, and 20-35% to debt. The fund aims to benefit from market inefficiencies, equity participation and regular income from debt. It is suitable for investors seeking limited equity participation, asset allocation across equity, arbitrage and debt, and downside protection with potential upside from equity. The fund provides lower volatility than equity funds and higher returns than debt funds through active management across asset classes.
Roger Montgomery, founder and chief investment officer at Montgomery Investment Management, shares his key investment insights and opportunities for the year ahead.
Diversification is a common buzzword for describing how to invest. Therefore it's no surprise to see momentum gaining for alternative investments as people look beyond stocks, bonds and cash.
And, while alternatives can be a compelling choice for the right investor, under the right circumstances, the domain is still evolving and requires sound expertise before getting started.
In this webinar, Jason Koo, Portfolio Manager for the Macquarie Professional Series Global Alternatives Fund, looks at alternatives investments and whether it's time to stop over relying on equities in your portfolio.
This document provides a quarterly market outlook and analysis from Anchor Fixed Income for Q1 and Q2 of 2018. It summarizes recent events impacting South African markets, analyzes inflation and interest rate trends, and outlines key risks and opportunities for fixed income investments locally and offshore. The document recommends positioning for potential interest rate cuts in South Africa, notes there is still value in local bonds, and advises patience as volatility is expected from political and external factors.
Retirement income strategies during volatile and uncertain marketsnetwealthInvest
Michael Elsworth, Executive Director at Lonsec, joins us to discuss retirement income strategies during volatile markets, including his investment philosophy, the benefits and risks of different retiree income strategies and the advantages of combining income streams during times of uncertainty.
What does the coronavirus stimulus package mean for you and your clientsnetwealthInvest
Keat Chew, Netwealth Head of Technical Services, examines the Federal Government's stimulus package to simplify what matters most for you and your clients.
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
2020, the latest developments in Environment, Social and Governance investingnetwealthInvest
In this presentation, we discuss current ESG themes, including regulatory changes and key environmental, social and governance factors that investors need to understand in 2020.
2020 Netwealth Roadshow - Next super steps with Keat Chew, Netwealth Head of ...netwealthInvest
With more than three decades of super asset growth behind us, Netwealth's Head of Technical Services, Keat Chew, presented four strategies that can be used to elevate superannuation advice in 2020 and beyond.
2020 Netwealth Roadshow - Evolving your service offering for high net worth c...netwealthInvest
At the 2020 Netwealth roadshow, we also presented our newest research paper: How to attract and retain high net worth clients.
With Australia now boasting around 266,000 high net worth individuals with highly complex financial profiles and a combined $2 trillion in investable assets (1) and only 39% having receive financial advice (2), there is considerable opportunity for you to serve this segment.
(1/2) Capgemini, World Wealth Report 2019. https://www.capgemini.com/news/world-wealth-report-2019/
Adapting to change: How to future-ready your practicenetwealthInvest
To help you adapt and benefit from future trends, Jason Andriessen, managing director of Coredata, explores what you should be doing to position your business for growth and success.
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
Practical steps to building an estate planning offeringnetwealthInvest
If you're looking to grow your business and strengthen client relationships then you may wish to consider the role estate planning has on your value proposition.
In this presentation Brandon Thompson, CEO of Yodal, will demonstrate the practical benefits of an estate planning offering and outline why advisers are well placed to capitalise on this commercial opportunity.
Learn from David Smorgon OAM, CEO of Pointmade, as he guides you through the process of transitioning a family-owned business, sharing his experiences from Smorgon Consolidated Industries, one of Australia’s largest family businesses.
The rise of Global Listed Infrastructure and why now?netwealthInvest
Globally, billions of people rely on infrastructure to live their lives, from the toll roads they drive on, the electricity that powers their homes and the water they drink.
Global investment in infrastructure is increasing, with $70 trillion expected to be invested by 2035, making this an asset class too large to ignore.
In this webinar, Gavin Peacock, Senior Research Analyst at CBRE Clarion Securities, will share his insights on global infrastructure as an asset class within portfolios, and its unique features.
Why emerging markets are too important to ignorenetwealthInvest
The document discusses why emerging markets infrastructure is an attractive investment opportunity. Key points include:
- Emerging markets are expected to see tremendous infrastructure investment needs over the coming decades to support population growth and an expanding middle class.
- Investing in infrastructure assets provides defensive characteristics like stable earnings and inflation hedging. Emerging market infrastructure in particular balances this defensive profile with higher growth potential.
- A portfolio focused on listed infrastructure assets in both developed and emerging markets has outperformed broader equity indexes over the long-term, offering attractive returns at lower volatility.
Discover how to unlock the most powerful tool in your saleskit - "stories" with Eleece Quilliam, National Manager of Invesco Consulting Australia.
Learn from Eleece how highly-effective advisers use 'StorySelling' to help them establish stronger personal connections and convert more prospects.
The likely impacts of AI on your business and financial advicenetwealthInvest
With so much industry speculation, it can be difficult to determine if Artificial Intelligence (AI) will result in the end of financial advice as we know it or unlock a new universe of possibilities for advisers.
In this webinar Joel Robbie, co-founder and CEO of Nod, will help you understand the true and likely impact of this technology on your business and provide you with practical tips to navigate and capitalise on any change.
Marketing strategies to communicate your value effectivelynetwealthInvest
Learn marketing strategies to help you communicate and demonstrate your value effectively so clients understand why they shouldn't live with out you, with Kim Payne - founder of 9rok Consulting.
This webinar presentation provided an overview of the Netwealth platform for financial advisers, including its key features and functionality. It discussed Netwealth's market-leading adviser and client portals, mobile access, transaction capabilities, reporting functions, and research and insights available. The presentation also introduced Steve Crawford, founder of The Advice Movement, who would be speaking about attracting, retaining and advising Gen X and Y clients. It provided details on how to earn CPD points for attending and noted the webinar was being recorded.
Identify small cap stocks that will last the distancenetwealthInvest
Michelle Lopez from Aberdeen Standard Investments presented on identifying small cap stocks that will perform well over the long term. The presentation focused on the importance of evaluating company fundamentals, including business strategy, management quality, financials, and ESG factors. Lopez emphasized that active investment including shareholder engagement is important for achieving strong risk-adjusted returns from small cap stocks.
Australian investor trends every financial adviser should knownetwealthInvest
Discover how 1,000 Australian investors are managing their portfolios and their views on investment advice, emerging investment themes such as ESG, and the effect of technology on investing, from Andy Sowerby, Managing Director of Legg Mason Australia and New Zealand.
Investing in today's low interest rate climatenetwealthInvest
In today's low interest rate and elevated global-debt environment, it can be difficult to know where to invest. Discover Perpetual's methodology on how to identify high-quality businesses with consistent cash flow and earnings growth.
What will the 2019 Federal Budget announcement mean for you?netwealthInvest
Netwealth's Head of Technical Services, Keat Chew, analyses the 2019 Budget announcement to determine key action points for financial advisers and their clients.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
"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.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
Netwealth portfolio construction series - Hybrids: opportunities, challenges and the state of play for Australian investors
1. Hybrids:
Opportunities, challenges and
the state of play for Australian investors
Presented by
Chris Joye
Co-CIO & Portfolio Manager
Coolabah Capital Institutional Investments
11 September 2018
2. | netwealth
This webinar is being recorded.
• Slides will be sent to you after the webinar
Enter your questions in the chat.
• We will get to them at the end of the webinar
Posting to social?
• Make sure to use #netwealthinvest or tweet @netwealthInvest
2
Housekeeping
Webinar Series
3. | netwealth3
This webinar and information has been prepared and issued by Netwealth Investments Limited (Netwealth), ABN 85 090 569 109,
AFSL 230975. It contains factual information and general financial product advice only and has been prepared without taking into
account the objectives, financial situation or needs of any individual. The information provided is not intended to be a substitute for
professional financial product advice and you should determine its appropriateness having regard to you or your client’s particular
circumstances. The relevant disclosure document should be obtained from Netwealth and considered before deciding whether to
acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person,
including Netwealth, or any other member of the Netwealth group of companies, accepts responsibility for any loss suffered by any
person arising from reliance on this information.
Disclaimer
Webinar Series
4. | netwealth Webinar Series4
Chris Joye
Co-CIO & Portfolio Manager
Coolabah Capital Institutional Investments
Meet today’s speaker
5. The information contained in this document is general information only and does not constitute personal financial advice. It does not take
into account any person’s financial objectives, situation or needs. It has been prepared by BetaShares Capital Limited (ABN 78 139 566 868,
Australian Financial Services Licence No. 341181) (“BetaShares”). The information is provided for information purposes only and is not a
recommendation to make any investment or adopt any investment strategy. BetaShares assumes no responsibilities for errors, inaccuracies
or omissions in this document. Past performance is not indicative of future performance. Investments in BetaShares Funds are subject to
investment risk and investors may not get back the full amount originally invested. Any person wishing to invest in BetaShares Funds should
obtain a copy of the relevant PDS from www.betashares.com.au and obtain financial advice in light of their individual circumstances.
The BetaShares Active Australian Hybrids Fund (managed fund) is not sponsored, promoted, sold or supported in any other manner by
Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the
Solactive Australian Hybrid Securities Index at any time or in any other respect. The Index is calculated and published by Solactive AG.
Neither publication of the Index by Solactive AG nor the licensing of the Index for the purpose of use in connection with the Fund constitutes
a recommendation by Solactive AG to invest capital in the Fund nor does it in any way represent an assurance or opinion of Solactive AG
with regard to any investment in the Fund.
Important Information
Confidential – may not be distributed without the consent of BetaShares Capital 5
6. The investment characteristics of hybrids
The current valuation environment for hybrids: overheated or a
buying opportunity?
An introduction to BetaShares Active Australian Hybrids Fund
(managed fund)
Agenda
6Confidential – may not be distributed without the consent of BetaShares Capital
7. The investment characteristics of hybrids
The current valuation environment for hybrids: overheated or a
buying opportunity?
An introduction to BetaShares Active Australian Hybrids Fund
(managed fund)
Agenda
7Confidential – may not be distributed without the consent of BetaShares Capital
8. What are hybrids?
Hybrid securities combine debt and equity characteristics
Equity like characteristics:
Perpetual instruments
Issuer may suspend distributions
(or not make them) and/or delay
redemption
In some cases may be converted
into equity
Debt like characteristics:
Rank ahead of equity in capital
structure
Pay a regular and defined margin
above bank bill rate (usually
floating)
Fixed date for optional repayment
and conversion to shares
8Confidential – may not be distributed without the consent of BetaShares Capital
9. 9
Hybrids offer attractive level of income vs. cash
and bonds
1.5%
2.2%
3.0%
4.9%
4.0%
1.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
RBA Cash High Interest
Cash ETF
(ASX: AAA)
Senior Bank
FRN Index
Listed
Subortinated
FRNs
Bank Hybrids
Running Yield across Security Types: As at 30 June 2018 (% p.a.)
5.7%
Franking
Credits
Cash Yield
Source: Bloomberg. Yield for AAA is before fees. Senior bank FRNs represented by Solactive Australian Bank Senior Floating Rate Bond Index. Subordinated Bank FRNs
represented by ASX listed securities from Solactive Australian Hybrid Securities Index. Bank Hybrids represented by ASX listed AT1 Bank Hybrids from Solactive Australian
Hybrid Securities Index.
Yields are variable and may be lower at time of investment.
Listed
Subordinated
FRNs
Confidential – may not be distributed without the consent of BetaShares Capital
10. Overall hybrids have low volatility, but can
experience declines in risk-on events
-60%
-50%
-40%
-30%
-20%
-10%
0%
Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17
Australian hybrids
Australian major bank stocks
Australian corporate fixed-rate bonds
Australian bank floating rate bonds
Confidential – may not be distributed without the consent of BetaShares Capital
Annualised Volatility (%)
5.9%
18.7%
2.1%
0.9%
10
Source: Bloomberg. Investment Exposure: Solactive Australian Hybrid Securities Index, S&P/ASX 200 Banks Index; Bloomberg AusBond Corporate Bond
Index; Solactive Australian Bank Senior Floating Rate Bond Index (QPON ETF's Index). Past performance is not an indicator of future performance. You cannot
invest directly in an index. * For Australian Hybrids data, a spliced index series used incorporating Evans & Partners All Bonds & Hybrids ASX Index prior to
February 2012, Solactive Australian Hybrid Securities Index from February 2012.
11. 11
Hybrids offer strong diversification benefits to
portfolios
Daily return correlation as at 30 June 2018
Note: Australian Hybrids data used is the Solactive Australian Hybrid Securities Index, Floating Rate Bond Data is Solactive Senior Floating Rate Bond Index,
Australian shares is the S&P/ASX 200 Index, Australian Fixed Rate Bonds is the Bloomberg Composite Bond Index. Source: Bloomberg. Past performance is not an
indicator of future performance.
Australian Hybrids
Australian Bank
Floating Rate
Bonds
Australian
Shares
Australian Fixed Rate
Bonds
Australian Hybrids
1.000 0.124 0.331 -0.092
Australian Bank Floating Rate
Bonds
0.124 1.000 0.123 -0.033
Australian Shares
0.331 0.123 1.000 -0.224
Australian Fixed Rate Bonds
-0.092 -0.033 -0.224 1.000
Confidential – may not be distributed without the consent of BetaShares Capital
12. Hybrids – can’t just set and forget…
Major Bank Hybrid Trading Margins – lost opportunities if you are a static investor
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017
Major Bank 5 Year Hybrid Spread Major Bank 2 Year Hybrid Spread
Source: Coolabah Capital Investments. Past performance is not an indicator of future performance.
12Confidential – may not be distributed without the consent of BetaShares Capital
13. Not all hybrids are created equal…
Source: Morningstar
13Confidential – may not be distributed without the consent of BetaShares Capital
14. Hybrids market is relatively illiquid –
professional investors may have an advantage
Bid-Offer Spread of Commonwealth Bank Equity and Hybrids
Confidential – may not be distributed without the consent of BetaShares Capital 14
Source: Morningstar
15. Agenda
The investment characteristics of hybrids
The current valuation environment for hybrids: overheated or a
buying opportunity?
An introduction to BetaShares Active Australian Hybrids Fund
(managed fund)
15Confidential – may not be distributed without the consent of BetaShares Capital
16. Current valuations for hybrids are attractive
with recent blow-out in spreads
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16
AverageMajorBankAT1TradingMargin(>1Year)
HBRD’s mandate keeps valuations front and centre
Confidential – may not be distributed without the consent of BetaShares Capital 16
Source: Bond Adviser. Past performance is not an indicator of future performance.
17. Hybrids attractive on both cash yield basis and
including franking
Confidential – may not be distributed without the consent of BetaShares Capital
2.0%
4.1%
4.0%
3.7% 3.5%
4.0%
4.4% 4.2% 4.0%
5.4%
4.4% 4.4% 4.6%
5.7% 5.5%
7.0%
6.3%
2.0%
5.4% 5.7% 5.5% 5.7% 5.6%
5.9% 6.0% 6.1%
6.5% 6.3% 6.2% 6.3%
8.2%
7.8%
10.0%
9.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
WBC90dayTD
ASX200Index
ANZPE
CBAPF
NABPD
WBCPE
CBAPD
ANZPF
ANZPG
ANZPG
ANZPH
CBAPG
WBCPH
CBAshares
ANZshares
NABshares
WBCshares
Returns Across the Capital Structure as at 12 July 2018
Franked Yield Cash Yield
17
Source: Coolabah Capital Investments.
18. Navigating Hybrids
The hybrids market is relatively inefficient and thus prone to regular over and under valuation – some
investors may not have the ability to accurately price these securities
Most investors’ hybrid holdings tend to be relatively passive creating the potential for risks to capital if
securities become overvalued or during “risk-on” events
The issuance terms of hybrid securities are complex and can differ greatly from security to security
which, along with the relatively low ranking of hybrids in the capital structure, makes understanding the
idiosyncrasies of each security all the more important
Holdings of hybrids in directly held portfolios tend to be relatively concentrated (often 3-5 individual
securities) creating potential for security and issuer risk
The passive nature of many investors’ hybrid holdings has led to a relatively illiquid listed market in
hybrid securities
18Confidential – may not be distributed without the consent of BetaShares Capital
19. Agenda
The investment characteristics of hybrids
The current valuation environment for hybrids: overheated or a
buying opportunity?
An introduction to BetaShares Active Australian Hybrids Fund
(managed fund)
19Confidential – may not be distributed without the consent of BetaShares Capital
20. A potential solution?
We believe many of the complexities of holding hybrids can be largely addressed via the use of an
actively managed hybrids exposure run by an experienced professional manager:
A professional manager may have valuation models allowing them to detect and potentially profit from mispricing in the relatively
inefficient and retail focussed hybrid market
A professional manager may potentially have a greater ability to detect overvalued securities and mitigate risks to capital than an
investor without sophisticated valuation models
A professional manager may have a greater understanding of the issuance terms and complexities of individual securities to potentially
identify and mitigate risks
A professional manager will likely hold a broader and more diversified portfolio of hybrid securities (~20-50 in the case of HBRD) and
may therefore reduce concentration risk for many investors
A professional manager may have access to deeper liquidity
Using a professional manager may assist in alpha generation, risk mitigation, improving diversification and building scalability in
portfolios
20Confidential – may not be distributed without the consent of BetaShares Capital
21. Product Name: BetaShares Active Australian Hybrids Fund (managed fund)
Investment Objective The Fund provides investors with a convenient way to access attractive income returns, including franking credits, from an actively managed, diversified portfolio
of hybrid securities. As the Fund is overseen by a professional investment manager it actively seeks to reduce the volatility and downside risk that may otherwise
be experienced by direct holders of hybrids.
Confidential – may not be distributed without the consent of BetaShares Capital 21
ASX: HBRD
Key Information
ASX Code HBRD
Bloomberg Code HBRD AU
IRESS Code HBRD.AXW
Asset backing
Australian Hybrids,
Bonds & Cash
Management Fee 0.45% p.a.
Expense recoveries
Capped at 0.10%
p.a.
Performance Fee
15.5%
outperformance to
Solactive Hybrids
Index
Inception Date 13 November 2017
Sector Allocation (%)
As at 31 August 2018
Top 10 Index Constituents
As at 31 August 2018
Company Weighting
ANZPE
ANZPF
ANZPG
CBAPD
CBAPE
CBAPF
CBAPG
NABPC
NABPD
WBCPG
BetaShares Active Australian Hybrids Fund
(managed fund) (ASX: HBRD)
22. HBRD targets:
Returns after fees that are greater than Australian Hybrids Index(1)
Post-fee returns > RBA cash rate + 2.5% pa over medium term
Post-fee, franked running yield generally similar to Australian Hybrids Index(1)
Post-fee volatility of 3-4% p.a.
Minimal interest rate duration – floating rate exposure only
Ability to go 100% cash/bonds if hybrids materially overvalued
Ability to invest up/down capital structure depending on relative value
Ability to hold following securities:
- Cash
- Bonds
- Subordinated debt
- Australian Hybrids
Investment Strategy for HBRD (I)
(1) Solactive Australian Hybrid Securities Index
22Confidential – may not be distributed without the consent of BetaShares Capital
23. Fund adopts a hub-spoke strategy
Core holdings are ASX hybrids during
normal conditions to meet post-fee yield
targets
Augmented by cash, bonds and sub-debt
Expecting to hold 20-50 positions across
cash, bonds, hybrids
Actual portfolio weights will depend on:
• Relative value opportunities
• Bottom-up analysis on outright
valuation fundamentals
• Risk-aversion
Investment Strategy for HBRD (II)
ASX
Hybrids
Cash
Sub-
Debt
Senior
Bonds
23Confidential – may not be distributed without the consent of BetaShares Capital
24. Deliberate flexibility to range
up/down corporate capital
structure depending on
assessed opportunities
Cannot hold ordinary
shares/equities
Approach assists in preserving
capital when core hybrid
holdings become overvalued
Risk/return targets motivate
alpha generation/excess returns
subject to not increasing
volatility beyond ASX hybrid
market
Investment Strategy for HBRD (III)
• Senior secured covered bonds (Debt)
• Cash deposits (Debt)
• Senior unsecured bonds (Debt)
• Subordinated bonds
• Hybrids
24Confidential – may not be distributed without the consent of BetaShares Capital
25. About CCI
HBRD is actively managed by Coolabah Capital Institutional Investments (“CCI”), a leading independent
Australian active-fixed income specialist
CCI is a specialist “active credit” investor with ~$2.5bn in FUM, and one Australia’s largest fixed-income boutiques
• Established 2011, 75% owned by investment team, 25% owned by large Australian family office
CCI has a strong record of alpha generation
• As at June 2018, one of top Australian cash plus/short-term fixed interest portfolios past ~6yrs
• Seeks to deliver “true alpha” not 1/ duration beta, 2/ credit beta, or 3/ illiquidity beta
• Seeks to identify asset mispricings using rigorous quantitative valuation capabilities
• Investment Approach: when mispricings converge with fair value, realise capital gains + income
Leading credit research & quant fixed-income capability
• 10-20x different quant valuation models
• Investment team comprises 4x portfolio managers and 6x analysts
• 2x senior portfolio managers
• 2x portfolio managers/quant analysts,
• 3x credit analysts,
• 2x data scientists and 1x market technical analyst
• Chaired by Melda Donnelly (ex CEO QIC) with Independent Director Bob Henricks (ex Chair Energy Super)
Source: Lonsec
25Confidential – may not be distributed without the consent of BetaShares Capital
26. Historic Performance vs Hybrids
Source: CCI. Past performance is not an indicator of future performance.
SMAC & SMHI Bond Returns vs FRN Index, Composite Bond Index, ASX Hybrids Index
26Confidential – may not be distributed without the consent of BetaShares Capital
27. Historic Performance vs Hybrids
Source: Coolabah Capital Investments (conservatively assumes cash earns on av. RBA cash + 90bps). Past performance is not an indicator of future performance.
SMAC Implied
FRN Returns
Spliced
SMAC/SMHI
Implied FRN
Returns
RBA Cash
Rate
AusBond
FRN Index
AusBond
Composite
Bond Index
ASX Hybrids
Annual Std Deviation 1.49% 1.48% NA 0.54% 2.69% 2.85%
Compound Annual Return 6.87% 7.02% 2.29% 3.91% 4.69% 5.32%
Sharpe Ratio 3.08 3.19 na 3.02 0.89 1.06
February 2012 to May 2018 Pre-Fee (Gross) Value-Weighted Returns
27Confidential – may not be distributed without the consent of BetaShares Capital
28. Trade-by-Trade Analysis: > 98% Win Ratio
Source: CCI. Past performance is not an indicator of future performance.
All Realised Security Sales Since Inception Applying Last-in, First-out (LIFO) Method:
Bonds/Hybrids Only, Excludes Cash (After Brokerage But Before Fund Fees)
28Confidential – may not be distributed without the consent of BetaShares Capital
29. HBRD has outperformed the ASX hybrids
market after all fees and transaction costs since inception
HBRD vs Index Since Inception (November 2017 – June 2018) – After All Fees, Charges, Transaction Costs;
before franking credits
Confidential – may not be distributed without the consent of BetaShares Capital
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
Solactive Australian Hybrid Securities Index (Net)HBRD
Source: Betashares, Solactive. Past performance is not an indicator of future performance.
29
30. Re-cap: Why Hybrids Market Is Well Suited For Active
Management
We believe the hybrids market is well suited to active management for the following reasons:
1. Potential for alpha generation in a relatively inefficient market
2. Potential to mitigate :
Risks to capital arising from exposure to overvalued securities
Risks to capital as a result of issuance term complexity
Risks to capital from default thanks to detailed modelling
Risks to capital from concentrated holdings by adding significant diversification
3. Potential to access a broader liquidity base than many investors may see in ASX listed turnover
30Confidential – may not be distributed without the consent of BetaShares Capital
31. Investment risk: Investment returns are uncertain and will be influenced by the performance of the
markets as a whole and other risks.
Income payments are variable. If interest rates fall, HBRD’s income payments can be expected to fall.
Hybrids are, by their nature, predominately issued by banks, creating sector concentration risk.
HBRD is exposed to the credit risk of issuers. Hybrids rank behind all-debt and deposit holders in the
event of issuer default and can be converted into equity or written-of by regulator
The issuance terms of hybrid securities are complex and can differ greatly from security to security
See PDS for more information about risks.
Things to keep in mind
31Confidential – may not be distributed without the consent of BetaShares Capital
33. | netwealth33
This webinar and information has been prepared and issued by Netwealth Investments Limited (Netwealth), ABN 85 090 569 109,
AFSL 230975. It contains factual information and general financial product advice only and has been prepared without taking into
account the objectives, financial situation or needs of any individual. The information provided is not intended to be a substitute for
professional financial product advice and you should determine its appropriateness having regard to you or your client’s particular
circumstances. The relevant disclosure document should be obtained from Netwealth and considered before deciding whether to
acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person,
including Netwealth, or any other member of the Netwealth group of companies, accepts responsibility for any loss suffered by any
person arising from reliance on this information.
Disclaimer
Thank you
Webinar Series