The fund lost money significantly in April (-19.3%) due to losses from its long USD position (-11.6%), short equity book (-7%), and Australian government bond positions (-0.9%). Positive individual stock positions such as Las Vegas Sands Corp. and Kellogg Company were outweighed by losses from stocks like Seadrill Ltd. and BG Group Plc. The document discusses challenges faced by the fund, changes made to reduce risk, and the manager's views on current market conditions and outlook.
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.
2017 Market Outlook - Global Fixed IncomeT. Rowe Price
Portfolio Manager Quentin Fitzsimmons discusses his perspective on the current global fixed income environment and what investors could expect to see in 2017.
With investor sentiment now showing signs of improvement after a challenging period in emerging markets, our sixth edition of the CSRI Emerging Consumer Survey provides investors timely insights with which to revisit the theme of a fast developing consumer culture shaped by technological innovation. The countries that top our ECS Scorecard are India, China and Saudi Arabia with a key demographic accent on the role of the youthful consumer.
- Download the full report: http://bit.ly/1YnhtyR
- Order hard copy: http://bit.ly/1RQb79r
- Visit the website: bit.ly/18Cxa0p
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.
2017 Market Outlook - Global Fixed IncomeT. Rowe Price
Portfolio Manager Quentin Fitzsimmons discusses his perspective on the current global fixed income environment and what investors could expect to see in 2017.
With investor sentiment now showing signs of improvement after a challenging period in emerging markets, our sixth edition of the CSRI Emerging Consumer Survey provides investors timely insights with which to revisit the theme of a fast developing consumer culture shaped by technological innovation. The countries that top our ECS Scorecard are India, China and Saudi Arabia with a key demographic accent on the role of the youthful consumer.
- Download the full report: http://bit.ly/1YnhtyR
- Order hard copy: http://bit.ly/1RQb79r
- Visit the website: bit.ly/18Cxa0p
Credit Suisse Global Investment Returns Yearbook 2016 Credit Suisse
Against the backdrop of the first interest rate increase by the Federal Reserve in almost a decade, the Credit Suisse Research Institute’s Global Investment Returns Yearbook examines similar episodes since 1900 and derives potential implications for future economic and financial market developments.
- Download the full report: http://bit.ly/1QSo6qn
- Order hard copy: http://bit.ly/1T9sTbe
- Visit the website: bit.ly/18Cxa0p
In this presentation we extend our 2018 Q4 Outlook with our views on the global economy and equity markets. We are negative on US equities and see opportunities in Chinese equities.
The US Fed has raised rates for the first time since June 2006. But was it needed? Rupert Seggins & Marcus Wright look at the following key aspects of the US economy: inflation, the labour market, growth & the global backdrop to establish whether a rate rise was necessary and some of the pros & cons of doing it now.
The Credit Suisse Research Institute released its sixth annual Global Wealth Report, which focuses on how the middle class has developed since the turn of the century. It finds that the size and wealth of the middle class globally grew quickly before the financial crisis, but growth subsided after 2007 and rising inequality has squeezed its share of wealth in every region. In its analysis, Credit Suisse has taken a new approach to defining the middle class category, using a wealth-based definition – versus an income-based one – that allows for adjustments over time to reflect inflation, and also varies across countries depending on local purchasing power.
- Download the 2015 Global Wealth Report (PDF): http://bit.ly/1VPgIlc
- Order the print version of the 2015 Global Wealth Report: http://bit.ly/1K6hMVJ
Visit the Credit Suisse Research Institute website: http://bit.ly/18Cxa0p
The Corporate Responsibility Report offers an insight into how Credit Suisse assumes its various responsibilities as a bank, as an employer, as well as towards society and environment.
- Download or order the Corporate Responsibility Report: http://bit.ly/1WruTww
- Visit our website for more information: http://bit.ly/1ZvcvBg
Investment and economic update by Major League Investments regarding investment news, stocks, bonds, precious metals and trends by Michael Finer and Gary Coon
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Credit Suisse Global Investment Returns Yearbook 2016 Credit Suisse
Against the backdrop of the first interest rate increase by the Federal Reserve in almost a decade, the Credit Suisse Research Institute’s Global Investment Returns Yearbook examines similar episodes since 1900 and derives potential implications for future economic and financial market developments.
- Download the full report: http://bit.ly/1QSo6qn
- Order hard copy: http://bit.ly/1T9sTbe
- Visit the website: bit.ly/18Cxa0p
In this presentation we extend our 2018 Q4 Outlook with our views on the global economy and equity markets. We are negative on US equities and see opportunities in Chinese equities.
The US Fed has raised rates for the first time since June 2006. But was it needed? Rupert Seggins & Marcus Wright look at the following key aspects of the US economy: inflation, the labour market, growth & the global backdrop to establish whether a rate rise was necessary and some of the pros & cons of doing it now.
The Credit Suisse Research Institute released its sixth annual Global Wealth Report, which focuses on how the middle class has developed since the turn of the century. It finds that the size and wealth of the middle class globally grew quickly before the financial crisis, but growth subsided after 2007 and rising inequality has squeezed its share of wealth in every region. In its analysis, Credit Suisse has taken a new approach to defining the middle class category, using a wealth-based definition – versus an income-based one – that allows for adjustments over time to reflect inflation, and also varies across countries depending on local purchasing power.
- Download the 2015 Global Wealth Report (PDF): http://bit.ly/1VPgIlc
- Order the print version of the 2015 Global Wealth Report: http://bit.ly/1K6hMVJ
Visit the Credit Suisse Research Institute website: http://bit.ly/18Cxa0p
The Corporate Responsibility Report offers an insight into how Credit Suisse assumes its various responsibilities as a bank, as an employer, as well as towards society and environment.
- Download or order the Corporate Responsibility Report: http://bit.ly/1WruTww
- Visit our website for more information: http://bit.ly/1ZvcvBg
Investment and economic update by Major League Investments regarding investment news, stocks, bonds, precious metals and trends by Michael Finer and Gary Coon
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The Great Fall in China August 2015 - Special market bulletin St. James's PlaceMichael de Groot
Monday 24th August 2015 saw one of the biggest stock market crashes in China. St. James's Place published a special bulletin to let their investors know to stay clam and that the incident wasn't unexpected. This bulletin contains some great advice.
http://pwc.to/11CB1Xq
Dans son étude « Working Capital Survey 2013 », PwC montre que la performance BFR (Besoin en Fonds de Roulement, soit la trésorerie mobilisée par l’activité) des entreprises mondiales s'est dégradée de 2 % par rapport à l'année dernière. Seule exception, les sociétés européennes ont amélioré leur situation, démontrant une corrélation entre PIB et niveaux de BFR.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
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.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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 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
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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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.
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
1. 12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com
Authorised and Regulated by the Financial Conduct Authority
■ The Fund returned -19.3% in April-15 against an MSCI Daily TR Net
Europe (€) return of +0.1%.
■ The Fund’s active exposure to the long USD had a significant impact
on performance (-11.6%), a considerable portion of which came from
the AUD/USD position.
■ The short equity book also had a negative impact (-7.0%) after
currency hedging. Positive contributions before currency hedging
came from Las Vegas Sands Corp. (+72bps), Kellogg Company
(+34bps) and Tupperware Brands Corp. (+27bps). These were
outweighed by negative contributions from a number of positions, the
worst of which were Seadrill Ltd (-55bps), BG Group Plc (-40bps) and
Coca-Cola HBC AG (-33bps).
■ After currency hedging the long equity book was flat for the month
(+0.1%). Positive contributions before currency hedging came from
positions such as Sky Plc (+31bps) and Hunter Douglas NV (+18bps).
These were canceled out by negative contributions from a number of
positions, the largest being LM Ericsson Telefon AB (-109bps), Alcatel
Lucent SA (-60bps) and Toyota Industries Corp. (-30bps).
■ Elsewhere our Australian government bond positions also
underperformed, contributing -0.9% to performance.
Source for above 3 tables: Internal unaudited figures. All
performance figures quoted are net of fees. Past performance
is not a reliable indicator of future performance.
Source for above table and chart: Quintillion Limited and
Bloomberg. Calculation on a NAV basis as at 30-Apr-15.
The data below refers to the € share class.
April was bloody. A portfolio built on global weakness coming out of China and
even embroiling the developed world, which had been successful since June of
last year was attacked on all sides. The Fund lost money on its Forex positions,
its emerging market short positions, its oil shorts and on top of that the telecoms
equipment providers had a shocking time. Some of the positions had become
crowded even if the thinking is still far away from the consensus. The book has
been cut, FX leverage has been reduced and in May, especially in the second half
of this month, the Fund is acting well.
Nobody likes being wrong. Nobody likes looking foolish. Nobody likes losing
money. In hindsight the tail wind that was the leveraged position in the US dollar
against Emerging Market currencies in particular, meant that I did not respond
quickly enough to the aggressive QE introduced by Draghi in December of last
year and the effects of the fall in the oil price two month earlier.
Essentially Draghi in December decided that a European economy with virtually
no growth and an equilibrium unemployment rate of 11.5%, which hid youth un-
employment of 25% and over employment of the over 60’s of 10%, was unac-
ceptable. By introducing negative interest rates he has successfully driven down
the exchange rate, forced banks to lend to generate any returns and in the process
driven assets sky high. His policies will create a bubble in asset prices but he has
decided it is a consequence worth putting up with. To be fair, his radical transfor-
mation of the political and economic direction of Europe has been strengthened
by employment law changes in Spain, which are freeing up the labour market
dramatically, and from June, changes to creditor protection in Italy, which will
give creditors possession of assets after two rather than nine years.
Fund size includes OEI Mac
Inception Date
Firm size ($m) 12,885.94
Strategy size ($m) 2,941.59
Fund Size (€m) 3,063.50
€ Class 785.47
$ Class 361.96
£ Class 300.36
£ B Class 170.44
Index MSCI Daily TR Net Europe
30-Apr-2015
01-Jun-92
Since Inception
0
500
1000
1500
2000
2500
Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12
Odey European Inc(€)
MSCI Daily TR Net Europe
€ Fund Index Rel.
1-month -19.3 0.1 -19.4
3-month -21.1 8.8 -29.8
1-year -1.8 19.8 -21.5
3-year 19.7 65.0 -45.4
5-year 11.2 73.4 -62.3
YTD -18.2 16.6 -34.8
Since Inception 1436.2 487.7 948.5
CAGR since inception 12.7 8.0 4.6
30-Apr-2015
1-year 3-year 5-year Inc.
Fund annual s.dev. 27.2 19.9 20.2 16.8
Index annual s.dev. 10.1 9.8 12.0 17.3
Alpha 0.1 -0.1 -0.6 0.9
Beta 0.0 0.6 1.0 0.3
Correlation 0.0 0.3 0.6 0.3
Sharpe Ratio 0.1 0.4 0.2 0.6
30-Apr-2015
30-Apr-2015
% Nav
Long Equity 127.3
Short Equity -147.7
Foreign Exchange 64.2
Government Bond -2.3
Commodity 4.1
Interest Rate -0.1
2. 12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com
Authorised and Regulated by the Financial Conduct Authority
European stockmarkets have been strong, driven by this quest for yield and for liquidity. By historic standards they possess
neither but this is a ‘Historic’ time itself. As we can see with the bull market in China, once a bubble forms it has an internal
logic of its own and it will grow until it has outgrown all of its surroundings. What is disconcerting to the stock-picker is that it
has little relevance to earnings growth and it certainly does not predict next year’s profits.
All of this has meant that the Fund is moving towards being net long equities. This bubble will end badly, but not yet. It only
began at the beginning of this year.
However it does mean that the US dollar, where they are hoping to end the QE experiment this year, has to remain the fa-
voured currency. Its rise was probably too quick and undoubtedly attracted too many followers, but here it looks interesting.
However it does not look a powerful enough bull market to be leveraged into.
As I have said for the last year, the risk to the world economy does not come from the developed world where, post 2008, debt
growth has been steady, but from out of the Emerging Markets. E.M. economies now represent 50% of the world’s GNP and
nearly 40% of the world’s debts. The world has been unable for thirty years now to get growth without debt growing even
faster. Operating assets are being asked to work harder to service ever increasing debts. Productivity growth has disappeared.
No wonder the pressure is still downwards on interest rates.
Economics, as I was taught, said nothing about the difference between two identical economies - one that had large debts and
one that was debt free. The one with large debts, paradoxically had the richer individuals and companies, and in an environ-
ment where credit remained freely available performed equally well. However, when faced with disruptive technologies or dis-
ruptive trade patterns the leveraged economy is forced not only to write off unwanted operating assets but the debts attached.
They have to be socialised through the economy. That day is coming, but April showed it is not now.
We are keen to be very open to our clients during difficult periods, so please do contact us if you need any further attribution or
explanation.
3. 12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com
Authorised and Regulated by the Financial Conduct Authority
Internal unaudited figures. Internal unaudited figures
Internal unaudited figuresInternal unaudited figures
At 30-Apr-15
At 30-Apr-15
At 30-Apr-15 At 30-Apr-15
Comparative benchmark Primary: Cash, Secondary: MSCI Daily TR Net Europe (€)
Fund inception date 1 June, 1992
Fund type Cayman Long-Short OEIC
Listing Irish Stock Exchange
Base currency €
Share classes €, £ (A & B), $
Hedging Non-base currencies are unhedged
Dealing 1st
/15th
of each month based on funds received the previous day forward to 5pm Dublin time / COB 14th & month end
Front end fee Up to 5%
Annual management fee 1%
Performance fee 20% of the increase in the value per share of the fund between the
beginning and the end of the year. Fees crystalise annually. Losses carried forward.
Anti-dilution fee 0.5% NAV on subs/reds
Exit fee 1% if held <1yr
Min. investment €1,000,000 or £/$ equivalent
Dividends Reporting & accumulation
Price reporting Prices published daily in FT
ISIN €-KYG6708H1157 £A-KYG6708H1645, US$-KYG6708H1496 £B-KYG6708H1728
SEDOL €-3110423 £A-B00VSM0, US$-3110434 £B-B2RGGH3
At 30-Apr-15
At 30-Apr-15
At 30-Apr-15
Internal unaudited figures
Enquiries:
Sarah St. George
Tel: +44 20 7208-1432
Email: s.stgeorge@odey.com
US Clients - Tom Trowbridge
Tel: +1 (917) 538-7838
Email: t.trowbridge@odey.com
Crispin Odey
Portfolio Manager
Internal unaudited figures
-40
-30
-20
-10
0
10
20
30
Aerospace&Defense
Autos&Components
Banks&Finance
BusinessServices
Chemicals
CommercialServices
Construction
ConsumerDurable
Energy
Engr.&Manufacturing
Entertainment
EnvironmentalControl
Food,Bev&Tobacco
Healthcare
HouseholdGoods
Housewares
Index
Insurance
Leisure&Hotels
Media
Mining&Metals
Others
RealEstate
Retail
Software&Services
TechnologyHardware
Telecommunications
Textile&Apparel
Transport
Utilities
Long % of NAV
Short % of NAV
-60
-40
-20
0
20
40
60
Australia
Austria
Belgium
Canada
CaymanIslands
Denmark
Finland
France
Germany
HongKong
Hungary
Ireland
Italy
Japan
Jersey
Luxembourg
Netherlands
Norway
Portugal
SouthAfrica
Spain
Sweden
Switzerland
UK
US
Long % of NAV
Short % of NAV
-300
-200
-100
0
100
200
300
Mar-05 Jul-06 Nov-07 Mar-09 Jul-10 Nov-11 Mar-13 Jul-14
Long Equity Exposure Short Equity Exposure
Net Equity Exposure FX Exposure
Government Bond Exposure
Rank Security Strategy Notional Exposure (Ave %)
1 LM Ericsson Telefon AB Long 7.5
2 Alcatel-Lucent SA Long 4.1
3 Seadrill Ltd. Short 2.4
4 BG Group Plc Short 2.1
5 Saipem S.p.A. Short 2.8
Rank Security Strategy Notional Exposure (Ave %)
1 Las Vegas Sands Corp. Short 7.7
2 Kellogg Company Short 4.1
3 Sky Plc Long 11.3
4 Tupperware Brands Corp. Short 4.1
5 Sands China Ltd. Short 4.4
-37.3
-12.1 -10.4
-4.0
-0.2 -0.1
0.1 0.3 0.3
5.4
17.9
40.4
-50
-40
-30
-20
-10
0
10
20
30
40
50
GBP
AUD
JPY
RUB
NOK
SEK
CAD
CHF
HKD
KRW
EUR
USD
Rank Security Strategy Notional Exposure (%)
1 JPN 10Y Bond(Ose) Jun15 Short 30.7
2 ACGB 2 3/4 04/21/24 Long 29.0
3 Sky Long 11.1
4 Las Vegas Sands Short 7.6
5 Telefonaktiebolaget LM Ericsson Long 7.5
6 JPNK400 Index Fut Jun15 Long 6.7
7 Swatch Short 6.2
8 Intu Properties Short 5.9
9 Adidas Short 5.7
10 COTTON NO.2 FUTR Dec15 Long 5.5