Petronet LNG: Reports decent set of numbers, hold - Sushil FinanceIndiaNotes.com
Petronet LNG has reported decent set of numbers for the quarter ended March’14 which were slightly better than expectations. With no major trigger in offing in near term, expect the stock to underperform & hence maintain hold with a revised price target of Rs152
Tricumen / FY14 Capital Markets: Regions_open 250315Tricumen Ltd
This publication is supplementary to our quarterly Results Review; it shows banks’ revenue dynamics relative to their peers in each region and each Level 2 product area. The full dataset includes operating revenue at the Level 3 product detail, operating expenses and pre-tax profit in 7 regions, as well as client segment revenue allocations.
All data is reconciled against the published financial statements. Further detail is available on request.
Manel Noguerón Resalt, es fundador y director general de Ethika Global Consulting, una sociedad especialista en el campo de la consultoría dentro del Mercado de Divisas. Manel Noguerón Resalt funda la compañía en el año 2004. Manel Noguerón Resalt es Bachelor in Science of Business Administration por la University of South Carolina y Master en Gestión de banca privada en CEU Abat Oliba. Aquí una breve descripción de la compañía que dirige:
Sheet 1Table 1The component of GUIDESGGrowth and GDPUUnemployment .docxlesleyryder69361
Sheet 1Table 1The component of GUIDESGGrowth and GDPUUnemployment and UtilizationIInflation and Interest RatesDDebt and DeficitsEExternal Balance and Exchange RatesSSaving and InvestmentUse TradingEconomics WebsiteGrowth and GDPUSAArgentinaIndicator
Click Indicator to view website data. Meaning Leading / Lagging Current Trend Healthy ? Choose One and explainCurrent Trend Healthy ? Choose One and explainReal GDP Measures national income and output. GDP is equal to the total expenditures for all final good and services produced within the country. Lagging Yes No Not clear Yes No Not clear Real GDP Growth (annual % change) Percentage change in GDP Lagging Yes No Not clear Yes No Not clear Gross Fixed Capital Formation Measures the value of ac- quisitions of new or existing fixed assets by the business sector. Shows how much new value the economy added through investment rather than spending. Leading Yes No Not clear Yes No Not clear Productivity The real value of output produced by a unit of labor during a certain time. Lagging Yes No Not clear Yes No Not clear GDP per
capita PPP
(optional) GDP divided by total population Lagging Yes No Not clear Yes No Not clear U Unemployment and UtilizationUnemploy- ment Rate % The percentage of unem- ployment workers in the total labor force. It is low during good economics times and high during recessions Lagging Yes No Not clear Yes No Not clear Capacity Utilization Rate Measures how much of the productive ability of the installed capital base in a country is being used. Conversely, indicates
how much capital is going unused. Coincidental Yes No Not clear Yes No Not clear Inflation and Interest RatesCPI Compares current price of a fixed basket of goods. Lagging Yes No Not clear Yes No Not clear GDP
Deflator
(Under “Prices”) Compare prices over time of all output in an economy. Measures the relationship between nominal and real GDP. Lagging Yes No Not clear Yes No Not clear Interest Rate % The price for holding money - time value of money. Lagging Yes No Not clear Yes No Not clear Inflation Rate % Represents the long run inflation, transitionary price changes are excluded. Lagging Yes No Not clear Yes No Not clear Core Inflation Represents the long run inflation, transitionary price changes are excluded Lagging Yes No Not clear Yes No Not clear Debt and DeficitsGovern- ment Budget Itemized accounting of the payments received by government (taxes or other fees) and the payments made by government. A budget deficit occurs when a government spends more money than it takes in. Lagging Yes No Not clear Yes No Not clear Debt / GDP The ratio between a coun- try’s government debt and its gross domestic product. A low ratio indicates the country is able to sufficient- ly pay back debts without incurring debts. Lagging Yes No Not clear Yes No Not clear Govern-
ment
Spending
(optional) Amount of money govern- ment spends on services, infrastructure, etc. Lagging Yes No Not clear Yes No Not clear External Debt.
Petronet LNG: Reports decent set of numbers, hold - Sushil FinanceIndiaNotes.com
Petronet LNG has reported decent set of numbers for the quarter ended March’14 which were slightly better than expectations. With no major trigger in offing in near term, expect the stock to underperform & hence maintain hold with a revised price target of Rs152
Tricumen / FY14 Capital Markets: Regions_open 250315Tricumen Ltd
This publication is supplementary to our quarterly Results Review; it shows banks’ revenue dynamics relative to their peers in each region and each Level 2 product area. The full dataset includes operating revenue at the Level 3 product detail, operating expenses and pre-tax profit in 7 regions, as well as client segment revenue allocations.
All data is reconciled against the published financial statements. Further detail is available on request.
Manel Noguerón Resalt, es fundador y director general de Ethika Global Consulting, una sociedad especialista en el campo de la consultoría dentro del Mercado de Divisas. Manel Noguerón Resalt funda la compañía en el año 2004. Manel Noguerón Resalt es Bachelor in Science of Business Administration por la University of South Carolina y Master en Gestión de banca privada en CEU Abat Oliba. Aquí una breve descripción de la compañía que dirige:
Sheet 1Table 1The component of GUIDESGGrowth and GDPUUnemployment .docxlesleyryder69361
Sheet 1Table 1The component of GUIDESGGrowth and GDPUUnemployment and UtilizationIInflation and Interest RatesDDebt and DeficitsEExternal Balance and Exchange RatesSSaving and InvestmentUse TradingEconomics WebsiteGrowth and GDPUSAArgentinaIndicator
Click Indicator to view website data. Meaning Leading / Lagging Current Trend Healthy ? Choose One and explainCurrent Trend Healthy ? Choose One and explainReal GDP Measures national income and output. GDP is equal to the total expenditures for all final good and services produced within the country. Lagging Yes No Not clear Yes No Not clear Real GDP Growth (annual % change) Percentage change in GDP Lagging Yes No Not clear Yes No Not clear Gross Fixed Capital Formation Measures the value of ac- quisitions of new or existing fixed assets by the business sector. Shows how much new value the economy added through investment rather than spending. Leading Yes No Not clear Yes No Not clear Productivity The real value of output produced by a unit of labor during a certain time. Lagging Yes No Not clear Yes No Not clear GDP per
capita PPP
(optional) GDP divided by total population Lagging Yes No Not clear Yes No Not clear U Unemployment and UtilizationUnemploy- ment Rate % The percentage of unem- ployment workers in the total labor force. It is low during good economics times and high during recessions Lagging Yes No Not clear Yes No Not clear Capacity Utilization Rate Measures how much of the productive ability of the installed capital base in a country is being used. Conversely, indicates
how much capital is going unused. Coincidental Yes No Not clear Yes No Not clear Inflation and Interest RatesCPI Compares current price of a fixed basket of goods. Lagging Yes No Not clear Yes No Not clear GDP
Deflator
(Under “Prices”) Compare prices over time of all output in an economy. Measures the relationship between nominal and real GDP. Lagging Yes No Not clear Yes No Not clear Interest Rate % The price for holding money - time value of money. Lagging Yes No Not clear Yes No Not clear Inflation Rate % Represents the long run inflation, transitionary price changes are excluded. Lagging Yes No Not clear Yes No Not clear Core Inflation Represents the long run inflation, transitionary price changes are excluded Lagging Yes No Not clear Yes No Not clear Debt and DeficitsGovern- ment Budget Itemized accounting of the payments received by government (taxes or other fees) and the payments made by government. A budget deficit occurs when a government spends more money than it takes in. Lagging Yes No Not clear Yes No Not clear Debt / GDP The ratio between a coun- try’s government debt and its gross domestic product. A low ratio indicates the country is able to sufficient- ly pay back debts without incurring debts. Lagging Yes No Not clear Yes No Not clear Govern-
ment
Spending
(optional) Amount of money govern- ment spends on services, infrastructure, etc. Lagging Yes No Not clear Yes No Not clear External Debt.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q1 2014 Earnings Call. For more information, check out http://investors.linkedin.com/.
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2. Accredited investors ONLY
Hedge Funds investing in emerging/frontier market
domestic currency fixed income must get Argentina back
under the radar.
•Mid-term election results in October 2013 kick started a
bumpy transition in economic policy.
•Economic challenges are to be found on every corner. So is
Alpha.
•Domestic markets trade thinly, hence quick positioning and
stomach for macroeconomic volatility is to be rewarded.
•We quantitatively extract Alpha from the domestic fixed
income market.
4. Strategy Description
Argie Bond Quant is an ARS denominated sovereign fixed
income portfolio comprised of Argie bonds and GDP warrants
that is always on the cheap side of the market.
It is an actively managed portfolio that follows buy/sell signals
to position on what the model detects as the cheapest bonds.
We calculate the term structure of interest rates that underlies
market equilibrium in each of the "four currencies" (US Dollar,
Peso, Peso + CER and Peso + Badlar) in order to asses the fair
yield of each particular bond.
Time series of deviations from fair value, coupled with applied
mathematical and statistical tools complete the toolkit behind
our model to generate the signals.
6. Performance
All figures after brokerage and custody fees,
and before management and success fees.
ABQ1/
Return
Since inception 12/07/2011 (1,96 years)
Annualized
Year 2012
Year to date
Month to date
Week to date
Last day 11/22/2013
Best day
Worst day
Risk
Annualized volatility
Beta / Correlation against IAMC Bond Index
VaR1% 1 day
Maximum drawdown
Risk-adjusted
Annualized Alpha vs. IAMC Bond Index
Sharpe ratio (Risk free rate 15,25%)
1/ Composite of all accounts under management. Subject to minor changes.
101,67%
43,07%
36,79%
43,15%
1,77%
-0,84%
2,40%
3,05%
-3,64%
11,47%
0,75 / 0,72
-1,59%
-7,37%
10,58%
2,43
7. Performance
(continued)
All figures after brokerage and custody fees,
and before management and success fees.
Daily data
Inception date 12/07/2011 =1
2,30
2,10
1,90
1,70
1,50
1,30
1,10
0,90
D J F M A M J
2011
2012
J A S O N D
Maximum drawdown
J F M A M J
2013
Recovery
J A S O N
Argie Bond Quant
8. Performance
(continued)
All figures after brokerage and custody fees,
and before management and success fees.
J
F
M
A
M
J
J
A
S
O
N*
2012
4,49%
3,49%
2,63%
0,68%
-1,85%
4,78%
5,24%
1,16%
4,44%
-1,42%
2,31%
2013
6,17%
-3,84%
4,93%
6,48%
-2,74%
-0,43%
6,34%
2,49%
7,49%
8,70%
1,77%
* as of 11/22/2013
Year
2,98%
2011
D
2,98%
6,16%
36,79%
43,15%
9. FAQs
Reference currency: Argentina Peso
Bond universe: Argentina sovereigns and GDP linked securities issued
in any currency and under any legislation. All trading is on-shore.
Leverage all figures on this report are for portfolios with no leverage.
Maximum position size: 20% of the portfolio.
Maximum/minimum currency exposure: no limit.
Stop loss/gain no stop loss or gain.
Largest investor represents 23% of AUM.
Own money represents 8% of AUM.
Automation: the strategy it is not fully automated. Trades are entered
by an individual against model signals through blanket order.
Data vendor: Bolsar.
Data latency: strategy not highly sensitive to latency.
Research: 100% conducted internally.
11. Francisco Prack
Quant
Francisco Prack holds a BA in Economics from Universidad
de Buenos Aires, an MSc in Economics from Universidad
del CEMA, and the Certificate in Quantitative Finance. He
holds FINRA securities licenses Series 7 General Securities
Representative, Series 63 Uniform Securities Agent State
Law and Series 65 Uniform Investment Advisor Law.
With 15+ years of experience in financial markets he has
managed assets for individuals, corporations and mutual
funds both on-shore and off-shore.
prack@prack-am.com
(54 11) 4553 8776
His quantitative profile defines his management style
when it comes to returns generation. He makes intensive
use of proprietary software for the practical application of
his intellectual capital. He manages portfolios in various
asset classes, with the common denominator of expected
low correlation against applicable benchmarks.
Generating Alpha, that is absolute returns with low
dependence on overall market conditions, is the search of
his professional life.
More in http://ar.linkedin.com/in/franciscoprack
