For the first quarter of 2011, the markets brought some fancy footwork. In late January, the Middle East erupted in protest and violence, oil was surely going back to $200 a barrel, and consumer spending would subsequently slow.
The fund underperformed the market in March, with its underweighting of Samsung Electronics being the main reason for underperformance. Samsung's stock price rose significantly due to improved earnings forecasts, expanded shareholder return policies, and enhanced corporate governance. Meanwhile, the fund's top holding, Com2uS, rose in March and year-to-date due to increased confidence in its main steady-selling game. The fund manager believes Com2uS remains undervalued and its current earnings can be maintained in the future.
This document provides an overview and performance summary of the KB Value Focus Korea Equity Fund. Some key points:
- The fund has outperformed the KOSPI index by 92.6% since inception due to differentiated stock selection, with the majority of its performance attributed to stock selection rather than sector allocation.
- 86% of KB Value Focus investors experienced positive returns compared to 58% for peer funds, with an average return of 27.4% for KB Value Focus investors versus less than 5% for peers.
- Top contributors to performance included companies in consumer discretionary, materials, consumer staples, and IT, while detractors were primarily in IT, telecom, and other sectors.
SBI Dynamic Asset Allocation Fund: An Open-ended Dynamic Asset Allocation Sch...SBI Mutual Fund
SBI Dynamic Asset Allocation Fund is an open-ended dynamic asset allocation scheme which aims to provide investors an opportunity to invest in a portfolio of a mix of equity and equity-related securities and fixed-income instruments which will be managed dynamically so as to provide investors with long-term capital appreciation.To know more about this mutual fund check SBI Mutual Fund page
https://www.sbimf.com/Products/HybridSchemes.aspx
This document presents an analysis of factors to use in filtering stocks for long and short positions in a portfolio. For long positions, the factors of alpha, dividend yield, price-to-book ratio, and changes in stock outstanding are analyzed. For short positions, the factors of market value, price-to-book ratio, capital investment, and liquidity are considered. Principal component analysis is used to analyze the factors and scores are calculated to select 50 stocks for long and short positions that are backtested for returns. The results show the filtered portfolio outperformed the total market.
SBI Magnum Balanced Fund: An Open-ended Balanced Scheme - Sep 16SBI Mutual Fund
SBI Magnum Balanced Fund invests in a mix of equity and debt investments. It provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds. The scheme invests in a diversified portfolio of equities of high growth companies and balances the risk through investing the rest in a relatively safe portfolio of debt.To know more about this mutual fund check SBI Mutual Fund page
https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
The KB Value Focus Korea Equity Fund is one of the highest performing Korea-domiciled funds. It has never posted a negative annual return. The fund primarily invests in undervalued stocks relative to their intrinsic values and companies expected to have stable earnings growth. It is managed according to Warren Buffett's value investment philosophy of focusing on margin of safety and has outperformed its benchmark, the KOSPI, without increased risk since inception in 2009.
This document provides a fund summary and performance report for the KB Star Value Focus Korea Equity Fund as of March 31, 2019. It summarizes that the fund focuses on stock selection in Korea and is managed using the same strategy as its South Korea-domiciled counterpart. It outperformed its benchmark, the KOSPI index, over the past month, year, and since inception. The top sector allocations are materials, industrials, and consumer discretionary. The top three holdings are in chemicals, zinc, and conglomerates.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Apr 2016SBI Mutual Fund
"SBI Magnum Balanced Fund invests in a mix of equity and debt investments. This Hybrid scheme provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds.
For more information about this hybrid scheme check our website page https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
The fund underperformed the market in March, with its underweighting of Samsung Electronics being the main reason for underperformance. Samsung's stock price rose significantly due to improved earnings forecasts, expanded shareholder return policies, and enhanced corporate governance. Meanwhile, the fund's top holding, Com2uS, rose in March and year-to-date due to increased confidence in its main steady-selling game. The fund manager believes Com2uS remains undervalued and its current earnings can be maintained in the future.
This document provides an overview and performance summary of the KB Value Focus Korea Equity Fund. Some key points:
- The fund has outperformed the KOSPI index by 92.6% since inception due to differentiated stock selection, with the majority of its performance attributed to stock selection rather than sector allocation.
- 86% of KB Value Focus investors experienced positive returns compared to 58% for peer funds, with an average return of 27.4% for KB Value Focus investors versus less than 5% for peers.
- Top contributors to performance included companies in consumer discretionary, materials, consumer staples, and IT, while detractors were primarily in IT, telecom, and other sectors.
SBI Dynamic Asset Allocation Fund: An Open-ended Dynamic Asset Allocation Sch...SBI Mutual Fund
SBI Dynamic Asset Allocation Fund is an open-ended dynamic asset allocation scheme which aims to provide investors an opportunity to invest in a portfolio of a mix of equity and equity-related securities and fixed-income instruments which will be managed dynamically so as to provide investors with long-term capital appreciation.To know more about this mutual fund check SBI Mutual Fund page
https://www.sbimf.com/Products/HybridSchemes.aspx
This document presents an analysis of factors to use in filtering stocks for long and short positions in a portfolio. For long positions, the factors of alpha, dividend yield, price-to-book ratio, and changes in stock outstanding are analyzed. For short positions, the factors of market value, price-to-book ratio, capital investment, and liquidity are considered. Principal component analysis is used to analyze the factors and scores are calculated to select 50 stocks for long and short positions that are backtested for returns. The results show the filtered portfolio outperformed the total market.
SBI Magnum Balanced Fund: An Open-ended Balanced Scheme - Sep 16SBI Mutual Fund
SBI Magnum Balanced Fund invests in a mix of equity and debt investments. It provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds. The scheme invests in a diversified portfolio of equities of high growth companies and balances the risk through investing the rest in a relatively safe portfolio of debt.To know more about this mutual fund check SBI Mutual Fund page
https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
The KB Value Focus Korea Equity Fund is one of the highest performing Korea-domiciled funds. It has never posted a negative annual return. The fund primarily invests in undervalued stocks relative to their intrinsic values and companies expected to have stable earnings growth. It is managed according to Warren Buffett's value investment philosophy of focusing on margin of safety and has outperformed its benchmark, the KOSPI, without increased risk since inception in 2009.
This document provides a fund summary and performance report for the KB Star Value Focus Korea Equity Fund as of March 31, 2019. It summarizes that the fund focuses on stock selection in Korea and is managed using the same strategy as its South Korea-domiciled counterpart. It outperformed its benchmark, the KOSPI index, over the past month, year, and since inception. The top sector allocations are materials, industrials, and consumer discretionary. The top three holdings are in chemicals, zinc, and conglomerates.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Apr 2016SBI Mutual Fund
"SBI Magnum Balanced Fund invests in a mix of equity and debt investments. This Hybrid scheme provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds.
For more information about this hybrid scheme check our website page https://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx
SBI Magnum Equity Fund: An Equity Mutual Fund - Apr 2016SBI Mutual Fund
SBI Magnum Equity Fund is an open ended Equity Mutual Fund Scheme which seeks to provide maximum growth opportunities from a portfolio of equity and debt instruments of companies having high growth potential. To know more about this product check our website page https://www.sbimf.com/Products/EquitySchemes/Magnum_Equity_Fund.aspx
The document discusses sustainable income in retirement. It provides the following key points:
1) Most retirees in South Africa rely on living annuities for retirement income, with the average investment size being R560,000 and average income rate of 7%. Over 50% of annuitants under 70 draw an income above 7.5%.
2) There are potentially far-reaching policy proposals to reform the post-retirement income market to make it more sustainable. Key proposals include increased automation, increased longevity protection for retirees, and reforming living annuities.
3) The proposals aim to introduce a default retirement income product, auto-enroll retirees into it, limit investment choices to reduce fees
1) The portfolio managers forecast a continuing economic recovery domestically and internationally over the next 6 months, 1 year, and 3 years.
2) They allocated the portfolio with 60% in equities, 35% in fixed income, and 5% in cash, which is slightly more aggressive than the previous semester.
3) Large decisions were impacted by events like healthcare reform, government spending, and struggling European economies like Greece and Spain. The fixed income strategy needed adjustment for future interest rate fluctuations.
SBI Magnum Monthly Income Plan: A Hybrid Mutual Fund Scheme - Aug 2016SBI Mutual Fund
SBI Magnum Monthly Income Plan (SBI MMIP) is a hybrid fund which invests in government securities, corporate debt and money market instruments as well as a small portion in equity. This mutual fund scheme has a moderate risk profile and is best suited for investors seeking long term capital appreciation. Check the SBI Mutual Fund page https://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan.aspx for more information about this mutual fund.
SBI Magnum Income Fund (MIF): An Income Mutual Fund Scheme - Aug 16SBI Mutual Fund
This document summarizes the SBI Magnum Income Fund, a debt mutual fund that invests in corporate and government bonds. The fund aims to generate regular income through medium-term investments while maintaining a low risk profile. Over the past year, the fund has returned 9.74% compared to 10.19% for its benchmark index. The fund manager actively manages the fund's duration and credit quality depending on views of the economy, market rates, and individual securities. The current strategy is to hold 50-60% of assets in corporate bonds rated AA or higher with durations of 2-5 years.
SBI Short Term Debt Fund : An Open Ended Debt Fund - Aug 2016SBI Mutual Fund
SBI Short Term Debt Fund is an open ended income fund where the portfolio average maturity is capped at 3 years. This Debt scheme has the flexibility to invest in money market instruments, corporate bonds, Government securities/ T bills and securitized debt. SBI Short Term Debt Mutual Fund is best suited for investors seeking regular income for short term. To know more about this Debt Scheme visit our website https://www.sbimf.com/Products/DebtSchemes/SBI_Short_Term_Debt_Fund.aspx now!
SBI Dynamic Asset Allocation Fund: A Hybrid Mutual Fund Scheme - Aug 16SBI Mutual Fund
SBI Dynamic Asset Allocation Fund is an open-ended dynamic asset allocation scheme which aims to invest in mix of equity and equity-related securities and fixed-income instruments. This hybrid mutual fund scheme is suitable for investors looking for superior risk adjusted returns over the long term. To learn more about this mutual fund check SBI Mutual Fund page https://www.sbimf.com/Hybrid-Funds/SBI-Dynamic-Asset-Allocation-Fund/index.html
KB Star Funds - Presentation Material (201606)kbasset
Please note that marketing materials without an approval code granted from the
Compliance Division of KB Asset Management are not official materials authorized
under our internal procedure. This marketing material is for general information
purposes only and subject to change. Investors should be aware that this presentation
does not purport to be a complete explanation of risks and other risks may also be
relevant from time to time. In the future the Fund may be exposed to risks that are
currently difficult to predict. Risks that are not described in it are considered as
immaterial at the moment, but they may become substantial later on and adversely affect
the fund. KB Asset Management does not guarantee investment decisions and
investment outcomes based on the information of this marketing material.
Approval Code Granted from the Compliance Division of KB Asset Management: 2015_336
This document provides an overview of KB Asset Management Co., Ltd. including its ownership structure, subsidiaries, licenses, and regulatory status. KBAM is a wholly owned subsidiary of KB Financial Group, the largest financial group in South Korea. It is licensed by the Financial Services Commission to provide investment management and advisory services. A portion of KBAM's investment management activities are delegated to third party asset managers, and it has controls and monitoring in place for these delegated functions. KBAM also carries directors and officers liability insurance.
The document summarizes the 1Q17 earnings release of Pine Bank. Key highlights include:
- The bank maintained a strong liquidity position with cash of R$1.1 billion and a BIS capital ratio of 15.1%.
- The loan portfolio decreased slightly by 2.2% while funding decreased by a larger 9.1%.
- Net interest margin improved significantly to 3.4% in 1Q17 compared to 1% in 4Q16 and 2% in 1Q16.
- Revenue was diversified across business lines including corporate credit, fixed income, and financial advisory services.
- Asset quality remained stable with non-performing loans below 1% and loan loss reserves covering over 5
SBI Money Market Funds : Investment in Debt & Money Market Securities - Aug 2016SBI Mutual Fund
SBI Money Market Mutual Fund comprises of SBI Premier Liquid Fund and SBI Ultra Short Term Debt Fund. SBI Premier Liquid Fund is a liquid fund which makes investments in securities with maturity less than or equal to 91 days. SBI Ultra Short Term Debt Fund would seek to generate regular returns while providing investors with a high degree of liquidity through investment in a portfolio comprising predominantly money market instruments with maturity / residual maturity up to one year. Check SBI MF Premier Liquid Fund On https://www.sbimf.com/Products/LiquidSchemes/SBI_Premier_Liquid_Fund.aspx and SBI Ultra Short Debt Fund on https://www.sbimf.com/Products/DebtSchemes/SBI_Ultra_Short_Term_Debt_Fund.aspx
Capital structure analysis for nrb bearingsSumit Kr Singh
The document provides an analysis of the capital structure of NRB Bearings. Some key points:
- Total debt has increased each year from 2013 to 2015, rising from Rs. 240.13 crore to Rs. 271.28 crore.
- Equity (net worth) has also risen each year, from Rs. 210.85 crore to Rs. 271.7 crore, mainly through higher retained earnings.
- The debt-to-equity ratio has fallen from 1.14 in 2013 to 1 in 2015, indicating lower reliance on debt financing over time.
- Interest obligations have decreased from Rs. 17.31 crore to Rs. 15.85 crore despite rising
- Global bond markets were disrupted in the quarter as bond yields rose sharply due to expectations that the Federal Reserve would scale back its bond-buying program sooner than anticipated.
- Within fixed income, mortgage prepayment strategies detracted from performance but rebounded later in the quarter, while term-structure positioning and commercial mortgage-backed securities contributed to results.
- In stocks, selection strategies and some currency positions in non-directional strategies hurt returns in the 500 and 700 funds.
SBI Magnum Equity Fund: An Equity Mutual Fund - Jul 2016SBI Mutual Fund
The document summarizes information about the SBI Magnum Equity Fund, a large-cap focused equity fund managed by SBI Funds Management. It provides details on the fund's investment strategy, portfolio characteristics, and performance. Specifically, it notes that the fund follows a top-down investment approach focusing on large cap stocks, has a concentrated portfolio of 25-40 stocks, and has outperformed its benchmark over various periods under the management of R. Srinivasan.
The document discusses an initial portfolio report and final report for a client named Ms. Gandolf over a 10 week period. The initial portfolio allocated 10% to cash, 30% to bonds, and 60% to stocks, diversified across various indexes. The final report finds that the portfolio outperformed the benchmark with a return of 3.14% versus 2.55%, though future portfolios could be improved by investing more in ETFs and indexes rather than individual stocks and bonds. The portfolio also did not consider real estate which may have further improved performance given the client's 7 year timeframe.
The document provides information on the KB Value Focus Korea Equity Fund, including its investment objective, strategy, portfolio statistics, performance, and top holdings. The fund seeks long-term returns through investing in undervalued Korean equity securities with stable growth potential. It has outperformed its benchmark since inception with an annualized return of 127.43% and a fund size of $1.43 billion as of June 30, 2016.
SBI Magnum Equity Fund: An Open-ended Equity Scheme - March 17SBI Mutual Fund
SBI Magnum Equity Fund is an equity scheme that seeks capital appreciation through investment in diversified portfolio of equities of high growth companies, along with liquidity of an open ended scheme. To know more about this mutual fund check the SBI Mutual Fund Page
https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-equity-fund
The document provides capital market assumptions and expected returns for various asset classes over the long term. It estimates that UK equities will return 10-12% annually, fixed income will return 5.5-6.5% annually, and a balanced portfolio of equities and fixed income will return 7-9% annually. It emphasizes maintaining a diversified, long-term investment strategy tailored to one's goals and risk tolerance in order to achieve these estimated returns.
SBI Emerging Businesses Fund: An Open-ended Equity Fund - Jan 17SBI Mutual Fund
This document provides information on an investment product suitable for long-term capital appreciation by investing in emerging companies with export orientation or outsourcing opportunities. It discusses the fund's bottom-up stock picking approach, with a focus on management quality, growth, business model, profitability, and valuations. The fund takes a flexible approach to market capitalization, and currently has a portfolio skewed toward mid-cap stocks, with higher concentration in services, consumer goods, and financial services sectors. It seeks to generate long-term returns through a high-conviction, focused portfolio of 20-30 stocks.
The KB Value Focus Korea Equity Fund seeks long-term returns through investing primarily in undervalued Korean equity securities, focusing on stock selection rather than economic outlook or market indices. The fund holds around 92 stocks on average and invests in companies deemed undervalued relative to their intrinsic value and expected stable growth. Notable holdings include Com2uS Corp, NAVER Corp, and Korea Zinc Co Ltd.
SBI Magnum Equity Fund: An Equity Mutual Fund - Apr 2016SBI Mutual Fund
SBI Magnum Equity Fund is an open ended Equity Mutual Fund Scheme which seeks to provide maximum growth opportunities from a portfolio of equity and debt instruments of companies having high growth potential. To know more about this product check our website page https://www.sbimf.com/Products/EquitySchemes/Magnum_Equity_Fund.aspx
The document discusses sustainable income in retirement. It provides the following key points:
1) Most retirees in South Africa rely on living annuities for retirement income, with the average investment size being R560,000 and average income rate of 7%. Over 50% of annuitants under 70 draw an income above 7.5%.
2) There are potentially far-reaching policy proposals to reform the post-retirement income market to make it more sustainable. Key proposals include increased automation, increased longevity protection for retirees, and reforming living annuities.
3) The proposals aim to introduce a default retirement income product, auto-enroll retirees into it, limit investment choices to reduce fees
1) The portfolio managers forecast a continuing economic recovery domestically and internationally over the next 6 months, 1 year, and 3 years.
2) They allocated the portfolio with 60% in equities, 35% in fixed income, and 5% in cash, which is slightly more aggressive than the previous semester.
3) Large decisions were impacted by events like healthcare reform, government spending, and struggling European economies like Greece and Spain. The fixed income strategy needed adjustment for future interest rate fluctuations.
SBI Magnum Monthly Income Plan: A Hybrid Mutual Fund Scheme - Aug 2016SBI Mutual Fund
SBI Magnum Monthly Income Plan (SBI MMIP) is a hybrid fund which invests in government securities, corporate debt and money market instruments as well as a small portion in equity. This mutual fund scheme has a moderate risk profile and is best suited for investors seeking long term capital appreciation. Check the SBI Mutual Fund page https://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan.aspx for more information about this mutual fund.
SBI Magnum Income Fund (MIF): An Income Mutual Fund Scheme - Aug 16SBI Mutual Fund
This document summarizes the SBI Magnum Income Fund, a debt mutual fund that invests in corporate and government bonds. The fund aims to generate regular income through medium-term investments while maintaining a low risk profile. Over the past year, the fund has returned 9.74% compared to 10.19% for its benchmark index. The fund manager actively manages the fund's duration and credit quality depending on views of the economy, market rates, and individual securities. The current strategy is to hold 50-60% of assets in corporate bonds rated AA or higher with durations of 2-5 years.
SBI Short Term Debt Fund : An Open Ended Debt Fund - Aug 2016SBI Mutual Fund
SBI Short Term Debt Fund is an open ended income fund where the portfolio average maturity is capped at 3 years. This Debt scheme has the flexibility to invest in money market instruments, corporate bonds, Government securities/ T bills and securitized debt. SBI Short Term Debt Mutual Fund is best suited for investors seeking regular income for short term. To know more about this Debt Scheme visit our website https://www.sbimf.com/Products/DebtSchemes/SBI_Short_Term_Debt_Fund.aspx now!
SBI Dynamic Asset Allocation Fund: A Hybrid Mutual Fund Scheme - Aug 16SBI Mutual Fund
SBI Dynamic Asset Allocation Fund is an open-ended dynamic asset allocation scheme which aims to invest in mix of equity and equity-related securities and fixed-income instruments. This hybrid mutual fund scheme is suitable for investors looking for superior risk adjusted returns over the long term. To learn more about this mutual fund check SBI Mutual Fund page https://www.sbimf.com/Hybrid-Funds/SBI-Dynamic-Asset-Allocation-Fund/index.html
KB Star Funds - Presentation Material (201606)kbasset
Please note that marketing materials without an approval code granted from the
Compliance Division of KB Asset Management are not official materials authorized
under our internal procedure. This marketing material is for general information
purposes only and subject to change. Investors should be aware that this presentation
does not purport to be a complete explanation of risks and other risks may also be
relevant from time to time. In the future the Fund may be exposed to risks that are
currently difficult to predict. Risks that are not described in it are considered as
immaterial at the moment, but they may become substantial later on and adversely affect
the fund. KB Asset Management does not guarantee investment decisions and
investment outcomes based on the information of this marketing material.
Approval Code Granted from the Compliance Division of KB Asset Management: 2015_336
This document provides an overview of KB Asset Management Co., Ltd. including its ownership structure, subsidiaries, licenses, and regulatory status. KBAM is a wholly owned subsidiary of KB Financial Group, the largest financial group in South Korea. It is licensed by the Financial Services Commission to provide investment management and advisory services. A portion of KBAM's investment management activities are delegated to third party asset managers, and it has controls and monitoring in place for these delegated functions. KBAM also carries directors and officers liability insurance.
The document summarizes the 1Q17 earnings release of Pine Bank. Key highlights include:
- The bank maintained a strong liquidity position with cash of R$1.1 billion and a BIS capital ratio of 15.1%.
- The loan portfolio decreased slightly by 2.2% while funding decreased by a larger 9.1%.
- Net interest margin improved significantly to 3.4% in 1Q17 compared to 1% in 4Q16 and 2% in 1Q16.
- Revenue was diversified across business lines including corporate credit, fixed income, and financial advisory services.
- Asset quality remained stable with non-performing loans below 1% and loan loss reserves covering over 5
SBI Money Market Funds : Investment in Debt & Money Market Securities - Aug 2016SBI Mutual Fund
SBI Money Market Mutual Fund comprises of SBI Premier Liquid Fund and SBI Ultra Short Term Debt Fund. SBI Premier Liquid Fund is a liquid fund which makes investments in securities with maturity less than or equal to 91 days. SBI Ultra Short Term Debt Fund would seek to generate regular returns while providing investors with a high degree of liquidity through investment in a portfolio comprising predominantly money market instruments with maturity / residual maturity up to one year. Check SBI MF Premier Liquid Fund On https://www.sbimf.com/Products/LiquidSchemes/SBI_Premier_Liquid_Fund.aspx and SBI Ultra Short Debt Fund on https://www.sbimf.com/Products/DebtSchemes/SBI_Ultra_Short_Term_Debt_Fund.aspx
Capital structure analysis for nrb bearingsSumit Kr Singh
The document provides an analysis of the capital structure of NRB Bearings. Some key points:
- Total debt has increased each year from 2013 to 2015, rising from Rs. 240.13 crore to Rs. 271.28 crore.
- Equity (net worth) has also risen each year, from Rs. 210.85 crore to Rs. 271.7 crore, mainly through higher retained earnings.
- The debt-to-equity ratio has fallen from 1.14 in 2013 to 1 in 2015, indicating lower reliance on debt financing over time.
- Interest obligations have decreased from Rs. 17.31 crore to Rs. 15.85 crore despite rising
- Global bond markets were disrupted in the quarter as bond yields rose sharply due to expectations that the Federal Reserve would scale back its bond-buying program sooner than anticipated.
- Within fixed income, mortgage prepayment strategies detracted from performance but rebounded later in the quarter, while term-structure positioning and commercial mortgage-backed securities contributed to results.
- In stocks, selection strategies and some currency positions in non-directional strategies hurt returns in the 500 and 700 funds.
SBI Magnum Equity Fund: An Equity Mutual Fund - Jul 2016SBI Mutual Fund
The document summarizes information about the SBI Magnum Equity Fund, a large-cap focused equity fund managed by SBI Funds Management. It provides details on the fund's investment strategy, portfolio characteristics, and performance. Specifically, it notes that the fund follows a top-down investment approach focusing on large cap stocks, has a concentrated portfolio of 25-40 stocks, and has outperformed its benchmark over various periods under the management of R. Srinivasan.
The document discusses an initial portfolio report and final report for a client named Ms. Gandolf over a 10 week period. The initial portfolio allocated 10% to cash, 30% to bonds, and 60% to stocks, diversified across various indexes. The final report finds that the portfolio outperformed the benchmark with a return of 3.14% versus 2.55%, though future portfolios could be improved by investing more in ETFs and indexes rather than individual stocks and bonds. The portfolio also did not consider real estate which may have further improved performance given the client's 7 year timeframe.
The document provides information on the KB Value Focus Korea Equity Fund, including its investment objective, strategy, portfolio statistics, performance, and top holdings. The fund seeks long-term returns through investing in undervalued Korean equity securities with stable growth potential. It has outperformed its benchmark since inception with an annualized return of 127.43% and a fund size of $1.43 billion as of June 30, 2016.
SBI Magnum Equity Fund: An Open-ended Equity Scheme - March 17SBI Mutual Fund
SBI Magnum Equity Fund is an equity scheme that seeks capital appreciation through investment in diversified portfolio of equities of high growth companies, along with liquidity of an open ended scheme. To know more about this mutual fund check the SBI Mutual Fund Page
https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-equity-fund
The document provides capital market assumptions and expected returns for various asset classes over the long term. It estimates that UK equities will return 10-12% annually, fixed income will return 5.5-6.5% annually, and a balanced portfolio of equities and fixed income will return 7-9% annually. It emphasizes maintaining a diversified, long-term investment strategy tailored to one's goals and risk tolerance in order to achieve these estimated returns.
SBI Emerging Businesses Fund: An Open-ended Equity Fund - Jan 17SBI Mutual Fund
This document provides information on an investment product suitable for long-term capital appreciation by investing in emerging companies with export orientation or outsourcing opportunities. It discusses the fund's bottom-up stock picking approach, with a focus on management quality, growth, business model, profitability, and valuations. The fund takes a flexible approach to market capitalization, and currently has a portfolio skewed toward mid-cap stocks, with higher concentration in services, consumer goods, and financial services sectors. It seeks to generate long-term returns through a high-conviction, focused portfolio of 20-30 stocks.
The KB Value Focus Korea Equity Fund seeks long-term returns through investing primarily in undervalued Korean equity securities, focusing on stock selection rather than economic outlook or market indices. The fund holds around 92 stocks on average and invests in companies deemed undervalued relative to their intrinsic value and expected stable growth. Notable holdings include Com2uS Corp, NAVER Corp, and Korea Zinc Co Ltd.
The document contains two physics problems involving coefficients of friction and centripetal force calculations. It also includes questions about electrification and electricity. The problems are:
1) A car needs a coefficient of friction of at least 0.33 to safely round a curve of radius 70 m at a speed of 55 km/h.
2) A 25 kg child on a merry-go-round 7 m from the center experiences a centripetal acceleration of 0.32 m/s^2 and a horizontal force of 8 N.
How can putting the user at the heart of everything you do help to change two large, traditional charities into an organisation that is fit for survival in a digital age?
1) Apollo 13 launched on April 11, 1970 on a mission to explore the moon but had to abort the lunar landing after an oxygen tank exploded, endangering the crew.
2) The fall of Saigon on April 30, 1975 marked the end of the Vietnam War as North Vietnamese forces captured South Vietnam's capital.
3) In 1979, the Soviet Union invaded Afghanistan in an attempt to prop up Afghanistan's communist government, but faced years of bloody conflict against mujahideen resistance groups like the Taliban and al Qaeda.
1) Apollo 13 launched on April 11, 1970 on a mission to explore the moon but had to abort the lunar landing after an oxygen tank exploded, endangering the lives of the astronauts.
2) The fall of Saigon on April 30, 1975 marked the end of the Vietnam War as North Vietnamese forces captured South Vietnam's capital.
3) In 1979, the Soviet Union invaded Afghanistan in an attempt to prop up Afghanistan's communist government, but faced years of bloody conflict against mujahideen resistance groups like the Taliban and al Qaeda.
Siemens is a global engineering company established in the UK in 1843 that focuses on innovation. It employs over 420,000 people worldwide and promotes an open culture with opportunities for all. Siemens believes that a motivated workforce can be more productive and loyal. It responds to different motivation factors by empowering employees, offering varied roles, and providing a culture of innovation. The company focuses on satisfying higher order needs through opportunities for growth, rewarding ideas, and ongoing training to enable people to work to their highest potential.
Die Siemens-Division Building Technologies (BT) ist einer der grössten Anbieter für Gebäudeautomation, Brandschutz und Sicherheit. Für den Kontakt mit Projektentscheidern ist in diesem Bereich das Internet einer der wichtigsten Kommunikationskanäle. Siemens BT betreibt deswegen eine umfassende Website und kommuniziert über YouTube, Twitter und Facebook direkt mit der Zielgruppe. Dazu kommen eigene mobile Apps für die Verkaufsförderung. Für die strategische Steuerung der unterschiedlichen Online-Aktivitäten setzt Siemens BT unterschiedliche Tools und Reports ein. Die starke Zunahme der Online-Aktivitäten hat deren Controlling in den letzten Jahren zunehmend verunmöglicht. Siemens BT beauftragte deshalb Namics, ein Konzept zu entwickeln, das die vorhandenen Reports nutzt und gleichzeitig einen umfassenden Überblick über alle Kanäle ermöglicht.
Namics entwickelte dafür gemeinsam mit den Online-Marketing-Experten von Siemens BT ein Dashboard-Konzept. Es stellt die relevanten Informationen übersichtlich dar und ermöglicht die effiziente Steuerung der komplexen Online-Marketing-Aktivitäten von Siemens BT. Dafür nutzt das Dashboard Website-Daten aus Adobe Analytics (alt: SiteCatalyst) und integriert SEO- und Backlink-Kennzahlen aus Searchmetrics sowie Nutzerumfragen und -auswertungen. Um das Konzept so schnell wie möglich einsetzen zu können, entwickelte Namics einen Prototypen, der das Verhalten des Dashboards und dessen Funktionalitäten abbildete. Das Konzept beinhaltet nebst den geschäftsrelevanten Kennzahlen auch weitere wichtige Vergleichsgrössen, welche das Interpretieren der Zahlen vereinfacht.
Mit dem 360°-Performance-Dashboard überwacht Siemens BT alle relevanten Online-Aktivitäten an einer Stelle. Die Konzentration auf die wichtigsten Kennzahlen ermöglicht ein effizientes Controlling. Die gewonnen Erkenntnisse können direkt eingesetzt werden, um Online-Marketing-Aktivitäten und -Budgets zu optimieren. Die Lösung ist skalierbar und kann zukünftige Aktivitäten und Kanäle integrieren. Mit dem 360°-Performance-Dashboard verfügt Siemens BT über ein effizientes Online-Marketing-Reporting und eine transparente Darstellung, welchen Mehrwert der digitale Kanal dem Unternehmen bringt.
Lässt sich der wirtschaftliche Erfolg von Wissensmanagement überhaupt nachwei...Josef Hofer-Alfeis
Keynote zum Workshop" WIEM 2009 -Messen, Bewerten und Benchmarken deswirtschaftlichen Erfolgs von Wissensmanagement /Case Studies and Success Measurement of KM“WM2009, 25.-27.03.2009, Solothurn http://www.wm-konferenz2009.org/workshops/WIEM2009.php
The document summarizes the conclusions and recommendations of the Commission on Funding of Care and Support in England. It recommends capping lifetime social care costs to reduce individuals' financial risks. It also recommends extending the means test to help the poorest and reforming the system to reduce costs. Additionally, it recommends improving information, integrating health and social care, and allowing financial services to help people pay contributions.
This document summarizes Age UK Cornwall and the Isles of Scilly's approach to providing services to address the needs of an aging population in Cornwall, UK. It outlines the context of increased older adults living alone and with long-term conditions. It describes opportunities to involve the voluntary sector and coproduce services through partnerships. The approach focuses on self-management, prevention, and building social networks. Practical programs developed include cognitive stimulation groups, dementia support, and a community pub initiative. Outcomes have included reduced hospital admissions and increased exercise and awareness of dementia.
The documents discuss what older people need to stay independent at home and provide services. When asked, respondents said the most important things for independence are being able to alert others in emergencies and help with everyday tasks like cooking. For services, having competent staff who treat people with dignity and respect is key. The public feels they know little about the Public Services White Paper and it is unclear if reforms will improve or worsen services for older people. Most feel the current environment allows for some new innovative services.
This document discusses using social media to connect with students from a career center perspective. It outlines that students use social media to connect with friends, find out what others are doing, and learn about hobbies. Students expect career centers on social media to provide networking opportunities, professional advice and information, and basic reminders. The document then provides tips on developing a social media strategy, building relationships, and using key platforms like Twitter, Facebook, and LinkedIn to engage students.
Siemens AG is a large German multinational conglomerate company headquartered in Munich, Germany. It operates in the fields of industry, energy, healthcare, and infrastructure, among others. Some key facts:
- Founded in 1847 and is Europe's largest electronics and electrical engineering company.
- Operates in over 190 countries with over 360,000 employees worldwide.
- Divided into 4 main sectors: industry, energy, healthcare, and infrastructure & cities.
- Has a significant presence in India with over 19,000 employees across various divisions and 21 manufacturing plants.
Keynote speech from Andrew Dilnot, Chair of the Commission on Funding of Care and Support - 'Searching for Social Care Solutions'
Find out more at http://www.ageuk.org.uk/conferences
The document discusses the DSP Focus Fund, a focused fund that seeks high conviction opportunities across sectors and market caps through a blend of growth drivers and valuation support. It has an experienced fund manager, Gopal Agrawal, and invests in a concentrated portfolio of approximately 30 stocks. Key points include the fund's investment philosophy, framework, performance track record, sector exposures weighted towards financials and consumer discretionary, top holdings including HDFC Bank and ICICI Bank, and the experienced investment team.
Investment performance reports can be confusing because they use different calculation methods that measure performance differently. Time-weighted returns measure average returns without regard for cash flows, allowing fair comparison of managers. Dollar-weighted returns are more influenced by timing of cash flows. In an example, a portfolio had steady gains for 4 years but a large inheritance and market loss in the 5th year, so dollar-weighted return was negative while time-weighted still showed gains due to each year having equal weight. Performance standards use time-weighted returns to provide accurate comparisons across investments.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q4 201...Mercer Capital
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs.
This document provides information on the IDFC Regular Savings Fund, including key metrics like modified duration, average maturity, Macaulay duration, and yield to maturity. It also summarizes the fund's investment strategy, focusing on debt securities with some equity exposure, and notes it is suitable for conservative investors looking for relative stability and capital appreciation over 3 years. Asset quality is rated AAA equivalent.
This document describes the DSP BlackRock Bond Fund, an open-ended medium term debt scheme. It aims to generate stable returns for conservative investors seeking income through investments in AA rated and above corporate bonds with moderate duration of 2.5-3.5 years. The portfolio seeks to minimize both market and credit risk through investments in short tenure high quality corporate bonds rated AAA to AA with low duration and no investments below AA rating.
CEAT Ltd. is one of India's leading tyre manufacturers. The report provides an analysis of CEAT's financial performance over the past year, competitors, and current market valuation. While revenues grew slightly, profits declined due to higher costs. The report recommends a long position on CEAT with a 12-month target price of Rs. 1500, citing its diversified business and comfortable liquidity position.
This document provides a fund summary and performance report for the KB Star Value Focus Korea Equity Fund as of March 31, 2019. It summarizes that the fund focuses on stock selection in Korea and is managed using the same strategy as its South Korea-domiciled counterpart. It outperformed its benchmark, the KOSPI index, over the past month, year, and since inception. The top sector allocations are materials, industrials, and consumer discretionary. The top three holdings are in chemicals, zinc, and conglomerates.
The document discusses studies that have shown a high percentage of active fund managers underperforming benchmarks over periods of 1, 3, 5, and 10 years. However, it notes that simply looking at these statistics in isolation can be misleading, as funds have different time frames and start periods for outperforming benchmarks. Considering the effects of probability, it may not be reasonable to expect a high percentage of funds to outperform at any given time period. The document encourages further exploration of alternatives to passive funds rather than automatically ignoring active managers.
This document summarizes the quarterly meeting of the LGIP (Local Government Investment Pool). It discusses the earnings, performance, and asset allocation of various investment pools including Pool 5, Pool 7, Pool 500, and Pool 700. It also summarizes the performance of the State Endowment and discusses its asset allocation, unrealized gains, distribution formula, and economic outlook for Arizona.
SBI Dynamic Bond Fund: An Income Mutual Fund Scheme - Aug 16SBI Mutual Fund
SBI Dynamic Bond Fund is an income fund investing in G-sec, corporate bond and money market instruments. This mutual fund is best suited for investors seeking regular income for a medium term duration. The risk involved in this mutual fund is of moderate level. To know more about this mutual fund check SBI Mutual Fund page https://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspx
DIVIDEND PAYOUT Dividend payout is the amount of cash that a com.docxmadlynplamondon
DIVIDEND PAYOUT
Dividend payout is the amount of cash that a company sends to its shareholders in the form of dividends. The company can decide to send all profits back to its investors, or could keep a portion of it as retained earnings (http://www.investorwords.com). In a dividend payout option, the fund pays out dividend from time to time as and when a dividend is declared
Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. HSBC Holdings paid out 79% of its profit as dividends, over the trailing twelve month period. Paying out a majority of its earnings limits the amount that can be reinvested in the business. This may indicate a commitment to paying a dividend, or a dearth of investment opportunities.
HSBC Holdings has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. The dividend has been cut on at least one occasion historically. During the past ten-year period, the first annual payment was US$0.64 in 2010, compared to US$0.51 last year. The dividend has shrunk at around 2.2% a year during that period. HSBC Holdings dividend hasn't shrunk linearly at 2.2% per annum, but the CAGR is a useful estimate of the historical rate of change.
When a company's per-share dividend falls we question if this reflects poorly on either external business conditions, or the company's capital allocation decisions. Either way, we find it hard to get excited about a company with a declining dividend.
Bank of Georgia Group’s 4.6% dividend, as it has only been paying distributions for a year or so. The company also returned around 1.4% of its market capitalization to shareholders in the form of stock buybacks over the past year. Some simple analysis can offer a lot of insights when buying a company for its dividend, and we’ll go through this below.
Payout ratios
Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. Comparing dividend payments to a company’s net profit after tax is a simple way of reality-checking whether a dividend is sustainable. In the last year, Bank of Georgia Group paid out 26% of its profit as dividends. This is a middling range that strikes a nice balance between paying dividends to shareholders and retaining enough earnings to invest in future growth. One of the risks is that management reinvests the retained capital poorly instead of paying a higher dividend.
Dividend Volatility
Before buying a stock for its income, we want to see if the dividends have been stable in the past, and if the company has a track record of maintaining its dividend. This company has been paying a dividend for less than 2 years, which we think is too soon to consider it a reli ...
SBI Dynamic Bond Fund : Debt Mutual Fund - Apr 2016SBI Mutual Fund
SBI Dynamic Bond Fund is a fund investing in G-sec, corporate bond and money market instruments. This Dynamic Bond Fund Scheme is best suited for investors seeking investment in Debt, Money Market, Corporate Bonds, Government Securities etc. Find more details about this Debt Fund on https://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspx . You can even invest in Mutual Funds online on SBI Mutual Funds.
This document provides a fund summary and performance report for the KB Value Focus Korea Equity Fund as of April 30, 2019. It includes information on the fund's investment philosophy, portfolio statistics, top 10 holdings, sector allocation, performance charts and attribution analysis. The fund focuses on stock selection in the Korean market, emphasizing value stocks. For the month, it underperformed its benchmark index by 1.06% and the manager comments on market trends and individual stock contributors to performance.
This document provides a fund summary and performance report for the KB Value Focus Korea Equity Fund as of April 30, 2019. It includes information on the fund's investment philosophy, portfolio statistics, top 10 holdings, sector allocation, performance charts and attribution analysis. The fund focuses on stock selection in the Korean market, emphasizing value stocks. For the month, it underperformed its benchmark index by 1.06% and the manager comments on market trends and individual stock contributors to performance.
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.
IDFC Bond Fund Medium Term Plan_Fund spotlightTravisBickle19
This fund is an open-ended medium term debt scheme that invests only in AAA rated or equivalent instruments, with a Macaulay duration between 3-4 years. As of February 2021, it had an AUM of Rs. 4,709.51 crores. The fund aims to generate optimal returns over the medium term with a focus on high quality instruments to limit credit risk and active management to limit duration risk within SEBI guidelines. It is suitable for investors seeking to form the core of their debt portfolio.
IDFC Bond Fund Medium Term Plan_Fund spotlightJubiIDFCDebt
This fund is an open-ended medium term debt scheme that invests in high quality instruments such that the Macaulay duration is between 3 to 4 years. As of February 2021, the fund had an average AUM of Rs. 4,709.51 crores and invested 100% of its assets in AAA rated or equivalent securities to limit credit risk. The fund is actively managed to limit duration risk and diversifies across government bonds, corporate bonds, money market instruments, and other debt securities. It is suitable for investors seeking optimal returns over the medium term from a high quality, moderately duration portfolio.
The Intrieri Family Student Managed Fund reported an annual return of 7.24% for 2014, underperforming the S&P 500's return of 13.46%. While disappointing, this is consistent with most actively managed funds underperforming their benchmarks last year. The fund returned 4.82% in the 4th quarter, slightly underperforming the S&P 500's 4.90% return due to a higher than normal cash position. Moving forward, the fund will work to diversify away from the S&P 500 benchmark by adding small-cap and international holdings, as originally mandated.
W(h)ither Yields? Dividend Capacity & BDC Stock Prices: A Mortgage REIT Case ...Mercer Capital
The sustained low yield environment is pressuring BDC earnings. If business development companies implement modest dividend cuts, will stock prices decline to maintain investor yield, or will investors accept lower stock yields amid a dearth of compelling alternative income plays? The experience of mortgage REITs examined in this whitepaper, published September, 2014, suggests that erosion of NAV per share from credit-related writedowns is a bigger threat to stock prices over time.
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
Indusind Bank reported strong results for the second quarter of fiscal year 2015, with healthy growth in advances, deposits, and net interest income. Net interest income grew 19% year-over-year due to a 22% rise in advances and stable net interest margins. Asset quality remained stable with gross and net non-performing assets at 1.08% and 0.33% respectively. The bank expects further growth driven by its expansion strategy and improving business segments.
1. 1033 Skokie Blvd Suite 470
Northbrook, IL 60062
847-513-6300
Stare at the Belt
April 2011
“Stare at the belt” is how every peewee football coach teaches his players how to tackle. As our clients
that played high school and college football can attest, this remains a fundamental lesson even as players
get older, stronger and faster. A defensive player is taught not to focus on a ball carrier’s shoulders,
arms, or feet, but rather the middle of his waist. Despite possibly having an arsenal of moves to fool a
defender, a player can only go in the direction of their belt buckle. Similarly, as investment managers, it
is our job to not get faked out. The financial media will flail their arms and the markets will stutter step,
but we take great pride in our efforts to stare at the belt and not be fooled.
For the first quarter of 2011, the markets brought some fancy footwork. In late January, the Middle East
erupted in protest and violence, oil was surely going back to $200 a barrel, and consumer spending
would subsequently slow. The markets, however, cut left and instead focused on the improving domestic
economy. The 10-year Treasury yield backed up 40 bps and the S&P 500 rallied 7% before the end of
February. Headlines claimed a renewal of a global bull market and quantitative easing was obsolete. All
of a sudden, the market cut to the right. A horrific earthquake sent a wall of water at the world’s 3rd
largest economy, causing tremendous death, destruction and a nuclear disaster. Furthermore, Europe’s
fiscal problems showed little progress. Nonetheless, the market turned in the best first quarter since the
late 90’s and the S&P 500 ended higher at quarter end than when the tsunami struck.
RVP 1st Quarter Returns Net of Fees
Product YTD (12/31/10 – 03/31/11) TTM (03/31/10 – 03/31/11 )
RVP Balanced 4.89% 14.11%
60/40 Benchmark* 3.71% 11.79%
RVP Absolute Return 2.67% 8.35%
3-Month T-Bill 0.03% 0.12%
* 60/40 Benchmark is 60% S&P 500 and 40% Barclays Aggregate Bond Index re-weighted monthly.
Our Balanced Strategy maintained its investment discipline for the quarter, returning 4.89% net versus
its benchmark of 3.72%, a net outperformance of 1.17%. For our long only accounts, we used the March
volatility to slightly increase our equity exposure though we remained defensive overall relative to our
benchmark. In fixed income, we continue to maintain our short duration and high credit quality. Our
credit quality improved after we opportunistically sold closed-end bond funds and replaced it with
MuniFund Term Preferred (MTP) and the new preferred security issued by the GDL Fund.
2. Our Absolute Return Strategy returned 2.67% net for the quarter, in-line with our goal of 8-12%
annually. The performance was primarily a result of three key themes: activist plays, Auction Rate
Preferred (ARP) redemptions and dividend reinstatements. Our activist holdings were well bid with a
tender offer announced and other future actions expected. The sweeping ARP redemptions led by
Nuveen again provided additional return to the composite. Finally, two of our largest equity holdings
reinstated dividends to attractive levels providing strong discount support.
In the face of geopolitical risk, natural disasters and market volatility, the Sector SPDR Energy Select
Fund (XLE) was a strong contributor of year-to-date performance in our long only accounts. One of our
few sector overweights, we originally purchased shares due to attractive sector valuations and as a
natural hedge against inflation and a weaker dollar. This position complements our traditionally
conservative equity allocations as a way to increase our market exposure with some protection against
rising commodity prices.
On March 9, 2011, the LMP Capital & Income Fund (SCD), one of our largest and most widely held
positions announced a tender offer for 30% of the fund. We welcomed this news as we originally
purchased a majority of the shares at discounts greater than 15% and a significant amount in excess of
20%. We were originally attracted to the fund’s historically wide discount, conservative strategy and its
bias towards high quality companies. As its discount contracted, however, it became clear SCD was
facing significant activist pressure. We paired back our overweight position and raised our sell target
based on the new developments and historic patterns of similar situations. We expect to tender a
significant amount of our holdings by the end of July.
The first quarter of 2011 was an important one for ARP redemptions. Of the ARP positions we held at
the end of 2010, over 40% were redeemed by the end of the first quarter of 2011. Most redemptions
were announced by Nuveen, but we also saw a sweeping redemption notice of Blackrock ARPs. Nuveen
announced the approval of Variable Rate MuniFund Term Preferred Shares (VMTP), another weapon in
their ARP redemption arsenal. In our view, it is clear that the market continues to make progress in ARP
redemptions, both in the form of new structures and management’s commitment to refinancing.
One of our largest and oldest holdings, the GDL Preferred Series A, also known as GDLPRA,
announced it was going to refinance with GDL Preferred Series B, GDLPRB. The preferred was offered
via a rights offering for existing shareholders of the series A preferred. In addition to the rights we
received from GDLPRA, we purchased rights in the secondary market because we believe the new
security represents value in today’s market. We view the new issue as attractively priced and it fits well
with our views on the current interest rate and credit environment. The new preferred will pay 7% for
the first year and resets at a floating rate of at least 3% every year thereafter. While the issue has a
mandatory redemption in 2018, it is puttable, or can be sold back to the fund, at any point after the
second year at par and is callable after the third year. This is a rare situation where the option, or put, is
in the buyer’s favor. Regardless of the way this plays out, we equate it to a minimum of a 2 year, 5%
bond with AAA credit quality characteristics. The preferred is secured 3:1 by the underlying assets in
the fund.
While we continue to find interesting opportunities in the closed-end fund market, our current portfolio
has a larger percentage of activist holdings than it has historically. This reflects our view that activist
positions maintain lower discount volatility. We continue to believe that too many directors are failing
in their fiduciary duty to their shareholders. As such, we believe these situations offer significant alpha-
generating potential given a closed-end fund market that is fairly valued overall.
3. It seems as though numerous investors find themselves in the uncomfortable position of having an
excess amount of cash paying literally 0% as the market grinds higher. We have coincidentally
experienced increased inquiries into some of our balanced strategies with a lower equity weighting. A
look at the data would probably help a person’s perspective. The worst calendar year return for a
portfolio with a 30% allocation to the S&P 500 and a 70% allocation to the Barclays Aggregate Bond
Index since 1976 was in 2008 at -7.46% and the second worst was in 1994 at -1.65%. In fact, there were
only 2 down years in the last 34 on the 30/70 blend. While RVP has the most assets in our 60/40
Balanced Composite, we have always offered customized asset class blends to meet client needs. For
those investors with a time horizon beyond the next few quarters, it may make sense to keep their eye on
the belt buckle and not the noise on CNBC.
As always, thank you for your trust in us.
Maury Fertig Bob Huffman
Relative Value Partners, LLC Absolute Return Composite
1 Year 3 Years Annualized Inception to 03/31/11
(ending 03/31/11) (ending 03/31/11) Annualized*
RVP Absolute Return 8.35% 8.72% 10.02%
3 Month T-Bill 0.12% 0.46% 2.00%
*Composite started on 6/1/2006
Relative Value Partners, LLC Balanced Composite
1 Year 3 Years Annualized 5 Years Annualized
(ending 03/31/11) (ending 03/31/11) (ending 03/31/11)
RVP Balanced 14.11% 6.48% 5.82%
60/40 Benchmark* 11.79% 4.09% 4.37%
Relative Value Partners, LLC Equity Composite
1 Year 3 Years Annualized 5 Years Annualized
(ending 03/31/11) (ending 03/31/11) (ending 03/31/11)
RVP Equity 17.73% 5.91% 5.10%
S&P 500 15.64% 2.37% 2.63%
Relative Value Partners, LLC Fixed Income Composite
1 Year 3 Years Annualized 5 Years Annualized
(ending 03/31/11) (ending 03/31/11) (ending 03/31/11)
RVP Fixed Income 6.17% 7.07% 6.67%
Barclays Aggregate 5.13% 5.27% 6.01%
4. Relative Value Partners, LLC (RVP) is an independent registered investment advisor. The Balanced Account composite
contains fully discretionary balanced accounts and for comparison purposes is measured against the 60/40 Benchmark. The
60/40 Benchmark is comprised of 60% S&P 500 and 40% Barclays Aggregate Bond Index, reweighted monthly. The
Absolute Return Composite contains fully discretionary absolute return accounts and for comparison purposes is measured
against the 3 Month Treasury bill. The Equity Account Composite contains fully discretionary equity accounts and for
comparison purposes is measured against the S&P 500. The Fixed Income composite contains fully discretionary fixed
income accounts and for comparison purposes is measured against the Barclays Aggregate Bond Index.
All returns are shown in US dollars and are net of actual fees. The returns shown include the reinvestment of dividends and
other earnings. Accounts may own levered closed-end funds or ETFs and may short ETFs. Past performance may not be
indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurances
that any specific investment will be profitable. Investors may experience a loss.
RVP claims compliance with the Global Investment Performance Standards (GIPS®).
To receive a complete list and description of RVP’s composites and/or a presentation that adheres to the GIPS standards,
contact Catherine Goel at (847) 513-6300, or write RVP, 1033 Skokie Blvd, Ste 470 Northbrook, IL 60062, or
cgoel@rvpllc.com.