The document summarizes the results of a multiple ETF dynamic rebalanced strategy from 2006 to 2012. It achieved annual returns ranging from -0.2% to 47.5% and had an average annual Sharpe ratio of 2.54. The strategy combines technical analysis with statistical distribution theory to identify trends and reversals in ETFs to outperform markets with less volatility. It uses monthly rebalancing and focuses on controlling risk, volatility, and drawdowns.
Using Options for Risk Management and to Enhance Income and Risk-adjusted Ret...BCV
This document provides an agenda for a presentation on using options for risk management and income enhancement. The presentation will cover: [1] historical price changes in stocks like Citigroup and American Airlines; [2] worldwide derivatives markets; [3] detailed analysis of options pricing; [4] strategies to lower portfolio volatility using options; [5] benchmark indexes for these strategies; [6] volatility-based strategies; and [7] conclusions. Examples will be given of how Southwest Airlines used options to lock in fuel costs, and charts will show performance of indexes and exchange-traded funds over time.
The asset-allocation decision is one of the most important factors in determining both the return and the risk of an investment portfolio.
Asset allocation is the process of developing a diversified investment portfolio by combining different assets in varying proportions.
An asset is anything that produces income or can be purchased and sold, such as stocks, bonds, or certificates of deposit (CDs).
The document discusses portfolio diversification through asset allocation. It explains that asset allocation is the process of combining different asset classes like stocks, bonds, and cash in a portfolio to reduce risk and meet investment goals. The document shows that diversifying across multiple asset classes can lower the overall risk of a portfolio for the same expected return compared to investing in a single asset class. It emphasizes that diversification helps reduce volatility and smooth returns because different asset classes do not always move in the same direction.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
SEB Morgan Stanley Financial Conference April 2009SEBgroup
The document summarizes Jan Erik Back's presentation at the Morgan Stanley European Financials Conference on April 2, 2009.
The presentation discusses SEB's capital measures of SEK 19.5 billion which increases its Tier 1 capital ratio to 12.1% pro forma. It also discusses SEB having a stable and diversified credit portfolio, with 85% located in Nordic countries and Germany. The credit portfolio is well rated, with 58% investment grade excluding households.
The document provides information on ACE Investments Strategists, LLC, a commodity trading advisor that employs an aggressive option writing strategy on stock indices to generate returns. The strategy aims to collect premiums by selling puts and calls on the S&P 500 futures at opportune times when volatility is higher. The minimum investment is $100,000 and the CTA has approximately $3.8 million in assets under management.
EAS Genesis Fund Fact Sheet - January 2010jackfgonzalez
The document summarizes the EAS Genesis Fund, a flexible allocation mutual fund that aims to generate positive returns over 3-year periods while capturing less downside than the market. It allocates across conservative, moderate, and aggressive sub-strategies and uses tactical overlays to hedge and potentially generate alpha. As of January 2010, it has outperformed the S&P 500 since inception in 2008 with less volatility, while its current asset allocation is 36% in a conservative hybrid strategy and 14% in cash.
Using Options for Risk Management and to Enhance Income and Risk-adjusted Ret...BCV
This document provides an agenda for a presentation on using options for risk management and income enhancement. The presentation will cover: [1] historical price changes in stocks like Citigroup and American Airlines; [2] worldwide derivatives markets; [3] detailed analysis of options pricing; [4] strategies to lower portfolio volatility using options; [5] benchmark indexes for these strategies; [6] volatility-based strategies; and [7] conclusions. Examples will be given of how Southwest Airlines used options to lock in fuel costs, and charts will show performance of indexes and exchange-traded funds over time.
The asset-allocation decision is one of the most important factors in determining both the return and the risk of an investment portfolio.
Asset allocation is the process of developing a diversified investment portfolio by combining different assets in varying proportions.
An asset is anything that produces income or can be purchased and sold, such as stocks, bonds, or certificates of deposit (CDs).
The document discusses portfolio diversification through asset allocation. It explains that asset allocation is the process of combining different asset classes like stocks, bonds, and cash in a portfolio to reduce risk and meet investment goals. The document shows that diversifying across multiple asset classes can lower the overall risk of a portfolio for the same expected return compared to investing in a single asset class. It emphasizes that diversification helps reduce volatility and smooth returns because different asset classes do not always move in the same direction.
The Korea Fund saw a 9.86% rally in the third quarter of 2012, driven by actions from the ECB and Fed to support the Eurozone and US economies. The fund underperformed its benchmark by 245 basis points due to stock picks in consumer discretionary, industrials, and quality/value styles outperforming growth and large caps. Materials and healthcare stock picks contributed most to performance while consumer discretionary and industrials detracted. The Korean won appreciated against the dollar and may continue strengthening.
SEB Morgan Stanley Financial Conference April 2009SEBgroup
The document summarizes Jan Erik Back's presentation at the Morgan Stanley European Financials Conference on April 2, 2009.
The presentation discusses SEB's capital measures of SEK 19.5 billion which increases its Tier 1 capital ratio to 12.1% pro forma. It also discusses SEB having a stable and diversified credit portfolio, with 85% located in Nordic countries and Germany. The credit portfolio is well rated, with 58% investment grade excluding households.
The document provides information on ACE Investments Strategists, LLC, a commodity trading advisor that employs an aggressive option writing strategy on stock indices to generate returns. The strategy aims to collect premiums by selling puts and calls on the S&P 500 futures at opportune times when volatility is higher. The minimum investment is $100,000 and the CTA has approximately $3.8 million in assets under management.
EAS Genesis Fund Fact Sheet - January 2010jackfgonzalez
The document summarizes the EAS Genesis Fund, a flexible allocation mutual fund that aims to generate positive returns over 3-year periods while capturing less downside than the market. It allocates across conservative, moderate, and aggressive sub-strategies and uses tactical overlays to hedge and potentially generate alpha. As of January 2010, it has outperformed the S&P 500 since inception in 2008 with less volatility, while its current asset allocation is 36% in a conservative hybrid strategy and 14% in cash.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
Atlas Capital Advisors LLC is an investment firm founded in 2003 managing $125 million in assets. The firm uses a value and momentum-based strategy investing in U.S. and international equities using ETFs and individual stocks. The strategy aims to outperform the S&P 500 index over the long run through a low cost approach. Performance since 2004 has exceeded the S&P 500 in most years with a maximum dispersion of 8.6% between client portfolios.
This fund implements a split-strike conversion strategy, which involves purchasing stocks, selling call options against the purchased stocks, and sometimes buying put options or holding cash depending on the market outlook. The strategy aims to generate returns with low volatility and minimal drawdowns by participating in market gains while providing downside protection. The fund has achieved annualized returns of 8.94% since inception with lower risk than broad equity indexes, as measured by annualized standard deviation and maximum drawdown.
The Korea Fund underperformed its benchmark, the MSCI Korea Index, in the fourth quarter of 2012 by 39 basis points. Within sectors, stock picks in consumer discretionary hurt performance while selections in industrials and an underweight in financials helped. Growth stocks strongly outperformed value stocks last quarter, contrasting the third quarter. The Fund initiated positions in selected IT and consumer names and exited a credit card company due to regulatory changes.
The document analyzes Corinthian Colleges Inc (COCO), a for-profit education company. It finds that:
1) COCO has experienced strong recent growth in profits, enrollment, and margins due to the countercyclical nature of its industry during the economic recession.
2) However, this growth trajectory is unsustainable as economic conditions improve. Enrollment growth is expected to slow by half towards the long-term average.
3) Margins are also expected to decline from recent highs as marketing expenditures and bad debt expenses increase from current low levels, posing risks to COCO's stock price target of $14.01.
This document provides a performance summary for Third Point Offshore Fund for the period ending March 31, 2013. Some key points:
- The fund gained 2.9% for the month of March and 9.0% year-to-date, outperforming the S&P 500 on a year-to-date basis.
- The largest exposures were in technology, media, and telecom (TMT) at 32.7% and industrial and commodities at 11.5%.
- The top winner for the period was Yahoo! Inc. while the top loser was Greek government bonds.
- Geographically, the largest exposures were in the Americas at 69% long exposure.
C. describe a time when you took a great risk. what was the outcome.Ricardo Ocampo
I invested all my savings and convinced my parents to invest in Ecopetrol's IPO on the Colombian Stock Exchange in 2007 despite only having 5 months of work experience. This was risky as we had no stock market investing experience and commodity prices could fall. However, my research found Ecopetrol was undervalued and local IPOs typically saw high returns. After a year and a half, I sold the stocks for a 94% return, doubling my savings and allowing me to pay for an MBA program.
Titan Industries reported strong performance in the first quarter of fiscal year 2011 that was above expectations. Revenue grew 41.9% year-over-year driven by robust growth in the jewelry and watches segments. Operating and net profits increased 40.2% and 76.5% respectively. The company's jewelry segment saw a 49.6% revenue increase and 30% volume growth. The watches segment grew revenues 21.8% with improved sales of higher margin watches. While remaining positive on growth prospects, the analyst maintains a Neutral rating due to expensive valuations.
CastlePoint Investment Group manages a large cap equity product. They have an investment philosophy based on rigorous analytical research and sound financial theory. Their investment returns have been strong, outperforming benchmarks like the S&P 500 Index and Russell 1000 Value Index over 1, 3, 5 years and since inception in 2001. Their process and long-term results demonstrate consistent outperformance of major market indices.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
This document discusses strategies for building better retirement portfolios. It outlines risks retirees face like inflation, longevity, lifestyle changes, and market volatility. Traditional fixed income approaches are unlikely to hedge inflation well. Instead, it recommends a total return portfolio strategy using a mix of stocks, bonds, and cash to potentially provide higher returns, manage withdrawals, and reduce volatility through diversification. Maintaining cash reserves and periodically rebalancing can help generate steady income and manage emotions.
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
This document discusses China's significance to Australia and the potential economic impacts of different scenarios related to China's economy. It provides statistics showing that China is Australia's largest trading partner and export market, particularly for iron ore. It outlines two scenarios where a slowdown in China's property market or recession in advanced economies could negatively impact commodity prices and Australian GDP growth. The document suggests businesses exposed to Chinese trade should prepare plans to accommodate potential short-term reductions in trade volumes with China.
Global Frontier Missions is dedicated to mobilizing, training, and multiplying disciples and churches among the least reached people groups on earth. It focuses on church planting among unreached peoples through training centers that mobilize and train Christians for missions. GFM operates a mission training school and apprenticeship program to help multiply missions among refugees, immigrants, and international students, with the goals of mobilizing awareness, training long-term missionaries, and multiplying churches among internationals. Clarkston, Georgia, which has over 145 represented countries in one square mile, is an example of a diverse area where GFM ministers among refugees and immigrants.
RS Group develops cloud-based financial applications for options and derivatives traders. Their suite of tools allows traders to perform large-scale analysis more efficiently using cloud computing. This includes analyzing large portfolios to develop timely hedging strategies. RS Group has designed risk management and analysis software over 10 years. Their software manages risk, calculates hedges and simulations over the cloud, and allows for statistical studies and large-scale analyses. Screenshots show portfolio positions, skew analysis, correlation analysis, beta analysis, and simulation of positions under changing prices and volatility.
The document provides instructions for setting up and playing a game called "Keep Hanging On". Players will need two hangers each taped together with clothespins or shaped pieces of paper clipped on. The objective is to be the last player standing with clips still hanging from their hanger, with the ability to make the game more difficult by adding time limits or more clips. The game encourages playing with family and friends for fun.
The ETF Alpha Model provides strategies for identifying entry and exit points in liquid ETFs and stocks to generate returns with less volatility than holding the underlying assets. Models have been developed over years of research using probability and statistics. Strategies focus on intermediate-term trades of several days to months based on confirming technical and statistical indicators. Backtested data since 2005 shows the strategies outperform a long position in the ETFs with lower volatility. Sample ETFs traded include SPY, QQQ, EEM and various sector ETFs. Results for the EEM and EWJ models from 2002 to 2013 demonstrate higher total returns with lower volatility than simply holding the ETFs.
TradeMind is a complete algorithmic trading solution that provides strategies, market data integration, and order routing functionality. It offers various trading strategies like target volume participation (TVOL), volume weighted average price (VWAP), and time weighted average price (TWAP). These strategies can be customized based on parameters like target participation rate, order schedule, and order size. TradeMind also supports order types like iceberg/hidden orders and integrates with multiple market venues and protocols. This allows users to automate and optimize their trading strategies through a single integrated system.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
Atlas Capital Advisors LLC is an investment firm founded in 2003 managing $125 million in assets. The firm uses a value and momentum-based strategy investing in U.S. and international equities using ETFs and individual stocks. The strategy aims to outperform the S&P 500 index over the long run through a low cost approach. Performance since 2004 has exceeded the S&P 500 in most years with a maximum dispersion of 8.6% between client portfolios.
This fund implements a split-strike conversion strategy, which involves purchasing stocks, selling call options against the purchased stocks, and sometimes buying put options or holding cash depending on the market outlook. The strategy aims to generate returns with low volatility and minimal drawdowns by participating in market gains while providing downside protection. The fund has achieved annualized returns of 8.94% since inception with lower risk than broad equity indexes, as measured by annualized standard deviation and maximum drawdown.
The Korea Fund underperformed its benchmark, the MSCI Korea Index, in the fourth quarter of 2012 by 39 basis points. Within sectors, stock picks in consumer discretionary hurt performance while selections in industrials and an underweight in financials helped. Growth stocks strongly outperformed value stocks last quarter, contrasting the third quarter. The Fund initiated positions in selected IT and consumer names and exited a credit card company due to regulatory changes.
The document analyzes Corinthian Colleges Inc (COCO), a for-profit education company. It finds that:
1) COCO has experienced strong recent growth in profits, enrollment, and margins due to the countercyclical nature of its industry during the economic recession.
2) However, this growth trajectory is unsustainable as economic conditions improve. Enrollment growth is expected to slow by half towards the long-term average.
3) Margins are also expected to decline from recent highs as marketing expenditures and bad debt expenses increase from current low levels, posing risks to COCO's stock price target of $14.01.
This document provides a performance summary for Third Point Offshore Fund for the period ending March 31, 2013. Some key points:
- The fund gained 2.9% for the month of March and 9.0% year-to-date, outperforming the S&P 500 on a year-to-date basis.
- The largest exposures were in technology, media, and telecom (TMT) at 32.7% and industrial and commodities at 11.5%.
- The top winner for the period was Yahoo! Inc. while the top loser was Greek government bonds.
- Geographically, the largest exposures were in the Americas at 69% long exposure.
C. describe a time when you took a great risk. what was the outcome.Ricardo Ocampo
I invested all my savings and convinced my parents to invest in Ecopetrol's IPO on the Colombian Stock Exchange in 2007 despite only having 5 months of work experience. This was risky as we had no stock market investing experience and commodity prices could fall. However, my research found Ecopetrol was undervalued and local IPOs typically saw high returns. After a year and a half, I sold the stocks for a 94% return, doubling my savings and allowing me to pay for an MBA program.
Titan Industries reported strong performance in the first quarter of fiscal year 2011 that was above expectations. Revenue grew 41.9% year-over-year driven by robust growth in the jewelry and watches segments. Operating and net profits increased 40.2% and 76.5% respectively. The company's jewelry segment saw a 49.6% revenue increase and 30% volume growth. The watches segment grew revenues 21.8% with improved sales of higher margin watches. While remaining positive on growth prospects, the analyst maintains a Neutral rating due to expensive valuations.
CastlePoint Investment Group manages a large cap equity product. They have an investment philosophy based on rigorous analytical research and sound financial theory. Their investment returns have been strong, outperforming benchmarks like the S&P 500 Index and Russell 1000 Value Index over 1, 3, 5 years and since inception in 2001. Their process and long-term results demonstrate consistent outperformance of major market indices.
New insights and data on pricing capital in today’s competitive environment from the Pepperdine Private Capital Markets Project show challenges remain for lenders, investors and the private business that depend on them. Lead researcher John Paglia presented at the National Summit for Middle Market Funds.
This document discusses strategies for building better retirement portfolios. It outlines risks retirees face like inflation, longevity, lifestyle changes, and market volatility. Traditional fixed income approaches are unlikely to hedge inflation well. Instead, it recommends a total return portfolio strategy using a mix of stocks, bonds, and cash to potentially provide higher returns, manage withdrawals, and reduce volatility through diversification. Maintaining cash reserves and periodically rebalancing can help generate steady income and manage emotions.
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
This document discusses China's significance to Australia and the potential economic impacts of different scenarios related to China's economy. It provides statistics showing that China is Australia's largest trading partner and export market, particularly for iron ore. It outlines two scenarios where a slowdown in China's property market or recession in advanced economies could negatively impact commodity prices and Australian GDP growth. The document suggests businesses exposed to Chinese trade should prepare plans to accommodate potential short-term reductions in trade volumes with China.
Global Frontier Missions is dedicated to mobilizing, training, and multiplying disciples and churches among the least reached people groups on earth. It focuses on church planting among unreached peoples through training centers that mobilize and train Christians for missions. GFM operates a mission training school and apprenticeship program to help multiply missions among refugees, immigrants, and international students, with the goals of mobilizing awareness, training long-term missionaries, and multiplying churches among internationals. Clarkston, Georgia, which has over 145 represented countries in one square mile, is an example of a diverse area where GFM ministers among refugees and immigrants.
RS Group develops cloud-based financial applications for options and derivatives traders. Their suite of tools allows traders to perform large-scale analysis more efficiently using cloud computing. This includes analyzing large portfolios to develop timely hedging strategies. RS Group has designed risk management and analysis software over 10 years. Their software manages risk, calculates hedges and simulations over the cloud, and allows for statistical studies and large-scale analyses. Screenshots show portfolio positions, skew analysis, correlation analysis, beta analysis, and simulation of positions under changing prices and volatility.
The document provides instructions for setting up and playing a game called "Keep Hanging On". Players will need two hangers each taped together with clothespins or shaped pieces of paper clipped on. The objective is to be the last player standing with clips still hanging from their hanger, with the ability to make the game more difficult by adding time limits or more clips. The game encourages playing with family and friends for fun.
The ETF Alpha Model provides strategies for identifying entry and exit points in liquid ETFs and stocks to generate returns with less volatility than holding the underlying assets. Models have been developed over years of research using probability and statistics. Strategies focus on intermediate-term trades of several days to months based on confirming technical and statistical indicators. Backtested data since 2005 shows the strategies outperform a long position in the ETFs with lower volatility. Sample ETFs traded include SPY, QQQ, EEM and various sector ETFs. Results for the EEM and EWJ models from 2002 to 2013 demonstrate higher total returns with lower volatility than simply holding the ETFs.
TradeMind is a complete algorithmic trading solution that provides strategies, market data integration, and order routing functionality. It offers various trading strategies like target volume participation (TVOL), volume weighted average price (VWAP), and time weighted average price (TWAP). These strategies can be customized based on parameters like target participation rate, order schedule, and order size. TradeMind also supports order types like iceberg/hidden orders and integrates with multiple market venues and protocols. This allows users to automate and optimize their trading strategies through a single integrated system.
The document provides an overview of Terex Corporation from its Basics Industrials Conference presentation on May 8, 2008. It discusses Terex's purpose, mission, and vision. It highlights Terex's strong and diversified revenue base, with income from operations increasing 36% in 2007 and 28% in Q1 2008. It outlines Terex's goals for 2010 of $12 billion in sales and 12% operating margin. The document also provides an overview of each of Terex's business segments.
The document provides an overview of Terex Corporation and its business segments for an investor conference. It summarizes that Terex has a diversified portfolio across industries and geographies that provides balance through economic cycles. It also outlines opportunities to improve margins through pricing actions, supply management initiatives, and productivity improvements. The goal is to achieve $12 billion in sales and a 12% operating margin by 2010.
Terex is a leading manufacturer of construction and mining equipment with sales of $9.1 billion in 2007. It aims to grow sales to $12 billion by 2010 through organic growth and acquisitions while improving operating margins to 12% and reducing working capital to sales ratio to 15%. Terex has a diversified business across products and geographies that provides balance throughout the economic cycle.
Terex is a leading manufacturer of construction and mining equipment with strong market positions. It aims to grow sales to $12 billion by 2010 through executing on initiatives to improve supply chain management, pricing discipline, and productivity. Terex has a diversified business across products and geographies to balance performance through different economic cycles.
The document provides an overview of Terex Corporation for a May 2008 investor conference. It discusses Terex's purpose, mission, and vision. It summarizes Terex's sales, operating profit, and geographic diversity for 2007. It also outlines goals to achieve $12 billion in sales and 12% operating margin by 2010. Finally, it discusses opportunities to improve margins through pricing actions, supply management, productivity initiatives, and The Terex Way values.
The document provides an overview of Terex Corporation for a Merrill Lynch conference. It discusses Terex's purpose, mission, and vision. It also summarizes Terex's diversified business segments and product lines, with aerial work platforms, construction equipment, cranes, material processing and mining equipment being the largest segments. The document outlines Terex's goals for 2010 of achieving $12 billion in sales and 12% operating margins.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing significantly in recent years. They are the 3rd largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing substantially in recent years. They are the third largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
The annual shareholder meeting presentation covered the following key points in 3 sentences:
Terex aims to achieve $12 billion in sales and 12% operating margin by 2010 through executing on supply chain management, pricing discipline, and lean initiatives to improve margins. The company has a diverse portfolio of products and geographic presence to balance performance across economic cycles. Opportunities for margin improvement include coordinating supply efforts, optimizing manufacturing footprint, and pricing actions to offset rising costs.
The document summarizes the EDM Strategy Fund, a European equities fund managed by EDM Asset Management since 1995. It provides an overview of the fund's performance, investment philosophy, portfolio composition, and top holdings. The fund has outperformed major European indices with higher returns and lower volatility since inception due to its bottom-up stock picking approach and focus on high quality companies with sustainable earnings growth trading at reasonable prices.
SFW - FOFA implications, Sum of parts valuation, possible acquirers George Gabriel
This research note analyses potential acquirer of the SFW business, and looks at Future of Financial Advice (FOFA) reforms and values SFW on a sum of the parts basis (a relevant valuation methodology for any business with multiple business segments).
Financial services sector - implications of FOFA, possible acquires of SFW, S...George Gabriel
SFW Australia is rated positively given its scarcity value as one of two listed vertically integrated wealth managers in Australia. The stock offers upside for strategic acquirers at its current sum-of-parts valuation of 42 cents per share. Potential acquirers include regional banks, third tier lenders, trustee companies, and diversified wealth managers seeking to expand their distribution networks and mitigate key person risks. The deferral of mandatory FOFA reforms to 2013 will drive further sector consolidation as smaller players exit and larger players pursue acquisitions.
Banco ABC - 4th Quarter 2007 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil had a successful year in 2007. The credit portfolio grew 71% to R$4,992 million while maintaining high quality with 99.5% of loans rated AA-C. Net income increased 154.6% in 4Q07 and 93.8% for the full year 2007. The middle market credit portfolio grew 89.9% with a focus on Sao Paulo clients and an average ticket size of R$1.9 million.
Owens & Minor reported financial results for 3Q 2008 with year-over-year revenue growth but lower earnings per share. Revenue increased 2.4% to $1.81 billion compared to $1.75 billion in 3Q 2007. Gross margin and operating earnings as a percentage of revenue declined slightly. Earnings per share fell from $0.52 to $0.55. For 2008, the company expects organic revenue growth of 5-7% and earnings per share between $2.30-$2.40, despite expected dilution from an acquisition.
Security analysis and portfolio managementHimanshu Jain
Live Project was all about studying the company’s financial health through the movement of their stock price. This live project deals with the basic concepts of investment in securities such as bonds and stocks, and management of such assets. It discusses various aspects of portfolio management, ranging from analysis, selection, and revision to evaluation of portfolio, securities market and risk evaluation that help in understanding the trading system better and making quality investment decisions.
This live project helped to understand how the stock prices vary. It also helped to know and calculate several technical terms. In this project, I was given 5 stocks wherein I need to update opening price, closing price, % change, total shares traded etc. every day. Then it is required to find out the beta, average return etc. of these stocks separately and construct a portfolio with Rs. 50, 00,000 keeping in mind optimum return for the investment. We need to keep in mind beta, standard deviation, risk and return of these stocks and invest to get the optimum returns.
This project helps in knowing the expected return and risk for each stock. Under this project I got to know about portfolio management as well as expected return & risk associate with each company. Through this project my future investment will be better as it helps in knowing the inside depth of companies by analysis the financial details.
1) Terex is the 3rd largest manufacturer of construction equipment in the world, with sales of $10.1 billion over the last 12 months.
2) Terex aims to achieve $12 billion in sales and 12% operating margin by 2010, describing this goal as "12 by 12 in '10".
3) Terex has opportunities to improve margins through better pricing, supply chain management, and productivity initiatives. Reducing working capital, especially inventory, could free up hundreds of millions of dollars.
1) Terex is the 3rd largest manufacturer of construction equipment in the world, with sales of $10.1 billion over the last 12 months.
2) Terex aims to achieve $12 billion in sales and 12% operating margin by 2010, describing this goal as "12 by 12 in '10".
3) Terex has opportunities to improve margins through better pricing, supply chain management, and productivity initiatives. Reducing working capital, especially inventory, could free up hundreds of millions of dollars.
Sales and backlog for Terex's business segments through March 31, 2008:
- Aerial Work Platform sales increased 9% with backlog up 4% from the previous period.
- Crane segment sales rose 26% and backlog grew 70% over the same period.
- Material Processing & Mining sales were flat while backlog declined slightly.
Overall, Terex is experiencing growth across most segments though some backlogs decreased slightly from the prior period.
Terex is the 3rd largest manufacturer of construction equipment in the world based on last twelve months of available Construction Equipment Sales. Terex has a strong and diversified revenue base with almost 70% of 2007 sales generated outside of the USA. Approximately 75% of 2007 sales were generated in markets where Terex has a larger market presence than competitors and/or a significant market share.
Mansfield Capital Brochure Ppt Mar2009 1110Trader1mm
Mansfield Capital PowerPoint
presentation showing aggregate performance since 2003 with low-volatility program also shown separately. Note: due my institutional client going out of business last year, and for personal reasons, I took a year off off from trading even though I had top rated performance on risk-adjusted basis. Call or write for details. MansfieldCapital@Gmail.com, or 305-915-3307
The document describes a technical system for evaluating investment portfolios that includes a front-end user interface built with .NET WPF, a back-end C++ server running simulations and analysis in a cloud environment, and utilizes historical price data, risk bucketing, and correlation models.
RSdeltabook is software that manages risk for portfolios containing equities, equity indexes, and options in real time. It allows users to simulate option positions under different price, volatility, and time scenarios to understand changes in profit and loss. The software prices options using various models and can generate trade ideas based on volatility studies. It aggregates portfolio positions and reports daily P&L and theoretical fair P&L. Users can analyze individual volatilities, simulate portfolios under different price and volatility correlations, and view detailed impacts of changes.
This document provides an overview of the RSGroup LLC RSDeltabook application. It describes how to load option positions from CSV files, the clipboard, or a position input grid. It explains the horizontal and vertical menu bar structures and gives descriptions of the main windows and functions for simulating positions, analyzing risk, volatility analysis, and hedging capabilities.
Axcellerator Spreadsheet is a product from Marvelsoft. To learn more about Axcellerator Spreadsheet, contact Marvelsoft's sales team via email at sales@marvelsoft.net or by telephone at +41 (0)44 585 3994.
The document summarizes a multiple ETF dynamic rebalanced strategy presented by Brian J Crone from 2006-2012. The strategy aims to outperform major market indices while controlling risk and volatility by dynamically rebalancing a portfolio of the most liquid ETFs. Backtested results show annual returns outperforming the S&P 500 with lower volatility and drawdowns, demonstrated strong performance even during the market downturn of 2008.
The document summarizes a multiple ETF dynamic rebalanced strategy presented by Brian J Crone from 2006-2012. The strategy aims to outperform major market indices while controlling risk and volatility by dynamically rebalancing a portfolio of the most liquid ETFs. Backtested results show annual returns outperforming the S&P 500 with lower volatility and drawdowns, demonstrated strong performance even during the market downturn of 2008.
The document presents full year results from 2006 to 2011 for a multiple ETF dynamic rebalanced strategy. The investment objective is to outperform major market indices while controlling risk and volatility. The strategy combines technical analysis with statistical distribution theory to identify trends and reversals in markets, weighting and rebalancing ETFs monthly according to a scoring mechanism. Over the period shown, the strategy achieved annual returns of 7.3% to 47.5% and outperformed during the market downturn of 2008.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
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2. Introduction
The ETF market is now worth over 1.2 trillion dollars and growing.
The largest ETF’s alone consist of assets in the hundreds of billions
and are among the most liquid assets in the world.
The ETF market provides a fertile ground for finding highly liquid,
scalable investment strategies.
Allows the end user to diversify risk across developed and nascent
markets and asset classes at low cost.
ARBSGroup LLC
3. Investment Objective
The Investment Objective is to find opportunities delivering high
returns on capital outperforming major market indices.
Control level of risk and keep level of volatility in check.
Monitor Sharpe Ratio’s and other performance metrics dynamically.
Monitor Drawdowns.
Dynamic re-balancing to maximize risk reward over time.
ARBSGroup LLC
4. Investment Strategy
Combine technical analysis with statistical distribution theory in order to
identify Intermediate term trends and reversals in each market considered.
Create a strategy that both outperforms the underlying market with
substantially less volatility than the underlier. Strategy exploits weak form
of market efficiency.
Numerous technical indicators are considered and there statistical
distributions analyzed to determine buy and sell levels which are
incorporated into a signal generator.
Each individual market is weighted and re-balanced monthly
according to a scoring mechanism.
ARBSGroup LLC
5. Risk Management
Main focus is to generate portfolio alpha while controlling
volatility and downside risk.
Only the most liquid ETFs are considered for inclusion.
Portfolios are actively managed and are rebalanced on a
monthly, quarterly or every six months depending on the horizon
of the underlying strategy.
The objective is to diversify across industry groups to achieve
low beta stable returns, while maximizing portfolio alpha.
. ARBSGroup LLC
7. Key Differentiators
Strategy exploits weak form of market efficiency
Is easily scalable ($500MM+ capacity).
Uses No Leverage.
Does not invest in levered or synthetic ETFs.
Is not a HFT strategy.
ARBSGroup LLC
12. Monthly Returns of Strategy vs SP500
ETFStrategy Monthly % Return vs SPY Monthly % Return
15.000% 15.00%
10.000% 10.00%
5.000% 5.00%
0.000% 0.00%
Strategy Monthly
O 6
O 7
O 8
O 9
O 0
O 1
Ap 8
Ap 1
12
Ap 6
Ap 7
Ap 9
Ap 0
Ja 5
Ja 6
Ja 7
Ja 8
Ja 9
Ja 0
Ja 1
6
7
8
9
0
1
l- 0
l- 0
l-0
l-0
l- 1
l-1
0
1
0
0
0
1
-0
-0
-0
-0
-0
-1
-1
r-0
r-0
r-0
r-0
r-1
r-1
n-
n-
n-
n-
n-
n-
n-
ct
ct
ct
ct
ct
ct
ct
Ju
Ju
Ju
Ju
Ju
Ju
SPY Monthly
O
-5.000% -5.00%
-10.000% -10.00%
-15.000% -15.00%
-20.000% -20.00%
ARBSGroup LLC
13. Biography
Brian Crone is a co-founding principal of Arbitrage Strategies Group and is responsible for co-
developing trading systems and quantitative trading strategies of the group as well as engaging in
capital raising activities. Brian is chief strategist for the group and is co-responsible for risk
management of the groups activities.
Prior to Arbitrage Strategies Group, Brian held various positions at Nomura including Director of
Derivative Trading where he worked on market neutral quantitative strategies in equity derivatives as
well as emerging markets. These strategies included convertible arbitrage, fixed income relative, index
arbitrage of baskets of stocks vs. the Bovespa Index. Brian also worked on the development of
structured products and exotic options to accommodate client transactions. Before joining Nomura
Brian worked in fixed income trading and research at Deutsche bank where he was responsible for
developing fixed income trading systems and quantitative strategies for the government bond dealing
operation. Additionally Brian was Senior Vice President of Business Development at Outercurve
Technologies where he managed key client projects with top-tier financial institutions.
Dr. Crone holds a PhD and M.S. in Applied Mathematical Finance from Cornell University where he
worked with Professor Robert Jarrow. Brian also passed an intensive certificate program in Financial
Statement Analysis at NYU (Stern). Brian earned a B.Sc (Hons) in Mathematics and Natural
Philosophy from the University of Glasgow.
ARBSGroup LLC
14. Contact Information
Brian Crone, Principal
646-509-8877
bcrone2@yahoo.com
ARBSGroup LLC