110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Hahn ETF Managed Portfolios provides tactical, global macro investing using ETFs. It has a global investment strategy committee with decades of experience. It uses a 5 pillar investment philosophy and constructs portfolios globally across 939 ETFs covering all asset classes. It has 11 portfolio mandates with different risk profiles and uses quarterly fact sheets to track performance.
This document provides an overview of statement of cash flows under IFRS. It defines key terms like cash, cash equivalents and cash flows. It discusses the advantages and disadvantages of statement of cash flows. It explains the two methods for presenting cash flows - direct method and indirect method. It also discusses calculating cash flows by converting profits, accounting for non-cash items and changes in working capital. The document provides examples of calculating and disclosing cash flows under both direct and indirect methods.
This document discusses Sukuk, which are Islamic financial certificates similar to bonds. It defines Sukuk and explains that they are structured around the securitization of various asset types. The document then categorizes different types of Sukuk and discusses the Sukuk market in Pakistan, providing examples like WAPDA Sukuk. It notes challenges for the Pakistani Sukuk market like a lack of short and long-term instruments and secondary market liquidity. The conclusion recommends the government establish an institution to support the Sukuk market and calls for concerted efforts across stakeholders to further develop it.
Economic capital Management Experience SharingEric Kuo
1. Economic capital is used to gauge unexpected loss in a bank's credit portfolio by taking into account diversification and concentration effects.
2. Key applications of economic capital include risk governance to determine a bank's risk appetite, internal capital allocation, and external communication with regulators and investors.
3. Implementing and promoting the use of economic capital faces challenges of encouraging buy-in from regulators, rating agencies, and analysts through ongoing communication.
The document provides an economic update and outlook on various markets such as equity, debt, forex, and commodities. It recommends staying invested in equity markets while using put options to hedge against volatility, and advises that gold continues to be an effective hedge. The outlook expects ongoing volatility in Indian asset markets due to global liquidity and potential asset bubbles.
The document describes the AXP Portfolio Builder Series, which offers six mutual funds providing disciplined asset allocation and built-in diversification. The funds are designed to match different risk tolerance levels, from conservative to total equity. Each fund invests in a mix of stock and bond funds, both domestic and international, tailored to its risk level. The series aims to simplify investing by handling asset allocation and rebalancing decisions for investors.
Private bankers are advising clients to focus on capital preservation amid high uncertainty and risk aversion following the global financial crisis. Most are recommending overweighting cash and corporate bonds, which are seen as relatively safe, while avoiding more risky assets like hedge funds. There is strong demand for fixed income, with many investors seeking decent yields by investing in emerging market debt on an unhedged basis, believing emerging market currencies will strengthen over the long run. Overall, the investment landscape is in a state of rapid change as old certainties have been disrupted and clients' expectations of their advisers are evolving.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Hahn ETF Managed Portfolios provides tactical, global macro investing using ETFs. It has a global investment strategy committee with decades of experience. It uses a 5 pillar investment philosophy and constructs portfolios globally across 939 ETFs covering all asset classes. It has 11 portfolio mandates with different risk profiles and uses quarterly fact sheets to track performance.
This document provides an overview of statement of cash flows under IFRS. It defines key terms like cash, cash equivalents and cash flows. It discusses the advantages and disadvantages of statement of cash flows. It explains the two methods for presenting cash flows - direct method and indirect method. It also discusses calculating cash flows by converting profits, accounting for non-cash items and changes in working capital. The document provides examples of calculating and disclosing cash flows under both direct and indirect methods.
This document discusses Sukuk, which are Islamic financial certificates similar to bonds. It defines Sukuk and explains that they are structured around the securitization of various asset types. The document then categorizes different types of Sukuk and discusses the Sukuk market in Pakistan, providing examples like WAPDA Sukuk. It notes challenges for the Pakistani Sukuk market like a lack of short and long-term instruments and secondary market liquidity. The conclusion recommends the government establish an institution to support the Sukuk market and calls for concerted efforts across stakeholders to further develop it.
Economic capital Management Experience SharingEric Kuo
1. Economic capital is used to gauge unexpected loss in a bank's credit portfolio by taking into account diversification and concentration effects.
2. Key applications of economic capital include risk governance to determine a bank's risk appetite, internal capital allocation, and external communication with regulators and investors.
3. Implementing and promoting the use of economic capital faces challenges of encouraging buy-in from regulators, rating agencies, and analysts through ongoing communication.
The document provides an economic update and outlook on various markets such as equity, debt, forex, and commodities. It recommends staying invested in equity markets while using put options to hedge against volatility, and advises that gold continues to be an effective hedge. The outlook expects ongoing volatility in Indian asset markets due to global liquidity and potential asset bubbles.
The document describes the AXP Portfolio Builder Series, which offers six mutual funds providing disciplined asset allocation and built-in diversification. The funds are designed to match different risk tolerance levels, from conservative to total equity. Each fund invests in a mix of stock and bond funds, both domestic and international, tailored to its risk level. The series aims to simplify investing by handling asset allocation and rebalancing decisions for investors.
Private bankers are advising clients to focus on capital preservation amid high uncertainty and risk aversion following the global financial crisis. Most are recommending overweighting cash and corporate bonds, which are seen as relatively safe, while avoiding more risky assets like hedge funds. There is strong demand for fixed income, with many investors seeking decent yields by investing in emerging market debt on an unhedged basis, believing emerging market currencies will strengthen over the long run. Overall, the investment landscape is in a state of rapid change as old certainties have been disrupted and clients' expectations of their advisers are evolving.
Vikram Dhumal's project report discusses mutual fund analysis and portfolio management for Vantage Wealth Management Solutions Pvt. Ltd. The report includes chapters on investment management, introduction to mutual funds, measuring mutual fund performance, fees and expenses, accounting and valuation of mutual funds, and the Securities and Exchange Board of India. The objective is to analyze mutual fund performance and study equity, debt, bonds and securities to help investors achieve good returns and capital appreciation through right portfolio selection and investment timing.
The document discusses research methodology for analyzing the past performance of various mutual fund schemes in India. The objectives are to understand fund performance in terms of risk and return through statistical tools. A sample of 5 schemes from 5 fund types - diversified, large cap, mid cap, small cap and sector funds - will be analyzed over the last 5 years using Sharpe ratio, beta, standard deviation and annualized return. The analysis will provide insight into the Indian mutual fund industry, fund investment patterns, and scheme performance. Limitations include a small sample size and past performance not guaranteeing future returns.
[Lehman brothers] understanding hedge fund performancegwadaboy
This document summarizes research on understanding hedge fund performance. Some key findings include:
1) There is no universal hedge fund index that adequately represents the diverse strategies. Existing indices differ significantly.
2) Estimating alpha is sensitive to the model used, and using a multi-factor model or peer index may be better than absolute or market-based benchmarks.
3) Disaggregating funds into sub-indices provides different insights than analyzing the whole universe, such as the impact of various factors.
4) Both macroeconomic factors and fund-specific micro factors influence performance. Rules of thumb are provided for investors to consider various factors that impact hedge fund returns.
- The Indian mutual fund industry has grown at a healthy pace of 18-19% in the last 8 years, compared to a 13% growth rate worldwide.
- It is projected to achieve even higher growth of 22-23% by the end of the current fiscal year.
- As of December 2010, the Indian mutual fund industry's assets under management totaled around Rs. 7 lakh crores.
- However, assets under management as a percentage of India's GDP is only 4.12%, much lower than other major countries.
- The industry is in a fast growth phase with increasing competition from
This document provides an overview of investment concepts including:
- The different types of financial and real assets that make up an investor's portfolio, such as stocks, bonds, real estate, and commodities.
- Key considerations for investors like risk, returns, diversification, and the tradeoff between risk and return.
- The different players and structures in capital markets, including stock exchanges, market indices, and margin trading.
- Concepts of fundamental analysis, technical analysis, and valuation methods that investors use to evaluate assets.
The document covers these concepts across 15 modules in detail with examples and calculations. It is intended as an introductory resource for understanding the landscape of investment opportunities and analysis.
The document discusses a study on investor perception towards mutual funds. It provides an introduction to mutual funds, including how they work, their advantages, and challenges. The study aims to understand investor awareness and preferences regarding mutual funds in India. It will analyze data collected through a questionnaire on factors such as investor demographics, knowledge of different funds, reasons for investment choices, and suggestions to improve mutual funds.
This document discusses the growth of long-short Ucits funds in Europe and whether they should be considered hedge funds. It finds that only 40% of surveyed long-short funds describe themselves as hedge funds. The document analyzes the funds launched in the past nine months by asset size, fees, and performance. While the funds aim to generate positive returns in all markets, performance data is limited and average returns are below long-only equity funds. Overall the document examines the characteristics and popularity of these new long-short Ucits funds.
Bernard Madoff perpetrated a massive fraud through his investment firm, Bernard L. Madoff Investment Securities. UBP had invested around $700 million total across various funds of hedge funds in four investment vehicles that were managed by Madoff. While Madoff claimed to employ a "split-strike conversion strategy", he was actually running a Ponzi scheme. The document discusses UBP's due diligence on Madoff over the years, the consistency of his returns, the implications for the hedge fund industry, and UBP's financial strength in light of the fraud.
This document provides an overview of a summer training project on equity analysis of banks. It includes an introduction to technical analysis and fundamental analysis. It discusses the investment portfolio of Kotak Life Insurance, including their investments in various banks. It also outlines the objectives, research methodology, and structure of the document. The document is a summary of a student project analyzing equity investments in banks using both technical and fundamental analysis approaches.
The document provides an overview of mutual funds in India. It discusses the industry profile, organization of a mutual fund, advantages of mutual funds, types of mutual fund schemes, terms used in mutual funds like NAV, sale price, redemption price etc. It also discusses the company profile of Krish Finance which provides various financial services including stock broking, distribution of financial products, insurance broking etc. Finally, it outlines the methodology used for the study including data collection, research design and tools used for analysis like Sharpe ratio, Treynor measure and Jensen's alpha.
This document provides an overview of hedge funds and Islamic finance from the perspective of Bank Negara Malaysia. It discusses background topics such as the history and current state of hedge funds, including that there are over 8,000 hedge funds managed by nearly 3,000 managers globally. The document then defines what a hedge fund is, describing their common characteristics, legal structures, fee structures and key participants. It also discusses hedging, risk management strategies employed by hedge funds, and the various investment strategies they utilize. The case for hedge funds is made by contrasting them with mutual funds. In conclusion, the document examines issues facing Islamic investors and possible alternatives to conventional hedge funds.
This document discusses hedge fund investment philosophy and manager selection. It makes the following key points:
1) Hedge fund returns come from systematic risk premiums, liquidity premiums, and alpha, which are amplified by leverage. True alpha is rare and hard to achieve consistently.
2) Successful manager selection focuses on those with a sustainable competitive edge investing in less crowded strategies, and an understanding of how to reduce risk in stressful times.
3) The selection process profiles managers' investment beliefs, alpha generation process, and risk philosophy to construct an expected return distribution for each manager.
A project report on study of banking products and investment behavior of cons...Projects Kart
This document provides a summary of a report on a study of banking products and investment behavior of consumers. It begins with an introduction to the Indian banking system, including new business opportunities in India and major foreign banks operating in the country. It describes investment strategies in India and provides an overview of Standard Chartered Bank, the products it offers including savings accounts, ULIPs, and mutual funds. The report methodology and findings from analyzing consumer investment patterns are presented across several chapters. Key areas of analysis include identifying potential customers, influential factors in investment decisions, and strategies to better tap the market.
For more information contact: emailus@marcusevans.com
A presentation by Antje Biber, the Managing Partner at Feri Trust GmbH who presented on selection requirements for hedge funds at the Investment Consultant Summit, September 2012.
Join the 2014 Investments Summit along with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market.
For more information contact: emailus@marcusevans.com
This document provides an overview of mutual funds in India. It discusses how mutual funds work by pooling money from investors and investing it in securities like stocks and bonds. It describes the structure of the Indian mutual fund industry and different types of mutual funds. It also covers topics like NAV, regulations, benefits and limitations of mutual funds, and how to select the right mutual fund based on investment goals and risk tolerance.
This document discusses Harry Markowitz's pioneering work in portfolio theory and the portfolio selection process. It outlines Markowitz's Mean-Variance model, which characterizes risk as the variance of expected returns. The model defines two types of risk: unsystematic (diversifiable) risk and systematic (market) risk. While unsystematic risk can be reduced through diversification, systematic risk cannot be eliminated. Markowitz established that investors should consider the risk of each security in a portfolio, rather than in isolation, and aim to optimize the expected return for a given level of risk through diversification across many asset classes.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
The document discusses the use of pooled investment vehicles for ultra-high net worth investors. Pooled vehicles can provide diversified access to top investment managers at lower fees than separate accounts. They allow investors to access strategies that require higher minimum investments than they could afford individually. Professionally managed pooled funds also simplify portfolio implementation and management. Overall, pooled funds offer UHNW investors improved risk-adjusted returns through diversification and lower costs.
CHIEF FINANCIAL OFFICER-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
The document is a disclaimer and presentation by José Antonio Álvarez, CFO of Santander Group. It cautions that the presentation contains forward-looking statements about future business development and economic performance that may differ materially from expectations. It notes risk factors from general economic conditions to competitive pressures that could adversely affect Santander's business. The presentation also states that Santander does not undertake to update forward-looking statements and the information should be read in conjunction with all other public information.
Superbe Appart à louer - Umbria Trevi ItalieDaniel Capocci
L’APPARTEMENT: Ce magnifique appartement de 95 mètres carrés se situe dans le centre historique de Trevi est composé de 2 chambres doubles avec sa salle de douche design et d’un spacieux espace ouvert de grand salon, salle à manger et cuisine. L’appartement est complètement meublé et idéal pour 4 personnes. Il y a une spectaculaire piscine publique à moins de 15 min à pied de l’appartement. La situation est idéale : 10 min de Montefalco, à moins de 20 min de Assisi, Foligno ou Spoleto, à 40 min de Orvieto ou Perugia, à 2 h de Florence, Rome et de la mer.
DETAILS: Au rez-de-chaussée, près de la porte d’entrée il y a une toilette séparée avec un évier ainsi qu’une cave avec buanderie et une machine à laver ainsi qu’un espace de stockage. A l’étage il y a un grand espace ouvert avec cuisine, salle à manger et salon avec un débarras. La cuisine est complètement équipée, avec des taques de cuisson, un évier, un frigo avec un freezer, un lave-vaisselle, un beau four multi-fonctions, ainsi qu’une hotte. Il y a tout ce qu’il faut pour dresser une table et faire de la bonne cuisine: couverts, plats, bols, verres, casseroles, poêles….etc. La salle à manger possède une table pour 4 personnes qui peut être allongée pour 6 personnes et 6 belles chaises design. Cet espace inclut aussi une armoire indonésienne avec des bougies, des verres à vin et les accessoires de sommelier, ainsi qu’un ensemble complet pour faire des cocktails. Dans le salon vous trouverez un écran plasma de 109 cm avec lecteur DVD ainsi qu’une sélection de DVD, un système Hifi avec lecteur CD (et ouverture pour clé USB), un grand sofa et une commode. Cette pièce de vie donne sur une porte-fenêtre avec des vues panoramiques sur la vallée. La salle de douche dispose de 2 éviers séparés, un WC suspendu et une grande douche pour 2 personnes. Il y a un petit couloir entre la salle à manger et les chambres. La 1ère chambre est équipée d’un grand lit de 190x200 ; d’une grande armoire, et d’une grande étagère. Elle est très lumineuse grâce à ses 2 fenêtres. La deuxième chambre propose de 2 lits séparés de 90x200, d’une armoire et d’une étagère.
EQUIPEMENTS: Draps de lit, 2 essuie-mains par personne (un grand et un petit), 3 essuie-vaisselles, du papier toilette, des capsules pour le lave-vaisselle, du sel, du poivre. On vous prie de bien vouloir remplacer ce que vous utilisez.
INTERNET: Il n’y a pas de connexion wifi, par contre, nous vous proposons une connexion à internet à travers une clé satellite. La vitesse est très bonne pour lire des e-mails ou pour faire des recherches.
PISCINE: La piscine publique qui se trouve à moins de 15 min à pied (quelques minutes en voiture) est magnifique : grande, avec des parasols gratuits et une vue spectaculaire sur Trevi.
PLAGE/MONTAGNE: Les plages ne sont pas tout prêt, il faut entre 1h30 et 2h pour arriver à la plage. Les montagnes son assez pr
Beautiful Flat to Rent in Umbria (Italy) - PRICE LISTDaniel Capocci
This document reports the rates and the conditions to rent our flat in Trevi - Umbria in Italy. For more information on the flat, see: http://fr.slideshare.net/danielcapocci/appart-umbriatrevi
Vikram Dhumal's project report discusses mutual fund analysis and portfolio management for Vantage Wealth Management Solutions Pvt. Ltd. The report includes chapters on investment management, introduction to mutual funds, measuring mutual fund performance, fees and expenses, accounting and valuation of mutual funds, and the Securities and Exchange Board of India. The objective is to analyze mutual fund performance and study equity, debt, bonds and securities to help investors achieve good returns and capital appreciation through right portfolio selection and investment timing.
The document discusses research methodology for analyzing the past performance of various mutual fund schemes in India. The objectives are to understand fund performance in terms of risk and return through statistical tools. A sample of 5 schemes from 5 fund types - diversified, large cap, mid cap, small cap and sector funds - will be analyzed over the last 5 years using Sharpe ratio, beta, standard deviation and annualized return. The analysis will provide insight into the Indian mutual fund industry, fund investment patterns, and scheme performance. Limitations include a small sample size and past performance not guaranteeing future returns.
[Lehman brothers] understanding hedge fund performancegwadaboy
This document summarizes research on understanding hedge fund performance. Some key findings include:
1) There is no universal hedge fund index that adequately represents the diverse strategies. Existing indices differ significantly.
2) Estimating alpha is sensitive to the model used, and using a multi-factor model or peer index may be better than absolute or market-based benchmarks.
3) Disaggregating funds into sub-indices provides different insights than analyzing the whole universe, such as the impact of various factors.
4) Both macroeconomic factors and fund-specific micro factors influence performance. Rules of thumb are provided for investors to consider various factors that impact hedge fund returns.
- The Indian mutual fund industry has grown at a healthy pace of 18-19% in the last 8 years, compared to a 13% growth rate worldwide.
- It is projected to achieve even higher growth of 22-23% by the end of the current fiscal year.
- As of December 2010, the Indian mutual fund industry's assets under management totaled around Rs. 7 lakh crores.
- However, assets under management as a percentage of India's GDP is only 4.12%, much lower than other major countries.
- The industry is in a fast growth phase with increasing competition from
This document provides an overview of investment concepts including:
- The different types of financial and real assets that make up an investor's portfolio, such as stocks, bonds, real estate, and commodities.
- Key considerations for investors like risk, returns, diversification, and the tradeoff between risk and return.
- The different players and structures in capital markets, including stock exchanges, market indices, and margin trading.
- Concepts of fundamental analysis, technical analysis, and valuation methods that investors use to evaluate assets.
The document covers these concepts across 15 modules in detail with examples and calculations. It is intended as an introductory resource for understanding the landscape of investment opportunities and analysis.
The document discusses a study on investor perception towards mutual funds. It provides an introduction to mutual funds, including how they work, their advantages, and challenges. The study aims to understand investor awareness and preferences regarding mutual funds in India. It will analyze data collected through a questionnaire on factors such as investor demographics, knowledge of different funds, reasons for investment choices, and suggestions to improve mutual funds.
This document discusses the growth of long-short Ucits funds in Europe and whether they should be considered hedge funds. It finds that only 40% of surveyed long-short funds describe themselves as hedge funds. The document analyzes the funds launched in the past nine months by asset size, fees, and performance. While the funds aim to generate positive returns in all markets, performance data is limited and average returns are below long-only equity funds. Overall the document examines the characteristics and popularity of these new long-short Ucits funds.
Bernard Madoff perpetrated a massive fraud through his investment firm, Bernard L. Madoff Investment Securities. UBP had invested around $700 million total across various funds of hedge funds in four investment vehicles that were managed by Madoff. While Madoff claimed to employ a "split-strike conversion strategy", he was actually running a Ponzi scheme. The document discusses UBP's due diligence on Madoff over the years, the consistency of his returns, the implications for the hedge fund industry, and UBP's financial strength in light of the fraud.
This document provides an overview of a summer training project on equity analysis of banks. It includes an introduction to technical analysis and fundamental analysis. It discusses the investment portfolio of Kotak Life Insurance, including their investments in various banks. It also outlines the objectives, research methodology, and structure of the document. The document is a summary of a student project analyzing equity investments in banks using both technical and fundamental analysis approaches.
The document provides an overview of mutual funds in India. It discusses the industry profile, organization of a mutual fund, advantages of mutual funds, types of mutual fund schemes, terms used in mutual funds like NAV, sale price, redemption price etc. It also discusses the company profile of Krish Finance which provides various financial services including stock broking, distribution of financial products, insurance broking etc. Finally, it outlines the methodology used for the study including data collection, research design and tools used for analysis like Sharpe ratio, Treynor measure and Jensen's alpha.
This document provides an overview of hedge funds and Islamic finance from the perspective of Bank Negara Malaysia. It discusses background topics such as the history and current state of hedge funds, including that there are over 8,000 hedge funds managed by nearly 3,000 managers globally. The document then defines what a hedge fund is, describing their common characteristics, legal structures, fee structures and key participants. It also discusses hedging, risk management strategies employed by hedge funds, and the various investment strategies they utilize. The case for hedge funds is made by contrasting them with mutual funds. In conclusion, the document examines issues facing Islamic investors and possible alternatives to conventional hedge funds.
This document discusses hedge fund investment philosophy and manager selection. It makes the following key points:
1) Hedge fund returns come from systematic risk premiums, liquidity premiums, and alpha, which are amplified by leverage. True alpha is rare and hard to achieve consistently.
2) Successful manager selection focuses on those with a sustainable competitive edge investing in less crowded strategies, and an understanding of how to reduce risk in stressful times.
3) The selection process profiles managers' investment beliefs, alpha generation process, and risk philosophy to construct an expected return distribution for each manager.
A project report on study of banking products and investment behavior of cons...Projects Kart
This document provides a summary of a report on a study of banking products and investment behavior of consumers. It begins with an introduction to the Indian banking system, including new business opportunities in India and major foreign banks operating in the country. It describes investment strategies in India and provides an overview of Standard Chartered Bank, the products it offers including savings accounts, ULIPs, and mutual funds. The report methodology and findings from analyzing consumer investment patterns are presented across several chapters. Key areas of analysis include identifying potential customers, influential factors in investment decisions, and strategies to better tap the market.
For more information contact: emailus@marcusevans.com
A presentation by Antje Biber, the Managing Partner at Feri Trust GmbH who presented on selection requirements for hedge funds at the Investment Consultant Summit, September 2012.
Join the 2014 Investments Summit along with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market.
For more information contact: emailus@marcusevans.com
This document provides an overview of mutual funds in India. It discusses how mutual funds work by pooling money from investors and investing it in securities like stocks and bonds. It describes the structure of the Indian mutual fund industry and different types of mutual funds. It also covers topics like NAV, regulations, benefits and limitations of mutual funds, and how to select the right mutual fund based on investment goals and risk tolerance.
This document discusses Harry Markowitz's pioneering work in portfolio theory and the portfolio selection process. It outlines Markowitz's Mean-Variance model, which characterizes risk as the variance of expected returns. The model defines two types of risk: unsystematic (diversifiable) risk and systematic (market) risk. While unsystematic risk can be reduced through diversification, systematic risk cannot be eliminated. Markowitz established that investors should consider the risk of each security in a portfolio, rather than in isolation, and aim to optimize the expected return for a given level of risk through diversification across many asset classes.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
The document discusses the use of pooled investment vehicles for ultra-high net worth investors. Pooled vehicles can provide diversified access to top investment managers at lower fees than separate accounts. They allow investors to access strategies that require higher minimum investments than they could afford individually. Professionally managed pooled funds also simplify portfolio implementation and management. Overall, pooled funds offer UHNW investors improved risk-adjusted returns through diversification and lower costs.
CHIEF FINANCIAL OFFICER-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
The document is a disclaimer and presentation by José Antonio Álvarez, CFO of Santander Group. It cautions that the presentation contains forward-looking statements about future business development and economic performance that may differ materially from expectations. It notes risk factors from general economic conditions to competitive pressures that could adversely affect Santander's business. The presentation also states that Santander does not undertake to update forward-looking statements and the information should be read in conjunction with all other public information.
Superbe Appart à louer - Umbria Trevi ItalieDaniel Capocci
L’APPARTEMENT: Ce magnifique appartement de 95 mètres carrés se situe dans le centre historique de Trevi est composé de 2 chambres doubles avec sa salle de douche design et d’un spacieux espace ouvert de grand salon, salle à manger et cuisine. L’appartement est complètement meublé et idéal pour 4 personnes. Il y a une spectaculaire piscine publique à moins de 15 min à pied de l’appartement. La situation est idéale : 10 min de Montefalco, à moins de 20 min de Assisi, Foligno ou Spoleto, à 40 min de Orvieto ou Perugia, à 2 h de Florence, Rome et de la mer.
DETAILS: Au rez-de-chaussée, près de la porte d’entrée il y a une toilette séparée avec un évier ainsi qu’une cave avec buanderie et une machine à laver ainsi qu’un espace de stockage. A l’étage il y a un grand espace ouvert avec cuisine, salle à manger et salon avec un débarras. La cuisine est complètement équipée, avec des taques de cuisson, un évier, un frigo avec un freezer, un lave-vaisselle, un beau four multi-fonctions, ainsi qu’une hotte. Il y a tout ce qu’il faut pour dresser une table et faire de la bonne cuisine: couverts, plats, bols, verres, casseroles, poêles….etc. La salle à manger possède une table pour 4 personnes qui peut être allongée pour 6 personnes et 6 belles chaises design. Cet espace inclut aussi une armoire indonésienne avec des bougies, des verres à vin et les accessoires de sommelier, ainsi qu’un ensemble complet pour faire des cocktails. Dans le salon vous trouverez un écran plasma de 109 cm avec lecteur DVD ainsi qu’une sélection de DVD, un système Hifi avec lecteur CD (et ouverture pour clé USB), un grand sofa et une commode. Cette pièce de vie donne sur une porte-fenêtre avec des vues panoramiques sur la vallée. La salle de douche dispose de 2 éviers séparés, un WC suspendu et une grande douche pour 2 personnes. Il y a un petit couloir entre la salle à manger et les chambres. La 1ère chambre est équipée d’un grand lit de 190x200 ; d’une grande armoire, et d’une grande étagère. Elle est très lumineuse grâce à ses 2 fenêtres. La deuxième chambre propose de 2 lits séparés de 90x200, d’une armoire et d’une étagère.
EQUIPEMENTS: Draps de lit, 2 essuie-mains par personne (un grand et un petit), 3 essuie-vaisselles, du papier toilette, des capsules pour le lave-vaisselle, du sel, du poivre. On vous prie de bien vouloir remplacer ce que vous utilisez.
INTERNET: Il n’y a pas de connexion wifi, par contre, nous vous proposons une connexion à internet à travers une clé satellite. La vitesse est très bonne pour lire des e-mails ou pour faire des recherches.
PISCINE: La piscine publique qui se trouve à moins de 15 min à pied (quelques minutes en voiture) est magnifique : grande, avec des parasols gratuits et une vue spectaculaire sur Trevi.
PLAGE/MONTAGNE: Les plages ne sont pas tout prêt, il faut entre 1h30 et 2h pour arriver à la plage. Les montagnes son assez pr
Beautiful Flat to Rent in Umbria (Italy) - PRICE LISTDaniel Capocci
This document reports the rates and the conditions to rent our flat in Trevi - Umbria in Italy. For more information on the flat, see: http://fr.slideshare.net/danielcapocci/appart-umbriatrevi
Beautiful Flat to Rent in Umbria (Italy) - full packDaniel Capocci
Completely refurbished bright 2 bedrooms fully furnished 95 square meters flat in the historical center of a beautiful town, Trevi. Very close from Montefalco, Assisi, Foligno or Spoleto, 40m from Orvieto or Perugia, 1h from Gubbio, There is a beautiful large public pool with parasols and deckchairs less than 15m walk from the flat. We provide bed linings, 2 towels per person and 3 dish-towels. We propose internet access through a satellite key.
Ces quelques slides accompagnent le document "Le Sommelier du 21ème siècle".
Dans ce travail, nous présentons le renouveau du métier de sommelier. Il n'est plus aujourd'hui seulement un vendeur de vin, mais un véritable conseiller à l'écoute de son client et qui va à son encontre. Il ne se limite plus à 50 ou 100 vis dans son offre mais fera une sélection de 400 ou 500 vins proposés dans divers millésmes et format afin de répondre réellement à ce que le client cherche.
Ce livre rapporte pas moins de 140 notes de dégustation. Les vins ont été sélectionnés sur base de pas moins de 2500km de route en Italie, 21 jours, 9 sources. Nous y avons rencontré pas moins de 55 producteurs, avons déguster 300+ vins et couvert 8 régions viticoles. Jetez un œil ca vaut le détour.
Daniel Capocci, sommelier
Capocci daniel le sommelier du 21eme siècle vfDaniel Capocci
Dans ce travail, nous présentons le renouveau du métier de sommelier. Il n'est plus aujourd'hui seulement un vendeur de vin, mais un véritable conseiller à l'écoute de son client et qui va à son encontre. Il ne se limite plus à 50 ou 100 vis dans son offre mais fera une sélection de 400 ou 500 vins proposés dans divers millésmes et format afin de répondre réellement à ce que le client cherche.
Ce livre rapporte pas moins de 140 notes de dégustation. Les vins ont été sélectionnés sur base de pas moins de 2500km de route en Italie, 21 jours, 9 sources. Nous y avons rencontré pas moins de 55 producteurs, avons déguster 300+ vins et couvert 8 régions viticoles. Jetez un œil ca vaut le détour.
Daniel Capocci, sommelier
Ce fichier reprend la liste des sites internet sélectionnés dans le livre "Introduction aux Hedge Funds" de Daniel Capocci, paru chez Economica en avril 2010.
Ce fichier reprend l\'index de la seconde édition du livre "Introduction aux Hedge Funds" de Daniel Capocci, paru chez Economica en avril 2010.
Ce fichier reprend l\'introduction de la seconde édition du livre "Introduction aux Hedge Funds" de Daniel Capocci, paru chez Economica en avril 2010.
Ce document présente la table des matières de la seconde édition du livre "Introduction aux Hedge Funds"; de D. Capocci, paru chez Economica en avril 2010.
Couverture Cover of my book "Introduction aux Hedge Funds"
Table Of Contents
1. INTRODUCTION AUX HEDGE FUNDS
Ed. Économica (Paris), April 2010 - 550 pages
This book presents the hedge fund industry into deep
details. It starts with the characteristics of these financial
institutions and describes their specificities.
More than half of the book focuses on the detailed
presentation of the investment strategies. Each hedge
fund strategy is presented into details and they are all
illustrated by several practical examples obtained directly
from hedge fund managers. The performance of the
different strategies is analyzed into details and over
various time frames.
Then, the book focuses on the regulatory environment in
which hedge funds are managed before focusing on the
role of hedge funds during the financial crisis that the
world faced over the last 20 years. This analysis includes
the subprime crisis of 2007 and the banking crisis of 2008.
The book then clearly distinguishes hedge fund from
mutual funds.
The book counts 550 pages in total and it is divided into 7
chapters listed hereunder. It has been completely
updated. It is illustrated by more than 100 graphs and
more than 50 tables. Over the next pages we report the
full table of contents.
CHAPTER 1 - WHAT IS A HEDGE FUND ? – 60 PAGES
CHAPTER 2 – HEDGE FUND CHARACTERISTICS – 80 PAGES
CHAPTER 3 - HEDGE FUND INVESTMENT STRATEGIES – 230 PAGES
CHAPTER 4 - HEDGE FUND PERFORMANCE OVER TIME – 40 PAGES
CHAPTER 5 - HEDGE FUND REGULAROTY ENVIRONMENT – 30 PAGES
CHAPTER 6 - HEDGE FUND? LTCM & RECENT CRISIS – 35 PAGES
CHAPTER 7 - HEDGE FUNDS VERSUS MUTUAL FUNDS – 15 PAGES
Added sections:
+ interesting websites
+ detailed index
+ glossary
2. TABLE OF CONTENTS
CHAPTER 1 - WHAT IS A HEDGE FUND ? CHAPTER 2 – HEDGE FUND CHARACTERISTICS
1. Hedge fund: definition 1. Hedge fund data providers
2. Hedge funds over time 1.1. Indices – classifications
2.1. Hedge fund origin 1.2. Daily indices
2.2. The growth of the industry from 1949 until today 2. Hedge fund creation
2.3. The repartition of the industry in investment 2.1. Definition of the objective of the fund
strategies 2.2. Investment strategy
3. Hedge funds in the world 2.3. Risk profile accepted
3.1. Hedge funds in the US & in Canada 2.4. Alternative risks selection
3.2. Hedge funds in Europe 2.5. Manager
3.3. Hedge funds in Asia 2.6. Management methodology
3.4. Hedge funds in Eastern Europe 2.7. Hedge fund domicile
3.5. Hedge funds in Latin America 2.8. Distribution
3.6. Future perspectives of the industry 3. Hedge fund typical structure
4. The big names in the hedge fund world 4. Hedge funds & risk
4.1. Georges Soros 4.1. Investment risk
4.2. Julian Robertson 4.2. Model risk
4.3. Michael Steinhardt 4.3. Manager & industry risk
4.4. John Paulson 4.4. Portfolio construction risk
4.5. Louis Bacon 4.5. Valuation risk
4.6. Paul Tudor Jones II 4.6. Infrasturcutre & governmental risk
4.7. Bruce Kovner 4.7. Counterparty risk
4.8. Steve Cohen 4.8. Default risk
4.9. Alan Howard 4.9. Liquidity risk
4.10. Stephen Feinberg 4.10. Operational risks
Chapter summary 5. Hedge fund investors
5.1. Typical investors
5.2. Institutional investors
6. Constraints
6.1. Minimum investments
6.2. Liquidity constraints
6.3. Global assets limit
7. Fee structure
7.1. The classical structure
7.2. Specificities – high watermark & hurdle rate
7.3. Management & performance fee illustration
7.4. Equalisation
8. Short selling
9. Leverage
10. Gross & net exposition
11. Active trading
12. Other characteristics
13. Hedge funds and other alternative assets
14. Strengths and weaknesses
15. Funds and managed accounts
16. Replication 17. New structures
18. Fund listing 19. Insurance against fraud
Chapter summary
2
4. 13. Multi-strategy funds 18.5. Correlation trading
13.1. Methodology
13.2. Illustration 19. Short selling
13.3. Advantages & drawbacks 19.1. Methodology
13.4. Performance 19.2. Illustration
- Okamura
14. Asset based lending funds - New Century FInancial
14.1. Methodology 19.3. Advantages & drawbacks
14.2. 6 sub-strategies 19.4. Performance
14.3. Risks
14.4. Illustration 20. Macro
- Real estate financing 20.1. Principles
- Legal claim financing 20.2 Methodology
- Life insurance financing 20.3 Illustration
14.5. Advantages & drawbacks - Yen-USD carry trade
14.6. Performance - Interest rate fall
- Sector consolidation
15. Long/short equity 20.4. Advantages & drawbacks
15.1. Methodology 20.5. Performance
15.2. Equity non-hedge
15.3. Additional considerations 21. Commodity trading advisors
15.3. Illustration 21.1. Methodology
- Clip Corporation 22.2. Short term traders
- Barnes & Nobles 21.3 Illustration
15.4. Advantages & drawbacks 21.4. Advantages & drawbacks
15.5. Performance 21.5. Performance
16. Emerging markets 22. Fund of Funds
16.1. Methodology 22.1. Why funds of hedge funds
16.2. Illustration 22.2. Methodology
- Billabong 22.3. The choice of fund of hedge funds
- Li & Fung 22.4. Advantages & drawbacks
14.5. Advantages & drawbacks 22.5. Performance
14.6. Performance
23. Other strategies
17. Sector funds 23.1. Electricity trading
17.1. Methodology 23.2. Option arbitrage
17.2. Illustration 23.3. Climate investing
- Pediatrix Medical Group 23.4. Market timing
- Triad Hospitals, Inc. 23.5. Wine investment
- Host Hotels & Resorts, Inc. 23.6. MLP
17.3. Advantages & drawbacks
17.4. Performance Chapter summary
Appendix A: Bond rating
18. Credit/high yield Appendix B: Convertibles basics
18.1. Methodology Appendix C: duration & convexity
18.2. Illustration Appendix D: The HFR, inc. indices
18.3. Advantages & drawbacks Appendix E: The Greeks
18.4. Performance
4
5. CHAPTER 4 - HEDGE FUND PERFORMANCE CHAPTER 6 - HEDGE FUND, LTCM & RECENT
1. Data CRISIS
1.1. Hedge fund specificities 1. Long Term Capital Management
1.2. The biases 1.1. The situation in September 1998
1.3. The indices 1.2. Description of Long Term Capital Management
2. Hedge fund industry perfrmance 1.3. The history of the debacle
3. Hedge fund performance & volatility per strategy 1.4. Why the fund was saved?
3.1. Analysis 1.5. The effects and questions
3.2. Graphical analysis 1.6. After LTCM
3.3. Risk-return (volatility, maximum monthly loss, 2. Hedge funds and recent crises
beta) 2.1. The 1992 exchange rate mechanism crisis
3.4. Performance during uncertainty 2.2. The bond market crisis of 1994
4. Scientific publications 2.3. The Mexican crisis of 1994-95
5. Correlation analysis 2.4. The Asian crisis of 1997-98
5.1. Correlation between hedge fund and clasical 2.5. The subprime crisis of 2007
indices 2.6. The liquidity crisis of 2008
5.2. Correlation between hedge fund strategies 2.7. Frauds in the industry
Chapter summary Chapter Summary
CHAPTER 5 - HEDGE FUND REGULATION CHAPTER 7 - HEDGE FUNDS VS MUTUAL FUNDS
1. Principles 1. Legislation comparison
2. Hedge fund regulation 1.1. Management - prospectus, short sales, liquidity,
3. US & Canada leverage & investment products
4. In Europe 1.2. Associated costs
- United Kingdom 1.3. Communication
- Germany 1.4. Investors
- Luxembourg 1.5. Registration
- Italy 1.6. Other
- Switzerland 2. Other main differences
- France 2.1. Personal investment
- Belgium 2.2. Objective
- Ireland 2.3. Securities in the portfolio
- Malta 2.4. Investment strategies
- Spain 2.5. Size of the industry
- Hedge funds & UCITS III 3. Comparison table
5. Offshore centres 4. Comparison in terms of risk-return profile
- Cayman Island Chapter summary
- BVI
Chapter summary Appendix: Interesting websites
Glossary
References