Emerging market corporate bonds offer attractive opportunities for investors seeking higher yields. Demand for these bonds has grown as traditional fixed income investments offer very low returns and emerging market corporate fundamentals have strengthened. The asset class has experienced rapid growth, with new issuance reaching record levels in 2012. While offering relatively high yields, emerging market corporate bonds remain undervalued compared to developed market corporate bonds and sovereign emerging market bonds. The asset class is expected to continue growing as emerging market economies and corporations expand.
2012 forward review - Opportunities & RisksPaul Locke
The document discusses key investment themes and opportunities for 2012 amid ongoing global economic uncertainty. It identifies potential risks from a Chinese hard landing, Middle East instability, and sovereign debt defaults. It also notes opportunities from selective emerging markets, inflation-linked bonds, and covered call strategies. Political events like the US elections and China's leadership transition could significantly impact markets.
This document provides a summary of the global economic outlook and trends for retailers to consider. It discusses slowing economic growth in many leading markets in 2012. In Europe, government spending cuts and debt issues are weakening economies and confidence. In the US, uncertainty around fiscal policy is hurting markets. China is also slowing after monetary tightening. Some positives for retailers include potential margin improvements from lower commodity prices and inflation in some countries. Long term global growth prospects remain strong, especially in emerging markets.
The document discusses various challenges facing corporate treasurers in 2012, including navigating changing regulations, managing different types of risk, and improving operational efficiency. It notes that treasurers are being asked to do more with fewer resources during a time of international financial turmoil. Specific topics covered include the implications of regulations like SEPA, Basel III, and Dodd-Frank on corporates; the increased importance of counterparty, liquidity, and currency risk management; and efforts by treasurers to optimize cash management processes and gain greater visibility and control over banking relationships.
The document discusses how the global credit crisis has impacted companies expanding into emerging markets through international trade. Some key points:
1) Access to capital for expansion has become more difficult as banks and capital markets have tightened lending in response to the crisis. Companies must now pursue multiple options to secure financing like tapping local markets, using corporate banking relationships, or pursuing joint ventures.
2) While emerging markets have been impacted by the downturn, places like Asia entered the crisis in a stronger position than the developed world and some countries have even eased credit availability again. The long term growth potential of emerging markets remains intact.
3) Currency volatility poses challenges but also opportunities for companies doing international business. Proper hed
Here are three key things to consider when evaluating stocks:
1. Competitive advantages: Look for companies that have sustainable competitive advantages known as "economic moats" that allow them to fend off competition and earn above-average returns on invested capital over the long run. There are five main sources of economic moats: intangible assets, switching costs, network effects, cost advantages, and efficient scale.
2. Management team: A great management team is able to execute a company's business strategy and make decisions that enhance shareholder value over time. Consider a management's track record, compensation structure, and whether their interests are aligned with shareholders.
3. Valuation: Determine a company's fair value based on
This document summarizes a research paper that examines the determinants of profitability in the microfinance industry in Zimbabwe from 2010-2014. It begins with an introduction that provides background on microfinance and the growth of microfinance institutions (MFIs) in Zimbabwe since dollarization. It then reviews relevant theories on the relationships between profitability, industry structure, efficiency, and balanced portfolio composition. The objectives are to identify factors influencing MFI profitability, develop a profitability model, and identify strategies to improve profitability. Relevant literature is discussed on market power, efficiency, and balanced portfolio hypotheses as they relate to profitability.
The document discusses forecasts for the insurance industry in 2010 from various industry leaders. They predict modest growth in life insurance sales of 3-5% but flat or negative growth for annuities and profits. Products with guarantees will be strongest. Consolidation may continue due to economic challenges including low interest rates and investment losses. The outlook is cautiously optimistic but the recovery will be gradual.
2012 forward review - Opportunities & RisksPaul Locke
The document discusses key investment themes and opportunities for 2012 amid ongoing global economic uncertainty. It identifies potential risks from a Chinese hard landing, Middle East instability, and sovereign debt defaults. It also notes opportunities from selective emerging markets, inflation-linked bonds, and covered call strategies. Political events like the US elections and China's leadership transition could significantly impact markets.
This document provides a summary of the global economic outlook and trends for retailers to consider. It discusses slowing economic growth in many leading markets in 2012. In Europe, government spending cuts and debt issues are weakening economies and confidence. In the US, uncertainty around fiscal policy is hurting markets. China is also slowing after monetary tightening. Some positives for retailers include potential margin improvements from lower commodity prices and inflation in some countries. Long term global growth prospects remain strong, especially in emerging markets.
The document discusses various challenges facing corporate treasurers in 2012, including navigating changing regulations, managing different types of risk, and improving operational efficiency. It notes that treasurers are being asked to do more with fewer resources during a time of international financial turmoil. Specific topics covered include the implications of regulations like SEPA, Basel III, and Dodd-Frank on corporates; the increased importance of counterparty, liquidity, and currency risk management; and efforts by treasurers to optimize cash management processes and gain greater visibility and control over banking relationships.
The document discusses how the global credit crisis has impacted companies expanding into emerging markets through international trade. Some key points:
1) Access to capital for expansion has become more difficult as banks and capital markets have tightened lending in response to the crisis. Companies must now pursue multiple options to secure financing like tapping local markets, using corporate banking relationships, or pursuing joint ventures.
2) While emerging markets have been impacted by the downturn, places like Asia entered the crisis in a stronger position than the developed world and some countries have even eased credit availability again. The long term growth potential of emerging markets remains intact.
3) Currency volatility poses challenges but also opportunities for companies doing international business. Proper hed
Here are three key things to consider when evaluating stocks:
1. Competitive advantages: Look for companies that have sustainable competitive advantages known as "economic moats" that allow them to fend off competition and earn above-average returns on invested capital over the long run. There are five main sources of economic moats: intangible assets, switching costs, network effects, cost advantages, and efficient scale.
2. Management team: A great management team is able to execute a company's business strategy and make decisions that enhance shareholder value over time. Consider a management's track record, compensation structure, and whether their interests are aligned with shareholders.
3. Valuation: Determine a company's fair value based on
This document summarizes a research paper that examines the determinants of profitability in the microfinance industry in Zimbabwe from 2010-2014. It begins with an introduction that provides background on microfinance and the growth of microfinance institutions (MFIs) in Zimbabwe since dollarization. It then reviews relevant theories on the relationships between profitability, industry structure, efficiency, and balanced portfolio composition. The objectives are to identify factors influencing MFI profitability, develop a profitability model, and identify strategies to improve profitability. Relevant literature is discussed on market power, efficiency, and balanced portfolio hypotheses as they relate to profitability.
The document discusses forecasts for the insurance industry in 2010 from various industry leaders. They predict modest growth in life insurance sales of 3-5% but flat or negative growth for annuities and profits. Products with guarantees will be strongest. Consolidation may continue due to economic challenges including low interest rates and investment losses. The outlook is cautiously optimistic but the recovery will be gradual.
The document discusses insurance industry leaders' predictions for 2009 in light of the financial crisis. They predict:
- Sales will be flat or increase slightly while profits will be lower. Term and Medicare products may see increases while variable products will be weak.
- The financial crisis will lead to some industry consolidation and lower earnings. It may cause companies to rethink product guarantees. Insurers will focus on restoring consumer confidence.
- Products with guarantees like universal life and fixed annuities will perform better as consumers seek stability. Variable products may slow as markets remain volatile. Insurers will focus on hedging risks from guarantees in variable annuities.
Fitch Ratings believes the Polish corporate bond market may revive in 2010 as bond issuance is an attractive funding option for large corporates compared to bank loans. Several Polish power and oil & gas companies plan sizeable bond issues in 2010 to fund capital expenditures. However, bank loans will remain the largest source of corporate debt. The domestic bond market has become more selective, so weaker companies may have difficulty issuing bonds. A new trading platform could increase liquidity and transparency in the long run.
In search of yield market perspectives september 2012Rankia
The document discusses how investors are searching for yield in a low interest rate environment. It notes that while yields are low globally, equity dividend yields remain relatively high compared to historical standards and fixed income alternatives. Specifically, developed international markets and select emerging markets offer reasonably valued markets with attractive dividend yields above 3%. While dividend paying equities present opportunities, some defensive sectors like US utilities appear overvalued given their popularity for yield seeking investors. The document recommends considering reasonably valued international markets and sectors like energy that offer both yield and potential upside.
"...as long as the music is playing, you've got to get up and dance. We're still dancing." /Financial Times in July 2007: Charles Prince, Citigroup (former) chief executive/
The document discusses global economic volatility in the 4th quarter of 2011. It notes uncertainty from events like the Japan earthquake, Eurozone debt crisis, and US debt ceiling debate. Markets became extremely volatile since late July as risk aversion increased. The portfolio has reduced its allocation to JSE equities as prices fell despite strong company earnings. It remains defensively positioned in resources and retailers. The strategy is to reduce cash holdings and selectively buy equities at cheaper prices. The Foord International Trust aims to do this while avoiding long-dated bonds and focusing on multinational companies with emerging market exposure. One highlighted holding, LVMH, benefits from growing Chinese consumer spending.
Volatile markets call for alternative Business ModelsAshish Singla
The document discusses how the credit crisis has affected financing in the power industry. It notes that for over a decade, the power industry had broad access to cheap capital from various investors. However, the credit crisis has virtually dried up this capital or made it extremely expensive, especially for merchant power generators. While utilities still have relatively stable access to financing due to their regulated nature, merchant generators face much higher costs due to being riskier. The crisis has also led to permanently higher debt costs across the power industry due to deleveraging on Wall Street.
Central and Eastern Europe saw subdued private equity deal activity and concerns over currency volatility and financing availability in 2011. The first half of 2011 saw reasonably strong deal activity, but it dried up in the second half of the year. However, some notable deals still occurred in 2011, including the IPO of AVG Technologies and a dividend recapitalization of T-Mobile Czech Republic, showing investor interest remains for high-quality assets in the region. Economic issues related to the European debt crisis may continue to hamper dealmaking in Central and Eastern Europe through much of 2012 unless conditions improve in Western Europe.
The document summarizes key discussions from the 13th Annual CEE Private Equity Forum held in Vienna in March 2009. Some of the main points discussed include:
- Private equity in Central and Eastern Europe is facing difficulties due to the global economic downturn and deal activity has slowed significantly.
- However, the crisis also presents opportunities for private equity firms to invest in distressed assets or provide mezzanine financing for deals.
- Countries in the region have been identified as "winners" or "losers" depending on factors like currency stability and debt levels, with Poland, the Czech Republic and Slovenia seen as winners and Russia/Ukraine as losers.
- Private equity firms need to focus on supporting existing portfolio
All Eyes on Asset Quality Microfinance Global Valuation Survey 2010Dr Lendy Spires
This document summarizes key findings from a report on microfinance equity valuations in 2010. It finds that while microfinance institutions experienced rising delinquencies and falling profits during the economic downturn, most remained stable with solid reserve and capital levels. Despite challenges, microfinance equity valuations globally continued to rise in 2009, with the median private transaction valuation at 2.1x book value. The outlook for 2010 is assessed as generally positive, with continued client reach growth and interest from public and commercial investors, though at a slower pace with improved risk management.
SuperReturn 2010: Bumpy road ahead for Private Equity investorsValue Partners
The document discusses the outlook for private equity investors based on insights from the SuperReturns 2010 conference. It notes that (1) future returns will rely less on financial engineering and more on operational improvements, sector expertise, and growing portfolio company EBITDA. It also finds that (2) the large amount of uninvested capital and challenging macroeconomic conditions in Western markets will make it difficult for private equity firms to achieve past returns in the short to medium term. However, (3) private equity has historically rebounded after downturns, and future high returns may be possible later in the decade if firms adapt their strategies and markets in emerging countries are tapped.
Mid year outlook market perspectives july 2012 finalRankia
The document provides an outlook for the second half of 2012. It discusses that the global economy remains in a slow recovery threatened by the ongoing European crisis. The US economy is expected to continue modest growth of around 2% for the rest of the year. However, risks include the potential "fiscal cliff" facing the US and uncertainty around resolving Europe's banking and debt issues, which could trigger a global recession if not addressed. The outlook remains cautious given these geopolitical and economic uncertainties.
- The Alchemy Capital Management investment fund suffered losses in the fourth quarter of 2007 from hedge fund failures and the effects of the credit crunch. Approximately 40% of the fund's allocation was directly or indirectly linked to credit markets.
- Looking ahead, the fund has reduced its exposure to credit and illiquid securities to below 10% and increased diversification to more market neutral and arbitrage strategies. Volatility is expected to remain high given continued uncertainty in the markets.
- As of January 2008, the fund's strategy allocation was approximately 22.5% in long/short equity, 46% in market neutral, arbitrage and event driven strategies, and the remainder in multi-strategy, global macro, emerging markets and
The document discusses trends in the San Diego commercial real estate market, noting that office vacancy rates peaked at 19.3% in 2010 due to job losses and sublease space, though demand is projected to gradually increase starting in 2011. Rents fell over 25% from peak to trough during the downturn but are expected to start growing positively again in 2012. Overall the recovery for commercial real estate in San Diego will be slow but opportunities exist for well-capitalized investors.
1) European banks loaded up on risky mortgage-backed securities from the US financial crisis and sovereign debt from struggling eurozone countries like Greece, Ireland, Portugal, Italy and Spain.
2) This exposed the European banking system to major losses as the sovereign debt crisis intensified and economies weakened. Stock indices for major European banks have declined sharply.
3) The risks to the European financial system have grown as the European Central Bank has had to intervene in markets to suppress borrowing costs for troubled eurozone countries like Greece. This calls into question risk models and assumptions of safety regarding government debt.
- Global Vision Credit Fund aims to generate equity-like returns by targeting mispriced credit instruments, focusing on high yield and emerging market special situations with idiosyncratic risk and low market correlation.
- The fund managers believe high debt levels are stalling economic growth and central banks are losing effectiveness, leading to increasing defaults that provide investment opportunities.
- The fund employs fundamental research and focuses on capital preservation by pursuing asymmetric trades with limited downside, such as bonds trading at deep discounts after company-specific events.
'Groundtruth - Using mobile to Research Developing Markets' - txteagle (Mobil...QuestBack AG
Discover how mobile research has enabled two billion mobile phone subscribers in the developing world to provide insights to brands including Diageo, IBM, Microsoft and Google, researchers and even the United Nations. This would be impossible without leveraging mobile phones, which provide eyes and ears in locations that have historically been inaccessible or extremely expensive to research.
This newsletter provides a summary of recent market events and investment advice. It discusses the collapse of dot-com stock prices in 2000 and how even legitimate companies like Cisco, Oracle, and RIM saw their stock prices fall significantly and remain lower than their peaks from that time. It uses Facebook's IPO as an example of the dangers of overvaluation and speculating rather than serious investing. The newsletter concludes by advising clients to keep their investment strategies simple given current economic uncertainties.
Threadneedle investments. perspectivas y visión general de los mercados en 20...Observatorio-Inverco
Sección del Observatorio Inverco con informes de mercado de las gestoras de fondos de inversión. Threadneedle Investments. Perspectivas y visión general de los mercados en 2013. Diciembre 2012.pdf
Ind ofest 2013-food-stall-holder-applicationIgun Cloth
The document is an application form for food stalls at the INDOfest Family Fun Day festival on April 14, 2013 at Rymill Park in Adelaide. Stallholders will be selected based on previous involvement, affiliation with Indonesian community associations, or new stallholders with interesting concepts. Stalls costs $550 and include supplies like tents, tables, electricity, and training. Larger stalls are available for additional fees. Applications are due February 18th and successful applicants will be notified in March.
OCHO DE CADA DIEZ GESTORAS DE FONDOS PREVÉN QUE EL PATRIMONIO GESTIONADO CONT...Observatorio-Inverco
El 82% de las Gestoras de Fondos cree que en 2016 continuará creciendo el patrimonio en Fondos de Inversión, de acuerdo con la VI Encuesta de Fondos de Inversión realizada por el Observatorio INVERCO.
The document discusses insurance industry leaders' predictions for 2009 in light of the financial crisis. They predict:
- Sales will be flat or increase slightly while profits will be lower. Term and Medicare products may see increases while variable products will be weak.
- The financial crisis will lead to some industry consolidation and lower earnings. It may cause companies to rethink product guarantees. Insurers will focus on restoring consumer confidence.
- Products with guarantees like universal life and fixed annuities will perform better as consumers seek stability. Variable products may slow as markets remain volatile. Insurers will focus on hedging risks from guarantees in variable annuities.
Fitch Ratings believes the Polish corporate bond market may revive in 2010 as bond issuance is an attractive funding option for large corporates compared to bank loans. Several Polish power and oil & gas companies plan sizeable bond issues in 2010 to fund capital expenditures. However, bank loans will remain the largest source of corporate debt. The domestic bond market has become more selective, so weaker companies may have difficulty issuing bonds. A new trading platform could increase liquidity and transparency in the long run.
In search of yield market perspectives september 2012Rankia
The document discusses how investors are searching for yield in a low interest rate environment. It notes that while yields are low globally, equity dividend yields remain relatively high compared to historical standards and fixed income alternatives. Specifically, developed international markets and select emerging markets offer reasonably valued markets with attractive dividend yields above 3%. While dividend paying equities present opportunities, some defensive sectors like US utilities appear overvalued given their popularity for yield seeking investors. The document recommends considering reasonably valued international markets and sectors like energy that offer both yield and potential upside.
"...as long as the music is playing, you've got to get up and dance. We're still dancing." /Financial Times in July 2007: Charles Prince, Citigroup (former) chief executive/
The document discusses global economic volatility in the 4th quarter of 2011. It notes uncertainty from events like the Japan earthquake, Eurozone debt crisis, and US debt ceiling debate. Markets became extremely volatile since late July as risk aversion increased. The portfolio has reduced its allocation to JSE equities as prices fell despite strong company earnings. It remains defensively positioned in resources and retailers. The strategy is to reduce cash holdings and selectively buy equities at cheaper prices. The Foord International Trust aims to do this while avoiding long-dated bonds and focusing on multinational companies with emerging market exposure. One highlighted holding, LVMH, benefits from growing Chinese consumer spending.
Volatile markets call for alternative Business ModelsAshish Singla
The document discusses how the credit crisis has affected financing in the power industry. It notes that for over a decade, the power industry had broad access to cheap capital from various investors. However, the credit crisis has virtually dried up this capital or made it extremely expensive, especially for merchant power generators. While utilities still have relatively stable access to financing due to their regulated nature, merchant generators face much higher costs due to being riskier. The crisis has also led to permanently higher debt costs across the power industry due to deleveraging on Wall Street.
Central and Eastern Europe saw subdued private equity deal activity and concerns over currency volatility and financing availability in 2011. The first half of 2011 saw reasonably strong deal activity, but it dried up in the second half of the year. However, some notable deals still occurred in 2011, including the IPO of AVG Technologies and a dividend recapitalization of T-Mobile Czech Republic, showing investor interest remains for high-quality assets in the region. Economic issues related to the European debt crisis may continue to hamper dealmaking in Central and Eastern Europe through much of 2012 unless conditions improve in Western Europe.
The document summarizes key discussions from the 13th Annual CEE Private Equity Forum held in Vienna in March 2009. Some of the main points discussed include:
- Private equity in Central and Eastern Europe is facing difficulties due to the global economic downturn and deal activity has slowed significantly.
- However, the crisis also presents opportunities for private equity firms to invest in distressed assets or provide mezzanine financing for deals.
- Countries in the region have been identified as "winners" or "losers" depending on factors like currency stability and debt levels, with Poland, the Czech Republic and Slovenia seen as winners and Russia/Ukraine as losers.
- Private equity firms need to focus on supporting existing portfolio
All Eyes on Asset Quality Microfinance Global Valuation Survey 2010Dr Lendy Spires
This document summarizes key findings from a report on microfinance equity valuations in 2010. It finds that while microfinance institutions experienced rising delinquencies and falling profits during the economic downturn, most remained stable with solid reserve and capital levels. Despite challenges, microfinance equity valuations globally continued to rise in 2009, with the median private transaction valuation at 2.1x book value. The outlook for 2010 is assessed as generally positive, with continued client reach growth and interest from public and commercial investors, though at a slower pace with improved risk management.
SuperReturn 2010: Bumpy road ahead for Private Equity investorsValue Partners
The document discusses the outlook for private equity investors based on insights from the SuperReturns 2010 conference. It notes that (1) future returns will rely less on financial engineering and more on operational improvements, sector expertise, and growing portfolio company EBITDA. It also finds that (2) the large amount of uninvested capital and challenging macroeconomic conditions in Western markets will make it difficult for private equity firms to achieve past returns in the short to medium term. However, (3) private equity has historically rebounded after downturns, and future high returns may be possible later in the decade if firms adapt their strategies and markets in emerging countries are tapped.
Mid year outlook market perspectives july 2012 finalRankia
The document provides an outlook for the second half of 2012. It discusses that the global economy remains in a slow recovery threatened by the ongoing European crisis. The US economy is expected to continue modest growth of around 2% for the rest of the year. However, risks include the potential "fiscal cliff" facing the US and uncertainty around resolving Europe's banking and debt issues, which could trigger a global recession if not addressed. The outlook remains cautious given these geopolitical and economic uncertainties.
- The Alchemy Capital Management investment fund suffered losses in the fourth quarter of 2007 from hedge fund failures and the effects of the credit crunch. Approximately 40% of the fund's allocation was directly or indirectly linked to credit markets.
- Looking ahead, the fund has reduced its exposure to credit and illiquid securities to below 10% and increased diversification to more market neutral and arbitrage strategies. Volatility is expected to remain high given continued uncertainty in the markets.
- As of January 2008, the fund's strategy allocation was approximately 22.5% in long/short equity, 46% in market neutral, arbitrage and event driven strategies, and the remainder in multi-strategy, global macro, emerging markets and
The document discusses trends in the San Diego commercial real estate market, noting that office vacancy rates peaked at 19.3% in 2010 due to job losses and sublease space, though demand is projected to gradually increase starting in 2011. Rents fell over 25% from peak to trough during the downturn but are expected to start growing positively again in 2012. Overall the recovery for commercial real estate in San Diego will be slow but opportunities exist for well-capitalized investors.
1) European banks loaded up on risky mortgage-backed securities from the US financial crisis and sovereign debt from struggling eurozone countries like Greece, Ireland, Portugal, Italy and Spain.
2) This exposed the European banking system to major losses as the sovereign debt crisis intensified and economies weakened. Stock indices for major European banks have declined sharply.
3) The risks to the European financial system have grown as the European Central Bank has had to intervene in markets to suppress borrowing costs for troubled eurozone countries like Greece. This calls into question risk models and assumptions of safety regarding government debt.
- Global Vision Credit Fund aims to generate equity-like returns by targeting mispriced credit instruments, focusing on high yield and emerging market special situations with idiosyncratic risk and low market correlation.
- The fund managers believe high debt levels are stalling economic growth and central banks are losing effectiveness, leading to increasing defaults that provide investment opportunities.
- The fund employs fundamental research and focuses on capital preservation by pursuing asymmetric trades with limited downside, such as bonds trading at deep discounts after company-specific events.
'Groundtruth - Using mobile to Research Developing Markets' - txteagle (Mobil...QuestBack AG
Discover how mobile research has enabled two billion mobile phone subscribers in the developing world to provide insights to brands including Diageo, IBM, Microsoft and Google, researchers and even the United Nations. This would be impossible without leveraging mobile phones, which provide eyes and ears in locations that have historically been inaccessible or extremely expensive to research.
This newsletter provides a summary of recent market events and investment advice. It discusses the collapse of dot-com stock prices in 2000 and how even legitimate companies like Cisco, Oracle, and RIM saw their stock prices fall significantly and remain lower than their peaks from that time. It uses Facebook's IPO as an example of the dangers of overvaluation and speculating rather than serious investing. The newsletter concludes by advising clients to keep their investment strategies simple given current economic uncertainties.
Threadneedle investments. perspectivas y visión general de los mercados en 20...Observatorio-Inverco
Sección del Observatorio Inverco con informes de mercado de las gestoras de fondos de inversión. Threadneedle Investments. Perspectivas y visión general de los mercados en 2013. Diciembre 2012.pdf
Ind ofest 2013-food-stall-holder-applicationIgun Cloth
The document is an application form for food stalls at the INDOfest Family Fun Day festival on April 14, 2013 at Rymill Park in Adelaide. Stallholders will be selected based on previous involvement, affiliation with Indonesian community associations, or new stallholders with interesting concepts. Stalls costs $550 and include supplies like tents, tables, electricity, and training. Larger stalls are available for additional fees. Applications are due February 18th and successful applicants will be notified in March.
OCHO DE CADA DIEZ GESTORAS DE FONDOS PREVÉN QUE EL PATRIMONIO GESTIONADO CONT...Observatorio-Inverco
El 82% de las Gestoras de Fondos cree que en 2016 continuará creciendo el patrimonio en Fondos de Inversión, de acuerdo con la VI Encuesta de Fondos de Inversión realizada por el Observatorio INVERCO.
El ahorro en fondos de inversión en España aumentó en 2015, con más de 25.000 millones de euros adicionales y 1,2 millones de nuevos partícipes. Madrid, Cataluña y País Vasco concentran casi el 60% del patrimonio total. Más del 40% de la población de Aragón, La Rioja y País Vasco invierte en fondos, frente a una media nacional del 16,5%.
El documento describe los planes para un taller para padres sobre el uso de Facebook por parte de los adolescentes. El taller tiene como objetivo educar a los padres sobre las precauciones al usar redes sociales y Facebook, y ayudarlos a comprender mejor los riesgos y cómo guiar a sus hijos. El taller incluirá folletos informativos, invitaciones y carteles para promoverlo. También se propone crear un grupo de Facebook para que los padres puedan compartir información y apoyarse mutuamente.
O documento lista três mulheres que são assessoras de ministros do governo brasileiro e seus respectivos cônjuges, cargos, salários e profissões. Também faz uma comparação breve entre os salários dessas assessoras e o salário mínimo pago aos brasileiros.
El documento resume la evolución de los procesadores Intel desde el Pentium hasta el Pentium 4, describiendo las principales versiones de cada uno y sus características técnicas clave como el número de transistores, velocidad de reloj, tamaño de proceso de fabricación y memoria caché.
O documento discute os perigos e vantagens da internet. Entre os perigos estão o isolamento social, conteúdo impróprio, incitação à violência. A internet também facilita a disseminação de vírus, worms e spam. Vários tipos de fraude online como phishing e pirataria também são abordados.
O documento discute o uso de tecnologias como projetores de slides, retroprojetores, aparelhos de som, televisão, data-show, computadores, livros, revistas, jornais e máquinas fotográficas em escolas. Apesar dos avanços tecnológicos, o professor e o aluno continuam sendo os recursos mais importantes para a aprendizagem.
Platón nació en el 427 a.C. en Atenas en una familia noble. Estudió con varios maestros y fue discípulo de Sócrates hasta su muerte. Tras ello, fundó la Academia de Atenas, la primera escuela de filosofía. Allí enseñó y escribió sus obras principalmente en forma de diálogos. Murió en el 374 a.C. a la edad de 81 años después de una vida dedicada a la enseñanza y el desarrollo del pensamiento filosófico.
Los musgos inhiben la erosión del suelo y promueven la retención de humedad al crecer en lugares húmedos como bosques y rocas, siendo de los primeros organismos en colonizar superficies y crear sustrato para otras plantas.
RM Inmobiliaria es una agencia inmobiliaria especializada en la venta de propiedades de lujo en la costa mediterránea, particularmente en la Costa Blanca, incluyendo villas exclusivas, áticos, chalets, casas de campo y fincas. La agencia también proporciona información de contacto y enlaces a sus redes sociales.
Este documento describe las actividades de un curso sobre arte digital dirigido a adolescentes. El curso busca conectar a los estudiantes con su historia personal a través de objetos e imágenes de su infancia utilizando herramientas digitales. Las actividades incluyen identificar objetos en canciones que evocan la infancia, fotografiar objetos personales, responder preguntas sobre recuerdos de la niñez y crear collages digitales.
El documento trata sobre el estado y la administración pública. Explica que el estado presupone la existencia del gobierno y la administración pública. También describe que la teoría general del estado es una materia interdisciplinaria que estudia conceptos como el estado a través de métodos sociológicos y políticos. Finalmente, resume que las teorías sobre el concepto del estado se pueden agrupar en teorías jurídicas y teorías que lo explican a través de los elementos que lo integran como el pueblo, el territorio y el poder.
This document provides an overview of the Forward EM Corporate Debt Fund, including its objective, benchmarks, statistics, and portfolio construction approach. It discusses the growth of the emerging market corporate debt asset class and its potential advantages over other fixed income and emerging market asset classes. The document also outlines Stone Harbor Investment Partners' philosophy and process for managing the fund, focusing on fundamental analysis, hedging, and risk management.
The document discusses how specialty finance firms have filled gaps in credit availability left by major banks since the recession. Specialty finance provides credit to consumers and small businesses through non-traditional means. It plays a critical role by extending credit to higher risk borrowers who cannot access capital through traditional banks. The document outlines different types of specialty finance like consumer loans, asset-based lending, and crowd funding that provide alternative sources of capital for borrowers and investment opportunities.
The document discusses strategies for private equity players to weather the current economic storm caused by the credit crisis. It provides the following key points:
1. The private equity industry experienced exceptional growth from 2004 to mid-2007 due to abundant liquidity and debt financing, however the credit crunch since late 2007 has significantly slowed deal activity and increased the cost of debt.
2. Recommendations for private equity players include keeping a long-term perspective despite short-term market volatility, identifying new opportunities such as smaller deals and minority investments that require less debt financing, and focusing on value creation through cost optimization and strategic changes within portfolio companies.
3. While economic downturns can challenge the industry, past crises
This document identifies 10 trends shaping the investment management industry in a world of low interest rates, high volatility, and high correlations between asset classes. The key trends are the search for yield driving demand for credit and dividend-paying stocks; the debate around whether equities can still outperform with their high volatility; the growth of risk-minimizing multi-asset strategies; the shift to passive index funds and ETFs; and declining performance of hedge funds. Understanding how investor behavior is changing in response to these trends will be important for investment managers and can provide insights into future asset prices.
The document summarizes economic concerns from a single day in May 2012. It discusses Greece potentially leaving the eurozone and going into economic collapse. It also mentions the weakening European economy, troubles in the European commercial real estate market, and issues with J.P. Morgan that were hurting market sentiment. However, the document expresses that diversification may help investors weather volatility and that the outlook is better than 2008-2009 despite some challenges still existing.
Private Equity Firms See Agriculture, Education, Renewable Energy and Services as Hottest Asian Investments for 2010 and beyond.
Private Equity (PE) leaders in Asia may differ in their growth expectations for 2010 and beyond, but they all agree that PE Investments will shift from traditionally attractive sectors such as Information Technology, Consumer and Retail, Financial Services and Real Estate. What are the fundamentals driving this trend and what strategies will PE firms pursue?
This presentation shows selected slides from a GIA white paper. To download the entire white paper that you are interested in, please visit http://bit.ly/GIAinsightWP
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This document summarizes a presentation on the current state of real estate finance markets. It notes that a massive amount of commercial mortgage debt will mature between 2009-2013 that cannot be refinanced given current market conditions, creating an unprecedented refinancing shortfall of at least $1.2 trillion. This will force significant deleveraging of U.S. real estate assets as properties struggle to refinance with lower loan-to-value ratios. Loan modifications and restructuring will likely need to be pursued more frequently to manage losses as foreclosures and defaults rise sharply during this period of debt maturities and constrained capital availability.
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La dificultad para obtener rentabilidad en los tradicionales depósitos bancarios ha hecho que el ahorrador se incline por alternativas con gestión profesional que el inversor percibe y valora, como los Fondos. Las gestoras cuentan con equipos de gestores profesionales especialistas en diferentes activos y/o mercados financieros: renta fija, renta variable, divisas…así como en la construcción eficiente de carteras combinando activos de diferente naturaleza (Asset Allocation).
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De este modo, el ahorro acumulado por los españoles en Planes de Pensiones se situó a cierre de 2016 en 70.493 millones de euros, un 3,6% más que al año anterior. Madrid, Cataluña, Andalucía y la Comunidad Valenciana concentran el 63% del ahorro en Planes de Pensiones, representando el 58% de la población, según los datos recogidos a diciembre de 2016.
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Threadneedle investments. inversión en bonos corporativos de mercados emergentes. noviembre 2012
1. November 2012
Emerging market corporate bonds – attractive opportunities in a dynamic
sector
In a world where traditional fixed income investments, such as core government bonds,
offer very low returns to investors, interest in emerging market (EM) corporate bonds has
grown rapidly, and we expect this trend to continue. A number of factors are fuelling
investor demand, including:
Zara Kazaryan The opportunity to lock in a relatively high yield and to benefit from the sector’s
Fund Manager
excellent potential for capital growth.
The increasing depth and breadth of the asset class, which is already bigger than
the EM sovereign debt sector.
The strong financial health of EM corporates – revenues are growing rapidly while
average net leverage is declining.
The accelerating growth of a dynamic and diverse asset class
EM corporate debt provides investors with the opportunity to diversify into a new, dynamic
and growing sector, which we believe remains undervalued and far less well-known than
other financial markets. With a lower profile than the separate asset class of sovereign EM
bonds, the potential of the EM corporate debt sector has been developing in the past few
years. Figures on new issuance highlight the sector’s dynamism and underline the wealth
of new opportunities that are emerging (see Figure 1 below).
Figure 1: New issuance (US$ billion) presents attractive opportunities
Source: JP Morgan. (1) 2H, 2012 EM corporate debt new issuance forecast.
Issued 11/12 | Valid to end February 2013
Page 1 of 5 For investment professional use only
2. External corporate debt new issuance by EM companies increased from US$58bn in 2008
to US$202bn in 2011; whilst US$310bn of new EM corporate issuance is forecast for
2012, with Asia and Latin America leading the way. Investment grade issuers, which
constitute around 75% of new issuance, are driving the record pace of activity seen in
2012.
The surge in companies coming to the market is further increasing the diversity of issuers
across a large range of sectors and countries. The EM corporate bond index is now larger
than the sovereign index (see Figure 2 below) and this gap is likely to widen. This is
because there is clearly a ceiling on the number of countries in the EM universe, while the
potential number of quality corporates coming to the market is vast.
Figure 2: Corporate EM bond universe overtakes sovereign bonds in size
500
450
400
350
300
250
200
150
100
50
0
Dec 01 Jun 03 Dec 04 Jun 06 Nov 07 May 09 Nov 10 May 12
CEMBI Broad EMBIG
Source: JP Morgan
Factors fuelling the growth of the asset class
A number of factors (on both the supply and demand side) are fuelling the dynamism of
the sector. Emerging economies continue to grow at a rapid pace overall and are
increasingly urbanised, while external reserves are also rising dramatically. As the
underlying economies develop, more and more corporates are reaching a position where
they can come to the market and issue public debt.
In addition, as a result of the Basel III regulations, banks are less willing and/or able to
lend to corporates. Although bank lending is still very significant, the availability of loans
has been affected and that has forced a large number of very high quality companies to
diversify their funding sources and turn to public debt markets, whether external or local
(This viewpoint is focused on hard currency EM corporate bonds as opposed to local
currency issues).
Moreover, the continuing European debt crisis, low growth rates and near-zero interest
rates in the developed world have led investors to favour emerging markets. Meanwhile,
growing interest in the corporate debt sector in the emerging world is boosting liquidity
and depth in this market. The growing number of investors attracted to the sector has had
Issued 11/12 | Valid to end February 2013
Page 2 of 5 For investment professional use only
3. a beneficial effect on yields from the borrower’s point of view - companies are able to raise
finance at lower rates than was previously the case as demand for these bonds has
increased. Large corporates prefer the greater flexibility provided by hard currency bonds
which allows them, for example, to become involved in longer-term projects with higher
capital expenditure requirements.
Superior fundamentals remain undervalued
Over the last decade, EM corporate debt has evolved from a small and risky asset class
into a sector with superior fundamentals, improving corporate governance, relatively high
liquidity and credit ratings upgrades. Today, EM corporates in debt capital markets have
significant cash cushions, healthy leverage levels and steadily growing revenues and
EBITDAs (Figure 3 and 4). However, this is yet to be fully reflected in their credit ratings
and in investor perceptions of the underlying risks/reward profiles.
Figure 3: The strong and improving health of EM corporates
3,500
3,000
(US$ million)
2,500 +50%
2,000
1,500 2Q09
1,000
500
-
4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11
Source: JP Morgan. September 2012
As Figure 4 overleaf demonstrates, leverage is much lower, on average, among EM
corporate debt issuers than their counterparts in the developed world. Yet, EM corporates
tend to have lower ratings than their developed market peers.
Moreover, while similar companies are rated differently, EM corporate debt sectors pay
higher yields than the equivalent in the developed world. These disparities create
opportunities, which investors can exploit before they are appreciated by the wider
market. We believe that these yield differentials will disappear in the short term since they
clearly do not reflect fundamentals in terms of asset quality.
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Page 3 of 5 For investment professional use only
4. Figure 4: The health of the EM corporates is yet to be reflected in the ratings and
yields
(1) Source: Fitch Ratings; S&P as at 31 July 2011 (latest available data).
(2) Source: EM HY Corp = JPM CEMBI Broad Diversified High Yield Index, EM IG Corp = JPM CEMBI Broad
Diversified Investment Grade Index, US HY Corp = Merrill Lynch US High Yield Master II Index, US IG
Corp = Merrill Lynch US Corporate Master Index, EM Sov= JPM EMBI Global Diversified Index, US Govt
= Merrill Lynch US treasury Master Index
EM corporate debt asset class outlook
Looking to the longer term, the sector should benefit from the faster growth of emerging
economies compared to their developed counterparts, and the rapidly growing number of
EM corporates that are reporting very good earnings and issuing debt to finance their
expansion. The asset class should thus benefit from a further improvement in credit
quality, further yield compression and a continuing increase in diversity.
In addition, the stability of the sector will continue to improve as more and more funds
benchmarked to the EM Corporate Bond Index are launched. Currently, a significant
proportion of investors are attracted to the asset class by its superior yield and they tend
to leave the sector when risk aversion rises. But funds benchmarked to the index continue
to invest in the index during periods of turbulence, thus providing support. Thus, as the
number of benchmarked funds rises, volatility should decline.
Indeed, the effect is already becoming apparent. Given the continuing problems in the
eurozone, the looming US fiscal cliff and the global slowdown, for example, one might
expect to see considerable volatility among EM corporate debt. However, we are actually
seeing large inflows into the sector, which is also gaining support from other positive
factors, namely: income seeking investors have few other options; and emerging
economies continue to grow as their developed counterparts languish under the weight of
hefty debt burdens.
In conclusion, investing in EM corporate bonds does entail risks, including relatively high
levels of volatility and the limited coverage of certain issuers. At the same time, the
diversity of the asset class, pricing inefficiencies and its growth potential provide
significant alpha generation opportunities for active managers. Meanwhile, the stability of
the market is improving as the number of benchmarked funds grows, and the range and
depth of the market rapidly increases. The market is already seeing large inflows and a
number of investors may decide that now is a good time to invest – before its attractions
are fully appreciated (and priced in) by the wider market.
Issued 11/12 | Valid to end February 2013
Page 4 of 5 For investment professional use only
5. Important information
For Investment Professionals use only, not to be relied upon by private pension funds. Past performance is not a guide to the future. The value of
investments and any income from them can go down as well as up. This material is for information only and does not constitute an offer or solicitation of an
order to buy or sell any securities or other financial instruments, or to provide investment advice or services. The research and analysis included in this
document has been produced by Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is
made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice. Information obtained
from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. Issued by Threadneedle Asset Management Limited.
Registered in England and Wales, No. 573204. Registered Office: 60 St Mary Axe, London EC3A 8JQ. Authorised and regulated in the UK by the Financial
Services Authority. Issued in Hong Kong by Threadneedle Portfolio Services Hong Kong Limited ("TPSHKL"). Registered Office: Unit 3004, Two Exchange
Square, 8 Connaught Place, Central, Hong Kong. Registered in Hong Kong under the Companies Ordinance (Chapter 32), No. 173058. Authorised and
regulated in Hong Kong by the Securities and Futures Commission. Please note that TPSHKL can only deal with professional pension funds in Hong Kong within
the meaning of the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are
advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document you should obtain independent professional
advice. Issued in Singapore by Threadneedle Investments Singapore (Pte) Limited, 07-07 Winsland House 1, 3 Killiney Road, Singapore 239519. Any Fund
mentioned in this document is a restricted scheme in Singapore, and is available only to residents of Singapore who are Institutional Pension funds under
Section 304 of the SFA, relevant persons pursuant to Section 305(1), or any person pursuant to Section 305(2) in accordance with the conditions of, any other
applicable provision of the SFA. Threadneedle funds are not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares are not
allowed to be offered to the retail public. This document is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the
content of prospectuses would not apply. Threadneedle Investments is a brand name and both the Threadneedle Investments name and logo are trademarks or
registered trademarks of the Threadneedle group of companies.
This material includes forward looking statements, including projections of future economic and financial conditions. None of Threadneedle, its directors, officers
or employees make any representation, warranty, guaranty, or other assurance that any of these forward looking statements will prove to be accurate.
Issued in the US by Threadneedle International Limited (“TINTL”), a U.K.-based investment management firm provides financial services to individual and
institutional pension funds. TINTL is registered as an investment adviser with the U.S. Securities and Exchange Commission and is authorised and regulated in
the conduct of its investment business in the UK by the UK Financial Services Authority.
Issued 11/12 | Valid to end February 2013
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