Soros solidified his status in the Investing Hall of Fame in 1992 in the trade that gave him the title “the man who broke the Bank of England”.
Theory of Reflexivity
George Soros has often attributed his investing success to his Theory of Reflexivity. The key idea behind the theory this that markets are constantly battling two realities; Objective Realities and Subjective realities. Markets reflect beliefs that directly affect the underlying fundamentals and fundamentals, in turn, form the basis for beliefs. This feedback loop sometimes causes prices and expectations to drastically diverge from reality.
Now at age 87 and with a net worth around $23 billion, he stands as the 19th richest person in the United States and 29th richest in the world. His philanthropic organization, the Open Society Foundations, supports democracy and human rights in more than 100 countries.
So what stocks make up George Soros’s portfolio now?
In the next section, we’ll sift through Soros Fund Management LLC’s latest Form 13F filing to get a peek at the stocks they find most interesting in the current market conditions.
EFG Bank provides hedge fund services. The document discusses the history and evolution of hedge funds beginning with Alfred Jones creating the first modern hedge fund in 1949 which utilized leverage and short selling. It describes how the industry grew in the 1960s after an influential article. Today's major hedge fund strategies discussed include equity long/short, macro, and managed futures (CTA). Performance and characteristics of each strategy are summarized.
Fisher black and the revolutionary idea of financeFuturum2
This document provides a summary of and commentary on several books related to finance and economics, linking them to Fisher Black's Capital Asset Pricing Model (CAPM). It discusses how Fisher Black was introduced to CAPM and how it became his primary focus. It then summarizes key points and relationships between the books, including how they relate to CAPM concepts like risk and equilibrium. One critique is that the book on Fisher Black barely mentions Markowitz, who was influential in the development of CAPM along with Tobin. Overall, the document analyzes how several books connect to CAPM and Fisher Black's work developing this influential idea.
FNEX - Alternatives & Private Investments on the Rise...CAR FOR YOU
Does your portfolio have adequate diversification? The five-year bull market in equities has been breathtaking, with the Dow Jones Industrial Average gaining more than 150% since the Great Recession. So, it’s easy to forget that in the last 15 years investors in stocks have suffered two major
setbacks: a decline of 38% after the Internet Bubble collapsed in 2001, and an even bigger crash of 54% following the start of the Financial Crisis in 2008. With
the DJIA again at record highs, is the time nearing for another major correction?
Concepts that inform a market-based investment approach, grouped in four categories: Market Equilibrium, Diversification, Dimensions of Returns, and Investor Discipline.
This document discusses various investment strategies including asset allocation, market timing, and buy and hold approaches. It notes that diversification works well until major market downturns, when most asset classes tend to decline together. The document then discusses how options strategies can be used to generate income, hedge risk, diversify a portfolio, and lock in profits. It provides examples of how put options, covered calls, and selling cash-secured puts work. The document concludes by outlining the two-basket approach used by SMARToption - Basket I invests in equities hedged with long-term put options, while Basket II independently generates income by selling short-term puts and calls. Historical performance data is presented showing how SMART
Country X has a comparative advantage in food production while Country Y has a comparative advantage in textile production. If Country X shifts resources to focus on food and Country Y shifts to focus on textiles, total production will increase for both goods. Through free trade where Country X exports food for Country Y's textiles, both countries can increase their consumption beyond what is possible through domestic production alone.
Common stock represents partial ownership in a corporation. There are two main types: common stock which usually entitles the owner to vote, and preferred stock which generally does not have voting rights but has a higher claim on assets and earnings. Common stock owners are also known as shareholders or equity owners. A board of directors is elected to establish policies and make decisions on major company issues. Companies may pay dividends to shareholders from a portion of earnings.
If you have watched the stock market for long period of time, you realize that it can be very unpredictable. One day bubbles flourish, things could get any better and then the next day it seem like the sky is falling.
EFG Bank provides hedge fund services. The document discusses the history and evolution of hedge funds beginning with Alfred Jones creating the first modern hedge fund in 1949 which utilized leverage and short selling. It describes how the industry grew in the 1960s after an influential article. Today's major hedge fund strategies discussed include equity long/short, macro, and managed futures (CTA). Performance and characteristics of each strategy are summarized.
Fisher black and the revolutionary idea of financeFuturum2
This document provides a summary of and commentary on several books related to finance and economics, linking them to Fisher Black's Capital Asset Pricing Model (CAPM). It discusses how Fisher Black was introduced to CAPM and how it became his primary focus. It then summarizes key points and relationships between the books, including how they relate to CAPM concepts like risk and equilibrium. One critique is that the book on Fisher Black barely mentions Markowitz, who was influential in the development of CAPM along with Tobin. Overall, the document analyzes how several books connect to CAPM and Fisher Black's work developing this influential idea.
FNEX - Alternatives & Private Investments on the Rise...CAR FOR YOU
Does your portfolio have adequate diversification? The five-year bull market in equities has been breathtaking, with the Dow Jones Industrial Average gaining more than 150% since the Great Recession. So, it’s easy to forget that in the last 15 years investors in stocks have suffered two major
setbacks: a decline of 38% after the Internet Bubble collapsed in 2001, and an even bigger crash of 54% following the start of the Financial Crisis in 2008. With
the DJIA again at record highs, is the time nearing for another major correction?
Concepts that inform a market-based investment approach, grouped in four categories: Market Equilibrium, Diversification, Dimensions of Returns, and Investor Discipline.
This document discusses various investment strategies including asset allocation, market timing, and buy and hold approaches. It notes that diversification works well until major market downturns, when most asset classes tend to decline together. The document then discusses how options strategies can be used to generate income, hedge risk, diversify a portfolio, and lock in profits. It provides examples of how put options, covered calls, and selling cash-secured puts work. The document concludes by outlining the two-basket approach used by SMARToption - Basket I invests in equities hedged with long-term put options, while Basket II independently generates income by selling short-term puts and calls. Historical performance data is presented showing how SMART
Country X has a comparative advantage in food production while Country Y has a comparative advantage in textile production. If Country X shifts resources to focus on food and Country Y shifts to focus on textiles, total production will increase for both goods. Through free trade where Country X exports food for Country Y's textiles, both countries can increase their consumption beyond what is possible through domestic production alone.
Common stock represents partial ownership in a corporation. There are two main types: common stock which usually entitles the owner to vote, and preferred stock which generally does not have voting rights but has a higher claim on assets and earnings. Common stock owners are also known as shareholders or equity owners. A board of directors is elected to establish policies and make decisions on major company issues. Companies may pay dividends to shareholders from a portion of earnings.
If you have watched the stock market for long period of time, you realize that it can be very unpredictable. One day bubbles flourish, things could get any better and then the next day it seem like the sky is falling.
This document discusses short selling versus naked short selling. It defines short selling as borrowing shares to sell with the expectation that the price will fall so they can be bought back at a lower price. Naked short selling is defined as illegal because it involves selling shares that are not actually owned. The document also examines the uptick rule versus mark-to-market accounting and which may be more effective during a financial crisis. It provides background on hedge funds and how some engaged in market manipulation through naked short selling, which some argue contributed to the troubles of firms like Bear Stearns and Lehman Brothers.
The document discusses derivatives, including their growth and types. It provides examples of how derivatives like futures, forwards, options, and swaps work and how they can be used for hedging and speculation. The key types of derivatives are over-the-counter derivatives, which are privately negotiated between two parties, and exchange-traded derivatives, which are traded on organized exchanges.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing how they work and their history in India. It also discusses different types of mutual funds and how they are classified. The objectives of the study discussed are to analyze the performance and returns of mutual funds and their correlation with stock market indices. Data on various mutual funds and market performance from 2009-2012 is collected for analysis.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing them as investment vehicles that pool money from investors to purchase a variety of securities. The document then discusses the objectives of the study, which are to analyze returns from investing in stock markets and examine how well mutual fund schemes attract investor confidence. It also describes the methodology used, including collecting performance data on mutual funds and market indices from 2009-2012 and analyzing two mutual funds and two index funds.
1) Derivatives are financial instruments whose value is derived from an underlying asset such as a commodity, currency, bond or stock. They allow for the transfer of risk from those who wish to avoid it to those who are willing to accept it.
2) Common types of derivatives include forwards, futures, options and swaps. Forwards involve a customized contract between two parties to buy or sell an asset at a future date. Futures are similar to forwards but are exchange-traded and standardized.
3) Derivatives allow businesses and individuals to hedge against risk, providing protection from adverse price movements. They also enable speculation by those seeking profit from price changes in the underlying asset.
Mutual funds pool money from individual investors to purchase securities like stocks and bonds. They provide benefits like diversification and lower costs than individual investors can obtain. The mutual fund industry has grown dramatically in recent decades as more households invest in mutual funds for retirement. However, the industry has also faced scandals involving late trading, market timing, and other conflicts of interest between fund managers and investors.
An Intro to the Financial Services IndustryEric Tachibana
The Financial Service Industry is one of the most attractive industries to target if you are a consultant. However, when selling into, or delivering for, Financial Services Institutions (FSIs), it is useful to have some understanding of how FSI business models work, and the unique requirements that drive their IT strategies.This deck is a living document that hopes to act as a primer for consultants who need to support FSI clients, but who may not have prior experience in the sector.
The bond market facilitates the issuance and trading of debt securities between savers and organizations requiring capital. It includes government and corporate bonds. The international bond market allows entities to raise funds outside their domestic market, issuing bonds in foreign currencies. Eurobonds are a type of international bond issued in currencies other than the issuer's domestic currency, giving flexibility in choice of market. They are issued by international syndicates and have small denominations and high liquidity.
This document discusses Warren Buffett's investment style, which focuses on risk diversification through concentrated positions in high-quality companies, in contrast to traditional portfolio theory advocating extensive diversification. While Buffett's style lacks diversification, his portfolio has consistently outperformed market indexes over 40 years due to focusing on business fundamentals and holding periods of years. The document aims to analyze Buffett's style in the context of modern portfolio theory advocating diversification.
The document provides an overview of covering financial markets for journalists. It discusses how to summarize stock market activity in 3 sentences or less, focusing on key metrics like largest gains/losses and price comparisons. It also reviews bonds, mutual funds, hedge funds, and other financial concepts, providing questions for self-review.
This tutorial from Chris Roush is a crash course in financial markets. Roush, the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill, will teach you:
* How to cover stocks and what to look for as news.
* The importance of bond coverage to business coverage.
* Why commodities and futures coverage is increasing.
The document provides an overview of financial markets and how they function. It discusses that financial markets bring together surplus and deficit economic units for their mutual benefit by facilitating the exchange of securities. It describes the roles of financial intermediaries like investment bankers, brokers, and dealers in facilitating transactions in primary and secondary markets for short-term money market securities and long-term capital market securities. The document also outlines some key concepts around securities, financial intermediaries, and the different financial markets.
This document summarizes the impact of major stock market scams in India, including causes, effects, and regulations made in response. It discusses several major scams such as the Harshad Mehta scam of 1992, the Ketan Parekh scam of 2000-2001, and the Satyam scam of 2009. These scams eroded investor trust and had significant negative effects on stock prices. In response, regulations were implemented to improve disclosure requirements, increase oversight of company boards, and monitor investment patterns to prevent undue market manipulation. Suggestions are provided to strengthen financial institutions, increase transparency, and curb future scams.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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This document discusses short selling versus naked short selling. It defines short selling as borrowing shares to sell with the expectation that the price will fall so they can be bought back at a lower price. Naked short selling is defined as illegal because it involves selling shares that are not actually owned. The document also examines the uptick rule versus mark-to-market accounting and which may be more effective during a financial crisis. It provides background on hedge funds and how some engaged in market manipulation through naked short selling, which some argue contributed to the troubles of firms like Bear Stearns and Lehman Brothers.
The document discusses derivatives, including their growth and types. It provides examples of how derivatives like futures, forwards, options, and swaps work and how they can be used for hedging and speculation. The key types of derivatives are over-the-counter derivatives, which are privately negotiated between two parties, and exchange-traded derivatives, which are traded on organized exchanges.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing how they work and their history in India. It also discusses different types of mutual funds and how they are classified. The objectives of the study discussed are to analyze the performance and returns of mutual funds and their correlation with stock market indices. Data on various mutual funds and market performance from 2009-2012 is collected for analysis.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing them as investment vehicles that pool money from investors to purchase a variety of securities. The document then discusses the objectives of the study, which are to analyze returns from investing in stock markets and examine how well mutual fund schemes attract investor confidence. It also describes the methodology used, including collecting performance data on mutual funds and market indices from 2009-2012 and analyzing two mutual funds and two index funds.
1) Derivatives are financial instruments whose value is derived from an underlying asset such as a commodity, currency, bond or stock. They allow for the transfer of risk from those who wish to avoid it to those who are willing to accept it.
2) Common types of derivatives include forwards, futures, options and swaps. Forwards involve a customized contract between two parties to buy or sell an asset at a future date. Futures are similar to forwards but are exchange-traded and standardized.
3) Derivatives allow businesses and individuals to hedge against risk, providing protection from adverse price movements. They also enable speculation by those seeking profit from price changes in the underlying asset.
Mutual funds pool money from individual investors to purchase securities like stocks and bonds. They provide benefits like diversification and lower costs than individual investors can obtain. The mutual fund industry has grown dramatically in recent decades as more households invest in mutual funds for retirement. However, the industry has also faced scandals involving late trading, market timing, and other conflicts of interest between fund managers and investors.
An Intro to the Financial Services IndustryEric Tachibana
The Financial Service Industry is one of the most attractive industries to target if you are a consultant. However, when selling into, or delivering for, Financial Services Institutions (FSIs), it is useful to have some understanding of how FSI business models work, and the unique requirements that drive their IT strategies.This deck is a living document that hopes to act as a primer for consultants who need to support FSI clients, but who may not have prior experience in the sector.
The bond market facilitates the issuance and trading of debt securities between savers and organizations requiring capital. It includes government and corporate bonds. The international bond market allows entities to raise funds outside their domestic market, issuing bonds in foreign currencies. Eurobonds are a type of international bond issued in currencies other than the issuer's domestic currency, giving flexibility in choice of market. They are issued by international syndicates and have small denominations and high liquidity.
This document discusses Warren Buffett's investment style, which focuses on risk diversification through concentrated positions in high-quality companies, in contrast to traditional portfolio theory advocating extensive diversification. While Buffett's style lacks diversification, his portfolio has consistently outperformed market indexes over 40 years due to focusing on business fundamentals and holding periods of years. The document aims to analyze Buffett's style in the context of modern portfolio theory advocating diversification.
The document provides an overview of covering financial markets for journalists. It discusses how to summarize stock market activity in 3 sentences or less, focusing on key metrics like largest gains/losses and price comparisons. It also reviews bonds, mutual funds, hedge funds, and other financial concepts, providing questions for self-review.
This tutorial from Chris Roush is a crash course in financial markets. Roush, the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill, will teach you:
* How to cover stocks and what to look for as news.
* The importance of bond coverage to business coverage.
* Why commodities and futures coverage is increasing.
The document provides an overview of financial markets and how they function. It discusses that financial markets bring together surplus and deficit economic units for their mutual benefit by facilitating the exchange of securities. It describes the roles of financial intermediaries like investment bankers, brokers, and dealers in facilitating transactions in primary and secondary markets for short-term money market securities and long-term capital market securities. The document also outlines some key concepts around securities, financial intermediaries, and the different financial markets.
This document summarizes the impact of major stock market scams in India, including causes, effects, and regulations made in response. It discusses several major scams such as the Harshad Mehta scam of 1992, the Ketan Parekh scam of 2000-2001, and the Satyam scam of 2009. These scams eroded investor trust and had significant negative effects on stock prices. In response, regulations were implemented to improve disclosure requirements, increase oversight of company boards, and monitor investment patterns to prevent undue market manipulation. Suggestions are provided to strengthen financial institutions, increase transparency, and curb future scams.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. 2Page
Table of contents
by Andy Pai
Founder, finbox.io
1. About George Soros
2. Overview of Holdings
3. Methodology
4. Undervalued Stocks
5. Ranking Tables
A. Appendix
3. We analyze the listed holdings with our innovative
technology and group them into useful categories
like Most Undervalued, Highest Dividend Yields,
Fastest Growing, Lowest Price / Book and more.
Here are some of the investors we track:
If you’re not using finbox.io Ideas, chances are
you’re leaving money on the table, which clearly
shouldn’t be in your investing strategy!
In this guide, you’ll learn about George Soros's
investing strategy, his top holdings, and more.
Let get started!
There’s a reason why top investors track holdings
of top institutional fund managers to get inspiration
for their portfolios - it actually works!
One of the better-kept secrets in investing is a form
called the 13F-HR that all institutional investors
who manage over $100 million in assets must
submit to the SEC. In the Form 13F, managers have
to disclose their holdings giving intelligent
observers a sneak peek into their strategy and
investments for free!
With thousands of securities trading on U.S.
exchanges alone, it’s a great way for smaller
investors to leverage the time and resources spent
by large institutional managers to guide their
investments.
To make the process simple, finbox.io does all the
heavy lifting of parsing these filings so you can
easily review the listed holdings.
But we don’t stop there.
Joel Greenblatt
Ray Dalio
… and many more
Warren Buffett
3Page
4. 1
Section 1
About George Soros
Firm Soros Fund Management
Investor George Soros
Portfolio $5,622,846,000
Filing Date Aug 14, 2017
Idea https://finbox.io/ideas/george-soros/
Bio
For those new to George Soros’s investing prowess
here’s a quick background.
Soros was born into an upper-middle-class Jewish
family in the Kingdom of Hungary. At age 13
however, his life changed forever when Nazi
Germany occupied Hungary. After various close
encounters with the tribulations of war, Soros
immigrated to England In 1947 to study at the
London School of Economics. After two decades of
stints at banks, trading and securities firms he
eventually founded Soros Fund Management in
1970 which later became the Quantum Fund.
4Page
5. Page 5
The Man Who Broke The Bank of England
Soros solidified his status in the investing Hall of Fame in 1992 in the trade that gave him the title “the
man who broke the Bank of England”.
So what was this trade and why was it so great?
In the aftermath of World War II, European nations decided that closer economic ties would prevent
devastating wars. The nations also figured, they could compete more effectively with the United States
with they worked collectively. Since constant currency fluctuations are detrimental to international
commerce, the countries agreed to fix their exchange rates with each other in an agreement known as the
European Exchange Rate Mechanism (ERM). Note, the other option would have been to create a singular
currency which they eventually opted to do with the creation of the European Union and the Euro in 1999.
“The worse a situation becomes, the less it takes to turn it around,
and the bigger the upside.”
6. Page 6
European Exchange Rate Mechanism (ERM) Falls Apart
To combat high inflation, low productivity, and uncompetitively priced exports, Britain decided to enter the
ERM in 1990, obligating the British government to keep the exchange rate within Germany Deutschmark’s
band of 2.78 DM to 3.13 DM.
At the age of 62, with decades of life and investing wisdom behind him, Soros noticed the opportunity.
Soros and team realized that British pound was wildly mispriced and started building a short position
nearing $1.5 billion. But as the saying goes, “Markets can remain irrational a lot longer than you and I can
remain solvent.” To not let this opportunity slip by, while Europe slept on September 17, 1992, Soros’s
Quantum fund turned up the heat by aggressively increasing its position to over $10 billion. By the time
European markets opened, the Bank of England knew it was in trouble. After some desperate final
attempts to salvage the situation, Britain yielded and was forced to float its currency. The pound fell 15%
versus the German Deutschmark and 25% versus the US Dollar netting Mr. Soros and company over a
billion dollars personally.
“The hardest thing to judge is what level of risk is safe.”
7. Page 7
The Theory of Reflexivity
George Soros has often attributed his investing success
to his Theory of Reflexivity. The key idea behind the theory
this that markets are constantly battling two realities;
Objective Realities and Subjective realities. Markets
reflect beliefs that directly affect the underlying
fundamentals and fundamentals in turn form the basis for
beliefs. This feedback loop sometimes causes prices and
expectations to drastically diverge from reality.
The Open Society Foundation posted a series of lectures
on his theory and its applications in the financial markets
as well as public policy driven philanthropist. You can find
the videos starting here.
“Markets are constantly in a state of uncertainty and flux and money
is made by discounting the obvious and betting on the unexpected.”
George Soros Lecture Series:
General Theory of Reflexivity
8. Page 8
Now at age 87 and with a net worth around $23 billion, he’s stands as the 19th richest person in the
United States and 29th richest in the world. His philanthropic organization, the Open Society Foundations,
supports democracy and human rights in more than 100 countries.
So what stocks make up George Soros’s portfolio now?
In the next section, we’ll sift through Soros Fund Management LLC’s latest Form 13F filing to get a peek at
the stocks they find most interesting in the current market conditions.
9. Page 9
2
Section 2
Overview of Holdings
Holdings ($mil)* $4,447,816,000
QoQ Value Change +24.7%
QoQ Turnover 48.7%
Holdings Count 175
Period End June 30, 2017
Stock Portfolio Summary
Latest SEC Filing
Largest stock holdings as of the most recent Form 13F filing.
Ticker Name Holding ($mil) % Total
QQQ POWERSHARES NASDAQ 100 INDEX 1,007.5 22.7%
LBRDK LIBERTY BROADBAND CORP 671.8 15.1%
SPY SPDR S&P 500 ETF TR 477.3 10.7%
IWM ISHARES RUSSELL 2000 INDEX 356.8 8.0%
AABA ALTABA INC 138.7 3.1%
CACQ CAESARS ACQUISITION CO 108.7 2.4%
TIVO TIVO CORP 91.5 2.1%
FB FACEBOOK INC 72.0 1.6%
CHDN CHURCHILL DOWNS INC 71.0 1.6%
EQT EQT CORP 66.8 1.5%
TWX TIME WARNER INC 60.0 1.3%
MDLZ MONDELEZ INTL INC 58.4 1.3%
MMYT MAKEMYTRIP LIMITED MAURITIUS 49.3 1.1%
WMB WILLIAMS COS INC DEL 47.3 1.1%
* Excludes holdings in bonds and delisted or
acquired companies reported in the latest 13F filing.
10. Page 10
3
Section 3
Methodology
What does it mean to be undervalued?
The Margin of Safety is a key investing principle that suggests an investor should purchase assets below
the intrinsic or “fair” value. Fair value is the value of a stock based the tangible and intangible factors
that contribute to its ability to create value. Put simply, fair value is a stock’s real value. Fair value may or
may not be similar to the current value reflected by the market.
Benjamin Graham, who’s considered the father of value fundamental investing, described the margin of
safety as the difference between a stock price and its fair value.
Fair Value > Current Price = Undervalued
11. Page 11
Margin of Safety & Upside
Discrepancies between the fair value and
the current market value create
opportunities for investors to purchase
assets that can provide excess returns.
When an asset can be purchased below
fair value, the difference provides a
cushion for errors in the assumptions
underlying an investor’s estimate. The
greater the difference, the greater the
room for error. Since determining fair
value is subjective and prone to biases
and errors, this cushion also reduces the
downside risk on investment.
For brevity, finbox.io refers to the margin
of safety as "Upside, " but the
calculations are equivalent.
Fair Value - Current Stock Price
( )Current Stock Price
Upside Formula
Upside is also known as “Margin of Safety”
- 1
“The three most important words in
investing…Margin of Safety”
Warren Buffett
CEO, Berkshire Hathaway
+$75 Billion Net Worth
12. Page 12
About finbox.io Fair Value
finbox.io Fair Value is our proprietary
estimate of intrinsic value. Fair value
estimates are calculated from applying
dozens of valuation and risk models to
the subject company. These models
take into account factors such as
credit risk, expected future cash flows,
current valuation multiples, valuations
of peers and more.
The forecasts used in the models are
based on estimates of professional
analysts when available. Any gaps in
estimates are filled with finbox.io’s
algorithmic extrapolations.
finbox.io uses its technology and infrastructure to update
over 100K valuation and risk models every 12 hours to
estimate “fair value” for supported stocks.
For transparency, we make all models used to derive
finbox.io’s fair value estimate available for to you to review,
edit, and download on the finbox.io website. Learn more.
13. Page 13
4
Section 4
Undervalued Stocks
How we calculate undervalued rankings
We use a “Blended Upside” in this analysis to rank securities in Soros’s portfolio to see which stocks are
most undervalued. The Blended Upside for a holding is calculated by averaging the fair value estimated
using finbox.io's valuation models (finbox.io upside) and price targets set any professional analysts and
banks (analyst upside).
finbox.io Upside + Analyst Upside
( )2
Blended Upside Formula
15. Page 15
5
Section 5
Ranking Tables
Ranked by Key Dimensions
In this section, we rank or compare holdings in
Soros’s portfolio based on popular fundamental
and technical investment metrics.
The ranks are based on fundamental and market
data available as of September 15, 2017. On the
finbox.io website, you can view live updates to
metrics and data discussed in these rankings.
You can also create you own rank dimensions
with our spreadsheet integrations!
finbox.io/ideas/george-soros
1. Stocks He's Buying
2. Stocks He's Selling
3. Highest Dividend Yields
4. Fastest Growing
5. Lowest Price / EPS Ratio
6. Lowest Price / Book Ratio
7. Best Piotroski Scores
8. Lowest Beta
9. Bullish Analyst Targets
10. Largest Market Caps
11. Top 1 Month Gainers
12. Recent Price Pullbacks
16. Page 16
1 Stocks He's Buying
This ranking table lists the largest additions
in Soros Fund Management’s portfolio
holdings. We compare the last two filings to
determine the largest new investments and
additions to previous positions.
Ticker Name Buys ($mil) Action
QQQ POWERSHARES NASDAQ 100
INDEX
1,007.5 New
SPY SPDR S&P 500 ETF TR 152.2 Added
AABA ALTABA INC 138.7 New
EQT EQT CORP 66.8 New
MGM MGM RESORTS INTERNATIONAL 42.2 New
VIAV VIAVI SOLUTIONS INC 34.7 Added
PAGP PLAINS GP HLDGS L P 34.0 New
View Soros Idea
17. Page 17
2 Stocks He's Selling
This ranking table lists the largest reductions
in Soros Fund Management’s portfolio
holdings. We compare the last two filings to
determine the largest exited investments and
reductions in previous positions.
Ticker Name Sells ($mil) Action
IWM ISHARES RUSSELL 2000 INDEX 114.3 Reduced
AGRO ADECOAGRO S A 102.2 Exit
HPE HEWLETT PACKARD ENTERPRISE
C
75.9 Exit
LRCX LAM RESEARCH CORP 58.7 Reduced
SYMC SYMANTEC CORP 36.8 Exit
WMB WILLIAMS COS INC DEL 35.0 Reduced
CJ C&J ENERGY SVCS INC NEW 34.1 Exit
View Soros Idea
18. Page 18
3 Highest Dividend Yields
This ranking table lists the stocks with the
best dividend yields in Soros Fund
Management’s portfolio.
Dividend stocks usually make cash
payments to stockholders on a quarterly
basis. Investing in dividend stocks can be a
way to earn passive income, improve returns
in bear markets and hedge against inflation.
Dividend per Share
( )Stock Price
Dividend Yield
View in Data Explorer
Ticker Name Dividend Yield Held ($ mil)
PAGP PLAINS GP HLDGS L P 10.1% 34.1
DIN DINEEQUITY INC 8.9% 0.5
CNSL CONSOLIDATED COMM HLDGS
INC
7.7% 1.0
TRGP TARGA RES CORP 7.7% 14.5
TEVA TEVA PHARMACEUTICAL INDS
LTD
5.8% 19.9
ANF ABERCROMBIE & FITCH CO 5.5% 0.2
GES GUESS INC 5.2% 0.3
19. Page 19
4 Fastest Growing
This ranking table lists the stocks with the
fastest growing in Soros Fund
Management’s portfolio. Stocks are ranked
on the basis of last twelve months (LTM or
TTM) revenue growth.
Revenue - Revenue
( )Revenue
Revenue Growth
-1
LTM LTM -1
LTM -1
View in Data Explorer
Ticker Name Rev Growth Held ($ mil)
ICPT INTERCEPT PHARMACEUTICALS
IN
934.3% 0.2
IONS IONIS PHARMACEUTICALS INC 175.9% 0.5
ALNY ALNYLAM PHARMACEUTICALS
INC
120.5% 0.6
NOMD NOMAD FOODS LTD 86.4% 30.5
COTY COTY INC 75.9% 2.5
DOC PHYSICIANS RLTY TR 72.0% 3.0
REXX REX ENERGY CORPORATION 71.7% 0.0
20. Page 20
5 Lowest Price / EPS Ratio
This ranking table lists the stocks with the
lowest Price to Earnings per Share (P/E
Ratios) in Soros Fund Management’s
portfolio.
Stocks are ranked on the basis of LTM EPS.
Stocks with negative EPS are excluded from
the rankings.
Stock Price
( )EPS
P/E Ratio
LTM
View in Data Explorer
Ticker Name P/E Ratio Held ($ mil)
I INTELSAT S A 0.7x 0.1
CRC CALIFORNIA RES CORP 0.9x 6.7
LVNTA LIBERTY INTERACTIVE CORP 3.4x 5.2
CACQ CAESARS ACQUISITION CO 5.0x 108.7
BBBY BED BATH & BEYOND INC 5.3x 0.5
FL FOOT LOCKER INC 7.0x 0.3
HA HAWAIIAN HOLDINGS INC 9.1x 0.2
21. Page 21
6 Lowest Price / Book Ratio
This ranking table lists the stocks with the
lowest Price to Book Value (P/B Ratios) in
Soros Fund Management’s portfolio.
Stocks are ranked using the shareholders’
equity or book value per share at the latest
quarter end. Stocks with negative book
values are excluded from the rankings.
Stock Price
( )Equity per Share
P/B Ratio
FQ
View in Data Explorer
Ticker Name Price / Book Held ($ mil)
GNK GENCO SHIPPING & TRADING LTD 0.4x 0.7
AOI ALLIANCE ONE INTL INC 0.6x 0.5
LVNTA LIBERTY INTERACTIVE CORP 0.7x 5.2
TEVA TEVA PHARMACEUTICAL INDS
LTD
0.7x 19.9
NEWS NEWSTAR FINANCIAL INC 0.8x 11.6
EXPR EXPRESS INC 0.8x 0.2
ANF ABERCROMBIE & FITCH CO 0.8x 0.2
22. Page 22
7 Best Piotroski Scores
This ranking table lists holdings with the
highest Piotroski Scores.
Piotroski Score
View in Data Explorer
✓ Change in Debt / Total Assets < 0
✓ Change in Current Ratio > 0
✓ Return on Assets > 0
✓ Operating Cash Flow > 0
✓ Change in Return on Assets > 0
✓ Operating Cash Flow > Net Income
✓ Change in Gross Margin > 0
✓ Change in Asset Turnover > 0
✓ Change in Diluted Shares Outstanding < 0
Ticker Name Piotroski
Score
Held ($ mil)
BCR BARD C R INC 9 14.5
STMP STAMPS COM INC 9 0.2
FB FACEBOOK INC 8 72.0
CHDN CHURCHILL DOWNS INC 8 71.0
EPC EDGEWELL PERS CARE CO 8 35.2
NOMD NOMAD FOODS LTD 8 30.5
LRCX LAM RESEARCH CORP 8 20.6
23. Page 23
8 Lowest Beta
( )
Beta
View in Data Explorer
This ranking table lists the stocks with the
lowest Beta in Soros Fund Management’s
portfolio.
Stocks with low beta have lower correlation
with the performance of the applicable
market benchmark.
Cov(r , r )stock benchmark
Var(r )stock
r = return
Cov = covariance
Var = variance
Ticker Name Beta Held ($ mil)
VRX VALEANT PHARMACEUTICALS
INTL
-1.1 28.5
CAB CABELAS INC -0.77 1.1
TIVO TIVO CORP -0.69 91.5
EAT BRINKER INTL INC -0.43 0.4
ENDP ENDO INTL PLC -0.3 2.8
SAVE SPIRIT AIRLS INC -0.23 0.5
AGYS AGILYSYS INC -0.12 1.3
24. Page 24
9 Bullish Analyst Targets
This ranking table lists the stocks in Soros’s
portfolio with the highest upside based on
analyst price target.
Target Upside Formula
Price Target - Stock Price
( )Stock Price
- 1
View in Data Explorer
Ticker Name Upside
(Analyst
Held ($ mil)
ICPT INTERCEPT PHARMACEUTICALS
IN
110.2% 0.2
INVE IDENTIV INC 76.3% 1.4
SREV SERVICESOURCE INTL INC 69.9% 3.9
QTM QUANTUM CORP 68.2% 5.4
TEVA TEVA PHARMACEUTICAL INDS
LTD
48.1% 19.9
AIRG AIRGAIN INC 43.9% 3.0
CALX CALIX INC 40.2% 2.5
25. Page 25
10 Largest Market Caps
This ranking table lists the stocks in Soros’s
portfolio with the largest market
capitalizations.
Market capitalization is a commonly used
proxy for company size, scale, and future
growth potential.
Stock Price * Shares Outstanding
Market Capitalization
View in Data Explorer
Ticker Name Market Cap Held ($ mil)
AAPL APPLE INC 794 B 0.2
MSFT MICROSOFT CORP 577 B 0.3
FB FACEBOOK INC 496 B 72.0
AMZN AMAZON COM INC 462 B 7.3
BABA ALIBABA GROUP HLDG LTD 442 B 27.1
WMT WAL-MART STORES INC 235 B 0.3
VZ VERIZON COMMUNICATIONS INC 202 B 0.3
26. Page 26
11 Top 1 Month Gainers
This ranking table lists the stocks in Soros’s
portfolio with the biggest stock price gains in
the last 30 days.
These stocks may have the momentum and
credibility behind them to keep going.
Revenue - Revenue
( )Revenue
Revenue Growth
-1
LTM LTM -1
LTM -1
View in Data Explorer
Ticker Name Price 1-mo
Ago
Current Price % Chg 1-mo
EXA EXA CORP 14.12 24.23 71.6%
I INTELSAT S A 3.92 6.50 65.8%
ALNY ALNYLAM
PHARMACEUTICALS
INC
88.91 120.46 35.5%
CRC CALIFORNIA RES CORP 7.74 10.44 34.9%
ABEO ABEONA
THERAPEUTICS INC
13.80 17.45 26.4%
FINL FINISH LINE INC 8.89 11.10 24.9%
OA ORBITAL ATK INC 110.86 134.02 20.9%
27. Page 27
12 Recent Price Pullbacks
This ranking table lists the stocks in Soros’s
portfolio with the biggest stock price drops
in the last 30 days.
These stocks may be unpopular at the
moment and trading at cheap valuations.
Revenue - Revenue
( )Revenue
Revenue Growth
-1
LTM LTM -1
LTM -1
View in Data Explorer
Ticker Name Price 1-mo
Ago
Current Price % Chg 1-mo
ICPT INTERCEPT
PHARMACEUTICALS IN
118.75 68.10 -42.7%
MMYT MAKEMYTRIP LIMITED
MAURITIUS
35.25 27.85 -21.0%
BBBY BED BATH & BEYOND
INC
27.70 23.25 -16.1%
GNK GENCO SHIPPING &
TRADING LTD
14.00 11.80 -15.7%
AIRG AIRGAIN INC 11.08 9.38 -15.3%
ATHN ATHENAHEALTH INC 141.12 120.35 -14.7%
DDS DILLARDS INC 60.25 53.26 -11.6%
29. Page 29
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
QQQ POWERSHARES NASDAQ 100 INDEX ETF 1,007.5 22.7%
LBRDK LIBERTY BROADBAND CORP Consumer Discretionary 671.8 15.1%
SPY SPDR S&P 500 ETF TR ETF 477.3 10.7%
IWM ISHARES RUSSELL 2000 INDEX ETF 356.8 8.0%
AABA ALTABA INC Information Technology 138.7 3.1%
CACQ CAESARS ACQUISITION CO Consumer Discretionary 108.7 2.4%
TIVO TIVO CORP Information Technology 91.5 2.1%
FB FACEBOOK INC Information Technology 72.0 1.6%
CHDN CHURCHILL DOWNS INC Consumer Discretionary 71.0 1.6%
EQT EQT CORP Energy 66.8 1.5%
TWX TIME WARNER INC Consumer Discretionary 60.0 1.3%
30. Page 30
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MDLZ MONDELEZ INTL INC Consumer Staples 58.4 1.3%
MMYT MAKEMYTRIP LIMITED MAURITIUS Consumer Discretionary 49.3 1.1%
WMB WILLIAMS COS INC DEL Energy 47.3 1.1%
ZTS ZOETIS INC Healthcare 43.8 1.0%
MGM MGM RESORTS INTERNATIONAL Consumer Discretionary 42.2 0.9%
KHC KRAFT HEINZ CO Consumer Staples 39.5 0.9%
NXPI NXP SEMICONDUCTORS N V Information Technology 39.3 0.9%
VIAV VIAVI SOLUTIONS INC Information Technology 38.6 0.9%
PYPL PAYPAL HLDGS INC Information Technology 38.0 0.9%
CZR CAESARS ENTMT CORP Consumer Discretionary 35.5 0.8%
EPC EDGEWELL PERS CARE CO Consumer Staples 35.2 0.8%
31. Page 31
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MODN MODEL N INC Information Technology 34.7 0.8%
CNDT CONDUENT INC NA 34.1 0.8%
PAGP PLAINS GP HLDGS L P Energy 34.1 0.8%
NOMD NOMAD FOODS LTD Consumer Staples 30.5 0.7%
ATGE ADTALEM GLOBAL ED INC Consumer Discretionary 29.8 0.7%
VRX VALEANT PHARMACEUTICALS INTL Healthcare 28.5 0.6%
SNAP SNAP INC Information Technology 27.5 0.6%
BABA ALIBABA GROUP HLDG LTD Information Technology 27.1 0.6%
SIGM SIGMA DESIGNS INC Information Technology 26.9 0.6%
ALLT ALLOT COMMUNICATIONS LTD Information Technology 26.6 0.6%
KEG KEY ENERGY SVCS INC DEL Materials 24.0 0.5%
32. Page 32
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
ATUS ALTICE USA INC NA 22.6 0.5%
LRCX LAM RESEARCH CORP Information Technology 20.6 0.5%
GIS GENERAL MLS INC Consumer Staples 20.2 0.5%
EXA EXA CORP Information Technology 19.9 0.4%
TEVA TEVA PHARMACEUTICAL INDS LTD Healthcare 19.9 0.4%
TMUS T MOBILE US INC
Telecommunication
Services
19.4 0.4%
K KELLOGG CO Consumer Staples 18.9 0.4%
INXN INTERXION HOLDING N.V Information Technology 16.5 0.4%
TTWO TAKE-TWO INTERACTIVE SOFTWAR Information Technology 15.5 0.3%
SBAC SBA COMMUNICATIONS CORP NEW Real Estate 14.8 0.3%
MON MONSANTO CO NEW Materials 14.8 0.3%
33. Page 33
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
BCR BARD C R INC Healthcare 14.5 0.3%
TRGP TARGA RES CORP Energy 14.5 0.3%
LW LAMB WESTON HLDGS INC Consumer Staples 14.0 0.3%
CARS CARS COM INC NA 12.9 0.3%
NEP NEXTERA ENERGY PARTNERS LP Utilities 12.8 0.3%
TRIP TRIPADVISOR INC Consumer Discretionary 11.7 0.3%
NEWS NEWSTAR FINANCIAL INC Financials 11.6 0.3%
BDXA BECTON DICKINSON & CO NA 11.0 0.2%
CL COLGATE PALMOLIVE CO Consumer Staples 10.4 0.2%
EMB ISHARES JPM EMER MKT BND FD NA 9.9 0.2%
COMM COMMSCOPE HLDG CO INC Information Technology 9.5 0.2%
34. Page 34
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
CCI CROWN CASTLE INTL CORP NEW Real Estate 9.5 0.2%
EXFO EXFO INC Information Technology 8.1 0.2%
XOP SPDR SERIES TRUST NA 7.8 0.2%
LVLT LEVEL 3 COMMUNICATIONS INC
Telecommunication
Services
7.8 0.2%
MBBYF MOBILEYE N V AMSTELVEEN NA 7.8 0.2%
XLE SELECT SECTOR SPDR TR NA 7.6 0.2%
AMZN AMAZON COM INC Consumer Discretionary 7.3 0.2%
CRC CALIFORNIA RES CORP Energy 6.7 0.1%
AMLP ALPS ETF TR NA 6.6 0.1%
CACC CREDIT ACCEP CORP MICH Financials 6.6 0.1%
BV BAZAARVOICE INC Information Technology 6.5 0.1%
35. Page 35
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
AWK AMERICAN WTR WKS CO INC NEW Utilities 6.0 0.1%
ABEO ABEONA THERAPEUTICS INC Healthcare 5.7 0.1%
QTM QUANTUM CORP Information Technology 5.4 0.1%
NOW SERVICENOW INC Information Technology 5.3 0.1%
LVNTA LIBERTY INTERACTIVE CORP Consumer Discretionary 5.2 0.1%
ATVI ACTIVISION BLIZZARD INC Information Technology 4.8 0.1%
BTU PEABODY ENERGY CORP NEW Energy 4.5 0.1%
TOL TOLL BROTHERS INC Consumer Discretionary 4.3 0.1%
RPD RAPID7 INC Information Technology 4.3 0.1%
LBTYA LIBERTY GLOBAL PLC Consumer Discretionary 4.0 0.1%
SREV SERVICESOURCE INTL INC Information Technology 3.9 0.1%
36. Page 36
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
CME CME GROUP INC Financials 3.8 0.1%
SWP STANLEY BLACK & DECKER INC NA 3.6 0.1%
DOC PHYSICIANS RLTY TR Real Estate 3.0 0.1%
AIRG AIRGAIN INC Information Technology 3.0 0.1%
ENDP ENDO INTL PLC Healthcare 2.8 0.1%
CALX CALIX INC Information Technology 2.5 0.1%
COTY COTY INC Consumer Staples 2.5 0.1%
GOOS CANADA GOOSE HOLDINGS INC NA 2.5 0.1%
SPLS STAPLES INC Consumer Discretionary 2.0 0.0%
GUID GUIDANCE SOFTWARE INC Information Technology 1.9 0.0%
DVMT DELL TECHNOLOGIES INC Information Technology 1.4 0.0%
37. Page 37
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
INVE IDENTIV INC Information Technology 1.4 0.0%
AGYS AGILYSYS INC Information Technology 1.3 0.0%
LPI LAREDO PETROLEUM INC Energy 1.3 0.0%
CAB CABELAS INC Consumer Discretionary 1.1 0.0%
CNSL CONSOLIDATED COMM HLDGS INC
Telecommunication
Services 1.0 0.0%
ABEOW ABEONA THERAPEUTICS INC NA 0.9 0.0%
GNK GENCO SHIPPING & TRADING LTD Industrials 0.7 0.0%
AMT AMERICAN TOWER CORP NEW Real Estate 0.6 0.0%
PZZA PAPA JOHNS INTL INC Consumer Discretionary 0.6 0.0%
ALNY ALNYLAM PHARMACEUTICALS INC Healthcare 0.6 0.0%
BRKR BRUKER CORP Healthcare 0.6 0.0%
38. Page 38
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
EW EDWARDS LIFESCIENCES CORP Healthcare 0.5 0.0%
IONS IONIS PHARMACEUTICALS INC Healthcare 0.5 0.0%
NATI NATIONAL INSTRS CORP Information Technology 0.5 0.0%
VAR VARIAN MED SYS INC Healthcare 0.5 0.0%
G GENPACT LIMITED Information Technology 0.5 0.0%
SAVE SPIRIT AIRLS INC Industrials 0.5 0.0%
AOI ALLIANCE ONE INTL INC Consumer Staples 0.5 0.0%
NEWR NEW RELIC INC Information Technology 0.5 0.0%
ATHN ATHENAHEALTH INC Healthcare 0.5 0.0%
OA ORBITAL ATK INC Industrials 0.5 0.0%
DIN DINEEQUITY INC Consumer Discretionary 0.5 0.0%
39. Page 39
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MSTR MICROSTRATEGY INC Information Technology 0.5 0.0%
ETSY ETSY INC Information Technology 0.5 0.0%
DDS DILLARDS INC Consumer Discretionary 0.5 0.0%
BBBY BED BATH & BEYOND INC Consumer Discretionary 0.5 0.0%
FINL FINISH LINE INC Consumer Discretionary 0.4 0.0%
HDP HORTONWORKS INC Information Technology 0.4 0.0%
TWTR TWITTER INC Information Technology 0.4 0.0%
DSPG DSP GROUP INC Information Technology 0.4 0.0%
WEN WENDYS CO Consumer Discretionary 0.4 0.0%
BWLD BUFFALO WILD WINGS INC Consumer Discretionary 0.4 0.0%
ZAYO ZAYO GROUP HLDGS INC
Telecommunication
Services
0.4 0.0%
40. Page 40
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
EAT BRINKER INTL INC Consumer Discretionary 0.4 0.0%
IAC IAC INTERACTIVECORP Information Technology 0.4 0.0%
CCOI COGENT COMMUNICATIONS HLDGS
Telecommunication
Services
0.4 0.0%
CC CHEMOURS CO Materials 0.4 0.0%
YELP YELP INC Information Technology 0.4 0.0%
GES GUESS INC Consumer Discretionary 0.3 0.0%
OZRK BANK OF THE OZARKS INC Financials 0.3 0.0%
ALK ALASKA AIR GROUP INC Industrials 0.3 0.0%
DATA TABLEAU SOFTWARE INC Information Technology 0.3 0.0%
HUBS HUBSPOT INC Information Technology 0.3 0.0%
ORLY O REILLY AUTOMOTIVE INC NEW Consumer Discretionary 0.3 0.0%
41. Page 41
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
AMCX AMC NETWORKS INC Consumer Discretionary 0.3 0.0%
CSGP COSTAR GROUP INC Information Technology 0.3 0.0%
JNPR JUNIPER NETWORKS INC Information Technology 0.3 0.0%
WBMD WEBMD HEALTH CORP Information Technology 0.3 0.0%
WMT WAL-MART STORES INC Consumer Staples 0.3 0.0%
JWN NORDSTROM INC Consumer Discretionary 0.3 0.0%
FL FOOT LOCKER INC Consumer Discretionary 0.3 0.0%
LUV SOUTHWEST AIRLS CO Industrials 0.3 0.0%
VZ VERIZON COMMUNICATIONS INC
Telecommunication
Services 0.3 0.0%
NKE NIKE INC Consumer Discretionary 0.3 0.0%
XYL XYLEM INC Industrials 0.3 0.0%
42. Page 42
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MSFT MICROSOFT CORP Information Technology 0.3 0.0%
SNI SCRIPPS NETWORKS INTERACT IN Consumer Discretionary 0.3 0.0%
MMM 3M CO Industrials 0.3 0.0%
GRPN GROUPON INC Consumer Discretionary 0.3 0.0%
HRI HERC HLDGS INC Industrials 0.3 0.0%
FTV FORTIVE CORP Industrials 0.3 0.0%
WAB WABTEC CORP Industrials 0.3 0.0%
EMR EMERSON ELEC CO Industrials 0.3 0.0%
ACN ACCENTURE PLC IRELAND Information Technology 0.3 0.0%
MAR MARRIOTT INTL INC NEW Consumer Discretionary 0.3 0.0%
AAPL APPLE INC Information Technology 0.2 0.0%
43. Page 43
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MNST MONSTER BEVERAGE CORP NEW Consumer Staples 0.2 0.0%
TECH BIO TECHNE CORP Healthcare 0.2 0.0%
AKAM AKAMAI TECHNOLOGIES INC Information Technology 0.2 0.0%
LVS LAS VEGAS SANDS CORP Consumer Discretionary 0.2 0.0%
USFD US FOODS HLDG CORP Consumer Staples 0.2 0.0%
BMRN BIOMARIN PHARMACEUTICAL INC Healthcare 0.2 0.0%
ADBE ADOBE SYS INC Information Technology 0.2 0.0%
NBIX NEUROCRINE BIOSCIENCES INC Healthcare 0.2 0.0%
KODK EASTMAN KODAK CO Information Technology 0.2 0.0%
ICPT INTERCEPT PHARMACEUTICALS IN Healthcare 0.2 0.0%
HA HAWAIIAN HOLDINGS INC Industrials 0.2 0.0%
44. Page 44
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
STMP STAMPS COM INC Information Technology 0.2 0.0%
GLUU GLU MOBILE INC Information Technology 0.2 0.0%
EXPR EXPRESS INC Consumer Discretionary 0.2 0.0%
ANF ABERCROMBIE & FITCH CO Consumer Discretionary 0.2 0.0%
AEO AMERICAN EAGLE OUTFITTERS NE Consumer Discretionary 0.1 0.0%
I INTELSAT S A
Telecommunication
Services
0.1 0.0%
FEYE FIREEYE INC Information Technology 0.1 0.0%
REXX REX ENERGY CORPORATION Energy 0.0 0.0%
KODK/WS EASTMAN KODAK CO NA 0.0 0.0%
KODK/WS/A EASTMAN KODAK CO NA 0.0 0.0%
45. Page 45
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