CTC Consulting White Paper: Introduction to private market portfolio management and cash flow characteristcs of these investments for long-term private market investors.
This document discusses investment policies and strategies for non-profit organizations. It provides examples of investment policy statements and discusses key components like objectives, asset allocation, spending policies, and performance monitoring. It emphasizes the importance of having a documented investment roadmap to protect against emotional decisions and outlines factors like market conditions and inflation that non-profits should consider for short and long-term spending goals. The document also cautions against back-tested strategies and suggests non-profits evaluate investment manager performance against both static and dynamic benchmarks.
Hilltop decorrelated fund august 2013 factsheetJohn Robertson
This document provides information on the Hilltop Decorrelated Fund, including its portfolio allocation and historical performance. The fund utilizes a multi-manager approach, investing in 10-15 hedge fund strategies across global markets that aim to deliver returns with low correlation to traditional benchmarks. In August 2013, the fund was down 0.2% with half of its 16 underlying managers positive and half negative. The document also provides details on fund terms, fees, and the investment experience and background of the fund manager.
Active managers have generally not outperformed the market in either bull or bear markets. During the 2008 financial crisis, actively managed funds underperformed the S&P 500 index by an average of 1.67% on average. Studies from 2008-2012 also found that the majority of active managers failed to outperform their benchmarks across various market categories. While markets have historically delivered positive returns, it is typically a small group of top-performing stocks that drive those returns, making it difficult for managers to consistently pick winners. Diversification can help reduce risk and volatility compared to investing only in stocks, as seen during the 1973-1976 and 2007-2011 periods where a diversified portfolio lost less than a pure stock portfolio.
The Highwater Capital Fund employs a strategy of researching and trading equities, currencies, bonds and other investments to achieve superior risk-adjusted returns. The Fund uses both macroeconomic top-down analysis and bottom-up fundamental analysis of individual investments to identify opportunities. The Fund's manager, Christopher von Dahm, has over 20 years of experience in finance and seeks investments that exhibit characteristics like strong balance sheets, profitability, and management quality. The Fund aims to balance performance with risk management techniques like position limits and diversification. Past performance includes returns of over 140% since inception but past results do not guarantee future performance.
This document provides an overview of investment fundamentals and strategies for managing wealth. It discusses diversifying investments across different asset classes like cash, bonds, property and shares to reduce risk. Regular investing and taking a long-term approach can help maximize returns. Managed funds provide diversification and professional management, while direct shares give more control but require more resources. The document aims to help readers make informed investment decisions to achieve their financial goals and lifestyle aspirations.
Hilltop decorrelated fund october 2013 factsheetJohn Robertson
The Hilltop Decorrelated Fund gained 1.2% in October. After months of offsetting winning and losing positions cancelling each other out in the first half of the year, the fund has seen a return to normality over the past 4 months with more winning than losing positions. The fund employs a multi-manager strategy investing in 12-20 underlying hedge funds pursuing decorrelated returns across asset classes like equities, fixed income, currencies and commodities. The target is an average annual return of 10-12% with low volatility and correlation to markets.
Olympic Wealth Fund, 'Javelin' Fund fact sheet class 'B' February 2015Olympic Wealth Fund
The Javelin Global Fund Fact Sheet provides performance data and details about the fund. Over the past year, Class B saw returns of 81.84% and since its launch in January 2012, returns have been 90.42%. The top three holdings are Suncor Energy Inc, Alibaba Group Holding Ltd, and Microsoft Corp, making up 39%, 33%, and 28% of the fund respectively. The fund seeks to provide capital appreciation over the medium to long term through a focus investing approach in well-run global businesses.
This document discusses investment policies and strategies for non-profit organizations. It provides examples of investment policy statements and discusses key components like objectives, asset allocation, spending policies, and performance monitoring. It emphasizes the importance of having a documented investment roadmap to protect against emotional decisions and outlines factors like market conditions and inflation that non-profits should consider for short and long-term spending goals. The document also cautions against back-tested strategies and suggests non-profits evaluate investment manager performance against both static and dynamic benchmarks.
Hilltop decorrelated fund august 2013 factsheetJohn Robertson
This document provides information on the Hilltop Decorrelated Fund, including its portfolio allocation and historical performance. The fund utilizes a multi-manager approach, investing in 10-15 hedge fund strategies across global markets that aim to deliver returns with low correlation to traditional benchmarks. In August 2013, the fund was down 0.2% with half of its 16 underlying managers positive and half negative. The document also provides details on fund terms, fees, and the investment experience and background of the fund manager.
Active managers have generally not outperformed the market in either bull or bear markets. During the 2008 financial crisis, actively managed funds underperformed the S&P 500 index by an average of 1.67% on average. Studies from 2008-2012 also found that the majority of active managers failed to outperform their benchmarks across various market categories. While markets have historically delivered positive returns, it is typically a small group of top-performing stocks that drive those returns, making it difficult for managers to consistently pick winners. Diversification can help reduce risk and volatility compared to investing only in stocks, as seen during the 1973-1976 and 2007-2011 periods where a diversified portfolio lost less than a pure stock portfolio.
The Highwater Capital Fund employs a strategy of researching and trading equities, currencies, bonds and other investments to achieve superior risk-adjusted returns. The Fund uses both macroeconomic top-down analysis and bottom-up fundamental analysis of individual investments to identify opportunities. The Fund's manager, Christopher von Dahm, has over 20 years of experience in finance and seeks investments that exhibit characteristics like strong balance sheets, profitability, and management quality. The Fund aims to balance performance with risk management techniques like position limits and diversification. Past performance includes returns of over 140% since inception but past results do not guarantee future performance.
This document provides an overview of investment fundamentals and strategies for managing wealth. It discusses diversifying investments across different asset classes like cash, bonds, property and shares to reduce risk. Regular investing and taking a long-term approach can help maximize returns. Managed funds provide diversification and professional management, while direct shares give more control but require more resources. The document aims to help readers make informed investment decisions to achieve their financial goals and lifestyle aspirations.
Hilltop decorrelated fund october 2013 factsheetJohn Robertson
The Hilltop Decorrelated Fund gained 1.2% in October. After months of offsetting winning and losing positions cancelling each other out in the first half of the year, the fund has seen a return to normality over the past 4 months with more winning than losing positions. The fund employs a multi-manager strategy investing in 12-20 underlying hedge funds pursuing decorrelated returns across asset classes like equities, fixed income, currencies and commodities. The target is an average annual return of 10-12% with low volatility and correlation to markets.
Olympic Wealth Fund, 'Javelin' Fund fact sheet class 'B' February 2015Olympic Wealth Fund
The Javelin Global Fund Fact Sheet provides performance data and details about the fund. Over the past year, Class B saw returns of 81.84% and since its launch in January 2012, returns have been 90.42%. The top three holdings are Suncor Energy Inc, Alibaba Group Holding Ltd, and Microsoft Corp, making up 39%, 33%, and 28% of the fund respectively. The fund seeks to provide capital appreciation over the medium to long term through a focus investing approach in well-run global businesses.
Capital budgeting refers to a firm's decision to invest funds in long-term assets that are expected to generate benefits over several years. It is important because such decisions influence long-term growth, profitability, and risk. Capital budgeting methods can be divided into non-discounted cash flow methods (such as payback period) and discounted cash flow methods (such as net present value and internal rate of return). The net present value and internal rate of return methods may provide conflicting rankings for mutually exclusive projects under certain conditions related to cash flows and project lives. The net present value method is generally preferred for decision making because it is consistent with maximizing shareholder wealth.
Advisors
10
Tudor Investment Corp
$6,000
10
Tudor Investment Corp
$18,000
10
Goldman Sachs Asset Mgmt
$25,600
11
King Street Capital Mgmt
$5,800
11
King Street Capital Mgmt
$17,000
11
D.E. Shaw Group
$25,300
12
SAC Capital Advisors
$5,500
12
SAC Capital Advisors
$15,000
12
Moore Capital Mgmt
$13,500
Invesco's philosophy guides how they manage investments, provide choices, and connect with clients. They search globally for investment opportunities and follow disciplined processes. Their wide range of investment strategies and vehicles allows clients to create customized portfolios. They are committed to providing expert insights and high-quality support to help investors make informed decisions. Invesco has a strong legacy of investment management dating back to the 1940s, with over $779 billion in assets under management across 20 countries.
Robert Feinholz: Cracking the nest egg when accumulation becomes distributionForman Bay LLC
1) Transitioning from accumulating savings to distributing savings in retirement requires adjusting your mindset and strategies, as principles like dollar cost averaging and compounding work differently during distribution.
2) Developing an income strategy is key, such as living off interest, setting withdrawal plans, or using a cash bucket approach.
3) Transition planning requires considering the tax implications of asset locations and liquidations over several years to optimally position portfolios for income while preserving assets. Close ongoing monitoring is needed during retirement.
Income Matching Using Bonds NorCal 2011Brent Burns
This document presents an alternative investment strategy called income matching using individual bonds. It describes how this strategy can provide predictable income streams through building portfolios of individual bonds that match a client's future cash flow needs. This strategy aims to immunize clients against interest rate risk by constructing bond portfolios with specific durations tailored to the timing of a client's expected expenses. It argues that individual bonds are better suited than bond funds or annuities for delivering reliable income due to risks such as fluctuating dividends, counterparty risk, and losses during periods of rising interest rates.
- The document presents an asset allocation strategy for an investor with a 5-year time horizon.
- It discusses factors to consider like objectives, risk tolerance, and recommends an equity-heavy allocation for the investor's age and time frame.
- Various asset classes like equities, bonds, debt, and alternative investments are explained as well as guidelines for determining an appropriate mix.
Investment basics wayne lippman
Wayne Lippman has forty years of involvement in broad daylight bookkeeping incorporating a quarter century Price Waterhouse, where he served as an expense accomplice in the San Francisco and Oakland workplaces. He was already Managing Tax Partner of the Walnut Creek office of Price Waterhouse.
Wayne spends significant time in individual assessment getting ready for corporate officials and corporate duty anticipating firmly held organizations. He has huge involvement in investment opportunity arranging, exploration and trial credits and multi-state tax assessment. His industry experience incorporates the tax assessment of assembling, dispersion, development, high innovation, retail, benefit commercial enterprises, land organizations and endeavor reserves. Wayne is dynamic in expert associations and is a past administrator of the Taxation Committee of the California Society of Certified Public Accountants, East Bay Chapter. Wayne Lippman got a Bachelor of Arts degree in Economics from the University of California, Berkeley and a Master of Science degree in Taxation from Golden Gate University.
Bond immunization is an investment strategy used to minimize the impact of interest rate changes on bond portfolios. It works by adjusting the portfolio duration to match the investor's time horizon. When a portfolio is immunized, its duration equals the investor's time horizon. Maintaining an immunized portfolio requires rebalancing the average duration whenever interest rates change, to keep it equal to the investor's time horizon. This offsets losses from falling bond prices against gains from reinvesting coupon payments at higher rates.
The document discusses various ways that people invest, including putting money into stocks, bonds, and mutual funds. It outlines reasons for investing such as financial goals, income, wealth, and retirement. Key aspects of investing covered include having a budget and savings plan, establishing investment goals, understanding returns, risks, and diversification. The document provides strategies for long-term investing like asset allocation, dollar cost averaging, and following golden rules of fundamentals.
- The document discusses new approaches to investment management that focus on risk awareness and absolute returns rather than benchmark returns. It summarizes recent volatility in traditional asset classes and the growth of absolute return funds in response. Absolute return funds aim to provide positive returns regardless of market conditions through diversification of investment strategies and philosophies rather than just asset types. The document argues for looking beyond traditional indexes to find investment opportunities and evaluating portfolios based on their allocation of risk rather than just asset types.
- The document provides an investment outlook and commentary for the 1st quarter of 2010. It discusses various factors impacting the capital markets, including the state of the economy, the equity and bond markets, and risks related to the US dollar and developing economies.
- The author recommends being underweight in equity-like investments, overweight in non-equity correlated investments, underweight real assets favoring deflation, and overweight safety, liquidity, and income assets. Key risks discussed include high government debt levels, potential issues in developing economies, and uncertainty around the US dollar.
Managing balance sheet liquidity & long term funding Dr Rajeev Jain
Managing balance sheet liquidity and long term funding
• Do the company have the right cash management processes?
• The importance of accurately forecast company cash flow with liquidity management
• Looking at your balance sheet frequently: Do the company has sufficient funding sources?
• Ensuring the right balance of credit and non-credit service utilisation for funding process
• Learning about rebuilding the balance sheet and turning their problem into growth
• Establishing long term stability and security of our funding in turn helps protect our liquidity position in the crisis
• Building necessary tools and methods to achieve properly structured balance sheet
• Managing complex situations precisely through flexible values (general direction), values with longer lifespan than goals or objectives and past and present corporate actions
Is your 401(k) producing results that will be able you retire? Tired of no leadership or management actively of your 401(k)? Here is a solution that can be used to help you with your dilemma.
The document defines investment as sacrificing current consumption for future gain through employment of funds with the purpose of earning additional income or growth over time. It distinguishes investment from speculation based on risk, time horizon, and motives. The objectives, types, and features of ideal investments are described. Risk is categorized as systematic/non-diversifiable versus unsystematic/diversifiable. The portfolio management process including policy, analysis, construction, and evaluation is outlined.
The document discusses the concept of time value of money. It defines time value of money as the principle that money received in the present is worth more than the same amount received in the future. This is because money available now can earn interest and has greater purchasing power than the same amount in the future due to inflation and uncertainty. The document also discusses how time value of money is an important concept used in investment decisions, capital budgeting, and financing decisions to evaluate costs and returns over time.
Cracking The Nest Egg: When Accumulation Becomes DistributionJGreene Financial
It's a big transition when clients leave the workforce to live off their savings. Moving from an accumulation to a distribution strategy requires an attitude adjustment in both you and your clients. Here are the issues to consider when time, compounding, and other conventional investment principles no longer work in your favor
Cracking the Nest Egg: When Accumulation Becomes DistributionForman Bay LLC
It’s a big transition when clients leave the workforce to live off their savings. Moving
from an accumulation to a distribution strategy requires an attitude adjustment in
both you and your clients. Here are the issues to consider when time, compounding,
and other conventional investment principles no longer work in your favor.
The document provides an introduction to a course on investments. It outlines the purpose of learning to manage money through investments to maximize benefits. It discusses learning about available investment alternatives and developing an analytical approach. The course will cover topics such as risk and return measurement, modern portfolio theory, equity and debt analysis, portfolio optimization and evaluation. It will use a mix of theory, practical applications and Microsoft Excel. The course will have 30 classes covering these topics and references various investment textbooks and notes.
This document defines promotion and its goals, strategies, and elements. It discusses the AIDA model of promotion, which outlines the stages of gaining a consumer's attention, interest, desire, and action. Push and pull promotion strategies are also introduced. The promotional mix includes advertising, public relations, sales promotion, and personal selling. Integrated marketing communications aims to coordinate consistent messaging across all consumer touchpoints.
Pemerintah Indonesia berencana memperluas program vaksinasi COVID-19 ke seluruh provinsi. Targetnya, vaksinasi bisa mencakup seluruh warga Indonesia hingga akhir 2022. Hal ini penting untuk mencapai kekebalan komunitas dan memutus mata rantai penyebaran virus.
Sportalius es una plataforma online que ofrece una variedad de servicios deportivos a clubes, centros deportivos, fabricantes, distribuidores y deportistas. La plataforma funciona como un mercado profesional B2B que permite a los clientes acceder a instalaciones, mantenimiento, tecnología, marketing, formación, medicina, seguros y actividades deportivas de manera eficiente. El modelo de negocio beneficia a todos los participantes al proporcionar ingresos e incentivos a clubes, centros y socios, así como nuevos canales y vent
Capital budgeting refers to a firm's decision to invest funds in long-term assets that are expected to generate benefits over several years. It is important because such decisions influence long-term growth, profitability, and risk. Capital budgeting methods can be divided into non-discounted cash flow methods (such as payback period) and discounted cash flow methods (such as net present value and internal rate of return). The net present value and internal rate of return methods may provide conflicting rankings for mutually exclusive projects under certain conditions related to cash flows and project lives. The net present value method is generally preferred for decision making because it is consistent with maximizing shareholder wealth.
Advisors
10
Tudor Investment Corp
$6,000
10
Tudor Investment Corp
$18,000
10
Goldman Sachs Asset Mgmt
$25,600
11
King Street Capital Mgmt
$5,800
11
King Street Capital Mgmt
$17,000
11
D.E. Shaw Group
$25,300
12
SAC Capital Advisors
$5,500
12
SAC Capital Advisors
$15,000
12
Moore Capital Mgmt
$13,500
Invesco's philosophy guides how they manage investments, provide choices, and connect with clients. They search globally for investment opportunities and follow disciplined processes. Their wide range of investment strategies and vehicles allows clients to create customized portfolios. They are committed to providing expert insights and high-quality support to help investors make informed decisions. Invesco has a strong legacy of investment management dating back to the 1940s, with over $779 billion in assets under management across 20 countries.
Robert Feinholz: Cracking the nest egg when accumulation becomes distributionForman Bay LLC
1) Transitioning from accumulating savings to distributing savings in retirement requires adjusting your mindset and strategies, as principles like dollar cost averaging and compounding work differently during distribution.
2) Developing an income strategy is key, such as living off interest, setting withdrawal plans, or using a cash bucket approach.
3) Transition planning requires considering the tax implications of asset locations and liquidations over several years to optimally position portfolios for income while preserving assets. Close ongoing monitoring is needed during retirement.
Income Matching Using Bonds NorCal 2011Brent Burns
This document presents an alternative investment strategy called income matching using individual bonds. It describes how this strategy can provide predictable income streams through building portfolios of individual bonds that match a client's future cash flow needs. This strategy aims to immunize clients against interest rate risk by constructing bond portfolios with specific durations tailored to the timing of a client's expected expenses. It argues that individual bonds are better suited than bond funds or annuities for delivering reliable income due to risks such as fluctuating dividends, counterparty risk, and losses during periods of rising interest rates.
- The document presents an asset allocation strategy for an investor with a 5-year time horizon.
- It discusses factors to consider like objectives, risk tolerance, and recommends an equity-heavy allocation for the investor's age and time frame.
- Various asset classes like equities, bonds, debt, and alternative investments are explained as well as guidelines for determining an appropriate mix.
Investment basics wayne lippman
Wayne Lippman has forty years of involvement in broad daylight bookkeeping incorporating a quarter century Price Waterhouse, where he served as an expense accomplice in the San Francisco and Oakland workplaces. He was already Managing Tax Partner of the Walnut Creek office of Price Waterhouse.
Wayne spends significant time in individual assessment getting ready for corporate officials and corporate duty anticipating firmly held organizations. He has huge involvement in investment opportunity arranging, exploration and trial credits and multi-state tax assessment. His industry experience incorporates the tax assessment of assembling, dispersion, development, high innovation, retail, benefit commercial enterprises, land organizations and endeavor reserves. Wayne is dynamic in expert associations and is a past administrator of the Taxation Committee of the California Society of Certified Public Accountants, East Bay Chapter. Wayne Lippman got a Bachelor of Arts degree in Economics from the University of California, Berkeley and a Master of Science degree in Taxation from Golden Gate University.
Bond immunization is an investment strategy used to minimize the impact of interest rate changes on bond portfolios. It works by adjusting the portfolio duration to match the investor's time horizon. When a portfolio is immunized, its duration equals the investor's time horizon. Maintaining an immunized portfolio requires rebalancing the average duration whenever interest rates change, to keep it equal to the investor's time horizon. This offsets losses from falling bond prices against gains from reinvesting coupon payments at higher rates.
The document discusses various ways that people invest, including putting money into stocks, bonds, and mutual funds. It outlines reasons for investing such as financial goals, income, wealth, and retirement. Key aspects of investing covered include having a budget and savings plan, establishing investment goals, understanding returns, risks, and diversification. The document provides strategies for long-term investing like asset allocation, dollar cost averaging, and following golden rules of fundamentals.
- The document discusses new approaches to investment management that focus on risk awareness and absolute returns rather than benchmark returns. It summarizes recent volatility in traditional asset classes and the growth of absolute return funds in response. Absolute return funds aim to provide positive returns regardless of market conditions through diversification of investment strategies and philosophies rather than just asset types. The document argues for looking beyond traditional indexes to find investment opportunities and evaluating portfolios based on their allocation of risk rather than just asset types.
- The document provides an investment outlook and commentary for the 1st quarter of 2010. It discusses various factors impacting the capital markets, including the state of the economy, the equity and bond markets, and risks related to the US dollar and developing economies.
- The author recommends being underweight in equity-like investments, overweight in non-equity correlated investments, underweight real assets favoring deflation, and overweight safety, liquidity, and income assets. Key risks discussed include high government debt levels, potential issues in developing economies, and uncertainty around the US dollar.
Managing balance sheet liquidity & long term funding Dr Rajeev Jain
Managing balance sheet liquidity and long term funding
• Do the company have the right cash management processes?
• The importance of accurately forecast company cash flow with liquidity management
• Looking at your balance sheet frequently: Do the company has sufficient funding sources?
• Ensuring the right balance of credit and non-credit service utilisation for funding process
• Learning about rebuilding the balance sheet and turning their problem into growth
• Establishing long term stability and security of our funding in turn helps protect our liquidity position in the crisis
• Building necessary tools and methods to achieve properly structured balance sheet
• Managing complex situations precisely through flexible values (general direction), values with longer lifespan than goals or objectives and past and present corporate actions
Is your 401(k) producing results that will be able you retire? Tired of no leadership or management actively of your 401(k)? Here is a solution that can be used to help you with your dilemma.
The document defines investment as sacrificing current consumption for future gain through employment of funds with the purpose of earning additional income or growth over time. It distinguishes investment from speculation based on risk, time horizon, and motives. The objectives, types, and features of ideal investments are described. Risk is categorized as systematic/non-diversifiable versus unsystematic/diversifiable. The portfolio management process including policy, analysis, construction, and evaluation is outlined.
The document discusses the concept of time value of money. It defines time value of money as the principle that money received in the present is worth more than the same amount received in the future. This is because money available now can earn interest and has greater purchasing power than the same amount in the future due to inflation and uncertainty. The document also discusses how time value of money is an important concept used in investment decisions, capital budgeting, and financing decisions to evaluate costs and returns over time.
Cracking The Nest Egg: When Accumulation Becomes DistributionJGreene Financial
It's a big transition when clients leave the workforce to live off their savings. Moving from an accumulation to a distribution strategy requires an attitude adjustment in both you and your clients. Here are the issues to consider when time, compounding, and other conventional investment principles no longer work in your favor
Cracking the Nest Egg: When Accumulation Becomes DistributionForman Bay LLC
It’s a big transition when clients leave the workforce to live off their savings. Moving
from an accumulation to a distribution strategy requires an attitude adjustment in
both you and your clients. Here are the issues to consider when time, compounding,
and other conventional investment principles no longer work in your favor.
The document provides an introduction to a course on investments. It outlines the purpose of learning to manage money through investments to maximize benefits. It discusses learning about available investment alternatives and developing an analytical approach. The course will cover topics such as risk and return measurement, modern portfolio theory, equity and debt analysis, portfolio optimization and evaluation. It will use a mix of theory, practical applications and Microsoft Excel. The course will have 30 classes covering these topics and references various investment textbooks and notes.
This document defines promotion and its goals, strategies, and elements. It discusses the AIDA model of promotion, which outlines the stages of gaining a consumer's attention, interest, desire, and action. Push and pull promotion strategies are also introduced. The promotional mix includes advertising, public relations, sales promotion, and personal selling. Integrated marketing communications aims to coordinate consistent messaging across all consumer touchpoints.
Pemerintah Indonesia berencana memperluas program vaksinasi COVID-19 ke seluruh provinsi. Targetnya, vaksinasi bisa mencakup seluruh warga Indonesia hingga akhir 2022. Hal ini penting untuk mencapai kekebalan komunitas dan memutus mata rantai penyebaran virus.
Sportalius es una plataforma online que ofrece una variedad de servicios deportivos a clubes, centros deportivos, fabricantes, distribuidores y deportistas. La plataforma funciona como un mercado profesional B2B que permite a los clientes acceder a instalaciones, mantenimiento, tecnología, marketing, formación, medicina, seguros y actividades deportivas de manera eficiente. El modelo de negocio beneficia a todos los participantes al proporcionar ingresos e incentivos a clubes, centros y socios, así como nuevos canales y vent
The document discusses the marketing environment that organizations operate within. It distinguishes between the internal environment, which is controllable by the organization, and the external uncontrollable environment. The internal environment includes factors like the company, suppliers, competitors, customers, and public. The external macroenvironment includes demographic, economic, natural, technological, legal, and cultural factors. Organizations must understand how these internal and external environmental factors will affect marketing efforts and strategize to either reactively adapt or proactively manage their marketing environment.
This document discusses distribution and distribution channels. It defines distribution as making products available for consumption through direct or indirect means using intermediaries. Distribution plays an important role in the marketing mix by providing locational and time convenience to customers. Physical distribution involves transporting, warehousing, inventory management and order processing. Distribution channels are networks of organizations that make products available to target markets. Common intermediaries are agents, distributors and wholesalers. Distribution strategies include intensive, selective and exclusive distribution depending on product type.
The document discusses push and pull strategies in supply chain management. It describes push strategies as relying on production decisions based on forecasts, while pull strategies are demand-driven based on customer orders. A push-pull hybrid combines the advantages of both by using forecasts for early supply chain stages and customer demand for later stages. The bullwhip effect and benefits of postponement are also covered. Finally, factors for determining the optimal push-pull boundary based on demand uncertainty and economies of scale are presented.
This document contains a schedule with names listed in half hour time slots between 10am and 11:30am on one day, and also between 8:30am and 9:30am on the same day. The names are broken into groups for each half hour period.
This document discusses strategies for asset allocation to meet spending needs given lower expected future returns. It notes that while simpler allocations could previously meet return targets, portfolios have become more complex with the addition of illiquid strategies. Target asset allocations have also changed, with foundations often targeting 7-8% expected returns to meet 5% distribution rates. The document examines strategies like adding alternative investments and taking more active approaches to asset allocation and manager selection to boost returns above what can be achieved through passive exposures.
This document discusses the differences between absolute return and relative return investment approaches for charity trustees. It defines absolute return as aiming for a positive return in all market conditions by outperforming cash or inflation, while relative return aims to outperform a benchmark index or peer group. The document examines the advantages and disadvantages of each approach, noting there is no single right answer and trustees must consider their charity's individual needs. Key factors in the increased debate around these approaches include more investment options available and recent major stock market declines.
What is Liability Driven Investing - FPA NY 2011Brent Burns
The document discusses liability-driven investing (LDI), which matches investment assets to future liabilities. It describes how splitting assets into multiple sub-portfolios for different purposes like bonds for income and stocks for growth can help clients better understand their allocation strategy. Individual bonds are preferable to bond funds for LDI because they are not subject to interest rate risk and can more accurately match targeted cash flows. The document compares LDI to other income strategies like annuities and dividend stocks.
The document provides information about the Franklin India Bluechip mutual fund scheme. It describes the scheme as an open-ended growth scheme that primarily aims to provide medium to long-term capital appreciation by investing in large-cap stocks. Key details are provided such as the scheme's objectives, features, benchmark, asset size, minimum investment amount, and load details. The top ten holdings of the fund are also listed.
- The document discusses the current geopolitical instability and conflicts happening globally and their impact on financial markets. It specifically mentions the impact on the Indian equity market in the form of a 2.5% fall in the Nifty 50 index last month driven mainly by selling from foreign investors.
- It recommends that investors in the current environment should allocate major portions of their investments to multi-asset or dynamic allocation funds for diversification. Specific sectors like MNC stocks, telecom, transport and logistics are also mentioned as suitable areas for equity exposure.
- Flexi cap funds are highlighted as an ideal option under the current situation as they provide exposure to large, mid and small cap stocks across the market capitalization spectrum for
Why Mutual Fund
Sahi Hai?How do you get the Retu
rns in
Mutual Funds?
What is Systematic
Investment Plan (SIP)
in Mutual Fund ?
Nifty started with a dull note at 16887, on 3rd October 2022 but closed at 18012
The undeniable global macroeconomic step change warrants a re-think of portfolio construction for the next investment cycle. The regulation of hedge funds presents an additional tool previously not available to the retail investor that can act as a component of greater certainty in a portfolio cognisant of a VUCA world
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
This document provides information about obtaining fully solved assignments from an assignment help service. It lists their email and phone contact information and requests students to send their semester and specialization when reaching out. It then provides a sample assignment for financial management that covers topics like calculating tax liability for a corporation, objectives of income tax, investment analysis based on risk and return, diversification and its impact on risk, and financial forecasting. The document provides guidance on calculating various financial ratios for McDonald's and solving inventory management problems. It asks students to explain concepts like issues in international business, financial axioms, and the risk-return tradeoff.
The document provides an analysis of Land Securities Group PLC, a UK property company. It includes the following key points:
- Land Securities is the largest property company in the UK by market capitalization and is a member of the FTSE 100.
- The analysis estimates the cost of equity for Land Securities to be 6.78% based on the company's beta of 0.9 calculated from its market model, a market risk premium of 5.2%, and a risk-free rate of 2.1%.
- Using the dividend valuation model with a dividend growth rate of 2.6% and the estimated cost of equity, the document values Land Securities' share price at £0.782, which
FIRST, RUSSIA – UKRAINE AND NOW IT’S ISRAEL –
HAMAS! WHAT IS LYING AHEAD FOR INDIAN MARKET ?
Investment
Gyan Market Indicators
Inspiring Investment Story
HOLT Cash and the Corporate Life Cycle White Paper11.2010Michael Oliveros
The document discusses cash usage and corporate life cycles from an investor's perspective. It finds:
1) During growth stages, reinvesting cash into high return projects creates shareholder value, while mature companies may create equal value by returning cash to shareholders.
2) The market values cash based on a company's investment opportunities - cash is discounted for mature firms with low opportunities.
3) As cash surplus increases beyond investment needs, risks of overinvestment, known as "agency costs", also increase as managers may pursue lower return projects against shareholders' interests.
4) Distributing excess cash through dividends or buybacks can create value when agency costs are high due to large cash surpluses and few
Parametric provides strategies for exploiting increased market volatility, including rebalancing portfolios and using options strategies. Rebalancing reduces concentration risks and volatility over time by selling assets that have increased in value and buying those that have decreased, capturing returns from volatility. Options strategies can also provide downside protection for portfolios while retaining upside potential. Parametric implemented an options overlay for a client in 2008 that protected against a 5-20% market decline while retaining upside to 30%, balancing protection and participation in gains.
Convertible bonds can provide diversification benefits and higher risk-adjusted returns than equities or bonds in a low-yield environment. NN Investment Partners examines the historical performance of convertible bonds globally and in Japan, where convertibles outperformed stocks and bonds for the past decade. The document describes a predictive model for convertible bond returns based on stochastic diffusion of key market factors. The model aims to assess how convertibles may contribute positively to asset allocation going forward in the current low-yield environment.
[LATAM EN] The use of convertible bonds in the asset allocation processNN Investment Partners
Convertible bonds can provide diversification benefits and higher risk-adjusted returns than other asset classes in a low-yield environment. The document examines historical performance of convertible bonds globally and in Japan, which experienced low yields for over a decade. A simulation model is described that predicts future convertible bond returns based on stochastic diffusion of key market factors. The document concludes convertible bonds deserve consideration for asset allocation given their ability to participate in equity upside while providing downside protection from bond floors.
Similar to Building and Maintaining a Private Market Portfolio: Inroduction to Private Market Portfolio Management (20)
[LATAM EN] The use of convertible bonds in the asset allocation process
Building and Maintaining a Private Market Portfolio: Inroduction to Private Market Portfolio Management
1.
2. Private market investments are a core tenet of CTC Consulting’s strategic allocation policy for clients
seeking to build lasting wealth. The private market asset class is unique not only in the investment
opportunities it offers, but also in the process and mindset required to manage a portfolio of these fund
commitments. What follows is an introductory guide to private market portfolio management. The goal
of this paper is to provide a basic education on the cash flow characteristics of private market funds,
explore why reaching and maintaining a target allocation is an ongoing long-term process and
demonstrate the importance of committing capital to the asset class consistently over time to build a
well-diversified portfolio.
Private market investing is driven by consistency and patience. Through a recession characterized by
volatility, uncertainty and a fear of illiquidity, investors have struggled to maintain a disciplined level of
private market investment. Over the past two years, many investors chose to “wait out” the downturn
and indefinitely avoid illiquid investments. This behavior has the potential to present multiple long
lasting negative consequences pertaining to portfolio performance and risk, most notably the
abandonment of vintage year diversification. Somewhat ironically, by freezing private market
allocations under the guise of fiduciary prudence, investors are in fact acting imprudently. Not only will
potentially better performing recessionary vintage years funds be an opportunity lost, but the
commitment gap will also significantly delay investors in reaching the goal of a self-funding portfolio.1
Only by sustaining a steady pace of new commitments can investors reach and maintain their target
private market allocation while diversifying the portfolio by vintage year and private market strategy.
Before discussing private market portfolio management, it is important to understand the structure and
cash flow characteristics of private market funds.2 In a private market fund, Limited Partners (“LPs”)
make an upfront commitment to invest a specific dollar amount into an illiquid partnership. The
entirety of the principal amount committed to the fund is not transferred upfront as is the case with
most traditional (long-only equity and fixed income) and hedge fund investments. Rather, it is typically
“called down” incrementally by the fund manager over a term of 10-12 years as needed to make
investments in portfolio companies and to pay fees and expenses. The majority of capital is called
during a pre-defined “investment period,” which generally consists of the first 3-6 years of the
partnership. Capital is then returned to LPs in the form of distributions generated from investment
exits, dividends, recapitalizations and other income.
Below is an example showing the expected cash flows, driven by calls and distributions, for a $10 million
commitment to a private equity fund with a 12-year term.3
1
Self-funding: When the annual fund distributions received are, at a minimum, sufficient to meet all capital calls
for the corresponding year.
2
Private market funds include private equity (buyout, venture capital and special situations), private real estate
and private tangible assets (energy, commodities (ex-energy), infrastructure).
3
This hypothetical model investment represents a net IRR of 10.7% and a TVPI of 1.65x. TVPI = Total Value to Paid-
in Capital, or (NAV + distributions)/contributions. For example, 1.65x represents a 65% cumulative return.
3. Figure 1 - Model Private Equity Fund Annual Cash Flows
$12,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
$2,000,000
$0
1 2 3 4 5 6 7 8 9 10 11 12
($2,000,000)
($4,000,000)
($6,000,000)
J-Curve
($8,000,000)
Year in Fund Life
Contributions Distributions Annual Net Cash Flow End of Period NAV Total Net Cash Flow
When analyzing Figure 1, it becomes clear why private market portfolios need to be evaluated from a
long-term perspective. For instance, the point at which the LP is most exposed to the underlying
investments does not occur until the sixth year of the fund’s life. Exposure, measured by net asset value
(“NAV”), is achieved as managers deploy capital and reflects any change in the value of underlying
investments. This example underscores the difficulties investors encounter when reacting to short-term
market dynamics by attempting to rapidly acquire private market exposure. In other words, once the
investment community takes note of the attractive current performance of private market funds it is
often already too late to participate in the upside. Funds issue capital calls for new investments
throughout the three- to six-year investment period, generally with multi-year holding periods.
Consequently, the environment into which an LP is committing capital is not necessarily representative
of the environment during which the fund will invest or provide maximum private market exposure.
In Figure 1, the blue dashed line (total net cash flow) is labeled “J-Curve.” J-Curve is a term used to
illustrate the tendency of private market funds to exhibit negative cash flows in their early years as
capital is called while few distributions are expected. In the later years, capital calls diminish and a fund
will accumulate positive net cash flows4 as it exits investments and distributes capital to LPs. Charting
the net cash flows over the life of the fund produces a line resembling the letter “J,” hence the term J-
Curve.
This graph illustrates another salient point of private market investing: making a $10 million
commitment is not the same as achieving $10 million in private market exposure. In fact, there are only
three years of the 12-year fund life where the exposure from this fund is at or above the commitment
amount. Over 12 years, the average exposure is just 53.1% of the total commitment, or $5.31 million in
the case of Figure 1. Excluding years 11-12, when there is typically very little remaining value, average
exposure is still just 63.6%.
4
Assuming the fund produces a positive net return.
4. As a result, to be “fully exposed” to private markets, it is necessary to look beyond the commitment
amount and adjust commitment levels to account for the actual underlying exposure which is attained.
In essence, LPs need to commit a greater amount to the asset class than it appears would be called for
by their strategic allocation. This approach is often referred to in private markets as an “over-
commitment” strategy. In most situations, the term over-commitment is used interchangeably with
over-allocation. However, within a private market context, when looking at new commitments over a
five-year period, it is necessary to commit a larger percent of the total portfolio than the investment
policy target allocation would suggest. Specifically, if the strategic allocation is 15%, one should
generally commit 10-40%5 more than this amount over the subsequent five years to sustain the target
allocation, as shown in Figure 2. This five-year allocation target is referred to as the “target exposure” in
the CTC Implementation Plan.6
Figure 2 - "At Allocation" Portfolio: Annual Commitments As % of Total Portfolio
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Average 5-Yr Total Target Over-Commit
3.6% 3.5% 3.6% 3.6% 3.5% 3.6% 17.8% 15.0% 1.19x
Figure 2 represents a sample client with a strategic private market allocation of 15.0%, who is currently
at this target after ten years of following a consistent annual investment pace. It shows the client’s
recommended total annual private market commitment in each of the next five years as a percentage of
their total portfolio at the beginning of the respective year. Over the next five years, the sample client
would commit approximately 17.8% of the respective total portfolio value to new private market fund
investments in order to maintain the strategic allocation of 15.0%. To quantify over-commitment, take
the five-year total and divide by the strategic allocation, or 17.8%/15.0% in this example. For the “at
allocation”7 portfolio shown here, the recommended over-commitment would be roughly 1.2x their
strategic target.
So how is the correct over-commitment amount determined? This “right-sizing” of the commitment
amount is generated from CTC’s proprietary implementation model,8 which predicts the cash flow
activity of various private market asset classes. As noted, the purpose of the model is to create a road
map that assists CTC clients in reaching and/or maintaining their target allocation through a diversified
private market portfolio.
When analyzing private market exposure within an investor’s total portfolio, there is no such thing as a
short-term allocation decision. The effects of decisions made today have little impact initially but
5
Will vary based on portfolio assumptions.
6
The CTC Implementation Plan is a presentation produced for clients to serve as a road map to reaching their
private market allocation. It includes annual recommended private market commitments by strategy and amount
based on analysis of the current portfolio and assumptions from the Investment Policy Statement.
7
An “at allocation” private markets portfolio is one where the current private markets portfolio value as a
percentage of the total client portfolio equals the strategic allocation.
8
Uses the “Yale Model” as a framework, developed and customized by CTC Private Markets Group. CTC’s
proprietary customized model is the source of all modeling done in this paper. The Yale Model paper was
originally published by Dean Takahashi & Seth Alexander of Yale University in 2001.
5. amplify over a longer period of time. For example, let’s look at an investor who forgoes making a
private market commitment in order to increase short-term liquidity. This decision will actually have
very little effect on cash flows during the time in which it is intended. Referencing Figure 1, only 16.1%
and 13.5% of the fund commitment would actually be called in the first and second years, respectively.
The increase in liquidity resulting from a foregone commitment would be more pronounced in years
three and four, when a total of 39.9% of the fund commitment would be called. With roughly 16% of
the commitment being called in year one, there is a limited benefit to curtailing new commitments for
investors looking to maximize short-term liquidity.
While some investors might be glad to have their immediate cash flow obligations slightly reduced,
doing so is likely to create challenges in future years if the goal is to ultimately create a diversified self-
funding portfolio. As a result, investors could be forced to utilize capital from liquid strategies to meet
capital calls. In addition, a commitment gap puts at risk the benefits produced through vintage year
diversification. Because performance has historically been greatest for fund investments made during
times of uncertainty, investors risk foregoing commitments during the most attractive vintage years. To
mitigate this effect, those with liquidity concerns would be much better off reducing commitment levels
during uncertain periods rather than cutting them off completely.
The following sections present two scenarios which aid in the understanding of why it is crucial to
adhere to a consistent private market commitment pace.9 The two scenarios contrast a mature
portfolio at its strategic allocation with a portfolio with no previous private market investments
attempting to build exposure for the first time. In the first section, we will demonstrate that cutting off
commitments for two years leads to a private market portfolio which is below its strategic allocation and
severely delayed in reaching a self-funding state. In the latter section, we will show why it is crucial to
be patient and consistent with commitments in order to build out a new private market portfolio.
Portfolio at Strategic Allocation
For a diversified private market portfolio at its strategic allocation, the hard work has already been
done. As illustrated by Figure 5 in the following section, it takes years to properly attain this allocation.
However, once the strategic allocation is met, unlike other asset classes, an investor must continue to
make new investments in the form of additional private market fund commitments. New commitments
are necessary because as distributions are made, the private market portfolio NAV will decline. Capital
calls from newer commitments are intended to replace this exposure, but if no new investments are
made, then exposure will decline. Further, as discussed below, a commitment gap will also result in a
reduction of future distributions and create cash flow imbalances. For these reasons, a private market
portfolio which deviates significantly from its recommended commitment levels can have long-term
negative consequences on the overall portfolio allocations.10
9
Assumptions: 1) 15.0% target allocation to private markets; 2) 6.0% net after tax growth rate for non-private
markets portfolio; 3) current short- and long-term assumptions used for private markets with regard to returns
and cash flow expectations based on CTC’s proprietary implementation plan.
10
Similar to a portfolio at allocation, over-allocated portfolios also need to continue making new commitments.
6. Below we see an example of a mature diversified portfolio which reaches its target allocation at time
zero (“t0”). In this instance, “Yr 4” in Figure 3, for example, would represent the fourth year after t0. The
orange line represents adherence to the model-based commitment recommendations. The green line
represents an investor who makes no private market commitments in years one or two after obtaining
the target allocation at t0 and then follows the model-based recommendations starting in year three.
The blue line represents the target allocation, which is static at 15.0%.
Figure 3 illustrates how making no new commitments for just two years can have significant effects on
allocations. In this case, even when following the recommended commitment pace after year two, the
commitment gap creates a private market portfolio which will take more than eight years to rebalance
and at its low will be approximately 30.0% below its strategic allocation.
Figure 3 - Private Market Allocation For Portfolio "At Allocation" In t011
20.0%
Private Market Allocation
15.0%
10.0%
5.0%
0.0%
Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10
Strategic Portfolio Allocation Model-Based Investing No Commitments Years 1-2, Model-Based Investing Years 3-10
The consequences that the commitment gap has on cash flows are shown in Figure 4. The blue and red
bars show the net annual cash flows for the portfolios shown in Figure 3. Instead of having a self-
funding private market portfolio, skipping two years creates a portfolio that will later require some
capital calls to be funded from the investor’s liquid portfolio. While the model-based commitment pace
maintains a self-funding portfolio, the portfolio that made no new commitments in years one and two
will produce negative cash flows in years eight through ten. The negative cash flows occur because the
capital calls in years eight, nine and ten would likely have been paid in part with the distributions from
fund commitments made in years one and two. Since these private market commitments did not occur,
there is a shortage of distributions with which to pay capital calls.
11
11
Due to structure of CTC Implementation Model, precise full data not available in years one and two.
7. Figure 4 - Annual Net Private Market Cash Flow For Portfolio "At Allocation" In t 012
Net Cash Flow As % of Total Investor Portfolio 2.0%
1.5%
1.0%
0.5%
0.0%
Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10
-0.5%
-1.0%
Model-Based Investing No Commitments Years 1-2, Model-Based Investing Years 3-10 12
New Portfolio
For those more familiar with the public markets, it is a common misperception that private market
exposure can be quickly attained. In the public markets, one could theoretically increase a portfolio’s
large cap equity exposure, for example, from 0% to 15% in one day by purchasing shares in the open
market. This quick tactical change in exposure simply cannot be done in the private markets. Instead,
the focus should be building a portfolio over several years to reach a long-term strategic allocation.
In Figure 5, an investor with no private market exposure decides to develop a diversified portfolio.
Following the model-recommended commitments, it takes 9.5 years to reach the investor’s 15% target
allocation. Also visible is the rate at which private market exposure can be increased. During years
three to eight when exposure is growing most rapidly, the private market allocation increases by an
average of 2.01% per year, with a peak of 2.35% in both years five and six.
Figure 5 - Building a New Private Market Portfolio
$100 16%
$90
14%
$80 Private Market Allocation
12%
$70
Value (millions)
10%
$60
$50 8%
$40
6%
$30
4%
$20
2%
$10
$0 0%
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11
Target Private Market Value Model-Based Private Market Value
Target Private Market % Model-Based Private Market %
12
Due to structure of CTC Implementation Model, precise full data not available in years one and two.
8. Patience is clearly a crucial requirement in building a self-funding portfolio from scratch. As shown
below in Figure 6, this private market portfolio does not become cash flow positive until the tenth year
of the program. Once the portfolio becomes net cash flow positive, or self-funding, in year ten, it will
continue to be in perpetuity if the model-based commitments are adhered to.13
While not the focus of this paper, secondary funds have historically provided an avenue to reach the
strategic allocation for a new private market portfolio in a shorter timeframe. These funds purchase
interests in existing funds across a broad range of previous vintage years. This essentially provides back-
dated exposure that could not be attained otherwise, allowing investors to get a jump start on building
out their private market portfolio.
Figure 6 - Annual Net Private Market Cash Flow For New Portfolio
1.00%
Net Cash Flow As % of Total Investor Portfolio
0.50%
0.00%
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11
-0.50%
-1.00%
-1.50%
-2.00%
-2.50%
In managing a private market portfolio, investors need to consider the following points:
In private markets, there is no such thing as a short-term allocation decision as it takes years to
increase or reduce exposure to this asset class.
A $10 million commitment is far different than gaining $10 million of private markets exposure –
the commitment is called over several years, with the average exposure over the first ten years
of a fund’s life approximately 65% of the original commitment.
Over-commitment, in private market terminology, does not mean over-allocating to the asset
class. Rather, in order to reach their strategic allocation, investors must commit an amount over
a five-year period which in aggregate is greater than the strategic allocation.
13
Assuming that the portfolio assumptions as determined in the Investment Policy Statement and the CTC
implementation model hold true.
9. In CTC’s opinion, the best way to create a properly allocated and diversified private market
portfolio is through a consistent annual investment program. While implementation can be
challenging in terms of managing cash flows and exposure, it is extremely critical that discipline
is maintained through various economic environments.
Waiting long periods between commitments can have long-lasting negative effects on portfolio
allocation and cash flows.
The conclusions stated above are crucial for investors who want to build a diversified, self-funding
private market portfolio and maintain an allocation as close as possible to their target. These investors
must make the decision to be patient, consistent and look past short-term market trends towards the
long-term goal.
By Brooke Pollack, CTC Private Markets Research Analyst
10. This information does not constitute an offer to sell or solicitation to buy any security or investment
product, and is for informational purposes only. Any offer to sell or solicitation to buy an interest in any
security, investment product or fund may only be made by receiving a confidential private offering
memorandum or similar document from the investment manager, which describes the material terms
and various considerations relating to such security, investment or fund.
Alternative investments may contain risks that are not inherent in other asset classes, such as illiquidity,
stock or sector concentration, financial leverage and short selling. Alternative investment vehicles have
minimal regulatory oversight, and alternative managers have the latitude to employ numerous
investment strategies with varying degrees of risk.
Any tax issues identified in this material are general in nature and do not necessarily apply to the
personal circumstances of any client. A client’s tax or legal advisor should be consulted regarding how
tax issues affect the client’s specific circumstances.
This material is based on information we believe is reliable, but we do not represent that it is accurate or
complete, and it should not be relied upon as such. CTC does not guarantee the information compiled
from external sources, and performance information should not be relied upon as the sole source for
investment decisions. These materials, and related opinions, are current as of the dates noted.
Historical performance should not be relied upon as a predictor of future performance.
This information does not take into account the investment objective, financial situation or particular
needs of any individual or entity.
This information (including any recommendations made by CTC Consulting) is confidential and
proprietary to CTC and is provided solely for purposes of this white paper. Recipients of this white paper,
as well as recipients’ employees, advisors and other agents may not copy this report, distribute or
disclose this information to any third party, except with the express written consent of CTC or as required
by law or any regulatory authority.
CTC Consulting, LLC is an investment advisor registered with the SEC.