MONTHLY LETTER: DECEMBER/2014
|
|
- Lynne Pope
- 6 years ago
- Views:
Transcription
1 Dear Investors: In December, Brasil Capital Equity Fund and Brasil Capital Long Only Fund had negative results of -6.59% and -5.56% respectively, compared to the Ibovespa* % low. The year of 2014 was marked by the substantial volatility of the local markets, arising out of the uncertainties regarding Brazil s presidential elections and the effects thereof on the price of the Brazilian assets. Brasil Capital s funds had regular results when compared to the local stock market indexes, as can be seen in the chart attached hereto. Returns months 60 months Since Inception Annualized Ibov since inception 3 Ibov annualized 3 MSCI since inception 2 MSCI annualized 2 BC Fund -13,26% +15,23% +21,80% +328,19% 1 +29,05% -0,61% -0,10% -5,53% -0,91% LO Fund +2,90% +11,71% - +11,71% 4 +3,87% -37,80% -15,02% -35,18% -13,81% MSCI Brazil -17,39% -35,18% -49,45% Ibovespa* -14,37% -37,78% -52,23% Performance net of all fees. The performance corresponds to the BCFICFIA Fund in USD until Aug/2010. From Sep/2010 onwards, the performance corresponds to the portfolio of the Brasil Capital Equity Fund. 2 MSCI Brazil since inception of each Fund 3 Ibov in USD since inception of each Fund 4 Performance net of all fees. The performance corresponds to the BC LONG ONLY FICFIA Fund in USD until Aug/2014. From Sep/2014 onwards, the performance corresponds to the portfolio of the Brasil Capital Long Only Fund. *in USD In general lines, some of our assets performed extremely well in 2014, as is the case of Brasil Foods, Itaúsa, Kroton Educacional, Tempo Participações and Cetip, and certain assets limited the alpha generated by the Funds in 2014, as can be seen in the following table: Asset Positive Performance Attribution* BRFS3 +3,24% ITSA4 +2,60% KROT3 +2,16% TEMP3 +1,85% CTIP3 +1,83% TOTAL +11,71% *Brasil Capital Equity Fund in BRL We are still invested in the companies that yielded the top results for the fund in 2014, for we believe they are capable of delivering increasing profits as a result of the strong microeconomic specificities that will be essential to face the challenging macroeconomic scenario we see ahead of us. Together, these five companies totaled a positive result of 11.71% in BRL for the fund. In turn, among our lowest performers are Cosan, Brasil Pharma, Gerdau and IMC (International Meal Company), according to the following chart: Asset Negative Performance Attribution* CZLT33-3,12% BPHA3-2,99% GGBR4-2,67% IMCH3-1,90% TOTAL -10,67% *Brasil Capital Equity Fund in BRL We believe Cosan was hindered, to a certain extent, by two specific events: firstly, the acquisition of ALL decreased the potential to capture the cash flow Cosan would generate throughout The merger also initially rendered its corporate structure more 1
2 complex and Cosan more leveraged. Secondly, though the sharp drop seen in oil prices apparently did not account for significant losses in the company s cash generation in 2014 and 2015, it eventually caused a negative feeling in relation to the company s operating performance. In general terms, irrespective of the economic impact generated, the drop in the oil prices affected the performance of the energy-related assets. With respect to Brasil Pharma, we believed the company s new management team would be able to promote the turnaround of the transactions, and also stabilize the company s operating cash flow. However, our projection proved itself wrong and despite the substantial operating developments, Brasil Pharma is still having trouble to hit the break even. We nevertheless believe in the strategic value of the asset and have maintained a very small investment in the company. After facing a frustrating 1Q14 because of the effects of the snowstorms that hit the US in the company s operating results, Gerdau had increasingly improved results throughout the subsequent quarters; however, we understand that the perspectives of the Brazilian operation still have a significant weight in the asset s performance in the market, considering the company is primarily focused on Brazil s home builders and infrastructure industries. As for IMC, after a few years of accelerated growth arising out of acquisitions and strong organic development, since 2014, the company has made substantial efforts duly backed by its controlling shareholder (Private Equity Advent) to transform any income generation growth into greater EBITDA margins, but especially to increase the EBITDA conversion into profit and cash. We believe that the first results of the strong cash generation focus are likely to appear in the first six months of In general, despite the regular performance, our result is below the opportunity cost of our shareholders in the short term, and our purpose is still to deliver consistent medium and long-term returns, irrespective of Ibovespa s performance. It is always worth mentioning that Equity Funds results should be assessed in the long term. On this matter, we believe the past five years have been extremely challenging for fund managers whose purpose was to generate absolute returns in real terms for their investors, especially considering Ibovespa had a % low in USD, and MSCI had a % drop. Below are the accumulated performance of the fund and the benchmarks thereof in the past five years: Returns Total Performance* Annualized Performance* BC Fund +31,16% -19,41% +53,48% -13,51% -13,26% +21,80% +4,02% MSCI Brazil +3,77% -24,85% -3,50% -18,68% -17,39% -49,45% -12,75% Ibov (USD) +5,59% -27,27% -1,45% -26,29% -14,37% -52,23% -13,74% *From Dec/09 to Dec/14 The year of 2015 is likely to bring significant challenges for the Brazilian economy: Possible increase of the short-term interest in the US. Increased interest rates in Brazil. Possible energy rationing. Drop in the prices of certain significant commodities in Brazil s export agent, caused by the deceleration in China s growth. Increased taxes and government cutdowns in Brazil, in order to balance out government accounts, which are more than necessary measures to enable the country s macroeconomic balance, even though they may seem restrictive in the initial at first sight. Low entrepreneurial and consumer trust. Ineffectiveness of Petrobrás, which will imply cuts in the investment plans and renegotiation of corporate contracts, thereby affecting the network of suppliers. Involvement of Brazil s largest contractors in the Petrobras corruption scheme, which will certainly imply deceleration in any investments made in the country. As such, our portfolio is still long in leading, resilient companies with clear competitive advantages, which benefit from the USD valuation and in which we see significant medium/long-term intrinsic value irrespective of the trend the economy may follow. We 2
3 believe it is necessary to invest in companies capable of delivering consistent results, according to microeconomic specificities. Dufry, Kroton, Suzano and Brasil Foods are among our top investments. Our funds are still hedged in Ibovespa Future, long position in USD x BRL and cash. Below are the tables with the profit of net revenue, EBTIDA and net earnings of Brasil Capital s companies, including the relevant multiples: Multiple P/E 18,0 13,1 11,0 FCF Yield 3,3% 5,9% 7,6% Div Yield 1,7% 2,6% 3,1% Growth Net Revenue 11,5% 11,2% 8,6% 8,3% EBITDA 19,9% 18,6% 14,2% 13,4% Net Earnings 22,7% 31,6% 18,8% 24,1% Below are the results obtained by the Funds in December: 3
4 Brasil Capital Equity Fund Monthly Net Performance (USD): JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD Inception BC FUND ,2% -5,1% 6,3% -8,3% -8,3% Ibovespa** ,0% -10,9% 2,4% -15,1% -15,1% BC FUND ,1% 0,4% 2,1% 39,0% 27,5% 6,0% 20,1% 5,7% 13,1% 5,1% 7,9% 9,2% 283,4% 251,6% Ibovespa** 5,6% -5,4% 10,1% 22,8% 24,2% -2,2% 10,9% 2,4% 15,5% 2,0% 8,5% 2,8% 145,2% 108,0% BC FUND ,8% 4,4% 6,4% 2,1% -13,1% 2,7% 13,9% 5,3% 3,0% 5,7% 3,0% 2,3% 31,2% 361,1% Ibovespa** -11,4% 5,3% 7,6% -1,2% -11,1% -2,5% 13,6% -3,4% 10,5% 1,4% -5,0% 5,4% 5,6% 119,7% BC FUND ,3% -0,3% 2,2% 3,2% -3,0% -1,5% -6,3% 1,5% -13,2% 9,6% -9,5% 0,1% -19,4% 271,6% Ibovespa** -4,4% 2,0% 3,8% -0,2% -2,7% -2,3% -5,4% -5,8% -20,7% 22,4% -9,1% -3,7% -27,3% 59,8% BC FUND ,0% 8,4% 2,2% -2,3% -5,2% 3,6% 3,3% 2,0% 4,9% 4,3% -2,0% 10,1% 53,5% 470,3% Ibovespa** 19,9% 6,2% -8,1% -8,8% -16,5% -0,2% 1,8% 2,4% 4,0% -3,6% -2,9% 9,3% -1,5% 57,5% BC FUND ,0% 0,4% -5,1% 1,9% -7,0% -9,5% 0,6% -5,3% 5,0% 5,1% -1,0% -3,9% -13,5% 393,63% Ibovespa** 0,8% -3,3% -3,8% -0,1% -10,2% -14,6% -1,7% 0,1% 11,3% 5,0% -8,4% -2,6% -26,3% 16,1% BC FUND ,2% 0,7% 3,4% 1,1% 2,0% 5,3% -1,2% 4,1% -8,4% 1,3% -1,86% -6,6% -13,3% 328,19% Ibovespa** -10,7% 2,8% 10,4% 3,6% -0,9% 5,5% 2,0% 11,1% -19,3% 1,2% -4,36% -11,9% -14,4% -0,6% *Performance net of all fees. The performance corresponds to the BC FICFIA Fund in USD until Aug/2010. From Sep/2010 onwards, the performance corresponds to the portfolio of the Brasil Capital Equity Fund. **Ibovespa in USD RETURN TO DATE (% - left axis) & AUM (USD MM right axis) Equity Portfolio Performance Attribution by sector industry December 2014 YTD 4
5 SECTOR EXPOSURE Daily Liquidity % Market Cap % < BRL 1MM 6.3% < BRL 1 bi 10.2% BRL 1MM - BRL 10MM 10.4% BRL 1 bi - BRL 10 bi 45.5% > BRL 10 MM 83.3% > BRL 10 bi 44.3% Exposure % Long 103.3% Short -17.7% Net Exposure* 85.6% * Delta adjusted ** The data included herein are based on the December 31 th, 2014 NAV; returns are net of management and performance fees. 5
6 Brasil Capital Long Only Fund Monthly Net Performance (USD): JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD Inception LO FUND ,1% 7,8% -3,0% -3,8% -10,9% 3,3% 2,8% 3,4% 5,8% 2,3% -1,5% 8,8% 31,5% 31,5% Ibovespa** 19,9% 6,2% -8,1% -8,8% -16,5% -0,2% 1,8% 2,4% 4,0% -3,6% -2,9% 9,3% -1,5% -1,5% LO FUND ,7% 0,0% -4,3% 1,4% -5,7% -11,5% -0,5% -4,4% 8,1% 4,5% -5,2% -4,5% -17,5% 8,56% Ibovespa** 0,8% -3,3% -3,8% -0,1% -10,2% -14,6% -1,7% 0,1% 11,3% 5,0% -8,4% -2,6% -26,3% -27,4% LO FUND ,6% 3,3% 7,5% 4,2% 2,3% 6,0% -1,4% 6,0% -9,9% 6,7% -2,3% -5,6% 2,9% 11,7% Ibovespa** -10,7% 2,8% 10,4% 3,6% -0,9% 5,5% 2,0% 11,1% -19,3% 1,2% -4,4% -11,9% -14,4% -37,80% *Performance net of all fees. The performance corresponds to the BC LONG ONLY FICFIA Fund in USD until Aug/2014. From Sep/2014 onwards, the performance corresponds to the portfolio of the Brasil Capital Long Only Fund. **Ibovespa in USD RETURN TO DATE (% - left axis) & AUM (USD MM right axis) Equity Portfolio Performance Attribution by sector industry December 2014 YTD 6
7 SECTOR EXPOSURE Daily Liquidity % Market Cap % < BRL 1MM 7.2% < BRL 1 bi 9.0% BRL 1MM - BRL 10MM 10.2% BRL 1 bi - BRL 10 bi 48.2% > BRL 10 MM 82.6% > BRL 10 bi 42.8% Exposure % Long 90.8% * Delta adjusted ** The data included herein are based on the December 31 th, 2014 NAV; returns are net of management and performance fees. 7
Letter 4. December 29, Dear investors,
Letter 4 December 29, 2017 Dear investors, For the 4th quarter of 2017, BC Fund returned -0.7% net of all fees and expenses, while the MSCI Brazil returned -2.8%. Year to date, BC Fund returned +31.5%,
More information1- Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT May 15, 2014 1- Macroeconomic Scenario The economic recovery has been consolidating in the United States and Europe. In emerging markets, the momentum is positive but growth
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationHappy New Year. PREVI NOVARTIS MONTHLY REPORT January 18, Macroeconomic Overview
Happy New Year PREVI NOVARTIS MONTHLY REPORT 1- Macroeconomic Overview Moving in opposite directions, the Fed raised interest rates while the ECB expanded monetary stimulus; concern about Chinese economy
More informationPerformance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
More informationBeginning Date: January 2016 End Date: June Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: June 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - June 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800 Dec 2015
More informationBeginning Date: January 2016 End Date: September Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: September 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - September 2018 (Single Computation) 11400 - Yorktown Funds 11200 11000 10800 10600
More informationGoldman Sachs Long Short Fund
Goldman Sachs Long Short Fund Contextualizing Historical Performance Goldman Sachs Asset Management January 2016 Risk Considerations The Goldman Sachs Long Short Fund invests primarily in the global equity
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More information1- Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT March 17, 2014 1- Macroeconomic Scenario In the global scenario, the highlights are the severe winter which has been affecting negatively the United States economy. In spite
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationConference Call 4Q11 Results. March 09, 2012
Conference Call 4Q11 Results March 09, 2012 Financial Highlights Net Revenues (R$ mm) Adjusted Op. Expenses (ex-d&a) R$ mm % of Net Revenues - 6.3 p.p. +12.1% + 33.1% 557.5 741.8 35.1% 25.5% 26.5% 25.9%
More informationGlobal growth remained solid, with falling unemployment and low inflation; in Brazil the economy presented the first concrete signs of recovery
Previ Novartis 1- Overview Macroeconômico Global growth remained solid, with falling unemployment and low inflation; in Brazil the economy presented the first concrete signs of recovery Internacional Internacional
More informationBSE 500 (Ex-Financials) - Median Sales Growth. Dec-07. Jun-09. Dec-08. Dec-06. Jun-07. Jun-08. YoY Sales Growth Average +2 SD +1 SD -1 SD -2 SD
Date: 4 th July 2016 Dear Investors, Below is the performance of the Moats & Special Situations Portfolio (MSSP) as of 30 th June 2016. Portfolio Performance Equity Allocation as on 30.06.2016 Total Portfolio
More informationAB SICAV I. Report of income for UK tax purposes. Dear Investor,
AB SICAV I Report of income for UK tax purposes Dear Investor, This website comprises a report of income to investors who held investments in AB SICAV I as at 31 May 2017. The classes of shares listed
More informationCredit Suisse Swiss Pension Fund Index Q1 2017
Credit Suisse Swiss Pension Fund Index Q1 217 YTD 217: 2.76% Q1 217: 2.76% Credit Suisse Pension Fund Index starts year at all-time high Allocation to foreign equities at all-time high; allocation to Swiss
More informationHSBC Global Investment Funds Brazil Equity
Important information: The Fund invests primarily in Brazilian equities. The Fund is subject to the concentration and emerging market risks of investing in a single emerging market. The Fund s investments
More informationPREVI NOVARTIS REPORT. 1- Macroeconomic Overview. July 14th, 2017
Previ Novartis 1- Macroeconomic Overview In the US, activity and inflation data were below the desired level, despite this, FOMC raised the interest rate; In Brazil,markets showed ease even with uncertain
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationMexico s Macroeconomic Outlook and Monetary Policy
Mexico s Macroeconomic Outlook and Monetary Policy Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Washington, DC, 13 October 2017 */ The opinions and views expressed in this document
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017
11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationCredit Suisse Swiss Pension Fund Index Q2 2017
Credit Suisse Swiss Pension Fund Index Q2 217 YTD 217: 3.94% Q2 217: 1.15% Positive second quarter, with slowdown in June Significant positive contribution from Swiss equities in reporting quarter Sharp
More informationASSET ALLOCATION WORKSHOP. November 17, 2017
ASSET ALLOCATION WORKSHOP November 17, 2017 ASSET ALLOCATION WORKSHOP Warren Buffet Peter Thiel Asset Management Industry USD 63.9 Trillion Global Asset Under Management Expected Grow Rate 6% USD 100 Trillion
More informationSecurity Analysis: Performance
Security Analysis: Performance Independent Variable: 1 Yr. Mean ROR: 8.72% STD: 16.76% Time Horizon: 2/1993-6/2003 Holding Period: 12 months Risk-free ROR: 1.53% Ticker Name Beta Alpha Correlation Sharpe
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More informationHappy New Year. PREVI NOVARTIS MONTHLY REPORT November 19, Macroeconomic Overview
Happy New Year PREVI NOVARTIS MONTHLY REPORT 1- Macroeconomic Overview The global economy shows signs of resilience; growth in mature economies maintains a good pace, despite the slowdown in emerging markets.
More informationSACU INFLATION REPORT. April 2018
SACU INFLATION REPORT April 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationInstitutional Presentation 1Q14
Institutional Presentation 1Q14 1 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III. 1Q14 RESULTS IV. GROWTH OPPORTUNITIES 2 Cetip s Timeline 1984 Cetip is established as a not-for-profit organization 1986
More information2nd Quarter 2018 Webcast
2nd Quarter 2018 Webcast Classic Large Cap Value Equity Presented by James J. Clarke Director of Fundamental Research & Portfolio Manager This material may not be reproduced or used in any form or medium
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationFourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationCapital Markets and M&A in Latin America
Capital Markets and M&A in Latin America 10th Annual LABA Conference Latin America: Growth Perspectives in a Shifting Political Landscape Bernardo Parnes Chief Executive Officer - Banco Bradesco BBI S.A.
More informationOTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
More informationLACEA/LAMES 2007 BRAZIL" 05/10/2007
LACEA/LAMES 2007 Policy Responses to Sudden Stops in BRAZIL" 05/10/2007 Márcio Garcia www.econ.puc-rio/mgarcia Introduction (1/2) Brazil suffered in 2002 a sudden stop. Capital flows fell by some USD 24
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
More informationCredit Suisse Swiss Pension Fund Index Q1 2016
Credit Suisse Swiss Pension Fund Index Q1 216 Q1 216:.49% Disappointing start to the year with a glimmer of light in March Swiss equity quota at a new low real estate continues at a new high Significant
More informationHow much will your current lifestyle cost at 60?
(MODERATE PLAN) How much will your current lifestyle cost at 60? DATE OF ALLOTMENT November 01,2011 BENCHMARK CRISIL Balanced Fund - Aggressive Index FUND SIZE Rs.370.53 (Rs. in Cr.) MONTHLY AVERAGE AUM
More informationBNDES: The Financial Support for IT and Innovation Projects. December 2010
BNDES: The Financial Support for IT and Innovation Projects December 2010 Demand Drivers for IT in Brazil Domestic demandis supporting growth: increasing employment rates and salaries; reducing social
More informationCITI Bank Bangkok branch. Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB. Item June 30, 2009
CITI Bank Bangkok branch Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB Item June 30, 20 1 Assets required to be maintained under Section 32 17,753,449,882.45
More informationPREVI NOVARTIS MONTHLY REPORT February 14, Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT February 14, 2014 1- Macroeconomic Scenario The outlook for global growth keeps improving. This scenario is benign, but not without risks to the emerging countries, including
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationCapturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
More informationDAC Wealth Builder: $10,000 Growth from Inception
DAC Wealth Builder: $10,000 Growth from Inception $13,500 $13,416 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017
More informationQUARTERLY REPORT AND CERTIFICATION OF THE COUNTY TREASURER For Quarter Ending June 30, 2009 COMPLIANCE CERTIFICATION
QUARTERLY REPORT AND CERTIFICATION OF THE COUNTY TREASURER For Quarter Ending June 30, 2009 The Government Code requires the County Treasurer to render a Quarterly Report to the County Administrator, the
More informationThe global financial system crisis. Opportunities for Banco do Brasil
The global financial system crisis Opportunities for Banco do Brasil 1 Disclaimer This presentation contains references and statements, planned synergies, increasing estimates, projections of results and
More informationThink Of Us Before You Invest
Think Of Us Before You Invest DATE OF ALLOTMENT March 31,1996 BENCHMARK S&P BSE Sensex FUND SIZE Rs.679.21 (Rs. in Cr.) MONTHLY AVERAGE AUM Rs.668.51 (Rs. in Cr.) EXIT LOAD Nil (Compulsory lock-in period
More informationA Bull Call Spread for Brazil
A Bull Call Spread for Brazil Brazil is coming from a three-year recessionary period, with an unemployment rate still above 12%. Despite this, the Bovespa index (IBOV), which is the top equity index for
More informationChallenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
More information1Q17 C o n f e re n c e C a l l
1Q17 C o n f e re n c e C a l l Disclaimer The statements in this presentation constitute projections or forward-looking statements. Such statements are subject to known and unknown risks and uncertainties
More informationQuarterly Statistical Digest
Quarterly Statistical Digest August Volume 27, No. 3 The Statistical Digest is a quarterly publication of the Central Bank of The Bahamas, prepared by the Research Department for issue in February, May,
More informationCorpBanca. First Quarter 2015 Financial Results
CorpBanca First Quarter 2015 Financial Results Disclaimer 2 This Presentation contains forward-looking statements, including statements related to the planned acquisition of Helm Bank and the timing thereof.
More informationQuarterly Report THIRD QUARTER
Quarterly Report 3 THIRD QUARTER 2017 Contents Message to our Investors...1 Friedberg Asset Allocation Funds...6 Friedberg Global-Macro Hedge Funds...8 Closed Funds... 11 All Statements made herein, while
More informationHSBC Global Investment Funds - Brazil Equity
HSBC Global Investment Funds - Brazil Equity S Share Class 30 Jun 2018 30/06/2018 Fund Objective and Strategy Investment Objective The Fund seeks long-term total return (meaning capital growth and income)
More informationFigure 1: Resource subsector ETF performance
In February the Bromma Resource Fund returned -4.8% for Class B C$ and -8.5% for Class V US$. While general equity markets were able to recover more than half of their volatility-induced peak-to-trough
More informationSACU INFLATION REPORT. February 2018
SACU INFLATION REPORT February 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationSACU INFLATION REPORT. January 2018
SACU INFLATION REPORT January 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationNonfarm Payroll Employment
PRESIDENT'S REPORT TO THE BOARD OF DIRECTORS, FEDERAL RESERVE BANK OF BOSTON Current Economic Developments - June 10, 2004 Data released since your last Directors' meeting show the economy continues to
More informationSACU INFLATION REPORT. December 2014
SACU INFLATION REPORT December 2014 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationCapricorn GEM Fund. Objective. Manager's Comments 7,5% 199,7 6,3% (11,1%) 99,7% 2,4% 189,3 89,3% (14,0%) 2,1% 6,9% 4,2% 89,8% 4,8% 7,0% (13,0%) 189,8
Objective The Fund is a US Dollar denominated, moderate risk, equity long/short hedge fund, which aims to achieve superior risk-adjusted returns on an absolute basis over any 12 month period by investing
More informationAims to achieve the right blend of Growth and Tax Saving
Aims to achieve the right blend of Growth and Tax Saving DATE OF ALLOTMENT March 31,1996 BENCHMARK S&P BSE Sensex FUND SIZE Rs.981.23 (Rs. in Cr.) MONTHLY AVERAGE AUM Rs.939.37 (Rs. in Cr.) EXIT LOAD Nil
More informationEastern Point Trust Company Basic Plan Portfolio
Eastern Point Trust Company Basic Plan Portfolio January 2001 - August 2018 (Single Computation) 400 350 300 250 200 150 100 50 Dec 2000 Dec 2003 Dec 2005 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Dec 2015 Aug
More informationA S X S P O T L I G H T
A S X S P O T L I G H T B L U E S K Y A L T E R N A T I V E I N V E S T M E N T S L I M I T E D M A Y 2 0 1 4 Private Equity Private Real Estate Hedge Funds Real Assets blueskyfunds.com.au Page 1 DISCLAIMER
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
More informationCredit Suisse Swiss Pension Fund Index Q3 2015
Credit Suisse Swiss Pension Fund Index Q3 2015 YTD 2015: 1.47% Q3 2015: 1.31% Return on the Credit Suisse Pension Fund Index continues to fall, despite good July performance Annualized returns fall, while
More informationBeginning Date: January 2016 End Date: February Managers in Zephyr: Benchmark: Morningstar Short-Term Bond
Beginning Date: January 2016 End Date: February 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - February 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800
More informationSACU INFLATION REPORT. December 2017
SACU INFLATION REPORT December 20 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall not
More informationTHE B E A CH TO WN S O F P ALM B EA CH
THE B E A CH TO WN S O F P ALM B EA CH C OU N T Y F LO R I D A August www.luxuryhomemarketing.com PALM BEACH TOWNS SINGLE-FAMILY HOMES LUXURY INVENTORY VS. SALES JULY Sales Luxury Benchmark Price : 7,
More informationTime to remain in the market. but cautiously
Time to remain in the market. but cautiously Sunil Jain Head Equity Research (Retail) Date: Nov 2014 Indian equity outperformed all other markets in 2014 Country Index YTD % India NIFTY 32.97% US S&P 500
More informationMan AHL Diversified plc
NAV per unit USD 88.19 Total NAV USD 988,635,806 No. units 11,209,426 Against a backdrop of the beginning of the end to QE, December proved to be a slightly volatile month for the fund, with gains in stocks,
More informationEmerging markets are pressured by the global scenario; In Brazil, the Central Bank initiated a downward interest rate cycle
Previ Novartis 1- Overview Macroeconômico Emerging markets are pressured by the global scenario; In Brazil, the Central Bank initiated a downward interest rate cycle Internacional In the US, the presidential
More informationDividend Report. December 2018
Warning: Aberdeen Global has the discretion to determine the and rate of dividend to be distributed. The dividends are not guaranteed and may be investment income, gains or at the discretion of the Board
More informationVale: focus on capital allocation and costs
Vale: focus on capital allocation and costs Fabio Schvartsman Itaú 9th Annual Itaú BBA LatAm Commodities Conference 1 São Paulo, September 27th, 2017 This presentation may include statements that present
More informationAn introduction to Invesco s Equity Long/Short Strategies
An introduction to Invesco s Equity Long/Short Strategies This marketing document is exclusively for use by Professional Clients and Financial Advisers in Germany. This document is not for consumer use,
More informationWESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
More informationEWX SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P Emerging Markets Small Cap ETF ETF.com segment: Equity: Emerging Markets - Small Cap Competing ETFs: EEMS, DGS, FEMS Related ETF Channels: Broad-based, Vanilla, Small Cap, Emerging Markets, Equity,
More informationQuarterly Statistical Digest
Quarterly Statistical Digest February 2019 Volume 28, No. 1 The Statistical Digest is a quarterly publication of the Central Bank of The Bahamas, prepared by the Research Department for issue in February,
More informationTHE RECOVERY OF THE BRAZILIAN ECONOMY WALTER BAÈRE FILHO
THE RECOVERY OF THE BRAZILIAN ECONOMY WALTER BAÈRE FILHO Deputy Executive Secretary of Planning, Development and Management THE ECONOMY REFLECTS THE ADJUSTED POLICIES BOOMING CAPITAL MARKET 85,032 pts
More informationECONOMIC FACT SHEET 2 ND QTR., 2013
1 ECONOMIC FACT SHEET 2 ND QTR., 2013 Data and consensus expectations 2013 2013* GDP growth - 2013 forecast - 2.5 %* Unemployment - (may) 5.8 % - Public debt/gdp (apr.) 35. - Inflation (IPCA p.a.) - jun.
More informationParticipate in the Digital Transformation of India
Participate in the Digital Transformation of India DATE OF ALLOTMENT December 28, 2015 BENCHMARK S&P BSE IT TRI FUND SIZE Rs.111.56 (Rs. in Cr.) MONTHLY AVERAGE AUM Rs.90.94 (Rs. in Cr.) EXIT LOAD: 0.25%
More informationSource : Lipper for Investment Management values.
A-MYR (RETAIL) Objective 1 Year Growth Total Return from 28 February 2017 to 28 February 2018 Income Distribution growth through investments in Shariah-compliant securities that are Year 2017 Net (sen
More informationMan AHL Diversified Futures Ltd
Man AHL Diversified Futures (the "Company") is a futures and options fund and will invest, without limitation, into sectors including stocks, bonds, currencies, interest rates, energies, metals, credit
More informationCreating Value to Shareholders
COSAN DAY 2017 DISCLAIMER This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth. Such information is mainly based on our current
More informationSurvey of Businesses Inflation Expectations. December 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Survey of Businesses Inflation Expectations December 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses
More informationFinancial Industry Solutions. Second Quarter Financial Results AUGUST 9, 2018
Financial Industry Solutions Second Quarter Financial Results AUGUST 9, Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationEconomic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014
Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections
More informationBoard of Directors Zurich, 24 March, 2009 Dufry Presentation - Full Year 2009 Results
Dufry Presentation - Full Year 2009 Results March 2010 1 Legal Disclaimer Information in this presentation may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future.
More informationMirae Asset Emerging Bluechip Fund (MAEBF)
Mirae Asset Emerging Bluechip Fund (MAEBF) (An Open Ended Equity Fund) Product Literature December 2014 MAEBF Our Goal Our endeavour has been to Spot the Potential of Emerging Companies and consistently
More informationHistorical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
More informationSACU INFLATION REPORT. February 2016
SACU INFLATION REPORT February 2016 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationDivision of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
More informationPower your way to higher yields
Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will
More information3A Alternative Funds. 3A Multi Strategy Fund (USD, EUR, CHF, GBP)
3A Alternative Funds is a SICAV (Société d'investissement à Capital Variable) established under of the Luxembourg Law of 20 December 2002 and authorised for public distribution in Switzerland as a fund
More informationThe Evolution of Alternative Beta: Using Index-Based Investment Strategies
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 Investor Solutions The Evolution of Alternative Beta: Using Index-Based Investment Strategies This presentation may not be altered except
More informationMarket and Economic Charts. Retail Fund Management Team Investec Asset Management
Market and Economic Charts Retail Fund Management Team Investec Asset Management 30 April 2010 Looking at Markets Global SA Economics Major Index Performance Major Index Performance Market Drivers Inflation
More information