JPMorgan Large Cap Growth Fund
... Source: J.P. Morgan Asset Management, Morningstar, Frank Russell Company. Note: Performance is stated net of fees. The ranking information is provided by Morningstar. The performance quoted is past performance and is not a guarantee of future results. As of 6/30/17 the Large Cap Growth Fund (I Share ...
... Source: J.P. Morgan Asset Management, Morningstar, Frank Russell Company. Note: Performance is stated net of fees. The ranking information is provided by Morningstar. The performance quoted is past performance and is not a guarantee of future results. As of 6/30/17 the Large Cap Growth Fund (I Share ...
Exam 1 Take Home Portion (15 points): Ratio Analysis
... nearer in value than is the case for the 4-stock portfolio. Discuss why this may be so. If they are not similar, discuss why this may be so The risk/return characteristics of your stock portfolios (both the 4-stock and 18-stock portfolios) relative to the individual risk/return characteristics of yo ...
... nearer in value than is the case for the 4-stock portfolio. Discuss why this may be so. If they are not similar, discuss why this may be so The risk/return characteristics of your stock portfolios (both the 4-stock and 18-stock portfolios) relative to the individual risk/return characteristics of yo ...
Sell Side
... parties, making it easier for its clients to evaluate the risk. Barclays, HSBC and Morgan Stanley joined Markit’s project and in October 2015, Know Your Third Party (KY3P) platform ...
... parties, making it easier for its clients to evaluate the risk. Barclays, HSBC and Morgan Stanley joined Markit’s project and in October 2015, Know Your Third Party (KY3P) platform ...
Discretionary vs. Non-Discretionary Services
... Any return expectations provided are not intended as, and must not be regarded as, a representation, warranty or predication that the investment will achieve any particular rate of return over any particular time period or that investors will not incur losses. This presentation is prepared for infor ...
... Any return expectations provided are not intended as, and must not be regarded as, a representation, warranty or predication that the investment will achieve any particular rate of return over any particular time period or that investors will not incur losses. This presentation is prepared for infor ...
here
... Phoenix currently owns a share of stock in Mel’s Kitchen Supplies, Inc. Without any reinvestment of their earnings, the company will earn $40 per share every year forever. The effective annual discount rate for the company is 14%. Assume that the next dividend payment will be made in 1 year. Suppose ...
... Phoenix currently owns a share of stock in Mel’s Kitchen Supplies, Inc. Without any reinvestment of their earnings, the company will earn $40 per share every year forever. The effective annual discount rate for the company is 14%. Assume that the next dividend payment will be made in 1 year. Suppose ...
Target Asset Allocation
... asset classes. While allocations to multiple asset classes can reduce risk, risk cannot be completely eliminated with diversification. There is no guarantee that the identified mix of asset classes will eliminate risk, reduce your current exposure to risk, or manage your exposure to risk in a way th ...
... asset classes. While allocations to multiple asset classes can reduce risk, risk cannot be completely eliminated with diversification. There is no guarantee that the identified mix of asset classes will eliminate risk, reduce your current exposure to risk, or manage your exposure to risk in a way th ...
What s the alternative: five reasons to move away from the mainstream
... from the economy and can deliver a steady income return. These characteristics mean the inclusion of alternatives within a portfolio can be defensive and deliver a stabilising function. There are many other reasons why alternatives appeal. For those not familiar with the market or who do not wish to ...
... from the economy and can deliver a steady income return. These characteristics mean the inclusion of alternatives within a portfolio can be defensive and deliver a stabilising function. There are many other reasons why alternatives appeal. For those not familiar with the market or who do not wish to ...
AUSTRALIAN COMMERCIAL REAL ESTATE
... RETURNS IN THE SHORT TERM As we saw elsewhere in the world, investors in Australia flocked to commercial real estate in 2014 as the chase for yield intensified as interest rates fell. In fact, liquidity in Australia is currently in excess of the pre-GFC years as highlighted in figure 1 below. At the ...
... RETURNS IN THE SHORT TERM As we saw elsewhere in the world, investors in Australia flocked to commercial real estate in 2014 as the chase for yield intensified as interest rates fell. In fact, liquidity in Australia is currently in excess of the pre-GFC years as highlighted in figure 1 below. At the ...
How to assess a manager recovery skill - ORBi
... Then, we compare the rankings obtained from the different risk measures using Kendall correlation (which is more appropriate for ranking correlations). This allows us to see whether these different measures provide similar information in terms of rankings of assets with respect to their risk. High p ...
... Then, we compare the rankings obtained from the different risk measures using Kendall correlation (which is more appropriate for ranking correlations). This allows us to see whether these different measures provide similar information in terms of rankings of assets with respect to their risk. High p ...
A Model-Based Approach to Constructing Corporate Bond Portfolios
... assessing default risk, another important application of the EDF model is valuing credit instruments, which leads to Moody’s Analytics’ Fair-value Spread framework. The FVS framework produces a modeled credit spread for a bond using inputs such as its EDF credit measure, loss given default (LGD), an ...
... assessing default risk, another important application of the EDF model is valuing credit instruments, which leads to Moody’s Analytics’ Fair-value Spread framework. The FVS framework produces a modeled credit spread for a bond using inputs such as its EDF credit measure, loss given default (LGD), an ...
Year - Seasholes.com
... ___________ (mkt) ___________ (smb) ___________ (hml) ___________ (mom) ___________ ...
... ___________ (mkt) ___________ (smb) ___________ (hml) ___________ (mom) ___________ ...
after-tax returns: methodology for computing
... offered constitute our judgment and are subject to ...
... offered constitute our judgment and are subject to ...
What Profit Margin Should We Require for Short Tail Business?
... The profit margin is then a function of the contract’s undiversifiable volatility (measured via CAPM β). – If cashflows are uncorrelated with the state of economy, then the premium is simply the risk premium i.e. no profit margin. – If cashflows are negatively (positively) correlated with the state ...
... The profit margin is then a function of the contract’s undiversifiable volatility (measured via CAPM β). – If cashflows are uncorrelated with the state of economy, then the premium is simply the risk premium i.e. no profit margin. – If cashflows are negatively (positively) correlated with the state ...
Asset Pricing
... lower part: perfectly negatively correlated with c: they are an insurance for investors. assets inside: have idiosyncratic risk, that is not correlated with consumption and that is not remunerated by any excess return. Asset B is riskier than asset A, but they have the same return. ...
... lower part: perfectly negatively correlated with c: they are an insurance for investors. assets inside: have idiosyncratic risk, that is not correlated with consumption and that is not remunerated by any excess return. Asset B is riskier than asset A, but they have the same return. ...
Monthly Investment Commentary
... Eight years ago we published a lengthy white paper on hedge-fund investing. Back then, our interest in hedge-fund strategies was triggered by our concern that stocks and bonds were priced to deliver belowaverage returns and expose investors to above-average risk. In theory, hedge funds could offer a ...
... Eight years ago we published a lengthy white paper on hedge-fund investing. Back then, our interest in hedge-fund strategies was triggered by our concern that stocks and bonds were priced to deliver belowaverage returns and expose investors to above-average risk. In theory, hedge funds could offer a ...
Edward Meigs and Sean Slein Discuss Investing in High Yield
... risk we’re taking. For anything that we buy, we generally expect the credit to stay the same or to improve, and we expect the issuer to be generating a fair level of free cash flow in order to service its debt. We think of ourselves as risk rotators—we believe that rotating risk in each phase of the ...
... risk we’re taking. For anything that we buy, we generally expect the credit to stay the same or to improve, and we expect the issuer to be generating a fair level of free cash flow in order to service its debt. We think of ourselves as risk rotators—we believe that rotating risk in each phase of the ...
The Equity Imperative - Improving Active Risk
... Note that the new linear efficient frontier formed by leveraging portfolio A, with its high information ratio, always achieves a higher return per unit of risk than the linear frontier formed from the low-information-ratio portfolio B. For example, portfolio A could be levered to achieve portfolio ...
... Note that the new linear efficient frontier formed by leveraging portfolio A, with its high information ratio, always achieves a higher return per unit of risk than the linear frontier formed from the low-information-ratio portfolio B. For example, portfolio A could be levered to achieve portfolio ...
Methods to estimate the value of a levered firm
... Methods to estimate the value of a levered firm – different ways to account for the value of the tax shield of debt Estimation Cash flows used in valuation Discount rate Other adjustments method used in valuation Weighted average Weighted average 100% equity cash flows cost of capital cost of capita ...
... Methods to estimate the value of a levered firm – different ways to account for the value of the tax shield of debt Estimation Cash flows used in valuation Discount rate Other adjustments method used in valuation Weighted average Weighted average 100% equity cash flows cost of capital cost of capita ...
benefits of alternative investments
... Alternative investments are often available in less efficient markets. This can provide greater opportunity for skilled managers to enhance portfolio returns compared to the opportunities available in traditional asset classes like listed equities and fixed interest. Alternative investments genera ...
... Alternative investments are often available in less efficient markets. This can provide greater opportunity for skilled managers to enhance portfolio returns compared to the opportunities available in traditional asset classes like listed equities and fixed interest. Alternative investments genera ...
Monte Carlo Derivative valuation:
... Monte Carlo pricing is computationally expensive! Variance reduction techniques seek to reduce the variance of the sampling distribution of C hence the required number of trials to achieve the desired accuracy. Antithetic sampling can be applied whenever the simulated value (price of the underlying) ...
... Monte Carlo pricing is computationally expensive! Variance reduction techniques seek to reduce the variance of the sampling distribution of C hence the required number of trials to achieve the desired accuracy. Antithetic sampling can be applied whenever the simulated value (price of the underlying) ...
