Deactivating Active Share
... In general, if the universe of mutual fund managers holds the market portfolio, we know that the market clears: before fees, every dollar of outperformance must be offset by a dollar of underperformance. Low Active Share investors who simply track the market (“Closet Indexers”) should match market r ...
... In general, if the universe of mutual fund managers holds the market portfolio, we know that the market clears: before fees, every dollar of outperformance must be offset by a dollar of underperformance. Low Active Share investors who simply track the market (“Closet Indexers”) should match market r ...
submission on the safety of superannuation
... retention of existing exemptions. There is no clear need for in house assets, loans to members etc from a members' perspective and AMP believes that all investments should be at arms length. There are other means available to individuals who wish to invest in their employer companies or obtain finan ...
... retention of existing exemptions. There is no clear need for in house assets, loans to members etc from a members' perspective and AMP believes that all investments should be at arms length. There are other means available to individuals who wish to invest in their employer companies or obtain finan ...
The performance of hedge funds and mutual funds in
... capital markets.1 These limitations raise questions about the value added provided by these funds, for example, compared to traditional long-only mutual funds. Emerging market hedge funds have been analyzed as one among many strategies in hedge fund performance measurement literature such as Fung an ...
... capital markets.1 These limitations raise questions about the value added provided by these funds, for example, compared to traditional long-only mutual funds. Emerging market hedge funds have been analyzed as one among many strategies in hedge fund performance measurement literature such as Fung an ...
Mutual Fund Flows and Fluctuations in Credit and Business Cycles
... sensitive to economic cycles. In particular, we focus on intra-family flow shifts opposed to total net flows typically employed in previous studies. Flow shifts are transfers or existing money across asset classes within a fund family and as such are most sensitive to investor beliefs. Total net fl ...
... sensitive to economic cycles. In particular, we focus on intra-family flow shifts opposed to total net flows typically employed in previous studies. Flow shifts are transfers or existing money across asset classes within a fund family and as such are most sensitive to investor beliefs. Total net fl ...
Hedge Funds and the Technology Bubble
... Our finding that hedge funds were riding the bubble, and that they earned excess profits from doing so is consistent with their model. DeLong, Shleifer, Summers and Waldmann (DSSW) (1990a) show that noise trader risk also limits arbitrage. Risk-averse arbitrageurs with short-horizons are reluctant t ...
... Our finding that hedge funds were riding the bubble, and that they earned excess profits from doing so is consistent with their model. DeLong, Shleifer, Summers and Waldmann (DSSW) (1990a) show that noise trader risk also limits arbitrage. Risk-averse arbitrageurs with short-horizons are reluctant t ...
Government Money Fund (formerly T. Rowe Price Prime Reserve
... issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money funds in other fund complexes that have “broken the buck,” which means that those funds’ investors did not receive $1.00 per share for their investmen ...
... issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money funds in other fund complexes that have “broken the buck,” which means that those funds’ investors did not receive $1.00 per share for their investmen ...
Cash Reserves Fund
... agency security, from a bank or well-established securities dealer (seller) that requires the seller to repurchase the securities from the fund at a specific price on a designated date (which is often the next business day). The fund may sell holdings for a variety of reasons, such as to adjust the ...
... agency security, from a bank or well-established securities dealer (seller) that requires the seller to repurchase the securities from the fund at a specific price on a designated date (which is often the next business day). The fund may sell holdings for a variety of reasons, such as to adjust the ...
Hereford-Funds-Semi-Annual-report-31.03.2014 1
... (Investment Company organised under the laws of the Grand Duchy of Luxembourg) HEREFORD FUNDS – ...
... (Investment Company organised under the laws of the Grand Duchy of Luxembourg) HEREFORD FUNDS – ...
malta 2016 - HFM Global
... between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU regulated market. Soundly structured, securitisation is an important channel for diversifying funding sources and enabling a broader distri ...
... between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU regulated market. Soundly structured, securitisation is an important channel for diversifying funding sources and enabling a broader distri ...
Schwab Advisor Cash Reserves
... Schwab Advisor Cash Reserves (the fund) seeks the highest current income consistent with stability of capital and liquidity. To pursue its goal, the fund invests in high-quality, short-term money market investments issued by U.S. and foreign issuers. Examples of these securities include commercial p ...
... Schwab Advisor Cash Reserves (the fund) seeks the highest current income consistent with stability of capital and liquidity. To pursue its goal, the fund invests in high-quality, short-term money market investments issued by U.S. and foreign issuers. Examples of these securities include commercial p ...
prospectus - Cullen Funds
... underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditures, fluctuating commod ...
... underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditures, fluctuating commod ...
The Closed-End Fund Market, 2014
... dividends but do not share in the gains and losses of the fund. 2 Issuing preferred shares allows a closed-end fund to raise additional capital, which it can use to purchase more securities for its portfolio. Although some closed-end funds may adopt stock repurchase programs or periodically tender f ...
... dividends but do not share in the gains and losses of the fund. 2 Issuing preferred shares allows a closed-end fund to raise additional capital, which it can use to purchase more securities for its portfolio. Although some closed-end funds may adopt stock repurchase programs or periodically tender f ...
Venture Capita Report
... because they fail to raise further funds for investment or because they change their investment strategy. In order to provide an accurate picture of dependable suppliers of venture finance to SMEs, it was important to limit the scope of the project to those that were consistently active during the s ...
... because they fail to raise further funds for investment or because they change their investment strategy. In order to provide an accurate picture of dependable suppliers of venture finance to SMEs, it was important to limit the scope of the project to those that were consistently active during the s ...
Investor Flows and Fragility in Corporate Bond Funds
... Fifth, following the model in Chen, Goldstein, and Jiang (2010), we expect that strategic complementarities will be less important in determining fund outflows if the fund ownership is mostly composed of institutional investors. This is because institutional investors are large and so are more like ...
... Fifth, following the model in Chen, Goldstein, and Jiang (2010), we expect that strategic complementarities will be less important in determining fund outflows if the fund ownership is mostly composed of institutional investors. This is because institutional investors are large and so are more like ...
Form AUT – PFS Public Fund supplement
... before carrying out a Fund Manager’s instructions, that those instructions comply with the requirements of CIR 7.1.3. PF16. Please advise of the arrangements that the Trustee / Custody Provider will implement to ensure that the Fund’s unitholder register is maintained in accordance with CIR 8.7. and ...
... before carrying out a Fund Manager’s instructions, that those instructions comply with the requirements of CIR 7.1.3. PF16. Please advise of the arrangements that the Trustee / Custody Provider will implement to ensure that the Fund’s unitholder register is maintained in accordance with CIR 8.7. and ...
Gold ETF - Sangai Investments
... Investors are requested to note that there will be a lock - in period of 3 years for each SIP ...
... Investors are requested to note that there will be a lock - in period of 3 years for each SIP ...
The Witch of Wall Street
... THE WITCH OF WALL STREET You read a little about people who lost all or most of their money in the stock market and bank collapse of 1929. The tale you are about to read is quite different. It takes place in a slightly earlier time. This is the story of Hetty Robinson Green who not only did not lose ...
... THE WITCH OF WALL STREET You read a little about people who lost all or most of their money in the stock market and bank collapse of 1929. The tale you are about to read is quite different. It takes place in a slightly earlier time. This is the story of Hetty Robinson Green who not only did not lose ...
Systemic Risk and Hedge Funds
... in a variety of active investment strategies, 1 hedge funds have generally yielded double-digit returns historically, but not without commensurate risks, and such risks are currently not widely appreciated or well understood. In particular, we argue that the risk/reward profile for most hedge funds ...
... in a variety of active investment strategies, 1 hedge funds have generally yielded double-digit returns historically, but not without commensurate risks, and such risks are currently not widely appreciated or well understood. In particular, we argue that the risk/reward profile for most hedge funds ...
Dynamic Factor Timing and the Predictability of Actively Managed
... model and the “alpha” is easier to communicate to, and be understood by, investors, asset managers, and other stakeholders. Second, market indexes represent a realistic passive alternative to actively managed funds, something that is not always true for the factor-mimicking portfolios commonly used ...
... model and the “alpha” is easier to communicate to, and be understood by, investors, asset managers, and other stakeholders. Second, market indexes represent a realistic passive alternative to actively managed funds, something that is not always true for the factor-mimicking portfolios commonly used ...
Individual Investor Mutual Fund Flows
... performance measure, as important as it is for taxation purposes and for psychological explanations, is unlikely to be the only determinant of individuals’ redemption decisions. Tax-sensitive investors might focus not only on the direct tax consequences related to the change of the fund NAV since pu ...
... performance measure, as important as it is for taxation purposes and for psychological explanations, is unlikely to be the only determinant of individuals’ redemption decisions. Tax-sensitive investors might focus not only on the direct tax consequences related to the change of the fund NAV since pu ...
Understanding Investor Preferences for Mutual Fund Information
... Some shareholders also visit fund company or other websites for information before buying fund shares, while others confer with friends, family, or business associates. ...
... Some shareholders also visit fund company or other websites for information before buying fund shares, while others confer with friends, family, or business associates. ...
Cash, Cash Equivalents, and Investments
... As mentioned above, a campus’ annual payroll expenses exceed the GF appropriation. In order to resolve this issue and to comply with RMP (to use the available GF appropriation for payroll), the CO must distribute its unallocated GF appropriation to the campus via a supplemental allocation order (AO) ...
... As mentioned above, a campus’ annual payroll expenses exceed the GF appropriation. In order to resolve this issue and to comply with RMP (to use the available GF appropriation for payroll), the CO must distribute its unallocated GF appropriation to the campus via a supplemental allocation order (AO) ...
PROSPECTUS SUN LIFE OF CANADA PROSPERITY DOLLAR
... THE FUND The Fund is a Philippine corporation registered as an open-end investment company under R. A. 2629 and R. A. 8799, on 3 November 2004 under SEC Registration No.CS200417434. The Company was organized and incorporated in order to engage in the sale of its shares of stock and in the investment ...
... THE FUND The Fund is a Philippine corporation registered as an open-end investment company under R. A. 2629 and R. A. 8799, on 3 November 2004 under SEC Registration No.CS200417434. The Company was organized and incorporated in order to engage in the sale of its shares of stock and in the investment ...
Liquidity Management Policy Summary
... returns can be achieved through exposure to illiquid assets over the long term. As a long term investor, the Trustee believes it has an advantage over other investors that may have a shorter time horizon and that by investing in illiquid assets the Fund can benefit from an illiquidity premium (the a ...
... returns can be achieved through exposure to illiquid assets over the long term. As a long term investor, the Trustee believes it has an advantage over other investors that may have a shorter time horizon and that by investing in illiquid assets the Fund can benefit from an illiquidity premium (the a ...
Does Fund Size Erode Performance? Organizational Diseconomies
... performance declines with fund size. Now, we could have adopted a fixed-effects approach by looking at whether changes in a fund’s performance are related to changes in its size. However, such an approach is subject to a regression-to-the-mean bias. A fund with a year or two of lucky performance wil ...
... performance declines with fund size. Now, we could have adopted a fixed-effects approach by looking at whether changes in a fund’s performance are related to changes in its size. However, such an approach is subject to a regression-to-the-mean bias. A fund with a year or two of lucky performance wil ...