DOCSLIB.ORG

2019 Annual Report Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2019 Annual Report Contents HOLDINGS CORPORATION 2019 Annual Report Contents Fairfax India Corporate Performance ........ 1 Corporate Profile ...................... 2 Letter to Shareholders ................... 4 Management’s Responsibility for the Consolidated Financial Statements ........ 24 Independent Auditor’s Report ............. 25 Fairfax India Consolidated Financial Statements . 28 Notes to Consolidated Financial Statements . 34 Management’s Discussion and Analysis of Financial Condition and Results of Operations 70 Corporate Information .................. 122 HOLDINGS CORPORATION 8MAR201619315321 2019 Annual Report Fairfax India Corporate Performance (in US$ thousands, except as otherwise indicated)(1) Book Common value Closing share- Shares Earnings per share Net Total holders’ out- per share(2) price Income earnings assets Investments equity standing(1) share As at and for the years ended December 31 Initial public offering 10.00 10.00(3) 2015 9.50 10.10 65,251 40,939 1,025,421 978,569 1,013,329 106.7 0.42 2016 10.25 11.55 128,604 107,825 1,303,497 1,095,569 1,075,446 104.9 1.01 2017 14.46 15.00 609,670 452,509 2,672,221 2,635,726 2,132,464 147.4 2.94 2018 13.86 13.13 166,518 96,432 2,707,057 2,661,347 2,117,945 152.9 0.63 2019 16.89 12.80 712,689 516,338 3,244,937 3,171,332 2,577,851 152.6 3.30 Compound annual growth 11.2%(4) 5.1% (1) All share references are to common shares; Closing share price and per share amounts are in U.S. dollars; Shares outstanding are in millions. (2) Calculated as common shareholders’ equity divided by common shares effectively outstanding. (3) On January 30, 2015, upon completion of the company’s initial public offering price of $10.00 per share, Fairfax India Holdings Corporation’s subordinate voting shares began trading on the Toronto Stock Exchange under the symbol FIH.U. (4) The company’s book value per share of $16.89 at December 31, 2019 represented a compound annual growth rate from the initial public offering price of $10.00 per share at January 30, 2015 of 11.2%. 1 FAIRFAX INDIA HOLDINGS CORPORATION Corporate Profile Fairfax India Holdings Corporation (‘‘Fairfax India’’) is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses (‘‘Indian Investments’’). Indian Investments(1) Fairfax India’s Public Indian Investments are comprised of various percentages of ownership in the following companies whose shares are listed on both the BSE (formerly known as Bombay Stock Exchange Limited) and the National Stock Exchange of India: IIFL Finance Limited (‘‘IIFL Finance’’) is a publicly traded diversified financing company located in Mumbai, India that through its subsidiaries offers home loans, gold loans, business loans (including loans against property and small-to-medium enterprise loans, microfinance, developer and construction finance) and capital market finance. IIFL Finance’s revenues for the twelve months ended December 31, 2019 were $363 million. At year end, IIFL Finance had shareholders’ equity of $678 million and there were approximately 18,000 employees. Additional information can be accessed from IIFL Finance’s website www.iifl.com. IIFL Wealth Management Limited (‘‘IIFL Wealth’’) is a publicly traded wealth management firm with principal lines of business in wealth management and asset management, located in Mumbai, India. The wealth management business serves the highly specialized needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions. The asset management business provides a diversified suite of alternative investment funds, portfolio management services and mutual funds that span public and private equities, fixed income securities and real estate. IIFL Wealth’s revenues for the twelve months ended December 31, 2019 were $131 million. At year end, IIFL Wealth had shareholders’ equity of $429 million and there were approximately 900 employees. Additional information can be accessed from IIFL Wealth’s website www.iiflwealth.com. IIFL Securities Limited (‘‘IIFL Securities’’) is a publicly traded leading investment advisory firm providing diversified financial services and products such as financial planning, equity, commodities and currency broking (both cash and derivatives), depository participant services, investment banking, portfolio management as well as distribution of mutual funds, bonds and other products. IIFL Securities is located in Mumbai, India. IIFL Securities’ revenues for the twelve months ended December 31, 2019 were $113 million. At year end, IIFL Securities had shareholders’ equity of $128 million and there were approximately 2,000 employees. Additional information can be accessed from IIFL Securities’ website www.iiflsecurities.com. CSB Bank Limited (‘‘CSB Bank’’) is a publicly traded company located in Thrissur, India, established in 1920 and is a full-service bank offering retail banking, non-resident Indian banking services, small-to-medium enterprise and wholesale banking services through 416 branches and 290 automated teller machines across India. Prepared in accordance with International Financial Reporting Standards (‘‘IFRS’’), CSB Bank’s revenues for the twelve months ended December 31, 2019 were $107 million. At year end, CSB Bank had shareholders’ equity of $278 million and there were approximately 3,200 employees. Additional information can be accessed from CSB Bank’s website www.csb.co.in. Fairchem Speciality Limited (‘‘Fairchem’’) is a publicly traded, specialty chemical manufacturer located in Ahmedabad, India. Fairchem manufactures oleochemicals used in the paints, inks and adhesives industries, as well as intermediate neutraceutical and health products. Privi Organics Limited (‘‘Privi’’), a wholly-owned subsidiary of Fairchem, is a supplier of aroma chemicals to the fragrance industry and is located in Mumbai, India. Privi’s world- class products are the result of its very strong research and development team that has proven expertise in developing new products, customizing aromas per customer specifications, scaling up products from basic research to commercial scale, and designing process improvements to drive quality and cost optimization. Based on IFRS, Fairchem’s revenues (comprised of Fairchem and Privi) for the twelve months ended December 31, 2019 were $242 million. At year end, Fairchem had shareholders’ equity of $97 million and there were approximately 1,400 employees. Additional information can be accessed from Fairchem’s and Privi’s websites www.fairchem.in and www.privi.com. (1) All of the Indian Investments’ figures are based on Indian Accounting Standards (Ind AS) unless otherwise stated. 2 5paisa Capital Limited (‘‘5paisa’’), located in Mumbai, India, is a publicly traded online financial services provider with a ‘‘do-it-yourself’’ investment brokerage model that allows customers to execute investment transactions for low brokerage fees. 5paisa is primarily engaged in providing a technology platform through online and mobile applications for trading securities on the BSE and the NSE of India. 5paisa’s revenues for the twelve months ended December 31, 2019 were $14 million. At year end, 5paisa had shareholders’ equity of $20 million and there were approximately 1,200 employees. Additional information can be accessed from 5paisa’s website www.5paisa.com. Fairfax India’s Private Indian Investments are comprised of various percentages of ownership in the following companies whose fair values cannot be derived from an active market and accordingly, are valued internally using industry accepted valuation techniques and models: Bangalore International Airport Limited (‘‘BIAL’’) is a private company located in Bengaluru, India. BIAL, under a concession agreement with the Government of India until the year 2038 (with the right to extend the agreement for an additional 30 years), has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru (‘‘KIAB’’) through a public-private partnership. KIAB is the first greenfield airport in India built through a public-private partnership. Based on IFRS, BIAL’s revenues for the twelve months ended December 31, 2019 were $211 million. At year end, BIAL had shareholders’ equity of $450 million and there were approximately 1,300 employees. Additional information can be accessed from BIAL’s website www.bengaluruairport.com. Sanmar Chemicals Group (‘‘Sanmar’’), a private company located in Chennai, India, is one of the largest suspension polyvinyl chloride (‘‘PVC’’) manufacturers in India, operating in India and Egypt. Sanmar also manufactures caustic soda, calcium chloride, chloromethanes, refrigerant gases, industrial salt and specialty chemical intermediates. Based on IFRS, Sanmar’s revenues for the twelve months ended December 31, 2019 were $719 million. At year end, Sanmar had a shareholders’ deficit of $31 million and there were approximately 1,900 employees. Additional information can be accessed from Sanmar’s website www.sanmargroup.com. National Collateral Management Services Limited (‘‘NCML’’), located in Gurugram, India, is a private agricultural commodities storage company operating in the agriculture value chain and offering end-to-end solutions in grain procurement, testing, storage
Load more

Recommended publications
  • Fairfax Financial Holdings Limited
    FAIRFAX FINANCIAL HOLDINGS LIMITED To Our Shareholders: Last year we told you that we had an excellent year building intrinsic value even though it was not obvious in the numbers. This year was even better but it was completely masked by hedging losses and unrealized mark to market losses caused by fluctuations in the market price of our investments. Our insurance and reinsurance companies had an outstanding year in 2013 with a combined ratio of 92.7% with excellent reserving and a record underwriting profit of $440 million(1). We also realized $1.4 billion of net gains from our investment portfolio (predominantly from our common stock portfolio). Excluding all hedging losses and before mark to market fluctuations in our investment portfolio, we earned $1.9 billion in pre-tax income. Including all hedging losses and mark to market fluctuations in our investment portfolio, we reported a $565 million after-tax loss for 2013. We expect the unrealized mark to market losses to reverse in the future (as of February 28, 2014, we had an unrealized mark to market gain in our investment portfolio of more than $1 billion – after tax, this would have eliminated our net loss in 2013). The table below shows all this clearly: 2013 Results Underwriting profit 440 Investment income and other 382 Operating income 822 Runoff (excluding investment gains and losses) 77 Interest expense (211) Corporate overhead and other (125) Pre-tax income excluding net investment gains (losses) 563 Realized investment gains 1,380 Pre-tax income including realized investment gains 1,943 Unrealized investment losses (mostly from bonds) (962) Hedging losses (1,982) Pre-tax loss (1,001) Income tax recovery 436 Net loss (565) So all in, the result was a net loss of $565 million and a 7.8% decrease in book value (adjusted for the $10 per share dividend paid) to $339 per share.
    [Show full text]
  • Home Insurance Policy
    Home Insurance Policy Comprehensive Plan Simple Documentation Home is where the heart is Home is where the heart is. There are no truer words than these. Our entire life revolves around our home. Besides being an investment of our life's savings, home is also the place of our dreams. Alive with countless warm memories. Samuel Johnson's words ring true here “To be happy at home is the ultimate result of all ambition”. However, specified natural calamities and man-made dangers can threaten the security of your home. Painful as it can be we need to secure it and provide for re-creating it, in case of damage due to unforseen circumstances. This is one of the reasons why you will appreciate Home Insurance Policy of ICICI Lombard. We endeavor to guarantee absolute peace of mind from all uncertainties in your day-to-day life with this unique policy. We are committed to being by your side in your time of need. What does the policy cover? The insurance for your home can be broadly divided into 2 parts : • Structure Cover - This is for the structure of your home. The compensation under this cover will be paid to repair damages to the structure caused by specified natural and man-made calamities • Contents Cover - This is for the possessions you have inside your home. If these are damaged or burgled, then the insurance covers the loss you incur for the same You can take either one of these covers individually or opt for both to make sure you are covered comprehensively.
    [Show full text]
  • Summary of Investments by Type
    COMMON INVESTMENT FUNDS Schedule of Investments September 30, 2017 SUMMARY OF INVESTMENTS BY TYPE Cost Market Value Fixed Income Investments $ $ Short-term investments 27,855,310 27,855,310 Bonds 173,219,241 174,637,768 Mortgage-backed securities 29,167,382 28,915,537 Emerging markets debt 9,619,817 11,462,971 Bank loans - high income fund 23,871,833 23,908,105 Total Fixed Income Investments 263,733,583 266,779,691 Equity-Type Investments Mutual funds Domestic 9,284,694 13,089,028 International 18,849,681 21,226,647 Common stocks Domestic 149,981,978 192,057,988 International 225,506,795 259,856,181 Total Equity-Type Investments 403,623,148 486,229,844 Alternative Investments Funds of hedge funds 38,264,990 46,646,700 Real estate trust fund 6,945,440 10,204,969 Total Alternatives Investments 45,210,430 56,851,669 TOTAL INVESTMENTS 712,567,160 809,861,204 Page 1 of 34 COMMON INVESTMENT FUNDS Schedule of Investments September 30, 2017 SUMMARY OF INVESTMENTS BY FUND Cost Market Value Fixed Income Fund $ $ Short-term investments 6,967,313 6,967,313 Bonds 140,024,544 141,525,710 Mortgage-backed securities 27,878,101 27,642,277 Emerging markets debt 9,619,817 11,462,971 Bank loans - high income fund 23,871,833 23,908,105 208,361,608 211,506,377 Domestic Core Equity Fund Short-term investments 4,856,385 4,856,385 Common stocks 131,222,585 167,989,561 Futures - 19,895 Private placement 4,150 4,150 136,083,120 172,869,991 Small Cap Equity Fund Short-term investments 2,123,629 2,123,629 Mutual funds 9,284,694 13,089,028 Common stocks 18,755,243
    [Show full text]
  • IIFLWAM Annual-Report 2018-19-191004.Pdf
    IIFL WEALTH & ASSET MANAGEMENT 2 ANNUAL REPORT 2018-19 3 IIFL WEALTH & ASSET MANAGEMENT CONTENTS 4 ANNUAL REPORT 2018-19 CHAIRMAN’S MESSAGE 06 FROM THE CEO’S DESK 08 FINANCIAL HIGHLIGHTS 12 CORPORATE STRUCTURE 16 VISION 18 CORE BUSINESSES 19 IIFL-ONE A GAME CHANGER 20 IIFL AMC: STRATEGY 22 OUR SUCCESS MANTRA 24 TRANSCENDING GEOGRAPHIES 26 OWNERS WORK AND WORKERS OWN 28 LANDMARKS 36 NEW LOGO CONCEPT 38 DISTINGUISHED LEGACY 39 CORPORATE SOCIAL RESPONSIBILITY 40 EVENTS 43 MEDIA 46 AWARDS 50 DIRECTORS’ REPORT 55 MANAGEMENT DISCUSSION AND ANALYSIS 93 CORPORATE GOVERNANCE REPORT 109 COMPANY FINANCIALS 2019 128 CORPORATE INFORMATION 286 5 IIFL WEALTH & ASSET MANAGEMENT CHAIRMAN’S MESSAGE Dear Shareholders, It gives me great pleasure to write to you my first letter as the Chairman of your company. From humble beginnings, your company has come a long way. Under leadership of Mr. Karan Bhagat - MD & CEO, your Company has been able to create an effective framework consisting of regular product innovations, continuing client confidence, investment in people, improving processes and a robust organisation structure, which will continue to hold your company in good stead in the long run. I believe that the company’s focus on products and processes will lead to depth, and depth will lead to excellence in performance. I remain optimistic on India’s outlook and believe that the country remains an attractive destination for the longer-term investor. As India grows we are likely to see a corresponding growth in the size and number of wealthy. With increasing wealth, more global exposure and a new generation of wealthy taking over the 6 ANNUAL REPORT 2018-19 NILESH VIKAMSEY Chairman, IIFL Wealth Management mantle, change in the way wealth is managed and Your company understands the need to constantly preserved is inevitable.
    [Show full text]
  • Durable and De-Risked Growth
    Durable and De-risked Growth 2016-17 22nd Annual Report IIFL Holdings Limited Over the years, IIFL has evolved from an entrepreneurial start-up to one of the leading players in the financial services domain. The business model is de-risked by adding various businesses, asset classes, client segments and markets in adjacent spaces. On the cover, positive mathematical shapes like the plus, multiplication and greater-than signs are combined to represent the Company’s durable and de-risked growth. CONTENTS Corporate 01 Overview 1-41 IIFL at a Glance 3 Key Differentiators 6 Operational Highlights 8 Financial Highlights 10 Business Model and 12 Strategic Priorities Chairman’s Message 14 Managing Director’s Message 16 Doubling 18 Durability 20 De-risking 22 Operations Review 24 Corporate Social Responsibility 28 Advisory Board 32 Board of Directors 34 Awards & Recognitions 36 Technology Edge 38 Investor Conference 40 Other Events 41 Statutory 02 Reports 42-129 Directors’ Report 42 Management Discussion 72 and Analysis PAT * ROE Business Responsibility Report 100 ` 8.22 billion 17.7% Corporate Governance Report 110 up 48% y-o-y Financial Market Networth 03 Statements 130-211 Capitalisation ` 43.81 billion as on March 31, 2017 ` 127.23 billion Standalone Accounts 130 Consolidated Accounts 162 * Pre-minority IIFL Holdings Limited Durable and De-risked Growth Our aspiration is to be a respected, world- Our Mission 2020 comprises 3-Ds: Double the class, diversified revenue and achieve a net profit growth of 2.5 financial services times from FY16 to FY20, business model to be firm with a Durable so that it can sustain growth and is less portfolio of high- quality growth vulnerable to volatility and De-risk the business businesses.
    [Show full text]
  • Fairfax India to up Stake in Bengaluru Airport, Siemens to Mark Partial Exit
    By Keshav Sunkara | 30 March 2018 Fairfax India to up stake in Bengaluru Airport, Siemens to mark partial exit Canadian billionaire Prem Watsa’s Fairfax India Holdings Corporation is set to acquire a 6% stake in Bangalore International Airport Ltd (BIAL) from Siemens Project Ventures GmbH for $67 million (Rs 440 crore). Following the acquisition, Fairfax India’s stake in the company will increase to 54%, the public investment firm said in a press note. Siemens will, however, retain a 20% stake in BIAL. The Karnataka State Industrial and Infrastructure Development Corporation and the Airport Authority of India hold 13%, each, in the company. The transaction is subject to customary closing conditions and third-party consents, including lenders’ consent. The deal is expected to be completed by June 2018. BIAL operates the Kempegowda International Airport in Bengaluru. It has a concession agreement with the Government of India till 2038, with a right to extend the contract for another 30 years. “Siemens is one of the original shareholders of BIAL and have contributed immensely to the development of Kempegowda International Airport into a world class airport, which is a gateway to and from India,” said Fairfax India chairman Prem Watsa. “We look forward to continuing to work with Siemens and the other BIAL shareholders in the further expansion of the airport,” he added. Faifax India has been piling up its stake in BIAL since March 2016, when it had acquired a 33% stake from GVK Power and Infrastructure Ltd for Rs 2,149 crore. Subsequently, in April 2016 it had reportedly picked up another 5% stake in the company from Zurich Airport for Rs 327 crore, and followed it up by acquiring GVK Power & Infrastructure’s entire 10% stake in BIAL last June for Rs 1,290 crore.
    [Show full text]
  • Fairfax 2016 Annual Report
    30JAN201416052574 2016 Annual Report Contents Fairfax Corporate Performance ............. 1 Corporate Profile ...................... 2 Chairman’s Letter to Shareholders .......... 4 Management’s Responsibility for the Financial Statements and Management’s Report on Internal Control over Financial Reporting . 28 Independent Auditor’s Report to the Shareholders ........................ 29 Fairfax Consolidated Financial Statements ..... 32 Notes to Consolidated Financial Statements . 39 Management’s Discussion and Analysis of Financial Condition and Results of Operations 115 Appendix – Fairfax Guiding Principles ........ 187 Corporate Information .................. 188 30JAN201416052574 2016 Annual Report Fairfax Corporate Performance (in US$ millions, except as otherwise indicated)(1) Book Common Earnings value Closing Net share- Shares (loss) per share earnings Total Invest- Net holders’ out- per share price(1) Revenue (loss) assets ments debt equity standing share As at and for the years ended December 31(2) 1985 1.52 3.25(3) 12.2 (0.6) 30.4 23.9 – 7.6 5.0 (1.35) 1986 4.25 12.75 38.9 4.7 93.4 68.8 3.7 29.7 7.0 0.98 1987 6.30 12.37 86.9 12.3 139.8 93.5 4.9 46.0 7.3 1.72 1988 8.26 15.00 112.0 12.1 200.6 111.7 27.3 60.3 7.3 1.63 1989 10.50 18.75 108.6 14.4 209.5 113.1 21.9 76.7 7.3 1.87 1990 14.84 11.00 167.0 18.2 461.9 289.3 83.3 81.6 5.5 2.42 1991 18.38 21.25 217.4 19.6 447.0 295.3 58.0 101.1 5.5 3.34 1992 18.55 25.00 237.0 8.3 464.6 311.7 69.4 113.1 6.1 1.44 1993 26.39 61.25 266.7 25.8 906.6 641.1 118.7 211.1 8.0 4.19 1994 31.06 67.00
    [Show full text]
  • IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) May 2019
    IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) May 2019 Strategy Objective The portfolio manager is to take a concentrated position in portfolio of 20-25 stocks with a bias towards Large cap stocks# with an objective of generating wealth over long period. At the same time hedge the portfolio using At the Money Nifty 50 Put option to safeguard against downside risk. Investment Allocation: Equity Investment – up to 100% of corpus Put Options (for Hedging) – up to 8% of Corpus* Liquid schemes of Mutual funds and other securities as per discretion of Portfolio Manager #Portfolio as of 31st May‘19 has a large cap weightage of over 67% *In case put options are not available in the suitable lots to hedge the equity investment(s), the Portfolio Manager may invest in available lots which may result in either hedge exposure (i.e. contract value of put option) exceeding the value of equity investment(s) or hedge exposure being lesser than value of equity investments (upto 8%). The Portfolio Manager has discretion to buy Put options across tenors (1-3 years). Investment Philosophy - The SCDV Framework Cyclical Growth (C) Secular Growth (S) Core Portfolio: S Capital Goods Auto & Auto Ancillaries Cement Consumer Discretionary Merck Private Corp Banks Private Retail Banks Bajaj Finance Infrastructure Non-Banking Financial Co. Logistics HDFC Bank More than More Insurance Metals Retail Oil & Gas Downstream Muthoot Finance 15% PAT Growth PAT Tactical Allocation: C & D Value Traps (V) Defensive Growth (D) ICICI Bank RBL PSU Banks Consumer Staples
    [Show full text]
  • FAIRFAX News Release TSX Stock Symbol: FFH and FFH.U
    FAIRFAX News Release TSX Stock Symbol: FFH and FFH.U TORONTO, September 2, 2020 FAIRFAX ANNOUNCES ACQUISITION OF 1.75% CONVERTIBLE DEBENTURES OF BLACKBERRY LIMITED AFTER REDEMPTION OF EXISTING CONVERTIBLE DEBENTURES (Note: All dollar amounts in this press release are expressed in U.S. dollars) Fairfax Financial Holdings Limited (“Fairfax”) (TSX:FFH and FFH.U) announces that it has acquired, through its subsidiaries, ownership and control of $330,000,000 aggregate principal amount of 1.75% unsecured subordinated convertible debentures maturing on November 13, 2023 (the “Debentures”) of BlackBerry Limited (“BlackBerry”) representing approximately 90% of BlackBerry’s private placement (the “Private Placement”) of an aggregate principal amount of $365,000,000 of Debentures that closed today. The Debentures are convertible at the option of the holder into common shares of BlackBerry (“Common Shares”) at a price of $6.00 per Common Share and, therefore, the Debentures purchased by Fairfax’s subsidiaries (the “Purchased Debentures”) are convertible into 55,000,000 Common Shares. Prior to the redemption thereof by BlackBerry (the “Redemption”), which redemption was completed prior to the Private Placement, Fairfax held, through its subsidiaries, ownership of $500,000,000 aggregate principal amount of 3.75% unsecured subordinated convertible debentures (the “Redeemed Debentures”) of BlackBerry maturing November 13, 2020. The Redeemed Debentures were convertible at the option of the holder into Common Shares at a price of $10.00 per Common Share
    [Show full text]
  • (•IIFL Inside 1-35.Qxd:India Info Inside Pg
    “IF MONEY IS YOUR“ HOPE FOR INDEPENDENCE YOU WILL NEVER HAVE IT. THE ONLY REAL SECURITY THAT A MAN WILL HAVE IN THIS WORLD IS A RESERVE OF KNOWLEDGE, EXPERIENCE AND ABILITY.” –” Henry Ford 2 India Infoline Limited KNOWLEDGE @ IIFL. Catalyst. Enricher. Hedge. For the benefit of more than one million IIFL customers. Annual Report 2009-10 3 Snapshot IIFL – THE ONE-STOP FINANCIAL SERVICES SHOP. The IIFL Group is a leading player in MCX/SX and NSE for currency operations and final approval from SGX the Indian financial services space. derivatives segment, with MCX, are under progress. IIFL Capital Pte IIFL offers advice and execution NCDEX and DGCX for commodities Ltd. is notified with MAS for business platforms across the entire range of trading and with CDSL and NSDL as of fund management and as financial financial services – equities, depository participants. It is also adviser. derivatives, currencies, commodities, registered as a Category I merchant IIFL’s subsidiary in Sri Lanka, IIFL wealth and asset management, life banker and as a portfolio manager Securities Ceylon (Pvt) Ltd., has insurance mobilisation, investment with SEBI. Its equity shares are listed received an in-principle membership of banking and credit. Founded in 1995 on the Bombay Stock Exchange (BSE) the Colombo Stock Exchange. and the National Stock Exchange as an independent business research India Infoline Commodities DMCC (NSE). and knowledge provider, IIFL has regulated by DGCX and DMCC and is evolved into a one-stop financial IIFL Securities Pte Ltd is registered engaged in Commodity broking services solutions provider. with the Monetary Authority of business in Dubai.
    [Show full text]
  • Investment Positions” Summary for More Detail on These and Other Investments
    Re: PCI Overview of 4th Quarter, 2019 Dear Pacifica Client, While Pacifica Capital Investments reports quarterly results, we do so with reluctance. Our focus is on generating long-term results, and our belief is that short-term performance is not meaningful. As demonstrated in the graph on page 7, PCI’s long-term, aggregate results continue to be very rewarding for our clients. Overview During 2019, Pacifica accounts posted a gain of 14.8%, an attractive return in most years but one that fell well short of the S&P 500 Total Return Index’s record gain of 31.5%. Looking at the long-term, Pacifica has outperformed our benchmark by a significant margin. Since inception in 1998, Pacifica has generated a total return of 788.8% against the S&P’s 343.4% gain. We continue to expect to outperform our benchmark over the long term and more so in periods with volatility. Those periods when market weakness appears periodically allow us to “buy low” and later “sell high”. This is when our clients typically see the strongest relative outperformance. Market volatility has been unusually low since the onset of The Great Recession, after which the longest Bull Market in history began. With the stock market currently at historic highs, weakness could return at any time, and we are prepared for that to occur. In the fourth quarter, we continued to implement our strategy of purchasing undervalued assets and selling holdings trading at prices above our estimate of intrinsic value. Additionally, we continue to closely monitor a select group of excellent businesses where we want to aggressively purchase shares when they trade at more reasonable valuations.
    [Show full text]
  • Stoxx® Global 3000 Insurance Index
    STOXX® GLOBAL 3000 INSURANCE INDEX Components1 Company Supersector Country Weight (%) Berkshire Hathaway Inc. Cl B Insurance US 13.56 AIA GROUP Insurance HK 6.09 ALLIANZ Insurance DE 4.61 PING AN INSUR GP CO. OF CN 'H' Insurance CN 3.20 CHUBB Insurance US 3.16 Marsh & McLennan Cos. Insurance US 2.84 ZURICH INSURANCE GROUP Insurance CH 2.84 Progressive Corp. Insurance US 2.58 AON PLC Insurance US 2.35 AXA Insurance FR 2.33 PRUDENTIAL Insurance GB 2.11 MUENCHENER RUECK Insurance DE 2.01 Tokio Marine Holdings Inc. Insurance JP 1.71 Allstate Corp. Insurance US 1.70 Travelers Cos. Inc. Insurance US 1.62 MetLife Inc. Insurance US 1.58 AMERICAN INTERNATIONAL GROUP Insurance US 1.51 Manulife Financial Corp. Insurance CA 1.46 Prudential Financial Inc. Insurance US 1.36 AFLAC Inc. Insurance US 1.34 Willis Towers Watson Insurance US 1.32 SWISS REINSURANCE COMPANY Insurance CH 1.24 Sun Life Financial Inc. Insurance CA 1.18 ASSICURAZIONI GENERALI Insurance IT 1.07 ARTHUR J GALLAGHER Insurance US 0.97 SAMPO Insurance FI 0.91 LEGAL & GENERAL GRP Insurance GB 0.89 China Life Insurance Co 'H' Insurance CN 0.84 MS&AD Insurance Group Holdings Insurance JP 0.79 Dai-ichi Life Holdings Insurance JP 0.79 Hartford Financial Services Gr Insurance US 0.78 INTACT FINANCIAL Insurance CA 0.77 AVIVA Insurance GB 0.74 Markel Corp. Insurance US 0.70 Sompo Holdings Insurance JP 0.69 Cathay Financial Holding Co Lt Insurance TW 0.69 Arch Capital Group Ltd.
    [Show full text]