Cusip Isin Update August 20, 2021
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Newsletter - November 2017
Newsletter - November 2017 In this month’s newsletter: New Stakeholders SBAI in Canada Factor-based investing working group launched Upcoming events New Stakeholders We are thrilled to welcome new additions to the SBAI family: Signatories ARP Americas LLC (USA) Highbridge Capital Management LLC (USA) Polar Asset Management Partners Inc (Canada) SBAI in Canada Over 50 Canadian institutional investors and managers gathered at the annual SBAI roundtable in Montreal. The speakers and panellists explored innovations in investor risk management and factor-based investing. The panel on factor investing and alternative/dynamic beta focussed on: Importance for investors to understand sources of return: Risk premia (investors are compensated for a systematic risk), i.e. asset class risk premia and factor risk premia, Alpha (information edge, behavioural edge, implementation edge), and Arbitrage Key considerations: Not all factors are risk premia, some are “firm characteristics” Data mined factors (with no greater probability of delivering future returns) Self-destruction of certain sources of return (investors arbitrage the exploitable pattern away) Implementation challenges: “Devil in the implementation” – small variations in implementation can result in wide range of outcomes Need for back-testing standards Whether factors can be timed (timing and selection of factors as a source of alpha) 1 In order to further explore this area, the SBAI has established a working group. The institutional risk management panel explored the following topics from the perspective from a corporate and a public pension plan: Approaches to organising the risk function, incl. group wide risk management with specialist risk teams within the alternative investment group. Approaches to building diverse risk teams, incl. -
Why Convertible Arbitrage Is a True Market Neutral Strategy
WHY CONVERTIBLE ARBITRAGE IS A TRUE MARKET NEUTRAL STRATEGY How does convertible arbitrage perform in different markets? Transcript of a video recorded on November 30, 2017. Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, explains that convertible arbitrage has performed well in most equity market environments—and that the strategy has done its best in declining equity markets historically. ELI PARS The nice thing is it tends to perform well in most equity market environments. In a rising market, you benefit from Co-CIO, Head of the net long, the net long embedded in the hedge. So you can make a little bit of money there and you can trade Alternative Strategies and Co-Head of around the volatility. It tends to do a little better in more volatile markets. Convertible Strategies, Senior Co-PM The interesting thing is, historically, it’s often done its best in declining equity markets. Now, sometimes it depends on the nature of the equity market and the nature of the bear market, but if you look back to the early 2000s when the equity market sold off materially, convert arb did really well. Investors made money, made significant money in a lot of cases, when the equity market was down. That wasn’t the case in 2008 when it was more of a financial crisis, but it’s kind of helpful for investors as they look forward and think where the next bear market might be. If to the extent you’re in the camp that you think that ultimately it’ll be an over-valued equity market that corrects similar to what we had in the early 2000s, that could quite possibly be a very nice environment for convert arb. -
40Actplussm Application for Hedge Funds and Private
Executive Risk Indemnity Inc. Administrative Offices/Mailing Address: Home Office 82 Hopmeadow Street Wilmington, Delaware 19805-1297 Simsbury, Connecticut 06070-7683 40ACTPLUSSM APPLICATION FOR HEDGE FUNDS AND PRIVATE INVESTMENT FUNDS NOTICE: THE POLICY FOR WHICH THIS APPLICATION IS MADE APPLIES, SUBJECT TO ITS TERMS, ONLY TO “CLAIMS” FIRST MADE DURING THE “POLICY PERIOD,” OR ANY EXTENDED REPORTING PERIOD. THE LIMIT OF LIABILITY AVAILABLE TO PAY DAMAGES OR SETTLEMENTS WILL BE REDUCED, AND MAY BE EXHAUSTED, BY “DEFENSE EXPENSES,” AND “DEFENSE EXPENSES” WILL BE APPLIED AGAINST THE RETENTION. THE UNDERWRITER HAS NO DUTY UNDER THIS POLICY TO DEFEND ANY “CLAIM.” ACCEPTANCE OR RECEIPT BY THE UNDERWRITER OF THIS APPLICATION WILL NOT OBLIGATE THE UNDERWRITER TO ISSUE ANY POLICY OF INSURANCE, NOR PROVIDE REQUESTED COVERAGE FOR ALL ENTITIES LISTED IN THIS APPLICATION OR IN ANY SCHEDULE ATTACHED HERETO. PLEASE READ THE ENTIRE APPLICATION CAREFULLY BEFORE SIGNING. 1. (a) Name of Applicant: Business Address: City: State: ZIP Code: Web site Internet address (if applicable): (b) Name and title of the officer at the principal sponsor or organization for the Applicant designated as the representative to receive all notices from the Underwriter on behalf of all person(s) and entity(ies) proposed for this insurance: 2. (a) SCHEDULE OF PRIVATE FUNDS (Please attach separate sheet if necessary.) Name of Type Total Total General Partner’s Minimum 3(c)7 Fund Structure Date Private (see chart Assets Equity Equity Invest- (Yes/No) (LP, LLC, Opened Fund below) Market ($mm) ($mm) ment etc.) Value ($mm) ($mm) TYPES OF PRIVATE FUNDS Market Neutral Distressed Securities Market Timing Funds of Funds Aggressive Growth Short Selling Emerging Markets Global Macro Merger Arbitrage Income Convertible Arbitrage Other: Form C27429 (08/2012) 1 Catalog No. -
Securitization & Hedge Funds
SECURITIZATION & HEDGE FUNDS: COLLATERALIZED FUND OBLIGATIONS SECURITIZATION & HEDGE FUNDS: CREATING A MORE EFFICIENT MARKET BY CLARK CHENG, CFA Intangis Funds AUGUST 6, 2002 INTANGIS PAGE 1 SECURITIZATION & HEDGE FUNDS: COLLATERALIZED FUND OBLIGATIONS TABLE OF CONTENTS INTRODUCTION........................................................................................................................................ 3 PROBLEM.................................................................................................................................................... 4 SOLUTION................................................................................................................................................... 5 SECURITIZATION..................................................................................................................................... 5 CASH-FLOW TRANSACTIONS............................................................................................................... 6 MARKET VALUE TRANSACTIONS.......................................................................................................8 ARBITRAGE................................................................................................................................................ 8 FINANCIAL ENGINEERING.................................................................................................................... 8 TRANSPARENCY...................................................................................................................................... -
Management Profiles ဳଉᄙᓯʍ
team ྆අ Management profiles ဳଉᄙᓯʍ Executive Director ਨϷ໎ԑ ȹȾȾȹαכᐢസeᖓͱ́ܧMr. LAW Ka Sing, aged 55, is the Chairman and Chief Executive Offi cer of the Group. Mr. Law joined the ᖓࡼັͱ́cଊα55ัcݯ̯එ྆ɾ˚࠹Ϸ ιϸႇdཌྷਕʥғೕพ৻ʿࠍɰዶୃ༩ɀɊʒαeכGroup in 1991 and has over 26 years’ experience in garment manufacturing, retailing and wholesale business. ˱̯එ྆c He is responsible for the overall management and strategic planning of the Group. ֤߲ஐ̯එ྆ɾኬဳଉʥ೪ஃིɮАe ࠗಋଉɮɣነכMs. CHAN So Kuen, aged 46, is the Director of Finance of the Group. Ms. Chan graduated from The Hong Kong ஹॖɤɡcଊα46ัcݯ̯එ྆ɾল৻໎ԑeஹɤɡଓพ τɮਆဳଉဨɡჀe֤͛ݯߜਝऋஈʔႏผ߮ܛɣነcےPolytechnic University and Oklahoma City University, the United States of America, with a Master’s Degree in ʥਝෙКּ୩ ɀཌྷཌྷɍαɄ˂˱̯එ྆cכBusiness Administration. She is also a fellow member of the Association of Chartered Certifi ed Accountants ʔผʥࠗಋผ߮ʔผɾ༅૯ผࡗeஹɤɡ ᄗ߮ᅢdࣁ༝พdࡼཋพd˸ኒʥཌྷਕϷพ೩ɾᄗ߮dল৻ဳଉʥכ and the Hong Kong Institute of Certifi ed Public Accountants. Ms. Chan joined the Group in August 2003. She has more than 23 years’ experience in auditing, fi nancial management and corporate fi nance in audit fi rm, travel, ဳଉᄙᓯʍ cஹɤɡ߲ஐ̯එ྆ɾኬکพল৻ʿࠍcɰዶୃ༩ɀɊɍαe͌ͬ household appliances, semiconductor and retail industries. Ms. Chan is responsible for the overall fi nancial ɮАe֤͛ݯ̯එ྆ɾڝdʑᄗ߮ʥҙ༅ّᗐ܁ল৻ဳଉdͬพল৻dؒ management, corporate fi nance, legal, internal audit and investor relation functions of the Group. She is also ʔ̇ो࣊ʥ༅ࣟผ߮e the Company Secretary and the Qualifi ed Accountant of the Group. ਨϷ໎ԑڈIndependent Non-executive Director ዟ͓ Management profiles ɀཌྷཌྷ̒αȾ˂Ᏽկͨc͛ݯ̯ʔ̇ᄗ࣏կࡗผכMs. LEUNG Mei Han, aged 47, was appointed in September 2004, is also the Chairman of the Audit Committee ષᄐɤɡcଊα47ัc ɡᙬɣነਆޫነɡነϽcݯዌݘנτዌݘܛand the Remuneration Committee of the Company. -
Bossini International Holdings Ltd. Fundamental Company Report
+44 20 8123 2220 [email protected] Bossini International Holdings Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis https://marketpublishers.com/r/B74D30F6452BEN.html Date: September 2021 Pages: 50 Price: US$ 499.00 (Single User License) ID: B74D30F6452BEN Abstracts Bossini International Holdings Ltd. Fundamental Company Report provides a complete overview of the company’s affairs. All available data is presented in a comprehensive and easily accessed format. The report includes financial and SWOT information, industry analysis, opinions, estimates, plus annual and quarterly forecasts made by stock market experts. The report also enables direct comparison to be made between Bossini International Holdings Ltd. and its competitors. This provides our Clients with a clear understanding of Bossini International Holdings Ltd. position in the Retail Industry. The report contains detailed information about Bossini International Holdings Ltd. that gives an unrivalled in-depth knowledge about internal business- environment of the company: data about the owners, senior executives, locations, subsidiaries, markets, products, and company history. Another part of the report is a SWOT-analysis carried out for Bossini International Holdings Ltd.. It involves specifying the objective of the company's business and identifies the different factors that are favorable and unfavorable to achieving that objective. SWOT-analysis helps to understand company’s strengths, weaknesses, opportunities, and possible threats against it. The Bossini International Holdings Ltd. financial analysis covers the income statement and ratio trend-charts with balance sheets and cash flows presented on an annual and quarterly basis. The report outlines the main financial ratios pertaining to profitability, margin analysis, asset turnover, credit ratios, and Bossini International Holdings Ltd. -
Thinking Outside the Sphere Views of the Stars from Aristotle to Herschel Thinking Outside the Sphere
Thinking Outside the Sphere Views of the Stars from Aristotle to Herschel Thinking Outside the Sphere A Constellation of Rare Books from the History of Science Collection The exhibition was made possible by generous support from Mr. & Mrs. James B. Hebenstreit and Mrs. Lathrop M. Gates. CATALOG OF THE EXHIBITION Linda Hall Library Linda Hall Library of Science, Engineering and Technology Cynthia J. Rogers, Curator 5109 Cherry Street Kansas City MO 64110 1 Thinking Outside the Sphere is held in copyright by the Linda Hall Library, 2010, and any reproduction of text or images requires permission. The Linda Hall Library is an independently funded library devoted to science, engineering and technology which is used extensively by The exhibition opened at the Linda Hall Library April 22 and closed companies, academic institutions and individuals throughout the world. September 18, 2010. The Library was established by the wills of Herbert and Linda Hall and opened in 1946. It is located on a 14 acre arboretum in Kansas City, Missouri, the site of the former home of Herbert and Linda Hall. Sources of images on preliminary pages: Page 1, cover left: Peter Apian. Cosmographia, 1550. We invite you to visit the Library or our website at www.lindahlll.org. Page 1, right: Camille Flammarion. L'atmosphère météorologie populaire, 1888. Page 3, Table of contents: Leonhard Euler. Theoria motuum planetarum et cometarum, 1744. 2 Table of Contents Introduction Section1 The Ancient Universe Section2 The Enduring Earth-Centered System Section3 The Sun Takes -
Why Convertible Arbitrage Makes Sense in 2021
For UBS marketing purposes Convertible arbitrage as a hedge fund strategy should continue to work well in 2021. (Keystone) Investment strategies Why convertible arbitrage makes sense in 2021 19 January 2021, 8:52 pm CET, written by UBS Editorial Team The current market environment is conducive for convertible arbitrage hedge funds with elevated new issuance, attractive equity volatility levels and convertible valuations all likely to support performance in 2021. Investors should consider allocating to the strategy within a diversified hedge fund portfolio. The global coronavirus pandemic resulted in significant equity market drawdowns in March last year, followed by an almost unparalleled recovery over the next few months. On balance, 2020 was a good year for hedge funds focusing on convertible arbitrage strategies which returned 12.1% for the year, according to HFR data. We believe that all drivers remain in place for a solid performance in 2021. And while current market conditions resemble those after the great financial crisis, convertible arbitrage today is a far less crowded strategy with more moderate leverage levels. The market structure is also more balanced between hedge funds and long only funds, and has after a long period of outflows, recently witnessed renewed investor interest. So we believe there are a number of reasons why convertible arbitrage remains attractive for investors in 2021 based on the following assumptions: Convertible arbitrage traditionally performs well in recovery phases. Historically, convertible arbitrage funds have generated their best returns during periods of economic recovery and expansion. Improving risk sentiment, tightening credit spreads, and attractively priced new issues are key contributors to returns in such periods. -
2015-16 Outlook for the Retail and Consumer Products Sector in Asia
www.pwc.com 2015-16 Outlook for the Retail and Consumer Products Sector in Asia Foreword One doesn’t have to live in Shanghai or particularly active users of mobile products. Not a bad place to start for Mumbai to understand that the most technology and social media, and the global retailers looking for new paths dynamic markets – and many of today’s use of these technologies for to growth. most creative retailers – reside in Asia. purchasing, while still nascent, is Just this past November the Western bound to increase as screen size and I invite you to read this report to learn press was filled with stories touting security issues are resolved. In fact, more about the retail opportunities in China’s 2014 Singles Day sales of China will soon overtake the US as the Asia. Finally, I would like to express my US$9.3 billion, which beat out the world’s biggest retail market, and most great appreciation to Mr Chitranjan Dar combined US’s Black Friday and Cyber of the rest of the region will see retail of ITC Limited, Ms Lixia Tan of Haier, Mr Monday shopping days by more than spending growth far in excess of the Masaaki Kanai of Ryohin Keikaku, and two times. global average over the next five Mr Weiming Cao of Hermès, for their years.3 time and sharing their business insights The genius of Singles Day is that it’s the and visions. I am sure you will enjoy perfect microcosm for the scope and Then there is the urbanisation factor. -
Europe's Largest Single Managers Ranked by a Um
2013 IN ASSOCIATION WITH IN ASSOCIATION 5O EUROPEEUROPE’S LARGEST SINGLE MANAGERS RANKED BY AUM EUROPE50 01 02 03 04 Brevan Howard Man BlueCrest Capital Blackrock Management 1 1 1 1 Total AUM (as at 30.06.13) Total AUM (as at 30.06.13) Total AUM (as at 01.04.13) Total AUM (as at 30.06.13) $40.0bn $35.6bn $34.22bn $28.7bn 2 2 2 2 2012 ranking 2012 ranking 2012 ranking 2012 ranking 2 1 3 6 3 3 3 3 Founded Founded Founded Founded 2002 1783 (as a cooperage) 2000 1988 4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Alan Howard Manny Roman (CEO), Luke Ellis (President), Mike Platt, Leda Braga Larry Fink Jonathan Sorrell (CFO) 5 5 5 Hedge fund(s) 5 Hedge fund(s) Hedge fund(s) Fund name: Brevan Howard Master Fund Hedge fund(s) Fund name: BlueCrest Capital International Fund name: UK Emerging Companies Hedge Limited Fund name: Man AHL Diversified plc Inception date: 12/2000 Fund Inception date: 04/2003 Inception date:03/1996 AUM: $13.5bn Inception date: Not disclosed AUM: $27.4bn AUM: $7.9bn Portfolio manager: Mike Platt AUM: Not disclosed Portfolio manager: Multiple portfolio Portfolio manager: Tim Wong, Matthew Strategy: Global macro Portfolio manager: Not disclosed managers Sargaison Asset classes: Not disclosed Strategy: Equity long/short Strategy: Global macro, relative value Strategy: Managed futures Domicile: Not disclosed Asset classes: Not disclosed Asset classes: Fixed income and FX Asset classes: Cross asset Domicile: Not disclosed Domicile: Cayman Islands Domicile: Ireland Fund name: BlueTrend -
Hedge Fund Returns: a Study of Convertible Arbitrage
Hedge Fund Returns: A Study of Convertible Arbitrage by Chris Yurek An honors thesis submitted in partial fulfillment of the requirements for the degree of Bachelor of Science Undergraduate College Leonard N. Stern School of Business New York University May 2005 Professor Marti G. Subrahmanyam Professor Lasse Pedersen Faculty Adviser Thesis Advisor Table of Contents I Introductions…………………………………………………………….3 Related Research………………………………………………………………4 Convertible Arbitrage Returns……………………………………………....4 II. Background: Hedge Funds………………………………………….5 Backfill Bias…………………………………………………………………….7 End-of-Life Reporting Bias…………………………………………………..8 Survivorship Bias……………………………………………………………...9 Smoothing………………………………………………………………………9 III Background: Convertible Arbitrage……………………………….9 Past Performance……………………………………………………………...9 Strategy Overview……………………………………………………………10 IV Implementing a Convertible Arbitrage Strategy……………….12 Creating the Hedge…………………………………………………………..12 Implementation with No Trading Rule……………………………………13 Implementation with a Trading Rule……………………………………...14 Creating a Realistic Trade………………………………….……………....15 Constructing a Portfolio…………………………………………………….16 Data……………………………………………………………………………..16 Bond and Stock Data………………………………………………………………..16 Hedge Fund Databases……………………………………………………………..17 V Convertible Arbitrage: Risk and Return…………………….…...17 Effectiveness of the Hedge………………………………………………...17 Success of the Trading Rule……………………………………………….20 Portfolio Risk and Return…………………………………………………..22 Hedge Fund Database Returns……………………………………………23 VI -
Variable Star Classification and Light Curves Manual
Variable Star Classification and Light Curves An AAVSO course for the Carolyn Hurless Online Institute for Continuing Education in Astronomy (CHOICE) This is copyrighted material meant only for official enrollees in this online course. Do not share this document with others. Please do not quote from it without prior permission from the AAVSO. Table of Contents Course Description and Requirements for Completion Chapter One- 1. Introduction . What are variable stars? . The first known variable stars 2. Variable Star Names . Constellation names . Greek letters (Bayer letters) . GCVS naming scheme . Other naming conventions . Naming variable star types 3. The Main Types of variability Extrinsic . Eclipsing . Rotating . Microlensing Intrinsic . Pulsating . Eruptive . Cataclysmic . X-Ray 4. The Variability Tree Chapter Two- 1. Rotating Variables . The Sun . BY Dra stars . RS CVn stars . Rotating ellipsoidal variables 2. Eclipsing Variables . EA . EB . EW . EP . Roche Lobes 1 Chapter Three- 1. Pulsating Variables . Classical Cepheids . Type II Cepheids . RV Tau stars . Delta Sct stars . RR Lyr stars . Miras . Semi-regular stars 2. Eruptive Variables . Young Stellar Objects . T Tau stars . FUOrs . EXOrs . UXOrs . UV Cet stars . Gamma Cas stars . S Dor stars . R CrB stars Chapter Four- 1. Cataclysmic Variables . Dwarf Novae . Novae . Recurrent Novae . Magnetic CVs . Symbiotic Variables . Supernovae 2. Other Variables . Gamma-Ray Bursters . Active Galactic Nuclei 2 Course Description and Requirements for Completion This course is an overview of the types of variable stars most commonly observed by AAVSO observers. We discuss the physical processes behind what makes each type variable and how this is demonstrated in their light curves. Variable star names and nomenclature are placed in a historical context to aid in understanding today’s classification scheme.