SBAI Annual Report (2017)
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Form ADV Part 2A – Disclosure Brochure
Prosperity Advisory Group LLC Form ADV Part 2A – Disclosure Brochure Effective: October 12, 2020 This Form ADV Part 2A (“Disclosure Brochure”) provides information about the qualifications and business practices of Prosperity Advisory Group LLC (“PAG” or the “Advisor”). If you have any questions about the content of this Disclosure Brochure, please contact the Advisor at (585) 381-5900. PAG is a Registered Investment Advisor with the U.S. Securities and Exchange Commission (“SEC”). The information in this Disclosure Brochure has not been approved or verified by the SEC or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. This Disclosure Brochure provides information about PAG to assist you in determining whether to retain the Advisor. Additional information about PAG and its Advisory Persons is available on the SEC’s website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 310720. Prosperity Advisory Group LLC 50 Square Drive, Suite 220, Victor, NY 14564 Phone: (585) 381-5900 * Fax: (585) 381-0478 https://prosperityadv.com Item 2 – Material Changes Form ADV 2 is divided into two parts: Part 2A (the "Disclosure Brochure") and Part 2B (the "Brochure Supplement"). The Disclosure Brochure provides information about a variety of topics relating to an Advisor’s business practices and conflicts of interest. The Brochure Supplement provides information about the Advisory Persons of PAG. PAG believes that communication and transparency are the foundation of its relationship with Clients and will continually strive to provide you with complete and accurate information at all times. -
Arbitrage Pricing Theory∗
ARBITRAGE PRICING THEORY∗ Gur Huberman Zhenyu Wang† August 15, 2005 Abstract Focusing on asset returns governed by a factor structure, the APT is a one-period model, in which preclusion of arbitrage over static portfolios of these assets leads to a linear relation between the expected return and its covariance with the factors. The APT, however, does not preclude arbitrage over dynamic portfolios. Consequently, applying the model to evaluate managed portfolios contradicts the no-arbitrage spirit of the model. An empirical test of the APT entails a procedure to identify features of the underlying factor structure rather than merely a collection of mean-variance efficient factor portfolios that satisfies the linear relation. Keywords: arbitrage; asset pricing model; factor model. ∗S. N. Durlauf and L. E. Blume, The New Palgrave Dictionary of Economics, forthcoming, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This article is taken from the authors’ original manuscript and has not been reviewed or edited. The definitive published version of this extract may be found in the complete The New Palgrave Dictionary of Economics in print and online, forthcoming. †Huberman is at Columbia University. Wang is at the Federal Reserve Bank of New York and the McCombs School of Business in the University of Texas at Austin. The views stated here are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of New York or the Federal Reserve System. Introduction The Arbitrage Pricing Theory (APT) was developed primarily by Ross (1976a, 1976b). It is a one-period model in which every investor believes that the stochastic properties of returns of capital assets are consistent with a factor structure. -
Hedge Fund Standards Board
Annual Report 2018 Established in 2008, the Standards Board for Alternative Investments (Standards Board or SBAI), (previously known as the Hedge Fund Standards Board (HFSB)) is a standard-setting body for the alternative investment industry and custodian of the Alternative Investment Standards (the Standards). It provides a powerful mechanism for creating a framework of transparency, integrity and good governance to simplify the investment process for managers and investors. The SBAI’s Standards and Guidance facilitate investor due diligence, provide a benchmark for manager practice and complement public policy. The Standards Board is a platform that brings together managers, investors and their peers to share areas of common concern, develop practical, industry-wide solutions and help to improve continuously how the industry operates. 2 Table of Contents Contents 1. Message from the Chairman ............................................................................................................... 5 2. Trustees and Regional Committees .................................................................................................... 8 Board of Trustees ................................................................................................................................ 8 Committees ......................................................................................................................................... 8 3. Key Highlights ................................................................................................................................... -
Starting a Hedge Fund in the Sophomore Year
FEATURING:FEATURING:THETHE FALL 2001 COUNTRY CREDIT RATINGSANDTHE WORLD’S BEST HOTELS SEPTEMBER 2001 BANKING ON DICK KOVACEVICH THE HARD FALL OF HOTCHKIS & WILEY MAKING SENSE OF THE ECB PLUS: IMF/WorldBank Special Report THE EDUCATION OF HORST KÖHLER CAVALLO’S BRINKMANSHIP CAN TOLEDO REVIVE PERU? THE RESURGENCE OF BRAZIL’S LEFT INCLUDING: MeetMeet The e-finance quarterly with: CAN CONSIDINE TAKE DTCC GLOBAL? WILLTHE RACE KenGriffinKenGriffin GOTO SWIFT? Just 32, he wants to run the world’s biggest and best hedge fund. He’s nearly there. COVER STORY en Griffin was desperate for a satellite dish, but unlike most 18-year-olds, he wasn’t looking to get an unlimited selection of TV channels. It was the fall of 1987, and the Harvard College sophomore urgently needed up-to-the-minute stock quotes. Why? Along with studying economics, he hap- pened to be running an investment fund out of his third-floor dorm room in the ivy-covered turn- of-the-century Cabot House. KTherein lay a problem. Harvard forbids students from operating their own businesses on campus. “There were issues,” recalls Julian Chang, former senior tutor of Cabot. But Griffin lobbied, and Cabot House decided that the month he turns 33. fund, a Florida partnership, was an off-campus activity. So Griffin’s interest in the market dates to 1986, when a negative Griffin put up his dish. “It was on the third floor, hanging out- Forbes magazine story on Home Shopping Network, the mass side his window,” says Chang. seller of inexpensive baubles, piqued his interest and inspired him Griffin got the feed just in time. -
Manulife Diversified Investment Fund1 BALANCED Series F · Performance As at August 31, 2021 · Holdings As at July 31, 2021
Manulife Diversified Investment Fund1 BALANCED Series F · Performance as at August 31, 2021 · Holdings as at July 31, 2021 Portfolio advisor: Manulife Investment Why Invest Management Limited This global balanced fund provides diversification across all major asset classes and employs a tax-effective overlay strategy to help minimize potential capital gains distributions at year-end. The equity selection process is based on Mawer's disciplined, fundamentally based bottom-up research process, which includes a strong focus on downside protection. Sub-Advisor: Mawer Investment Within fixed income, the fund will take a core position in Canadian government debt. Management Ltd. Growth of $10,000 over 10 years5 Management 32,000 $27,462 Steven Visscher 28,000 24,000 ($) 20,000 Fund Codes (MMF) 16,000 12,000 Series FE LL2 LL3 DSC Other 8,000 Advisor 4502 — 4702 4402 — 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Advisor - DCA 24502 — 24702 24402 — F — — — — 4602 FT6 — — — — 1901 Calendar Returns (%) T6 9502 — 9702 9402 — 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1.99 11.10 20.29 12.56 10.85 3.57 10.33 -0.75 15.62 10.44 Key Facts Inception date: June 27, 2008 Compound Returns (%) AUM2: $914.91 million 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Inception CIFSC category: Global Equity Balanced 2.25 7.00 10.16 8.62 14.06 9.65 8.60 10.36 8.80 Investment style: GARP (%) (%) 3 Geographic Allocation Fixed Income Allocation Distribution frequency : Annual Colour Weight % Name Colour Weight % Name 51.31 Canada 46.96 Canadian provincial bonds 4 Distribution yield : 1.59% 21.91 United States 29.22 Canadian investment grade Management fee: 0.73% 5.17 United Kingdom bonds 2.49 Japan 10.84 Canadian government bonds Positions: 386 1.98 Sweden 6.72 Floating rate bank loans Risk: Low to Medium 1.96 Netherlands 2.50 Canadian corporate bonds 1.95 Switzerland 2.31 Canadian Mortgage-backed Low High 1.85 France securities MER: 1.03% (as at 2020/12/31, includes HST) 1.46 Ireland 1.10 U.S. -
Introduction and Overview of 40 Act Liquid Alternative Funds
Introduction and Overview of 40 Act Liquid Alternative Funds July 2013 Citi Prime Finance Introduction and Overview of 40 Act Liquid Alternative Funds I. Introduction 5 II. Overview of Alternative Open-End Mutual Funds 6 Single-Manager Mutual Funds 6 Multi-Alternative Mutual Funds 8 Managed Futures Mutual Funds 9 III. Overview of Alternative Closed-End Funds 11 Alternative Exchange-Traded Funds 11 Continuously Offered Interval or Tender Offer Funds 12 Business Development Companies 13 Unit Investment Trusts 14 IV. Requirements for 40 Act Liquid Alternative Funds 15 Registration and Regulatory Filings 15 Key Service Providers 16 V. Marketing and Distributing 40 Act Liquid Alternative Funds 17 Mutual Fund Share Classes 17 Distribution Channels 19 Marketing Strategy 20 Conclusion 22 Introduction and Overview of 40 Act Liquid Alternative Funds | 3 Section I: Introduction and Overview of 40 Act Liquid Alternative Funds This document is an introduction to ’40 Act funds for hedge fund managers exploring the possibilities available within the publically offered funds market in the United States. The document is not a comprehensive manual for the public funds market; instead, it is a primer for the purpose of introducing the different fund products and some of their high-level requirements. This document does not seek to provide any legal advice. We do not intend to provide any opinion in this document that could be considered legal advice by our team. We would advise all firms looking at these products to engage with a qualified law firm or outside general counsel to review the detailed implications of moving into the public markets and engaging with United States regulators of those markets. -
What Do Fund Flows Reveal About Asset Pricing Models and Investor Sophistication?
What do fund flows reveal about asset pricing models and investor sophistication? Narasimhan Jegadeesh and Chandra Sekhar Mangipudi☆ Goizueta Business School Emory University January, 2019 ☆Narasimhan Jegadeesh is the Dean’s Distinguished Professor at the Goizueta Business School, Emory University, Atlanta, GA 30322, ph: 404-727-4821, email: [email protected]., Chandra Sekhar Mangipudi is a Doctoral student at Emory University, email: [email protected] . We would like to thank Jonathan Berk, Kent Daniel, Amit Goyal, Cliff Green, Jay Shanken, and the seminar participants at the 2018 SFS Cavalcade North America, Louisiana State University and Virginia Tech for helpful discussions, comments, and suggestions. What do fund flows reveal about asset pricing models and investor sophistication? Recent literature uses the relative strength of the relation between fund flows and alphas with respect to various multifactor models to draw inferences about the best asset pricing model and about investor sophistication. This paper analytically shows that such inferences are tenable only under certain assumptions and we test their empirical validity. Our results indicate that any inference about the true asset pricing model based on alpha-flow relations is empirically untenable. The literature uses a multifactor model that includes all factors as the benchmark to assess investor sophistication. We show that the appropriate benchmark excludes some factors when their betas are estimated from the data, but even with this benchmark the rejection of investor sophistication in the literature is empirically tenable. An extensive literature documents that net fund flows into mutual funds are driven by funds’ past performance. For example, Patel, Zeckhauser, and Hendricks (1994) document that equity mutual funds with bigger returns attract more cash inflows and they offer various behavioral explanations for this phenomenon. -
Risk Arbitrage Strategies
Risk/Arbitrage Strategies: A New Concept for Asset/Liability Management, Optimal Fund Design and Optimal Portfolio Selection in a Dynamic, Continuous-Time Framework Part III: A Risk/Arbitrage Pricing Theory Hans-Fredo List Swiss Reinsurance Company Mythenquai 50/60, CH-8022 Zurich Telephone: +41 1285 2351 Facsimile: +411285 4179 Mark H.A. Davis Tokyo-Mitsubishi International plc 6 Broadgate, London EC2M 2AA Telephone: +44 171 577 2714 Facsimile: +44 171 577 2888 Abstract. Asset/Liability management, optimal fund design and optimal portfolio selection have been key issues of interest to the (re)insurance and investment banking communities, respectively, for some years - especially in the design of advanced risk- transfer solutions for clients in the Fortune 500 group of companies. Building on the new concept of limited risk arbitrage investment management in a diffusion type securities and derivatives market introduced in our papers Risk/Arbitrage Strategies: A New Concept for Asset/Liability Management, Optimal Fund Design and Optimal Portfolio Selection in a Dynamic, Continuous-Time Framework Part I: Securities Markets and Part II: Securities and Derivatives Markets, AFIR 1997, Vol. II, p. 543, we outline here a corresponding risk/arbitrage pricing theory that is consistent with an investor’s overall risk management objectives and takes into account drawdown control and limited risk arbitrage constraints on admissible contingent claim replication/hedging strategies. The mathematical framework used is that related to the optimal control of Markov diffusion processes in R” with dynamic programming and continuous-time martingale representation techniques. Key Words and Phrases. Risk/Arbitrage pricing theory (R/APT), risk/arbitrage contingent claim replication strategies, optimal financial instruments, LRA market indices, utility-based hedging, risk/arbitrage price, R/A-attainable, partial replication strategies. -
VICI Properties Inc
Table of Contents Filed Pursuant to Rule 424(b)(3) Registration No. 333-224846 PROSPECTUS 54,054,053 Shares VICI Properties Inc. Common Stock This prospectus relates to the offer and sale from time to time of up to 54,054,053 shares of our common stock by the selling stockholders named in this prospectus or in supplements to this prospectus. The registration of the shares of common stock to which this prospectus relates does not require the selling stockholders to offer or sell those shares. We cannot predict when or in what amounts the selling stockholders may sell any of the shares offered by this prospectus. We are filing the registration statement of which this prospectus is a part pursuant to contractual obligations that exist with the selling stockholders. We are not offering for sale any shares of common stock in the registration statement of which this prospectus is part. We will not receive any proceeds from the sale of our common stock by the selling stockholders, but will incur expenses. The selling stockholders from time to time may offer and sell the shares held by them directly or through underwriters, agents or broker-dealers on terms to be determined at the time of sale, as described in more detail in this prospectus or in a supplement to this prospectus. For more information, see “Plan of Distribution.” Our common stock is listed on The New York Stock Exchange (the “NYSE”) under the symbol “VICI”. On May 9, 2018, the last sale price of our common stock as reported on the NYSE was $18.89 per share. -
Hedge Fund Newsletter
HEDGE FUNDS SNAPSHOT 1Q17 IN THIS ISSUE 1 Overview: Hedge Fund Industry Trends OG Recruiter Interview: Graham Smith, Brian Palabrica, Amit Kapoor 2 OG Client Commentary: Hedge Fund Breakfast Highlights 3 4 People Moves 1. OVERVIEW Regulatory and compliance issues are Another pressing issue, particularly The first quarter of 2017 has seen a adding costs and creating hurdles for given the importance of quant talent strengthening of the dominant trend fundraising. Trade crowding is a for hedge funds, is immigration of 2016: quantitative investing. Quant growing problem that ironically has policy. In April, President Trump strategies are enjoying growth in been intensified by the growing signed an order directing American absolute and relative terms, as well reliance on quant strategies and low- agencies to propose new rules and as outperforming traditional, latency trading. Cybersecurity protocols for the H-1B visa program. fundamental strategies. As a result, constitutes yet another issue facing The President's goal is to ensure that hedge funds are heavily investing in hedge funds, forcing them into the current lottery system is replaced quantitative talent and technology to unending races against the ever- by one that favors the most highly boost risk management, portfolio evolving cyber-threats plaguing the skilled or most highly paid applicants; construction, and data science financial community at large. and further, the President is adamant operations. Candidates in the that anyone receiving such a visa quantitative space at all levels are The single greatest challenge facing must not be displacing an American seeing an increase in opportunity at hedge funds, however, is the political worker. -
Short Selling Risk and Hedge Fund Performance.Pdf
Short Selling Risk and Hedge Fund Performance Lei (Matthew) Ma* This Draft: December 2019 Abstract: Hedge funds, on average, outperform other actively managed funds. However, hedge fund managers often use trading strategies that are not used by other managed portfolios, and thus they bear unique risks. In particular, many hedge funds use short selling. I construct an option- based measure of short selling risk as the return spread between the decile of stocks with low option-implied short selling fees and the decile of those with high fees. I find that hedge funds that are significantly exposed to short selling risk outperform low-exposure funds by 0.45% per month on a risk-adjusted basis. However, there is no such relation for mutual funds that invest primarily on the long side. The results highlight that a significant proportion of abnormal performance of hedge funds is compensation for the risk they take on their short positions. JEL classification: G23; G11 Keywords: hedge funds, mutual funds, short selling risk, short risk exposure *Contact: Matthew Ma, Cox School of Business, Southern Methodist University, e-mail: [email protected]; I am grateful to Jonathan Brogaard, Jeff Coles, Mike Cooper, Mike Gallmeyer, Pab Jotikasthira, Matthew Ringgenberg, Mehrdad Samadi, Steve Stubben, Kumar Venkataraman, Kelsey Wei, Ingrid Werner, Julie Wu, Feng Zhang, Feng Zhao, and conference and seminar participants at the University of Utah, the University of Texas at Dallas, and Northern Finance Association Conference 2018 for insightful and helpful comments. All remaining errors are my own. 1 There is no “alpha.” There is just beta you understand and beta you do not understand, and beta you are positioned to buy versus beta you are already exposed to and should sell. -
Annual Report 2013
Oppenheimer Holdings Inc. Annual Report 2013 BY THE NUMBERS $1B Gross Revenue $38.77 Book Value/Share 43% Increase in Share Price 12/31/12 – 12/31/13 t 5ISPVHIJUTQSJODJQBM TVCTJEJBSJFT 0QQFOIFJNFS $P*OD B64CSPLFSEFBMFS BOE0QQFOIFJNFS"TTFU .BOBHFNFOU*OD 0QQFOIFJNFS PGGFSTBXJEFSBOHFPG JOWFTUNFOUCBOLJOH TFDVSJUJFT JOWFTUNFOUNBOBHFNFOUBOE XFBMUINBOBHFNFOUTFSWJDFT GSPNPGmDFTJOTUBUFTBOE UISPVHIMPDBMJOWFTUNFOUmSNT JOmWFGPSFJHOKVSJTEJDUJPOT t 01:$SFEJU$PSQPGGFST TZOEJDBUJPOBTXFMMBTUSBEJOHPG JTTVFEDPSQPSBUFMPBOT t 0QQFOIFJNFSFNQMPZTPWFS QFPQMF t 0QQFOIFJNFSPGGFSTUSVTU BOEFTUBUFTFSWJDFTUISPVHI 0QQFOIFJNFS5SVTU$PNQBOZPG %FMBXBSF t 0QQFOIFJNFS.VMUJGBNJMZ )PVTJOH)FBMUIDBSF'JOBODF *ODJTB$PNNFSDJBM.PSUHBHF #BOLJOH'JSNUIBUPSJHJOBUFT BOETFSWJDFTMPBOT t 5ISPVHIJUTTVCTJEJBSZ 'SFFEPN *OWFTUNFOUT *ODBOEUIF #6:BOE)0-%EJWJTJPOPG 'SFFEPN 0QQFOIFJNFSPGGFST POMJOFEJTDPVOUCSPLFSBHFBOE EPMMBSCBTFEJOWFTUJOHTFSWJDFT FINANCIAL HIGHLIGHTS"OOVBM3FQPSU (In thousands of dollars except per share amounts) 2013 2012 2011 2010 2009 Gross Revenue $1,019,714 $952,612 $958,992 $1,036,273 $990,480 Profit (loss) before income taxes $43,909 ($527) $17,848 $67,991 $37,067 Net profit (loss)* $25,061 ($3,613) $10,316 $38,532 $20,824 Basic earnings (loss) per share* $1.85 ($0.27) $0.76 $2.89 $1.59 Total assets $2,952,720 $2,678,020 $3,527,439 $2,515,062 $2,162,582 Shareholders’ equity* $522,518 $500,740 $508,070 $504,330 $461,012 Book value per share* $38.77 $36.80 $37.16 $37.73 $34.88 Total shares outstanding 13,478 13,608 13,672 13,368 13,218 Number of employees 3,517 3,521 3,576