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Selected Investment Funds (SIF) Fund Insert
Local institutional investors in Brazil—pension funds and mutual funds—have been less active in the equity market. For instance, mutual funds’ asset allocation has been concentrated in safe and liquid assets such as government bonds and repo transactions. Pension funds, whose return target is typically set to achieve a certain spread over the rate of inflation in the context of a high short-term interest rate environment, tend to invest in inflation-linked bonds rather than equities. As such, lower interest rates and rising valuations in the equities, if supported by fundamental improvements in corporate prospects, could attract a greater number of companies...
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How Does Size Affect Mutual Fund Behavior?
There has been substantial progress in the development of the government bond market. Key steps include a lengthening of the yield curve, reduction in external exposure and diversification of the investor base. This has been supported by improved macroeconomic conditions, foreign investors entering the fixed rate segment of local currency government debt, and well designed microstructure reforms regarding issuance policy and auction process. As shown below, the government bond market has become more resilient to various risk factors. ...
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The Promise of Impact Investing
Investor base: participation by different investors in the government bond market has grown more diversified. Of the various actors in this market, banks tend to invest in relatively shorter term bonds to match their short-term liability. Pension funds and insurance companies prefer hedging long-term inflation risks by investing more in inflation linked bonds. Non-residents concentrate their direct exposure to fixed rate instruments, but with maturity less than 3 years. Mutual funds, which tend to be more sensitive to high frequency changes in financial market conditions, have demonstrated a greater preference for floating ....
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Assessing the quality of investment advice in the retail banking sector
The private bond market remains much smaller than that for the government. The outstanding issuance of corporate bonds has risen to almost 10 percent of GDP in 2011, but the market is still very concentrated in short duration rates, with a limited investor base and less diversified issuers. This suggests that the private fixed income market is not a significant long-term financing source for non-financial corporations. Indexation: Around 90 percent of private bonds are linked to the DI rate, resulting in little incentive for active trading. The share of fixed rate bonds still remains very low at about 1 percent...
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THE STATE OF MICROFINANCE INVESTMENT 2011: MicroRate’s 6th Annual Survey & Analysis of MIVs
Investor base: about 70 percent of private bonds were purchased by banks in 2011. Their participation has increased further recently partly because they have faced constraints in expanding consumer loans given increased risk and higher cost in the sector, and therefore have sought alternative higher-yield investment instruments. Liquidity in the secondary market is very limited as many banks tend to hold private bonds until maturity. Retail investors’ participation remains low (see Figure 11). ...
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EUROPE 50 Europe’s largest single managers ranked by AUM
Securitized instruments are rapidly growing, albeit from a very low base. The most active instrument is the FIDC (Asset Backed Securities), used to securitize a variety of assets including trade receivables and loans, as well as expected revenues in infrastructure projects. CRIs (Mortgage Backed Securities) are used to securitize mainly loans related to sale of real estate. This product has been one of the fastest growing instruments in Brazil. This is partly due to the product’s relatively low starting point, as well as the high marginal funding needs of the real estate sector––a sector that has been growing strongly, partially...
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Thrift Savings Plan Fund InFormatIon 2012
The small size of the private bond market also constrains its role. One of important benefits of a developed private bond market is that it can act as an alternative funding source when corporations’ access to overseas markets is limited or in the face of a domestic bank credit crunch. The disruption in the global money and credit markets in 2008 led to a liquidity squeeze for Brazilian corporations and financial firms. However, issuance of private bonds decreased during the crisis period (see Figure 12), reflecting in part the difficulties in efficient pricing and relatively short track records for borrowers....
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Undertakings for Collective Investment in Transferable Securities (UCITS)
BNDES has traditionally had an important role in the Brazilian financial system, but its size has doubled in the post-Lehman period. BNDES has typically been a major source of long- term financing for industry and infrastructure. During the crisis, it played an important counter-cyclical role as private bank credit fell off sharply in 2009 during the height of the Lehman related global tensions. However, it has been accompanied by a doubling of the size of BNDES’ balance sheet from 7½ percent of GDP in 2007 to over 15 percent of GDP in 2011 (almost 10 percent financial system lending)....
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UCITS Hedge Platform Survey 2012: Building routes to a new investment market place
Overcoming the current challenges and fostering further capital market development will require efforts across a broad policy front. Significant efforts to realize this crucial agenda are underway and could be deepened further. A sine qua non is to continue to further entrench the important and hard-won gains on macro stability that Brazil has achieved in the last years, including on the fiscal responsibility and inflation targeting frameworks. This continued predictability will further anchor the economy and facilitate a shift from shorter to longer term horizons for investment planning and the structure of finance. Raising savings rates should also contribute to...
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Sustainable and Responsible Investing Trends in the United States 2012
The authorities have made continuous efforts to build benchmarks at different points along the yield curve. The aim of this strategy is to further develop the interest rate term structure in the local currency, which would allow better pricing and liquidity of bonds issued both by the government itself and by the private sector. To this end, the authorities have increased the average maturity of the outstanding debt and smoothed its maturity profile. Moreover, in March 2012, the National Treasury carried out the first auction of fixed rate bonds due in January 2023, which will be the new 10-year benchmark...
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Market structures and systemic risks of exchange-traded funds
The authorities have also led some policy initiatives to encourage investors to adopt new references moving away from short-term indexation. For example, the main securities exchange (BM&F Bovespa) introduced reference rates for 3 and 6 months aiming at extending the reference rate for investors. In February 2012, the National Treasury undertook securities exchange operations with Extramercado Funds5 in order to adjust their portfolio. The investment policy of these funds has been adjusted such that they must be referenced to one of the Anbima Market Indices (IMA). The exchange operations resulted in a redemption of R$ 61 billion in securities linked...
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Financing small-scale infrastructure investments in developing countries
Additional efforts are underway to further increase the attractiveness of capital market investment in Brazil. The income tax exemption was extended to foreign investors’ investments in long term corporate bonds and infrastructure bonds. 6 The private sector is also keen on this policy agenda. The private capital markets association (Anbima) launched a “New Fixed Income Market” project to facilitate long-term financing operation. This proposal includes a set of measures aiming to support secondary market liquidity that include standardization of issues and the plan for a liquidity improvement fund as well as liquidity guarantee fund. 7 This proposal has been showing moderate progress....
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Investment Objectives of Sovereign Wealth Funds—A Shifting Paradigm
This environment could change if the downward shift of yield curve continues. Anecdotal evidence suggests that institutional investors are becoming more sensitive to changes in financial market conditions and therefore are increasingly interested in higher-return generating assets and more sophisticated styles in fund management. Indeed, the fall in the short term interest rate since last August appears to have been gradually affecting investors’ behavior. Clients’ requests for daily liquidity have decreased at the margin. ...
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Brazil's Capital Market: Current Status and Issues for Further Development
The share of infrastructure increased to 40 percent in 2011 from 31 percent in 2010 while the share of industry decreased to 32 percent––though given the substantial increase in BNDES lending, the absolute levels of credit for industry have increased. (see Figure 19). Looking further ahead, BNDES could gradually shift toward promoting the development of long-term capital markets, including by playing a role in standardization and market making (e.g., co-financing of infrastructure projects with the private sectors) in the long-term financing market. ...
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Analysis Regarding Mutual Funds Awareness and Opinion
Bond funds, which accounted for €373 billion of Irish IFs by shares/units in issue, experienced inflows of €12 billion and positive revaluations of €4.2 billion, amid generally increasing bond prices. This continues a longer term trend of significant inflows into bond funds, which comprised 42 per cent of Irish IFs by end-Q3 2012, compared with 24 per cent at end-Q1 2010.
8/30/2018 2:40:15 AM +00:00
Market Timing Ability of Indian Mutual Funds
Tham khảo tài liệu 'market timing ability of indian mutual funds', tài chính - ngân hàng, quỹ đầu tư phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
8/30/2018 2:40:15 AM +00:00
Is socially responsible investing just screening? Evidence from mutual funds
Hedge funds increased in value to €79 billion, driven largely by revaluations of €2.2 billion amid a net transactions outflow of €0.3 billion. The revaluation performance was tempered by the fact that some hedge funds assumed short positions in a positively performing market. Hedge funds have not outperformed other investment strategies in the year to date. Other funds, comprising mostly mixed funds 3 , experienced negligible inflows of €0.2 billion, despite positive revaluations of €5.1 billion, culminating in an increase in overall stock to €152 billion. ...
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Call for evidence - Implementing measures on the alternative investment fund managers directive
The Central Bank today publishes statistics for Q1 2012 on investment funds (IFs) resident in Ireland. Irish resident IFs expanded strongly in Q1 2012, driven by performing global equity markets and apparent expanding investor confidence evident in new subscriptions. When reclassifications are excluded, IFs, measured by total shares/units in issue, increased in value to €819.8 billion at end Q1 2012, up from €768.7 billion at end Q4 2011. This increase is accounted for by revaluations of €34.9 billion and positive net transactions of €16.2 billion. ...
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The Federal Reserve’s Commercial Paper Funding Facility
Irish IFs are owned mainly by non-residents, with 26 per cent held by other euro area residents and 68 per cent held by those outside the euro area and just 6 per cent owned by Irish residents. This breakdown reflects a significant move in ownership away from euro area residents to the rest of the world over recent quarters. Similarly most assets owned by Irish resident IFs are domiciled outside the state. When unclassified assets are excluded, just 9.4 per cent of capital is invested in Irish assets, 13.5 per cent invested...
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SEC Finalizes Rules to Implement Dodd-Frank Act Regulation of Private Investment Funds and Their Managers
This positive sentiment extended to non-euro area banks, with UK banks experiencing positive inflows of €13.3 billion compared to inflows of €9 billion for euro area banks. The higher figure for the UK may be partially accounted for by rebalancing from sovereign to corporate bonds as UK government bonds experienced an outflow of €3.7 billion, to close at €50.1 billion, alongside upward revaluations of €0.7 billion. UK banks’ participation in ECB operations, through their subsidiaries and branches, is also likely to have contributed to investor confidence. ...
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Mutua Fund Tax Guide 2011
There was a movement out of US sovereign bonds, amid net outflows of €2.1 billion and negative revaluations of €3 billion, to close at €45 billion, or 5 per cent of all investments. These negative US revaluations in euro terms were partly driven by the euro depreciating by 2.8 per cent relative to the US dollar over Q1 2012. German government bonds experienced positive net inflows of €0.9 billion and account for €17.4 billion of bond assets, but holdings still remain low relative to UK and US government bond assets. Holdings of Spanish sovereign...
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Discussion paper: Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM
Bond Funds, which account for €320.7 billion of shares/units in issue, and are therefore the largest fund category, experienced minor positive revaluations of €1.7 billion, but mostly benefitted from increased confidence in bonds by recording significant new investment of €12 billion, the highest relative inflow of any category. Hedge Funds, which account for €73.2 billion of shares/units in issue, also benefitted from positive revaluations and net inflows. Revaluations at €3 billion, or 4.4 per cent, were not as marked as for equity funds or remaining funds, perhaps due to hedge funds assuming short...
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P4: ETF Funds: Latest Developments for Risk Management and Investment
Remaining Funds, which account for €147 billion of shares/units in issue, consist primarily of mixed funds, but also include real estate and other unclassified funds. This category has performed positively in Q1 2012, second only to equity funds in terms of revaluations, with asset growth of €8.9 billion or 6.4 per cent. Remaining funds were the strongest performing category in Q4 2011, and despite a continued resilient performance, the category attracted negligible net new investment of €0.1 billion. ...
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Information Release Central Bank Data on Investment Funds
Notwithstanding that the AIFM must be able to provide both functions in order to be authorised, it may choose to delegate the portfolio management and/or the risk management function. In such cas- es, and as set out above, the delegation of these functions should comply with the rules set out under Article 20 of the AIFMD and the relevant Level 2 measures. Therefore, the liability of the AIFM will not be affected by the fact that the AIFM has delegated the portfolio management and/or risk man- agement functions to a third party, or by any further sub-delegation. Furthermore, neither of these functions...
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Central Bank Data on Investment Funds
The Central Bank today publishes statistics for Q3 2012 on investment funds (IFs) resident in Ireland. IFs, measured by total shares/units in issue, increased by 4.4 per cent to €892 billion by end-Q3 2012, driven by revaluations of €24.3 billion and net new subscriptions of €13.5 billion. Growth was concentrated in equity and bond funds, at 5.3 and 4.5 per cent respectively, though was also evident in all fund types. During the same period, European units/shares in issue...
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INTERIM MANAGEMENT STATEMENT AND DIVIDEND ANNOUNCEMENT
Canadian GAAP requires the use of bid prices for long positions and ask prices for short positions in the fair valuation of investments traded in an active market, rather than the use of closing prices currently used for the purpose of determining Net Asset Value (“NAV”). For investments that are not traded in an active market, Canadian GAAP requires the use of valuation techniques, incorporating factors that market participants would consider in setting a price. The NAV is the fair value of the total assets of a Fund less the fair value of its total liabilities at a Valuation Date (the “Valuation Date” is each day on which the Toronto Stock Exchange...
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What Janus Meant: The First Wave of Court Decisions Interpreting the Supreme Court’s “Ultimate Authority” Test in Securities Cases
Investments are deemed to be held for trading. Investments are recorded at their fair value with the change between this amount and average cost being recorded as unrealized appreciation (depreciation) in value of investments in the Statement of Operations. Securities listed on a recognized public securities exchange in North America are valued for financial statement purposes at their bid prices for long positions and ask prices for short positions. The Manager uses fair value pricing when the price of a security held in the Fund is unavailable, unreliable or not considered to reflect the current value, and may determine another value which it considers to be fair and reasonable using the services of...
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Leveraging private investment: the role of public sector climate finance
For bonds, debentures, asset-backed securities and other debt securities, the fair value represents the bid price provided by independent security pricing services. Short-term investments are included in the Statement of Investment Portfolio at their fair value. Unlisted warrants are valued based on a pricing model which considers factors such as the market value of the underlying security, strike price and terms of the warrant. Mutual fund units held as investments are valued at their respective NAVs on each Valuation Date, as these values are the most readily and regularly available....
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French Trust Reporting Rules Should Not Apply to U.S. CIVs Regulated under the Investment Company Act of 1940
Client brokerage commissions, where applicable, are used as payment for order execution services or research services. The portfolio advisors or Manager may select brokers, including their affiliates, who charge a commissions in excess of that charged by other brokers (“soft dollars”) if they determine in good faith that the commission is reasonable in relation to the order execution and research services utilized. It is the Manager's objective that over time, all clients receive benefits from the client brokerage commissions. Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities by the Fund are expensed and included in “Commissions and other portfolio transaction costs” in the Statement of Operations....
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Money Market Mutual Funds and Financial Stability
Interest income is recognized on the accrual basis. Dividend income and distributions from investment trust units are recognized on the ex-dividend and ex-distribution date, respectively. Interest on inflation-indexed bonds will be paid based on the principal value, which is adjusted for inflation. The inflation adjustment of the principal value is recognized as part of interest income in the Statement of Operations. At maturity, the Fund will receive, in addition to a coupon interest payment, a final payment equal to the sum of the par value and the inflation compensation accrued from the original issue date. Interest is accrued on each Valuation Date based on the inflation adjusted par value at that time and...
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