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REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
The fair value of investments and other assets and liabilities in foreign currencies is translated into the Fund’s functional currency at the rates of exchange prevailing at the period-end date. Purchases and sales of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Foreign exchange gains (losses) on completed transactions are included in “Realized gain (loss) on sale of investments” and unrealized foreign exchange gains (losses) are included in “Change in unrealized appreciation (depreciation) in value of investments” in the Statement of Operations. Realized and unrealized foreign exchange gains (losses) on assets (other than investments) and liabilities are included in “Realized gain (loss) on...
8/30/2018 2:40:15 AM +00:00
Pension Fund Indicators 2012 A long-term perspective on pension fund investment
into forward currency contracts for hedging purposes which can include the hedging of all or a portion of the currency exposure of an investment or group of investments, either directly or indirectly. The Fund may also enter into these contracts for non-hedging purposes which can include increasing the exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The value of forward currency contracts entered into by the Fund is recorded as the difference between the value of the contract on the Valuation Date and the value on the date the contract originated. Changes in the value of open forward currency contracts at each Valuation...
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Pension fund assets climb back to pre-crisis levels but full recovery still uncertain
A Fund may engage in securities lending pursuant to the terms of an agreement which includes restrictions as set out in Canadian securities legislation. Collateral held is government Treasury Bills and qualified Notes. Income from securities lending is included in the Statement of Operations and is recognized when earned. The securities on loan continue to be displayed in the Statement of Investment Portfolio. The market value of the securities loaned and collateral held is determined daily. Aggregate values of securities on loan and related collateral held in trust as at March 31, 2012 and September 30, 2011, where applicable, are disclosed in Note 8(h)....
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Steps to re-energise Mutual Fund Industry
Shares of the Fund are offered for sale on a continuous basis and may be purchased or redeemed on any Valuation Date at the NAV per share of a particular series. The NAV per share of a series for the purposes of subscription or redemption is computed by dividing the NAV of the Fund attributable to the series (that is, the total fair value of the assets attributable to the series less the liabilities attributable to the series) by the total number of shares of the series of the Fund outstanding at such time. This amount may be different from the Net Asset per share of a series calculation, which is...
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GCC Sovereign Fund Investments in Morocco
The capital of the Fund is represented by issued and redeemable shares with no par value. The shares are entitled to distributions, if any, and to payment of a proportionate share based on the Fund’s NAV per share upon redemption. The Fund has no restrictions or specific capital requirements on the subscriptions and redemptions of shares except as disclosed in Note 8(a), if any. The relevant movements in capital are shown on the Statement of Changes in Net Assets. In accordance with its investment objectives and strategies, and the risk management practices outlined in Note 6, the Fund endeavours to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions,...
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HIGHLIGHTS OF THE AUTHORISATION REQUIREMENTS FOR FUND DISTRIBUTION IN HONG KONG
The Manager is responsible for the day-to-day management of the Fund and its investment portfolio in compliance with the Fund’s constating documents. The Manager monitors and evaluates the performance of the Fund, pays for the investment management services of the investment advisors and provides all related administrative services required by the Fund. As compensation for its services the Manager is entitled to receive a fee payable monthly, calculated at the maximum annual rates included in Note 8(d)....
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Amana Mutual Funds Trust 2012
The Corporation is a mutual fund corporation as defined in the Income Tax Act (“Canada”) with a September 30th tax year-end. All of the outstanding share classes are aggregated in determining the tax position of the corporation as a whole. Interest and foreign income are taxed at corporate rates subject to permitted deductions for expenses. The taxable portion of net capital gains is subject to tax at corporate rates applicable to mutual fund corporations, but taxes paid thereon are refundable. This tax is refundable by virtue of refunding provisions in tax legislation as redemptions occur or by payment of capital gains dividends to shareholders. It is the intention of the corporation to pay...
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Asset Management and Investment Funds
The Manager may, in some years and in certain cases, absorb a portion of management fees or fixed administration fees of the Fund or series of the Fund. The decision to absorb these expenses is reviewed periodically and determined at the discretion of the Manager, without notice to shareholders. (c) Commissions and other portfolio transaction costs The Fund may execute trades with and or through BMO Nesbitt Burns Inc., an affiliate of the Manager based on established standard brokerage agreements at market prices. These fees are included in “Commissions and other portfolio transaction costs” in the Statement of Operations. Refer to Note 8(e) for related party fees charged to the Fund for the...
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From Investment funds and Asset Management Companies to questions about Africa’s farmers
From time to time, the Manager may on behalf of the Fund enter into transactions or arrangements with or involving other members of Bank of Montreal Group of Companies, or certain other persons or companies that are related or connected to the Manager of the Fund. These transactions or arrangements may include transactions or arrangements with or involving Bank of Montreal Group of Companies, BMO Nesbitt Burns Inc., BMO Harris Investment Management Inc., BMO Asset Management Inc., BMO InvestorLine Inc., HIM Monegy Inc., BMO Trust Company, Pyrford International Ltd., Lloyd George Management, or other BMO Funds, BMO Guardian Funds and BMO ETFs, and may involve the purchase or sale of portfolio securities...
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Viewpoint Fund distribution strategies in Asia Pacific
Currency risk is the risk that the value of investments denominated in currencies, other than the functional currency of the Fund, will fluctuate due to changes in foreign exchange rates. Investments in foreign markets are exposed to currency risk as the prices denominated in foreign currencies are converted to the Fund’s functional currency in determining fair value. The Fund may enter into forward currency contracts for hedging purposes to reduce foreign currency exposure or to establish exposure to foreign currencies. ...
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Assessing SRI Fund Performance Research: Best Practices in Empirical Analysis
The deferral of the mandatory IFRS changeover date to January 1, 2014 is to prevent Canadian investment companies and segregated accounts of life insurance enterprises from having to change their current accounting treatment for controlled investees while the IASB finalizes its proposed investment entities standard. Under IFRS 10 Consolidated Financial Statements, investment companies are required to consolidate their controlled investments. The IASB has issued an exposure draft that will exempt entities that qualify as investment entities from consolidating their controlled investments and requires such entities to record, with very limited exceptions, all of their investments at fair value through profit or loss account. This exposure draft is still under review. Canadian GAAP permits investment companies...
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Indian Investor’s Perception towards Mutual Funds
The Fund has not elected to early adopt IFRS, therefore it will adopt IFRS effective October 1, 2014. The Fund expects to report its financial results for the six month period ending March 31, 2015 prepared on an IFRS basis. The Fund will also provide comparative data on an IFRS basis, including an opening balance sheet as at October 1, 2013. Further revisions by the AcSB to the IFRS adoption date for investment companies are possible. The Manager has not identified any changes that will impact NAV per share as a result of the changeover to IFRS. However, this determination is subject to change as the Manager finalizes its assessment of potential IFRS...
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BMO Mutual Funds 2012 Semi-Annual Financial Statements: BMO LifeStage 2035 Class
The Fund’s exposure to liquidity risk is concentrated in the daily cash redemptions of shares. The Fund primarily invests in securities that are traded in active markets and can be readily disposed. In addition, the Fund retains sufficient cash and cash equivalent positions to maintain liquidity. The Fund may, from time to time, enter into over-the-counter derivative contracts or invest in unlisted securities, which are not traded in an organized market and may be illiquid. Securities for which a market quotation could not be obtained and may be illiquid are identified on the Statement of Investment Portfolio. The proportion of illiquid securities to NAV of the Fund is monitored by the Manager to...
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22nd Annual Conference on the Globalisation of Investment Funds
Business Angels (BAs) are an important financing source for SMEs, and seed and start-up companies in particular. BAs are even more important in countries and regions lacking an institutionalised VC infrastructure, often being the only major source of equity finance for young innovative SMEs. An important additional element of their activity is often the provision of non- financial benefits like mentoring/advice, contacts etc. However, especially in comparison with the US, the European BAs segment is still in its emerging phase both in terms of the number of active BAs and the amounts invested by BAs. Strained exit markets as well...
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An Analysis of Berkshire Hathaway 2012
This paper gives insights into the BA segment with a special focus on Germany. First we introduce the concept of BA financing. In a second step we analyse the BA market in Germany. We conclude that there is a significant excess demand for early stage financing. In the third part of this paper we explain, how the EIF aims to address this by providing a flexible and timely support to the BAs market through establishing an intermediation infrastructure to efficiently leverage this investor base. This infrastructure is going to be piloted in collaboration with the German Business Angel Network (BAND)...
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REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the Cohesion Fund and repealing Council Regulation (EC) No 1084/2006
“A business angel is an individual investor (qualified as defined by some national regulations) that invests directly (or through their personal holding) their own money predominantly in seed or start- up companies with no family relationships. Business angels make their own (final) investment decisions and are financially independent, i.e. a possible total loss of their business angel investments will not significantly change the economic situation of their assets. BAs invest with a medium to long term set time-frame and are ready to provide, on top of their individual investment, follow-up strategic support to entrepreneurs from investment to exit. They respect a...
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Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings of collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in respect of the excessive reliance on credit ratings
One key distinction is that business angels invest their own funds, unlike VC funds, who primarily invest funds committed by others (e.g. institutional investors). For this reason they typically invest in companies with which they can maintain close contacts (OECD, 2006). Furthermore, typically companies that receive BA financing are smaller (i.e. in terms of turnover – see also table 1 later in this text) than VC backed companies. Most of the companies that receive BA financing, do not receive VC financing at the same time. A study by Mason and Harrison (2002) found that the median holding period for an...
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The Social Business Initiative: Promoting Social Investment Funds
They fill a gap: as BAs do not face the transaction costs faced by venture capitalists, they are able to conduct smaller investments. Studies show that, while Business Angels invest across the full range of company stages, they are the main source of funding when the deal size is under USD 1m, and they participate in a higher number of rounds of seed and start up capital than venture capital funds. Mason and Harrison note that the informal venture capital market is the largest external source of early stage risk capital, dwarfing the institutional venture capital market...
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CAHIER DE RECHERCHE n°2011-01 E2: Evaluation of European Mutual funds Performance
Business Angels increasingly co-invest with other angels and with early stage funds to fill the early- stage equity gap. Business Angel networks (BANs) facilitate the matching of investment demand and supply; they aim to organize and link angels, as well as to attract prospective investment targets (investees) to angels and match both parties for business contacts. Such networks come in a number of forms; some are more like investment clubs, while others are set up on a regional or national basis. Some networks concentrate on a certain industry or sector. One should nevertheless take into account that the closeness to...
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Dodd-Frank Act Changes to Investment Adviser Registration Requirements
That only certain angels and entrepreneurs operate through networks has been confirmed in an older survey of the European Commission (2002), which revealed that only around 19% of contacted angels were registered with networks, and about 2% of new entrepreneurs contacted a network. Nevertheless, an update of this survey would most likely result in a higher degree of organization today. An important element of Business Angels’ activities is often, in addition to financial support, the provision of non-financial benefits, e.g. in the form of contacts, reputation (signaling), mentoring and strategic advice, sometimes even operational collaboration (see Politis and Gabrielsson,...
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The Role of Investment Funds in Romania
The inclusion of Business Angels in the range of ‘informal’ (as opposed to ‘institutional’) investors provides us an indication that there are potential difficulties in measuring the size of the Business Angel community. Mason and Harrison identify two main problems, identification and definition. Regarding the former, in his seminal work on Business Angels, William Wetzel (1983) notes that the total population of Business Angels is unknown and probably unknowable on account of their invisibility, desire for anonymity, and the undocumented nature of their investing. Most studies are based on samples of convenience, such as angels who are members of Business...
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Mutual funds withdraw shield: performance or agency costs driver?
Regarding identification, we need to differentiate between Business Angels and the wider informal investment market. Informal investment describes non-institutional risk capital investments in unquoted businesses, including Business Angel investments, investments by family offices, and also the category of investments made by family and friends. The latter two categories are often not commercially oriented. However, matters are complicated by the definition of ‘friends’ – social, as well as business networks are sources used to identify potential investment opportunities. ...
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TAXATION AND INVESTMENT IN AUSTRIA 2012: REACH, RELEVANCE AND RELIABILITY
Identification is further complicated by the fact that some individuals who identify themselves as ‘virgin’ angels, i.e. looking to make their first investment, may never do so. Furthermore, some individuals may have acted as angels but are no longer actively looking to invest; counting either of these categories as active angels risks exaggerating the true number. Angel investors are not homogenous; they operate on a spectrum, with at one end a solo investor, and at the other investors who are part of syndicates who play no direct hands-on role in the investee company, and may not even make...
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TAXATION AND INVESTMENT IN HONG KONG 2012: REACH, RELEVANCE AND RELIABILITY
The data included below must be interpreted with caution, indeed those providing the data themselves advise caution in using it. The European data comes from the European Business Angel Network (EBAN), and the US data comes from the Angel Capital Association or the Centre for Venture Research, University of New Hampshire. EBAN note that their numbers only include activity that takes place within Business Angel networks, and as such by no means represent the full extent of Business Angel activity existing in Europe. Furthermore, it is important to note that their statistics are based on information provided by surveyed...
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TAXATION AND INVESTMENT IN ITALY 2012: REACH, RELEVANCE AND RELIABILITY
The (estimated) number of angel investors active both within networks and on an independent basis (individual activity or in syndicates) is estimated to be around 75k in Europe (EBAN, 2010c); the corresponding figure for the US is 259k. Often Business Angels in the US are “Serial Angels” - this means they invest regularly. In terms of overall investment, the amount invested by angels annually is EUR 3 to 5bn in the EU (invested into approx. 2800 companies (2009 data)), compared to USD 20.1bn (approx. EUR 14.9bn) in the US (invested into 61,900 companies (Sohl, 2011)). Of course, these figures have...
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TAXATION AND INVESTMENT IN LUXEMBOURG 2012: REACH, RELEVANCE AND RELIABILITY
According to EBAN (EBAN, 2010c), there are almost 400 Business Angel networks in Europe, with around 14.8k investors operating in groups; the corresponding figure for the US is 340, with around 6.5k investors (operating in groups). The median number of investors in a typical European business angel network is 79 (EBAN, 2010c). 5 The number of networks in Europe has increased rapidly over the past decade, from around less than 100; at the same time the number of venture capital funds has fallen from around 1,600 to 700; this could be taken as a support for the hypothesis that...
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TAXATION AND INVESTMENT IN MEXICO 2012: REACH, RELEVANCE AND RELIABILITY
With regard to the destination of the invested funds in terms of sector allocation, we are restricted to use data obtained about business angel networks (see EBAN, 2010c). While it is generally difficult to apply insights gained from networks to the overall BA market, it might be fair to assume such sector data to be representative for the market in general. In Europe the ICT sector was the most significant identified sector, accounting for 20% (31%) by value (number) of investments, followed by creative industries (19% by value; 12% by number), biotech (15% by value, 13% by number) and energy...
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Mutual Funds Classifications, fees, quotations
The term Business Angel has only been used in Germany since the early 1990s. According to the German Business Angel network BAND, German Business Angel associations/federations have approximately 1,400 registered members. Most of the actors are “silent angels”, this means they do not look for publicity and most of them are not organised in networks. The “Promotion Angels” are a minority - they are looking for publicity and are participating in public discussions (Harrer, 2010b). Hence, the real number of Business Angels is higher: Fryges et al (2007) estimate between 2,700 and 3,400 active Business Angels for Germany;...
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2012 tax information guide
The total annual amount invested by Business Angels in Germany is estimated to be between EUR 100m and up to EUR 300m. 7 The amounts invested per individual investee company vary significantly. Often, amounts between EUR 50k and EUR 100k are mentioned as average, however, during the financial crisis these amounts went down significantly (see also text box 2 on the Business Angel Panel below).
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European Fund and Asset Management Association (EFAMA)
A study for the German Ministry of Economics and Technology (Fryges et al, 2007) analysed high- tech start-ups and Business Angels. The results, presented here, are based on analysed companies that have been founded between 2001 and 2005 (formation cohort/group 2001-2005). According to the study, the most important source of financing for the young companies of this formation cohort is cash-flow and owner’s equity. Among newly created high-tech companies of the cohort 2001-2005 in Germany approx. 5% received Business Angel financing (approx 3,700 companies). Companies with Business Angel support received (on average) financing from about 2 BAs. ...
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