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Executive Budget Summary FUNCTION 150 & OTHER INTERNATIONAL PROGRAMS - August 2002
The shareholder accepts that the Management Company, being responsible for the processing of personal data, has authorised the HSBC Group as promoter and any distributor that is also a member of the HSBC Group to have access to data concerning him/her for the purpose of shareholder service and the promotion of products relating to the Company or any other products of the HSBC Group and thus process them in accordance with the provisions of the Law of 2 August 2002. By subscribing or purchasing Shares, shareholders also accept that their telephone conversations with the Management Company, any company of the HSBC Group or the Registrar...
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Plan and Budget: 2013/14 Financial Services Compensation Scheme
The Company seeks to provide a comprehensive range of sub-funds with the purpose of spreading investment risk and satisfying the requirements of investors seeking income, capital conservation and growth. In carrying out the investment objectives of the Company, the Board of Directors at all times seeks to maintain an appropriate level of liquidity in the assets of the sub-funds so that redemptions of Shares under normal circumstances may be made without undue delay upon request by shareholders. Whilst using their best endeavours to attain the investment objectives, the Board of Directors cannot guarantee the extent to which these objectives will be achieved. The value of the...
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REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds (Text with EEA relevance)
Distribution Shares are identifiable by a D following the sub-fund and Class names (e.g.: Class AD), with the exception of Monthly Distribution Shares which are identifiable by an M following the sub-fund and Class names (e.g.: Class AM) and Quarterly Distribution Shares which are identifiable by a Q following the sub-fund and Class names (e.g.: Class AQ). In derogation from the above table, Monthly and Quarterly Distribution Shares are available only in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments....
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PENSION FUNDS INVESTMENT IN INFRASTRUCTURE A SURVEY
Within a sub-fund, separate currency hedged Share Classes may be issued (suffixed by H and the currency into which the Base Currency is hedged or the currency into which the currency the sub-fund total assets are primarily invested in, is hedged. These currency hedged share classes will be named: ACHEUR or ACHGBP for a Capital-Accumulation Share Class hedged into Euro or Pound Sterling). For the RMB Fixed Income sub-fund, any hedged Share Classes issued shall provide a hedge against the Base Currency of the subfund, i.e. the US Dollar. Whilst the sub-fund has no direct economic exposure to the US Dollar, the aim is to...
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Market Outlook and Investment Strategy for 2013: Dr. Marvin Appel Signalert Asset Management
The Management Company may decide to issue within a sub-fund Share Classes having a different reference currency (currency denomination) which denotes the currency in which the Net Asset Value per Share will be calculated. In principle, Share Classes may be issued in the following reference currencies: Euro, Hong Kong Dollar and Pound Sterling (Share Class Reference Currencies). Share Classes in other Share Class Reference Currencies may be available on application to the Company. A Share Class Reference Currency is identified by a standard international currency acronym added as a suffix, e.g. ACEUR for a Capital-Accumulation Share Class expressed in Euro. Subscriptions and redemptions are only accepted...
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Alternative Investment Fund Managers Directive: Survival Kit
Because of the special risks associated with investing in Emerging Markets, sub-funds which invest in such securities should be considered speculative. Investors in such sub-funds are advised to consider carefully the special risks of investing in emerging market securities. Economies in Emerging Markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in...
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EIF CORPORATE OPERATIONAL PLAN 2011-2013
The relevant sub-funds will therefore only invest up to 10% of their net asset value directly in Russian equity securities (except if they are listed on the MICEX - RTS Exchange in Russia and any other regulated markets in Russia which would further be recognised as such by the Luxembourg supervisory authority) while the sub-funds will invest in American, European and Global Depositary Receipts, respectively ADRs, EDRs or GDRs, where underlying securities are issued by companies domiciled in the Russian Federation and then trade on a Regulated Market outside Russia, mainly in the USA or Europe. By investing in ADRs, EDRs and GDRs, the...
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The Second Act Begins for ETFs A Disruptive Investment Vehicle Vies for Center Stage In Asset Management
Because a sub-fund's assets and liabilities may be denominated in currencies different to the Base Currency, the sub-fund may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the Base Currency and other currencies. Changes in currency exchange rates may influence the value of a sub-fund's Shares, the dividends or interest earned and the gains and losses realised. Exchange rates between currencies are determined by supply and demand in the currency exchange markets, the international balance of payments, governmental intervention, speculation and other economic and political conditions. If the currency in which a security is denominated appreciates against...
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FINANCIAL SERVICES EVOLVING MANAGEMENT REGULATION 2011
The Company on behalf of a sub-fund may enter into transactions in over-the-counter markets, which will expose the sub-fund to the credit of its counterparties and their ability to satisfy the terms of such contracts. For example, the Company on behalf of the sub-fund may enter into repurchase agreements, forward contracts, options and swap arrangements or other derivative techniques, each of which expose the sub-fund to the risk that the counterparty may default on its obligations to perform under the relevant contract. In the event of a bankruptcy or insolvency of a counterparty, the sub-fund could experience delays in liquidating the position and significant losses,...
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False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas
Certain developing countries and certain developed countries are especially large debtors to commercial banks and foreign governments. Investment in debt obligations (Sovereign Debt) issued or guaranteed by governments or their agencies (governmental entities) of such countries involves a high degree of risk. The governmental entity that controls the repayment of Sovereign Debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its...
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FIRST IMPRESSIONS: CONSOLIDATION RELIEF FOR INVESTMENT FUNDS
Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability...
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UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Where a sub-fund may have investment exposure to Europe in the context of its investment objective and strategy, in light of the fiscal conditions and concerns on sovereign debt of certain European countries, such a sub-fund may be subject to a number of risks arising from a potential crisis in Europe. The risks are present both in respect of direct investment exposure (for example if the sub-fund holds a security issued by a sovereign issuer and that issuer suffers a downgrade or defaults) and indirect investment exposure, such as the sub-fund facing an increased amount of volatility, liquidity, price and currency risk associated with...
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OPERATION AND MAINTENANCE OVERVIEW FISCALYEAR 2013 BUDGET ESTIMATES
Under certain conditions, the Company may use options and futures on securities, indices and interest rates, as described in Section 3.2. Sub-Fund Details and Appendix 3 Restrictions on the use of techniques and instruments for the purpose of investment, hedging and efficient portfolio management. In addition, where appropriate, the Company may hedge market and currency risks using futures, options or forward foreign exchange contracts. Transactions in futures carry a high degree of risk. The amount of the initial margin is small relative to the value of the futures contract so that transactions are leveraged or geared. A relatively small market movement will have a proportionately...
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FY 2013 DEPARTMENT OF LABOR BUDGET IN BRIEF
Therefore, a sub-fund entering into OTC transactions will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that a sub-fund will sustain losses. The Company will only enter into transactions with counterparties which it believes to be creditworthy, and may reduce the exposure incurred in connection with such transactions through the receipt of letters of credit or collateral from certain counterparties. Regardless of these measures, the Company may seek to implement to reduce counterparty credit risk, however, there can be no assurance that a counterparty will not default or that a sub-fund will not sustain losses...
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German Tax Update 2013 and proposed changes in Luxembourg taxation
In relation to repurchase transactions, investors must notably be aware that (a) in the event of the failure of the counterparty with which cash of a sub-fund has been placed there is the risk that collateral received may yield less than the cash placed out, whether because of inaccurate pricing of the collateral, adverse market movements, a deterioration in the credit rating of issuers of the collateral, or the illiquidity of the market in which the collateral is traded; that (b) (i) locking cash in transactions of excessive size or duration, (ii) delays in recovering cash placed out, or (iii) difficulty in realising collateral...
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HSBC GLOBAL INVESTMENT FUNDS investment company with variable capital incorporated in Luxembourg
The Shares have not been and will not be offered for sale or sold in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or to United States persons, except in a transaction which does not violate the securities laws of the United States of America. The Articles of Incorporation permit certain restrictions on the sale and transfer of Shares to restricted persons and the Board of Directors has decided that United States persons shall be restricted persons and are defined as follows: The term United States Person or US Person shall mean a citizen or resident...
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GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2012
Over $4 trillion is currently managed by equity mutual funds in the U.S., with roughly 90 percent invested in actively managed accounts. These mutual funds hold over 25 percent of the outstanding equity value of the average U.S. common stock. This high level of ownership makes it very unlikely that the equity fund industry as a whole is able to outperform the market by a large margin. However, several recent papers show some evidence of manager skills among subgroups of funds (see, for example, Gruber (1996)). To detect funds with positive or negative performance, the standard approach in the academic literature (e.g., Jensen (1968), Ferson and Schadt...
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Study on Strategic Evaluation on Transport Investment Priorities under Structural and Cohesion funds for the Programming Period 2007-2013
As with every hypothesis test, inference based on alpha estimates can lead to the detection of a lucky fund, namely a fund with a significant estimated alpha, while its true alpha is equal to zero. The difficulty raised by the standard approach is that it implies a multiple hypothesis test since the null hypothesis of no performance is not tested once, but M times. Accounting for the presence of luck in a multiple testing framework is much more complex, because luck cannot be measured by the significance level applied to each fund. Specifically, if this level is set to 5 percent, the probability of finding at least...
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Federal Act on Investment Funds (Investment Funds Act 2011)
To quantify the impact of luck on mutual fund performance, we use the False Discovery Rate (F DR) introduced by Benjamini and Hochberg (1995) in the statistical literature. The F DR measures the proportion of lucky funds among the funds with significant estimated alphas. We extend this methodology by developing a new approach which allows us to separately compute the F DR among funds with significant positive estimated alphas (called hereafter the best funds) and funds with significant negative estimated alphas (called hereafter the worst funds)....
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PROPOSALS RESPOND TO CONSTITUENT CONCERNS, BUT DO THEY GO FAR ENOUGH?
The contributions brought by our approach are threefold. First, we account for luck by measuring the proportion of lucky funds at different significant levels. Second, we examine how the F DR varies as the significant level rises. This indicates whether funds with genuine differential performance are concentrated or more dispersed in the tails of the cross-sectional alpha distribution. Third, we provide explicit estimates of the proportion of funds in the population which have truly positive and negative alphas (as opposed to significant only)....
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Investment Views Asia 1st quarter 2013
Our results based on 1’472 U.S. open-end equity funds between 1975 and 2002 clearly show that the impact of luck on performance is substantial. First, our estimators of the number of funds with differential, positive and negative performance is much lower than those obtained with the standard approach. It implies that our judgement on performance across the different investment categories can substantially differ from the one implied by the standard approach. Second, we find that luck has a stronger impact on the performance of the best rather than the worst funds....
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ISS AN MSCI BRAND: 2012-2013 Policy Survey Summary of Results
Across the four investment categories, the F DR among the worst funds is always inferior to 50 percent and increases slowly as the significant level rises. It means that the majority of worst funds truly yield negative alphas and that the latter are largely spread in the left tail of the alpha distribution. The F DR among the best funds is generally much higher than the F DR among the worst funds. For All and G funds, the F DR is always higher than 50 percent, while it amounts to 100 percent for the GI funds. The only exception comes from the AG funds. Its low F...
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Audited Annual Report JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg (R.C.S. No B 49 663)
Our results have important implications for the performance of the mutual fund industry. From an overall perspective, we observe more frequently funds with negative rather than positive performance. However, the performance of the industry as a whole is not so bad because about 80 percent of the funds produce zero alphas. In fact, the negative average performance documented in the previous literature is not due to the majority of funds but is only caused by one fifth of the funds.
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DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
Tham khảo sách 'directive 2011/61/eu of the european parliament and of the council', tài chính - ngân hàng, quỹ đầu tư phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
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DEPARTMENT OF LABOR EMPLOYMENT AND TRAINING ADMINISTRATION
To detect funds with positive or negative performance, the standard approach in the academic literature (e.g., Jensen (1968), Ferson and Schadt (1996), Ferson and Qian (2004)) can be described as follows. The presence of differential performance (positive or negative alphas) is tested for each of the M funds in the population. Then, a conventional significance level γ is set (e.g., 5 percent) and all funds with p-values smaller than γ are said to have significant estimated alphas. Finally, these significant alphas are counted in order to provide an estimate of the number of funds with differential performance....
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Book: Study on Strategic Evaluation on Transport Investment Priorities under Structural and Cohesion funds for the Programming
As with every hypothesis test, inference based on alpha estimates can lead to the detection of a lucky fund, namely a fund with a significant estimated alpha, while its true alpha is equal to zero. When a single performance test is run on the estimated alpha of one fund (or one portfolio of funds1), luck is easily controlled by setting the significance level γ (or alternatively the Size of the test). For instance, if γ is set to 0.05, the probability of finding one lucky fund under the hypothesis that its alpha is zero amounts to 0.05, by construction. The difficulty raised by the standard approach...
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MONTHLY BULLETIN JANUARY 2013
The standard approach, therefore, cannot properly measure the odds of observing a group of funds having genuine positive alphas. For example, suppose that 20 out of 200 funds have positive estimated alphas at a given significance level γ. Obviously, the true performance of these 20 funds depends on the proportion of lucky funds. For instance, if the latter is equal to 100%, all 20 funds produce, in reality, zero alphas. Another problem with the standard approach is that it assumes that an observed increase in the number of significant funds as γ rises is only due to the detection of new funds with differential performance....
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Apex Clearing Corp. All Mutual Funds: Data as of Jan 4th 2013, but is subject to change
However, part of this increase can be due to the inclusion of new lucky funds. As a consequence, the standard approach does not provide guidance on the location of funds with differential performance in the tails of the cross-sectional alpha distribution. For instance, suppose that the number of funds with negative estimated alphas increases by 50 as γ passes from 0.05 to 0.15. If all these 50 funds are lucky, we would conclude that the few funds with negative performance are located in the extreme left tail. On the contrary, if none of them is lucky, we would say that the funds with negative performance are more...
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C$ unless otherwise stated - TSX/NYSE/PSE: MFC
This paper addresses all these issues by measuring the impact of luck on mutual fund performance. Specifically, we use the False Discovery Rate (F DR) introduced by Benjamini and Hochberg (1995) in the statistical literature—the F DR measures the proportion of lucky funds among the significant funds. We extend this methodology by developing a new approach which allows us to separately compute the F DR among funds with significant positive estimated alphas (called hereafter the best funds) and funds with significant negative estimated alphas (called hereafter the worst funds). A main virtue of the F DR and these new measures is that they are very easy to...
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Washington Mutual Investors Fund
Our empirical results are based on monthly returns of 1,472 U.S. open-end, domestic equity mutual funds existing at any time between 1975 and 2002. We investigate the performance of the entire cross-section of mutual funds, as well as the cross-section of each of three investment-objective categories, growth, aggressive-growth, and growth and income. We first show that the impact of luck on performance is substantial. Specifically, we find that our estimators of the number of mutual funds with positive or negative performance is much lower than those obtained with the standard approach (only based on significant funds). These differences are informative, since they lead to a completely different assessment of...
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