In some cases the style of a fund is captured using the returns of
other managed portfolios in the same market sector. The OE port-
folio is then a combination of a manager’s peers’ portfolios. With this
approach the measured performance is a zero-sum game, as the average
performance measured in the peer group must be zero. This approach
can make it easy to control for costs and risks, to the extent that
the portfolio and its peers are similar in these dimensions. In such
cases, the performance diﬀerential can be a relatively clean measure
of value added.
The withdrawal of the entry-load, which
constituted a good part of the commissions
passed on to the distributors, was one of the
other factors leading to a sudden change in
the distribution space.
Generally, it is more expensive for a
distributor to reach out to a retail investor
than to a corporate investor. While an
average retail investor folio has about
35,000 INR of assets, an average corporate
investor folio has 59 lakh INR of assets.
This section closes with a review of the evidence for managed port-
folio performance based on the traditional measures. This discussion
touches on the issues of survivorship bias and persistence in perfor-
mance, among other topics.
Chapter 3 discusses Conditional Performance Evaluation. Here,
the idea is to measure performance accounting for the fact that the
expected returns and risks for investing may vary over time depend-
ing on the state of the economy. An example motivates the approach.
.certainly afford our readers but little amusement. It will suffice, then, to tell them that at the moment at which, discouraged by so many fruitless investigations, we were about to abandon our search, we at length found, guided by the counsels of our illustrious friend Paulin Paris, a manuscript in folio,
The whole of this chapter contains an original record, being a distinct narrative of the discovery of America
by COLUMBUS, written by his own son, who accompanied him in his latter voyages. It has been adopted
into the present work from the Collection of Voyages and Travels published at London in 1704, by Awnsham
and John Churchill, in four volumes folio; in which it is said to have been translated from the original Italian
of Don Ferdinand Columbus, expressly for the use of that work.
The two Portuguese chronicles, a translation of which into English is now for the first time offered to the
public, are contained in a vellum-bound folio volume in the Bibliotheque Nationale in Paris, amongst the
manuscripts of which institution it bears the designation "PORT. NO. 65." The volume in question consists of
copies of four original documents; the first two, written by Fernao Nuniz and Domingo Paes, being those
translated below, the last two (at the end of the MS.) letters written from China about the year 1520 A.D.
These will probably be published in translation by Mr.
Nếu bạn chắc chắn rằng bạn muốn một đối tượng cụ thể vẫn còn chính xác nơi nó được, bạn có thể chọn đối tượng ➪ Khóa Chức vụ (Ô + L hoặc Ctrl + L) để ngăn chặn các đối tượng từ đang được di chuyển. Nói chung, bạn muốn để khóa các yếu tố lặp đi lặp lại như tiêu đề, footers, folios, và số trang để họ không vô tình di chuyển.
Our basic assets are value-weighted country-industry and country-style port-
folio returns. For the country-industry portfolios, we first need a uniformindus-
try classification. DataStream provides FTSE industry identifications for each
firm,while theU.S. industry identification in CRSP is fromStandard Industrial
Classification (SIC).We group the 30 SIC industries and the 40 level-4 FTSE in-
dustry classifications into a smaller number of industries that approaches the
number of countries in our sample, resulting in 26 industries.