On the heels of recent stock market tumbles and deceptions, value investing--the staple of investing greats from Benjamin Graham to Warren Buffett--has roared back into the spotlight. Value Investing Today returns with a new edition, filled with updated information and advice to give investors the skills and knowledge to become successful value investors.
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.Praise for Hedge Fund of Funds Investing: An Investor’s Guide
by Joseph G. Nicholas
“Hedge funds of funds are at the leading edge of the broad move into hedge investing by the mainstream of private wealth management.
1. Inflation targeting is becoming the monetary policy framework of choice in a
growing number of emerging market and developing countries. This paper examines the
experience of non-industrial inflation targeting countries to review the implications for the
Fund’s approach to surveillance, technical assistance, and the design of conditionality in
Fund-supported programs. For this examination, the paper uses macroeconomic data,
technical assistance reports, and a new survey of central banks in selected emerging markets....
Mutual funds charge two kinds of fees: expenses and loads. Expenses comprise the management
fee (typically a fixed percentage of assets under management) and other recurring operating
costs—such as custodian, administration, accounting, registration, and transfer agent fees.
Rather than charging explicit fees for these expenses, funds deduct them on a daily basis from
the fund's net assets. Expenses are expressed as a percentage of assets under management (the
expense ratio). Loads are one-time fees used to compensate distributors.
During the stock-taking of agricultural investment funds, the study team identified 80
investment funds, fund management companies and corporate structures. Since the members
of the study team of ConCap Connective Capital and FAO all had experience in developing
or operating investment funds, developing this exercise involved both an Internet review and
an extensive consultation with agricultural investment fund leaders building from contacts they
had developed over time.
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)....
As I noted, the ﬁnancial crisis has created an increasingly
global outlook among policymakers. More and more, national
regulators are inﬂuenced by policies fashioned abroad, and
international bodies are stepping up policy coordination.
At the same time, the extraordinary worldwide rise of as-
set managers as ﬁnancial intermediaries has created new
opportunities for funds. Responding to these and other
trends, the Institute readied a new initiative —ICI Global—
launched early in ﬁscal year 2012.
The Commission, in the Single Market Act
(SMA) undertook to put in train several
measures to ensure investment funds focused on funding social undertakings can flourish.
The current proposal on a European framework for social investment funds is one initiative
that delivers on that commitment.
The principal aim is to increase the effectiveness of the fundraising by social investment
funds, and to achieve a high level of clarity as to the characteristics that distinguish social
investment funds from the wider category of alternative investment funds.
Progress Microfinance has been implemented through two actions, both of which are managed by
EIF. They are: 1) a guarantee instrument to providers of micro-credit (funded entirely by the
European Commission); and 2) a structured investment vehicle set up under Luxembourg law, the
European Progress Microfinance Fund, funded by the European Commission and the EIB.
Differences in performance are
substantially higher in the 1997-2001 subperiod, suggesting that the outperformance of SRI
funds that we document in this paper is largely driven by the first part of the sample period. We
also investigate how our results are affected by the presence of SRI funds that perform little
social screening. When we restrict the sample of SRI funds to include only those funds that
perform intensive social screening, we obtain results similar to those obtained for the whole
sample of SRI funds.
The objective of the research study and this publication is to identify, characterize and
assess the existence and potential of investments in agriculture and agribusinesses in developing
and transition economies through an inventory stock-taking of agricultural investment funds
targeting these countries. The stock-taking is followed by a more comprehensive review of
selected investment funds through case studies.
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.
Investment funds worldwide experienced an increase in net flows in the first quarter of 2012 to register
net inflows of €193 billion, up from €83 billion in the previous quarter. Long-term funds recorded net
inflows of €248 billion, a considerable increase compared to the net inflows of €11 billion recorded in
the previous quarter.
Flows out of equity funds worldwide were €6 billion in the first quarter, after experiencing €52 billion
of net outflows in the fourth quarter of 2011.
Luxembourg Fund industry
Over the years, Luxembourg has developed a strong
reputation as a centre of excellence for a large variety of
investment funds. The legal framework of the country offers
a large selection of investment vehicles that may be used to
accommodate the strategies pursued by promoters.
As at 31 December 2011, the size of the Luxembourg Fund
industry was Euro 2.10 trillion (2010: Euro 2.20 trillion).
There were 3,845 funds (2010: 3,667) or 13,294 sub-funds
(2010: 12,937) approved. During the year 2011, 469 new funds
were set up while 291 were closed or liquidated.
A focus on developing countries and transition economies. These are investment
funds included in the stock-taking focus on investments in developing countries,
particularly SSA and transition economies. Whenever the fund’s operations also include
former transition economies (e.g. EU-member countries such as Romania and Poland),
the respective fund has been included in the stock-taking, due to the particular interest in
the EECA agricultural sector. These funds also tended to have a more private focus than
many in SSA and serve as examples for other regions....
The investment funds are analysed in this publication according to their geographic
distribution, types of investments, target group served and shareholder and investor base.
Their organizational and operational set-up and expected financial performance are also
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...