Advisors: Burning Six Billion In Thirty Days Introduction: In September‚ 2006‚ a large-sized hedge fund named Amaranth Advisors LLC lost $4.942 billion in natural gas futures trading and was forced to close their hedge fund. Although Amaranth Advisors was not exclusively an energy trading fund‚ the energy portion of their portfolio had slowly grown to represent 80% of the performance attribution of the fund. Their collapse was not entirely unforeseeable or unavoidable. Amaranth had amassed very large
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Providing Detailed Regulations for Implementation of a Number of Articles of the Law on Securities (Decree 14) . The MOF is to shortly issue a regulation to further provide guidance to the SSC on regulating and establishing investment funds‚ securities companies and fund management companies. An update will be provided once the regulation has been promulgated. 1. 1.1 Relevant bodies The State Securities Commission (SSC) The SSC is the official regulator of the stock exchange‚ and is overseen
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The Value Line Fund Advisor‚ The Value Line Special Situations Service‚ The Value Line Daily Options Survey and The Value Line Convertibles Survey. VLP also provides current and historical financial databases which include DataFile‚ Estimates & Projections‚ Convertibles‚ ETFs and Mutual Funds in standard computer formats. The Company also markets investment analysis software and includes The Value Line Investment Analyzer (which was last updated in 1999) and Value Line Mutual Fund Survey for Windows
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........................................................... 9 3.2. Greedy or stupid investors ......................................................................................................... 9 3.2.1. Third Parties and Fund of Funds ...................................................................................... 10 3.2.2. List of the casualties ......................................................................................................... 11 3.3
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multi-strategy hedge fund with approximately $600 million in capital. It sought to employ a diverse group of arbitrage trading strategies particularly featuring convertible bonds‚ mergers and utilities. In 2002‚ Amaranth added energy commodity trading to its slate of strategies with JP Morgan Chase clearing Amaranth’s commodity trades. A multi-strategy fund runs several different strategies in-house that contribute to the total performance of the fund. A single-strategy fund concentrates the whole
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Foundations of Finance: Overview Prof. Alex Shapiro Lecture Notes 1: Overview This lecture introduces much of the terminology we will use in the course‚ and we will describe it in more detail later. For now‚ to set the stage‚ we will review it very briefly in class‚ but make sure to get the supplemental details from the textbook. I. Readings II. Asset Classes III. Characteristics of an Asset IV. The Financial System V. Financial Markets VI. Financial Intermediaries VII
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portfolio evaluation and portfolio investment decision. 2. Portfolio Evaluation During the months‚ four stocks‚ one mutual funds and one bonds were added into the investment portfolio‚ which stock is Rolls-Royce Holdings PLC‚ BT Group PLC‚ Centrica PLC and Xstrata PLC‚ mutual funds is YAFIX‚ and bonds is Goodyear Tire& Rubber Co. Now there are six stocks‚ one mutual funds and one bonds in the portfolio. The new adding stock come from the stock market in UK. They belongs to the higher return and
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CHAPTER 1 About Participatory Notes ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬____________________________________________________ Introduction to Participatory Notes: Participatory notes (PNs / P-Notes) are instruments used by investors or hedge funds that are not registered with the SEBI (Securities & Exchange Board of India) to invest in Indian securities. Indian based brokerages buy Indian-based securities and then issue participatory notes to foreign investors. Any dividends or capital gains collected
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Fund Industry Module 2 : Set-up and ongoing requirements of UCIs 10 February 2014 1 Introduction 1. Yesterday (Pre-AIFMD) vs. Today (Post AIFMD) Product laws EU Directives - purpose - supervision at Fund level and/or at manager’s level - Definition of UCITS • raising of capital from the public • investment in eligible assets in accordance with the principle of risk spreading - Definition of AIF • raising of capital from a number of investors • investment in accordance
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upper edge of this region is the efficient frontier in the absence of a risk-free asset. 2. (Chapter 1‚ Practice Questions 14) The return from the market last year was 10% and the risk-free rate was 5%. A hedge fund manager with a beta of 0.6 has an alpha of 4%. What return did the hedge fund manager earn? Solutions: 3. (Chapter 2‚ Q3) Page 2 of 8 (a). How many banks are there in the United States? (b). What is the size of the assets held by these banks? Solutions: (a)&(b) 4. (Chapter 2
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