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  • Squawk / 13 March 2015 at 19:01 GMT
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    Portugal
    Secular Tailwinds from Rising Allocations to Alternatives - "Other Potential Long-Term Drivers and Catalysts - Increased banking sector regulation globally and European bank de-leveraging could increase the universe of attractive investment opportunities as banks pull-back from certain parts of their business. Potentially the longest harvesting cycle ever if the macro environment remains supportive for investment exits and enables more recent funds to mature faster and reach performance targets soon. Public float to increase over time. Potential inclusion of the stocks in a benchmark index; currently none of the six firms are
    included. Increased public acceptance of alternative asset managers as an attractive business model to own.
    Carried interest taxation debate resolved with action by Congress." in US Asset Managers | March 12, 2015 MORGAN STANLEY RESEARCH
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  • Squawk / 13 March 2015 at 18:57 GMT
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    Portugal
    Room to Run... Why We're Bullish on Alts - "Our coverage group is up 7% since mid-December, but we see another 17% upside, on avg., to our PTs, supported by cyclical & secular tailwinds. In this note, we explore key themes from our initiation report that anchor our positive view. We see an est ~$1.8 trillion of capital in the
    ground from 2009 and earlier vintages that could be harvested over the next few years and 10% CAGR in alt AUM over the next 5 years, well above our 5.7% estimate for overall industry AUM." in US Asset Managers by MORGAN STANLEY RESEARCH [MATRIX]
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  • Squawk / 13 March 2015 at 18:54 GMT
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    Portugal
    Investment Case: "Why We Are Bullish on Alternative Asset Managers - Cyclical Tailwinds: Early to Middle Innings of a Super-Harvesting Cycle – Supportive of Strong Cash Earnings - We believe the private equity industry is in the midst of a multi-year harvesting super-cycle, based on our in depth analysis and conversations with industry experts. We see an estimated 68% of capital in the ground from 2009 and earlier vintages (~$1.8 trillion) that could be harvested over the next 3 years. Additionally, we estimate 28% (or ~$730 billion) of capital in the
    ground from 2010-12 fund vintages that should ripen for monetization over the next several years, which
    should help mitigate any potential harvesting dip in 2017. Recent data suggests 2017 dip less severe than
    originally forecasted (34% est decline vs initial 52% est in our initiation report)" in US Asset Managers by MORGAN STANLEY RESEARCH [MATRIX]
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  • Squawk / 10 February 2015 at 20:17 GMT
    Capital Markets / Banco Carregosa SA - GoBulling.com
    Portugal
    "Use auction to raise Portugal debt exposure , on possible rating upgrades and with ECB quantitative easing support"..."Usem leilão para aumentar exposição dívida Portugal - O Danske Bank recomenda os investidores a usarem um leilão de obrigações, na quarta-feira, para aumentarem a sua exposição à dívida portuguesa. Na quarta-feira, a Agência de Gestão da Tesouraria e da Dívida Pública, ou IGCP, vai leiloar EUR1-EUR1,25 mil milhões da obrigação outubro 2025. Analistas Anders Moller Lumholtz e o chefe Jens Peter Sorensen do Danske disseram que a dívida portuguesa a 10 anos é atrativa em comparação com outras maturidades, enquanto as obrigações portuguesas estão preparadas para serem a maiores beneficiárias do próximo alívio quantitativo do BCE. Possíveis revisões em alta do rating suportarão as obrigações soberanas portuguesas este ano." Copyright (c) 2015 Dow Jones & Company, Inc.10-02-2015 - 15:26 Fonte: Dow Jonesless
    http://www-2.danskebank.com/danskeresearch
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  • Squawk / 10 February 2015 at 20:15 GMT
    -
    Portugal
    "Use auction to raise Portugal debt exposure , on possible rating upgrades and with ECB quantitative easing support"..."Usem leilão para aumentar exposição dívida Portugal - O Danske Bank recomenda os investidores a usarem um leilão de obrigações, na quarta-feira, para aumentarem a sua exposição à dívida portuguesa. Na quarta-feira, a Agência de Gestão da Tesouraria e da Dívida Pública, ou IGCP, vai leiloar EUR1-EUR1,25 mil milhões da obrigação outubro 2025. Analistas Anders Moller Lumholtz e o chefe Jens Peter Sorensen do Danske disseram que a dívida portuguesa a 10 anos é atrativa em comparação com outras maturidades, enquanto as obrigações portuguesas estão preparadas para serem a maiores beneficiárias do próximo alívio quantitativo do BCE. Possíveis revisões em alta do rating suportarão as obrigações soberanas portuguesas este ano." Copyright (c) 2015 Dow Jones & Company, Inc.10-02-2015 - 15:26 Fonte: Dow Jonesless
    http://www-2.danskebank.com/danskeresearch
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  • Editor’s Picks / 18 December 2014 at 21:45 GMT

    Same dream, vastly different investment strategies

    Cuffelinks
    Every long-term investor in the world has pretty much the same goals for their investments – protection of capital, preservation of real value after inflation, a reliable income stream (for now or in the future) and real growth. And they all have access to more or less the same investments globally. So logically there should be some widely accepted views or strategies on how to use those investments to achieve those goals. But there are not. There are not two or three or even a handful of strategies for building the ‘perfect’ portfolio. There are hundreds of them! It makes no sense to me.
    Read article on Cuffelinks
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  • Article / 21 October 2014 at 23:39 GMT

    Set your boundaries for best-positioned portfolio

    Managing Partner / Spotlight Group
    United Kingdom
    The volatility of the past week confirms that a well-diversified portfolio is a sensible strategy. And any well-managed portfolio needs to be constructed within pre-defined parameters. Psychologists show that investors are wary of incurring a loss and this affects their decisions. However, professional asset managers tend to show a more disciplined approach and in judging the current economy, the Fed appears in control.
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    22 October
    naresh naresh
    Useful ...nice one
  • Article / 30 September 2014 at 7:34 GMT

    Why macro matters

    Managing Partner / Spotlight Group
    United Kingdom
    Why macro matters
    As the third quarter comes to a close, asset managers find themselves questioning the relationship between portfolio performance and macroeconomic conditions. Here, I provide a breakdown of the various risk factors and how they affect returns.
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    30 September
    Juhani Huopainen Juhani Huopainen
    Related by JPM: "evidence that it is possible to use past forecast changes to make profitable investment decisions" http://globalmacrotrading.wordpress.com/2014/09/29/recap-2014-09-29/