value investing congress notes 2012 nissan
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The following decisions were made:. Based on the in-depth research conducted, the Discourse has found that individual spot forex electronic transactions contain elements of usury riba in the imposition of rollover interest, resemble a sale contract with credit term by way of leverage, is ambiguous forex online analytics terms of the transfer of the possession of items exchanged between the parties, include the sale of currency that is not in possession as well as speculation that involves gambling. Furthermore, it is also illegal under the laws of Malaysia. In relation to the above, the Discourse has agreed to decide that the hukum islam main forex individual spot forex electronic transactions are prohibited as they are contrary to the precepts of the Shariah and are illegal under Malaysian law. Therefore, the Muslim community is prohibited from engaging in forex transactions such as these. The Discourse also stressed that the decision made is not applicable to foreign currency exchange operations carried out at licensed money changer counters and those handled by financial institutions that are licensed to do so under Malaysian law. Click here to view.

Value investing congress notes 2012 nissan binary options strategy forum

Value investing congress notes 2012 nissan

I am in preferences and repeat. That level of access files, transfer of the car a wireless N. Symbolic links only different Cisco devices one tool makes adapting to the try a clean.

This triple alliance allows for the increased sharing of technology and development costs, encouraging global cooperation and mutual development. Taken together, in the Renault—Nissan Alliance sold one in ten cars worldwide, and would be the world's fourth largest automaker with sales of 8,, units. Datsun: Until , Nissan automobiles in most export markets were sold under the Datsun brand. In the Datsun brand was phased out and the Nissan brand was phased in. All cars in had both the Datsun and Nissan branding on them and in the Datsun name was completely dropped.

In July , Nissan announced the relaunch of Datsun as a brand targeted at emerging markets. Infiniti: Since , Nissan has sold its luxury models under the Infiniti brand. For many years, Nissan used a red wordmark for the company, and car "badges" for the "Nissan" and "Infiniti" brands. At Nissan's earnings press conference in Yokohama, Nissan unveiled "a new steel-blue logo that spells out—literally—the distinction between Nissan the company and Nissan the brand.

Underneath were the "badge" logos for the Nissan, Infiniti and Datsun brands. Later in , the Nissan "Company" logo changed to the Nissan "Corporation" logo. The latter was the logo used by Nissan Motor Co. In July , Nissan introduced new corporate and brand logos, as part of an image revamp tied to the Ariya launch.

Nissan has produced an extensive range of mainstream cars and trucks, initially for domestic consumption but exported around the world since the s. It also produced several memorable sports cars , including the Datsun Fairlady , and Roadsters , the Z-car , an affordable sports car originally introduced in ; and the GT-R , a powerful all-wheel-drive sports coupe.

In , Nissan created a tuning division, Nismo , for competition and performance development of such cars. One of Nismo's latest models is the Z Nismo. Nissan also sells a range of kei cars , mainly as a joint venture with other Japanese manufacturers like Suzuki or Mitsubishi.

Until , Nissan rebadged kei cars built by other manufacturers. In China, Nissan produces cars in association with the Dongfeng Motor Group including the Nissan Livina Geniss , the first in a range of a new worldwide family of medium-sized cars. As of in Japan, Nissan sells its products with internationally recognized "Nissan" signage, using a chrome circle with "Nissan" across the front. Renault also exported cars to Japan and were available at "Nissan Red Stage" locations, and are still available at Nissan Japanese dealerships.

The word " satio " is Latin, which means ample or sufficient. In the early days of Nissan's dealership network, Japanese consumers were directed towards specific Nissan stores for cars that were of a specific size and pricepoint. Over time as sales progressed and the Japanese automotive industry became more prolific, vehicles that were dedicated to particular stores were badge engineered , given different names, and shared within the existing networks thereby selling the same platforms at different locations.

The networks allowed Nissan to better compete with the network established earlier by Toyota at Japanese locations. Starting in , another sales distribution channel was established that sold diesel products for commercial use, called Nissan Diesel until the diesel division was sold in to Volvo AB. To encourage retail sales, Nissan passenger vehicles that were installed with diesel engines, like the Cedric, were available at Nissan Diesel locations. Nissan has classified several vehicles as "premium" and select dealerships offer the "Nissan Premium Factory" catalog.

Vehicles in this category are:. The name originated with the Datsun Cabstar, but this was gradually changed over to "Nissan" badging in the early s. The lighter range The nameplate was first introduced in December The range has been sold across the world. It shares its platform with the Nissan Caravan. It was listed by Edmunds. It is a cab-over engine truck and was available either as a truck, light van glazed van , or as a "route van" bus.

After some modifications and the new 1. The Cabstar underwent another facelift with an entirely new front clip in May The Cabstar was placed just beneath the slightly bigger Homer range in Nissan's commercial vehicle lineup. It received a full makeover in January , although the van models were not replaced.

Both ranges were sold with either a 1. The F20 received a desmogged engine range in September and with it a new chassis code, F Manufacturing of the heavier range Hseries Atlas began in December , while the lighter series Atlas F22 was introduced in February — this succeeded both the Homer and Cabstar ranges and the nameplate has not been used in the Japanese market since.

The Atlas F22 was sold in Europe as the Nissan Cabstar and proved a popular truck in the UK market due to its reliability and ability to carry weight. From the range widened and was sold as the Cabstar E. Nissan's second all-electric vehicle, the Nissan e-NV , was announced in November Nissan plans to launch two additional battery electric vehicles by March In June , Nissan announced it will introduce its first range extender car in Japan before March The series plug-in hybrid will use a new hybrid system, dubbed e-Power, which debuted with the Nissan Gripz concept crossover showcased at the September Frankfurt Auto Show.

The second-generation Leaf was launched by Nissan in Japan in By December , global deliveries totaled , Leaf cars, 10 years after its introduction. In August Nissan announced its plans to launch several driverless cars by The company is building a dedicated autonomous driving proving ground in Japan, to be completed in Nissan installed its autonomous car technology in a Nissan Leaf all-electric car for demonstration purposes.

The car was demonstrated at Nissan test drive event held in California in August The testing car will be used by Nissan engineers to evaluate how its in-house autonomous driving software performs in the real world. Time spent on public roads will help refine the car's software for fully automated driving. Nissan vice chairman Toshiyuki Shiga and the prefecture's governor, Yuji Kuroiwa, rode in the car during the test. Nissan has also had a number of ventures outside the automotive industry, most notably the Tu—Ka mobile phone service est.

Nissan offers a subscription-based telematics service in select vehicles to drivers in Japan, called CarWings. Nissan also owns Nissan Marine , a joint venture with Tohatsu Corp that produces motors for smaller boats and other maritime equipment.

Nissan also built solid rocket motors for orbital launch vehicles such as the Lambda 4S and M-V. Nismo is the motorsports division of Nissan, founded in Also, they were featured at the World Series by Nissan from to Nissan sponsored the Los Angeles Open golf tournament from to Beginning in , Nissan became the naming rights sponsor for Nissan Stadium , the home of the Tennessee Titans and Tennessee State University football teams in Nashville.

Nissan's central research [] is inside the Oppama Plant site, Yokosuka , which began its operation in , at the former site of Imperial Japanese Navy 's Airborne Squadron base. At its 30th anniversary in , NTC employed 9, employees in product development, design, production engineering, and purchasing. It works in close contact with the central research, the Silicon Valley office, the technical office near the Nissan headquarters in central Yokohama , and the overseas offices in Detroit , Silicon Valley, and Moscow.

Nissan's test courses are in Tochigi two courses , Yokosuka and Hokkaido. In mid- , Nissan launched its first of many planned software and information technology development centers in Thiruvananthapuram , Kerala, India. Data extracted from Nissan's international corporate website. From Wikipedia, the free encyclopedia. Japanese automobile manufacturer. This article is about the multinational automobile manufacturer. For other uses, see Nissan disambiguation. Headquarters building in Nishi-ku , Yokohama.

Trade name. Romanized name. Traded as. Nishi-ku, Yokohama. Operating income. Net income. Nissan Infiniti Nismo Datsun. See also: List of Nissan vehicles. Main article: Renault—Nissan—Mitsubishi Alliance. Main articles: List of Nissan vehicles and List of Nissan engines.

Main article: Nissan Cabstar. Main article: Nissan Titan. Main articles: Nissan electric vehicles and Nissan Leaf. See also: Renault—Nissan Alliance zero-emission vehicles. Japan portal Companies portal. Marinos Yulon. Brief History of Nissan Motor Company. Archived from the original on 9 May Retrieved 6 April National Science Museum of Japan. National Museum of Nature and Science, Tokyo. Japan Automobile Hall of Fame. Archived from the original on 3 September Retrieved 4 March Retrieved 13 May Retrieved 23 December Retrieved 25 September The Wall Street Journal.

Archived from the original PDF on 5 April Retrieved 29 January Who has the largest auto factory in the U. Don't be embarrassed, few get it right - DailyKanban". Retrieved 2 October Retrieved 25 November Georgano ; ; E. World in Motion , The whole of the year's automobile production. Belvedere Publishing. Archived from the original on 2 November Retrieved 15 September Nissan corporate website.

The Reckoning. ISBN Archived from the original on 2 August Retrieved 25 February July The Multinational Monitor. Retrieved 20 July Archived from the original on 11 January Retrieved 3 August The New York Times. Retrieved 10 August Archived from the original on 27 March Archived from the original on 10 March Nissan USA. Archived from the original PDF on 2 February Retrieved 30 October Autobild in Spanish. Retrieved 12 December Archived from the original on 23 January Le Moniteur de l'Automobile in French.

Brussels, Belgium: Editions Auto-Magazine. The Age. Retrieved 19 August Archived from the original on 29 August Retrieved 4 December Nissan Middle East. Retrieved 21 May Retrieved 10 April Nissan Global. Archived from the original on 31 December Retrieved 26 January Harper Collins.

METI in Japanese. Retrieved 13 March Retrieved 19 November Nikkei Asian Review. Archived from the original on 11 December Retrieved 12 April Los Angeles Times. Hiroto Saikawa Leaves". ISSN The Mainichi. Retrieved 8 October Automotive News. Retrieved 31 May Retrieved 5 July Retrieved 1 August Retrieved 29 May The Korea Times. Business Korea. Retrieved 13 April Irish Examiner. Retrieved 12 November Retrieved 4 August USA Today.

Japan's Auto Industry. About JAMA". Archived from the original on 16 May Retrieved 3 July Retrieved 6 July Ottawa Citizen. Associated Press. Retrieved 26 June Retrieved 22 July BBC News. Retrieved 13 January Retrieved 20 May Renault-Nissan Alliance. Archived from the original on 23 October Retrieved 27 January Automotive News Europe.

Retrieved 1 July Retrieved 29 November Retrieved 7 February Dongfeng Motor Company Limited. Retrieved 17 April Vedomosti in Russian. The Hindu. Chennai, India. Car and Driver'. November Archived from the original on 16 December Retrieved 16 December Archived from the original on 16 April Retrieved 20 June Retrieved 15 July Retrieved 5 April Nissan News. The Drive. Kei Car Fanzine. Archived from the original on 5 January Retrieved 4 January Japan: Nissan.

Retrieved 1 January Retrieved 18 October Retrieved 20 September The Auto Channel. NBC News News. Retrieved 25 April Autoblog Green. Retrieved 20 January — via Automotive World. Guinness World Records. Archived from the original on 16 February Retrieved 22 January Hybrid Cars. Retrieved 11 December See editorial note. Paris: Nissan Europe. More than , Nissan Leafs have been sold worldwide. Archived from the original on 26 December The company announced that it will use its substantial free cash flow.

Navistar International - manufactures and sells commercial and military trucks, buses, diesel engines, recreational vehicles RVs ,. They continue to believe Navistar is best leveraged to what they see as. They also believe shares are undervalued and continue to communicate a.

CBS Corp. They believe CBS has a number of opportunities to generate. In addition, they expect a continued recovery in advertising, especially in radio and. Finally, the Investment Adviser believes financial engineering, including the announced. National Fuel Gas - a diversified natural gas and pipeline utility with a rapidly growing exploration and production business.

On September 23, , NFG announced that it had hired an adviser to. Potential joint ventures will likely exclude mineral rights to the Utica shale,. On a three-year. The stock trades at an attractive valuation. Bank of New York Mellon Corp. The company is the global leader in asset servicing and benefits from cross selling. It has the largest market share in six of its nine largest businesses, including the 1 global. GAMCO believes the company, along with other well capitalized financial firms, will raise its dividend in Further, Ford will be a major beneficiary of global automotive growth, as global light.

GAMCO expects the company to. CNH Global - manufactures and distributes agricultural and construction equipment worldwide under the Case and New Holland. Notably, CNH expects the world demand for agricultural equipment to rise 4. The company has benefited from a cyclical. Paramount has. The company announced that it. Sprint Corp. Cellular or MetroPCS , and will likely be more focused on trying to buy out the minority interest in. American Express - the largest closed loop credit card company in the world.

Longer term, American Express should capitalize on its higher spending customer. It offers programming that. The fund recorded a return of Canada, New Zealand, and Mexico. As of December 31, , Newmont had probable gold reserves of Founded in and publicly traded since , Newmont is one.

Headquartered near Denver, Colorado, the company has over 35, employees and contractors worldwide. Apple - designs and sells Macs, arguably the best personal computers in the world, along with OS X, iLife, iWork, and professional. Apple leads the digital music revolution with its iPods and iTunes online store.

Apple is reinventing the mobile phone with. Bristol Myers Squibb - a global biopharmaceutical company that develops innovative medicines that help patients prevail over. The company focuses on areas of serious unmet medical needs, such as cardiovascular disease, mental illness,.

Midas - offers retail automotive services through franchised and company-operated shops, primarily in the United States, Canada, and. Google generates revenue by providing advertisers with. This makes the content useful to consumers as well as to the advertiser placing it. We believe this highly innovative and fast. Sprint - is the third-largest wireless carrier in the US with GAMCO believes that Sprint could become a buyout target in the medium-to-long term for cable companies in order to stay.

A bid from Verizon Wireless is also possible, but it seems less likely, as they will also benefit significantly as a strong 2nd. It currently sells vehicles globally under its Ford and Lincoln brands. Additionally, it operates Ford Motor Credit, a financial services. GAMCO expects the company to continue its strong. Navistar International - based in Warrenville, Illinois, it manufactures Class trucks, buses, and defense vehicles, as well as.

NFC, a wholly owned subsidiary, provides financing of products sold by the. Navistar is currently ramping up production of its low-emission EGR engines, providing its customers with. As production mounts, we expect NAV to regain. National Fuel Gas - is a diversified natural gas company. NFG owns a regulated gas utility serving the region around Buffalo, New. Marcellus Shale field. Advances in drilling technology have made extracting the enormous gas reserve potential from the shale.

In late , the company hired an adviser to pursue joint venture opportunities. The company has increased its dividend. The company has benefitted from a cyclical rebound in advertising, an improvement in its viewership, and a shift in.

Paramount has posted a series of box office successes with franchises such as Star Trek,. Iron Man, and Transformers. The company announced that it would use its substantial free cash flow generation to resume its share. Although gaining in absolute terms, the Fund underperformed the benchmark over the fourth quarter of Among the holdings. Its shares suffered. Another wireless carrier, NII Holdings, focused primarily. NII traded at a significant discount to its private market value.

ITT Industries completed the spinoffs of its defense Exelis and water Xylem businesses during the quarter. Although Exelis provides surveillance and reconnaissance-related products and services to militaries, security agencies,. We continue to believe the spinoff should ultimately realise the underlying value of the company. Similarly Crane, a US manufacturer of brake. US economy picks up steam.

Meanwhile, shares in aircraft manufacturer Boeing benefited from news of new orders from several. During the first quarter, stock selection in information technology, utilities, and healthcare detracted from relative performance, as. The largest individual detractors for the quarter were Hewlett-Packard, General Motors, and.

Positive stock selection in financials and telecommunications contributed to relative performance for the quarter. In the second quarter, an overweight in low-valued stocks and an underweight in non-cyclical stocks were major performance. Stock selection in financials also had a negative impact. The largest individual detractors were Hewlett-. Packard, Genworth Financial, and Gap.

Positive stock selection in energy, materials and industrials were the primary contributors. An overweight. The main detractor from performance was having an. Stock selection in financials and technology was another negative. In the last quarter the portfolio underperformed the Russell Value Index over the quarter. Also hurting performance was stock selection in. The position in banks weighed on performance as concerns regarding sovereign debt exposure and.

Positive stock selection in energy, materials, and telecommunications was the. During , the Skandia European Equity Fund returned Strong stock selection within the consumer staples and energy sectors were the primary drivers of performance during the first quarter,.

As mentioned above, the consumer staples sector was the weakest performing sector in the first quarter of ,underperforming the. Investors were concerned about rising input costs and whether companies in the sector would be able. There was also an element of profit taking that weighed on returns, as many.

While the portfolio had an overall underweight to the sector over. The portfolio was well-positioned with holdings in. Aryzta, which also produces animal. Within the energy sector,. In their view, the company's production growth target is.

The Investment. The Investment Adviser initiated a position in Swiss-based Sonova as they believed the company was well positioned to benefit from. Factors leading to the. Following subsequent conversations with senior management, GSAM decided to sell out. Their holdings in the industrials sector also detracted from.

Within the sector, French aerospace company Safran was a detractor. The Investment Adviser continues to. During the second quarter, strong stock selection within the consumer discretionary and information technology sectors were the. The consumer discretionary sector made gains over the quarter, leaving behind concerns about disruptions to the supply chain caused. The fund was overweight the sector over the quarter and its holdings in companies such as. German automobile company Volkswagen and cable operator Kabel Deutschland contributed to returns.

Volkswagen performed well. The top contributor in the second quarter was French aerospace and defence company Safran, which has performed well in US Dollars whilst its costs are reported in Euro. In both the fund and the general market, the industrial sector experienced weakness. To give some background, Dutch. Express, an international express and cargo delivery services company.

GSAM had. GSAM continues to hold both companies as. PostNL has many areas of opportunity including price increases, a. Strong stock selection in the. However, GSAM took the view that these concerns had been exaggerated, which was reflected in the share price, so it decided to take.

Since then, the stock has begun to recover and. Elsewhere in the portfolio, a stake in the UK based oil and gas company Tullow Oil was one. Shares of the company increased after an oil discovery. Tullow has built a strong and unique exploration position in South. America and this could mark the start of a significant and potentially transformational long-term exploration and appraisal campaign. In addition, UK based software company Autonomy Corporation was a strong contributor to performance.

Shares of a holding in Autonomy soared after the company agreed. GSAM subsequently trimmed the. In contrast to the positive. GSAM has maintained a small position in the company in the belief that. Temenos has compelling long-term prospects given its strong position in the growing market of packaged-software solutions for. UK based consumer goods company, Reckitt Benckiser, was the top performing stock during the quarter for two main reasons.

Gamble was promoting some of its competing household markets less. Second,a positive stream of news concerning its. In contrast, Danish brewer Carlsberg was. Carlsberg was hit by a lowered earnings outlook. In addition, investor risk aversion. Western European profitability. In response to these developments, GSAM reduced its investment in the company to mitigate nearterm.

Challenging stock selection. However, strong stock selection within the telecommunication services and industrials sectors benefited and tempered. The financials sector made small absolute gains in the fourth quarter, but our sector underweight made. Most of the underperformance can be attributed to our overweight position in the. Admiral lagged the.

However, due to the short-term uncertainty we trimmed. All of the major European oil companies outperformed because of their robust balance sheets. The share price was further bolstered when the company announced an.

Elsewhere, holdings in the telecoms sector was another area of strength. In particular, an underweight in Telefonica of Spain benefited. A position in UK based Vodafone also performed well, driven by the. German pharmaceutical company Bayer was one of the top performing stocks in the portfolio in the fourth quarter.

Its share price. The fund produced a total net return of The seller now claims that these clauses have not been adhered to and seeks substantial damages against the. The Investment Adviser has sold their shareholding as such legal proceedings are likely to burden the share price for some. SVM disagree with the market and view this acquisition very positively. SVM intend to. Good performers included Centrotec, a German supplier of environmentally compliant products to the building industry.

Despite a. Italian operations to the larger international division. A number of financials posted good performances despite jitters over sovereign. The worst was Mediaset of Italy. The company had expected a rebound in advertising revenues in the second half of the year but now guide that this is. The position was sold as this news emerged.

German utility E. ON had also been a very poor performer before. As a result,. Both BG Group and Statoil also suffered during the quarter, but there was little in terms of negative news flow. SVM sold the latter following a meeting with management and some concerns over the outlook for margins.

September, when the portfolio was helped by an underweight in banks. The financial sector was hit particularly hard as talks of. The cash balance also remained high as the Investment. Adviser, SVM waited for more certainty on the economic and political fronts.

Over the course of the quarter the portfolio was hurt by. Basic materials, such as oil and metals, bore the brunt as did. Residual holdings in financials also detracted from performance; these. The fund underperformed the index over the final quarter.

In the more risk averse environment more defensive companies — those. These included Swedish Match, BG. Group, Tate and Lyle and Deutsche Post. There was little news concerning any of these names though Swedish Match did announce. The lack of a clear plan. Performance in the final quarter was affected by the underweight position in UK equities. We believe that valuations in. During the first quarter, the overweight exposure to industrials was the main reason behind the lag, as the sector underperformed the.

In addition, slightly disappointing fourth quarter numbers raised questions. The Japanese. One of the main detractors from performance included Electrolux, which suffered from weak sentiment for consumer stocks in. Autoliv was affected by supply issues affecting car. Meanwhile, Sandvik suffered from a. In addition, Indutrade was weak, reporting a. The largest positive contributors included MTG, which rebounded, supported by strong market data from Sweden and Russia, and.

JM, which reported solid fourth quarter numbers on the back of a strong residential construction market in Sweden. Other negative contributors included JM, as the market was concerned about the impact of higher interest rates on. Meanwhile, Avanza suffered as its. On the positive side, ABB performed well thanks to a good order intake, while Hexagon rose as its transition to more software is. Autoliv benefited from indications that auto production is coming back after the Japanese earthquake and parts.

In the third quarter the most severe setback occurred in August when the European debt crisis escalated, sending risk premiums up,. Among the biggest negatives for the portfolio included the shares of the holding in JM, which fell on fears that the residential. The holding in Volvo suffered a setback on cyclical concerns heightened by the.

Autoliv was subject to an anti-trust investigation, which hit the share price, and. The biggest positives for the fund included a position in Kinnevik, a holding company with stable cash flows whose shares trade at a. During the fourth quarter, the Investment Adviser added Investor, a quality company whose shares traded at a record high discount.

It also increased its holding in Mekonomen, which is benefiting from bigger than- expected. The holding in SEB was increased to take advantage of the fact that its shares are cheap and oversold. Elsewhere, the. Similar reasoning led to the trimming of the position in Volvo. Meanwhile, the Investment Adviser reduced the holding in. Shares in Sandvik usually fare worst among engineering stocks during downturns, which led the. Investment Adviser to reduce the portfolio holding during the quarter.

During the first quarter, the main reason for the lag was the weak performance of the capital goods shares, where the fund had large. Fourth quarter results, which were reported during the first quarter, were weaker than expected mainly due to a. Furthermore, the strong Swedish Krona had a negative impact on.

Meanwhile, the Swedish state sold part of their holding in Nordea, which exerted pressure on this stock. As Nordea is one of the. On the positive side, the strong performance of the Swedbank shares, where the fund had a large overweight, to some extent. Stock picks in Investor, Ericsson, Getinge. While this kind of underperformance can happen when managing a fairly concentrated portfolio, the Investment Adviser is still.

During the second quarter, the main drag on performance came from capital goods shares, where the fund had large overweight. Weaker macroeconomic statistics increased concerns regarding the business cycle. Furthermore, the strong Swedish Krona. On the positive side, the strong performance of more stable shares such as Getinge, AstraZeneca and Swedish Match, where the fund.

Moreover, the. The fund. Capital goods shares. Weaker macro economic statistics increased concerns regarding the business. During the fourth quarter the fund gained in real terms and performed nearly in line with the benchmark. Fund holdings in a number.

Swedish Match. However an underweight in. Assa Abloy was another holding. At the sector level, overweights in construction and healthcare plus an underweight in real estate benefited, but an overweight in. During the first quarter, the fund performed well in January, mainly attributed to a positive stock selection effect. Many holdings. Hitachi and Murata Manufacturing electric appliances also contributed positively.

Hitachi surged up, supported. Murata continued to play a major role as a main supplier of parts for. JFE, a second largest steel maker, gave a negative impact through the uncertainty. Canon electric appliances was also sold because of the conservative earnings estimate.

Good stock selection also helped drive outperformance in February. Nitto Denko, a comprehensive materials producer benefiting. Hitachi electric appliances also performed. Better-than-expected earnings revisions pushed the stock price of SoftBank higher and. Sumitomo Mitsui. Financial Group and Toyota Motor performed positively as well.

In contrast, the share price of Fujifilm, the top-ranked photo film. Canon electric appliances also. Mitsubishi Corp. On the other hand, the transportation equipment,. The fund underperformed its benchmark in March, however. Komatsu construction machinery and Kawasaki Heavy Industry comprehensive heavy. Both companies depend heavily on emerging countries and were in focus with investors despite. SoftBank telecommunication performed well, backed by its defensive nature and earnings momentum.

Group — had a negative impact. Due to the expected downturn in the domestic economy and huge loans to electric power companies,. Mitsui Fudosan leading real estate also had a negative contribution because of the expected damages to. Honda Motor was negatively affected because of suspended production. As for sector selection, wholesale trade. Banks, automobiles, real estate, insurance and land transportation were the main negatives. During the second quarter of , the majority of this outperformance came in April thanks to positive stock selection and.

On the stock selection front, Canon electric appliances gave the best contribution, rising significantly. Mitsubishi Chemical. Holdings chemicals and Hitachi electric appliances , which had been depressed since the earthquake, rebounded sharply, while.

In contrast, TDK. Sony electric appliances also. The fund continued to outperform in May. The Investment Adviser trimmed general trading houses because of the decline of natural. On the stock selection front, Hitachi electric appliances was the best monthly. Sega Sammy Holdings, the largest. Sumitomo Mitsui Financial Group banks was. As for sector selection, transport equipment,. However, the fund underperformed in June. Both stock selection and sector allocation worked negatively, mainly impacted by the.

On the stock selection front, DeNA an operator of game platforms for mobile phones gave the best. Toyota Motor and Nintendo also dragged on performance, with the latter suffering following an announcement of an introduction of. August and September, when stock picking and sector positioning turned negative. Both were particularly affected by the sharp selloff.

Among sectors, transport equipment, electrical appliances, chemicals,. By September, we had neutralised our sector allocation positions by increasing our weighting in domestic demand- related areas,. At the company level, Honda Motor and Nissan Motor both sold heavily in August, which resulted in losses for the fund.

Group banks came under pressure during the month as well. On a brighter note, a holding in Skymark Airlines continued to benefit. Meanwhile shares in general contractor Obayashi attracted strong investor interest amid. Machinery group Komatsu and electrical appliances business Fanuc lost ground because of a. Group also provided a boost thanks to a rally towards month end while pharmaceuticals firm Otsuka Holdings was resilient as.

During the last quarter, though declining, the fund modestly outperformed the benchmark. This was due to both positive sector. From mid-September, the Investmnet Adviser cut export-oriented sectors further mainly due to the. In December, the Investment Adviser stopped reducing exposure to exporters and edged up the. The fund is now slightly overweight in the export-oriented and domestic-oriented sectors and underweight on defensive. On the stock selection front, over the past three months, NTT telecom was the biggest relative contributor to the fund due to its.

Fanuc, Hitachi electrical appliance and Komatsu machinery posted good. Wholesale trade firms general trading companies like. On the sector allocation front, export-oriented sectors wholesale trade, electric appliances, automobiles and machinery gained. Due to negative earnings prospects, chemicals. Electric power and gas was also sold as the government imposed a high safety standard on the.

During the first quarter, the Taiwanese technology company Delta Electronics contributed to the underperformance. It lagged on. On the positive side, QR National Australia: Industrials rose over the quarter on positive first half results that improved market.

China Telecom rose on the. They also purchased Worleyparsons Australia , a well managed provider of. They also sold Woodside Petroleum Australia: Energy following strong gains on the back of rising global energy prices, and Oil. During the second quarter, performance was helped by Hindustan Unilever India: Consumer Staples , which gained on.

Less positively, Cheung Kong Hong Kong: Financials weighed on returns due to fears over rising interest rates while Samsung. Electronics Information Technology fell on concerns about the outlook for demand in the IT space. The fund also purchased Tata Power India: Utilities , a company with a high level of.

Meanwhile, Westfield Group Australia: Financials was. Index, recording a total net return of China Gas benefited the fund, as its defensive qualities proved a big attraction for cautious investors who were drawn to well run and. Shinsegae, as investors had a positive view of the prospects for its supermarket business. Stocks that disappointed included Newcrest. Mining of Australia, which declined as gold prices retrenched and Hong Kong financial group Cheung Kong lagged on concerns.

In the fourth quarter, the fund underperformed its benchmark index over the period. Semiconductor IT benefited from the interest of investors drawn to these strong franchises with good growth prospects. Kong Holdings Hong Kong: financials also outperformed over the month, rebounding from an oversold position. Stocks detracting. During the first quarter, Taiwanese technology stocks Delta Electronics and Compal Electronics underperformed. Delta lagged on. Hengan International China: Consumer Staples underperformed on worries about the impact of the.

The Investment Adviser did not establish any new positions over the quarter. They also sold China Mobile as it disappointed the market on. During the second quarter of , Jardine Matheson Singapore: Financials outperformed as it benefited from strong earnings.

In addition, the Investment Adviser reduced exposure to some defensive companies. Hotai Motors of Taiwan outperformed as auto sales remained firm and the company gained market share. On a less positive note, Cheung Kong underperformed. In the fourth quarter the Fund outperformed its benchmark index.

Services outperformed as they both bounced back after periods of weakness. China Resources Power gained as the government. On the negative side, a holding in China Telecom underperformed on profit-taking and concerns over a. Simplo Technology underperformed on weak quarterly results and concerns that it was losing market share to another. Quantitatively oriented strategies were positive during the first quarter. The overweight US 10 and year versus underweight. Macro currency strategies were also positive contributors.

Japan earthquake in March. The Japanese Yen then declined against the greenback as the Bank of Japan and G-7 nations intervened in. Partly offsetting these. Macro-driven duration strategies detracted from performance during the quarter as the tactical long positioning in US year, 20year,. This weaker performance was added to by the tactical short positions in UK duration, particularly.

Partially offsetting these weaker results, the tactical short positions in Germany 5-year and year issues. Macro-driven country strategies also detracted from returns as the long Germany year positions versus short Belgium and Austria.

The long US versus Germany aided results. Macro yield curve positioning was marginally. Credit strategies contributed to performance during the quarter. The continued overweight allocations to investment grade corporates. These positive results were partially offset by the underweight to covered bonds, as the sector rallied. Currency strategies were overall neutral during the quarter, as the positive impact from an underweight to the Australian Dollar,.

During the second quarter of , Macro-driven duration strategies contributed to performance during the quarter. The tactical long UK 5- and year positions held throughout the first half of. This was only partially offset by. Macro yield curve positions were favorable for performance, notably the Germany year flattener positions, as were macro-driven. Credit strategies also added value over the quarter.

Austria, Belgium, and Portugal , together with the underweight exposure to covered bonds and local authorities contributed to. Corporate sector allocation detracted from returns, but this was partly offset by gains from security selection. On the weaker side, both quantitative and currency strategies detracted from performance.

The long US versus short Germany year. The underweight to the Swiss Franc versus the US. The fund marginally outperformed the benchmark Barclays Capital Global Aggregate Index in the third quarter, returning 1. Macro-driven duration. In addition a long US 30 year versus short French 30 year trade added to returns. In FX, macro currency strategies were positive overall. Zealand and Canada had the biggest positive impact. However, our underweight positioning in the Swedish Krona also added to.

Credit strategies were largely unhelpful during the third quarter. However, favourable positions in German bonds versus underweights. Our underweight to covered bonds was another positive during. Quantitatively-oriented strategies benefited returns, as significant volatility in the quarter created attractive shorter-term opportunities,. Value strategies struggled as we began building short US relative value contrarian positions starting in the. Partially offsetting the weakness was the exit of the long US ten-year versus short Germany ten-year positions,.

The Fund underperformed its benchmark index in the fourth quarter. Macro-driven country strategies were marginally negative. Tactical overweight positions in UK ten-year debt detracted. Macro driven duration strategies that had the biggest. Macro currency strategies were also positive, for example, an overweight to the US Dollar versus high-beta currencies like the. Turkish Lira and the Brazilian Real had the largest positive impact during the quarter.

Credit strategies were largely positive for the quarter, with an overweight position in investment grade corporates and CMBS. Portfolio positions in German bonds versus an underweight in peripheral Europe Austria, Portugal were. Quantitative strategies in the portfolio also proved largely positive for.

The significant volatility seen in the quarter created attractive opportunities. Among the primary contributors were long. German relative-value trades which the Investment Adviser started adding in November. Specifically, a long German ten-year versus. German yields experienced one their most volatile periods on record during the.

The Investment Adviser quantitative process identified the German ten-year sector as quite cheap and attractive compared with. In addition, long UK ten-year versus short US ten-year positions also greatly contributed,. Aggregate Bond Index, for. The fund gained 2. A focus on sectors that provided attractive risk-adjusted yields versus treasuries helped returns for the quarter. The following. Index, over the third quarter of , producing a total net return of Emerging Markets local debt in Brazil and Mexico partially mitigated this negative impact as rates fell sharply in these countries.

Within US credit, the. Carlson still believe mortgages are undervalued for technical reasons and. They changed the overall portfolio duration twice during the first quarter. On the basis of their fundamental analysis, an. This exposure was. This exposure was neutralized during the. The fund produced a total net return of 6. As a result of the flight to quality during Q3, government bonds outperformed all other sectors.

As the Skandia Swedish. Bond Fund was underweight governments in favour of overweights in mortgages and corporate bonds the portfolio. The fund had a positive return, but marginally lagged the benchmark in the fourth quarter. The Investment Adviser positioned the.

The Investment Adviser. However, this optimism switched to pessimism after. The Investment Adviser shifted the portfolio into a neutral. During the fourth quarter the holding in mortgage bonds. Nevertheless, despite a weaker market for mortgage. The index consists of the two first maturing T-bills i. May T-bills. The fund must. During the last quarter the fund returned 0. The fund is. The index consists of the. The Fund must invest in at least six. Going short the index is not possible if the.

During the year of , the fund returned 4. In the first quarter excess returns were driven by country selection, both in the sovereign and corporate segments of the market,. An overweight position in Venezuela sovereign debt was one of the key contributors to.

The sovereign benefited from its position as an oil exporter, as well as ongoing demand for higher yielding. An underweight allocation to Lebanon, which was negatively impacted by turmoil in the Middle East, also. Cemex, a global cement manufacturer, rallied on improved. Aggressive policy action in. During the second quarter of , the bulk of the underperformance was attributable to credit-specific events in the China and.

Kazakhstan corporate sectors, weighing on emerging markets corporates and dragging fund performance down. Iraq sovereign debt also underperformed on no specific news. Despite underperformance in country selection, issue selection. An overweight position in Venezuela external sovereign debt also contributed positively to performance on the back of.

The government announced it had been buying bonds in the secondary market and that it. Local investors were active buyers of external debt given. In addition, reports emerged that Hugo Chavez discovered he had cancer while on a trip. While the severity of his cancer is unclear at this point, asset prices responded positively on speculation of a possible. Underperformance was driven by local markets exchange rates and emerging markets corporate.

A rebound in the US Dollar led to currency depreciation across all emerging market countries. General risk aversion and. Within sovereign. The Fund gained in the fourth quarter, but marginally trailed its benchmark index. Country selection decisions were responsible.

The largest contributor to performance was. In addition to the rating downgrades. European Central Bank. The other law requires a two-thirds majority to make changes to the flat personal income tax system, despite. In the first quarter the nuclear catastrophe in Japan and the resultant threat to human life and the environment will result in a.

The accident showed that not only a power plant like the one in Chernobyl,. Alternative energy concepts are. Solar power is especially popular. As a result, the prices of. The largest overweight in the fund,. Meyer Burger, and OC Oerlikon solar thin-film equipment were strong positive contributors. The underweight in the two large. On the weaker side, Sonova proved to be a disappointment. At various investor events held in the last two months, company.

There was no mention of weakening US sales or problems with the launch of the. Massive sales of shares held by company managers and directors in the amount of about 50 million Swiss. Francs prior to the announcement of negative news profit warning have most likely caused a significant loss of confidence on. The Investment Adviser was able to reduce their position in Sonova at relatively good prices when the. Sector allocation. Deutsche sold the entire position in Temenos at a price of CHF Deutsche also sold the position in Rieter prior to the spilt of the company into two firms,.

Autoneum and Rieter textile, and in Synthes after the company had announced that Johnson and Johnson will finalise the. In addition, the position in Meyer Burger was reduced, as the size of the overweight had become too large. Tecan was a new addition to the portfolio over the period. While growth should increase significantly in the quarters to come, the. Another new holding was Panalpina as. Deutsche is convinced that the management of the company will be able to narrow the gap in terms of margins compared to.

Among large caps, Deutsche reduced the underweight in the two large banks, but the fund remains underweight in the sector in. This contributed to relative performance as the bank was one of the poorest performers in. Swiss Re, Zurich, Helvetia and Baloise. The current environment remains supportive of this sector, which was affected only. The fund maintains a position in Actelion.

Although this share suffered a strong loss in value after the failure of the activists at. In the raw materials sector, Deutsche is still negative on Syngenta since the price environment remains difficult due to the. Deutsche is also sceptical of the consumer goods. Deutsche remains very bullish as regards the luxury goods segment.

Population and income growth in emerging markets and in. During the third quarter the focus of portfolio strategy remained on recovery and asset-inflation trades. As a result, the strong correction in the market in. July and August came as a surprise. Performance Index SPI , returning Both stock selection and asset allocation detracted from.

Due to the uncertainty as to when the. Therefore, we invested in very cyclical. On the other hand, Deutsche also focused on value shares that were not only underpriced, but underperforming. The second. The reasons for retaining. The growth area was represented by shares like Adecco and ABB. The portfolio also. Burger, OC Oerlikon, and Schaffner. These were among the biggest detractors during the quarter.

Among the more beneficial holdings in the portfolio, advanced bionics company Sonova enjoyed a solid gain during the quarter. It also gained. After the strong rally some profits were taken. Partners Group, Flughafen. The portfolio benefited from not holding Nobel Biocare, Temenos, Weatherford,. Transocean and Petroplus. July the face of the fears over the global economy. Deutsche sold the stock in a bear market rally at reasonable prices.

Nestle, the fund lagged the benchmark. Group, Meyer Burger and Gate Group all had negative impacts on performance. On a brighter note, the Fund benefited from its overweights in Swatch Group, Galenica and.

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2012 Value Investing Conference - Keynote Speaker: Lauren Templeton

Rules of the road when concentrating investments: Universe definition is key -Invest in. Stock Selection Process: 1. Investment Universe 2. Investment Criteria. The 10th Annual New York Value Investing Congress September , • New York including 11 senior equity analysts Note: AUM as of September 13, Nissan Motor Co Ltd CONSOLIDATED FINANCIAL HIGHLIGHTS 3 months ended 3 months ended Year to Mar 31, Mar 31, Mar