PDF File67$7(%2$5'2)7(&+1,&$/('8&$7,21%,+$5 6FKHPHRI7HDFKLQJDQG([DPLQDWLRQVIRU
,,QG 6HPHVWHU',3/20$LQ$JULFXOWXUDO(QJJ&KHPLFDO(QJJ&LYLO(QJJ&LYLO5XUDO(OHFWURQLFV (QJJ7H[WLOH(QJJ&HUDPLFV(QJJ023/LEUDU\ ,QIRUPDWLRQ 6FLHQFH&'*0$UFKLWHFWXUDO
$VVLVWDQWVKLS0HFKDQLFDO(QJJ$XWR3ULQWLQJ7HFK(OHFWUR &RPP(QJJ(OHFWULFDO (OHFWURQLFV(QJJ,QVWUXPHQWDWLRQ &RQWURO
*URXS,, (IIHFWLYHIURP6HVVLRQ
7($&+,1* 6&+(0(
(;$0,1$7,21± 6&+(0(
$
7RWDO 0DUNV $%&
%DVLF3K\VLFV
7($&+,1* 6&+(0(
(;$0,1$7,21± 6&+(0(
&UHGLWV3HULRGVSHU :HHN
+RXUVRI ([DP
3DVV0DUNV LQWKH 6XEMHFW,QWHUQDO$ ([WHUQDO%
%DVLF3K\VLFV/DE %DVLF&KHPLVWU\/DE &RPSXWHU)XQGDPHQWDO %DVLF:RUNVKRS3UDFWLFH
7RWDO
7($&+,1* 6&+(0(
(;$0,1$7,21± 6&+(0(
&UHGLWV3HULRGVSHU ZHHN
(QJOLVK/DQJXDJH/DE (QJJ*UDSKLFV %DVLF:RUNVKRS3UDFWLFH
7RWDO
7RWDO3HULRGVSHUZHHN(DFKRIGXUDWLRQ 2QH+RXU α
%$6,&3+<6,&6
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ² 7$
&7































7H[W5HIHUHQFH%RRNV
7LWOHVRIWKH%RRN 1DPHRI$XWKRUV 1DPHRIWKH3XEOLVKHU L 3K\VLFV±, 95DMHQGUDQ 7DWD0F*UDZ +LOOUDZ +LOOSXEOLFDWLRQ1HZ'HOKL LL $SSOLHG3K\VLFV $UWKXU%HLVHU 7DWD0F*UDZ +LOOUDZ +LOOSXEOLFDWLRQ1HZ'HOKL LLL (QJLQHHULQJ3K\VLFV 5.*DXU 6/*XSWD 'KDQSDW5DL3XEOLFDWLRQ1HZ'HOKL LY 3K\VLFV 5HVQLFNDQG+DOOLGD\ Y &RQFHSWRI3K\VLFV3DUW, ,, +&9HUPD YL %DVLF3K\VLFV 5RVKDQ.U6LQKD )RXQGDWLRQ3XEOLVKLQJ+RXVH
%$6,&&+(0,675<
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ² 7$ ² ² ² &7
















7H[W5HIHUHQFH%RRNV
7LWOHVRIWKH%RRN 1DPHRI$XWKRUV 1DPHRIWKH3XEOLVKHU L (QJLQHHULQJ &KHPLVWU\ -DLQ -DLQ 'KDQSDW5DLDQG6RQV LL (QJLQHHULQJ &KHPLVWU\ 66'DUD 6&KDQG3XEOLFDWLRQ LLL ,QGXVWULDO&KHPLVWU\ %.6KDUPD *RHO3XEOLFDWLRQ LY (QYLURQPHQWDO &KHPLVWU\
3ROOXWLRQ&RQWURO 66'DUD 6&KDQG3XEOLFDWLRQ
Y %DVLF&KHPLVWU\ 6DQMD\.XPDU5DKXO.XPDU )RXQGDWLRQ3XEOLVKLQJ+RXVH
%$6,&0$7+(0$7,&6
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( 7$ &7
0DUNV


















7H[W5HIHUHQFH%RRNV
7LWOHVRIWKH%RRN 1DPHRI$XWKRUV 1DPHRIWKH3XEOLVKHU L 0DWKHPDWLFVIRU3RO\WHFKQLF 63'HVKSDQGH 3XQH9LG\DUWKL*ULKD LL 7ULJRQRPHWU\ 6//RQHO\ 6&KDQG3XEOLFDWLRQ LLL +LJKHU$OJHEUD +6+DOO 65.QLJKW 0HWULF HGLWLRQ%RRN3DODFH1HZ'HOKL LY &ROOHJH$OJHEUD )UF*9DOOHV &KDURWDU3XEOLFDWLRQ Y 0DWULFHV $U\HV 6FKXDPVHULHV0F*UDZ+LOO YL +LJKHU(QJLQHHULQJ0DWKHPDWLFV %6*UHZDO .KDQQD3XEOLFDWLRQV1HZ'HOKL YLL (QJLQHHULQJ0DWKHPDWLFV 666DVWU\ 3UHQWLFH+DOORI,QGLD YLLL %DVLF0DWKHPDWLFV 6LQGKX3UDVDG )RXQGDWLRQ3XEOLVKLQJ+RXVH
&20081,&$7,216.,//,
6XEMHFW&RGH
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ² 7$ ² ² ² &7
0DUNV

x x


x x x x


0DUNV
, MSXN P5LIURDIRGNO 2T5LI»NRDXtN&QNVDGNIXHN=N@YXVGtN&QNVDGVI\G
tN&Q@IRQVtNK+NNNNGVtN&QNVDGNIJ8QKHVDL]NV[@QVtNWRDIRQVtNWtN&Q@OHNXN)N=GtN&Q@IRLMKUN)N=G
tN&Q@T;HtN&Q@OD^NVLN$
L]GNM@LN8UMN@YtNTRN'NVDGNVtNTGMXN@IJ8QKHVDL]T'UIRMNH ISJaXRDPXGN
L]NV[$
,,,
,9
XN6GMKGVI\YNRVQX L
FNNV0N9N
tN&QNVDGNOJKP3SNMN
HN6I>NGODL]VNN#R'UZUNtN6\KGNIRGNO
OHTISU tNNMKIMG+NNNNGNL]NV[
ODRNQGN6tN\
x $VVLJQPHQWV
GNN=\KtN&Q
RN'NVDGKYtNTIN
IRMNHISJaXNVDGNL]NV[
ODRNQ\V>NX I/)NIUGVYXTONM
YXT31VQ\V>NX
tN&QNR\K
7H[W5HIHUHQFH%RRNV
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
*UDPPDU 'U.37KDNXU %KDUWL%KDZDQ
[L (VVHQWLDOVRI(QJOLVK*UDPPDU 1.$JJDUZDOD *R\DO%URWKHU3UDNDVKDQ [LL $VWXGHQW¶V*UDPPDURIWKH(QJOLVK
ODQJXDJH 6LGQH\JUHHQEDXP 5DQGRUSK 4XLUN3HDUVRQ(GXFDWLRQ
(1***5$3+,&6
7KHRU\ 1RRI3HULRGLQRQHVHVVLRQ &UHGLWV
1RRI3HULRGV3HU:HHN )XOO0DUNV / 7 36 (6(
² ² ² ²









7H[W5HIHUHQFH%RRNV
7LWOHVRIWKH%RRN 1DPHRI$XWKRUV 1DPHRIWKH3XEOLVKHU L (QJLQHHULQJ'UDZLQJ 1'%KDWWD &KDURWDU3XEOLVKLQJ+RXVH LL (QJLQHHULQJ 'UDZLQJ *UDSKLFV
$XWR&$' .9HQXJRSDO 1HZ$JH3XEOLFDWLRQ
LLL (QJLQHHULQJ'UDZLQJ 5.'KDZDQ 6&KDQG&R LY (QJLQHHULQJ'UDZLQJ 3-6KDK Y (QJLQHHULQJ*UDSKLFV .50RKDQ 'KDQSDW5DLDQG3XEOLFDWLRQ&R
YL (QJLQHHULQJ*UDSKLFV 'KDUPHQGUD.XPDU )RXQGDWLRQ3XEOLVKLQJ+RXVH
&20387(5)81'$0(17$/6 6XEMHFW&RGH
7KHRU\ 1RRI3HULRGLQRQHVHVVLRQ &UHGLWV
1RRI3HULRGV3HU:HHN )XOO0DUNV / 7 36 (6(
² ² ²
&217(176





7H[W5HIHUHQFH%RRNV
7LWOHVRIWKH%RRN 1DPHRI$XWKRUV 1DPHRIWKH3XEOLVKHU L &RPGH[
&RPSXWHU&RXUVHNLW 9LNDV*XSWD 'UHDPWHFK
LL ,QIRUPDWLRQ 7HFKQRORJ\ IRU 0DQDJHPHQW
+HQU\/XFDV 7DWD0F*UDZ+LOOV
LLL &RPSXWHU )XQGDPHQWDOV $UFKLWHFWXUH DQG2UJDQL]DWLRQ
%5DP 1HZ$JH,QWHUQDWLRQDO3XEOLVKHU
LY &RPSXWHU)XQGDPHQWDOV 036LQJK )RXQGDWLRQ3XEOLVKLQJ+RXVH
%$6,&3+<6,&6/$%
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ,QWHUQDO([DP ² ² ² ([WHUQDO([DP


1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ,QWHUQDO([DP ² ² ² ([WHUQDO([DP





Ψ

1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ,QWHUQDO([DP ² ² ² ([WHUQDO([DP











1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ,QWHUQDO([DP ² ² ² ([WHUQDO([DP

x x
x

x
x x x
x x
x
x
7H[W5HIHUHQFH%RRNV
7LWOHVRIWKH%RRN 1DPHRI$XWKRUV 1DPHRIWKH3XEOLVKHU L :RUNVKRS7HFKQRORJ\ 6.+DMDUD&KDXGKDU\ 0HGLD3URPRWRUVDQG3XEOLVKHUV1HZ'HOKL LL :RUNVKRS7HFKQRORJ\ %65DJKXZDQVKL 'KDQSDW5DL DQG6RQV1HZ'HOKL LLL 3URGXFWLRQ7HFKQRORJ\ 5.-DLQ .KDQQD3XEOLVKHUV1HZ'HOKL LY :RUNVKRS7HFKQRORJ\ +6%DZD 7DWD0F*UDZ+LOO3XEOLVKHUV1HZ'HOKL Y 0HFKDQLFDO(QJLQHHULQJ+DQGERRN .HQW¶V -RKQ:LOH\DQG6RQV1HZ<RUN
(1*/,6+/$1*8$*(/$%
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ,QWHUQDO([DP ² ² ² ([WHUQDO([DP
7KH WHUPZRUN ZLOO FRQVLVWRI DVVLJQPHQWV 7KH DVVLJQPHQWV VKRXOG EH ZULWWHQLQ$ VL]H QRWH ERRNV SDJHV UXOHG









(1*,1((5,1* *5$3+,&6
1RRI3HULRGV3HU:HHN )XOO0DUNV





%$6,&:25.6+2335$&7,&(
1RRI3HULRGV3HU:HHN )XOO0DUNV
/ 7 36 (6( ² ,QWHUQDO([DP ² ² ² ([WHUQDO([DP










x x
x

x

x x x

x