Download - EAMF1405 Hugh Hendry
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7/22/2019 EAMF1405 Hugh Hendry
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OFDoidot honNgs`iutd Knor` Fulm
K`ltaiy Udrf`rknlod Nttrhguth`l
Hltdrlni dsthkntd gnsdm l onidlmnr k`lta U&I.
Nssdt Nii`onth`l (% LNV)
* Futurds p`shth`ls nrd hloiumdm l n mditnmgnshs. Dquhty h lmdx pth`ls nrd rdprdsdltdm ns prdkhuk.Fhxdm Hlo`kd p`shth`ls nrd hloiumdm l n >5yr nmcustdm (mditnm) gnshs.
Udrf`rknlod (%) - N sanrds
> K`lta ? K`ltas X]M Hlo.
5.? -6.8 -8.? 7.4
Unst pdrf`rknlod hs l`t n juhmd t` futurd rdturls.
Oniouinth`l l LNV gnshs whta ldt hlo`kd rdhlvdstdm. _anrds ldt f fdds nlm dxpdlsds.
K`ltaiy Wdturls _hlod Hlodpth`l (%)
C F K N K C C N _ @ L M X
75>5 >.7 5.= -5.4 -5.: -5.? -5.7 ->.4 4.= -5.? -7.5 5.4 >.: ?.6
75>> ->.1 >.= ->.: -5.> 7.1 -5.> 7.> ?.7 >.4 5.7 -5.7 >.> 1.6
75>7 ->.5 5.> ->.8 >.: >.= 5.: 7.6 ->.5 5.7 -7.7 5.4 ->.= -5.=
75>? 5.8 >.> 7.= -5.4 -7.? ->.7 ->.> 5.5 ->.1 5.> 5.: 7.: 5.1
75>= -?.6 >.> -4.6 ->.: 5.? -8.?
Udrf`rknlod _ukknry
]ad Fulm jdldrntdm n +5.?% rdturl hl Kny, whta k`mdstjnhls nor`ss f`ur `ut `f fhvd tadkds.
]ad inrjdst p`shthvd o`ltrhguth`l onkd fr`k tad FulmsHmh`sylorntho trnmhlj strntdjhds. N p`shth`l hl tad T_ ?5ydnr g`lm wns tad ghjjdst shljid o`ltrhgut`r ns yhdimso`lthludm t` fnii `l khxdm do`l`kho mntn nlm n i`lj p`shth`lhl tad Hlmhnl rupdd gdldfhtdm fr`k tad p`st-didoth`l rniiy.
Zhtahl tad I`lj MKtadkd, a`imhljs hl hltdrldt o`kpnlhdsrdo`vdrdm s`kd `f Nprhis i`ssds nlm furtadr jnhls onkdfr`k `ur Dur`pdnl panrknoduthoni st`obs. _knii i`ssdswdrd hlourrdm `l Dur`pdnl `pth`l pnobnjds.
N rdo`vdry hl Cnpnldsd dquhthds rdsuitdm hl n sknii jnhl f`rtad Fulms I`lj Cnpnl tadkd, mrhvdl gy a`imhljs hlpr`pdrty o`kpnlhds nlm gr`bdrs.
Disdwadrd, p`shthvd prhod noth`l hl Oahldsddquhty knrbdtsidm t` sknii i`ssds `l rdinthvd vniud p`shth`lhlj hl prhvntdo`kpnlhds vs _tntd @wldm Dltdrprhsds nlm tad _a`rt DKtadkd snw furtadr pr`fhts fr`k `ur j``mvdrsus gnmDK FQtrnmd.
85
84
>55
>54
>>5
>>4
>75
Mdo-58
Knr->5
Cul->5
_dp->5
Mdo->5
Knr->>
Cul->>
_dp->>
Mdo->>
Knr->7
Cul->7
_dp->7
Mdo->7
Knr->?
Cul->?
_dp->?
Mdo->?
Knr->=
]`p >5 A`imhljs - Dxoiumhlj @pth`ls (% LNV)
T_ ?5yr G`lm 4?.> I`lj T_M / _a`rt HMW ?.4
I`lj T_M / _a`rt SNW >?.1 L`vnrths 7.6
I`lj T_M / _a`rt ]AG 6.8 _nl`fh 7.6
I`lj T_M / _a`rt KXW 6.8 W`oad 7.=
I`lj T_M / _a`rt OIU 6.> Dur`_t`xx Gnlbs Ftrs (Cul >=) 7.=
Futurds/`pth`ls p`shth`ls nrd hloiumdm l n mditnmgnshs.Hltdrdst rntd/g`lm p`shth`ls nrd hloiumdm `l n >5yr nmcustdm (mditnm) gnshs.
5.:%
5.?%
5.5%
-5.?%
-5.>%
-5.=% -5.7% 5.5% 5.7% 5.=% 5.6% 5.1%
Fhxdm Hlo`kd
FQ
O`kk`mhthds
Dquhthds (Ldt)
Fdds
11.7
?8.6
4?.>=:.=
7.: >.=
Ftrs*=4.?
5
45
>55
FQ Dquhty FH Onsa Ftrs Knrjhl @pt Urdkhuk
1=.8
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7/22/2019 EAMF1405 Hugh Hendry
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OFDoidot honNgs`iutd Knor` Fulm
Ourrdlt ]adkds (% VnW)*
_`urod3 DNK. Mntn ns nt >5/56/>=.* Njjrdjntd strntdjy VnW 84/njjrdjntd p`rtf`ih` VnW 84. M`ds l`t noo`ult f`r fuii dffdots f mhvdrshfhonth`l.
I`lj MK ?:.=%
I`lj Cnpnl 7=.6%
_a`rt DK >5.5%
Hm`sylorntho/Admjd 71.5%
Knlnjdr Mdtnhis
Hlvdstkdlt Knlnjdr Doidothon Nssdt Knlnjdkdlt IIU
NOM Onphtn Fhlnlohni _drvhods Itm
Nmkhlhstrnt`r Onphtn Nssdt _drvhods Nmkhlhstrnt`rs Itm
Fulm Mdtnhis
Inuloadm ?> Mdodkgdr 7558
Fulm Knlnjdr Auja Adlmry
HKN _dot`r ]nrjdtdm Ngs`iutd Wdturl
]nrjdt Wdturl Nllunihsdm >5% `l n r`iihlj ?-ydnr gnshs
_anrd Oinssds //$
_truoturd TOH]_ HV sug fulm `f OF Doidothon Fulms
Mhvhmdlms Nooukuintdm
H_N/UDU Dihjhgid Xds
Ur`spdotus & BHHM www.onphtnnssdtsdrvhods.o`k
Fulm Hmdlthfhdrs
H_HL _DM@I Gi``kgdrj
N sanrd () JG55G7UC_V74 G7UC_V7 OFDJN_N ILN sanrd () JG55G7UCZM7> G7UCZM7 OFDJNDN IL
N sanrd ($) JG55G?8ZS^14 G?8ZS^1 OFDJNMN IL
O sanrd () JG55G?G>L1>= G?G>L1> OFDJO_N IL
O sanrd () JG55G?G>LG=1 G?G>LG= OFDJODN IL
O sanrd ($) JG55G?8ZSX68 G?8ZSX6 OFDJOMN IL
Fdds, O`sts & Wdmdkpth`l _truoturd
Hlhthni Oanrjds Tp t` 4% (oinss N)2 up t` >% (oinss O)
Nlth-Mhiuth`l Idvy Tp t` 5.:4% `l sugs/rdms `vdr 4% `f LNV
Nlluni Oanrjds >.:4% (oinss N)2 >.74% (oinss O)
Udrf`rknlod Fdd L`ld
Khlhkuk Hlvdstkdlt 4,555 (oinss N)2 75k (oinss O)
(dquhvnidlt f`r nlm $)
Mdnihlj Mnhiy nt >7pk
Mdnihlj Ihld 51=4 651 58=>
_drvhod Ur`vhmdrs
Mdp`sht`ry GLX Kdii`l
Numht`rs Drlst & X`ulj
Noo`ults Mntd Fhlnlohni ydnr-dlm ?> Mdodkgdr
Hlvdst`r Wdinth`ls
HWEdoidothon-nk.o`k
+== (5)75 ::87 6=55
]ahs m`oukdlt hs gdhlj hssudm gy Doidothon Nssdt Knlnjdkdlt IIU ("DNK"), wahoa hs nuta`rhsdm nlm rdjuintdm gy tad FhlnlohniO`lmuot Nuta`rhty (tad FON"). OF Doidothon Ngs`iutd Knor` Fulm ("tad Fulm) hs n rdo`jlhsdm o`iidothvdlvdstkdlt soadkd hl tad TB ulmdr sdoth`l 7=? `f tad Fhlnlohni _drvhods nlm Knrbdts Not 7555 ("F_KN"). ]ad pr`k`th`l `f tad Fulm nlm tad mhstrhguth`l `f tahs m`oukdlt a`wdvdr kny gd rdstrhotdm gy inw hl `tadr curhsmhoth`ls. L`rdohphdlt `f tahs m`oukdlt kny mhstrhgutd ht t` nly `tadr pdrs`l. ]ahs o`kkulhonth`l hs mhrdotdm `liy nt pr`fdssh`lni oihdlts `r dihjhgid o`ultdrpnrthds ns mdfhldm gy tad Fhlnlohni _drvhods Nuta`rhty hl tad Tlhtdm Bhljm`k. L` rdprdsdltnth`l,wnrrnlty `r ulmdrtnbhlj, dxprdss `r hkpihdm, hs jhvdl ns t` tad noournoy `r o`kpidtdldss `f, nlm l` ihnghihty hs noodptdm f`r, tad hlf`rknth`l `r `phlh`ls o`ltnhldm hl tahs m`oukdlt gy nly `f DNK, nly `f tad fulms knlnjdm gy DNK `r tadhrrdspdothvd mhrdot`rs. ]ahs m`ds l`t dxoiumd `r rdstrhot nly muty `r ihnghihty tant DNK ans t` hts oust`kdrs ulmdr tad TB rdjuint`ry systdk. ]ahs m`oukdlt m`ds l`t o`lsthtutd `r f`rk pnrt `f nly `ffdr t` hssud `r sdii, `r nly s`ihohtnth`l `f nly`ffdr t` sugsorhgd `r puroansd, nly sdourhthds kdlth`ldm adrdhl l`r sanii ht `r tad fnot `f hts mhstrhguth`l f`rk tad gnshs `f, `r gd rdihdm `l hl o`lldoth`l whta, nly o`ltrnot tadrdf`r. Wdohphdlts `f tahs m`oukdlt wa` hltdlm t` nppiy f`r sdourhthdsnrd rdkhlmdm tant nly suoa nppihonth`l kny gd knmd s`idiy `l tad gnshs `f tad Fuii Ur`spdotus nlm tad Bdy Hlvdst`r Hlf`rknth`l M`oukdlt. Unst pdrf`rknlod hs l`t n juhmd t` futurd pdrf`rknlod. Vniuds kny fnii ns wdii ns rhsd nlm y`ukny l`t jdt gnob tad nk`ult y`u hlvdstdm. Hlo`kd fr`k hlvdstkdlts kny fiuotuntd. Oanljds hl rntds `f dxoanljd kny anvd nl nmvdrsd dffdot `l tad vniud, prhod `r hlo`kd `f hlvdstkdlts. X`u sa`uim `gtnhl pr`fdssh`lni nmvhod `l tadrhsbs `f tad hlvdstkdlt nlm hts tnx hkpihonth`ls, wadrd nppr`prhntd, gdf`rd pr`oddmhlj whta nly hlvdstkdlt. Nii oanrts nrd s`urodm fr`k Doidothon Nssdt Knlnjdkdlt IIU. Ldt Nssdt Vniuds nrd ns nt tad mntd `f tad m`oukdlt. (o) 7554->=Doidothon Nssdt Knlnjdkdlt IIU2 Wdjhstrnth`l L`. @O?>7==72 rdjhstdrdm ffhod nt 6 _nidk W`nm, I`lm`l, Z7 =GT.
U`rtf`ih` VnW Ahst`ry
_`urod3 Hlmdpdlmdlt Whsb Knlnjdkdlt _`iuth`ls.
-?
-7
->
5
>
7
? Wdturl (% LNV) VnW 84*
U`rtf`ih` VnW]`tni Whsb * >6.>
84% Fnt ]nhi ** >.?
84% O`lm VnW ** >.6
* Dx-nltd stnlmnrm mdvhnth`l ** Gnsdm l > mny thkd-a`rhz`l K`ltd Onri` shkuinth`l._`urod3 Hlmdpdlmdlt Whsb Knlnjdkdlt _`iuth`ls.
]`p >5 _trntdjhds (% VnW)*
]adkd ]adkd
Cnpnldsd Dquhty CU >4.8 J``m vs Gnm DK FQ DK 1.>
T_ ?5 Xdnr G`lm H/A >?.8 Ji`gni Hltdrldt (Dquhty) MK 6.8
VHQ Uuts H/A >5.: Dur` Uanrkn (Dquhty) MK 6.:
Lhbbdh @pth`ls CU 1.: W`g`ts (Dquhty) MK =.8
Dur` Udrhpadry (Dquhty) MK 1.7 Dur`_t`xx @pth`ls MK =.>
_`urod3 DNK. Mntn ns nt >5/56/>=.* _trntdjy VnW 84/njjrdjntd p`rtf`ih` VnW 84. M`ds l`t noo`ult f`r fuii dffdots f mhvdrshfhonth`l.
Nssdt Nii`onth`l (% VnW)
_`urod3 Hlmdpdlmdlt Whsb Knlnjdkdlt _`iuth`ls.
I`lj Dquhty 4>.8%
Dquhty @pth`ls 45.7%
Onsa ?.6%
Ur`p FQ ?.?%
Fhxdm Hlo`kd -8.5%
LNV $o p oN sanrds >47.87 8>.=> >>7.>>
O sanrds >44.1: 8?.88 >>4.5=
NTK 6=.1k