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Study sheds light on smart beta transaction costs

first_imgEdhec said its research provided an “explicit estimate” of costs applied to a range of strategies and showed the impact of using different implementation rules or stock universes.Among the major findings highlighted by the authors, the paper found that conclusions about transaction cost levels and strategy implementation challenges were heavily dependent on the stock universe under consideration.The researchers also found that, for commonly used beta indices built on liquid universes and integrated implementation rules, the impact of transaction costs on returns was small. These costs did not cancel out the relative return benefits over cap-weighted indices.A key issue with smart beta strategies was that they typically entailed higher replication costs than cap-weighted market indices, the researchers said.“While this is obviously true, the crux of the question is not whether transaction costs are higher but whether, after accounting for such costs, there are any benefits in terms of net returns,” they said.The study noted that while the importance of accounting for transaction costs in the evaluation of smart beta strategies was not doubted, relatively little was known about the magnitude of these costs.As a result, there was limited information related to the impact of implementation aspects – such as the selection of a liquid universe or turnover controls – on transaction cost levels.Lionel Martellini, director of Edhec-Risk Institute, said the results of the paper provided an important contribution to the analysis of smart beta strategies from a practical perspective.“Moreover, the methods we use are not computationally intensive and they draw on easily available data, making them easily replicable for practitioners who wish to analyse smart beta strategies,” he added.Given its “transparent methodology and benign data needs”, Edhec said its replication cost analysis could be easily applied to other strategies.The study was conducted as part of the Amundi research chair at EDHEC-Risk Institute on “ETFs, Indexing and Smart Beta Investment Strategies”.The full paper is available here. Investors will be able to assess net returns arising from smart beta strategies through a new transaction cost measurement approach put forward by a research paper from EDHEC Risk Institute.Currently, smart beta providers do not routinely report transaction cost estimates for their strategies, and performance evaluation often relies on simulated gross returns, the research said.“A reasonable expectation from an investor’s perspective is that providers should disclose the level of transaction costs generated by their strategies so as to allow for information on net returns,” the paper said.The paper – ”Smart Beta Replication Costs” – was written by Edhec researchers Mikheil Esakiais, Felix Goltz, Sivagaminathan Sivasubramanian, and Jakub Ulahelis.last_img read more

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Defending champs Perry climb into second in City League

first_imgby Malik VincentThe doormat in front of Perry’s locker room doesn’t say ‘home sweet some’, though it should.Perry (2-0, 2-2) has won its two games within the league, despite two losses to nonconference North Hills and Fort Hill, MD.  The latest was 14-12 survival of North Side foe Oliver at Cupples Stadium on Sept. 23.It could be the last regular season game between the two, as the Pittsburgh Board of Education is slated to close the school (Oliver) at the end of this school year.“It’s always a great North Side rivalry,” Perry coach Bill Gallagher said. “The (tight margin of victory) is what we expected.”Oliver (0-3, 0-4) opened the scoring with a 14-yard touchdown run by LeAndre Harrison in the first quarter.The Commodores evened things up with a touchdown pass of yards from Darelle Carson to Daron Clark in the second. The teams took a 6-6 tie into the half.Perry would go ahead 14-6 in the third on a 14 yard run by Robert Willie. Perry would tack-on a two point conversion on a pass from Carson to Deacon Blackwell. But the city’s defending champs would experience a scare when Oliver scored on a rush from 3 yards out by Joquet Foster. The two-point conversion to tie the game was a fade route that was broken up by Perry defenders in the corner of the endzone.“It’s a big thing for those guys on the North Side,” said former Perry three-year starter Greg McGhee. “The Oliver/Perry game is what they talk about all year. It’s a very competitive game that’s very important in the community for the two schools to be able to have those bragging rights until that next year. It’s sad that rivalry may be no longer.”USO (University Prep, Sci-Tech, and Obama) 36, Langley 0The first two wins in program history are both shutouts as the USO defense forced Langley to turn the ball over four times.Senior quarterback Dante Forte completed 9 of 15 passed for 193 yards with two touchdowns and an interception. He also had two on the ground.Myles Catlin opened the scoring for USO with an 18-yard touchdown run and then added a score through the air from 16 away from Forte in the second quarter.“We’re finally getting on track,” USO coach Lou Berry said. “We’re getting things in place so that we can be successful this season. We have some challenges coming in the next couple of weeks, but we’re looking forward to them and getting prepared.”Forte’s other touchdown strike came in the third when he found Chazz Daniels who took it 45 yards to the end zone to give USO a 26-0 lead.In addition to his 1-yard run in the first quarter, his second came from the same distance in the third.“We had high expectations for Dante coming into the season,” Berry added. “He has experience. He was a three-year starter at Peabody. He has a knack for the big play and we’re looking forward to leading our team throughout the course of the season.”Other games:Allderdice dropped a 27-9 decision to nonconference Fort Hill, MD and Westinghouse evened their record to 2-2 on the season with a 31-0 loss to Brashear, just a week after crushing Carrick, 36-0, in their City League opener.(Follow our continuing coverage of the City League and add your comments to our website at newpittsburghcourier.com. Malik Vincent can be reached at [email protected])last_img read more

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STABLE NOTES BY ED GOLDEN – WEDNESDAY DECEMBER 30, 2015

first_imgTRAINER HOPES TO BR-BR-BR-BREAK THE ICE WITH CAPE NELOGloves, scarves and ear muffs are the order of the day these mornings at Santa Anita, as horsemen seek to fend off temperatures pushing the freezing mark.How cold is it?“I reached for some straw at 5:40 a.m. Tuesday morning and couldn’t feel my fingers,” said trainer Michael Curtis, currently running a one-horse stable in Cape Nelo, a two-year-old gray son of Cape Blanco out of the Tapit mare Misinjennuous, owned by Ioan “Johnny” Bochis.“He’s a very nice and generous man,” said the 61-year-old Curtis, displaying a photo on his phone of a recent gift given to him by Bochis, a late model Toyota Sequoia.Cape Nelo finished sixth in his lone start, a six furlong race at Del Mar last summer, but Curtis, a native of England, has nominated him to stakes routes, including the Santa Anita Derby and the Kentucky Derby. “He’s bred to go long,” Curtis said. ‘CHROME’ TO WORK BEFORE FIRST RACE SATURDAYSTRATEGY CHANGE FOR IMPERIOUS ONE IN LOGANDECKED OUT ‘READY TO GO’ FOR GRADE II SANTA YNEZQUICK CASABLANCA: TIME IS ON HIS SIDE IN SAN GABRIELSALUTOS AMIGOS ‘DOING GREAT’ FOR MIDNIGHT LUTETRAINER KEEPS HIS COOL WITH ONE-HORSE STABLE SALUTOS AMIGOS SET FOR GRADE III MIDNIGHT LUTE Despite the fact that Salutos Amigos has won six races at Aqueduct, including four straight stakes, David Jacobson says he is not a horse for course.“He just loves to run,” said the trainer, who has the six-year-old gelded son of Salute the Sarge entered in Saturday’s Grade III Midnight Lute Stakes at 6 ½ furlongs.“He’s doing great. I’m very happy.”Salutos Amigos is the star of the 20 head Jacobson has on hand for the Winter Meet, his first regular tour at The Great Race Place since he was a teenager being mentored by the late Bobby Frankel some 40 years ago.Jacobson, who has engaged Mike Smith to ride Salutos Amigos, owns the Kentucky-bred in conjunction with Michael Blanco Moreno, who campaigns as Southern Equine Stable.Salutos Amigos has won 10 of 34 career starts and earned $1,122,406 running for three different trainers, including Eric Guillot and Kathy Walsh. The horse broke his maiden at Santa Anita on Feb. 9, 2013, when conditioned by Guillot.The Midnight Lute: Seattle Serenade, Mike Smith; San Onofre, Alex Solis; Distinctiv Passion, Edwin Maldonado; Pulling G’s, Victor Espinoza; Raised a Secret, Fernando Perez; All Run, Mario Gutierrez; and Salutos Amigos, Martin Garcia. FANS CAN SEE CALIFORNIA CHROME WORK SATURDAYCalifornia Chrome, the Marco Polo of Thoroughbred travelers, returns to the scene of one of his greatest triumphs Saturday when he works at Santa Anita for the Grade II, $200,000 San Pasqual Stakes at Santa Anita on Saturday, Jan. 9, his first race since last March 28.The 2014 Horse of the Year is scheduled to work six furlongs under regular rider Victor Espinoza before the first race, at approximately 12 noon. First post time that day is 12:30 p.m.California Chrome had been on a Saturday to Saturday work schedule but went seven furlongs Sunday at his Los Alamitos headquarters in 1:25.40. With rain forecast for this Sunday, trainer Art Sherman opted to move California Chrome’s final major drill for the San Pasqual to Saturday, and Santa Anita will accommodate the California-bred son of Lucky Pulpit who turns five on New Year’s Day with a pristine track free of other workers.The popular chestnut horse, winner of the 2014 Santa Anita Derby, is expected to face the Clydesdale-sized Dortmund, 2015 Santa Anita Derby winner, among others, in the mile-and-a-sixteenth San Pasqual.Since his victory in the Santa Anita Derby April 4 of last year, California Chrome has raced at Churchill Downs, where he won the Kentucky Derby; Pimlico, where he captured the Preakness; Belmont Park, where he dead-heated for fourth in the Belmont Stakes; Parx where he ran sixth in the Pennsylvania Derby; Santa Anita where he was third, beaten a neck, in the Breeders’ Cup Classic; Del Mar, where he won the Hollywood Derby on turf; again at Santa Anita where he was second to the late, great Shared Belief in the San Antonio Invitational; and then off to the Middle East where he was second in the Dubai World Cup last March 28.After that race, there were trips to England and Arlington Park, where potential races never came to fruition. Now his countless fans will have an opportunity to see California Chrome work this Saturday and, if all goes well, race the following Saturday in the San Pasqual.In 18 career starts, California Chrome has won nine races, finishing second three times and third once, earning $6,322,650. A successful venture in the San Pasqual is expected to lead to a return trip to Dubai for the $10 million race on March 26. LOGAN STRATEGY CHANGE SHOULD AID IMPERIOUS ONEImperious One was no factor when he made his United States debut Nov. 29 in the Grade III Cecil B. DeMille Stakes at Del Mar, finishing ninth by 7 ¾ lengths in the one mile turf race. But Doug O’Neill is optimistic that the Irish-bred colt will improve in Thursday’s $75,000 Eddie Logan Stakes for two-year-olds at one mile on turf.“Off his (four) races in England, he wants to be more forwardly placed,” the trainer said. “In the DeMille, we were on the outside breaking from post nine in a field of 12.“For the Eddie Logan, the plan will be to put him up in the race and see what we can do, but we’re still excited about his prospects.”The Eddie Logan: Trust Your Gut, Fernando Perez, 5-1; Arabian Leopard, Martin Garcia, 5-1; Bully Pulpit, Tiago Pereira, 20-1; Storming Candy, Mike Smith, 12-1; Afleet Domination, Mario Gutierrez, 20-1; Imperious One, Rafael Bejarano, 5-1; Path of David, Joe Talamo, 5-2; Giopress, Martin Pedroza, 20-1; Mr Notorious, Santiago Gonzalez, 12-1; Canada, Gary Stevens, 3-1; and also-eligible Tiz a Billy, Alonso Quinonez, 7-2.center_img FINISH LINES: On New Year’s Day Santa Anita offers another of its popular Dollar Days, with draft beer, hot dogs and sodas available for a buck apiece . . . Humberto Ascanio, assistant to the late Hall of Fame trainer Bobby Frankel for more than three decades until a stroke in 2012 put him on the sidelines, was on hand Sunday to present a trophy to the winning connections of Gender Agenda, who posted a $23.80 upset in the Robert J. Frankel Stakes. “It’s nice to be back at the track,” said Ascanio, 67. “It’s great to see familiar faces and old friends. Hopefully, in the New Year, I’ll spend more time here.”. . . Santa Anita Wagering Ambassador Christopher Ado will be Tom Quigley‘s guest handicapper Saturday, while track announcer Frank Mirahmadi will do honors Sunday, both days at 11:20 a.m. in the East Paddock Gardens . . . Thoroughbreds aren’t the only ones turning a year older on Jan. 1. Trainer Gary Sherlock celebrates birthday No. 70 on New Year’s Day. DECKED OUT BACK AT SANTA ANITA FOR SANTA YNEZDecked Out has been facing “the nuts” since breaking her maiden first out last May, but is winless in four straight stakes since. Keith Desormeaux hopes the brief drought ends Saturday in the Grade II, $200,000 Santa Ynez Stakes for three-year-old fillies at 6 ½ furlongs.“She’s freshened and she’s ready to go,” the trainer said of the chestnut daughter of Street Boss, who last raced on Sept. 12, finishing fifth after leading in the Grade II Pocahontas at Churchill Downs.It has not been necessary for her to carry her track with her. She has raced at Santa Anita (where she broke her maiden last May 7); Belmont Park, Saratoga and Churchill. “She’s run all over the country,” Desormeaux said. “Maybe she just needs Santa Anita.”The field: My Dynamo, Fernando Perez; Rockantharos, Edwin Maldonado; Decked Out, Kent Desormeaux; Treasuring, Victor Espinoza; One Last Shot, Mike Smith; Code Warrior, Anne Sanguinetti; Pretty N Cool, Martin Garcia; and Forever Darling, Rafael Bejarano. QUICK CASABLANCA READY FOR SAN GABRIELQuick Casablanca, who ran a creditable fifth behind turf monster The Pizza Man in the Grade II Hollywood Turf Cup at Del Mar Nov. 26, hopes to run in Saturday’s Grade II, $200,000 San Gabriel Stakes for older horses at 1 1/8 miles on turf. Quick Casablanca drew post 14 on the also-eligible list for the San Gabriel.“He worked really well on the dirt the other day, (six furlongs in 1:12.80), and he really isn’t a dirt horse,” Hall of Fame trainer Ron McAnally said of the 8-year-old Chilean-bred horse owned by Pablo Gomez. “He’s doing well and he’s had a lot of time between races.”Quick Casablanca’s lone win in 13 U.S. starts came in the Grade III Last Tycoon Stakes at Santa Anita on April 25, 2014.The field: Flamboyant, Brice Blanc; Big John B, Rafael Bejarano; Poshky, Victor Espinoza; Texas Ryno, James Graham; Power Red, Mario Gutierrez; Class Leader, Kent Desormeaux; Bal a Bali, Flavien Prat; Obviously, Joe Talamo; Wanstead Gardens, Gary Stevens; Chiropractor, Corey Nakatani; Macro Access, Martin Garcia; and also-eligibles Kenjisstorm, Edwin Maldonado; Southern Freedom, Mike Smith; and Quick Casablanca, Tyler Baze.last_img read more

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Panama Papers Mizzi is using every tactic to limit inquiry – Busuttil

first_imgFormer Opposition and Partit Nazzjonalista leader Simon Busuttil is accusing Tourism Minister Konrad Mizzi of using every legal tactic to limit the Panama Papers inquiry. Last week, Minister Konrad Mizzi lodged a constitutional application arguing that the inquiry filed by Simon Busuttil was breaching his right for a fair trial. The Minister continued to argue that no decision should be taken before his case is heard by the Constitutional Court. On Monday, Simon Busuttil told the Court that the inquest is just a means to collect evidence and not a hearing or a trial in front of a criminal court. He insisted that nobody will be prejudiced with simple collection of evidence. According to Busuttil, Mizzi’s move is nothing short of another attempt from his end to hinder investigations and prevent evidence collection. Simon Busuttil also reminded the Court that Konrad Mizzi had already filed a similar constitutional application back in January 2019, which was then dropped following appeaKonrad Mizzi to drop libel cases in connection to Panama Papers <a href=’http://revive.newsbook.com.mt/www/delivery/ck.php?n=ab2c8853&amp;cb={random}’ target=’_blank’><img src=’https://revive.newsbook.com.mt/www/delivery/avw.php?zoneid=97&amp;cb={random}&amp;n=ab2c8853&amp;ct0={clickurl_enc}’ border=’0′ alt=” /></a> SharePrintcenter_img WhatsApplast_img read more

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Watch Hymnsinging unites Christians from different traditions

first_img SharePrint Christians from different traditions came together to sing hymns during an ecumenical meeting that happened earlier this month.On the 14th of June, an ecumenical meeting was organised by Christians Together in Malta, the Diocesan Ecumenical Commission and the MaltaPraise Project. This meeting was held at the Saint Aloysius’ College Theatre in Birkirkara.The purpose was to unite Christians from different traditions to sing together. Most of the hymns were from the Reformed Tradition, translated to Maltese by Joe C. Aquilina. The crowd united in a form of congregational singing. There were also prayers and reflections conducted by Philip Leone Ganado, who is a Catholic Charismatic, and by Rev. Kim Hurst whose work as a minister at St Andrew’s Scots Church in Valletta is soon to end. Dun Aurelio Mule’ Stagno S.D.B. was playing the organ.Amongst others, the hymns sung were Be Still my Soul, Tiġi Saltnatek, Here is Love, Blessed Assurance and Be Thou my Vision. It is envisioned that another such activity will happen again in the future.WhatsAppcenter_img <a href=’http://revive.newsbook.com.mt/www/delivery/ck.php?n=ab2c8853&amp;cb={random}’ target=’_blank’><img src=’https://revive.newsbook.com.mt/www/delivery/avw.php?zoneid=97&amp;cb={random}&amp;n=ab2c8853&amp;ct0={clickurl_enc}’ border=’0′ alt=” /></a>last_img read more