Lee S. Ainslie III ?

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Maverick Capital, Maverick Capital News
Groupon becomes the monster deals

The American expert tips proximity makes a mega-fundraiser $ 950 million. In less than three years, its deployment is impressive.

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Groupon performs a fundraising record

The site of all the records, who declined an offer to buy 6 billion proposed by Google, has just confirmed a fundraiser for $ 950 million from capital funds risque.Groupon already held the record for the start-up whose sales grew the fastest, the site now becomes the one who made ??the biggest fundraiser ever for a startup. He has raised $ 950 million from Andreessen Horowitz (present in Skype, Zynga, Facebook), Kleiner Perkins Caufield & Byers, Battery Ventures, Greylock Partners, Maverick Capital, Silver Lake, Technology Crossover Ventures, and Russian DST, investor Facebook.

The site of local sales at bargain prices, which is compensated by taking a commission on sales of merchant partners, has declined an offer to buy $ 6 billion proposed by Google, and has introduced on the Nasdaq end 2011 or 2012.

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Hedge funds (hedge funds in English) also called in Italian hedge funds, are born in the United States in the '50s. The first hedge fund was founded by Alfred Winslow Jones in 1949. U.S. law requires that investors have a wealth of at least one million dollars or net revenue of over $ 200,000. The number of members does not exceed 99.

They are characterized by:

the use of techniques and management tools, often not adopted by mutual funds (or directional) for regulatory reasons;
the fee structure, based on an annual management fee and a performance fee (typically respectively equal to 2% and 20%);
investment in hedge funds, a major part of capital by managers

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The mutual funds are financial instruments (Undertakings for Collective Investment, investment funds) which collect the money of depositors who entrust the management of their savings to an asset management company (SGR) with legal personality distinct from those of capital fund.

Legislative Decree No. 58/98 defines the mutual fund as "the independent shareholders, divided into units, attributable to several participants in managed mountain."

In Italy, mutual funds were established under the Law No. 77 of 1983, although at that time, there were already a dozen funds under Luxembourg law.

After collecting the money from underwriters, mutual funds invest in securities that constitute the undivided capital of the fund, which every investor holds a number of shares (the share is the fraction of assets of unit investment fund and has a value that changes over time in relation to the performance of the securities in which the fund invests.) Regardless of the type of fund, all participants have equal rights: the gains or losses, since the fund does not guarantee a certain return (unless some particular types of products), are in proportion to their investments, or better in proportion to the number of shares held.

Mutual funds, being managed by professionals, allowing for small investors, if well advised to subscribe to their members investment financially, in terms of risk / reward. In addition, through the accumulation plans, have approached the market, even those who currently did not have substantial savings. In relation to financial goals, risk and expected return, the investor can choose between different types of funds: balanced, bond, equity, liquidity and flexibility.

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The main categories of mutual funds

The mutual funds can be classified on the basis of many parameters.

A first distinction concerns the methods of distribution of profits:

distribution of income funds, where any gains in a predefined period of time can be credited - in part or entirely - on account of savings in the form of "coupon" or semi-annually;
capital gains income, in which the gains remain in the background and introduces them to the subscriber (ie, turns them into cash) at the sale of the shares.

A further distinction, identified by the Treasury Regulation No 228/99, must be made between closed-end funds and open funds:

closed-end funds: provide a refund (by the asset management company that established it) of the subscribed shares only in specific periods. They are characterized by a predetermined number of shares and unchanging over time. The minimum amount of each share is generally high, since the investments are often with a high level of risk;
open-end funds: they are characterized by the variability of the assets (which can then increase or decrease from day to day as new subscriptions or requests for reimbursement of shares outstanding) and represent the most common form of the fund.

Open funds are divided by a legal point of view, in:

The Italian-based funds are the EU-harmonized funds managed by Italian companies with registered offices in Italy and submitted to the Community directives n. 611/85 and 220/88 incorporated into our legislation through Legislative Decree No. 83/92. The EU law requires a set of constraints on investment with the objective of the risks and protect investors, for example:

can not invest more than 10% of assets in securities of a single issuer, other funds, derivatives or securities not listed on regulated markets;
can not invest in derivatives for hedging, for a total that exceeds the net value of the fund.

The Italian-based funds are not EU-harmonized funds established with the measure of the Bank of Italy on 20 September 1999 and with a greater freedom of investment of funds raised. They, in fact, do not apply the restrictions and limitations provided by law for the EU harmonized funds. Belong to this type of funds hedge funds (or hedge funds) and funds of funds.

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Hedge funds are similar in structure to mutual funds. Compared to the latter, differ in their management strategy and the number of tools and techniques available to managers.

They differ from traditional mutual funds for the following items:

legal personality: the hedge funds in international markets taking, in principle, the structure of private equity funds, in form, according to the head office of a limited liability partnership (typical of American funds), joint stock company, trust, fund common;
restriction to entry: the investment in the fund is generally reserved for institutional investors, qualified, or investors with substantial capital availability. Initially, the entry threshold was set at € 1,000,000, later reduced to 500,000. There is a maximum number of participants (in Italy were more than 200 per country);
output limitation: the particularities of the management techniques used determines the need to maintain a stable capital employed, so hedge funds often include periods of immobilisation also equal to one year and beyond. In addition to this it should be noted that many hedge funds provide an enhancement only in the month;
investment strategies: hedge funds are characterized by greater flexibility in choosing investment strategies to be adopted. For example can use:
leverage: the equivalent of the securities held in the portfolio may be greater than the assets actually available, using the debt or the investment in derivatives;
Arbitrage: The simultaneous purchase and sale of securities linked to benefit from a discrepancy in prices;
short sales: transactions with securities held, in order to realize profits or hedge against market declines. In practice, the operator of the wager is that, after selling the securities, they lose value. In this way, when the transaction should be restored, it will do at a lower price, thus pocketing a capital gain.

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They are mutual funds whose portfolio is not titles, but shares of other funds. Diversification is the main characteristic of this type of funds whose management is focused on the choice of funds to be included in the portfolio (usually 25-30). Being able to invest in shares of hedge funds, funds of funds are for small investors direct access to them, they often closed to them because of the high threshold of entry in assets.
Alexander The index fund

The funds are index funds are characterized by an essentially passive management, which is a management strategy that has as its sole objective to replicate the performance of the market, without trying to get an excess return.

The main advantage they offer is the containment of costs, which may be much less than from the holding of the funds so-called "active". This difference is due to lower operating costs.

The index funds are managed by replicating the composition of the chosen market index (such as an index fund in the U.S. market can replicate the performance of the Dow Jones Industrial Average, etc.).. Indexing can be done by holding in the portfolio all financial assets belonging to the index in the same proportion (thus making moves only when bonds are added or deleted from the index), or replicate the index with a smaller number of securities, using special portfolio selection techniques to choose the more appropriate title.

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ETFs are index funds (index funds) listed on regulated markets in Italy sull'ETFplus, operational from April 2007, the United States sull'Amex.

From the financial point of view can be interpreted as or equity securities or mutual funds, depending on if they want to emphasize the characteristics of financial securities by the investor bought or sold.

The history of ETFs dates from the mid-eighties, when the American market, AMEX (American Stock Exchange) was trying to survive in a competitive environment due to the presence of markets such as NYSE and Nasdaq. The start was countered and met shortly after by investors. By the time the situation has changed and the product is becoming increasingly popular, partly because of a changed attitude of investors towards passive management of wealth.

The main advantages for investors are:

lower costs compared to non-listed index funds (generally, the annual running loads ranging between 0.3% and 0.8%);
can be traded throughout the trading day as a normal stock.

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Assogestioni, the trade association of the Management Company, has developed a specific classification with the goal of making transparent the main features of the fund and the main factors affecting risk.

The classification system of funds under Italian law in force since 1 July 2003 provides for 42 categories and five macro macro categorie.Ogni category is characterized by a minimum and maximum percentage of equity investment. In addition, you have defined the following rules:

the cash funds and bond funds can not invest in stocks (with the exception of mixed bond funds can invest from 0% to 20% of the portfolio in equities);
The funds invest in shares for amounts ranging from 10% to 90% of the portfolio;
Equity funds invest at least 70% of its portfolio in equities;
flexible funds are not bonds of equity asset allocation, ie they can decide to invest in equities from 0% to 100%.

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Who manages the funds

Mutual funds are managed by asset management companies (SGR), which deal with the promotion, establishment and management of mutual funds.

Asset management companies are usually part of a banking or insurance by law and must have the legal form of joint-stock company and capital of more than 1 million euros. Asset management companies have also to investors, the obligation to act with diligence, fairness and transparency, reducing the risk of conflicts of interest.

With respect to asset management "do-it-yourself", the purpose of the Management Company is to build portfolios for funds using specific management tools:

Defining the strategic asset allocation, that allocation of assets among different types of securities, geographies and market sectors on the basis of expected returns, risk and correlations between different asset classes. This activity is constrained by the fund rules: Italy is not an equity fund can choose to bet on the American market, even if the manager believes that it may have good growth prospects;
Definition tactical asset allocation: it is the strategic asset allocation adjustments of short-term, dictated by market needs;
stock picking: stock selection within the different areas of investment, to buy or sell based on fundamental analysis and technical analysis. In the case of specialized funds, this activity is crucial to the performance;
market timing: choosing the best time to buy or sell securities, trying to anticipate change and to change the weight of the total portfolio allocated to a given market, so as to reduce it before the price decrease and increase of their first growth.

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Other persons with relevant role

the custodian, the broker who physically holds the securities and money from the fund and, therefore, savers. The custodian also determine the legality of transactions initiated by the fund manager;
the distributor, that is the subject that deals with "selling" the shares of the fund from investors, usually a bank or brokerage companies (SIM).

Watch

The SGR supervision is exercised by:

Consob (Commissione Nazionale per le Societa e la Borsa) which monitors the accuracy of the work of asset management and third party distributors. Consob is also assigned the task of approving the "Prospectus" to be delivered to investors interested in signing a fund;
the Bank of Italy, which allows, after consulting Consob, the SGR activity, approving the "Regulation for the Management of mutual funds and supervises the depository banks.

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Alexander The prospectus and the fund rules

The prospectus is the document that the management company shall be required to prepare and deliver to those who wish to subscribe to a fund. The uniformity of structure that Consob provides for the preparation of this forms part of the Management Company to facilitate comparison between different products on the market.

The prospectus consists of:

a first part, which provides summary information on the legal nature of the fund and the functions of the depositary bank and the fund's investment, the data concerning the characteristics of the fund and the modalities of participation. Are described, for example, the investment objective, strategy management, the risks associated with the investment, the costs, the benchmark, the method of subscription and redemption, the information on the tax regime;
a second part, which presents the comparison between the historical returns of the fund and the benchmark over different periods;
A third party, or the Application Form.

The Rules of the Fund is a document drawn up independently by the fund manager that looks at relationships between participants in the fund and its counterparties. In practice it is the document that effectively set the boundaries of performance and defined operating space available to the manager for investment decisions.

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Some of the information held in the Rules are:

how to participate in the fund, and recipients of allowances;
the bodies responsible for investment decisions;
the type of securities and other valuables where you can invest the fund's assets;
criteria for the determination of income and results of operations;
expenses incurred by the fund and those charged to the asset management company;
the procedure for publication of the value of the shares.

Alexander The benchmark

The benchmark is an objective parameter of reference with which to compare the performance of the mutual fund and assess the risk profile. It consists of one or more market indices, developed by third parties, summarizing the performance of the markets in which the fund invests.

Mutual funds under Italian law are required to indicate the benchmark on all documentation to the public (statement, reporting and advertising) and to compare with the performance of the fund.

The essential requirement that a parameter must have an objective reference, according to the Consob Regulation 10973/1997 on the provision of investment services and ancillary services, is its consistency with the underlying risk management of the fund which you want to operate the comparison.

Other requirements are:

transparency, which is the clarity of the rules of calculation used for the construction of the benchmark. This means that the mathematical formulas used by the management company should be simple and clearly communicated to the public;
representation, which implies that the composition of the benchmark should be consistent with that of the fund's assets;
replicability, which must consist of financial assets that the investor can, at least in theory, buy on the open market.

Alexander How much is a fund

The investment fund is not a service free of charge, but requires the payment of certain costs in remuneration for different levels of investment. These costs can be divided into two main categories: one-time and recurring fees. The one-time management decisions fall within the asset management company, since, contrary to those applicants, not all provide the funds. The numbers of returns are published net of recurring fees, but do not incorporate the one-time.

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One-time

They are usually applied in the purchase or sale of a fund. This is a depreciable cost over the years, the incidence of which therefore decreases with the stay in the fund. Subscription fees, typically provided as an alternative to selling, are the remuneration of the sales network. They are calculated as a percentage of the initial investment in a banded system which provides lower rates for higher payments, and vice versa. The funds do not provide for themselves as "no load". The most commonly applied one-time fee is the sales commission, to be preferred to that subscription is because you pay at a later time, either because it is often applied with a tunnel: the committee declines to zero as a function of stay in fund. The funds that do not include costs or of entry or exit, are defined as "pure no-load." Even the transfer of shares from one fund to another of the same company, called switches, imply in most cases, payment of a commission that can be fixed or expressed as a percentage of the transferred capital.

Recurring fees

Recurring fees are provided by the funds as a consideration of the different levels of operation of a fund. Periodic costs are directly affecting the result.

Management fees

Are those that reward the management company for its management and administration of the fund. Variables among funds, they are reduced directly from the fund's assets.

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Incentive fees

It is now widespread practice of levying, in addition to the management fee, a commission called incentive or performance, it is for the management company when it reaches a predetermined level higher returns. It is therefore a premium to the operator that the subscriber is calculated based on the differential performance of the fund against its benchmark, the benchmark that is followed by the fund. It is, however, a practice not without its critics and problems, especially as regards the choice of a benchmark, often too easy to beat or insignificant. Even accounting creates some concern, in particular, one wonders if in the event of loss carryforwards, however, the operator has the right to award or whether, by contrast, is expected to recover.

The expense ratio (Expense Ratio)

Most of the operational costs related to management of funds is expressed as an indicator known as the expense ratio and specified in the prospectus. It is the ratio between total costs charged to the fund and the shareholders of the same medium. For instance, if ABC Fund has assets of 200 million € and costs EUR 4 million, it will have an expense ratio of 2%. In calculating dell'Expense Ratio covered various items of expenditure, the largest of which is the management fee, followed by administrative costs to cover the costs of sending prospectuses and annual reports.

Brokerage costs

These are the costs that a fund incurs transaction of purchase and sale of securities. Are not included nell'Expense Ratio, but listed separately in the annual report. Then there are the costs are difficult to detect. The cost of some transactions, for example, is included in the stock price. It is a cost of trading, but the management company would not bring him back.


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