20:00 Jan 5, 2003 |
English language (monolingual) [PRO] Bus/Financial | |||||||
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| Selected response from: Ralf Lemster Germany Local time: 07:41 | ||||||
Grading comment
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SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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5 | proceso de inversiones de valores de base |
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2 | investment focused on "core value" |
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Discussion entries: 1 | |
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investment focused on "core value" Explanation: "Core value investment" is more frequently used in conjunction with equity investment - here's a definition by JP Morgan's ADR site (URL below): "Core Value The focus of these investors is on buying securities at relatively low valuations on an absolute basis or in relation to the market or historical levels. Value portfolios typically exhibit below-average price-to-earnings, price-to-book and price-to-cash flow multiples. In addition, growth and profitability characteristics are frequently below market averages, but with an expectation for improved future performance. Similar to Core Growth, these investors focus on blue chip stocks and employ a buy-and-hold strategy. To have this dominant style, the following portions of the portfolio must be above the weighted average of the S&P 500: 45 percent or less for price-to-earnings ratio and price-to-book ratio 60 percent or less for dividend yield 50 percent or less for five year estimated EPS growth, and not in the Deep Value, Income Value or Yield categories" Adapting this concept to fixed-income investing, I would associate it with an investment strategy concentrating on "pure" value (as opposed to "relative value" - see my answer to your previous question), i.e. on the best value available in a straight US bond investment (without any spreads, hedges or other enhancements). To be certain about it, I would need to see the description of the process, though. Reference: http://www.adr.com/ |
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proceso de inversiones de valores de base Explanation: core value investment process > proceso de inversiones de valores de base ******* > Nuestra filosofía y procedimiento de inversiones de valores de base estadounidense (tema: administración de lista de ingresos fijos) ******* |
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