Ø㯨¯¯‚¼
0Â㛼¼¯©›Â›
‚•
‚ã‚
]¯›Â›
¯Â

dȕ‚öʖÜ
]ãȐ¹
B‚ع›ã
؂







































-
BØʒ
V؂‚ó
V¯ÁՂ¼¹‚Ø
ÁØʒÕ؂‚óÕ¯ÁՂ¼¹‚Ø˫©Á‚¯¼ʒÈÁ

7KHVWRFNPDUNHWKDVDOZD\VEHHQDG\QDPLFDQGHYHU-HYROYLQJVSDFHLQIOXHQFHGE\DPXOWLWXGHRIIDFWRUVUDQJLQJ
IURPHFRQRPLFLQGLFDWRUVDQGJHRSROLWLFDOHYHQWVWRLQYHVWRUVHQWLPHQWDQGPDUNHWSV\FKRORJ\,QUHFHQW\HDUVKRZ
HYHUWKHODQGVFDSHRIWKHVWRFNPDUNHWKDVEHHQIXQGDPHQWDOO\WUDQVIRUPHGE\WKHLQWHJUDWLRQRIDUWLILFLDOLQWHOOL
JHQFH $, DQGGDWDVFLHQFHLQWRWUDGLQJDQGLQYHVWPHQWSURFHVVHV7KHVHWHFKQRORJLHVKDYHQRWRQO\UHYROXWLRQL]HG
WKHZD\ILQDQFLDOSURIHVVLRQDOVDSSURDFKWKHPDUNHWEXWKDYHDOVRGHPRFUDWL]HGDFFHVVWRVRSKLVWLFDWHGLQYHVWPHQW
VWUDWHJLHV,QWKLVFRPSUHKHQVLYHDUWLFOHZHZLOOGHOYHGHHSLQWRWKHLPSDFWRI$,DQGGDWDVFLHQFHRQWKHVWRFNPDU
NHWH[SORULQJKRZWKHVHWHFKQRORJLHVDUHUHVKDSLQJWUDGLQJVWUDWHJLHVSRUWIROLRPDQDJHPHQWULVNDVVHVVPHQWDQG
WKHRYHUDOOPDUNHWHFRV\VWHP
· 7KH5LVHRI$,DQG'DWD6FLHQFHLQ)LQDQFH
7KHDGRSWLRQRI$,DQGGDWDVFLHQFHLQILQDQFHFRPPRQO\UHIHUUHGWRDV)LQ7HFKKDVJDLQHGLPPHQVHWUDFWLRQ
RYHUWKHSDVWGHFDGH7KLVWUHQGKDVEHHQIXHOHGE\WKHDYDLODELOLW\RIYDVWDPRXQWVRIILQDQFLDOGDWDDGYDQFHPHQWV
LQFRPSXWLQJSRZHUDQGWKHGHYHORSPHQWRIVRSKLVWLFDWHGDOJRULWKPV7KHVHWHFKQRORJLHVRIIHUVHYHUDONH\DG
YDQWDJHVLQWKHILQDQFLDOVHFWRULQFOXGLQJ
'DWD3URFHVVLQJDQG$QDO\VLV
$,DQGGDWDVFLHQFHH[FHODWSURFHVVLQJDQGDQDO\]LQJODUJHGDWDVHWV)LQDQFLDOPDUNHWVJHQHUDWHDQHQRUPRXV
DPRXQWRIGDWDHYHU\GD\IURPVWRFNSULFHVDQGWUDGLQJYROXPHVWRHFRQRPLFLQGLFDWRUVDQGQHZVVHQWLPHQW7UD
GLWLRQDOPHWKRGVRIGDWDDQDO\VLVVLPSO\FDQQRWNHHSSDFHZLWKWKHYROXPHDQGFRPSOH[LW\RIWKLVGDWDPDNLQJ$,DQ
LQYDOXDEOHWRROIRUH[WUDFWLQJPHDQLQJIXOLQVLJKWV

3DWWHUQ5HFRJQLWLRQ

2QHRI$, VFRUHVWUHQJWKVLVLWVDELOLW\WRUHFRJQL]HFRPSOH[SDWWHUQVLQGDWD,QWKHVWRFNPDUNHWSDWWHUQVFDQUHYHDO
YDOXDEOHLQIRUPDWLRQDERXWSRWHQWLDOSULFHPRYHPHQWVPDUNHWWUHQGVDQGWUDGLQJRSSRUWXQLWLHV0DFKLQHOHDUQLQJDO
JRULWKPVDUHDGHSWDWLGHQWLI\LQJWKHVHSDWWHUQVHQDEOLQJWUDGHUVWRPDNHGDWD-GULYHQGHFLVLRQV

6SHHGDQG$XWRPDWLRQ

$,-GULYHQWUDGLQJDOJRULWKPVFDQH[HFXWHWUDGHVDWVSHHGVIDUEH\RQGKXPDQFDSDELOLWLHV+LJK-IUHTXHQF\WUDGLQJ
+)7 UHOLHVRQ$,WRPDNHVSOLW-VHFRQGGHFLVLRQVEX\LQJDQGVHOOLQJDVVHWVZLWKLQPLOOLVHFRQGV$XWRPDWLRQUHGXFHV
WKHULVNRIKXPDQHUURUDQGHQVXUHVWKDWWUDGHVDUHH[HFXWHGFRQVLVWHQWO\DQGHIILFLHQWO\

3UHGLFWLYH0RGHOLQJ
0DFKLQHOHDUQLQJPRGHOVFDQEHWUDLQHGWRSUHGLFWVWRFNSULFHPRYHPHQWVDQGPDUNHWWUHQGV%\DQDO\]LQJKLVWRULFDO
GDWDDORQJVLGHYDULRXVIDFWRUVOLNHQHZVVHQWLPHQWDQGHFRQRPLFLQGLFDWRUVWKHVHPRGHOVFDQSURYLGHLQYHVWRUVZLWK
IRUHFDVWVWKDWDLGLQPDNLQJLQIRUPHGGHFLVLRQV

5LVN0DQDJHPHQW

5LVNDVVHVVPHQWLVDFULWLFDOFRPSRQHQWRILQYHVWPHQWVWUDWHJLHV$,FDQPRGHODQGPDQDJHULVNPRUHHIIHFWLYHO\E\
DQDO\]LQJSRUWIROLRGLYHUVLILFDWLRQFDOFXODWLQJ9DOXHDW5LVN 9D5 DQGLGHQWLI\LQJSRWHQWLDODQRPDOLHVRURXWOLHUVLQ
ILQDQFLDOGDWD

6HQWLPHQW$QDO\VLV

1DWXUDOODQJXDJHSURFHVVLQJ 1/3 WHFKQLTXHVDUHXVHGWRDQDO\]HWH[WGDWDVXFKDVQHZVDUWLFOHVDQGVRFLDOPHGLD

SRVWVWRJDXJHPDUNHWVHQWLPHQW7KLVLQIRUPDWLRQFDQEHLQYDOXDEOHIRUXQGHUVWDQGLQJWKHHPRWLRQDOGULYHUVEHKLQG
PDUNHWPRYHPHQWVDQGDQWLFLSDWLQJSRWHQWLDOPDUNHWUHDFWLRQV

3HUVRQDOL]HG,QYHVWLQJ

5RER-DGYLVRUVSRZHUHGE\$,RIIHUSHUVRQDOL]HGLQYHVWPHQWDGYLFHDQGSRUWIROLRPDQDJHPHQWVHUYLFHV7KHVHSODW
IRUPVFRQVLGHULQGLYLGXDOULVNWROHUDQFHILQDQFLDOJRDOVDQGLQYHVWPHQWSUHIHUHQFHVWRFUHDWHDQGPDQDJHSRUWIROLRV
PDNLQJLQYHVWLQJPRUHDFFHVVLEOHWRDEURDGHUDXGLHQFH
· $SSOLFDWLRQVRI$,DQG'DWD6FLHQFHLQWKH6WRFN0DUNHW

1RZWKDWZH YHHVWDEOLVKHGWKHIRXQGDWLRQDOUROHRI$,DQGGDWDVFLHQFHLQWKHILQDQFHVHFWRUOHW VGLYHGHHSHULQWR

VSHFLILFDSSOLFDWLRQVZLWKLQWKHVWRFNPDUNHWHFRV\VWHP

$OJRULWKPLF7UDGLQJDQG+LJK-)UHTXHQF\7UDGLQJ +)7

3HUKDSVWKHPRVWYLVLEOHDSSOLFDWLRQRI$,LQWKHVWRFNPDUNHWLVDOJRULWKPLFWUDGLQJ7UDGHUVDQGKHGJHIXQGVXVHDOJR
ULWKPVWRDXWRPDWHWUDGLQJVWUDWHJLHVEDVHGRQSUHGHILQHGUXOHV7KHVHDOJRULWKPVSURFHVVYDVWDPRXQWVRIGDWDLQUHDO-
WLPHORRNLQJIRURSSRUWXQLWLHVWREX\RUVHOODVVHWV+LJK-IUHTXHQF\WUDGLQJWDNHVDOJRULWKPLFWUDGLQJWRWKHH[WUHPH
H[HFXWLQJWKRXVDQGVRIWUDGHVSHUVHFRQG7KHOLJKWQLQJ-IDVWH[HFXWLRQPDGHSRVVLEOHE\$,DOJRULWKPVKDVUHVKDSHG
WKHWUDGLQJODQGVFDSHFRQWULEXWLQJWRPDUNHWOLTXLGLW\DQGHIILFLHQF\

3UHGLFWLYH$QDO\WLFVDQG)RUHFDVWLQJ

0DFKLQHOHDUQLQJPRGHOVDUHHPSOR\HGWRSUHGLFWVWRFNSULFHPRYHPHQWV7KHVHPRGHOVFRQVLGHUKLVWRULFDOSULFHGDWD
WHFKQLFDOLQGLFDWRUVDQGDZLGHDUUD\RIH[WHUQDOIDFWRUVOLNHQHZVVHQWLPHQWPDFURHFRQRPLFGDWDDQGJHRSROLWLFDO
HYHQWV%\DQDO\]LQJWKHVHGDWDVRXUFHV$,DOJRULWKPVJHQHUDWHIRUHFDVWVWKDWLQIRUPWUDGLQJGHFLVLRQV:KLOHWKHVH
PRGHOVDUHQRWLQIDOOLEOHWKH\FDQSURYLGHYDOXDEOHLQVLJKWVIRUVKRUW-WHUPWUDGLQJVWUDWHJLHVDQGULVNPDQDJHPHQW
3RUWIROLR2SWLPL]DWLRQ

$,-SRZHUHGWRROVKHOSLQYHVWRUVEXLOGDQGPDQDJHGLYHUVLILHGSRUWIROLRV7KHVHWRROVFRQVLGHULQGLYLGXDOULVNWROHU
DQFHLQYHVWPHQWJRDOVDQGPDUNHWFRQGLWLRQVWRUHFRPPHQGRSWLPDOSRUWIROLRDOORFDWLRQV7KH\FDQDOVRFRQWLQXRXVO\
DGMXVWSRUWIROLRVDVPDUNHWFRQGLWLRQVFKDQJHKHOSLQJLQYHVWRUVPDLQWDLQWKHLUGHVLUHGULVN-UHWXUQSURILOHV

5LVN$VVHVVPHQWDQG0DQDJHPHQW

$,SOD\VDFUXFLDOUROHLQULVNPDQDJHPHQW0DFKLQHOHDUQLQJPRGHOVDUHXVHGWRDVVHVVDQGPLWLJDWHULVNVDVVRFLDWHG
ZLWKWUDGLQJDQGLQYHVWPHQWDFWLYLWLHV7KHVHPRGHOVFDQLGHQWLI\SRWHQWLDOEODFNVZDQHYHQWVRUDQRPDOLHVLQILQDQFLDO
GDWDKHOSLQJLQYHVWRUVPDNHPRUHLQIRUPHGGHFLVLRQVDQGSURWHFWWKHLUSRUWIROLRVIURPXQH[SHFWHGVKRFNV

6HQWLPHQW$QDO\VLVDQG1HZV$QDO\WLFV

1DWXUDOODQJXDJHSURFHVVLQJ 1/3 WHFKQLTXHVDUHHPSOR\HGWRDQDO\]HQHZVDUWLFOHVVRFLDOPHGLDSRVWVDQGRWKHU

WH[WXDOGDWDWRJDXJHPDUNHWVHQWLPHQW8QGHUVWDQGLQJSXEOLFVHQWLPHQWFDQEHFUXFLDOIRUWUDGHUVDQGLQYHVWRUV)RU
H[DPSOHDVXGGHQVXUJHLQQHJDWLYHVHQWLPHQWDURXQGDSDUWLFXODUVWRFNPD\LQGLFDWHDORRPLQJFULVLVRUDQDWWUDFWLYH
FRQWUDULDQRSSRUWXQLW\
4XDQWLWDWLYH$QDO\VLV

4XDQWLWDWLYHDQDO\VWV TXDQWV XVHGDWDVFLHQFHWHFKQLTXHVWRGHYHORSVRSKLVWLFDWHGWUDGLQJVWUDWHJLHV7KHVHVWUDWHJLHV

RIWHQLQYROYHIDFWRUPRGHOLQJVWDWLVWLFDODUELWUDJHDQGRWKHUTXDQWLWDWLYHPHWKRGV4XDQWVUHO\RQ$,-SRZHUHGWRROVWR
EDFNWHVWDQGRSWLPL]HWKHLUWUDGLQJDOJRULWKPVVHHNLQJWRJDLQDQHGJHLQWKHPDUNHW

)UDXG'HWHFWLRQDQG&RPSOLDQFH

$,LVXWLOL]HGWRGHWHFWIUDXGXOHQWWUDGLQJDFWLYLWLHVVXFKDVLQVLGHUWUDGLQJDQGPDUNHWPDQLSXODWLRQ%\DQDO\]LQJ
WUDQVDFWLRQGDWDDQGWUDGLQJSDWWHUQVPDFKLQHOHDUQLQJPRGHOVFDQIODJVXVSLFLRXVDFWLYLWLHVDQGDOHUWUHJXODWRUV7KLV
KHOSVPDLQWDLQWKHLQWHJULW\DQGIDLUQHVVRIILQDQFLDOPDUNHWV

0DUNHW0LFURVWUXFWXUH$QDO\VLV

$,DQGGDWDVFLHQFHDUHDSSOLHGWRDQDO\]HWKHPLFURVWUXFWXUHRIILQDQFLDOPDUNHWV7KLVLQFOXGHVVWXG\LQJRUGHUERRN
G\QDPLFVOLTXLGLW\SURYLVLRQDQGWKHEHKDYLRURIPDUNHWSDUWLFLSDQWV6XFKDQDO\VLVFDQSURYLGHWUDGHUVZLWKLQVLJKWV
LQWRPDUNHWFRQGLWLRQVDQGKHOSRSWLPL]HH[HFXWLRQVWUDWHJLHV
&XVWRPHU6HUYLFHDQG&KDWERWV

%URNHUDJHILUPVDQGILQDQFLDOLQVWLWXWLRQVXVH$,-SRZHUHGFKDWERWVWRSURYLGHFXVWRPHUVXSSRUWDQGDQVZHUFOLHQWLQ
TXLULHV7KHVHFKDWERWVFDQKDQGOHURXWLQHWDVNVIUHHLQJXSKXPDQDJHQWVWRIRFXVRQPRUHFRPSOH[LVVXHV7KH\DUH
DYDLODEOHHQVXULQJWKDWFOLHQWVFDQDFFHVVDVVLVWDQFHZKHQHYHUWKH\QHHGLW

5RER-$GYLVRUVDQG$XWRPDWHG:HDOWK0DQDJHPHQW

5RER-DGYLVRUVDUH$,-GULYHQSODWIRUPVWKDWDXWRPDWHWKHLQYHVWPHQWSURFHVV7KH\FUHDWHDQGPDQDJHSRUWIROLRVIRULQ
GLYLGXDOLQYHVWRUVEDVHGRQWKHLUULVNWROHUDQFHDQGILQDQFLDOJRDOV5RER-DGYLVRUVKDYHGHPRFUDWL]HGZHDOWKPDQDJH
PHQWPDNLQJSURIHVVLRQDOLQYHVWPHQWVHUYLFHVDFFHVVLEOHWRDZLGHUUDQJHRISHRSOH

· &DVH6WXGLHV5HDO-:RUOG$SSOLFDWLRQV

7RLOOXVWUDWHWKHLPSDFWRI$,DQGGDWDVFLHQFHRQWKHVWRFNPDUNHWOHW VH[SORUHDIHZUHDO-ZRUOGFDVHVWXGLHVWKDW
KLJKOLJKWWKHSUDFWLFDODSSOLFDWLRQVRIWKHVHWHFKQRORJLHV

5HQDLVVDQFH7HFKQRORJLHV

5HQDLVVDQFH7HFKQRORJLHVIRXQGHGE\PDWKHPDWLFLDQDQGKHGJHIXQGPDQDJHU-DPHV6LPRQVLVUHQRZQHGIRULWVSLR
QHHULQJXVHRITXDQWLWDWLYHDQDO\VLVDQG$,LQILQDQFH7KHILUP VIODJVKLSIXQGWKH0HGDOOLRQ)XQGKDVFRQVLVWHQWO\
GHOLYHUHGH[WUDRUGLQDU\UHWXUQVWKURXJKDOJRULWKPLFWUDGLQJ5HQDLVVDQFH VVXFFHVVLVDWWULEXWHGWRLWVDELOLW\WRKDUQHVV
YDVWDPRXQWVRIGDWDDQGDSSO\VRSKLVWLFDWHGPDWKHPDWLFDOPRGHOVWRLGHQWLI\WUDGLQJRSSRUWXQLWLHV

6HQWLPHQW$QDO\VLVLQ2SWLRQV7UDGLQJ

6RPHKHGJHIXQGVDQGWUDGLQJILUPVXVHVHQWLPHQWDQDO\VLVWRLQIRUPWKHLURSWLRQVWUDGLQJVWUDWHJLHV%\DQDO\]LQJVR
FLDOPHGLDVHQWLPHQWDQGQHZVDUWLFOHVWUDGHUVFDQJDXJHPDUNHWVHQWLPHQWDQGSUHGLFWSRWHQWLDOSULFHVZLQJV)RUH[
DPSOHLIVHQWLPHQWDQDO\VLVGHWHFWVDVXUJHLQQHJDWLYHVHQWLPHQWDURXQGDFRPSDQ\ VVWRFNRSWLRQVWUDGHUVPD\FRQ
VLGHUEX\LQJSURWHFWLYHSXWVWRKHGJHDJDLQVWDSRWHQWLDOGHFOLQH

5RER-$GYLVRUVDQG3HUVRQDOL]HG3RUWIROLRV

5RER-DGYLVRU\SODWIRUPVOLNH:HDOWKIURQWDQG%HWWHUPHQWXVH$,WRFUHDWHDQGPDQDJHGLYHUVLILHGSRUWIROLRVIRULQGL
YLGXDOLQYHVWRUV7KHVHSODWIRUPVDVVHVVHDFKFOLHQW VULVNWROHUDQFHILQDQFLDOJRDOVDQGWLPHKRUL]RQWRFRQVWUXFWD
SHUVRQDOL]HGLQYHVWPHQWSRUWIROLR$,DOJRULWKPVFRQWLQXRXVO\PRQLWRUDQGUHEDODQFHSRUWIROLRVWRPDLQWDLQWKHGHVLUHG
DVVHWDOORFDWLRQDXWRPDWLQJWKHLQYHVWPHQWSURFHVVIRUPLOOLRQVRIXVHUV

)UDXG'HWHFWLRQDQG5HJXODWRU\&RPSOLDQFH

)LQDQFLDOUHJXODWRUVLQFOXGLQJWKH6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ 6(& HPSOR\$,-SRZHUHGWRROVWRPRQLWRU

WUDGLQJDFWLYLWLHVIRUVLJQVRILQVLGHUWUDGLQJPDUNHWPDQLSXODWLRQDQGRWKHULOOHJDODFWLYLWLHV7KHVHWRROVDQDO\]HYDVW
GDWDVHWVWRLGHQWLI\VXVSLFLRXVWUDGLQJSDWWHUQVKHOSLQJUHJXODWRUVWDNHDFWLRQWRPDLQWDLQPDUNHWLQWHJULW\

· 7KH)XWXUHRI$,DQG'DWD6FLHQFHLQWKH6WRFN0DUNHW

$VWHFKQRORJ\FRQWLQXHVWRDGYDQFHWKHUROHRI$,DQGGDWDVFLHQFHLQWKHVWRFNPDUNHWLVOLNHO\WRHYROYHDQGH[SDQG
+HUHDUHVRPHNH\WUHQGVDQGGHYHORSPHQWVWRZDWFKIRULQWKHFRPLQJ\HDUV

(QKDQFHG3UHGLFWLYH0RGHOV

$,PRGHOVIRUVWRFNSULFHSUHGLFWLRQZLOOEHFRPHPRUHDFFXUDWHDQGVRSKLVWLFDWHGDVWKH\LQFRUSRUDWHPRUHGLYHUVHGD
WDVRXUFHVDQGOHYHUDJHDGYDQFHPHQWVLQGHHSOHDUQLQJDQGQDWXUDOODQJXDJHSURFHVVLQJ

([SODLQDEOH$, ;$,

7KHILQDQFLDOLQGXVWU\ZLOOLQFUHDVLQJO\SULRULWL]HH[SODLQDEOH$,ZKLFKDLPVWRPDNH$,-GULYHQGHFLVLRQVWUDQVSDUHQW
DQGLQWHUSUHWDEOH7KLVLVHVSHFLDOO\LPSRUWDQWIRUUHJXODWRU\FRPSOLDQFHDQGULVNPDQDJHPHQW
'HFHQWUDOL]HG)LQDQFH 'H)L

'H)LSODWIRUPVDUHLQWHJUDWLQJ$,DQGGDWDVFLHQFHWRDXWRPDWHOHQGLQJERUURZLQJDQGWUDGLQJSURFHVVHVRQEORFN
FKDLQQHWZRUNV7KHVHLQQRYDWLRQVKDYHWKHSRWHQWLDOWRGLVUXSWWUDGLWLRQDOILQDQFHE\LQFUHDVLQJHIILFLHQF\DQGUHGXF
LQJUHOLDQFHRQLQWHUPHGLDULHV

4XDQWXP&RPSXWLQJ

4XDQWXPFRPSXWLQJKROGVWKHSURPLVHRIUHYROXWLRQL]LQJILQDQFLDOPRGHOLQJDQGRSWLPL]DWLRQ,WVLPPHQVHSURFHVVLQJ
SRZHUFRXOGHQDEOHWKHVROXWLRQRIFRPSOH[ILQDQFLDOSUREOHPVWKDWDUHFXUUHQWO\FRPSXWDWLRQDOO\LQIHDVLEOH

,QFUHDVHG8VHRI1/3

1DWXUDOODQJXDJHSURFHVVLQJZLOOFRQWLQXHWRSOD\DFULWLFDOUROHLQDQDO\]LQJWH[WXDOGDWDIRUPDUNHWVHQWLPHQWDQG
QHZVDQDO\WLFV$GYDQFHVLQ1/3ZLOOLPSURYHWKHDFFXUDF\RIVHQWLPHQWDQDO\VLVDQGHQKDQFHLWVUHDO-WLPHFDSDELOL
WLHV

5HVSRQVLEOH$,DQG(WKLFDO&RQVLGHUDWLRQV

$V$,EHFRPHVPRUHLQWHJUDWHGLQWRILQDQFHWKHUHZLOOEHDJURZLQJHPSKDVLVRQUHVSRQVLEOH$,SUDFWLFHVLQFOXGLQJ
DGGUHVVLQJELDVHQVXULQJIDLUQHVVDQGPDLQWDLQLQJHWKLFDOVWDQGDUGVLQGHFLVLRQ-PDNLQJSURFHVVHV

5HJXODWRU\(YROXWLRQ

5HJXODWRUVZLOOFRQWLQXHWRDGDSWWRWKHFKDQJLQJODQGVFDSHRI$,DQGGDWDVFLHQFHLQILQDQFH1HZUHJXODWLRQVPD\EH
LQWURGXFHGWRDGGUHVVHPHUJLQJFKDOOHQJHVDQGHQVXUHPDUNHWVWDELOLW\DQGIDLUQHVV

'HPRFUDWL]DWLRQRI$,7RROV

7KHDYDLODELOLW\RI$,DQGGDWDVFLHQFHWRROVZLOOFRQWLQXHWRH[SDQGPDNLQJWKHVHWHFKQRORJLHVPRUHDFFHVVLEOHWRUH
WDLOLQYHVWRUVDQGVPDOOHUILQDQFLDOILUPV7KLVGHPRFUDWL]DWLRQFRXOGHPSRZHUDEURDGHUUDQJHRIPDUNHWSDUWLFLSDQWV

· &RQFOXVLRQ

7KHLQWHJUDWLRQRIDUWLILFLDOLQWHOOLJHQFHDQGGDWDVFLHQFHLQWRWKHVWRFNPDUNHWKDVXVKHUHGLQDQHZHUDRIWUDGLQJDQG
LQYHVWLQJ7KHVHWHFKQRORJLHVKDYHQRWRQO\WUDQVIRUPHGWKHZD\ILQDQFLDOSURIHVVLRQDOVDSSURDFKWKHPDUNHWEXWKDYH
DOVRGHPRFUDWL]HGDFFHVVWRDGYDQFHGLQYHVWPHQWVWUDWHJLHV)URPDOJRULWKPLFWUDGLQJDQGSUHGLFWLYHDQDO\WLFVWRURER-
DGYLVRUVDQGIUDXGGHWHFWLRQ$,DQGGDWDVFLHQFHDUHGHHSO\HPEHGGHGLQHYHU\IDFHWRIWKHVWRFNPDUNHWHFRV\VWHP

+RZHYHUZLWKJUHDWSRZHUFRPHVJUHDWUHVSRQVLELOLW\7KHULVHRI$,LQILQDQFHKDVUDLVHGLPSRUWDQWHWKLFDO
UHJXODWRU\DQGVHFXULW\FRQFHUQVWKDWPXVWEHDGGUHVVHGWRHQVXUHWKHFRQWLQXHGLQWHJULW\DQGIDLUQHVVRIILQDQFLDOPDU
NHWV$VWHFKQRORJ\FRQWLQXHVWRDGYDQFHLWLVLPSHUDWLYHWKDWVWDNHKROGHUVLQWKHILQDQFLDOLQGXVWU\LQFOXGLQJUHJXOD
WRUVLQVWLWXWLRQVDQGLQYHVWRUVZRUNWRJHWKHUWRKDUQHVVWKHSRWHQWLDORI$,DQGGDWDVFLHQFHZKLOHXSKROGLQJWKHKLJK
HVWVWDQGDUGVRIHWKLFVDQGDFFRXQWDELOLW\

7KHIXWXUHRIWKHVWRFNPDUNHWLVLQWHUWZLQHGZLWKWKHHYROXWLRQRI$,DQGGDWDVFLHQFH$VWKHVHWHFKQRORJLHVFRQWLQXH
WRPDWXUHWKH\ZLOOVKDSHWKHZD\ZHLQYHVWWUDGHDQGPDQDJHULVNLQDQHYHU-FKDQJLQJILQDQFLDOODQGVFDSH(PEUDF
LQJLQQRYDWLRQZKLOHDGGUHVVLQJLWVFKDOOHQJHVZLOOEHWKHNH\WRQDYLJDWLQJWKLVH[FLWLQJDQGWUDQVIRUPDWLYHHUDLQWKH
VWRFNPDUNHW

0U3UDQDY3LPSDONDU
6WXGHQW
%7HFK
$, '6