On Why Emerging Market Small-Caps?; Health Benefits of a Plant-based diet – Part IV!

From: aditya rana
Date: Sat, Sep 3, 2016 at 1:19 PM
Subject: On Why Emerging Market Small-Caps?; Health Benefits of a Plant-based diet – Part IV!


Emerging markets have seen a remarkable turnaround in both sentiment and performance since the end of January of this year, advancing by 21% since then. As is almost always the case (the iron-clad rule of mean reversion at work again!) , extreme bearish sentiment prevailing over the prior three years (culminating in more than a trillion dollars of outflows since mid 2014) was quickly replaced by the current bullishness. As the market technician Mark Galaseiwski (and author of the Asia-Pacific Financial Forecast) observes, Reuters reported on January 20, 2016 that many participants at the 2016 Davos feared that “investment returns across the sector are unlikely to recover soon”. The MSCI EM index bottomed out the next day!. So where does one now look for opportunities in the EM sector? Mark Mobius and Chetan Sehgal from the Templeton EM team argue the case for the small cap sector. To summarise:

-EM small cap stocks continue to offer strong growth potential at attractive valuations, while being an overlooked sector due to misconceptions regarding their volatility, liquidity and scale as an asset class. However, EM small caps offer many advantage, structural and tactical for investors.

-Structurally, smaller EM companies provide exposure to areas which complement the large-cap sector, particularly in the health care and consumer areas which are driven by favorable demographics and a rising middle class. EM small caps are also under researched and under-owned by foreign investors , have ample liquidity, thereby providing numerous opportunities in terms of market inefficiencies.

-Tactically, the widespread sell-off across the EM space over the last several years has created attractive valuations, while having more local market exposure and lower correlation to the large-cap sector. However, they also carry higher risk (of principal loss) and more volatility than large companies. Looking ahead, with the sector evidencing increasing interest from global institutional investors, it offers an attractive risk/return profile over the coming years.

-The EM small-cap space comprises more than 23,000 companies with a aggregate market cap of $5 trillion and daily turnover of close to $60 billion., with broad liquidity of the sector approaching that of the large-cap space. EM small-cap stocks are disproportionately held by domestic retail investors who typically trade more often, and with shorter time horizons than foreign institutions, thereby boosting their liquidity.

-EM small-caps are only 3% of the MSCI EM index, while being 28% of the market capitalization of all emerging market companies.

-EM small-caps stocks are more prone to be overlooked by overseas investors as they are vastly under-researched, with many companies not being covered at all (see chart below). This creates various mispricing opportunities to be exploited.

-EM small-cap companies have greater exposure to domestic markets, driven by domestic demand, favourable demographics, local reform initiatives and innovative niche products. This results in differing exposure to sectors than the large-cap space as illustrated by the chart below, particularly in high growth areas like consumer discretionary and health care. By contrast the large-cap companies have greater exposure to financials, energy, information technology and telecom, which tend to be more affected by global and country-level macro trends events. They also have a larger weighting in state-owned companies which may not be as well managed.

-The market pricing inefficiencies prevailing in the EM small-cap sector can be best illustrated by India, which has a vast number of such companies and a notable skew towards ownership by domestic investors. During the 2008-2014 period, domestic retail investors in India allocated capital to real estate and gold, and any inflows from foreign institutional investors were made through index-based investments which were skewed towards the large-cap stocks. This is reflected in the 27% ownership by foreign institutions in the broad market index, while having only 13% exposure to the small cap index. So Indian small-cap companies are not only more exposed to the domestic economy, but to the local investor base as well.

-Therefore, from 2009 until 2013, the negative sentiment of domestic investors towards equities led to notable valuation discount of small-cap stocks to the large-cap sector. The sentiment change in 2014 with the election of the pro-business Narendra Modi led to a significant rerating in the valuations of small-cap stocks.

-In a global low-growth environment, EM economies continue (despite the slowdown in recent years) to offer considerably higher growth opportunities than the developed world. Investing in EM small-caps provide exposure to the fastest-growing companies in the fastest-growing economies globally. This growth is also more organic that growth driven by central bank induced macro-economic factors or financial engineering techniques like share buybacks (particularly in the US). In addition, the potential upside from being added to an index, increased research and being targets of M&A activity offer further upside opportunities. Given the higher risks in this sector relating to poor governance, poor quality of management and other factors, it is important to be able to identify the likely winners with thorough research or through an experienced manager with a long track-record.

Interesting piece which makes a forceful case for EM stocks in general, and the small-cap sector in particular. However, has the popularity of the asset class already reached excessive levels?

-Blackrock’s Global Chief Investment Strategist, Richard Turnill, wrote an interesting commentary recently:

-“The chart below shows where the crowds are, based on our analysis of fund flows, fund positioning and price momentum. We consider positions with scores between 1 and 2 (and -1 and -2) as popular, and those with scores above 2 (and below -2) as very popular. The higher the score, the more popular the overweight is. The lower the score, the more popular the underweight is. The most popular investments today: overweight U.K. government bonds (gilts), emerging market (EM) sovereign debt, developed market credit and gold, as well as underweight eurozone equities.

-“We advocate reducing popular positions where prices have moved beyond fundamentals (examples are gilts and bond-proxies such as utility stocks). We also would resist taking contrarian positions in sectors facing big structural challenges (e.g. European banks). But popular overweights with supportive fundamentals and valuations (such as EM debt and U.S. credit) are still worth considering (see chart below) , and gold can offer portfolio diversification benefits. Our overweight EM equity position doesn’t appear popular despite recent inflows into the asset class. Be mindful of the short-term risks embedded in consensus trades, and look for potential opportunities the crowds haven’t yet reached.

-Regarding exposure to EM small cap stocks, there are a variety of ETFs to choose from, but a fund with a solid long-term track-record could be a better alternative given the risks associated with small cap stocks. The Bloomberg chart below compares the performance of two such funds (the Templeton TEMMX:US fund-yellow line – and the Wisdom Tree DEMSX:US fund) versus the ETFs EWX and DGS. The outperformance by the two funds over a 5 year period is clearly exhibited. In addition, single country small cap ETFS and funds can offer interesting opportunities. While Indian small caps have had a great run since late 2013 (index up 121% versus 43% for the market index) and are prone to a short-term reversal, they continue to offer solid long-term upside potential. Other countries like Brazil (despite the recent move) , Russia and China also offer superior upside over the medium to long term.

Health Benefits of a Plant-based diet – Part IV:

-To follow-up on Part III which summarized some of the notable nutrients in pants ()from the Permanente Journal – a US based peer-reviewed journal of medical science, social science in medicine, and medical humanities), Part IV summarises the plant-based macronutrients (to be serialised further):

-All calories come from some combination of carbohydrates (4 kcals/g), proteins (4 kcals/g), and fats (9 kcals/g). Alcohol also provides calories (7 kcals/g) but is not considered an essential nutrient. The ideal ratio of intake of these 3 macronutrients is highly controversial and debatable. There is plenty of evidence supporting health and weight management benefits of low-fat/high-carbohydrate diets, as seen in the traditional Okinawan diet and in studies by Dean Ornish and Caldwell Esselstyn on the reversal of advanced coronary artery disease, and by Neal Barnard on the reduction of glycemia in type 2 diabetes using a plant-based diet with 10% of calories from fat. Similarly, the Mediterranean and many raw food diets consisting of upwards of 36% or more of calories from fat show consistently positive health advantages. Thus, it appears that it is likely the quality of the diet that is responsible for health outcomes rather than the ratio of macronutrients.

Carbohydrates: The Institute of Medicine’s adequate intake of carbohydrates is 130 g/d for everyone (except during pregnancy and lactation) beginning at age 1 year. Optimal sources of carbohydrates, such as wholesome vegetables, fruits, whole grains, and legumes, are high in fiber and nutrients. Refined carbohydrates from sugars, flours, and other processed foods can lead to malnourishment and promote illness.

Protein: Adequate intake of protein is based on weight and is estimated at 0.8 g/kg/d for adult. Protein is readily available throughout the plant kingdom, but those foods that are particularly rich in protein include legumes, nuts and nut butters, seeds and seed butters, soy foods, and intact whole grains.

Fats: Fats—or fatty acids—are more complicated because there are several different chemical varieties based on level and type of saturation. Each category of fatty acid performs different functions and acts uniquely in the body.

-The essential fatty acids are polyunsaturated and include both omega-3 and omega-6 fatty acids. Omega-3 fats are found in their shorter chain form as alpha linolenic acid and are used as energy. They are also converted by the body to the longer-chain EPA acid and then DHA acid. Because this conversion process can be inefficient, some people may require a direct source of these longer-chain EPA and DHA in the form of a microalgae supplement. AlA acid can be found in flaxseeds, hempseeds, chia seeds, leafy green vegetables , soybeans and soy products, walnuts, and wheat germ, as well as in their respective oils. A direct plant source of EPA and DHA is microalgae, through which fish acquire them. Plant sources may be superior because they do not contain the contaminants that fish contain, including heavy metals, such as mercury, lead, and cadmium, as well as industrial pollutants. Also, plant sources are more sustainable than fish sources.

-Monounsaturated fats are not essential but have been found to impart either a neutral or slightly beneficial effect on serum cholesterol levels, depending on which nutrient they are replacing. When swapped for saturated fats, trans fats, or refined carbohydrates, monounsaturated fats may lower low-density lipoprotein and raise high-density lipoprotein cholesterol. These fatty acids are found in olives, avocados, macadamia nuts, hazelnuts, pecans, peanuts, and their respective oils, as well as in canola, sunflower, and safflower oils.

-Saturated fats, as mentioned above, are not essential in the diet and can promote CVD. They are found primarily in animal products but are available in some plant foods, mostly in tropical fats and oils, such as palm and coconut, and also in other high-fat foods, including avocados, olives, nuts, and seeds. If a vegan diet contains an average of 5% to 6% of kcals from saturated fat, which is what the American Heart Organization recommends for a heart-healthy diet, any added serving of animal products will significantly increase the total intake.

-Trans fatty acids are laboratory-made via hydrogenation and are found in processed, fried, and fast foods. Although they were originally developed to be a healthy alternative to butter and lard, trans fatty acids were found to significantly increase CVD risk. In November 2013, the US FDA issued a notice that trans fatty acids were no longer considered safe and is now trying to eliminate artificially produced trans fatty acids (there are small amounts found naturally in meat and dairy products) from the food supply. Be aware that a nutritional label can state a food product contains “0 g trans fats” even if it contains up to 0.5 g per serving. Thereforefocus on the ingredient list on food products and to avoid anything with the words “partially hydrogenated.”

-Dietary cholesterol is a sterol that is found primarily in animal products. Although cholesterol is required for the production of hormones, vitamin D, and bile acids, the liver produces enough cholesterol on its own. Excessive intake of dietary cholesterol is associated with increased risk of CVD.

-Phytosterols, which are similar to cholesterol, are plant-based sterols found in all plant foods (especially wheat germ, nuts, seeds, whole grains, legumes, and unrefined plant oils). Phytosterols reduce cholesterol absorption in the gut, thereby optimizing lipid profiles. Together with viscous fibers, soy proteins, and almonds, phytosterols have been found to be as effective as statins in some studies in lowering low-density lipoprotein cholesterol.

-It is crucial to note that all whole foods contain all three macronutrients. It is a pervasive misunderstanding to identify a food as a “carb,” “protein,” or “fat.” Instead, these are all nutrients within a complex of other myriad constituents that are beyond the oversimplification perpetuated by the media and trendy diet fads. Ideally, a healthful diet is loaded with wholesome carbohydrates, moderate in fat, and temperate in protein. The emphasis must be on the quality of the totality of foods coming from whole plant sources as opposed to calculations and perfect ratios.

-Here’s to making careful note of the above paragraph and incorporating it in your daily diet!



Snapdeal – Valuation Model – Feedback requested

Nakul has posted valuation on Snapdeal, An online marketplace company in India.

Please send feedback to

Nakul Verma <nakulverma2110>

Please find the link to the blog below:



On China’s Transition to a more Productive Economy; Health Benefits of a Plant-based diet – Final Part:

From: aditya rana
Date: Sat, Sep 10, 2016 at 1:03 PM
Subject: On China’s Transition to a more Productive Economy; Health Benefits of a Plant-based diet – Final Part:


The China hard landing risk factor has receded somewhat from the forefront of global markets, but what are the underlying themes which are likely to drive Chinese growth in the coming decades? The McKinsey Global institute came out with a fascinating report recently titled “Capturing China’s $5 trillion productivity opportunity” which lays out the critical issues which need to be dealt with to capture the significant potential opportunity for China going forward (http://www.mckinsey.com/global-themes/employment-and-growth/capturing-chinas-5-trillion-productivity-opportunity). To summarise:

-The investment-led growth which has driven the extraordinary growth of the Chinese economy over the last three decades has allowed China to become an upper-middle-income nation (as per the World Bank). However, there are now some clear signs of stress in that model of growth.

-2015 was a year of turmoil for China with GDP growth falling to a 25-year low, corporate debt spiraling upwards, foreign exchange reserves falling by $500 billion and the stock market dropping by 50% from its summer high. Returns of China’s top-performing companies are at par with those of top US companies, but a large segment (bottom 50%) of poorly performing companies is pulling down the average. 80% of economic profit comes from the financial sector which is a clear sign of a distorted economy.

-The key for China’s economy going forward is to shift from an investment-led model to a productivity-led model, which could generate an additional $5.6 trillion of GDP by 2030 with household income rising by $5.1 trillion (see chart below).

-China has the capacity to transition this key shift to a productivity-led model: 1) ample fiscal and monetary resources financed by sovereign debt and as well as utilizing the vast ($18.6 trillion) amount of state-owned assets; 2) China has a vibrant private sector earning three times the returns of state-owned companies; 3) 116 million strong middle-class households (earning income of at least $21,000 per year), rising from just 2 million in 2000. With labour productivity at only 15-20% of developed country levels, China has a large potential opportunity to capture.

-Pursuing a productivity-led approach would create more sustainable jobs and support the growth of the middle-class, allowing China to achieve advanced economy status. This approach would require investment to be refocused on areas which have the capacity to raise productivity and create jobs, and away from weaker sectors which are dragging down profitability, and allowing them to fail.

-This shift in focus has an immediate urgency – the longerChina relies on debt to boost growth the higher the risks of a hard landing. The current estimated nonperforming loan ratio is closer to 7% rather than the official 1.7%, and could rise to 15% if no progress is made towards reducing exposure to underperforming companies. This scenario would require as much as $1.3 trillion of bank equity in 2019, or $310 per year of delay. While this would not lead to a systemic banking crisis given the ample resources of the government, it would create a liquidity crunch for corporations and negatively impact consumer and investor confidence which would lead to a significant slowdown in growth.

-Additionally, the investment-led growth (which has been channeled into infrastructure and urbanization) has reached its capacity with China’s current infrastructure stock at over 70% of GDP which is about the world average. With urbanization slowing from a growth rate of 2-3% a year to 1%, the big driver of economic growth in the past will fade away. Lastly, this model has lead to a rise in inequality with the top 20% of the households now controlling about 50% of the economy.

-The five main areas to increase productivity by 2030 are:

-1) Catering better to the middle class would create $6 trillion more of consumption.

-2) Increase the creation of new business through digitization.

-3)Raising innovation to move up the value chain, especially in R&D intensive sectors, where profits are only one-third of global leaders.

-4)Improving efficiency of businesses through lean techniques and higher energy efficiency, delivering a 15-30% productivity boost.

-5)Improving competitiveness by strengthening global connections , raising productivity by 10-15%.

-All this would require opening up more areas to competition, enabling corporate restructuring, developing capital markets further, raising skill levels of workers and encouraging labour mobility. In addition, the government would need to manage conflicts amongst various stakeholders and shift incentives which currently favour only GDP growth .

-An interesting and important analysis which highlights the critical importance of rebalancing of the Chinese economy. Looking at the macro picture, a post from the IMF (see below) shows encouraging signs on this front though the pace of credit growth remains a concern.

Consumers growing in importance“Until 2011, this reduction in the external imbalance was reflected in a growing internal imbalance as the investment to GDP ratio rose to even higher levels, reflecting the strong fiscal stimulus (see chart below). Since 2012, however, internal rebalancing from investment to consumption has made headway, with a notable acceleration in 2015—consumption is now contributing more than two thirds of GDP growth.”

Deindustrialization: speedy transition: “China has made substantial progress on switching from industry to services. The speed of its transition is in line with international experience (see chart below)”.

Credit: China’s Achilles’ heel : “But, critically, progress has lagged on reducing reliance on credit. For example, credit intensity, the amount of new lending provided for each additional unit of output, has more than doubled since the global financial crisis (see chart below).”

Pollution and inequality: on the high side : “While the energy intensity of output has fallen, air pollution remained very high in cities. Similarly, income inequality remains very high, though labour’s share of GDP is rising (see chart below).”

Falling savings ;“With population ageing and the envisaged strengthening of social safety nets, household savings are expected to fall gradually and consumption to rise. This is good, as it will allow investment to moderate while keeping the current account balance broadly stable. The importance of the services sector will likely continue to increase, helping reduce environmental pressure and increase labour’s share in national income.”

Health Benefits of a Plant-based diet – Final Part:

-To follow-up on Part IV which summarized the macronutrients in plants (from the Permanente Journal – a US based peer-reviewed journal of medical science, social science in medicine, and medical humanities), Part V (the final section) summarises the micronutrients in plants.

-All nutrients, with the exception of vitamin B12 and possibly vitamin D, which is ideally sourced from the skin’s exposure to the sun’s ultraviolet rays, can be found in plants. They are also packaged together with thousands of powerful disease-fighting nutrients that work synergistically to support optimal health.

Vitamin B12 is the only nutrient not directly available from plants. This is because vitamin B12 is synthesized by microorganisms, bacteria, fungi, and algae, but not by plants or animals. Animals consume these microorganisms along with their food, which is why this vitamin can be found in their meat, organs, and byproducts (eggs and dairy). Vitamin B12 deficiency can lead to irreversible neurologic disorders, gastrointestinal problems, and anemia.

-The body can store vitamin B12 for approximately three to five years, but after that, with no repletion or with inability to absorb, deficiency symptoms may present. Because of this lag time and because serum tests for B12 levels can be skewed by other variables, irreversible damage may occur before a deficiency is caught.

-In a vegan diet, vitamin B12 can be found in fortified plant milks, cereals, or nutritional yeast. However, these are not dependable means of achieving B12 requirements. Although there are claims that certain types of food can provide B12, the vitamin is not usually biologically active. These inactive forms act as B12 analogues, attaching to B12 receptors, preventing absorption of the functional version, and thereby promoting deficiency. The most reliable method of avoiding deficiency for vegans or anyone else at risk is to take a B12 supplement.

-Because the body can absorb only approximately 1.5 µg to 2.0 µg at a time, it is ideal to supplement with a dose greater than the RDA to ensure adequate intake. Plant-based nutrition experts recommend a total weekly dose of 2000 µg to 2500 µg. This can be split into daily doses or into 2 to 3 doses of 1000 µg each per week to help enhance absorption. Because vitamin B12 is water soluble, toxicity is rare.

Vitamin D is also known as the “sunshine vitamin” because it is the only nutrient that is acquired from the sun. Although human bodies evolved to produce vitamin D via the sun, there appears to be a worldwide epidemic of deficiency. Vitamin D is not widely available from the food supply. Sources of preformed vitamin D include fish liver oil, oily fish, liver, and in smaller doses, meat and egg yolk—foods that also contain high concentrations of saturated fat, cholesterol, and other less-than-ideal components.

-Vitamin D from sunshine and animal sources is in the form of vitamin D3. A second form vitamin D2, is found in plant sources. Dietary supplements may contain either D2 or D3, both of which can be effective at optimizing blood levels. The Institute of Medicine has concluded that adequate serum 25-hydroxyvitamin D levels are ≥ 50 nmol/L (≥ 20 ng/mL).

-If patients have suboptimal levels, emphasizing food sources (especially fortified plant milks) as well as supplements may be helpful. Dosing may be tricky because of variable responses in individuals and differences in types of vitamin D formulas. Of note, although both of the 2 forms of vitamin D are effective at raising serum D levels in small doses (4000 IU or less).

Calcium is the most abundant mineral in the human body. A mere 1% of the body’s calcium circulates in the blood and tissues; 99% is stored in the bones and teeth. Calcium is a nutrient of concern for the general population with respect to bone mineral optimization during the lifespan. However, because bone metabolism is multifactorial and complex, it is important to emphasize consumption of ample sources of calcium as well as vitamins K and B12, fluoride, magnesium, phosphorus, and potassium; to maintain serum vitamin D levels; and to ensure consistent exercise. Throughout the lifespan, dietary recommendations for adequate intake of calcium fluctuate.

-Excellent plant sources of calcium include leafy green vegetables—especially bok choy, broccoli, napa cabbage, collard greens, dandelion greens, kale, turnip greens, and watercress—as well as fortified plant milks, calcium-set tofu, dried figs, sesame seeds and tahini, tempeh, almonds and almond butter, oranges, sweet potatoes, and beans. 

-Iron is one of the most abundant metals on Earth and yet iron deficiency is one of the most common and widespread nutritional deficiencies. It is the most common deficiency in the world and is a public health problem across the globe. It is particularly prevalent in women of childbearing age, pregnant women, infants, children, teenage girls, and anyone experiencing bleeding, such as people with ulcers, inflamed intestines , or heavy menstruation. Iron-deficiency anemia is no more common in vegetarians than in non-vegetarians.

-Because plant-sourced iron is nonheme iron, which is susceptible to compounds that inhibit and enhance its absorption, the recommendation for vegans and vegetarians is to aim for slightly more iron than nonvegetarians. Fortunately, this is easy to do with the wide array of iron-rich food choices in the plant kingdom. Leafy greens and legumes are excellent sources of iron and a multitude of other nutrients, so it is advantageous to include these foods often. Other good choices include soy products, dark chocolate, blackstrap molasses, sesame seeds, tahini, pumpkin seeds, sunflower seeds, raisins, prunes, and cashews.

-Iron absorption may be diminished in the presence of phytates, tannic acids from tea, calcium in dairy, fiber, polyphenols in coffee and cocoa, and certain spices (eg, turmeric, coriander, chilies, and tamarind). To minimize this, separate iron-rich foods from these nutrients as much as possible. One of the best tips for optimizing iron absorption is to eat iron-rich foods in combination with foods high in vitamin C and organic acids. This improves solubility, thereby facilitating absorption.

-Iodine: Dietary sources of the trace mineral iodine are unreliable and fluctuate geographically because of varying soil qualities. It is crucial for vegans to be mindful of consuming a source of iodine to avoid thyroid issues. Sources of iodine include iodized salt and sea vegetables. One half-teaspoon of iodized salt provides the daily recommended 150-µg dose. Also, iodine levels in sea vegetables fluctuate dramatically, with some (especially dulse and nori) containing safe amounts and others (such as kelp) harboring toxic doses. Hijiki, also spelled hiziki, should be avoided owing to its excessive arsenic levels. A preexisting iodine deficiency, a selenium deficiency, or high intake of goitrogens (antinutrients found in cruciferous vegetables, soy products, flaxseeds, millet, peanuts, peaches, pears, pine nuts, spinach, sweet potatoes, and strawberries) can interfere with iodine absorption. There is no need to avoid goitrogenic foods as long as iodine intake is sufficient. If a patient does not enjoy sea vegetables or is minimizing intake of salt, an iodine supplement may be warranted.

Selenium is a potent antioxidant that protects against cellular damage and also plays a role in thyroid hormone regulation, reproduction, and DNA synthesis. Brazil nuts are an especially rich source of selenium in the plant kingdom. Although selenium content varies depending on the source, an average ounce (approximately 6 to 8 nuts) can provide 777% of the RDA. When accessible, one Brazil nut a day is an ideal way of meeting selenium recommendations. Other plant sources include whole grains, legumes, vegetables, seeds, and other nuts.

Zinc supports immune function and wound healing; synthesis of protein and DNA; and growth and development throughout pregnancy, childhood, and adolescence. Because of the presence of phytates, bioavailability of zinc from plants is lower than from animal products. Zinc deficiency may be difficult to detect in blood tests but can show up clinically as delayed wound healing, growth retardation, hair loss, diminished immunity, suppressed appetite, taste abnormalities, or skin or eye lesions. Consider advising patients to aim for 50% or greater than the RDA of zinc daily by including legumes, cashews and other nuts, seeds, soy products, and whole grains. Preparation methods such as soaking, sprouting, leavening, and fermenting will improve absorption. Table 2 below provides a convenient chart highlighting excellent sources of notable nutrients.

-Here’s to incorporating a varied whole food plant-based diet (plus a Vitamin B12 supplement) which will provide you with all the necessary macro and micro nutrients.



Sept 2016 – Market outlook by Navneet Munot, CIO, SBIMF

Attached herewith is our monthly “market outlook”.



Navneet Munot, CFA

Chief Investment Officer

SBI Funds Management Private Limited
(A Joint Venture between State Bank of India & Amundi Asset Management)

September 2016.pdf


Livestream registration here.


CFA Society India invites you to a talk by Dr. Duvvuri Subbarao, former governor of the Reserve Bank of India, based on his just published book Who Moved My Interest Rate? The talk will be followed by an interactive Q&A session.

The opportunity to listen to insightful macroeconomic view points and to directly interact with one of India’s most prominent banking regulators is unprecedented. This talk also comes at a critical juncture as global financial markets increasingly find themselves in an uncharted territory of weak global economic growth, negative yields and difficult to reverse, accommodative monetary policies.

How do the world’s leading central banks, including the RBI and the people who lead these institutions, navigate through such uncertain times? Dr. Subbarao offers an insider’s viewpoint to the workings of India’s central bank as well as the dynamics of collaboration among the world’s central bankers.

Please join us for a thought provoking session from one of India’s topmost economic thinkers and leaders.

Livestream registration here.


Date: Friday, 26 August 2016

Time: 7.00 p.m. – 8.00 p.m. (India Time). Dr Subbarao’s talk followed by Q&A (livestream)

FIX India Conference 2016 – Complimentary Pass, 1st Sept, ITC Parel, Mumbai

Register now for a complimentary pass

If you are unable to see this email, please go to http://www.fix-events.com/India/email_AI.html

Entering its 8th year, the FIX Trading Community™ India FIX Conference is the leading electronic trading event in India where industry peers come together to discuss the most pressing issues in the trading world. The conference also act as a catalyst for industry action and dialogue to help solving industry challenges as well as highlights the latest trends such as Blockchain, Microsecond trading etc. This electronic trading conference is designed for both traders and technologists trading equities and derivatives in India and offshore markets. This industry conference will continue to be free of charge to FIX Trading Community members (with limitations on the number of registrations per member firm) and buy-side participants.
Topics to be discussed:

  • In-Production: Blockchain Use Cases
  • Controls and Technology: The New Trading Realities in the HFT
  • The Devil in the Detail: Analyzing India’s Market Microstructure Evolution
  • Technology Discussion – From Millisecond to Microsecond
  • Buy-side Trading and Liquidity Landscapes
Date: Thursday, 01 September 2016
Venue: Ballroom, ITC Grand Central
Format: 1 Day Event with Networking Luncheon and Exhibition



CFA Society India invites you to a talk by Dr. Duvvuri Subbarao, former governor of the Reserve Bank of India, based on his just published book Who Moved My Interest Rate? The talk will be followed by an interactive Q&A session.

The opportunity to listen to insightful macroeconomic view points and to directly interact with one of India’s most prominent banking regulators is unprecedented. This talk also comes at a critical juncture as global financial markets increasingly find themselves in an uncharted territory of weak global economic growth, negative yields and difficult to reverse, accommodative monetary policies.

How do the world’s leading central banks, including the RBI and the people who lead these institutions, navigate through such uncertain times? Dr. Subbarao offers an insider’s viewpoint to the workings of India’s central bank as well as the dynamics of collaboration among the world’s central bankers.

Please join us for a thought provoking session from one of India’s topmost economic thinkers and leaders.

Livestream registration here.


Date: Friday, 26 August 2016

Time: 7.00 p.m. – 8.00 p.m. (India Time). Dr Subbarao’s talk followed by Q&A (livestream)


Biharilal Deora, CFA, FCAwww.linkedin.com/in/deora