EFTA01459031.pdf

The MSC€ AC World Financials €ndex captures large- and mid- 0uantitativi..7 eas€ng is an unconventional monetary policy cap financial companies across 46 developed- and emerging- in which a central bank purchases securities in order to lower market countries. interest rates and increase the money supply to promote increased lending and liquidity. The MSCI AC World Index captures large- and mid-cap companies across 23 developed- and 23 emerging-market A recession is, technically, when an economy contracts for two countries. successive quarters but is often used in a looser way to indicate declining output. The MSCI IPD °FIX Germany measures the total return of selected open-ended German property funds after leverage, A Real Estate Investment Trust !REIT) is a company that owns, liquidity holdings and fund costs. and in most cases. operates income-producing real estate. RE IT): sell like a stock on the major exchanges and invest in real estate The MSC! World index captures large and mid-cap directly, either through properties or mortgages. representation across 23 developed-market countries. The S&P F.)00 IndeA includes 500 leading U.S. companies A multiple is a ratio that is used to measure aspects of a capturing approximately 80% coverage of available U.S. market company's well-being by setting various of the company's capitalization, metrics against each other and thereby building indicative ratios. A share bi.rvback or repurchase is a program by which a Net asset value (NAVI is the value of an entity's assets minus company buys back its own shares from the marketplace, the value of its liabilities, often in relation to open-end or mutual reducing the number of outstanding shares. funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net Soft catalysts are announcements by the company which has asset value. yet to take place, prompting a hedge-fund manager to take a position in anticipation. Net-exposure equity strategy describes the degree to which long positions (benefiting from rising share prices) outweigh short The, eproao is the difference between the quoted rates of return positions (benefiting from falling share prices). on two different investments, usually of different credit quality. The People's Bank of China (PEoC) is the central bank of the Trade buyers, in the context of a corporate takeover, refers to People's Republic of China. buyers from within the same industry as the firm being taken over. In economics, the Phillips curve is a historical inverse relationship between rates of unemployment and corresponding rates of Treasuries are fixed-interest U.S. government debt securities inflation. with different maturities: Treasury bills (1 year maximum), Treasury notes C. to 10 years), Treasury bonds (20 to 30 years), The pound ster lino IGSP}, or simply the pound, is the official and Treasury Inflation Protected Securities (TIPS) (5, 10 and 30 currency of the United Kingdom and its territories. years). The PowerShares Dynamic Leisure and Entertainment Portfolio Turtle cycle is a term used by Asoka Woehrmann and Deutsche is an ETF focused on the U.S. leisure, travel and entertainment AWM to describe the slow recovery of many economic cycles sector. worldwide. The price-to-earnings (PIE) ratio or multiple measures a The U.S. Commerce Department is the Cabinet department company's current share price relative to its per-share earnings. of the U.S. government concerned with promoting economic growth. Prisfee equity is a direct or indirect investment by a financial investor in operating companies that are not publicly traded on a Valuation attempts to quantify the attractiveness of an asset, for stock exchange. example through looking at a firm's stock price in relation to its earnings. 22 0 itireone 12..) VA* Amet* &IN& I On.",:ato tols CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0119231 CONFIDENTIAL SDNY_GM_00265415 EFTA01459031